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From: "Stuart Baikie" <marketing@fidelity-group.co.uk>
To: "Bob Home" <bob@sarahharvey.com>
Subject: Energy market update from Fidelity Group
Date: Tue, 29 Jul 2025 10:29:04 +0100
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Good morning,
Please find below your weekly business energy update, beginning with our
summary recommendation.
Summary: Forward gas and electricity prices eased this week, with both
markets drifting lower across the 12-, 24-, and 36-month contracts. Despite
ongoing summer heat and firm power demand, improved gas supply, healthy LNG
arrivals, and stabilising interconnector flows helped cool market sentiment.
A softening in gas prices later in the week and a modest rebound in
renewable generation contributed to the downward movement. However, the
market remains tightly balanced, with temperature volatility, storage
levels, and carbon pricing continuing to influence the forward outlook.
Our recommendation: For those with contracts ending in the next 12 months,
it’s a good time to review your rates to take advantage of possible savings
and shield your business from volatility in the latter part of the year.
If you are looking to review your energy prices, please call us today and
speak to your account manager. With access to a huge range of leading energy
suppliers we can make considerable savings on your energy bills.
<tel:08008406800> Just call 0800 840 6800
<https://stratus.campaign-image.eu/images/232114000002404098_zc_v1_1751963039900_artboard_17.png>
What’s happening in the electricity market?
UK wholesale electricity prices eased slightly last week, with the 12-month
baseload contract falling to just under £79/MWh. This movement followed
lower gas prices and a modest rebound in wind generation, which helped
reduce reliance on thermal capacity. While cooling demand remained strong
due to persistent heat, stabilising conditions toward the end of the week
softened overall price pressure.
Key drivers:
* Gas price declines filtered through to electricity, as gas sets marginal
cost for UK power.
* Wind output remained low early on but improved slightly mid-week; solar
supported daytime demand.
* Carbon prices remained elevated but unchanged week-on-week.
* Power demand stayed high, driven by ongoing above-average temperatures.
<https://stratus.campaign-image.eu/images/232114000002404098_zc_v1_1751530908414_artboard_18_(2).png>
What’s happening in the gas market?
Gas prices also softened slightly last week, with the 12-month forward
contract dipping to around 85p/th. Despite strong early-week demand due to
the heatwave, steady North Sea flows, stable LNG arrivals, and improving
European storage helped cool sentiment.
Key drivers:
* No major supply outages; Norwegian and domestic pipeline flows held firm.
* Additional LNG cargoes secured for late July supported short-term supply.
* Asian LNG demand plateaued, easing global spot price pressures.
* Later in the week, stronger wind output reduced gas-for-power demand.
<mailto:marketingleads@fidelity-group.co.uk?subject=Contact%20me%20for%20a%20free%20energy%20review>
Contact us for a free energy review
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style=3D"line-height: 15pt;"><span><span><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;">Good morning, </font></span><div><span><font =
face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;"><br></font></span></div><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: 11pt;">Please find below your weekly =
business energy update, beginning with our summary =
recommendation.</font></span></div><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: =
11pt;"><br></font></span></div><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: 11pt;"><b>Summary:</b>
Forward gas and electricity prices eased this week, with both markets =
drifting lower across the 12-, 24-, and 36-month contracts. Despite =
ongoing summer heat and firm power demand, improved gas supply, healthy =
LNG arrivals, and stabilising interconnector flows helped cool market =
sentiment. </font></span></div><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: =
11pt;"><br></font></span></div><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: 11pt;">A softening in gas prices later in =
the week and a modest rebound in renewable generation contributed to the =
downward movement. However, the market remains tightly balanced, with =
temperature volatility, storage levels, and carbon pricing continuing to =
influence the forward outlook. </font></span></div><div><span><font =
face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;"><br></font></span></div><div><span style=3D"background-color: =
rgb(209, 33, 55);"><font color=3D"#ffffff" face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;"><b style>Our recommendation:</b> For those =
with contracts ending in the next 12 months, it’s a good time to =
review your rates to take advantage of possible savings and shield your =
business from volatility in the latter part of the year. =
</font></span></div><div><span><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;"><br></font></span></div><div><span><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt;">If you are looking =
to review your energy prices, please call us today and speak to your =
account manager. With access to a huge range of leading energy suppliers =
we can make considerable savings on your energy =
bills.</font></span></div></span></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
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=09
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style=3D"padding:0px =
0px;background-color:#d12137;width:250px;height:36px;font-size:11pt;direc=
tion:ltr;font-family:Arial, =
Helvetica;color:#ffffff;cursor:pointer;text-decoration:none;border-radius=
:6px;border:0px solid =
#ffffff;border-collapse:separate;display:table;mso-hide:all;text-align:ce=
nter;" target=3D"_blank" zcurl_name=3D"l_2">
<font =
style=3D"color:#ffffff;display:table-cell;vertical-align:middle;">
Just call 0800 840 6800
</font>
</a>
</td>
</tr>
</tbody></table>
</div>
</div>
</td></tr></tbody></table>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1749638967395" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<table bgcolor=3D"transparent" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" =
style=3D"border:0px;padding:0px;width:100%;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;background-color:transparent;"=
>
<tbody><tr>
<td class=3D"txtsize" style=3D"border:0px;padding:0px =
0px;border-top:none none none ;border-bottom:none none none">
<div class=3D"zpelement-wrapper image" coupcmp =
id=3D"elm_1749638967395" prodcmp =
style=3D";word-wrap:break-word;overflow:hidden;padding:0px;background-col=
or:transparent;">
<div>
<table align=3D"left" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"zpAlignPos" =
style=3D"text-align:left;width:100%;padding:0px;border:0px;border-collaps=
e:collapse; mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;width:100%;text-align:left;">
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;text-align:center;padding-top:7px;padding-bottom:7px;padding-right:1=
5px;padding-left:15px">
<img align=3D"left" =
alt=3D"https://stratus.campaign-image.eu/images/232114000002404098_1_1749=
639545524_zc-noimage.png" class=3D"zpImage" height=3D"auto" hspace=3D"0" =
size=3D"F" =
src=3D"https://stratus.campaign-image.eu/images/232114000002404098_zc_v1_=
1751963039900_artboard_17.png" =
style=3D"width:570px;height:autopx;max-width:570px =
!important;border:0px;text-align:left;" vspace=3D"0" width=3D"570">
</td></tr>
</tbody></table>
</div>
</div>
</td></tr></tbody></table>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1749113855279" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<div class=3D"zpelement-wrapper" id=3D"elm_1749113855279" =
style=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;backgrou=
nd-color:;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
class=3D"zpAlignPos" =
style=3D"padding:0px;border:0px;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: =
100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:15pt;border-t=
op:0px none ; border-bottom:0px none =
;padding-top:10px;padding-bottom:1px;padding-right:20px;padding-left:20px=
">
<div componentlineheight=3D"15pt" =
componentpaddingbottom=3D"1px" componentpaddingleft=3D"20px" =
componentpaddingright=3D"20px" componentpaddingtop=3D"10px" =
style=3D"line-height: 15pt;"><span style=3D"line-height: 15pt;"><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt; line-height: =
15pt;"><b>What’s happening in the electricity market? =
</b></font></span><div><span style=3D"line-height: 15pt;"><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt; line-height: =
15pt;">UK wholesale electricity prices eased slightly last week, with =
the 12-month baseload contract falling to just under £79/MWh. This =
movement followed lower gas prices and a modest rebound in wind =
generation, which helped reduce reliance on thermal capacity. While =
cooling demand remained strong due to persistent heat, stabilising =
conditions toward the end of the week softened overall price =
pressure. </font></span></div><div><span style=3D"line-height: =
15pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 11pt; =
line-height: 15pt;"><br></font></span></div><div><span =
style=3D"line-height: 15pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt; line-height: 15pt;"><b>Key =
drivers:</b></font></span></div></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1749113890718" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<div class=3D"zpelement-wrapper" id=3D"elm_1749113890718" =
style=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;backgrou=
nd-color:;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
class=3D"zpAlignPos" =
style=3D"padding:0px;border:0px;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: =
100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:15pt;border-t=
op:0px none ; border-bottom:0px none =
;padding-top:1px;padding-bottom:1px;padding-right:20px;padding-left:1px">=
<div componentlineheight=3D"15pt" =
componentpaddingbottom=3D"1px" componentpaddingleft=3D"1px" =
componentpaddingright=3D"20px" componentpaddingtop=3D"1px" =
style=3D"line-height: 15pt;"><ul style=3D"line-height: 15pt;"><li =
style=3D"color: rgb(0, 0, 0); font-size: 11pt; line-height: 15pt;"><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt; line-height: =
15pt;">Gas price declines filtered through to electricity, as gas sets =
marginal cost for UK power. </font><li style=3D"color: rgb(0, 0, =
0); font-size: 11pt; line-height: 15pt;"><span style=3D"line-height: =
15pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 11pt; =
line-height: 15pt;">Wind output remained low early on but improved =
slightly mid-week; solar supported daytime =
demand. </font></span><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt; line-height: 15pt;"><span style=3D"line-height: 15pt;"><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt; line-height: =
15pt;">Carbon prices remained elevated but unchanged =
week-on-week. </font></span><li style=3D"color: rgb(0, 0, 0); =
font-size: 11pt; line-height: 15pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt; line-height: 15pt;">Power demand stayed high, =
driven by ongoing above-average temperatures.</font></ul></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1751963025705" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<table bgcolor=3D"transparent" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" =
style=3D"border:0px;padding:0px;width:100%;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;background-color:transparent;"=
>
<tbody><tr>
<td class=3D"txtsize" style=3D"border:0px;padding:0px =
0px;border-top:none none none ;border-bottom:none none none">
<div class=3D"zpelement-wrapper image" coupcmp =
id=3D"elm_1751963025705" prodcmp =
style=3D";word-wrap:break-word;overflow:hidden;padding:0px;background-col=
or:transparent;">
<div>
<table align=3D"left" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"zpAlignPos" =
style=3D"text-align:left;width:100%;padding:0px;border:0px;border-collaps=
e:collapse; mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;width:100%;text-align:left;">
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;text-align:center;padding-top:7px;padding-bottom:7px;padding-right:1=
5px;padding-left:15px">
<img align=3D"left" =
alt=3D"https://stratus.campaign-image.eu/images/232114000002404098_1_1749=
639545524_zc-noimage.png" class=3D"zpImage" height=3D"auto" hspace=3D"0" =
size=3D"F" =
src=3D"https://stratus.campaign-image.eu/images/232114000002404098_zc_v1_=
1751530908414_artboard_18_(2).png" =
style=3D"width:570px;height:autopx;max-width:570px =
!important;border:0px;text-align:left;" vspace=3D"0" width=3D"570">
</td></tr>
</tbody></table>
</div>
</div>
</td></tr></tbody></table>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1749113762791" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<div class=3D"zpelement-wrapper" id=3D"elm_1749113762791" =
style=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;backgrou=
nd-color:;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
class=3D"zpAlignPos" =
style=3D"padding:0px;border:0px;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: =
100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:15pt;border-t=
op:0px none ; border-bottom:0px none =
;padding-top:10px;padding-bottom:1px;padding-right:20px;padding-left:20px=
">
<div componentlineheight=3D"15pt" =
componentpaddingbottom=3D"1px" componentpaddingleft=3D"20px" =
componentpaddingright=3D"20px" componentpaddingtop=3D"10px" =
style=3D"line-height: 15pt;"><span style=3D"line-height: 15pt;"><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt; line-height: =
15pt;"><b>What’s happening in the gas =
market?</b></font></span><div><span style=3D"line-height: 15pt;"><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt; line-height: =
15pt;">Gas prices also softened slightly last week, with the 12-month =
forward contract dipping to around 85p/th. Despite strong early-week =
demand due to the heatwave, steady North Sea flows, stable LNG arrivals, =
and improving European storage helped cool =
sentiment. </font></span><div><span style=3D"line-height: =
15pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 11pt; =
line-height: 15pt;"><br></font></span></div><div><span =
style=3D"line-height: 15pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt; line-height: 15pt;"><b>Key =
drivers:</b></font></span></div></div></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1749113792010" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<div class=3D"zpelement-wrapper" id=3D"elm_1749113792010" =
style=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;backgrou=
nd-color:;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
class=3D"zpAlignPos" =
style=3D"padding:0px;border:0px;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: =
100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:15pt;border-t=
op:0px none ; border-bottom:0px none =
;padding-top:1px;padding-bottom:1px;padding-right:20px;padding-left:1px">=
<div componentlineheight=3D"15pt" =
componentpaddingbottom=3D"1px" componentpaddingleft=3D"1px" =
componentpaddingright=3D"20px" componentpaddingtop=3D"1px" =
style=3D"line-height: 15pt;"><ul style=3D"line-height: 15pt;"><li =
style=3D"color: rgb(0, 0, 0); font-size: 11pt; line-height: 15pt;"><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt; line-height: =
15pt;">No major supply outages; Norwegian and domestic pipeline flows =
held firm. </font><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt; line-height: 15pt;"><span style=3D"line-height: 15pt;"><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt; line-height: =
15pt;">Additional LNG cargoes secured for late July supported short-term =
supply. </font></span><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt; line-height: 15pt;"><span style=3D"line-height: 15pt;"><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt; line-height: =
15pt;">Asian LNG demand plateaued, easing global spot price =
pressures. </font></span><li style=3D"color: rgb(0, 0, 0); =
font-size: 11pt; line-height: 15pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt; line-height: 15pt;">Later in the week, =
stronger wind output reduced gas-for-power demand.</font></ul></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1752567952953" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
=09
=20
=20
=20
<table bgcolor=3D"transparent" cellpadding=3D"0" cellspacing=3D"0" =
style=3D"border:0px;border-collapse:collapse; mso-table-lspace:0pt; =
mso-table-rspace:0pt;border:none;" width=3D"100%">
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px 15px;border-top:none none =
none;border-bottom:none none =
none;padding-top:20px;padding-bottom:1px;padding-right:20px;padding-left:=
20px;">
<div class=3D"zpelement-wrapper buttonElem" =
id=3D"elm_1752567952953" =
style=3D"overflow:hidden;word-wrap:break-word;">
<div class=3D"zpAlignPos" style=3D"text-align:center;">
<table align=3D"center" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"border:none;padding:0px;border:0px;margin:0px =
auto;border-collapse:separate; mso-table-lspace:0pt; =
mso-table-rspace:0pt;">
<tbody><tr>
<td align=3D"center" class=3D"txtsize" =
style=3D"border:0px;padding:0px;color:#ffffff;font-family:Arial, =
Helvetica;font-weight:bold;text-align:center;border-radius:6px;text-align=
:center;cursor:pointer;">
<!--[if mso]>
<v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml" =
xmlns:w=3D"urn:schemas-microsoft-com:office:office" =
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arcsize=3D"6%" strokecolor=3D"#ffffff" strokeweight =3D"0px" =
fillcolor=3D"#d12137">
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tion:ltr;font-family:Arial, =
Helvetica;color:#ffffff;cursor:pointer;text-decoration:none;border-radius=
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style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<table bgcolor=3D"#f0f0f0" border=3D"0" cellpadding=3D"0" =
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mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;background-color:#f0f0f0;">
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or:#f0f0f0;">
<div>
<table align=3D"left" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"zpAlignPos" =
style=3D"text-align:left;padding:0px;border:0px;border-collapse:collapse;=
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;width:100%;text-align:left;">
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style=3D"border:0px;padding:0px;text-align:center;padding-top:0px;padding=
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<img align=3D"left" =
alt=3D"https://stratus.campaign-image.eu/images/232114000000038171_zc_v1_=
1737994809315_artboard_2.png" class=3D"zpImage" height=3D"auto" =
hspace=3D"0" size=3D"B" =
src=3D"https://stratus.campaign-image.eu/images/232114000002404098_2_1749=
112980733_2.png" style=3D"width:600px;height:autopx;max-width:600px =
!important;border:0px;text-align:left;" vspace=3D"0" width=3D"600">
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<tr><td class=3D"txtsize" id=3D"elm_1737993506327" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<table bgcolor=3D"#f0f0f0" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" =
style=3D"border:0px;padding:0px;width:100%;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;background-color:#f0f0f0;">
<tbody><tr>
<td class=3D"txtsize" style=3D"border:0px;padding:0px =
0px;border-top:none none none ;border-bottom:none none none">
<div class=3D"zpelement-wrapper image" coupcmp =
id=3D"elm_1737993506327" prodcmp =
style=3D";word-wrap:break-word;overflow:hidden;padding:0px;background-col=
or:#f0f0f0;">
<div>
<table align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"zpAlignPos" =
style=3D"text-align:left;padding:0px;border:0px;border-collapse:collapse;=
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;width:100%;text-align:center;"=
>
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;text-align:center;padding-top:10px;padding-bottom:5px;padding-right:=
20px;padding-left:20px">
<img align=3D"center" =
alt=3D"https://stratus.campaign-image.eu/images/232114000000038171_1_1737=
994852865_zc-noimage.png" class=3D"zpImage" height=3D"auto" hspace=3D"0" =
size=3D"O" =
src=3D"https://stratus.campaign-image.eu/images/232114000002404098_zc_v1_=
1749118221193_energy___landscape.png" =
style=3D"width:250px;height:autopx;max-width:250px =
!important;border:0px;text-align:center;" vspace=3D"0" width=3D"250">
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</div>
</div>
</td></tr></tbody></table>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1593407394601" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<div class=3D"zpelement-wrapper" id=3D"elm_1593407394601" =
style=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;backgrou=
nd-color:#f0f0f0;">
<table bgcolor=3D"#f0f0f0" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"zpAlignPos" =
style=3D"padding:0px;border:0px;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: =
100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09
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style=3D"border:0px;padding:7px =
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