It doesn’t mean the fundamental business is not strong. It simply means that you have to look at it in a broader perspective. On the — on our decision around Shell Energy Retail and the broader value chain, the strategy continues to hold, which is we believe we can create more value out of a green electron than simply selling a green electron through a PPA. We do that through a few ways. One is we have a balance sheet, and we have a trading organization that can take merchant risk — measured merchant risk, maybe 20%, 30%. And that allows us to be able to use that exposure to create incremental value beyond what a smaller operator can do. We also have a huge B2B business that allows us to also cross-sell beyond the current molecules we’re selling those businesses.
We could also provide them green electrons. And so that’s another avenue. A third avenue is indeed something like what we used to — want to do with Shell Energy Retail. That works in other markets. It works for us in Australia. It works for us in the U.S. at the moment. It is not working in the U.K., and that’s more to do with the structural nature of the market. So this is not a condemnation of B2C. It’s more a fundamental issue in the structure of the market that we are currently operating in, which has, therefore, necessitated this review that is still ongoing without any firm decisions taken at this stage. Super. Jason, thank you for that. Dan, I think we’re done, aren’t we?
Operator: No. We do have one more question. We have a question from Alastair Syme at Citi.
Alastair Syme: Wael, can you talk a little bit about the Nature Energy acquisition, just the strategic rationale and any framework to help us think about the financials? And then as a follow-up, I’m not sure I quite got the point you’re making on Upstream longevity. I guess the question is, do you think you can or want to grow your Upstream business? And I say that across the combined Upstream and IG .
Wael Sawan: Yes. Thanks for that, Alastair. Do you want to start maybe with Nature Energy? I’ll talk about the Upstream.
Sinead Gorman: Happy to. So indeed, thanks, Alastair. Glad we managed to fit it in. With respect to Nature Energy, so what do we see there? It was just a very logical strategic fit. When you look at the business that we have, so we have just such a huge customer base that is out there who have a strong need to decarbonize. And of course, you see that with both the convenience retail. You see that with aviation and stuff like that, but you also see beyond that. So what we’re seeing, of course, is that with Nature Energy when we bought it, it is both cash-accretive and earnings-accretive as well. So those 2 things play out as it goes through. It has a range of projects in the hopper, which are coming up to both FID, and the team has just set it up very well for growth. So we’re going to be able to take the amazing capability that they have in terms of actually generating these projects and be able to link it into the customers and create value in that sense.
