In Australia, the government is responding to rising retail prices. In China and Europe, we provide key takeaways from
the Hong Kong Summit and Paris Utilities Day respectively. In LatAm, Electrobras and Cesp missed our estimates. In the US, we reduced our LT Henry Hub forecast to $2.75.
In Europe, we hosted our Paris Utilities Day on 23 March, with Centrica, Enel, Engie, Iberdrola, Innogy, Suez and Veolia attending. We see sentiment towards the sector slightly improving with a preference for visible growth. M&A was also
a key theme for investors. We also published a report summarising the three main themes from the FY 16 earnings season.