While I am happy to defer to your greater knowledge on the PHES...

While I am happy to defer to your greater knowledge on the PHES price - I am sticking with my view that the CU which is likely under the pit is probably worth more than 20M - if 20M is all we can get from the CU under the pit then time to forget about much value from the other UG opportunities. I would therefore assume that the board would only accept this number to avoid coming up short on using up the franking credits.

Bottom line is my gut says 20M is too cheap - so lets hope its not the lower end of your range as you suspect. 30M would be more like it.