Investment case
* Based on the marginal generation displaced in each jurisdiction. Gas generation for Ireland and Spain at 385gCO2/kWh, nuclear generation for France and Sweden at 0gCO2/kWh, biomass generation for Finland at 0gCO2/kWh and coal generation for Germany at 935gCO2/kWh. This approach is the preferred option under Partnership for Carbon Accounting Financials (‘PCAF’) guidance (‘operating margin’) for measuring carbon avoided and replaces the methodology used in 2022 that applied average grid intensity per region.