Mr. Dermot Nolan:

We are glad to be here and hope we will be able to help the committee in any way possible. I am accompanied by Mr. Paul McGowan and Cathy Mannion. I will discuss the first three or four slides of our presentation and then hand over to Mr. McGowan, who will cover the rest. The first objective of the presentation is to examine the role of the Commission for Energy Regulation, CER, and the second is to outline the general drivers of energy costs. Clerly, another objective is to examine the latest price trends.

I will talk briefly about the role of the CER. The CER is Ireland's independent energy regulator. It was set up by statute consequent to legislation passed by the Oireachtas. It has broad functions in the area of economic regulation and it also has considerable safety functions concerning energy. It may well be appointed as the water regulator in the near future but this is entirely dependent on the decision of the Oireachtas. Further detail is available on the website of the CER, .

I will try to give a sense of our mission and what we genuinely believe our functions are. In a world where energy supply and energy prices are highly volatile – oil and gas price movements are considerable – the mission of the CER is to act in the interest of consumers and ensure the lights stay on, that gas continues to flow, that prices charged to consumers are fair and reasonable, that the environment is protected, and that energy is supplied safely. We will be changing that mission and vision in the near future if the Oireachtas decides to give us water functions.

I have tried to give some sense of what the CER is trying to do and what it is about. Mr. Paul McGowan will continue with the presentation.