Again, let's do them separately. In Europe the only companies that have to reduce to comply are electricity companies. Nobody else has to reduce. If we laid off the whole national target on electricity companies in Canada and did not oblige oil and gas producers to reduce, we'd essentially be taxing Canadians for their right to consume made-in-Canada energy. I don't need to walk you through the politics of that.
The dilemma is that Europe has given European oil and gas producers all the allowances they need to operate on a business-as-usual basis, because they've elected to lay off the whole reduction obligation on electricity companies. If we then do an allocation in Canada that causes Canadian oil and gas producers to have to buy offsets, by definition the day after we do that.... If I have two oil wells up north and one is owned by a large European oil and gas producer and one is owned by an independent Canadian oil and gas producer, five minutes after I'm completely linked to the European market but have a reduction obligation on the Canadian oil and gas producer, that means the European can buy the Canadian well at 40ยข on the dollar.
Europe hasn't done anything wrong. It has just created a situation that's very difficult for us.