Power segment (50% of NPAT) to deliver a NPAT CAGR of 26% over 2020-2022. In late 2019, REE successfully raised its stake in associate VSH from 24.0% to 49.5%. In addition, we recently raised our 2020F adjusted NPAT for PPC (REE’s 25%-owned associate) by 12.2% and increased our 2021-2029 NPAT forecast by an average of 6.5% (see our February 12, 2020 PPC Update Report). However, we expect REE’s hydro portfolio to be negatively impacted by higher contracted volume.