Mr. Dermot Nolan:

On the ESB, we no longer make pricing decisions in general. We make a pricing decision in terms of setting network reviews every five years but what we do on that is determine what is called an "efficient cost". We determine how much it would be in an absolutely efficient company and we use comparitor benchmarks in the United Kingdom and abroad. We say, "How efficient is this company? Is it efficient? We need to give them the efficient amount of revenue to run the company, but no more." In some sense, that should give them a limited level of profit. If, by some chance, and this is the whole principle behind much of this regulation, they beat that, they might earn a bit more profit, but generally one sets tough targets so that they will earn a minimum level.