WEBVTT - Because Why Not? Floating and Airborne Wind

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<v Speaker 1>You're listening to Switched on the Bloomberg any F podcast.

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<v Speaker 1>I'm Dana Perkins. The game for floating wind here is

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<v Speaker 1>not to make sure the tab wines don't fall over.

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<v Speaker 1>That's not the concern the concerned Attornia Costa. Each week

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<v Speaker 1>we speak with a different b ANF analyst about recent

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<v Speaker 1>research and what it all means. Note that BNF does

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<v Speaker 1>not provide investment or strategy advice, and you can hear

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<v Speaker 1>our full disclaimer at the end of today's show. This week,

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<v Speaker 1>our podcast is going to focus on topics in two

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<v Speaker 1>separate areas and two separate research notes that we wrote,

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<v Speaker 1>one on floating wind and another on airborne wind. So

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<v Speaker 1>they're titled Floating Wind Drifts Towards Viability and Airborne Wind

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<v Speaker 1>Energy Waiting for Takeoff. They're available for BENNF clients on

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<v Speaker 1>BNF dot Com or at b NF go on the terminal.

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<v Speaker 1>My inner geek really loves to hear about new technologies

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<v Speaker 1>in the spaces that we cover, and today is no exception.

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<v Speaker 1>We're gonna be joined today by Tom Harry's senior associate

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<v Speaker 1>and member of our wind analyst team, who has a

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<v Speaker 1>particular emphasis on offshore wind. Hi Tom, thank you for

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<v Speaker 1>joining us. Hey Dana, nice to be here. So today

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<v Speaker 1>we're going to talk about floating wind and airborne wind.

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<v Speaker 1>Of these two, let's get started more with the floating

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<v Speaker 1>wind side of things, um, since I guess that's the

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<v Speaker 1>more established of the two technologies, and I'd love for

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<v Speaker 1>you to paint a picture in my mind of what

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<v Speaker 1>that really looks like. Sure, it's basically a wind turbine

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<v Speaker 1>at sea, sitting on a boat like structure in most cases,

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<v Speaker 1>so there are a few different designs, but in essence

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<v Speaker 1>you've got a wind turbine which is exactly like a

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<v Speaker 1>winter one on land and like other offshore two ones,

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<v Speaker 1>but in the floating case it's sat on either a wide,

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<v Speaker 1>shallow structure or slim, long, thin structure. Um. And there's

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<v Speaker 1>a few different designs in between the two. Who was

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<v Speaker 1>basically a choices and these ones are much further off

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<v Speaker 1>shore than the wind turbines that were used to seeing

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<v Speaker 1>off shore today. Correct, absolutely, while the demos they're close,

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<v Speaker 1>but in future, yes, they should be further from shore.

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<v Speaker 1>And the idea here is essentially floating wind operates in

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<v Speaker 1>water depths beyond fifty deep and to get the fifty

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<v Speaker 1>ms you've got to go far from shore. Now. I've

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<v Speaker 1>seen some of these at the Closet coast of Kent

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<v Speaker 1>and they are huge. Are the floating ones bigger smaller?

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<v Speaker 1>They won't be smaller. Bigger is better, and offshore they're

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<v Speaker 1>going to stay big and they're probably gonna get much bigger.

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<v Speaker 1>I think we've actually run out of comparison buildings for

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<v Speaker 1>offshore turb ones anyway. No, Look, they're gonna get bigger.

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<v Speaker 1>They're going to be at the same scale as normal

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<v Speaker 1>offshore wind turbines. But in reality, if they tap these

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<v Speaker 1>deeper waters, then you probably won't see them from shore.

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<v Speaker 1>After about fifty kilometers from shore, you shouldn't be able

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<v Speaker 1>to see an offshore wind turbine. And they're probably going

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<v Speaker 1>to beyond fifts. So will we lose a lot of

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<v Speaker 1>electricity and the transmission distribution bring it back? No, not much,

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<v Speaker 1>very little actually, And there's already offshore wind farms operating

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<v Speaker 1>at those distances in some countries like Germany, even even

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<v Speaker 1>up to a hundred kilometers even beyond that now, so

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<v Speaker 1>the distance isn't a new thing, it's the depth doesn't

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<v Speaker 1>new Okay, So pivoting over to airborne wind. Can you

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<v Speaker 1>tell me a bit about what these look like and

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<v Speaker 1>how far along some of this technology actually is. Yeah,

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<v Speaker 1>this stuff is pretty cool. Um, and they look there's

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<v Speaker 1>two different well totally different designs. So one looks like

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<v Speaker 1>an airplane with lots of little rotors on it, and

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<v Speaker 1>the other looks like a kite serving kite. Ultimately, so

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<v Speaker 1>one looks like a soft material like structure and the

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<v Speaker 1>other one is a rigid structure. Okay, so these things

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<v Speaker 1>go up into the sky. How do we get them

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<v Speaker 1>up into the sky to begin with? Some need help,

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<v Speaker 1>so some need to essentially be lifted high up. That

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<v Speaker 1>could be maybe drones in future. Brothers can basically operate

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<v Speaker 1>themselves upwards and then once they're high enough they start generating.

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<v Speaker 1>So literally one so one technology type generates electricity in

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<v Speaker 1>the ear, so the wind comes in, it spins a

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<v Speaker 1>rotor which generates electricity and they send it to the ground.

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<v Speaker 1>The other one doesn't generate electricity in the ear. It

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<v Speaker 1>pulls a cable which generates electricity on the ground. So

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<v Speaker 1>if you're the one that can generate on board, you

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<v Speaker 1>have the ability to act like a motor when you're

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<v Speaker 1>on the land. Lifting yourself up and then once you're

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<v Speaker 1>high enough, you switch to generating and you start generating power.

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<v Speaker 1>The other one gradually comes down to earth and then

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<v Speaker 1>needs help get them back up again, and then it

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<v Speaker 1>gradually comes down to earth and then back again. So

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<v Speaker 1>how do we keep these from falling out of sky

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<v Speaker 1>and squishing people? Um, don't ask me no. Look there

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<v Speaker 1>in the process of sorting this out, there's demonstrations, there's prototypes,

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<v Speaker 1>it's all R and D work, and this is one

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<v Speaker 1>of the issues they have to solve. You have to

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<v Speaker 1>solve the safety issue because I mean, logically, you're looking

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<v Speaker 1>at these things, and then again they're they're flying devices,

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<v Speaker 1>so they're probably going to be under the regulations similar

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<v Speaker 1>to airplanes. They need to be safe. Eventually, they're meant

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<v Speaker 1>to operate autonomously, so that they need to prove that

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<v Speaker 1>that they can operate day in day out without human intervention. Um,

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<v Speaker 1>and I guess they're going to have to prove that

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<v Speaker 1>their systems have got redundancies. If one cable snaps, is

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<v Speaker 1>there another cable to help it come back down to ground.

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<v Speaker 1>So definitely issues to be solved. So you're mentioning they

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<v Speaker 1>look like airplanes what about airplanes? Are they going to

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<v Speaker 1>get in the way? Are they not quite that high up?

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<v Speaker 1>Most they're not trying to get that high up. We're

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<v Speaker 1>talking hundreds of meters in height, maybe a hundred to

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<v Speaker 1>four hundred in most cases. Some are looking in a

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<v Speaker 1>thousand meters and beyond mark, which again would be low

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<v Speaker 1>enough to not impact aeroplanes and so on. But look,

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<v Speaker 1>potentially these devices might be in areas where they're out

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<v Speaker 1>of flight paths. For example, some are looking at nuclear

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<v Speaker 1>plant facilities where they typically have a no fly zone,

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<v Speaker 1>so maybe that opens up a market for them. And

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<v Speaker 1>again others are looking at maybe off grade there is

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<v Speaker 1>more mountainous areas. Because if you think about these devices,

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<v Speaker 1>unlike wind turbines, they're actually thinking of tapping the smaller

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<v Speaker 1>scale market. So disaster relief for example. So there's been

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<v Speaker 1>a natural disaster somewhere, could be anything hurricane, mud slides, whatever,

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<v Speaker 1>and they're off grid. Power has been cut off. Now

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<v Speaker 1>you can turn up with a lorry with a trailer

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<v Speaker 1>one of these things in the back, or two of

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<v Speaker 1>these things, or five of these things, and you can

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<v Speaker 1>unload it and deploy it pretty quickly. I mean these

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<v Speaker 1>things used ten of the material of a wind turbine,

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<v Speaker 1>and therefore you can get quick power on which makes

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<v Speaker 1>them also theoretically cheaper to manufacturer. Correct in principle, yes,

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<v Speaker 1>but they will use more expensive and complex materials. So

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<v Speaker 1>winterbines lots of steel, lots of very easily accessible, fairly

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<v Speaker 1>cheap material. These are going to operate a bit like aeroplanes,

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<v Speaker 1>so they're going to have light ware. They're gonna need lightweight.

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<v Speaker 1>In hence you can imagine some crossover with the supply

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<v Speaker 1>chain of the aerospace industry. So the people are doing

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<v Speaker 1>the R and D for these airborne wind energy systems.

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<v Speaker 1>Are they largely also a material scientists? Are they looking

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<v Speaker 1>more at the engineering part of it? Yeah, a good question.

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<v Speaker 1>I mean they're probably are anautical engineers. These are not

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<v Speaker 1>winterbine engineers crossing over to the dark side. This is this,

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<v Speaker 1>This is gonna be a whole new set of engineers. Actually,

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<v Speaker 1>a lot of the ideas have come from existing technologies,

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<v Speaker 1>maybe from sailing boats for example, or really high up

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<v Speaker 1>antenna and so on and so forth. There's some crossovers

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<v Speaker 1>with other industries. So yeah, you'd say it's a whole

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<v Speaker 1>new batch of engineers and designers and R and E people. Okay,

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<v Speaker 1>but so you can set them up in reasonably small

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<v Speaker 1>amounts of space. Am I going to be able to

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<v Speaker 1>get one of these from my house someday? Probably not. Um.

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<v Speaker 1>I can't imagine them being on households, and even if

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<v Speaker 1>they are, that's probably further afield. Again. Um, Like as

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<v Speaker 1>a household, you want something probably a bit simpler and

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<v Speaker 1>with less moving parts because you're not going to maintain that.

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<v Speaker 1>You don't want to become a specialist in fixing wind

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<v Speaker 1>turbines and kites and so on. But like a disaster

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<v Speaker 1>relief even maybe utility scale, you know, mega wat's worth

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<v Speaker 1>of power, that could be the future. But we think

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<v Speaker 1>you're probably looking at five years minimum, more like ten

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<v Speaker 1>before we see any of these emerging any significant scale. Okay,

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<v Speaker 1>so five to ten years for this. How far in

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<v Speaker 1>the future is floating wind today? It's now. I mean

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<v Speaker 1>people are already building floating winter one. Where can I

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<v Speaker 1>see one? So you could travel north, you could go

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<v Speaker 1>to Scotland. You could see five floating turbines there. Floating

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<v Speaker 1>winter tourism. I'm ready for it. Ask a local fishermen

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<v Speaker 1>to take you on. There's a floating turbine of France.

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<v Speaker 1>It was one of Portugal Japan A looking at it

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<v Speaker 1>and look into the future. France are looking pretty big

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<v Speaker 1>on floating wind. If you go to the Mediterranean side,

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<v Speaker 1>very deep waters, and also nobody wants to be closer

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<v Speaker 1>short you don't want to see winter wines when you're

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<v Speaker 1>somewhere there on the beach, so generally they're looking further

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<v Speaker 1>from shore, deeper waters opened the door floating wind, and

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<v Speaker 1>then further afield. There's some interesting crossovers. So if you

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<v Speaker 1>look at somewhere like Japan very deep waters, or someone

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<v Speaker 1>like Career where they have lots of ship building expertise,

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<v Speaker 1>and you've got to think about floating wind as more

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<v Speaker 1>like ships than conventional foundations. So there's lots of skill

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<v Speaker 1>crossovers there. Now, floating wind the use cases offshore, but

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<v Speaker 1>you can also have some of this airborne wind off shore.

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<v Speaker 1>So should the floating wind manufacturers be worried that the

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<v Speaker 1>airborne manufacturers are going to come and eat their lunch

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<v Speaker 1>or they largely different use cases. That's a good one.

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<v Speaker 1>There's probably enough lunch to go around. But I would

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<v Speaker 1>say look as early doors for airborne wind, they're not competitors.

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<v Speaker 1>Yet there's probably a use case for both and everyone's happy.

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<v Speaker 1>But right now, actually, when it comes to the offshore

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<v Speaker 1>side of airborne wind, there's more of a discussion around

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<v Speaker 1>repowering decommission sites. So if you think about the early

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<v Speaker 1>offshore wind farms, those turbines now look like toy turbines.

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<v Speaker 1>I mean, compared to the scale of today, the minuscule.

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<v Speaker 1>So let's say you chop off the turbine, you're left

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<v Speaker 1>with a platform. Let's see, it's way too small to

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<v Speaker 1>put on today's big turbines. So incomes air born wind, smaller,

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<v Speaker 1>lighter kites. They could potentially reuse these platforms and basically

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<v Speaker 1>repower old offshore wind farms. So it's a good use

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<v Speaker 1>case there. So these are these are pretty cool technologies

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<v Speaker 1>we're talking about because they're really emerging. And I think

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<v Speaker 1>for a while, you know, we're talking about wind turbines

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<v Speaker 1>and it was just like, oh, they'll get bigger and

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<v Speaker 1>they'll generate more. But now we're completely rethinking what this

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<v Speaker 1>stuff looks like. Are there other technologies aside from these

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<v Speaker 1>two that maybe we're not ready to write a research

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<v Speaker 1>note about, but you feel are definitely bubbling under the

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<v Speaker 1>surface in this kind of R and D sort of world.

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<v Speaker 1>So floating wind and kites, air kites and okay, okay, fine,

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<v Speaker 1>I don't know. I don't think so. I mean, look,

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<v Speaker 1>normal wind it's getting very cheap, right, So you've got

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<v Speaker 1>to think about the incentive of trying to find a

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<v Speaker 1>new technology you for generating from. But wind, and there's

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<v Speaker 1>not that many use cases. Float Airborne wind works really

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<v Speaker 1>well in places that have low wind speeds close to ground.

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<v Speaker 1>So if you got higher and higher and higher, you

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<v Speaker 1>could tap stronger and more stable wind speeds. So it's

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<v Speaker 1>really good for markets where wind speeds close to the

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<v Speaker 1>ground too low to make wind economic. Floating wind opens

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<v Speaker 1>up a use case where waters are too deep for

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<v Speaker 1>bottom fixed let's say turbines fixed the sea then, and

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<v Speaker 1>what's left in between where the market I don't know.

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<v Speaker 1>I think for now, that's enough home floating home wind.

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<v Speaker 1>There we go. That's that's what it is. Maybe we'll

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<v Speaker 1>get there someday. Um, So who's that skin in the

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<v Speaker 1>game on these sorts of technologies and who's developing them? Sure?

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<v Speaker 1>I mean, let's start with the wind kites, right, So

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<v Speaker 1>they started off and are still largely dominated by R

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<v Speaker 1>and D people, technology developers, entrepreneurs and so on and

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<v Speaker 1>so forth. But we've recently seen the utilities in the

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<v Speaker 1>oil and gas sector get involved. So shall have invested

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<v Speaker 1>in the Google owned McConney technology Now that looks like

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<v Speaker 1>an airplane. They've got a six water I think device

0:12:04.280 --> 0:12:07.000
<v Speaker 1>currently being tested. Then you've got Eon. Eon have invested

0:12:07.040 --> 0:12:10.480
<v Speaker 1>in Ampics and again they're looking at potentially repowering their

0:12:10.520 --> 0:12:14.360
<v Speaker 1>offshore wind farms. And then you've got Saipem, an Italian

0:12:14.400 --> 0:12:18.440
<v Speaker 1>oil company. They've invested in kai Chen. So there's a

0:12:18.480 --> 0:12:22.319
<v Speaker 1>real mixtair of huge players and these local, smaller R

0:12:22.400 --> 0:12:25.560
<v Speaker 1>and D players trying to make the market work. And

0:12:25.600 --> 0:12:29.040
<v Speaker 1>so you'd think the nimbleness of the small companies, combined

0:12:29.080 --> 0:12:31.680
<v Speaker 1>with the balance sheet and the understanding of the big

0:12:31.679 --> 0:12:34.959
<v Speaker 1>old and gas companies, could accelerate the sector. Now, is

0:12:35.000 --> 0:12:37.040
<v Speaker 1>it the same sorts of companies that are looking at

0:12:37.080 --> 0:12:39.319
<v Speaker 1>offshore wind? Is it? Is it oil and gas also

0:12:39.360 --> 0:12:42.120
<v Speaker 1>looking at that? Yeah? Yeah, absolutely, I mean well off

0:12:42.120 --> 0:12:46.000
<v Speaker 1>shore floating wind. Sorry I've got to specify specified, Okay, yeah,

0:12:46.040 --> 0:12:48.640
<v Speaker 1>I mean three years ago, people thinking that floating wind

0:12:48.679 --> 0:12:52.360
<v Speaker 1>was a totally separate sector to normal offshore wind, normal

0:12:52.400 --> 0:12:55.040
<v Speaker 1>offshore wind being the stuff fixed the seabed in reality,

0:12:55.160 --> 0:12:57.439
<v Speaker 1>is the same players wanting to do both. Okay, because

0:12:57.559 --> 0:13:00.400
<v Speaker 1>what floating wind does is offers more growth opperto unities

0:13:00.520 --> 0:13:05.080
<v Speaker 1>to normal offshowing developers. Everyone's interested in terms of who's

0:13:05.160 --> 0:13:07.640
<v Speaker 1>sort of been leading the floating market. Then you've got Echono,

0:13:07.960 --> 0:13:10.959
<v Speaker 1>big Norwegian player. They installed the first ever float in

0:13:11.000 --> 0:13:14.400
<v Speaker 1>turbine and they've installed a floating demonstration park. Are they're

0:13:14.440 --> 0:13:16.679
<v Speaker 1>looking at new markets to open up for floating wind.

0:13:16.800 --> 0:13:20.000
<v Speaker 1>You've got a number of small technology players, but even

0:13:20.000 --> 0:13:22.840
<v Speaker 1>the French utilities. If France becomes a big floating market

0:13:22.880 --> 0:13:25.280
<v Speaker 1>like we believe, and these guys on their doorstep, they've

0:13:25.280 --> 0:13:28.280
<v Speaker 1>got huge potential. So they're looking to get expertise and

0:13:28.320 --> 0:13:30.120
<v Speaker 1>I guess build up their knowledge and move up the

0:13:30.160 --> 0:13:33.960
<v Speaker 1>learning curve of floating wind. Let's talk a little bit

0:13:34.000 --> 0:13:36.880
<v Speaker 1>about the costs here, because I think that's you know,

0:13:36.920 --> 0:13:39.280
<v Speaker 1>you've talked a little bit about the companies that are

0:13:39.280 --> 0:13:42.800
<v Speaker 1>actually interested in investing in this technology, and there definitely

0:13:42.840 --> 0:13:46.640
<v Speaker 1>is that market opportunity. But having read both of these

0:13:46.679 --> 0:13:49.720
<v Speaker 1>research notes back to back, what I'm seeing is floating

0:13:49.720 --> 0:13:55.480
<v Speaker 1>wind super expensive and airborne wind fairly cost competitive as

0:13:55.480 --> 0:13:58.079
<v Speaker 1>soon as they get the technology going in the next

0:13:58.120 --> 0:14:00.160
<v Speaker 1>couple of years. Although I guess we're talking about a

0:14:00.160 --> 0:14:02.840
<v Speaker 1>bit of a kind of a mythical creature here since

0:14:02.920 --> 0:14:06.199
<v Speaker 1>it's not fully fully developed technology. Um, what are your

0:14:06.280 --> 0:14:09.240
<v Speaker 1>views on the big hurdles for kind of both of

0:14:09.280 --> 0:14:12.360
<v Speaker 1>these industries and becoming cost competitive. Yeah, I mean everything

0:14:12.400 --> 0:14:15.840
<v Speaker 1>starts expensive, right. So these projects and these these technologies

0:14:15.840 --> 0:14:18.600
<v Speaker 1>are all at the demonstration stage. You're building small projects.

0:14:18.640 --> 0:14:20.920
<v Speaker 1>You've got no economies of scale, you've got no price

0:14:20.960 --> 0:14:25.400
<v Speaker 1>in power, et cetera. Now we're probably thinking everyone wind

0:14:26.000 --> 0:14:29.680
<v Speaker 1>minimum five years more like ten years away. Anything utility

0:14:29.680 --> 0:14:33.240
<v Speaker 1>scale floating wind is very close. We've already got operating

0:14:33.280 --> 0:14:37.200
<v Speaker 1>demonstration projects and markets and governments already looking at supporting

0:14:37.240 --> 0:14:40.440
<v Speaker 1>floating wind at some serious scale, you know, three hundred

0:14:40.560 --> 0:14:46.400
<v Speaker 1>five hundred megawatson beyond what government? So which which locales? France, Okay, Japan,

0:14:46.640 --> 0:14:49.960
<v Speaker 1>potentially Korea, the US off the west coast, maybe the

0:14:50.080 --> 0:14:53.360
<v Speaker 1>UK and all these markets either because they don't have

0:14:53.640 --> 0:14:56.160
<v Speaker 1>enough shallow waters for normal offshore wind, or because they're

0:14:56.160 --> 0:14:59.520
<v Speaker 1>looking to diversify, or because it's industrial strategy. Maybe they

0:14:59.520 --> 0:15:01.200
<v Speaker 1>want to ex bought some of the skills they have

0:15:01.320 --> 0:15:04.760
<v Speaker 1>frof shore deep water expertise safe in Norway, for example,

0:15:04.800 --> 0:15:08.000
<v Speaker 1>with all the oil and gas platform expertise, there's a

0:15:08.040 --> 0:15:11.080
<v Speaker 1>direct cross over the floating wind. Most floating wind technologies

0:15:11.120 --> 0:15:12.880
<v Speaker 1>have all come from oil and gas. There's online gas

0:15:12.920 --> 0:15:15.800
<v Speaker 1>platforms already sitting on floating platforms. So it all sounds

0:15:15.840 --> 0:15:18.520
<v Speaker 1>really new and glamorous, but in reality it's tried and

0:15:18.560 --> 0:15:21.080
<v Speaker 1>tested tech, so so that the game for floating wind

0:15:21.120 --> 0:15:23.400
<v Speaker 1>here is not to make sure the turbines don't fall over.

0:15:23.520 --> 0:15:25.200
<v Speaker 1>That's not the concern here. The concern is trying to

0:15:25.200 --> 0:15:27.680
<v Speaker 1>get costa and right now, bigger turbines is better. The

0:15:27.760 --> 0:15:31.280
<v Speaker 1>bigger the better frofshore wind every time, bigger the better. Okay, now,

0:15:31.320 --> 0:15:35.680
<v Speaker 1>what are some of the maybe people were thinking these

0:15:35.720 --> 0:15:39.880
<v Speaker 1>aren't going to necessarily be possible. What are the barriers?

0:15:39.920 --> 0:15:43.760
<v Speaker 1>I mean, we've talked about cost being definitely something is

0:15:43.760 --> 0:15:45.560
<v Speaker 1>going to have to come down do this at scale.

0:15:45.560 --> 0:15:48.000
<v Speaker 1>But we've seen this story over and over again in

0:15:48.080 --> 0:15:51.120
<v Speaker 1>the renewable industry, and you know, it's it's sort of

0:15:51.200 --> 0:15:54.040
<v Speaker 1>kind of the tread and true barrier that somebody has

0:15:54.080 --> 0:15:57.200
<v Speaker 1>to cross. What are some of the technical puzzles that

0:15:57.240 --> 0:15:59.240
<v Speaker 1>maybe they haven't yet solved. It's funny, actually it is

0:15:59.240 --> 0:16:02.520
<v Speaker 1>a physical muzzle. So these things are massive. The floating

0:16:02.520 --> 0:16:07.400
<v Speaker 1>platforms are huge. They could be thirty in dimensions, they

0:16:07.400 --> 0:16:09.400
<v Speaker 1>can be up to a hundred meters deep. And essentially

0:16:09.480 --> 0:16:12.120
<v Speaker 1>building lots of these things close to shore where you

0:16:12.160 --> 0:16:14.160
<v Speaker 1>can drag them out to your wind farm is tricky

0:16:14.160 --> 0:16:16.560
<v Speaker 1>and untested. So there needs to be production lines that

0:16:16.600 --> 0:16:19.560
<v Speaker 1>are bigger, because even though conventional offshore wind is massive,

0:16:19.640 --> 0:16:22.280
<v Speaker 1>these floating platforms are bigger. So new production lines, a

0:16:22.360 --> 0:16:24.760
<v Speaker 1>new supply chain, and the ability to build lots and

0:16:24.800 --> 0:16:26.520
<v Speaker 1>lots of these things. And then once you've got them

0:16:26.560 --> 0:16:29.040
<v Speaker 1>out there, for example at the wind farm operating, how

0:16:29.080 --> 0:16:31.760
<v Speaker 1>do you maintain them? So for example a blade breaks

0:16:31.840 --> 0:16:34.680
<v Speaker 1>or a gear box blows up, whatever it is normally

0:16:34.760 --> 0:16:36.800
<v Speaker 1>in bottom fixed offshore wind, take out one of these

0:16:36.880 --> 0:16:39.400
<v Speaker 1>huge vessels. They stick their legs into the ground, they

0:16:39.480 --> 0:16:41.880
<v Speaker 1>raise off the sea floor and they can then change

0:16:41.880 --> 0:16:45.320
<v Speaker 1>the gear box, change a blade from a fixed stationary platform.

0:16:45.520 --> 0:16:48.160
<v Speaker 1>You can't do that in deep orders and by definition

0:16:48.160 --> 0:16:51.000
<v Speaker 1>floating winners and deep worters, So there are challenges on maintenance.

0:16:51.040 --> 0:16:53.240
<v Speaker 1>Do you drag them back to shore to change your blade.

0:16:53.320 --> 0:16:56.120
<v Speaker 1>Sounds good and logical, that's tricky. You've got to unplug stuff,

0:16:56.120 --> 0:17:00.320
<v Speaker 1>plug stuff back in. Doing things offshore is always difficult. Um,

0:17:00.360 --> 0:17:02.800
<v Speaker 1>so those things need to be ironed out, and really

0:17:02.840 --> 0:17:05.679
<v Speaker 1>those things will be solved or hopefully solved in the

0:17:05.720 --> 0:17:12.439
<v Speaker 1>next few iterations of projects. So look, we're expecting a

0:17:12.480 --> 0:17:15.600
<v Speaker 1>few more demos off France, a decent sized project in Norway,

0:17:15.800 --> 0:17:17.840
<v Speaker 1>maybe a few other smaller demos, and these should iron

0:17:17.840 --> 0:17:21.000
<v Speaker 1>out the problems. So you've said that bigger is better

0:17:21.040 --> 0:17:25.360
<v Speaker 1>in the wind space, Are we going to see the

0:17:25.640 --> 0:17:29.440
<v Speaker 1>end of regular onshore wind because these offshore things are

0:17:29.480 --> 0:17:35.760
<v Speaker 1>definitely either offshore grounded or offshore floating are a lot bigger, right, Yeah, Look,

0:17:36.160 --> 0:17:38.240
<v Speaker 1>we're still going to see a mix of both, and

0:17:38.400 --> 0:17:40.760
<v Speaker 1>obviously there are some countries of our coastline, so there

0:17:40.760 --> 0:17:43.800
<v Speaker 1>you go. And even the ones with coastlines, onshore wind

0:17:43.880 --> 0:17:46.080
<v Speaker 1>is generally quite cheap in most places around the world,

0:17:46.560 --> 0:17:49.320
<v Speaker 1>so we'll see a mix. And maybe you've got a

0:17:49.400 --> 0:17:52.640
<v Speaker 1>lack of land in some places, particularly some Asian markets,

0:17:52.720 --> 0:17:54.439
<v Speaker 1>were actually they're looking at the sea because there's more

0:17:54.440 --> 0:17:56.680
<v Speaker 1>space there. But generally it will still see a mix,

0:17:57.000 --> 0:17:59.800
<v Speaker 1>but I expect to see a larger share of floating

0:18:00.000 --> 0:18:02.480
<v Speaker 1>and all show in the future. Thank you very much

0:18:02.520 --> 0:18:05.840
<v Speaker 1>for joining us today and talking about airborne wind energy,

0:18:06.040 --> 0:18:09.880
<v Speaker 1>waiting for takeoff and floating wind drifts towards viability. It's

0:18:09.880 --> 0:18:11.840
<v Speaker 1>really good having you here today. Yeah, thanks to ask

0:18:15.720 --> 0:18:18.119
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0:18:18.160 --> 0:18:21.959
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0:18:22.040 --> 0:18:25.760
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