We are there. By the way, all the companies of Adani in which we invest, we looked yesterday to Adani Green, for example, is a very safe company. They generate $1 billion per year of revenues. We have a debt of $5 billion. So it could — it’s sustainable, sustainable border. Maybe this will — could impair the growth, I’m not sure. But again, at the end, the equation is more a strategic one. Do we need to do it by our own or not? Honestly, doing by our own, renewable business in India or even in Brazil, I think it’s too complex. So I think I preferred — and again, I think finding the right partners is the right way. We have been pleased, by the way, that Adani has delivered. Again, Adani Green Energy Limited or Adani-Total Gas Limited are companies which are managed by independent CEO, smart PEOs. We are happy with them, and we are happy also with the partnership with Adani.
And of course, then it’s Adani to explain what is the way they finance all that. But again, for me, fundamentally, no, it does not change the approach we have. It’s true that — and again, we knew that electricity is not really again renewable. Electricity business is more local, so you take more local risk. But maybe it’s also local opportunities. So I don’t want to be too — don’t look to the glass half empty. Half full is better. So again, we’ll work on this one.
Operator: The next question is from Michele Vigna of Goldman Sachs.
Michele Vigna: I had two questions, if I may. The first one is on your low carbon strategy, and I was wondering how much the IRA has changed your capital allocation. It feels like the renewable molecules businesses, like bioenergy carbon capture, hydrogen, are becoming increasingly attractive, while renewable electrons are perhaps lagging a little bit behind, especially in a higher interest rate environment. And I wonder if that is reflected in your green CapEx allocation as well into the coming years. And then second question, I wanted to come back for a moment on the comments you made about your exposure to spot LNG. It’s very clear, your exposure to spot gas in Europe, TTF and NBP, $200 million for $1 per Mcf. I was wondering if you could give us a sensitivity to spot LNG as well, also including what you’ve actually hedged over the next 12 months.
Patrick Pouyanne: Okay, the IRA is good for everybody, not only for molecules, but also for renewables. So don’t — maybe you don’t follow that carefully, but there is some advantage linked to the IRA, but we benefit for more. In particular, there was a production tax credit, which was mainly in favor of wind, which became for the IRA technology neutral and which solar will benefit. So solar projects are now eligible to this type of tax credit. And so it’s also another advantage. In fact, the IRA is an extensive law in order to support all green infrastructures, including renewable projects, including, by the way, storage projects. Storage as well is supported. And when we speak about — for us, it’s very important because we speak renewables.
We want to be integrated. So capacity to build some battery storage capacities is important, energy storage capacity. So the IRA is also supportive of that. So it’s reinforced. In fact, the IRA has given even more value to the Clearway acquisition we have done this year. So it’s a happy news for me because we have — we didn’t integrate, obviously, this type of support to the full portfolio of Clearway, and we benefit from it. So it’s an upside, which will really materialize because we have a very large portfolio. Having said that, coming back to the molecule business, of course, when you speak about hydrogen today, I was asked by the French Minister of Economy in Abu Dhabi, “Do you want to invest in hydrogen?” I answered to him, “Yes, in the U.S.” He was not so happy with my questions — my answer.
