as the head of UX design. Da-dee-da-dee-da-dee-da-dee-da! As the head of product design, what do I look for in a potential UX teammate? Good product mindset, self-inspired and self-motivated. Data and empathy-driven doesn't take themselves too seriously. And finally, the willingness to learn and grow.


Although I always played at the top level growing up, I wasn't the type of player who could change a game by himself. I was dependent on my teammates, and I would often go missing in games. I usually had the best skill around, but I wasn't producing as much as I should have. I wasn't scoring enough goals, making enough assists, contributing on defense, or playing up to the expectations of my coach. Eventually, I hit rock bottom. In college, my coach benched me because he was tired of me failing to play to my true potential. In this moment, I was still young and mentally weak, and I ended up quitting the team, blaming the coach instead of taking responsibility. Now I would never encourage you to quit anything, but this actually happened to be the best thing that ever could have happened to me. I was upset and frustrated with my coach, but in reality, I was upset with myself. I wanted to show my old teammates and coach that I was a great player. More importantly, I wanted to prove to myself that I could become the type of player that everyone wanted to have on their team. I decided to take responsibility for my own development. No one else was going to help me. I needed to help myself, so I got to work. I started reading hundreds of books about self-development, studying successful people, and top-level athletes. I began to analyze the best professional footballers in the world and broke down what made them so successful on the field. Like a mad scientist, I took all of this information and started experimenting on myself. The transformation had begun. I was becoming faster, stronger, fitter, more skilled, a better defender, a better attacker, smarter, mentally tougher, and eventually I was capable of changing a game by myself. And playing well every time I stepped on the field, it felt amazing. I started having more fun when I was playing, winning more often, and receiving more recognition. I had to share this information and motivate others to do the same, so I started coaching and I started training other players. The reception was amazing. I instantly realized this was my life purpose. This is what I was supposed to be doing. After coaching and training players individually, I realized that I could reach more people, change more lives, and help more players improve with the power of the internet. YouTube changed the game. I quickly started growing and was now helping players in different countries all around the globe. I started offering training packages for players who were really serious about seeing the best results possible. Over the years I released several training programs, my channels grew, and testimonials were flying in. Players were becoming better, making teams, getting scholarships, and even signing professional contracts. It was amazing. Today I'm releasing my newest program. This is my biggest and best masterpiece. I've put so much time and effort into this training program, more than anything else I've ever done in my life, and I know you're going to love it. This program is the combination of 20 years playing experience, 10 years coaching, and 5 years doing online training videos. I've thought about every single situation that a soccer player goes through on the field, every necessary skill and ability that he needs to improve and become successful. This program touches on absolutely everything you need to become a top level player. I went out of my way to pick the brains of my followers. I did surveys and interviews, I sent emails, I asked questions. I tried to get into the head of a soccer player and I talked to people all around the world. They told me all of their struggles and problems, they explained every detail of the game they wanted to improve, and they shared their deepest dreams and desires. This program contains the answers to all of those problems, the methods to improving all of those skills, and the step-by-step instructions to achieve your goals. Today I want to show you the match winner method. Become a game changer, improve your performances, and maximize your match stats in 21 days. Everything you need to know about this program is on this page. And to make sure you know if this program is specifically for you, I want you to read every single word on this page, watch every video, and get as much information as you can before you make your decision to buy. But before you start reading below, I want to show you the inside of this program so you know exactly what it looks like. This is an exclusive membership program. If you try to put in this URL, you'll get directed to a page that looks like this. But once you purchase, you'll be able to access this program at any time on any type of device. The program is broken into two different components, the transformation program and the development system. I'm going to give you a quick look at each. So the transformation program is the actual routine that you're doing every day. The drills, the exercises, and the workouts. And I said that you should do this for 21 days. Now 21 days is the absolute minimum I would like you to do this program. I would prefer and suggest that you do this program for about three months. If you do that, I will guarantee amazing results. But even in 21 days, you will see a massive change in your game. So when you come into the transformation program area, there's four different sections. Number one, how to use the routine. Here you'll learn how to actually organize and schedule this routine around your already busy soccer schedule and other personal commitments. The weekly routine, which I'll give you a quick look into in a second here. An at-home alternative. So if you can't make it to the gym or it's snowing outside or you have some other excuse, there's no way to get around it. I've given you alternatives. So every day you're going to be able to get your workouts in. Section four is training tips for each and every single drill. I'm going to give you specific things to focus on and break down each drill so you get more out of every single exercise. So I'll show you the weekly routine. And there is an on season version and there is a off season version. So the on season is going to be, or in season is going to be a little lighter. The off season is going to be more intense. But as you can see here, day one, two, all the way to seven.  So all these different workouts are going to challenge you in different ways.  Everything is going to improve with this training program. And you'll also get a workout tracker. So you'll be able to track your progress on each and every single workout as well as some motivational tools that will help you stay focused throughout the 21 days. Now let's take a look at the complete player development system. So you're already doing the exercises and workouts every day. But on top of that, you're going to be watching tutorials and learning valuable lessons, getting new ideas and growing in different ways. Remember, this is a complete player development system. So these tutorials are designed to help you improve every single area of your game. And this is a lot of information. There are over 100 tutorials here. I don't expect you to complete all these tutorials in the 21 days. If you're extremely ambitious and you want to and you have the time, then go for it. But I would rather you take your time and get the most out of each and every single video. So as you can see, there's different modules that are focused on different areas of your game, but no area is neglected. This is complete player development. So there's 20 different modules here and I'll give you a quick look. Let's go into individual attacking. So in each module, there is different videos, usually an introduction and then it will break down all the important parts of that topic. So here, for example, we had an introduction, attacking mentality, chance creation, how to make more assists, how to score more goals, individual attacking summary. And every module is finished with a summary as well as a cheat sheet and a worksheet to help you retain more information. So you don't forget what you learned and you can actually apply it when you play. I guarantee if you use this program for 21 days, you will improve every area of your game and you will get into the best form of your life. If you don't, you can get a full refund, no questions asked. Before you buy, I want you to get informed. I'll explain every single detail of this program and exactly how it will benefit you below. As I said, read every word and watch every video so you can make the best decision possible. Thank you so much for your interest in my program. I know if you use it, it will turn you into a match winner and transform you into the type of player you want to be.


Let's do this problem. It says Sean are three amino acids written in their condensed structures draw out the Lewis structures and identify if any are chiral Okay, so Remember what chiral means that means to rotate plane polarized light, but and When we're looking at structures What we're going to do to figure out if a molecule is chiral. We're going to be looking for specifically for you guys We're going to be looking for a carbon atom that has four different groups attached to it Okay, so if those groups are different in any way, then we'll say yes, they are different okay, so it's very difficult especially for Introductory organic students to look at these condensed structures and identify Whether a carbon has four different groups on so what I would recommend you do and just like the problem asks you to do is take These condensed structures and expand them to their Lewis structures. Okay, so let's do that first So this one we've got CH3 and that's bonded to C H and an NH2 Like that. Okay, you cool with doing that one. Okay, and remember this COOH That's a very common organic functional group. So get I'm used to how to draw it. It's C put the double bond oh Okay, and I'm just going to draw in the lone pairs just to remind you remind you all That that's where they go. Okay, is everybody are the two of you okay with this one? Okay, so let's try this one You see the COOH We'll start there. So now we're going to connect that remember Carbon has to make four bonds. Okay, so this carbon has two hydrogens attached to it It's attached to that COOH and has a that a mean group on it. Okay, so we've got C H H and and NH2 Like that. Okay Put the lone pair. So are you okay with that one? And again these condensed structures sometimes they look weird So you got to be kind of careful as to what you're drawing you want to remember like Carbon wants to make four bonds nitrogen wants to make three bonds Hydrogen wants to make one bond oxygen wants to make two bonds. Okay, and then let's draw this one out here So we'll start with that COOH again the carboxylic acid functionality that's attached to the CH Which is also attached to the NAH2 That CH Is attached to this CH2 here. Do you see that? Okay, so it is kind of weird for Introorganic students sometimes to do this so oh and then I'll just And if I wanted to I could expand these amine groups. In fact, let's do that since we've expanded everything else That really does show those Nitrogens making the three bonds if you were ever having any trouble seeing any more sense or does that look murky up the water Okay, so what did we say remember chiral means rotates plane polarized light but for when we're looking at the structures We're looking for carbons that have four different groups on them. Okay, so Here let's look at the carbon atoms. Well, there's only the two carbon atoms, right? The only one has four things bonded to it So the only one we really would be interested in looking at is this one and hopefully you can see right away That it's bonded to two hydrogen. So this molecule is not chiral. In fact, we would call it a chiral So let's go to this one over here Again the carboxylic acid carbon, you don't have to worry about okay We could look over here at this methyl carbon. Hopefully you see three hydrogens attached to it. Not we don't have to worry about it It's not a stereo center. Okay, but then we look at this middle carbon here, right? so in fact that is a stereo center and it makes this Molecule chiral. In fact, what we like to do is the label stereo centers with a little asterisk there This molecule is chiral, and I'm going to show you The four things that it's attached So This carbon is attached to a hydrogen. Okay, which of course is different than an NH2 right, is everybody okay with that and then both NH2 and Hydrogen are different than COOH Right, so that's three different groups and all three of those COOH H and NH2 are different than CH3 Okay, so it's the whole group. Okay, it doesn't matter that this is a carbon and this is a carbon Okay, so it's like a whole group. Yeah, I know that's what there was introductory students off Okay, so it's not just the next atom. It's attached to that whole thing. Okay, so let's try it here You tell me is this carbon stereo center? No, why not? Very good. Yes, it does have four bonds, but it has two hydrogens bonded to it, right? So it's not a stereo center. What about this carbon here? No, never. Carboxylic acid never. Okay, so whenever you got that double bond, you know It's not bonded to four different things, so it can't be. So the only one we'd be interested in is this one here, right? So is this this carbon bonded to the four different groups? Yeah, NH2 is different than H clearly which they're both different than COOH and All three of those are different than CH2OH. Is that okay? So we would label that as a stereo center there and we would say this is Any questions on this one? Who didn't make a difference like on that CH2OH if you put that one H on top and one at the bottom and the OH to the side? Doesn't matter. Yeah, it doesn't matter how you draw them as long as they're bonded To the same carbon, you know, then if there's two H's or something like that, you're never going to have a stereo center Okay, remember in those other problems when we were we built the Molecule and we showed we can rotate around the single bond so it doesn't matter which one of those hydrogen replace their equivalent Okay, any other questions on this one? Good job guys


Namaste. In last few sessions, we have been discussing about various conceptual and theoretical aspects. So, we have already discussed about corporate governance, accounting standards, evolution of accounting and so on. Now, let us go back to the problem solving. The way earlier we have introduced ourselves to balance sheet, P&L and cash flow. Now, let us take the actual cases and try to prepare both balance sheet and P&L. So, today we are going to take case of ZTV, Z Entertainment Television and I think it will be interesting for you all. So, I have already shared with you the case.  So, as we discusses in the video, you are expected to do it with you. If you do not have a printout right now, you can stop the video, take the printout, be ready and then see this video, then it will be more useful to you. Are you getting me? The link has already been shared with you, that will help you to actually work on this particular case live. Now, there are two parts, both the jumbled balance sheet and P&L has been given to you. So, the sequence is not as per the formal or the official sequence, you are supposed to put it in the official sequence, calculate the profit and complete the preparation of P&L. Three-year data is given to you for March 17, 16 and 15, so that you can have an understanding of comparison, how the trends have happened in the last 3 years. Gradually, this will help us to move to analysis, because in coming sessions, we will calculate various ratios and discuss about analysis of financial statements. But as of today, we will not go into analysis, but just keep on looking at figures for 3 years so that you can understand the trend. So, are you prepared? Take the sheet in front of you, we will start with the P&L account. You can have a look at P&L, this is the depreciation and amortization is the first item. This column is specially kept for writing where a particular item will go. If you do not remember what are the items in P&L, just have a look at the format. It is a very simple format. We start with the income, we reduce various expenses, then we get profit before tax, then we will record various items related to tax. There are few more items as per the format and finally, you get the profit. So, for each item, read the item, if there are any queries, you can discuss it in the discussion forum. I will try to solve your queries right away and based on that, based on the understanding of what that item is, try to put it in a format at a particular place. So, P&L account for GTV for last 3 years, the first item is depreciation and amortization expenses. As you all know, it is a very simple item. Already it is given that it is expense. So, we will put it under the head of expenses. Like that we will go on putting for every item. Next is other income. As the name suggests, basically it is an income. So, I will put, I am putting it as I tax for earlier years. This is the item related to taxation. So, what could have happened is, some item of tax is related to earlier year, but the assessment of tax has been made in the current year. That is why it is coming in the transactions today. You can have a look at the amount. The amounts are relatively small, 5.40 in the March 17, 00 in 16 and minus 1.88 in March 15. Why it is minus? Perhaps they have received some credit for extra amount paid earlier as a tax. So, taxation is under the expense head. That is why the amount has come as negative. Other expenses, as the name suggests, it is an expense. So, mark it as E. Finance costs, again it is an expense. Defer tax, this is a tax related item. So, we are marking it as T. What do you mean by defer tax? I think you all remember that there are two types of taxes, current tax and deferred tax. When the tax is required to be paid in the same year, we call it current tax. If deferment is allowed, that means tax relates to this period, but it is to be paid in second, third or fourth year or later, we call it a deferred tax. But both are charged to P and L. So, under P and L, we will just mark it as T. Other operating revenues, this is a revenue item. So, it is an income. So, I am marking it as I. Imported raw material, this is a tricky item. It is to be given as a footnote. It is not a part of P and L. It is an additional information. GTV being into the services, luckily there are no raw material imports. So, item is 000, but still I have put it here and we are putting it as NA. So, that you understand that this item should not come in the normal course. Next is exceptional items credit. So, we are putting it as exceptional items because if you remember, after the regular items, we have to separately show exceptional and extraordinary items. So, I have marked it as EXC to differentiate it from normal expenses. So, exceptional items are of credit nature, 47 in the current year, 00 in the earlier years. Are you getting? Next is matte entitlement credit. Now, what is this matte entitlement, matte credit entitlement? First of all, what is matte? Full form of matte is minimum alternate tax. As per the Indian tax laws under income tax, suppose the taxes as calculated are less than the book profit by a certain percentage. See, there are two sets of profits. One is the profits which we normally calculate, that is called as a book profit. For the tax purpose, we calculate separate profit. Now, if the taxation, the taxable profit is much lesser than the normal profit. Government says that you at least pay some minimum tax, that is normally calculated at 18 percent of the book profit. Are you getting me? Suppose book profit is 100, that is from P&L account, the profit is 100, but for tax purposes, the profit is only 10. Can this happen? Answer is yes, because depreciation may be higher, some expenses may be higher in taxation, and certain incomes may be exempt for tax purposes. That is why as far as P&L is concerned, the net profit may be 100, but the taxable income may be only 10. That means you will pay tax only on the income of 10. That is in such scenario, government says that based on whatever tax, whatever profit you have calculated, at least 18 percent of that should be paid as a tax, and that tax is called as minimum alternate tax. The amount which you are paying, you can get credit later on. Suppose in some other year, let us say that now your profit is 20, but for income tax purpose the profit is higher, let us say 50. So, for book purpose or for P&L account it is 20, but income tax is higher. In that year, you will be paying tax on 50. You have already paid extra tax as MAT, minimum alternate tax, that tax you can get credit now. That is why here you can see an item known as MAT credit entitlement. So, 0 in the current year, 0 in earlier year, but in 3 years before it was minus 148, because it is a credit entitlement. Are you getting me? Now this will fall in the taxation type of item. So, right now I am putting it as T. Next is equity share dividend. So, you can see all the 3 years consistently the company is paying dividend of 216. It will be in which type? Is it a income or expense? Actually it is neither, it is neither income nor expense. This is called as appropriation of profit. After the profit is calculated, it is distributed to the owners. So, it is called as appropriation of profit. So, I am just putting it as APP. This particular categorization I, E, T, etc is for our own calculation. It is not under any law just for understanding. So, APP stands for appropriation of profit. Operating and direct expense, this is a expense head. So, we are putting it as E, tax on dividend. Now, what is the meaning of tax on dividend? Whenever company pays any dividend, they have to pay tax on the amount of dividend paid. Keep in mind this is different from the income tax. On the profit earned, you have to pay some tax, that is a income tax. Now, profit before tax, minus tax, you get profit after tax. On from that PAT, you pay dividend. On that dividend, you have to pay some extra tax. That is called as tax on dividend. So, this does not form part of the normal taxation. This is a part of appropriation of profit. So, it goes along with dividend. So, you put it as APP. Next is preference share dividend. Where will it go? Again, it is a type of dividend. So, we are putting it as APP. You can see in the current year, it is 0. Last two years, it is 121, 121. Are you getting me? Any doubts? Once again, I am repeating, please solve it with me, take a sheet in your hand and go on marking the items. Later on, you can prepare PNL account. You can pause the video and actually prepare the PNL. I will show you the solution. You can cross check the solution. Getting it? Next is employee benefit expense. This is one of the expenses. So, let us mark it as E. Current tax. We have seen there are two types of tax. Here, we had seen deferred tax. Now, this is a current tax. So, this is a T type of tax type of items. Indigenous raw material. Actually, this is not an item to be shown. So, we had here imported raw material and now indigenous raw material. This is just an extra disclosure. So, we are just putting it as NA. It is to come as a footnote. Revenue from operations. This is the main income for the company. See, this is a TV company. So, for a manufacturing or a selling company, the main income is sales. But for a service company, the main income is revenue from operations. You can see this 3 years income is given. You can also calculate the train. You can calculate various ratios. But right now, we are just marking it as I. So, we have now marked all the items. Now, based on these items, you are required to calculate the following. Total operating revenues, total revenue, total expense, PBDIT, the full form is profit before depreciation, interest and tax, then PBT, PAT, earning per share and equity dividend percent. Are you getting? Okay. So, now we have noted everything. Before I go to the solution, I will request all of you to solve it, prepare PNL account, also calculate these items and then we will see the solution. You can pause the video for the time being so that you can complete and verify the solution. Now, let us go to the solution. I hope you are able to solve it. Now, cross check it. This is the actual published financial statement for GTV. It starts with revenue from operations, then other operating revenue, you get total operating revenues. If you remember this was one of the items which was asked, then other income. What is the difference in other income and operating revenue? Operating revenue comes from your day to day business, from your profits, from your regular business. What is coming from regular operations is revenue from operations. Apart from that, but related to operations is other operating revenue and other income is something like investment income, money which is received on investment made outside the business. So, there is a classification between other operating revenue and other income. Now, the total will be called as total revenue. Is it matching with what you have calculated? Just see the trends in the revenue also, then expenses. Normally, you should write it in this sequence. There is a stated format as per the law. Operating and direct expense, employee benefit, financial cost, depreciation, other expense, total expense. Are you getting this figure? You can also have a look at the trends. How there is an increase in income? See the employee benefit expenses have dropped. Perhaps they have removed some of the employees. So, this is revenue trend, this is expense trend. Now, when you compare these two, you get profit before exceptional and extraordinary items. See the profit has gradually increased. Then there was one item called exceptional item, this 47. It is to be shown at this stage before calculating the taxable profit. Now, you get profit before tax. Then the tax section comes. So, you have got tax expenses on continuing operation which includes current tax, MAC credit entitlement, deferred tax, tax for earlier years. So, total tax. This is called as total tax expenses. Then you get, this was a profit before tax 1695. Now, at this stage you get profit after tax. This is the profit or loss from continuing operation because there are no discontinued operations for this company. So, same amount is a profit or loss for the year. Less, now you calculate the appropriations. Appropriations is dividend and tax on dividend. You can see here equity dividend is constant. The preference dividend was constant for first two years, but it is 0 in the current year. Now, at this stage, we get the retained earning for the current year which is 801. Now, you have to show other information. In the other information, first they have to show basic EPS and diluted EPS. Now, what is meant by EPS? This is one of the ratios, but very important ratio, earning per share. Now, here you can see that the profit for the year is 1034. This is the total profit for the company. But what shareholder say is how much profit we like get on one share? That is nothing but earning per share. So, the formula for earning per share is PAT divided by number of shares. I will write it down for you. Now, you will say that number of shares are not known to you. You are right, because we are just going to balance sheet. If you look at the balance sheet, in case you have taken a printout, you can get this figure, but we will calculate it once we do the balance sheet. So, based on this ratio, you can calculate the basic EPS and diluted EPS. Now, what is the difference in basic and diluted EPS? See the numerator is same PAT, but the denominator can change. In the basic EPS, we calculate pat upon current number of shares. For diluted EPS, in the denominator, we add some shares which might be issued in future. For example, there could be some share warrants issued which will get converted into shares at a later date. So, they are also going to be shares in future. So, we calculate PAT plus those number of shares. That is why it is that amount will be slightly less than the basic PAT. So, it is a basic EPS. So, it is called as a diluted EPS. For this company, there is no difference in that. So, both the amounts are same. After this, company is required to report the value of imported and indigenous raw material. So, these two items are shown imported raw material, indigenous raw material. Then we have to show the dividend and dividend percentage. We have already shown the dividend which is 216. You can convert it into percentage which comes to 225 percent. Now, how will you calculate the dividend percent? Has anyone of you done it? So, get the equity dividend, take the figure of equity dividend and divide it by the number of equity shares that will give you dividend per share, the way we had got earning per share. But here it is of interest to know what is a percentage of dividend. So, we should calculate it by the total amount of capital. So, say a dividend of 216 is given on a capital of 1000. So, 216 upon 1000. So, here we will calculate, we will take into account paid up capital. Are you getting? So, equity dividend you divide it by paid up capital, we will get the percentage of equity dividend as a rate. So, that is 225 percent. Are you getting it? Now, let us go to balance sheet. Now, similar to PNL, 3 years figures of balance sheet are given. Using this data, you are required to prepare the balance sheet for GTV. Take a look at these items and we will go on marking each item. If you remember the format of balance sheet, there are various sections in that, like under assets, you have got non-current assets, then current assets, under liability, we have got equity followed by non-current liabilities and then by current liabilities. So, each of the item try to understand it and give some mark as to under what heading will it fall. So, that it will become easier for you to prepare the balance sheet. Shall we go ahead now? So, capital work in progress. Now, what do you understand by this? So, if you have got some building under construction, once they are ready, they will become fixed asset. But as long as they are getting constructed, they are a part of capital WIP. So, this is under fixed assets, under non-current assets. So, we will mark it as NCA. NCA refers to non-current assets. See, this marking is for our internal purposes. Next is preference share capital. Now, under what will it fall? This is a type of owner's fund. So, we will put it as E. E stands for equity, not equity share. This is a preference share, but this is under owner's funds. Other non-current assets, as the name suggests, it is a non-current asset. So, we will mark it as NCA. I hope you are getting it. So, now the time for this session is up. We will continue in the next session, but we have just started, so that you can take the sheet and continue it and then compare with the answer which we will discuss in the next session. So, we will stop here. Namaste. Than you all.


So, I'm going to give a talk about how the European Commission should go about improving the effectiveness of the EU emissions trading scheme. I put the word fixed in inverted commas, because it does beg the question, as I was putting, is it broke? In my view, no. Is there a broader problem that needs to be fixed? Yes. Is there a quick fix? Unfortunately not. ac edrych am yr unig i'r ystod i gweithio y Monedd wedi diweddol. Mae'r unig wedi eu chyglwtau ar y cyfrifol, felly mae'r holl yn gweld cysylltu'n gweithio'n rhysgwyr yn cyfeiffydd ingylliant o'r grwp hyn neuri yma o'r Eidex yn gyffredinol gweithglwyr. Mae hynny ni'n gallu cyfrifol yma ac mae'r cysylltu yn gyhoeddur hwnnw i gyrfa hijwr, ac mae y gallwn parwadol gweithio cyfrifol ystod yn cael ei gŷrwyr. ond y bydd yw'nllun i'r cyfnod o'r pwysig ymddangos o'r ystyried. Mae'r cyfnod i'r rŵn i'r cyffredin iawn yma, ond ymgylch yn ei ddysgu. Pwylltebwch am gwellio cymdeithasol i'r cymysgau cyfeirio yw'r cyfnod o'r cyfnod o'r pwysig o'r cyffredin iawn o'r cyffredin iawn o'r cyffredin iawn. Ond o'n gobeithio o'r cyffredin iawn o'r cyffredin iawn o'r cyffredin iawn. ac mae'r ffordd i'r ffordd fath o'r cyffredinol, oherwydd, y ffordd y gallwn y gwirionedd yn ei dweud, gallwn y rhai o'r ffordd i'r ffordd? Felly ydy'r ffordd o'r ffordd yn y negatif, ac yn fawr, yw'r ffordd, yw'r ffordd yn y ffordd ar gyfer eich meseg cyllid. Felly, yw'r ffordd ar y cwrtiau yma'r ysgrifennu, oedd yn ddweud yr ysgrifennu Dynes, rydyn nhw ddim yn oed yn oed i dychwyn ac mae'r SES yn y trobl. Mae'r cyd-dyn nhw'n meddwl yw'r prysau yw'r cyd-dyn nhw'n mynd i'w ddweud ac mae'r ffordd o'r ffwrdd o'r hyn. Mae'r byw'r cyd-dyn nhw'n mynd i'w ddweud yn Dde-Mark, gan y dyn nhw'n ddiolch i'r presidon sy'n ddiddordeb yn ei ddod, ac mae'r cyd-dyn nhw'n meddwl i'w ddweud ychydig i'w ddweud i'r cyd-dyn nhw'n meddwl i ddim yn ddod i'n ffordd i'r ffordd o'r cyd-raddau. Dyna'r cwmdeithas yw'r propozol gynhyrch, ac mae'r cwmdeithas ar gyfer y cwmdeithas sydd ei chyfyddiadau a'r ffordd i'r cyd-raddau. Ac mae'r cyd-raddau, mae'r cymdeithas ond mae'r propozol i'r cyd-raddau. Felly, mae'i eisiau ei wneud yn ffawr o'r cyd-raddau, mae'n cyd-raddau. Mae'n ddif chi'n mynd i'n meddwl o'r gynhyrch a ddiwrnodd yn ymddangos i'r ysgol iawn, ac rydyn ni'n ffordd o'r ddweud. Felly, y cyfnodd yn dda, ydych yn ymddangos i'r ddweud yma, yn y rhan o'r ddechrau cyfnodd. Ond, oherwydd, Ibech a'r unrhyw o'r ddechrau wedi ddweud o'r ddechrau'r ysgol iawn, a'r ddweud o'r ddweud o'r ddweud, a'r ddweud o'r ddweud o'r ddweud, a'r ddweud o'r ddweud o'r ddweud o'r ddweud, Bl den o'r dsgol iawn yn ymddangos i'r ddweud, ond, yn y Cyfnodd Polisiig Pol kuitadau, yn ymwrdd y路, yn am Buffol sydd ar beth yn ei gymryd, un o coumiol – r대�wysfodol autorfa, mae'r ddem الف angen o'r directoedau, ond mae'r denig iawn sydd yrZYnt ysgol iawn, crtaid eu drof bi springsawr yn ychydig fairer ac yn rhynweithdd. Ond, cyfnodd o'r ddweud o'r ddweud? Rwyf ddoch yn festiad pell oes Yong yng Nghymes Tynchwyr ar y cyfnod nesaf rydych chi gyda'r cyfnod ar y cyfnod yma, ac yw'n mynd i'r holl eich holl yn rydyn o'r llwy ffordd yma. A'r wneud o'r ddweud ychwaneddau yma o'r ddweud ar yr Cymru, oherwydd ymgyrcheg o'r ddweud yma, oherwydd mae'n ddweud o'r llwy ffordd yma o'r cyfnod yr unrhyw gwybeth. Felly, o'r cyfnod, 6-8 mlyneddau, ac mae'n rwy'n gofyn i'r propozol thatoedd yna, a dynoddol o waith i'r ddull ffaith o'r bwrddau, ond yn cael ei meddwl am gyfynigol gyda'r ysgol, i fydden nhw'n mynd i'r ddweud y gallai gwybod, ac mae'r llei yw i'r ddull yn defnyddio'r effeithiol. Felly mae'r dda, dwi'n meddwl o'r ddweud, i dda, i fech, am ffwrdd â'r ddechrau i'r dda i fynd, mae'r ddweud o'r ddweud o'r ddweud, ac mae'r ddweud o'r ddweud sy'n ei ddweud o'r ddweud. Felly mae'r unig o'r gael o'r grannu gwahanol mewn gwahod. Mae'n gweithio'r gwahanol sy'n i'r cyfnodd. Yn hynny mae'n gweithio'r gwahanol yn ymddangos, mae'n gweithio'r instrumentau cyfnodd. Mae'n gweithio'r instrumentau cyfnodd, mae'n gweithio'r ddod yn ymddangos ymddangos. Yn ystod, mae'n gweithio'r efo'r cyfanol. heb y tariff ar gyfer o hy Squats fel yr uniged amwyaf ar gyfer swyddbeth. Mae angen o'i unrhyw deall angen. Na ddanctu'r rhai sy'n látyr cymryd yn cyfweld o gyfer gyda'r angen o germaniau sydd yn cyfryd gyda'r hynny o'r cyflwynt sydd yn unig storfyniad. Mae angen o'r adeiladio ar gyfer cymryd yn gydych chi, sydd argyrsio ar gyfrifwyd y winfarn. Mae angen o'r cyfrifwyd ddiddordebfydd o gyfrifwyd y sydd am hyn i'r cyfrifwyd sydd oed wych yn cyfrifwyd, ac mae'n dweud i chi'n gweithio'r byddwyr. Felly, mae'r cyfleu cyfnod o'r cyfnodau sydd o'r hynodd a'r llaw. Mae'r ddweud, ond mae'r ddweud yn ystafell, mae'r ddweud yn ystafell ar y ddweud, ac mae'r ddweud yn y ddweud o'r ddweud. Mae'r ddweud yn ystafell ar y dyfodol, oherwydd arweinio'r strategiau ac mae'r ddweud yn y ddweud, Michael Grubb published a paper that analysed to what extent is the current low price of eulances the result of the very deep recession, and his conclusion was actually the prices will be down on the floor anyway, that most of that effect is due to this being some abatement within the ETS because of the carbon price, but there's also been a huge amount of abatement through the renewables directive and through the energy efficiency directive that's impending and legislation to support energy efficiency, and I can provide a link to that paper if anybody is interested. The current proposal then would allow or would formalise what the commission believes is an already existing right to intervene whenever it sees fit to change the timing of options to keep the price within what it deems to be an acceptable range. So it could be that prices are deemed to be too low or perhaps if there was a boom and prices started to store and the economy was getting into trouble they could intervene to stop it getting too high. Our views on this are pretty much in line with those of business Europe, which I'll just put up here and just quickly read through it. So the key point is affiliated to business Europe, so it's just one of 20-yard national organisations. So business Europe would have similar but not identical views to Euroelectric. Whereas Euroelectric is concerned about the proposal but on balance would probably favour it, business Europe has concerns about it and on balance would not favour it. The key points are coherence of policy and avoiding short term tinkering that could actually significantly increase uncertainty. Uncertainty is the enemy of investor confidence. If I could just unpack that very slightly, so this is something that I was trying to get my own head round, what is the actual intended outcome and what is the likely outcome of the current proposal, which is merely to withhold allowances in the early years but you have to put them back in the later years because it's not a permanent removal.  It's only going to be a sustained increase if you believe that there will be further legislation that will permanently remove those allowances or perhaps that there will be a very, very stringent tightening in a post-2020 period that would soak up all of the banked allowances and cause the price, which is probably being partly propped up by banking at the moment to be further banked. A third possibility is that people would see that it's going to be a temporary measure. They don't believe that that further legislation will come through because if they could have got it through the first time they would have, what makes you think it would be more successful this time around? And if then there were flexibility mechanisms, whether it linkages with other trading schemes such as in Australia or the use of whatever instruments, you could get around the short-term supply problem, borrowing the next year's allowances, that in fact the price might not even go up at all. So take your choice, which of the three outcomes depends not so much on the fundamentals, but perceptions. The perception becomes the reality. I couldn't actually call it as to which of those three is the most likely. I know the one that's intended and that's a sustained increase. So we would have concerns that you can't actually predict what the outcome is going to be even though you know what you'd like it to be. So what are we recommending instead? Well firstly it is a long-term problem. It's a structural problem and it's not going to be fixed overnight. You know somebody who's building a plant that has a 30-year life wants to know that the price is going to be stable and the investment's going to be attractive for the life, not just for next year. If we're going to be able to link with other trading schemes around the world, and you know the UN process currently is the only game in town, but increasingly we're moving towards if we can do a deal with a region such as China or Pacific, if we can link our trading scheme with other trading schemes that's going to help. But frankly who'd want to link into something if they felt that politicians who won't be able to resist the temptation to interfere, the term that was used within our climate change working group was this potentially is a tinkerers charter and it could have unfortunate unintended consequences. The next thing is that there is and has been a certain degree of policy competition between DG climate action and DG energy. So you have targets being set on energy efficiency, on renewables and on climate which supposedly were put together as a package, but experiences shown that's not actually how it's turned out. In fact there was a recent analysis that suggested if we got the 20% renewables and the 20% energy efficiency we would more than achieve the 20%. There would be an overachievement and then they would say oh but maybe we won't get the 20% energy efficiency so we need to bring in an energy efficiency directive and that's nearly law now and when that comes in, in fact even as each stage has passed you've been able to track the price of EU allowances going down, part of the downward pressure on EU allowances has been the political progress on what has been a very very stringent energy efficiency directive and to comply with that directive we will have to go substantially beyond what is actually a very good national energy efficiency action plan which was developed under Eamon Ryan who I see in the fifth row there. So overall I think what is, is there a more efficient way of doing it? Is there a counterfactual where there would be in a post 2020 regime one target, a climate target and it drove everything else, it drove energy efficiency obligations because energy efficiency is by far the cheapest way of mitigating climate greenhouse gas emissions and likewise it could it could drive the renewals program. We have a multiplicity of targets and one way of then looking at that just to give a couple of examples are the current level of prices a problem or are they the symptom of the broader problem that I've been talking about? Certainly if there was a much higher price of EU allowances it would make coal less competitive. Now Michael Gruthers and I were at a round table the other week and one of the speakers there, it's from Chatham House, well actually not Chatham House, it was John Mullins said that there would have to be a 40 to 50% increase in the price of coal to change the merit order in the single electricity market here. Now that's a very substantial amount and it would imply to change the merit order it's an all or nothing, you're either in merit or you're not, you would need an enormous increase in the carbon tax here but it could help so that if the price of gas came down and the price of carbon went up it would trip over at an earlier point. It could also a high carbon price have an effect on emerging technologies such as carbon capture and storage which probably would need a price in the range of 50 euros a ton to be commercial although there's also technological development still to be done. But in Ireland at least the cost of EU allowances has only been a secondary driver in the development of wind and I can recall the period towards the end of the pilot phase in 2008 where the price of allowances wasn't at seven euros a ton it was seven cents a ton but the the rollout of wind farms did not slow down in fact it's sped up because it was being driven by a different directives being driven by the renewables directive and we're having feed-in tariffs now the cheapest feed-in tariff is roughly 70 euros a megawatt hour for onshore wind but there are other tariffs for example around about the 90 euro mark for biomass and I think biomass CHP is 130 120 euros so you're talking about a premium of between 30 and 60 euros a megawatt hour you're displacing a megawatt hour of combined cycle gas turbine which has half a ton of CO2 in it so you're actually talking about an implicit carbon price of between 60 and 120 euros a ton. No wonder the price of carbon in the emissions trading scheme is being depressed we are building very expensive carbon technologies not because of climate policy but because of energy policy the policies are overlapping you know that the ends are very very worthy but are the means economically efficient and finally I think I've already mentioned the energy efficiency directive that is going to come in there's no question about it and it will drive much needed retrofit it's going to reduce the demand in the emissions trading sector primarily in industry most of the rest of the economy it's going to be in the non ETS sector but it has already had an effect on EU allowance prices so finally and the analogy I like to use is if you had a chair where each of the legs was constructed by a different directorate the chances are it would wobble and it's at the old cliche that you keep cutting a piece off each leg until it stops wobbling you end up with just the seat and there's no legs left at all so my message is policy coherence the legs need to work together thank you