The utility had three credible uses for one pool of capital: grid-scale storage, a hydrogen pilot, and an acquisition that would double its retail book. Each had a champion on the board, each had a deck, and each looked sensible under the price assumptions its champion preferred.

One test for three bets

We rebuilt all three cases on a common set of power-price scenarios, including the uncomfortable ones. Storage was the only investment that earned its keep in every world — the other two needed the future to cooperate. Framing the choice that way moved the debate from advocacy to arithmetic.

Committing properly

The board committed €1.2bn to a single storage programme and declined the other two, unanimously. Half-funding all three had been the default path; the decision memo recorded why it would have been the worst of the four options on the table.