Mr. Paul McGowan:

I do not know which way this will go with regard to shale gas or any alternative source of gas in the Irish market. The vast majority of our gas comes from the UK National Balancing Point, NBP, which is the main liquid hub for gas. We price against this. I expect any new source of gas will mark to this market. Having cheap gas from a source would not necessarily mean the market price for the gas was cheaper. Certainly it would compete against the NBP price but it does not follow it would be substantially lower because it would be priced against what was available elsewhere in the market.