Mr. Dermot Nolan:

When we came to make the final decision more than one month later, wholesale prices had risen significantly. The mechanism is consulted on and agreed. Bord Gáis stated that the actual price would need to be higher because wholesale prices had changed significantly in the previous four to six weeks. In reality, Bord Gáis sought 9% rather than 7.5%. In the same period we made significant cuts and knocked €2 million or €3 million from its supply costs, as it was a difficult time for people with increasing bills.