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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, 15 Jul 2025 09:56:57 +0100
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Good morning,
Please find below your weekly business energy update, beginning with our
summary recommendation.
Summary: Hotter than average weather across Europe lifted energy demand for
cooling, placing pressure on gas supplies and increasing reliance on thermal
power generation.
European storage levels remain below seasonal averages, and nuclear
generation constraints in France limited electricity imports. While
near-term supply remains stable, persistent weather risks and higher demand
are adding upward momentum to the forward curves for both commodities
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/232114000002274004_zc_v1_1751963039900_artboard_17.png>
What’s happening in the electricity market?
UK wholesale electricity forward prices rose modestly last week, with the
12-month baseload climbing to just over £80/MWh. The increase was driven by
widespread hot weather boosting cooling demand, lower wind generation
reducing supply margins, and firm carbon prices raising generation costs.
Reduced imports and tighter European supply also added support.
Key drivers:
* Heatwave across Europe increased electricity demand for cooling.
* UK wind generation dropped in the latter half of the week, raising
reliance on gas-fired power.
* Firm carbon prices and widening UK-EU carbon spread supported higher
generation costs.
* Lower imports and constrained French nuclear output tightened European
supply margins.
<https://stratus.campaign-image.eu/images/232114000002274004_zc_v1_1751530908414_artboard_18_(2).png>
What’s happening in the gas market?
UK wholesale gas prices also firmed last week, with the 12-month forward
contract rising to around 90p/th. Strong demand for gas-fired generation,
driven by reduced wind output and high temperatures, combined with
below-average European storage and tightening LNG markets to support higher
prices.
Key drivers:
* Sustained hot weather in Europe and Asia lifted gas demand for power and
cooling.
* European gas storage remains ~13% below the 5-year seasonal average,
raising concerns over refill pace.
* Asian LNG demand pushed spot prices higher, limiting flexible cargoes to
Europe.
* UK secured July LNG cargoes, easing immediate supply concerns but leaving
forward sentiment bullish.
<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><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>: Hotter than =
average weather across Europe lifted energy demand for cooling, placing =
pressure on gas supplies and increasing reliance on thermal power =
generation. </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;">European storage levels remain =
below seasonal averages, and nuclear generation constraints in France =
limited electricity imports. While near-term supply remains stable, =
persistent weather risks and higher demand are adding upward momentum to =
the forward curves for both =
commodities </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>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 <b>call us today</b> 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></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
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=09
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#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/232114000002274004_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/232114000002274004_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><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;"><b>What’s happening in the electricity =
market? </b></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;">UK wholesale =
electricity forward prices rose modestly last week, with the 12-month =
baseload climbing to just over £80/MWh. The increase was driven by =
widespread hot weather boosting cooling demand, lower wind generation =
reducing supply margins, and firm carbon prices raising generation =
costs. Reduced imports and tighter European supply also added =
support. </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;"><b>Key =
drivers:</b></font></span></div></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;">Heatwave across Europe increased electricity demand for =
cooling. </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;">UK wind generation dropped in the latter half of the week, =
raising reliance on gas-fired power. </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;">Firm carbon prices and =
widening UK-EU carbon spread supported higher generation =
costs. </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;">Lower imports and =
constrained French nuclear output tightened European supply margins.
</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/232114000002274004_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/232114000002274004_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><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;"><b>What’s happening in the gas =
market? </b></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;">UK wholesale gas prices also =
firmed last week, with the 12-month forward contract rising to around =
90p/th. Strong demand for gas-fired generation, driven by reduced wind =
output and high temperatures, combined with below-average European =
storage and tightening LNG markets to support higher =
prices. </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;"><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;">Sustained hot weather in Europe and Asia lifted gas demand for =
power and cooling. </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;">European gas storage remains ~13% below the 5-year =
seasonal average, raising concerns over refill =
pace. </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 pushed spot prices higher, limiting flexible =
cargoes to Europe. </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;">UK secured July LNG =
cargoes, easing immediate supply concerns but leaving forward sentiment =
bullish.
</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;">
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<v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml" =
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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" =
cellspacing=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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id=3D"elm_1737993471505" prodcmp =
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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/232114000002274004_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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</tbody></table>
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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/232114000002274004_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">
</td></tr>
</tbody></table>
</div>
</div>
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</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
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:17pt;border-t=
op:0px none ; border-bottom:0px none =
;padding-top:0px;padding-bottom:7px;padding-right:15px;padding-left:15px"=
>
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