Mr. John Melvin:

With regard to T-3 and T-4 winners in the auction, the auction is held ex anteand everybody understands the rules. The rules of the auction are that it is not index linked. The auction clears, and entities participate, on that basis, understanding those are the rules of the auction. At the time the T-3 auction was undertaken, it was significantly in advance of any events surrounding Russia-Ukraine.

When the T-4 auction was taken, it was in the context of the events surrounding Russia-Ukraine. People who bid in those auctions under the rules thereof had the choice to bid or not. The auctions do not have an indexed mechanism. We have a duty to have competitive auctions with comprehensive outcomes as best we can. Rules of auctions need to be understood and are understood by the bidders at the time they bid. Events can overtake things. In that light, there is a capacity market code which governs the way auctions run and capacity market payments are made. There is a proposal to be considered with regard to indexation along the lines the Senator has described.

We have an accelerated reporting regime available to all the T-3 and T-4 entities to come in to meet us, the Department and EirGrid and explain to us any issues they are having. Not all entities participate in that but all are welcome to do so. If any entities have concerns about barriers in their way with regard to developing their T-3 or T-4 auctions, they are welcome to come in to that process. We will engage with them and, in a whole-of-system way, do what we can to ameliorate any concerns they have about developing their projects.