Strong demand growth in 2022. We expect power demand to grow 7% in 2022, (vs the 4.7% 10-year average), as we find this year’s demand drivers compelling: (1) campaigns and election-related activities; (2) sustained re-opening and relaxation of mobility restrictions, prompting a sharp recovery in commercial energy demand closer to 2019 level; and (3) continued robust industrial activity as global demand for semiconductors/electronic parts remains strong while demand for cement and steel continues to rise with the ramp-up in construction. As in the past decade, we believe power demand to be resilient despite potentially higher electricity prices (from higher fuel costs), given the above drivers.