Ann: Half-Year 2018 Results and Briefing Pack, page-63

The way I interpret the comment from PC is that if FAR want the ability to PE it is only through forcing a project delay. Once through certain hurdles that FAR would have to delay (my guess is operator after FID due to execution risk from changes during operations - although it could be clauses in the project financing) there's clauses that make it hard to change with JV or operator. Haven't seen the paperwork so can't say for sure.

Keep in mind that any PE would include back costs. As WPL can fund this through cashflow there is actually zero risked cost WPL - it's got the long term debt facilities in place already - and no point in redeeming them early due Scarborough and Browse development (low rates already locked in). WPL will have far more informed views on arbitration than us so any speculation on odds etc from us is a waste of time.