Our operations are vertically integrated, i.e. we cover all of the major elements of the energy chain. In the electricity business, for example, we are not just a producer, but a trader, grid operator and supply company as well. Our vertical alignment affords us greater flexibility in offsetting market fluctuations at the individual stages of the value chain. Thanks to our horizontal integration, e.g. the sale of electricity and gas via one regional energy company, we achieve additional synergies.