{"slug":"albemarle","name":"Albemarle","name_en":"Albemarle","ticker":"ALB","updated_at":"2026-07-12T04:56:03.695+00:00","canonical":"https://valuechain.wiki/albemarle","same_as":["https://finance.yahoo.com/quote/ALB","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=915913"],"citable":"밸류체인 그래프 기준 Albemarle의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 10곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Albemarle is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 10 companies within two hops; the links are backed by 6 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · 특수화학 · 세계 1위 리튬","kicker_en":"S&P 500 · Specialty chemicals · World's top lithium","lead":"앨버말은 세계 1위 리튬 생산기업이자 브로민·정유촉매를 함께 하는 특수화학 복합기업이다. FY2025 매출은 약 51.4억 달러로 리튬 가격 저점에 전년比 -4%였고(에너지스토리지 -10%, 물량은 +9%), 순손실은 전년 11.8억에서 5.1억 달러로 축소됐다. 방어의 핵심은 capex를 17억→5.9억 달러로 반토막 낸 현금 보존이다 — 리튬이 핵심이지만 브로민·촉매가 완충하는 화학 복합기업이라는 구조가 바닥을 버티게 하며, 2026년 들어 증권가는 리튬 공급 타이트화로 회복을 전망하기 시작했다.","lead_en":"Albemarle is the world's top lithium producer and a diversified specialty-chemicals maker also in bromine and refining catalysts. FY2025 revenue was ~$5.14B, down 4% at the lithium-price trough (Energy Storage -10%, though +9% volume), while net loss narrowed from $1.18B to $510.6M. The core defense is cash preservation via halving capex from $1.7B to $589.8M — lithium is central, but bromine and catalysts buffer, and the diversified structure holds the trough, while into 2026 the Street began forecasting recovery on tightening lithium supply.","segments":{"fy":2024,"note":"리튬 가격 저점이 매출을 -4%로 눌렀지만(에너지스토리지 -10%, 물량은 +9%), 순손실은 전년 11.8억→5.1억으로 축소됐다. 방어의 핵심은 capex를 17억→5.9억 달러로 반토막 낸 현금 보존과, 스페셜티·케첸의 이익 완충. 관전점은 리튬 가격 반등 시점과 저원가 자산의 버티기.","parts":[{"desc":"FY2025 매출 27.1억 달러(52.7%, -10%). 리튬 가격 하락에도 물량 +9%. 조정 EBITDA 6.97억으로 여전히 최대 이익원.","name":"에너지스토리지 (Energy Storage)"},{"desc":"FY2025 매출 13.7억 달러(26.6%, +3%). 브로민 등, EBITDA +21%로 리튬 저점을 완충.","name":"스페셜티 (Specialties)"},{"desc":"FY2025 매출 10.7억 달러(20.7%, +3%). 정유 촉매, 리튬과 무관한 안정 축.","name":"케첸 (Ketjen)"}],"total":"약 $5.14B (FY2025, -4%·순손실 5.1억 달러·capex 17억→5.9억 대폭 축소)","source":"https://minedocs.com/28/Albemarle-Form-10-K-12312024.pdf","concentration":"약 70개국 1,900여 고객. 리튬은 셀·양극재·EV 제조사 장기 공급계약 중심. 화학 복합기업이라 리튬 외 브로민·촉매 사이클이 병존"},"segments_en":{"fy":2024,"note":"A lithium-price trough pushed revenue -4% (Energy Storage -10%, though +9% volume), but net loss narrowed from $1.18B to $510.6M. Defense centers on halving capex from $1.7B to $589.8M for cash preservation, plus Specialties/Ketjen earnings buffer. Watch the timing of a lithium-price rebound and low-cost assets' endurance.","parts":[{"desc":"FY2025 revenue $2.71B (52.7%, -10%). Volume +9% despite lower lithium prices; adjusted EBITDA $697M, still the largest earnings source.","name":"Energy Storage"},{"desc":"FY2025 revenue $1.37B (26.6%, +3%). Bromine etc.; EBITDA +21%, buffering the lithium trough.","name":"Specialties"},{"desc":"FY2025 revenue $1.07B (20.7%, +3%). Refining catalysts, a stable axis unrelated to lithium.","name":"Ketjen"}],"total":"~$5.14B (FY2025, -4%; net loss $510.6M; capex slashed from $1.7B to $589.8M)","source":"https://minedocs.com/28/Albemarle-Form-10-K-12312024.pdf","concentration":"About 1,900 customers in ~70 countries. Lithium runs on long-term supply agreements with cell, cathode and EV makers; as a chemical conglomerate, bromine and catalyst cycles coexist with lithium"},"returns_yearly":{"2021":59.8,"2022":-6.6,"2023":-32.8,"2024":-39.5,"2025":67.7,"2026":-10.4},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"marvell","name":"Marvell","name_en":"Marvell","tier":3,"returns_yearly":{"2021":84.6,"2022":-57.5,"2023":63.7,"2024":83.8,"2025":-22.8,"2026":177.8}},{"slug":"ase","name":"ASE테크놀로지","name_en":"ASE Technology","tier":3,"returns_yearly":{"2021":38.3,"2022":-12.8,"2023":60.9,"2024":10.1,"2025":65.6,"2026":167.6}},{"slug":"amd","name":"AMD","name_en":"AMD","tier":3,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":160.5}},{"slug":"panasonic-energy","name":"파나소닉 에너지","name_en":"Panasonic Energy","tier":3,"returns_yearly":{"2021":-5.7,"2022":-1.6,"2023":20.1,"2024":16.6,"2025":36.2,"2026":113.2}},{"slug":"lg-electronics","name":"LG전자","name_en":"LG Electronics","tier":3,"returns_yearly":{"2021":-16.2,"2022":-20.9,"2023":-5.8,"2024":-9.5,"2025":19.2,"2026":85.5}},{"slug":"amkor","name":"앰코테크놀로지","name_en":"Amkor Technology","tier":3,"returns_yearly":{"2021":65.6,"2022":-2.3,"2023":40.3,"2024":-20.8,"2025":55.9,"2026":79}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":3,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"apple","name":"Apple","name_en":"Apple","tier":3,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"broadcom","name":"Broadcom","name_en":"Broadcom","tier":3,"returns_yearly":{"2021":56.5,"2022":-13.3,"2023":104.2,"2024":110.5,"2025":50.6,"2026":16}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"mazda-motor","name":"마쓰다","name_en":"Mazda Motor","tier":3,"returns_yearly":{"2021":18.8,"2022":22.8,"2023":81.1,"2024":-39,"2025":17.3,"2026":-3.2}},{"slug":"samsung-electro-mechanics","name":"삼성전기","name_en":"Samsung Electro-Mechanics","tier":2,"returns_yearly":{"2021":-11.8,"2022":-18.5,"2023":-1.4,"2024":-2.5,"2025":110,"2026":467.7}},{"slug":"samsung-sdi","name":"삼성SDI","name_en":"Samsung SDI","tier":2,"returns_yearly":{"2021":-19,"2022":15.8,"2023":-45.7,"2024":-40.2,"2025":75.7,"2026":11.3}},{"slug":"honda-motor","name":"혼다","name_en":"Honda Motor","tier":2,"returns_yearly":{"2021":25.8,"2022":-0.8,"2023":62.2,"2024":-8,"2025":10,"2026":-1.2}},{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":2,"returns_yearly":{"2021":40.8,"2022":-42.4,"2023":7.9,"2024":49.8,"2025":54.2,"2026":-3.8}},{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor Company","tier":2,"returns_yearly":{"2021":-16.7,"2022":-4.7,"2023":16.2,"2024":12.3,"2025":158.8,"2026":-7.8}},{"slug":"tesla","name":"Tesla","name_en":"Tesla","tier":2,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"lg-chem","name":"LG화학","name_en":"LG Chem","tier":2,"returns_yearly":{"2021":-29,"2022":9.7,"2023":-36.6,"2024":-45.3,"2025":31.2,"2026":-14.4}},{"slug":"toyota","name":"Toyota Motor Corporation","name_en":"Toyota Motor Corporation","tier":2,"returns_yearly":{"2021":58.1,"2022":-13.4,"2023":63,"2024":1.8,"2025":21.8,"2026":-18.2}},{"slug":"lg-energy-solution","name":"LG에너지솔루션","name_en":"LG Energy Solution","tier":1,"returns_yearly":{"2023":-26.9,"2024":-7.6,"2025":13.1,"2026":-18.1}},{"slug":"cosmo-advanced-materials-technology","name":"코스모신소재","name_en":"Cosmo Advanced Materials & Technology","tier":1,"returns_yearly":{"2021":121.4,"2022":48.7,"2023":128.9,"2024":-60.4,"2025":-3.4,"2026":-22.5}}],"benefiting":[],"analysis":"앨버말의 논점은 '리튬 사이클 바닥을 화학 복합기업 구조로 버티고, 저원가 자산으로 반등을 기다린다'는 데 있다. FY2025 매출은 리튬 가격 저점에 -4%($5.14B)였지만 물량은 +9%였고, 순손실은 11.8억→5.1억으로 축소됐다 — 방어의 핵심은 capex를 17억→5.9억 달러로 반토막 낸 현금 보존과 스페셜티(EBITDA +21%)·케첸의 완충이다. 핵심 비대칭은 그린부시·워지나 같은 세계 최저원가급 자산 — 가격이 낮을수록 고원가 생산자가 먼저 죽고 앨버말이 살아남아, 가격 반등 시 회복 레버리지가 가장 크다(2026년 RBC 등 매수·목표 $257). 리스크는 리튬 가격 회복 지연과 현금 소진. 그래프 파급: LG에너지솔루션·테슬라·코스모신소재가 리튬 수요, 스포듀민 정광(합작 광산)이 원가·수직계열의 상류.","analysis_en":"Albemarle's thesis is enduring the lithium-cycle trough via a diversified-chemicals structure while waiting for a rebound on low-cost assets. FY2025 revenue was -4% ($5.14B) at the price trough but volume was +9%, and net loss narrowed from $1.18B to $510.6M — the core defense is cash preservation via halving capex from $1.7B to $589.8M, plus the Specialties (EBITDA +21%) and Ketjen buffer. The key asymmetry is world-lowest-cost assets like Greenbushes and Wodgina — the lower prices go, the sooner high-cost producers die and Albemarle survives, giving it the greatest recovery leverage on a rebound (RBC and others Buy, target $257 in 2026). Risks are a delayed lithium-price recovery and cash burn. Graph propagation: LG Energy Solution, Tesla and Cosmo AM&T are lithium demand, while spodumene concentrate (JV mines) is the upstream cost and integration.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"Tesla","counterparty_slug":"tesla","confidence":"high","metric":{"type":"amount","unit":"USD10억","as_of":"2026-04-12","basis":"테슬라 리튬 공급계약(보도)","value":1.2,"period":"다년 공급계약","basis_en":"Tesla lithium supply agreement (reported)"},"note":"앨버말은 테슬라에 배터리용 리튬을 공급한다. 약 12억 달러 규모의 리튬 공급계약이 보도됐다.","note_en":"Albemarle supplies battery lithium to Tesla, under a reported supply agreement worth about $1.2 billion.","sources":[{"stance":"mentions","publisher":"RBC/컨센서스","publisher_en":"RBC / analyst consensus","kind":"research","lang":"en","published_at":"2026-06-12","url":"https://www.marketbeat.com/stocks/NYSE/ALB/forecast/","title":"앨버말(ALB) 컨센서스 매수·평균 ~$220대 (RBC Outperform $257·Truist Buy $245)","title_en":"Albemarle (ALB) consensus Buy, avg ~$220s (RBC Outperform $257, Truist Buy $245)","excerpt":"컨센서스 매수(18인)·평균 ~$220대, RBC Outperform $257 — 리튬 공급 타이트화·가격 회복 전망.","excerpt_en":"Consensus Buy (18 analysts), avg ~$220s; RBC Outperform $257 — tightening lithium supply and price-recovery thesis."},{"stance":"confirms","publisher":"마인리스팅스","publisher_en":"MineListings","kind":"news","lang":"en","published_at":"2026-04-12","url":"https://minelistings.com/news/teslas-1-2-billion-lithium-supply-deal-with-albemarle-sparks-market-excitement/","title":"Tesla's $1.2 Billion Lithium Supply Deal with Albemarle","title_en":"Tesla's $1.2 Billion Lithium Supply Deal with Albemarle","excerpt":"테슬라가 EV 증산에 대비해 앨버말과 약 12억 달러 규모의 리튬 공급계약을 확보했다.","excerpt_en":"Tesla secured an about $1.2 billion lithium supply deal with Albemarle to cover its lithium needs as it ramps EV production."},{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":"2023-09-15","url":"https://www.thelec.kr/news/articleView.html?idxno=23075","title":"리튬 시장 점유율 1위...'앨버말' 몸집 더 커지나","title_en":"No.1 in lithium: is Albemarle getting even bigger?","excerpt":"세계 1위 리튬 생산업체 앨버말은 LG에너지솔루션과 테슬라에 리튬을 공급 중이다.","excerpt_en":"Albemarle, the world's top lithium producer, supplies lithium to LG Energy Solution and Tesla."}]},{"direction":"revenue","counterparty":"셀·양극재·EV 고객 (리튬 화합물)","counterparty_slug":null,"confidence":"high","metric":null,"note":"에너지스토리지 부문의 리튬 수산화·탄산리튬을 전 세계 셀·양극재·EV 제조사에 장기계약으로 공급한다. 약 70개국 1,900여 고객.","note_en":"The Energy Storage segment supplies lithium hydroxide and carbonate to cell, cathode and EV makers worldwide under long-term agreements, across about 1,900 customers in ~70 countries.","sources":[{"stance":"confirms","publisher":"미국 SEC(앨버말)","publisher_en":"SEC / Albemarle","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/915913/000091591326000018/alb-20251231.htm","title":"앨버말 FY2025 연차보고서(10-K)","title_en":"Albemarle FY2025 Annual Report (Form 10-K)","excerpt":"FY2025 총매출 51.4억 달러(-4%), 에너지스토리지 27.1억(-10%, 물량 +9%·가격 하락). 순손실 5.1억(전년 11.8억 손실서 축소).","excerpt_en":"FY2025 net sales $5.14B (-4%); Energy Storage $2.71B (-10%, +9% volume, lower prices). Net loss $510.6M (narrowed from $1.18B)."},{"stance":"confirms","publisher":"앨버말","publisher_en":"Albemarle","kind":"filing","lang":"en","published_at":"2025-02-12","url":"https://minedocs.com/28/Albemarle-Form-10-K-12312024.pdf","title":"Albemarle Form 10-K (FY2024)","title_en":"Albemarle Form 10-K (FY2024)","excerpt":"에너지스토리지 부문은 소비자 전자·EV·전력망·태양광 배터리에 쓰이는 리튬 화합물을 개발·생산한다.","excerpt_en":"The Energy Storage segment develops and manufactures lithium compounds used in batteries for consumer electronics, electric vehicles, power grids and solar."}]},{"direction":"cost","counterparty":"스포듀민 정광 (Talison/Greenbushes·Wodgina 합작)","counterparty_slug":null,"confidence":"high","metric":null,"note":"리튬 원료로 스포듀민 정광을 매입한다. 49% 지분 합작 Windfield/Talison이 소유한 호주 그린부시 광산과 50% 지분 합작 MARBL의 워지나 광산에서 정광을 조달하고, 칠레 아타카마 염호에서 염수 리튬을 얻는다.","note_en":"Albemarle buys spodumene concentrate as lithium feedstock, sourcing from Australia's Greenbushes mine (owned via its 49% Windfield/Talison JV) and the Wodgina mine (50% MARBL JV), plus brine lithium from Chile's Salar de Atacama.","sources":[{"stance":"confirms","publisher":"앨버말","publisher_en":"Albemarle","kind":"filing","lang":"en","published_at":"2025-02-12","url":"https://minedocs.com/28/Albemarle-Form-10-K-12312024.pdf","title":"Albemarle Form 10-K (FY2024)","title_en":"Albemarle Form 10-K (FY2024)","excerpt":"리튬 정광은 49% 지분 합작 Windfield(그린부시 광산 소유 Talison)와 50% 지분 합작 MARBL(워지나 광산)에서 매입하고, 칠레 아타카마와 네바다 실버피크의 염수 증발로 얻는다.","excerpt_en":"We obtain lithium by purchasing concentrate from our 49% JV Windfield (Talison, which owns the Greenbushes mine) and our 50% MARBL JV (Wodgina mine), and via solar evaporation at Salar de Atacama in Chile and Silver Peak, Nevada."}]},{"direction":"investment","counterparty":"Windfield/Talison (그린부시 리튬광산)·MARBL(워지나)","counterparty_slug":null,"confidence":"high","metric":{"wodgina_stake_pct":50,"greenbushes_stake_pct":49},"note":"최저원가 생산의 해자를 자본으로 잠근 수직계열 — 그린부시 광산을 소유한 Talison 지주사 Windfield 지분 49%, 워지나 광산 합작 MARBL을 통해 스포듀민 원료를 내재화한다(2025년 워지나 지분은 60%→50%로 축소). 세계 최저원가급 자산이라, 리튬 가격이 낮을수록 고원가 생산자가 먼저 죽고 앨버말이 버티는 구조의 근거.","note_en":"Vertical integration that locks a lowest-cost-production moat with capital — a 49% stake in Windfield (holding of Talison, owner of Greenbushes) and the MARBL JV for the Wodgina mine internalize spodumene feedstock (Wodgina ownership was cut from 60% to 50% in 2025). Among the world's lowest-cost assets, this is why the lower lithium prices go, the sooner high-cost producers die and Albemarle endures.","sources":[{"stance":"confirms","publisher":"미국 SEC(앨버말)","publisher_en":"SEC / Albemarle","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/915913/000091591326000018/alb-20251231.htm","title":"앨버말 FY2025 연차보고서(10-K)","title_en":"Albemarle FY2025 Annual Report (Form 10-K)","excerpt":"워지나 지분 60%→50% 축소(2025), 그린부시 Windfield 49%. 2025년 capex 5.9억 달러로 대폭 축소(전년 17억).","excerpt_en":"Wodgina cut 60%→50% (2025); Greenbushes/Windfield 49%. 2025 capex slashed to $589.8M (from $1.7B)."},{"stance":"confirms","publisher":"앨버말","publisher_en":"Albemarle","kind":"filing","lang":"en","published_at":"2025-02-12","url":"https://minedocs.com/28/Albemarle-Form-10-K-12312024.pdf","title":"Albemarle Form 10-K (FY2024)","title_en":"Albemarle Form 10-K (FY2024)","excerpt":"그린부시 광산은 앨버말이 49% 지분을 가진 Windfield Holdings가 100% 소유한 Talison이 보유하며, 워지나 광산은 50% 지분 합작 MARBL이 소유한다.","excerpt_en":"The Greenbushes mine is owned by Talison, wholly owned by Windfield Holdings in which Albemarle holds 49%, and the Wodgina mine is owned by the 50% MARBL JV."}]},{"direction":"revenue","counterparty":"코스모신소재","counterparty_slug":"cosmo-advanced-materials-technology","confidence":"high","metric":{"basis":"리튬 공급, 개별금액 비공개","basis_en":"lithium supply, individual value undisclosed","qualifier":"confirmed_no_disclosed_value"},"note":"코스모신소재에 양극재용 리튬을 공급한다. 코스모 리튬 구입액 249,944백만원(SQM 합산).","note_en":"Supplies lithium to Cosmo AM&T for cathode; Cosmo's lithium purchases were 249.9 billion won (combined with SQM).","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-06-02","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260602000342","title":"코스모신소재 사업보고서 (2025.12)","title_en":"Cosmo AM&T Annual Business Report (FY2025)","excerpt":"리튬은 주로 Albemarle(칠레), SQM(칠레)과 거래. 리튬 구입액 249,944백만원.","excerpt_en":"Lithium is sourced mainly from Albemarle (Chile) and SQM (Chile). Lithium purchases 249.9 billion won."}]},{"direction":"revenue","counterparty":"LG에너지솔루션","counterparty_slug":"lg-energy-solution","confidence":"mid","metric":null,"note":"앨버말은 LG에너지솔루션에 배터리용 리튬을 공급한다.","note_en":"Albemarle supplies battery lithium to LG Energy Solution.","sources":[{"stance":"confirms","publisher":"앨버말","publisher_en":"Albemarle","kind":"filing","lang":"en","published_at":"2025-02-12","url":"https://minedocs.com/28/Albemarle-Form-10-K-12312024.pdf","title":"Albemarle Form 10-K (FY2024)","title_en":"Albemarle Form 10-K (FY2024)","excerpt":"FY2024 10-K가 에너지스토리지(리튬)를 최대 부문으로 기재. 리튬 가격 급락으로 매출 급감.","excerpt_en":"The FY2024 10-K lists Energy Storage (lithium) as the largest segment; revenue fell on the lithium price crash."},{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":"2023-09-15","url":"https://www.thelec.kr/news/articleView.html?idxno=23075","title":"리튬 시장 점유율 1위...'앨버말' 몸집 더 커지나","title_en":"No.1 in lithium: is Albemarle getting even bigger?","excerpt":"앨버말은 LG에너지솔루션과 테슬라에 리튬을 공급 중이며, 세계 리튬 점유율 약 17%로 1위다.","excerpt_en":"Albemarle supplies lithium to LG Energy Solution and Tesla and is No.1 with about 17% global lithium share."}]},{"direction":"cost","counterparty":"가공·에너지·원료 (비공개)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"리튬 정광을 수산화·탄산리튬으로 전환하는 가공 공정의 에너지·시약과 브로민·촉매 원료를 조달한다. 개별 내역은 비공개.","note_en":"Albemarle procures energy and reagents to convert concentrate into lithium hydroxide and carbonate, plus feedstocks for bromine and catalysts. Individual details are not disclosed.","sources":[{"stance":"mentions","publisher":"앨버말","publisher_en":"Albemarle","kind":"filing","lang":"en","published_at":"2025-02-12","url":"https://minedocs.com/28/Albemarle-Form-10-K-12312024.pdf","title":"Albemarle Form 10-K (FY2024)","title_en":"Albemarle Form 10-K (FY2024)","excerpt":"케첸 등의 원재료 비용은 대체로 시장가에 연동되며, 가격 변동을 완화하기 위해 가격 상한 등 계약 수단을 쓰기도 한다.","excerpt_en":"The cost of raw materials is generally based on market prices, though we may use contracts with price caps or other tools to mitigate volatility."}]}]}