TotalEnergies SE Ordinary Shares

But at TotalEnergies, we consider that it's not a good market for developing offshore wind. And in fact, what I also say, I think developing offshore wind requires some specific market. It's a question of cost-merit curve to produce electricity. And it's linked as well. So UK, Germany, France might be some interesting countries. because they have less capacity to develop onshore renewables because limited space, in fact. So there is a market there. So we will concentrate on these projects. And the other lesson we drew is that on offshore wind is that it needs to be big to be profitable. So we are cleaning our portfolio. We had a small project in Denmark. We are just exiting it because it does not fly. markets, and honestly, Brazil, Philippines, India, forget all that. There's no interest. There are plenty in Brazil. You can produce plenty on onshore wind in Nordeste with gas as a venture, which costs much less than offshore wind. So offshore wind is more expensive, so it should be delegated to markets which could afford it and which need it. And that's the conclusion which we draw for ourselves. So we'll concentrate on that. Some projects, which are large, by the way, on which we believe that the fundamentals are good. And so that's the reality. So you will not see newspapers and press releases, but the time is back in the U.S. for sure. Thank you very much. At least as long as I am here and chairman of the company.

Thank you.

The next question is from Anish Kapadia, Palissy.