Ms Karen Kavanagh:

In the context of an annual review, we will have set within the context of a five-year framework the total revenue for that period and we profile it over the years. Annually, we will look at the allowed revenue for that year and consider all of the other impacts that would adjust that particular year. We will not have perfect foresight about inflation figures and demand forecasts. There is a correction factor for if we made an estimate in the previous two years that was above or below what it was. In that case, there is a correction that comes through. We will look in detail at the revenues and make a decision on the total allowed revenue for that year. We will then instruct the network operator to calculate a suite of tariffs in line with the approved methodology to recoup that amount of revenue. We would not, as a matter of course, do a detailed audit of their internal tariff model.