I'll address the Quebec question first.
The Quebec system is a strong, functioning and well-organized and maintained system with all the design features you'd want. There is lots of flexibility to keep prices down. It's linked to California to keep credit costs for industry and households down while recycling back to households and industry to help with low-carbon technology. The Quebec cap-and-trade system is very solid.
With the TIER program, there were a bunch of technical announcements just released. They look technical, but when you put them into the models and look at what's going on, we see future prices maybe at $65 a tonne, if you're lucky. This has put an absolute chill on the market. We hear from traders that the market's illiquid.
There is massive uncertainty in the system. If we had a public exchange and transparency, like we do in Quebec for the WCI, there are announcements in California and Quebec, and the price responds. The market speaks, and we see that. We really don't know what's going on. We don't have price discovery or an exchange, so we hear from traders what's going on.
The market spoke. When you tumble the numbers, it now remains well below the levels for good decarbonization or for major investment in decarb to pay.