Mr. Eamonn Confrey:

I thank the Minister and the Chairman. To explain, three or four years ago when projections were being made about what the cost might be, Sustainable Energy Authority Ireland, SEAI, had projected that it could be somewhere between €65 million to €130 million per percentage point. They were very preliminary figures and were guesstimates at that time. We then had a couple of the other deals come into the markets. Luxembourg was probably first into the pool in 2017. More recently, on the €110 million figure the Chairman referenced, the Comptroller and Auditor General issued a report in September of last year in which he and his team had estimated the figure at approximately €110 million. The Chairman rightly asked how we arrived at a figure of €50 million now. As I said in an answer given earlier, part of the reason is because of supply and market force. The Danish deal that had come into the public arena at €12.50 euro per megawatt hour put a frame on the price.

Everyone has commented that although a very significant amount of money is being paid over, it could have been an awful lot higher given that we are one of a number of member states that is in deficit. Unfortunately, in that situation one is at the mercy of those that are in surplus and therefore can drive further price. I hope this answers that piece.