Ms Aoife MacEvilly:

I will round up the previous question by saying that I do not think what we were talking about was at odds with what the Chairman has said or that these matters are mutually exclusive. We can combine ensuring security of supply with huge ambition for decarbonisation. We truly believe that and I underline that point.

On the price review, we certainly did not give EirGrid and ESB Networks everything for which they asked. They asked for a lot and they asked for it all up front. On both operational and capital expenditure, we either cut what they were looking for, imposed efficiencies or implemented an agile investment framework. Investments that are less clear at the outset are allowed to be brought in later if they proceed at pace, rather than paying for it all up front. What we have done is a good balance.

The scale of what the network companies now have to deliver under that price control is enormous and it runs across the board, including putting smart metres into people's homes, the technology involved, building out the grid to enable and support electrification and some transport vehicles. That is a real issue at the distribution level because we are going to be using electricity in different ways and at different times compared with what has been done before. We are asking them to deliver significant additional network infrastructure. It is important for people to understand that means transmission lines that will support both renewables and security of supply. There is considerable ambition in that five-year price control. We always knew it was a stepping stone to the next five years because it will step up again in the period to 2030. We will continue to impose those efficiencies and incentives for the companies to deliver more, faster and with better value. We also expect them to introduce innovation in the way they do it because they are going to need new technologies to deliver on some of the performance indicators.

The Chairman also asked about microgeneration. I note again that the policy decision has not yet been taken by the Minister and the Department. Our view is that the export guarantee should be around a market-based price. We have not set a range of prices or made any analysis of that as yet. We are awaiting the outcome of the decision but that is our view.

The economic driver and incentive to invest should not be from exports. At least two thirds of a household microgeneration installation should deliver energy to that household so that it is getting cheap renewable electricity. That is the key driver and incentive for investing in microgeneration. The ability to export is a small additional payment that recognises the benefit of that microgeneration. In fact, in many cases, we may also encourage customers to think about battery storage to power their microgeneration. That electricity might be of greater benefit to them at peak times when it is being exported. There would be different options around incentivisation for customers. I will hand over to Mr. Gannon on the issue of targets.