STUART SMITH (National—Kaikōura): Thank you, Madam Chair. The Minister mentioned that the market is oversupplied with units at the moment, and I accept that. He went through the rationale of running small auctions in 2021 to get the market up and running and to ensure that everyone knows how it works and gets used to utilising the market. My question is: how much is it oversupplied by, and how long does he think it will take to run down the stockpile? And, should the first auction fail to clear, what kind of difference will that make to that time horizon, given that it's very important for us to have some clarity on these matters, particularly for the people who will operate in this market, so that they can have confidence that they are participating in a market that they understand fully, because this will be the first time this market has run like this? While we have a secondary market, it's not an auction system like this one, where a certain number of units go up for sale and, if they reach the parameters around a clearing price, then that price is set and the auction is successful or a failure. You can call it whatever you like, but, essentially, they either sell or they don't sell those units. And so how much is the oversupply estimated to be, and how long will it take to sell that through? And what impact would 4.75 million units—in the first sale, should that fail to clear—mean in that extended time frame? Thank you.