I very much welcome the initiative to set up a new state-owned company. We need to learn from the experience of Norway, which, when they discovered oil there, they set up what is now the largest sovereign wealth fund in the world. And what were we left with? Nothing; it's all gone up in a puff of smoke and the private companies have gone off with all the money.

So, I've long been frustrated that NRW hasn't been able to develop renewables itself, rather than giving concessions to foreign companies of one sort or another, because the communities who reside in the areas where we have such potential do not understand the value of the renewable activity that is going to go on in their area and, frankly, these companies have been allowed to get away with offering peanuts. There are so few renewable energy schemes that have actually directly benefited the local communities themselves. The Bethesda hydro scheme, which was supported by the National Trust, is one where there is direct benefit to communities, and Awel Aman Tawe, which I'm an investor in, has also benefited local communities directly. But it's a complicated story, is it not, to try and invest in new energy. But we've got so many possibilities of developing renewable energy in Wales and we know that we can sell it to any number of countries abroad, once we've satisfied our own needs. So, I suppose I want to understand a bit more about the timescales, because I appreciate that caution is required to get the terms of any joint venture project right, but, in the meantime, we have this raging energy crisis. How quickly can we be, in parallel, developing potential schemes that are going to be oven-ready once you've got the financial terms right with whoever your joint venture partner is going to be?