Mr. Paul McGowan:

They do. We do not have a view on the hedging policies of independent entities. When it comes to gas prices, Bord Gáis Energy hedges. It typically hedges at least a year in advance but it does not hedge all of its fuel price. It hedges various tranches for various periods of time. When we come to set the final price of gas, some fuel needs to be hedged and hence the price can increase or decrease. For every day in the year the amount of gas it has contracted in the wholesale markets will never exactly meet its demands. It will always either be selling into the spot market or buying from the spot market on the day. There can never be absolute certainty over the price of gas.