Dr. Paul McGowan:

I am happy to take the Deputy's question on hedging. As a regulator, we look at the EU framework in respect of hedging, but to make a general point, a fundamental part of competition in the supply market is how suppliers hedge. How they hedge can vary depending on the tariffs they offer. For example, a supplier may predominantly offer dynamic tariffs, which are in their infancy. As that supplier becomes a much more dynamic pricing-focused supplier, its hedging requirements differ considerably from those of a supplier with a large swathe of customers who want fixed tariffs.

Any intervention should be made with great caution. One concern is that we would stifle innovation and competition in the market, leaving us with a homogenous market, whereas the idea is to try to ensure that suppliers are competing. Part of the way they compete is the products they offer and the way they hedge those products in order that they can beat their competitors on price.