Ann: August Operational Update, page-22

Signing up 5GWhr per month does seem like it should be a challenge but I don't believe it will drop far below that for a long time. When I asked Ben about the UC but not UM pipeline, he said they like to keep it around the current levels because otherwise it would disappoint the customer how long it takes to bring them onboard. So really its conversions that is the limiting factor to expansion. The pipeline is not the problem. Perhaps if the move into NSW this limitation will diminish as there are a whole new load of sparkies to perform the conversions. I like your analysis in terms of justified MC increase per month. Quite an interesting take on it and show quite how under appreciated we are at present. I expect that to change once the next 4C comes out showing we are generating free cash.