In the US, First Energy bid USD 4.7 billion for Pennsylvanian coal-fired power generator Allegheney Energy. The bid premium of 32% values Allegheney at 12x 2010 earnings. This highlights the value in the fund’s generation companies such as PSEG (9.5x), PPL (8.5x) and Constellation (10.5x). We added to our holding in FPL Group as we are convinced that the 10.7x valuation does not reflect the premium asset base including the largest wind energy portfolio in the US.