Mr. Dave Kirwan:

The numbers discussed with the Commission for Energy Regulation were broadly in agreement. The proportion of the end price for electricity impacted by wholesale gas is around 30%. We all buy differently but we all buy in advance. At the end of 2014 there was a trend downwards, a significant movement in the curve, but in the period December 2014 into January of 2015 a pre-market situation prevailed. When we returned after Christmas and reviewed the curves we saw there was headroom to pass on a reduction in the unit price to the consumer and we moved promptly on that basis.

We have not bought out completely for 2015. It is difficult to do that as one has to buy in slots and it depends what is available in the market. As a result, Bord Gáis Energy is still buying over the course of 2015. If there are further wholesale reductions in the next couple of months we will be able to procure that and feed it in.

Currency has been mentioned as a factor. Unfortunately the euro has continued to weaken against sterling. In the last four weeks we have seen a 5% weakening. That sets off against the wholesale benefit. Currently for every percentage drop in wholesale, one loses about one third of that on the sterling to euro conversion. That is a challenge for us. We will watch the wholesale prices, we will buy in over the next number of months and if the savings accrue over that time we will be seeking to try and pass that benefit on towards the end of 2015. We do not have a crystal ball on it.

Nobody anticipated the earthquakes at the gas field in Holland over the last couple of weeks. That can add 2% or 3% to the price in a day and it takes a while for that confidence to build back in to the market place. Bord Gáis Energy will publish its monthly index which is available to everyone. It can be seen in an objective manner where that movement is going and where sterling comes into it.