Welcome back. Diversification of suppliers and modes of supply is certainly the best strategy to ensure security of energy supply. Relying on numerous providers, each one for a small share of total requirements, is more secure than relying on just one major provider or just a few suppliers. Because if for whatever reason, you lose one of numerous suppliers, you are losing a small percentage of your total supply. On the other hand, if you have just one major supplier and for whatever reason either deliberately or because of an accident or an act of God the supplier stopped supplying you, then you are losing the entire supply and this is very dangerous. So some people tend to view security as the opposite of concentration and measure it with an index or concentration. If your supplies are very concentrated in one primary energy source, in one transportation facility, in one outside supplier, then you are insecure because something may happen that prevents supplies to continue. So, lack of concentrations mole concentration, is viewed as a plus. A supply system is considered secure if it is capable of meeting the maximum demand even in the event of failure or loss of its most important supply unit. So if we are talking electricity for example, you have a certain number of power plants that are generating electricity, you take the most important of them, the one that is accounting for the largest share of electricity production and you must be able to meet peak electricity demand, the maximum electricity demand, even if that plant which is the most important one fails for whatever reason. So you will have enough capacity left in the rest of the fleet, power-generating fleet that allows you to satisfy maximum demand. This is called the N minus 1 principle. It is commonly accepted standard in the electricity industry not just for generation, but also for transmission networks in other central facilities. In many cases, we see that supply system especially electricity system are in fact capable of guaranteeing supply even in case of loss of more than one important supply unit. We have seen this very prominently in the case of Japan, when the Fukushima accident happened in the nuclear power plant there. In that case, not only the Fukushima nuclear power plant, but also all other nuclear power plants. The entire fleet of nuclear power plants of Japan was taken down, was stopped, and it accounted for more than 20 percent of total electricity production in Japan. Nevertheless, Japanese electricity companies were able to satisfy demand even in the absence of all these power plants by bringing back into production other power plants that had been stopped or increasing production from other power plants, mostly on the basis of fossil fuels such as coal or oil or gas. So the resiliency and the security of the Japanese electricity system has been vindicated in that occasion. The same might be true for other countries, but we should view N minus 1 as the minimum level of required redundancy, in many cases much more than N minus 1 is possible. But N minus 1 is the minimum. As I said, this has been traditionally implemented in the electricity industry but since sometime, it has now become the rule also in Europe for gas imports. Because following the experience of the termination in gas supplies from Russia in January 2006 and in January 2009, the European authorities decided to request all member countries to implement the N minus 1 criterion also for gas imports. This means that they should be able to satisfy their domestic gas demand, peak gas demand which in the case of Europe normally is in the winter, even if they lose their main outside supplier, and there are several countries in Europe that are 100 percent dependent or where 100 percent dependent on Russian gas. So if Russia decided to close the tap, they would lose all gas supplies, and this was considered not a satisfactory or an acceptable situation. So countries that were so vulnerable have been called to invest and find ways to acquire an alternative potential at least source of supply in case they lose their main source of supply the N minus 1 principle at work. This has translated into significant increase in import capacity of many of these countries especially the Baltic countries, Bulgaria, Slovakia has made the gas supply situation in Europe much more secure. This also shows that security of supply can be viewed as a good, something that can be obtained by engaging appropriate investment. So, we may view this as a market proposition, as something that may be acquired through the market. I can buy security, I can buy security by engaging in investment, in redundancy. If I do so, security will never be absolute. I will never be able to achieve 100 percent security because one always can conceive of some catastrophic event that takes all the redundancy away and deprives the country of all its sources of supply. But these are extreme cases with very small probability. So it will never be absolute security, never 100 percent, but insecurity can be greatly reduced, can be brought to be a very small percentage and the feeling of security enhanced.