We cut our target price for NT2 by 6.9% and downgrade to OUTPERFORM as heavy rain led to lower output and a lower CGM price. In addition, NT2 recently disclosed that its input gas price is currently 6.0% higher than our current assumption. EUR’s 7% appreciation in Q2 could hurt NT2’s dividend payment. We reduce our 2017 recurring and reported earnings forecasts by 8.5% and 30.3%, respectively. • 2018 EPS is forecast to recover by 11.4%. NT2’s power plant will be ready to increase output n