Dr. Paul McGowan:

We do not get involved in hedging strategies, macro or micro. That is a matter for the players in the market to determine. They have a variety of tools available to them, such as proxy hedges. For example, as the cost of electricity is so closely linked to the price of gas, they can back off some of their price risk in the electricity market with the gas market. There are also hedging tools available within the electricity market such as two-way and one-way contracts for difference, CFDs. In fact, the capacity remuneration mechanism operates on a one-way CFD basis to protect those who are-----