Mr. Tom Gillen:

I am in a slightly different position because Energia is just entering into the residential market, so acquisitions is where we are at now. We have had to hedge quite far in advance to get into this market. When we entered the market in January 2014 we were starting a year beforehand and there are good reasons for that. We have to fix prices and we have to know what our profit and loss is going to be. Movements in commodities prices can put companies like us out of business, so we do not take risk on this aspect but price changes will be reflected. Energia is new in the market so we have to offer price as an incentive for people to switch. It is a very competitive market and all of us will have to reflect the cost if we want to keep those customers. While there is a lot of switching in the market many customers have not switched and we need to do something about that.

In regard to businesses, the large end of the market is more sophisticated. We do offer products to the smaller customers, we have very small customers on variable products and some like it. Most SMEs however like the fixed prices, as do most domestic customers.