Dr. Paul McGowan:

Yes. It is important to remember that at the core of the original liberalisation of the market was the belief that there should be cost reflectivity in the short-term and long-term cost of electricity. At the time, I would say it probably reflected the short term rather than the long term. Huge investments were required. Rather than prices being forced up to create competition, prices had to rise to generate the investment that was so critical to an ageing and ailing infrastructure.