Prices have materially improved since early 2016, when they hit a low. However, S&P Global Ratings remains cautious because it expects price volatility to increase due to higher penetration of renewables and more frequent extreme weather conditions in Europe, and because Vattenfall's large outright production from hydro and nuclear has a significant exposure to fluctuations in both carbon dioxide emission and power prices. From 2019, we expect funds from operations (FFO) to debt to be sustainable at above 22% and debt to EBITDA at around 3x-4x because the planned capex will have passed its peak by then. We also expect revenue growth to turn positive, after being in constant decline since 2013. A considerable share of Vattenfall's capex has been
