Member Info for Ajmalkhuram

She just posted a photo in Paris. She called every tbh right except icc2 which proved to be dodgy and Cecilia now being investigated. I give her benefit of the doubt. She just posted this

ICSID arbitration ended 1.5hrs ago. ☀️ It's a stunning day in Paris, but my sources say the Tunisian team looked like they'd just walked into a hurricane. 🌪️😳

ICSID proceedings at the World Bank in Paris this week 🇫🇷—unexpected venue, but I’ll take it. My contacts in the French system run deeper than the US side.

From what I hear, the operation is far more professional under ICSID than it was with the ICC and more importantly, things seem to be breaking Zenith's way so far. Early signs? 📈🔥

While the legal outlook is more favorable than it has been in a long time, the company must still deal with operational realities such as vandalism and production stoppages in Tunisia. By combining a heavyweight team of legal and political advisors with steady industrial expansion in Italy, Zenith has positioned itself to handle both a prolonged legal aftermath and a potential rapid payout or settlement. For investors, the coming week marks the moment when the case moves from documentation to direct confrontation in the tribunal, laying the groundwork for a final ruling later in 2026.

Charles Michel in conversation with South Africa’s President Cyril Ramaphosa during a G7 summit in 2022. The former EU leader now assists Zenith Energy in the arbitration dispute against Tunisian authorities. Michael Kappeler / AP / NTB

Will history repeat itself?

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If we rewind to April 2025 and look at the share price then, we see a very strong development toward June/July. On April 22, 2025, the price was almost identical to today’s level, just above 1 NOK.

It has been almost exactly one year since Zenith Energy (ZENA) captivated investors with an explosive rise of 150 percent over just over a month. Now, as the calendar shows mid-April 2026, the same rumors are circulating in financial forums and brokerage houses: Is Zenith about to repeat its most well-known pattern?

With a decisive arbitration case starting tomorrow and a range of operational triggers lined up, tension in the stock is reaching a boiling point.

A blue line graph with large fluctuations between 2025 and 2026

April 23, 2025 – shortly after, the company rose about 150%. Whether the same happens again is impossible to know. Nordnet

The psychological legacy from 2025

Between April 23 and May 25, 2025, Zenith Energy experienced a price increase that few other companies on the Oslo Stock Exchange could match. The key factor was not just the percentage gain, but the volume. High volume during such a rise indicates broad market acceptance; it was not just speculators, but a massive inflow of capital driving the price.

Why does this matter today? Investors are conditioned to recognize patterns. When a stock has demonstrated the “ability” to rise 150 percent in a short time, it creates a psychological expectation.

In technical analysis, this is often referred to as the stock’s “character.” If the fundamental conditions now resemble last year’s, investors will often flock to the stock in hopes of a repeat – a self-fulfilling prophecy driven by fear of missing out (FOMO).

I will not say too much about my own view, but I believe investors will focus on the factors mentioned above. If this stock starts moving, many thousands will likely jump in.

Simon Le Wita (Charles Russell Speechlys)

Role: Lead counsel

Expertise: Extensive experience in litigation and arbitration. Known for his role in Zenith’s previous victory against the Tunisian state oil company ETAP.

Charles Michel (Advisor)

Background: Former Prime Minister of Belgium and former President of the European Council

Expertise: Acts as a geopolitical expert with deep insight into diplomatic and political relations between the EU and Tunisia.

Ben Juratowitch KC (Essex Court Chambers)

Role: Specialist in public international law

Expertise: Expert in investor-state disputes (ISDS) and international court procedures.

Matthieu Gregoire (Essex Court Chambers)

Role: Lawyer/Expert

Expertise: Specializes in international treaty disputes and complex legal issues related to international agreements.

Andrea Pinna (Pinna Goldberg)

Role: Partner and lawyer

Expertise: Specialist in energy arbitration, particularly oil and gas.

Julie Spinelli (16 Law)

Role: Partner and lawyer

Expertise: Highly regarded French arbitration lawyer with extensive experience in complex commercial disputes.

Zenith Energy’s UK subsidiaries are claiming a total of $572.65 million in compensation plus interest. The lawsuit is based on the bilateral investment treaty (BIT) between the UK and Tunisia from 1989.

Core issues in the dispute

Arbitrary and unlawful conduct: Zenith claims Tunisian authorities have demonstrated a pattern of administrative obstacles making normal operations impossible.

Seizure and expropriation: The company argues Tunisia has carried out a de facto expropriation of its interests in the Sidi El Kilani (SLK) and Ezzaouia oil concessions.

Blocking of oil sales: It is alleged that the state has prevented Zenith from selling produced oil, including cases where oil was sold by the state without revenues reaching the company.

Vandalism at Robbana: Zenith has recently added claims related to extensive vandalism and theft at the Robbana field, rendering the facility inoperable. The company argues the state failed its duty to protect foreign investments.

Renewal rights: Tunisia disputes Zenith’s right to renew a 45% interest in the SLK concession after 2022, which represents a significant part of the financial claim.

Recognition of ownership

An important development just before the hearing is that Tunisia has formally recognized Zenith’s rightful ownership of the Robbana and El Bibane concessions, as well as 3,987 barrels of oil previously withheld. This validates Zenith’s factual ownership claims, although the compensation amount for the losses remains disputed.

Translation: Stock of the Week

150% in one month – now being set up for a repeat

Pressure is building toward a boiling point in one of the exchange’s most explosive stocks. The last time expectations reached this level, the share price rose 150 percent in just a few weeks. Now the stage is set again – and the market is positioning for a repeat.

Collage / Investornytt

Espen Teigland

Investor & commentator

Published 19.04.2026 - 12:49

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Important information: It is very important that the entire text is read, including the disclaimer at the bottom of the article. This should be expected of the reader. The article is behind a paywall and the content is not publicly distributed. In the disclaimer, we disclose any potential conflicts of interest (for example ownership positions or cooperation with listed companies, etc.). It is important to understand that the undersigned is an investor writing for Investornytt and not an editor. The text below should not be considered investment advice.

There are some stocks one knows will rise going forward. Therefore, it is difficult not to be able to own this stock before writing about it. The next company is one I expect will repeat a massive expectation-driven rally. We can look in the rearview mirror at what happened last time.

Investornytt had EAM Solar as the stock of the week at 1.60 NOK, and it rose to nearly 4 kroner – well above our target range. Next week, there is once again a very exciting case one should not miss.

It should be said that I personally do not have strong opinions about how far a stock can go; it is our editor who sets the headlines. I have promised myself not to say too much about future price levels, as this can come across as hype.

Stock of the Week

The company Investornytt has written about multiple times, and which has generated substantial gains for our subscribers, is traded for 10–30 million NOK daily on the Oslo Stock Exchange. Thus, it is not an illiquid micro-cap.

Now what everyone has been waiting for is starting, and there is anticipation for the hearing to begin.

The hearing starting Monday, April 20, 2026, at the International Centre for Settlement of Investment Disputes (ICSID) in Washington, D.C., is the decisive legal phase in the dispute between Zenith Energy and the Tunisian state. This is a final merits hearing where the tribunal will evaluate all evidence, witness testimony, and expert input before retiring to deliver a judgment.

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Scope of the claim and disputed matters

Zenith’s legal team and experts

Zenith has assembled a team of international heavyweights to argue the case, conducted in French (under the name CIRDI).

Professor Thomas Clay (Clay Arbitration / Sorbonne)

Role: Team leader

Expertise: Considered one of the world’s leading arbitration experts. Professor at Sorbonne in Paris and runs his own arbitration institute.

Solid close looking good for a retest of 10p+

Criminal charges filed by Zenith against Cecilia Carrara in Paris...

Police are now investigation the ICC2 arbitration chair for corruption + breach of trust.

That’s a serious escalation.

linforme.com/energie/articl…

https://x. com/ladyofaim/status/2044778460556472347?s=46

Taken from FS

This is an exceptionally encouraging and game changing update from Zenith and arguably one of the most important developments in the entire dispute so far.

For the first time, the Tunisian authorities have formally recognised Zenith’s ownership of both the concessions and the associated oil production. That alone is a major shift, as it validates the core foundation of Zenith’s case at ICSID. In addition, the written confirmation that around 12,000 barrels belong to Zenith highlights the tangible value that has been tied up due to the inability to sell production since 2022, putting a clear figure on the financial impact.

What stands out here is the growing alignment between Zenith’s long-stated position and what is now being acknowledged officially. The fact that oil was held and even previously sold without proceeds being returned, combined with the continued obstruction of operations, strengthens the argument that Zenith has suffered real and measurable economic harm.

When you factor in the prolonged inability to monetise production, the operational restrictions, and the decline in output over time, it builds a consistent picture of sustained disruption — exactly the kind of foundation that supports a damages claim at ICSID.

The situation at Robbana adds another layer. Extensive vandalism and the removal of critical infrastructure at a producing asset is highly unusual, particularly in the context of an ongoing dispute. With the site left non-operational for at least a year, it further underlines both the scale of the damage and the cost required to restore operations.

Overall, this update materially strengthens Zenith’s position heading into the ICSID process. While arbitration outcomes are never guaranteed, the direction of travel here is clearly positive. The increasing level of formal acknowledgment from Tunisia, combined with documented losses and operational interference, suggests that Zenith’s case is becoming progressively more compelling.

If this momentum continues, the potential recovery could be significant relative to the company’s current valuation. We touched just shy of 1.3 NOK yesterday and I thoroughly expect 2 NOK to be tested going into the summer.

Https://www.investegate.co.uk/announcement/rns/zenith-energy-ltd-com-shs-npv-di---zen/tunisia-recognises-ownership-of-crude-oil-/9518095

FS FORUM

Just had a read through the analyst group’s latest interview with AC and I’m now more confident than ever. It’s very clear this year is about delivery, not plans, and you can see that in the level of detail he’s giving.

The arbitration is now exactly where you’d want it. Final submission was done back in September, hearings are fixed for April, and they’ve brought in heavyweight counsel across the board. That’s a properly built case going into the final hearing, not something being rushed together. He’s also not trying to overpromise on timing, just saying late 2026 is realistic. That comes across as controlled rather than speculative.

Important point he made as well is what the April hearing actually is. It’s the full case being argued in person, witnesses, experts, everything. After that it’s down to tribunal deliberation. So from here it’s about how well the case is presented, not whether they’ve done the work, because that part is already finished.

At the same time, the rest of the business isn’t standing still. Solar is moving from development into something much more tangible. The portfolio is now around 163.5 MWp and heading towards 200 MWp this year, but more importantly they’re pushing assets through RTB and into construction. The first 7 MWp in Puglia is already in construction-phase activity with a July target. That’s a real shift from pipeline to execution.

The valuation angle on solar is being missed by a lot of people. €27.5m was already assigned to 110.5 MWp at RTB back in December, and the portfolio is now larger with an updated valuation on the way. That gives you a clear reference point for how these assets are being priced before they’re even built.

Gas and uranium are being handled sensibly. Sant’Andrea gives them actual production exposure, uranium is progressing through VIA and sits as longer-term upside as Europe takes that sector more seriously. Neither is being pushed too hard, but both add to the overall picture.

The main takeaway for me is how everything is lining up at the same time. Arbitration in final phase, solar moving into build, portfolio still expanding, and additional assets progressing in the background. It’s not dependent on one outcome, there are several things that can move the valuation.

When you put that against the current market cap it still feels disconnected. You’ve got a $572.65m claim going into final hearings, a growing solar platform with independent valuation support, and other assets alongside it. If they execute as outlined, I don’t see this staying at these levels for long.

We’re around 1 NOK now, which matched my previous estimation of 1 NOK going into the arbitration court case. I believe we have 2 NOK pinned leading into the results. Let’s see if I’m right again.

From FS about Charles Michel

When you look at it alongside the rest of the arbitration team it does add another interesting layer.

Michel isn’t just another name joining a law firm. He was Belgian Prime Minister from 2014 to 2019 and then President of the European Council from 2019 to 2024, which basically put him at the centre of EU level diplomacy for five years. In that role he was dealing directly with heads of state across Europe, North Africa and the wider Mediterranean region on a constant basis. Tunisia in particular has been one of the EU’s key partners in North Africa for years because of migration, energy and regional stability issues, so he’s had direct exposure to the Tunisian leadership and the political machinery there.

When you put that alongside the actual arbitration side of things it becomes more interesting. Zenith already brought in Andrea Pinna who is a very serious name in investor state arbitration and has been involved in a lot of high value ICSID disputes. That tells you straight away this isn’t being treated like a small commercial disagreement, it’s being run properly at the top end of the arbitration market.

Now you’ve got Clay strengthening their bench with someone who spent a decade operating at the very highest political level in Europe and dealing directly with governments like Tunisia. People in those roles end up with a very deep understanding of how states approach disputes, what pressures they respond to and how negotiations around sovereign issues tend to unfold.

ICSID cases of this scale often develop in two tracks. There is the formal legal process through the tribunal, but at the same time there are always political and diplomatic considerations sitting behind the scenes because governments have to think about reputation, precedent and financial exposure. When the claimant’s legal side has strong arbitration specialists like Pinna and a firm that now includes someone with Michel’s background in EU and North African relations, that combination can be quite powerful.

With the ICSID process starting in April and the claim potentially running into very large numbers, the main takeaway for me is simply that Zenith appear to be surrounding the case with some very experienced people from both the legal and political side of the international dispute world. That’s usually what you see when a company is serious about pushing a sovereign arbitration all the way.

From Norway forum

Zenith has seen a recent surge in volume against a backdrop of geopolitical uncertainty that is increasingly working in the company’s favour. Energy security has moved right back to the top of the agenda across Europe and at the same time AC seems to be putting out positive RNS updates like buses lately, each one quietly adding another layer to the underlying story here.

The latest announcement brings in two agrivoltaic projects in the Piedmont region with a combined capacity of around 28 MWp. That pushes the total solar development pipeline to roughly 163.5 MWp, meaning Zenith is already more than 80 percent of the way towards its 200 MWp target for 2026. Considering how recently the solar expansion strategy really began to accelerate, that is quite a rapid build out.

The deal structure is also sensible. The total consideration of just over €2 million is only payable once the projects secure permits and reach ready to build status. That keeps development risk low while still allowing the company to secure land and grid opportunities early. It is a fairly efficient way to keep expanding the pipeline without committing large amounts of capital upfront.

Piedmont is clearly becoming a strategic hub. With these additions Zenith now controls around 100 MWp of projects in that region alone. Building clusters like this usually makes development and grid integration easier down the line. The fact they have already secured land for a 5 MW battery storage system alongside the solar development also shows they are thinking about how these projects will operate within the grid once they move closer to production.

AC also gave a useful indication of the economics. Around 28 MW of operational solar capacity could generate roughly €3.5 million in annual revenue with around €3.1 million in operating income and potentially support a valuation of around €40 million. If the broader pipeline of roughly 163.5 MWp were eventually developed and brought into production the potential revenue could approach €40 million annually under current electricity prices, with a portfolio valuation potentially exceeding €200 million.

There was already an independent valuation placing just 110.5 MWp of the solar pipeline at €27.5 million at ready to build stage. Since then the portfolio has grown significantly and the company has confirmed an updated valuation is now being commissioned to reflect the expanded pipeline.

All of this is happening while the wider energy environment in Europe remains volatile. Governments are pushing harder than ever for secure domestic electricity generation and projects in stable jurisdictions like Italy are becoming increasingly valuable. Zenith appears to be positioning itself right in the middle of that shift.

When you combine the expanding solar portfolio, existing production assets and the well known arbitration cases still progressing in the background, it becomes easier to understand why volume in the st

Joined thanks

From finansavisen

This update actually strengthens my confidence in how the legal situation is developing. The most striking point is Tunisia missing the procedural deadline to respond to the annulment application. Instead of submitting a proper response within the timeframe set by the Swiss Federal Supreme Court they have tried to argue that the case should somehow be dealt with in Tunisia instead. That is a very unusual approach and to me it looks more like a delaying tactic than a serious legal strategy.

When you step back and look at the wider context the whole ICC-2 process has always looked questionable. After more than two and a half years of proceedings the tribunal produced a 70 page award with only six pages of reasoning to dismiss around $130 million of claims. That is incredibly thin reasoning for a case of that scale, particularly when it directly contradicted findings from the earlier ICC-1 arbitration. It is not surprising the company challenged it once evidence emerged about undisclosed connections involving members of the tribunal.

The annulment application is not just complaining about the outcome either. It is focused on procedural irregularities and undisclosed conflicts of interest involving two tribunal members including the chair. Those are exactly the types of issues that courts in Switzerland do take seriously because arbitration relies heavily on neutrality and transparency. If that standard has not been met then the entire award can be questioned.

What really stands out now is Tunisia’s conduct throughout the process. Missing deadlines, challenging jurisdiction, trying to move the case into their own courts and refusing to pay arbitration costs all point to a pattern of behaviour that does not exactly inspire confidence in their legal position. Personally I think this kind of incompetence and obstruction could easily work against them in front of an international court.

For that reason I genuinely think there is a good chance the Swiss court annuls the ICC-2 award. When you combine the extremely weak reasoning in the decision with the alleged conflicts of interest and now Tunisia failing to follow procedural timelines it starts to look like the kind of situation where a court may decide the process was fundamentally flawed.

And people should not forget that the much bigger case is still the ICSID arbitration. That claim is significantly larger and deals with the broader actions taken against the company’s assets. If the legal pattern we are seeing continues then I would not be surprised at all to see Zenith come out very strongly on the ICSID side as well.

So from my perspective the legal situation is actually becoming clearer rather than worse. Tunisia’s behaviour keeps reinforcing the argument that the process has not been handled properly and that is exactly what Zenith’s lawyers are highlighting. If the Swiss court takes that seriously and the ICSID case progresses the way many expect then the

I am not saying every spike holds forever, and clearly these markets are volatile. But the difference now is that zenith has multiple ways to benefit from the same macro backdrop. Higher gas. Higher power. Greater value on domestic Italian production. Better economics for gas to power. Stronger valuation logic for solar. Then on top of that you still have the arbitration angle moving toward the 2026 milestone. That combination is exactly why I said the first move looked like the market starting to wake up, not some random burst.

If this energy shock stays embedded for any meaningful period, I think zenith starts to look very different to the market. It stops being viewed as just another small cap with a court case attached and starts being viewed as a company with real operational leverage to one of the biggest macro themes in Europe right now. Four days ago the case was strong. After today’s oil and gas repricing, it looks even stronger.

What looked strong four days ago looks even more important today. The market has moved from pricing in risk to pricing in actual disruption. Brent spiked above $119 intraday today, the highest level since 2022, with Reuters reporting a roughly 25% surge as the war premium intensified and fears around Strait of Hormuz flows and wider Middle East supply curbs deepened. U.S. gasoline has also jumped, with Forbes reporting the U.S. average at $3.47 per gallon as crude ripped higher.

The gas move is just as important for zenith, arguably more so. European benchmark TTF did not just edge up, it surged to around €66.50/MWh at the high today, the strongest level since early 2023, while the UK April contract also jumped sharply. Montel described it as a 30% move to a new three year high, driven by the Middle East war and an extended halt to Qatari supply. That is not background noise. That is the market screaming that Europe’s energy cushion is getting thinner again.

And once gas does that, power follows. That is exactly how the European market is built. Reuters noted only a few days ago that the last plant needed to meet demand is often a gas plant, which means gas spikes push electricity prices higher even when a large share of generation is coming from cheaper renewables. You can already see it in Italy, where day ahead prices today are around the mid €140s/MWh and among the highest in Europe. So the transmission mechanism into zenith’s Italian exposure is not theoretical anymore, it is happening in real time.

That is why I think the market still is not fully appreciating the operating leverage here. zenith is sitting in the right part of the chain. When oil is over $100, TTF is back above €60 and European power is repricing higher, domestic gas production and gas to power exposure in Italy become more valuable by the day. The key point is that Europe is again being reminded what security of local supply is worth. In a stressed market, local molecules and local generation are worth more than they are on paper in a calm market.

The solar angle matters more now as well, not less. In a gas set power market, solar captures the elevated clearing price without carrying the fuel cost pain. So every step higher in wholesale power improves the logic around development assets and future project value. Broader energy commentary today is also leaning further toward solar and storage becoming more strategically important as systems try to reduce dependence on volatile fossil pricing and inflexible legacy contracts. That only strengthens the case for giving zenith’s power side more credit than it has been getting.

Alongside that we now have the restart of the Sant’Andrea gas field. The expected production is around 40,000 cubic metres per month, or about 480,000 cubic metres per year, and it will be connected directly into the Italian national grid. In a normal gas market that might look modest, but in a tightening European gas environment every additional domestic source becomes more valuable and the power price linkage in Italy amplifies that effect.

Put it all together and Zenith is gradually building exposure to two very strong drivers at the same time. Rising European energy prices driven by geopolitical tension, and a steadily expanding solar development pipeline that gains value as it moves toward Ready to Build status. The company has already indicated that part of the strategy will be to monetise some RTB projects to fund the development of others, effectively creating a self financing development cycle while also retaining projects that can produce long term electricity revenue.

When you line up the growing solar portfolio, the potential RTB valuations, the restart of gas production and the broader energy price backdrop, it becomes easier to see why management keeps expanding this pipeline so aggressively. If European energy prices remain firm and projects start reaching RTB over the next couple of years, the current scale of the portfolio could look very different to the market compared with today. Zenith seems to be positioning itself right in the middle of where the European energy market is heading.

Taken from FS

https://www.investegate.co.uk/announcement/rns/zenith-energy-ltd-com-shs-npv-di---zen/solar-acquisition-and-gas-supply-growth/9459180

Reading this RNS alongside what is happening in global energy markets right now, the timing honestly could not be much better for Zenith. Gas prices have started moving sharply again because of the Middle East situation and European benchmark gas has already jumped from roughly €30/MWh to above €60/MWh during the recent spike. UK gas has pushed up to around 148p per therm and oil is back into the low $80s. When the energy complex starts moving like this the market very quickly begins to reprice companies that actually produce energy or sit inside the electricity pricing chain. For a company like Zenith that is expanding solar while bringing gas production back online in Europe, the macro backdrop suddenly looks extremely favourable.

That matters particularly in Italy where electricity pricing is still heavily driven by gas. Gas effectively sets the marginal price for power generation, so when gas prices move higher the electricity price usually follows and often with even more leverage. That feeds directly into the economics of both sides of Zenith’s business. Higher gas strengthens the case for restarting production like Sant’Andrea, and at the same time it increases the long term value of solar generation because solar sells electricity into that same market.

The solar side of the story is actually becoming quite substantial now. With this latest acquisition the pipeline has moved up to around 135.5 MWp and the company is still targeting more than 200 MWp by the end of 2026. The interesting reference point is the independent valuation from December which valued only 110.5 MWp of the pipeline at €27.5 million once projects reach Ready to Build. The pipeline has grown meaningfully since then and an updated valuation has now been commissioned, so it will be interesting to see where that lands.

What I like about the structure of these acquisitions is the way they are being staged. The company is not paying the €1.05 million purchase price for this 10 MWp Puglia project today. Payment only happens once permits are secured and the project reaches RTB, which is exactly when development risk drops and asset value increases. That allows Zenith to keep building a development pipeline without heavy upfront capital requirements while the projects move through permitting and grid connection milestones.

It is also worth noting that these are standard photovoltaic projects rather than agrivoltaic ones. PV parks are typically cheaper to build and often trade at a premium in the secondary market, and in this case there is also land secured for a 4 MW battery storage system which helps optimise dispatch and grid integration. That combination tends to make projects more attractive once they reach RTB.

Osaka you believe what trump is saying?

There is also development potential in existing gas assets. Zenith has identified expansion opportunities within its Italian portfolio, with a concrete plan to drill an additional production well at Torrente Cigno to increase output. That is a practical way to grow production from existing licences rather than relying solely on new acquisitions. In a tightening European gas market, incremental domestic volumes carry greater economic value than they would in a low-price environment.

Then there’s the solar exposure. Because European electricity markets clear at the gas-driven marginal price, renewables capture the elevated wholesale clearing price without having fuel cost exposure. If fuel costs alone imply €80 + per MWh pricing logic, that dramatically improves solar project economics and asset valuations across the development pipeline.

Overlaying this operational leverage is the ETAP arbitration and the ICSID process moving toward its 2026 milestone. As that timeline approaches, arbitration optionality sits alongside strengthening operating fundamentals. Stronger cash flow expectations combined with a significant legal catalyst can materially shift valuation perception.

The move in TTF from €30 to €44 is not just a number on a screen. It is a repricing of European energy scarcity. Through efficiency mechanics, marginal pricing and carbon layering, the impact on electricity can be even larger than the gas move itself. Zenith sits directly inside that structure — with gas production, gas-to-power generation, solar upside and arbitration optionality all aligned.

If elevated gas and power prices remain embedded rather than retracing quickly, the macro environment materially favours Zenith. In that context, today’s share price reaction could be the early stages of a broader re-rating as the market fully absorbs what sustained higher European energy pricing means heading into the ICSID milestone.