Wind operations in favorable jurisdictions, and heating and cooling divisions contributing about 50%-55% of EBITDA over the mid-to-long term, providing stable and predictable cash flow generation. Expanding wind generation and retail portfolio to provide greater diversification. Hedging position further mitigates energy and commodity price risk, at least over the next few years. Eneco's scale remains limited compared to international peers. Eneco maintains a healthy financial position with low debt levels and manageable maturities. FFO to debt dipping slightly below 50% in 2018 due to expiration of subsidy program, but improving from 2019 onward. Intensive capital expenditure (capex) program resulting in negative free operating cash flow (FOCF) in 2018. Liquidation of Stedin loan in January 2018 provides additional sources of liquidity
