I just want to give a shout-out to Carol for her great comments on some of the supply chain issues and for noting a few examples that we would use.
I had the privilege, before the COP in Dubai last December, to speak at the Edison Electric Institute and Gulf Cooperation Council summit. It was really fascinating to hear the supply chain challenges being faced around the world. Those that you've heard from Carol and Francis are real.
One number really grabbed me: The entire capacity of the world's production of transmission lines would be consumed for two years with just a 3,000-kilometre order for a transmission line globally. That would take up a two-year supply globally. That was shocking.
When you drive into your neighbourhood tonight, you should look at those little transformers that hang on the power poles, which Carol was talking about. They used to be almost off-the-shelf, but they're now items with up to a two-year lead. Many of the suppliers are saying, “You either go single source or we don't want to talk to you.” That impacts price, and it impacts delivery and timing. Our stats show that in the States, they're estimating between 60% and 80% of these existing transformers will need to be replaced as a matter of course between now and 2050.
These are challenges that everybody in the business is facing. I would add to that some of the labour challenges, which people in this room are well aware of. They're coming in parallel.
Working with government, industry and schools is very important as we go forward to try to ensure that we can meet those demands.