Mr. John Dempsey:

From the utility perspective we are firmly of the view that the money we have spent to date on the programme, and the amounts yet to be spent, will deliver value for money for the customer. They are absolutely necessary to establish the utility. We are of the view that when the CER reviews those costs it will find that they have been appropriately spent and that they represent good value for money from a consumer or customer perspective, and that they will be allowed in what is called the regulated asset base.