Mr. Jim Gannon:

I thank the Senator. As an independent regulator, we are always cautious and we do not predict the future of retail prices, because that can set an expectation that retail suppliers follow. We are very cautions about not doing that. I note wholesale gas prices are down, but are still double what they were before the crisis. That is notwithstanding the response of the EU with regard to demand, alternative supplies from countries other than Russia and how that price passes through. We cannot predict when that will come through. We feel there are still savings that will accrue and be passed through to the retail sector, but we do not believe at this point in time, given where the wholesale gas prices are, that electricity prices will go back to what they were in, say, 2021 given gas remains stable, which perhaps reflecting the invasion still being under way and the volatility of that.