Sure.
The same renewal of our infrastructure that we're facing in Canada is also being faced in the United States and in Europe. They estimate that we'll spend tens of billions of dollars renewing our electricity infrastructure in Canada, hundreds of billions of dollars in the United States, and hundreds of billions of dollars in Europe.
Because these utilities are already spending these massive quantities of money renewing their infrastructure, and they will over the next 10 to 20 years, now is the opportunity to set the technologies that are smart grid, that are going to ride that wave of investment over the next 10 to 20 years. That's one of the reasons why a country like Korea, which has very few natural resources and has to import almost all of their energy, really sees the smart grid as a way of improving their national energy security, but also, if we make the technologies, we'll be able to sell these technologies abroad for the next 20 years, and that's a real cornerstone of their policies.
For Canada, I think the real opportunity is for us to take the investments we've already made. In Canada, we're also fairly unique in that our utilities are mostly publicly owned across the country; Hydro-Québec is owned by the Province of Quebec, BC Hydro is owned by the Province of British Columbia. These are crown corporations that are for the public good and they've already started to make investments in smart grids. Because of that, we have a nascent industry of smart grids in Canada that got early investments because of the early smart meter implementations in Ontario and B.C. and the early integration of renewables in Ontario.
Because these companies had real world experience cutting their teeth on Canadian markets, now is a good time to get in front of those other world markets so they can take advantage of it for the next 20 years.