Mr. Kevin Brady:

I will speak briefly on this. Mr. Maughan has spoken about an emission reduction fine of between €6 million and €13 million. We have a 16% renewable energy target and we are projected to reach approximately 13% so we will have a three percentage point shortage. The very large figures the Deputy quoted come from an initial estimate a number of years ago that had a range of between €65 million and €130 million per percentage point, so we would need to multiply them by three. We do not know what the cost of purchasing the statistical transfers from other countries might be. There have been limited trades so far and those costs have been approximately €20 million to €25 million per percentage point.

That would give what is very much a ballpark estimate of between €60 million and €75 million for compliance with renewable energy targets. That would be on top of what Mr. Maughan described. I stress that we are basing those estimates on a trade that was done between two particular countries and we do not yet have certainty on it.