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	SENSITIVITY ANALYSIS
	Two-Way Sensitivity Tables on Key Price Drivers
	TABLE 1: Weighted Average Price vs Forward Curve Level & Volatility
	Base Weighted Price:	57.78
		Annualized Volatility →
	Fwd Curve Shift ↓	15%	20%	25%	30%	35%	40%	45%	50%
	-20%	46.74	47.15	47.67	48.30	49.06	49.92	50.90	52.00
	-15%	49.67	50.10	50.65	51.32	52.12	53.04	54.09	55.25
	-10%	52.59	53.04	53.63	54.34	55.19	56.16	57.27	58.50
	-5%	55.51	55.99	56.61	57.36	58.25	59.28	60.45	61.75
	0%	58.43	58.94	59.59	60.38	61.32	62.40	63.63	65.00
	5%	61.35	61.88	62.56	63.40	64.38	65.52	66.81	68.25
	10%	64.27	64.83	65.54	66.42	67.45	68.64	69.99	71.50
	15%	67.19	67.78	68.52	69.44	70.52	71.76	73.17	74.75
	20%	70.12	70.72	71.50	72.46	73.58	74.88	76.36	78.00
	TABLE 2: 5Y Avg Price vs Mean Reversion Speed & Equilibrium Price
		Long-run Eq. Price (EUR/MWh) →
	Mean Rev. Speed ↓	35	40	45	50	55	60	65	70
	0.05	47.83	48.08	48.33	48.58	48.83	49.08	49.33	49.58
	0.10	47.15	47.65	48.15	48.65	49.15	49.65	50.15	50.65
	0.15	46.48	47.23	47.98	48.73	49.48	50.23	50.98	51.73
	0.20	45.80	46.80	47.80	48.80	49.80	50.80	51.80	52.80
	0.30	44.45	45.95	47.45	48.95	50.45	51.95	53.45	54.95
	0.50	41.75	44.25	46.75	49.25	51.75	54.25	56.75	59.25
	1.00	35.00	40.00	45.00	50.00	55.00	60.00	65.00	70.00
	TABLE 3: Peak-OffPeak Spread vs Peak Premium & Off-Peak Discount
		Off-Peak Discount →
	Peak Premium ↓	10%	15%	20%	25%	30%	35%	40%
	8%	10.40	13.29	16.18	19.07	21.96	24.85	27.73
	12%	12.71	15.60	18.49	21.38	24.27	27.16	30.05
	15%	14.45	17.33	20.22	23.11	26.00	28.89	31.78
	18%	16.18	19.07	21.96	24.85	27.73	30.62	33.51
	22%	18.49	21.38	24.27	27.16	30.05	32.93	35.82
	28%	21.96	24.85	27.73	30.62	33.51	36.40	39.29
	35%	26.00	28.89	31.78	34.67	37.56	40.45	43.34
	TABLE 4: Weighted Price vs Bull & Bear Probabilities
		Bear Probability →
	Bull Probability ↓	5%	10%	15%	20%	25%	30%
	5%	57.78	57.11	56.44	55.77	55.11	54.44
	10%	58.45	57.78	57.11	56.44	55.77	55.11
	15%	59.12	58.45	57.78	57.11	56.44	55.77
	20%	59.79	59.12	58.45	57.78	57.11	56.44
	25%	60.46	59.79	59.12	58.45	57.78	57.11
	30%	61.12	60.46	59.79	59.12	58.45	57.78
	Note: Yellow-highlighted cells represent base case assumptions. All tables reference live model parameters from Assumptions and Scenarios sheets.