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Annual Energy Statement

The key in any market is to ensure that it is properly competitive. I am absolutely in favour of shareholders, particularly since they are usually our pension funds and our insurance companies, making the best possible return in a competitive market. That is why we are stressing the key competitiveness requirements of the wholesale market and the retail market. When we get that right, we will have the assurance that the rates of return in the marketplace for the big six and, I hope, for the new entrants to the market will be fair, precisely because they have been earned fair and square in a competitive market.