Opening Bell and press conference: Descalzi at the New York Stock Exchange for 30 years ENI on Wa...

No, no, but I didn't talk about valuations.

The listing option always remains on the table. In the short term, I don't think so, because the difference compared to a few years ago is that we declared a growth plan that should bring the two companies together to 5.5 billion by 2030. There is a growth plan for renewables, customers, and biorefineries. I want to first see how it consolidates. We made a quality jump and have now pocketed about 6.2 billion in a year to fund these investments. First we need to consolidate this growth again, see the returns, and when we have stability and the ability to maintain these values, then we can talk about it. It's always on the table because it clearly brings significant added value and is something we clearly have in mind.

No. Otherwise I would have given it right away.

On renewables, let's say we have a different business model: we created companies that are able to be self-sufficient without incentives, without subsidies. For us it was a great opportunity because we needed to differentiate from oil so as not to always be tied to whatever happens in the market. And we verified this: in 2024-25 it was so, especially this year because we had growth. We reached 16 euros per share, we were at 11, so there is differentiation. We managed to grow, increase the buyback, increase the dividend, reduce debt. For me the transition must absolutely continue, but not in an exasperated and ideological way. We must manage to carry out a transition that creates returns, jobs, and without burdening utility bills or public debt. This is not a battle over who does more renewables, but over who manages to carry out the transition while creating value. In the United States we have nearly 2 gigawatts of renewables with long-term contracts. We continue to seek to satisfy today's demand and tomorrow's.

Fusion. On fusion: it had an important trigger in 2021 when CFS managed to find the superconductors, with our contribution, to contain plasma at high temperatures. Phase 1 is essentially complete from an infrastructure standpoint. In 2027 they will have to conduct the decisive test: achieving a Q greater than 1, meaning producing more energy than is consumed to create the fusion. CFS is already building the first commercial plant in Virginia, which should be operational in the early 2030s.