Continuing our summary of renewable technologies, we talked about a handful of solar PV issues to watch. What are called hybrid plants, where you combine PV with storage, similarly to combining wind with storage so you have more of a dispatchable or reliable power plan. We talked about distributed approaches for PV, building integrated [inaudible] , for example, where the exterior of a building is not stone, or wood, or brick, or a asphalt roof. It could be a [inaudible] panel itself. This is a newer technology. It's certainly not common, but we're watching that technology, see how it progresses. We talked about the opportunities for continued reduction in soft costs, where if you decompose the costs of solar PV, the module, the PV piece itself, has gotten essentially very low cost. It's not clear how much further cost reduction is available within the module, but there's lots of opportunities for reducing all the other costs. Permitting, financing, customer acquisition, and multi-country comparisons make clear that some relatively high soft cost areas like the US could follow the pattern or learn from other countries such as Germany that have brought those costs down much more quickly. The module themselves have technological potential for increased efficiency. You can get that much more out of a module and a lot of R&D is underweighted, accomplish improved efficiency of modules. We are seeing the two markets going different ways. Utility scale, 100 megawatts, maybe, or larger, versus distributed rooftop systems. They still have the same fundamental technology, the module, but they are going in different directions in terms of market structure, in terms of distribution, in terms of essentially how those industries work. Growing competition with wind, where solar PV has gotten to the point where it can compete with wind and if there's, say, a finite need for new capacity, then solar PV/wind may end up going head to head to essentially meet that demand. We talked about a very different technology of CSP, Concentrating Solar Power, which comes in different forms, but the dominant technology is one called the power tower. Here's a photograph of one in Nevada, USA, a 400-megawatt plant consisting of essentially three individual sub plants. You can see them here. They consist of a field of mirrors. Each one oriented slightly differently, so they all reflect the sun rays to one point called the power tower itself. Obviously, that's a lot of energy, right in that point, a lot of heat, and through the top of that tower circulates in oil which absorbs that heat, comes back down the tower, transfers its heat to water, that water turns to steam, and then you have a steam turbine like most other heat power plants. This technology has been following an unusual pattern, I'll put it that way. First of all, it's very geographically limited. It required very high levels of insulation, that is sunlight, that is found in many parts of the US, but mostly fairly near the equator, North Africa, Southwest US, Southern Spain. There are countries that can do this, but not all can. It does require high levels of sunlight. Still quite expensive. Not at all cost competitive with fossil. Not at all cost competitive with wind and solar PV, at least not yet. But the challenge is it's losing the cost reduction race. Ten years ago, it looked viable, but now as solar PV has gotten so much less expensive, and perhaps more importantly, that even combining PV with storage, which provides essentially a dispatchable power plant, is less expensive than CSP. CSP used to have the advantage of it has some storage inherent in the technology because you're storing heat. But as battery type storage has gotten less expensive, that advantage has faded. A further challenge for CSP is it generally needs to be located in high sunlight areas. In many cases, that's desert-like areas. Deserts don't have a lot of water. This technology does require water because it's a steam turbine and it requires makeup water for the steam loop and ideally, water for the back essentially for condensing the cooler steam. You can get around that with a technology called dry cooling, but that brings in other challenges of low efficiency. There are challenges. It's not doing well in the US, but other countries, China and the UAE are still interested, maybe pursuing it. What's interesting overall is this technology made it through what's called the Valley of Death, which is the massive gap between a technology which works in a technical sense, but may not be economic or attractive for large-scale investment, back here, and then the other side, you have commercialization and many technologies die in the middle, but CSP actually made it. There were billions of dollars invested in utility-scale CSP plants and at that point, it started to run into problems, so an unusual pattern. But worth recognizing that even when a technology is commercialized and receiving billions of dollars of investment, it doesn't guarantee smooth sailing from there on end. We talked about ocean energy, a much more early stage, speculative technology. There are many ways to extract energy from the ocean. It could be from the movement of waves. It could be from tides going up and down. It could be from temperature differences within the ocean water itself. This graphic shows conceptually how some of these things might work. But this technology isn't purely conceptual. Here's a title turbine of 1.5 megawatts. Just put it where the tides flow and it causes the turbine to turn. Essentially the same as a wind turbine on moving in the air. But the technology is still at the early development phase. There are very few larger plans available. The costs are still high and as we learned from CSP, concentrating the solar, this technology will eventually or may have to compete with wind and solar PV. It has to either come in a lower cost or provide something that wind and solar PV doesn't. But one doesn't want to be too negative about it just because it's not cost-effective yet and it's useful to remember that it took 40-some years for wind turbines to go from a 200-kilowatt thing, which worked pretty well, which is very expensive, to a cost-effective, technologically mature, reliable technology. It's worth remembering that the technology advancement schedule can just take a really long time, requires patience. It's much too early to say for either concentrating solar or for ocean energy, that it's going to happen or not going to happen, we just don't know yet. Certainly worth keeping an eye on both those technologies. I'll just take a break there and come back and talk about our last technology, then move to our enabling technologies.