Ms Aoife MacEvilly:

It is a three-year cycle that we look at every single year. When we were setting the PSO levy for this current period, it would have been the full year or two years ago, and we look at this year gone by when we are doing next year's PSO levy.

That is a constant part of the PSO levy calculation cycle. There is an estimation forward and a look back to see what was actually earned and to make sure that nobody earned more than they were entitled to or, indeed, less. There are sometimes corrections in the other direction. Regarding RES, there is a different approach to the payment of support for renewables. It is seen as a two-way contract in which, once the price suppliers earn on the market goes above a certain level, that will automatically be clawed back. That is a feature of the design that has been built into our PSO levy calculations and will be in the future.

Separate from that, the Deputy is probably aware that work is going on at EU level. The new EU regulation I mentioned is where the EU as a whole is looking at setting a reference price for companies that are generating on the market, which are being paid the higher prices but are not facing the higher costs gas generators are. That is referred to as an inframarginal rent cap. Again separate from the PSO levy, assuming that package is implemented or accepted through the EU processes, we will be implementing something of a similar nature in Ireland.