Renewables have become very cheap – depending on how you do the calculations, cheaper than high-efficiency, new-build combined cycle gas turbines. Therefore, they should be able to be deployed ‘subsidy-free’. Indeed, we have seen a few, relatively small projects, which have taken the wholesale market price risk and been deployed without subsidy in the UK. But the more renewables we deploy, the more those renewables ‘cannibalise’ their own capture prices.