 Before I started to put into context some of the remarks I'm going to make let me give you a quick overview of the Royal Bank of Canada. We're probably the largest bank you've never heard of in the 15th top global bank in the world with Canada's largest bank. And we very much take our Canadian heritage as part of our services to clients going forward. Our heritage in natural resources, in energy and in infrastructure. We have 70 global professionals who advise corporates and funds on buying and selling either the companies or the assets that sit behind those companies in the infrastructure space. On the corporate side we have advised clients like SSE on the disposal of some of their wind farm assets. And also here in Ireland we advise Bourd Gauch on the sale of its energy business in 2014. And we also advise a lot of the pension funds and infrastructure funds who are looking to acquire these assets right across the infrastructure space. i gael gyn dryf yn ychydig o'r rhan o gyflwypo a gywir o gymrychiio'r gwybod. Ym hanfyd, ryw gael gyn y gŵr o'r penderfyniadau i現l ym Y Europe. Byddwn ni'n ei wneud sawan gwyfamin iawn i gael gysgwyno a gwasanaethau yn gweithio y byd yn y fyddiol yn gweithio'r llaw gennaed yn p�А. Byddwn ni wedi gweld ei wneud ar y cerdd, mae'n gweithio ychydig gyffredig yn cael blaenntau sydd yn gweithio'r gêmach sydd yn cael ei wneud yn cael llwynt. We're seeing, in some countries, nuclear either being progressively phased out altogether or old generators being replaced over the long term with a new generation of reactors going forward. Importantly, we've seen those changes in the technology mix, leading to expansion of small-scale, decentralized energy generation which can appeal directly to the consumers as well as we've heard. This investment background really reflects three areas. On the evolving market, regulatory conditions we've heard of, we've got the push-pull of trying to keep down costs for consumers but trying to ensure we have security of supply. We're seeing the environmental controls on the levels of emissions that we have in our European nations. We also see the financial incentives have been put in place to invest in low-carbon generation. It's these that are attracting some of this low-cost capital into the energy sector. Emery mentioned in his earlier address about the impact of the eurozone crisis on the European utilities and I don't think we can underestimate that standing where we are today in 2015. We've seen since 2007 this massive fall-off in the market caps of the European energy utilities. They've fallen by more than £330 billion so if you take EON for an example that means they've moved down from a market cap of close to £90 billion to £17 billion today and equally with RWE you've seen the move from £52 billion of market cap to £7.5 billion today. Their balance sheets therefore are under pressure, the rating agencies are looking at their credit ratings and they're much more constrained in what they can do as part of this expansion of the energy generation landscape. In particular, they're constrained to follow through on some of the blue sky thinking that otherwise sits within some of these very progressive utilities as well. So there are very large investment opportunities for investors and they're very attracted to that but they sometimes find the interplay between the markets and the EU and national level policy complex and making what would otherwise be a very attractive investment environment somewhat more uncertain. So how do you attract this low-cost capital into the energy sector? The good news is that certain sub-sectors of energy are now seen as very much core infrastructure. So we have pension funds for instance who are keen to acquire long-term investments to match their long-term pension liabilities attracted to opportunities in renewables, in transmission, distribution and even into some of the midstream energy infrastructure that some of the oil and gas majors are now disposing of. Capital is currently in plentiful supply. We are in a low-cost interest rate environment. Investors are looking to directly invest in real assets in order to improve their returns. So we saw in 2014 about 750 infrastructure deals closed across the globe and that's about $450 billion of investment. And we also have a very competitive and liquid debt market post the recession and post the financial crisis that's available to support these buyers. So together with a low-interest rate environment we're seeing some very attractive valuations for some of these yield-based assets across the mix. And we've also seen the re-emergence of some of the public market. Institutional investors now interested in finding ways to directly invest in infrastructure. So we've seen the emergence of some of the yield codes in the US which have faltered over the summer but also here in the UK and also in Spain as well. But we have to remember one thing. These investors have lots and lots of choice. They are looking at all of the asset classes across the infrastructure space. So we advised recently CDPQ, a Canadian pension fund who bought a 25% stake in London Array for $1 billion. But at the same time they were looking at Eurostar and acquired that and they also have made an investment in Heathrow Airport. And it's the same fund manager that's looking at all of those direct investments. So we have to be competitive and we have to provide stability and predictability of revenues and costs and most importantly a supportive regulatory and political environment. I put a chart up here just to flag some of the key, the general drivers of financial investors risk appetite and if we take just the column on the left, the low risk end of the spectrum, we've seen recently investors in the current low interest rate environment buying at its historic lows. So we're seeing pension funds looking at regulated entities, transmission, distribution, some solar within that as well, which have inflation link revenues, strong cash yields at levered nominal returns of 7% to 9%. It wasn't long ago that some of the utilities in the debt markets were having to borrow rates not dissimilar to that. And even when we move up to more medium scale risk, wind farms, biomass, we're still seeing returns of between 9% and 11%. So again, still very, very competitive to what we've seen in the past. And we're also seeing lots of new entrants. So we've seen a rush of the Canadian pension funds move out of some of the other parts of the infrastructure space like water utilities into some of the renewable energy generation. I've mentioned CDBQ, but we obviously also sort of Brookfields come in and acquire Vorgos's renewable energy business here in Ireland as well and a mix of investors across the whole piece of the energy sector. So moving on to some of the challenges that do exist though and I'm going to make two snapshots points for discussion. One is on conventional generation and the other is on renewable energy. Firstly, on conventional generation, it's quite clear that there is a mid to longer term requirement for new facilities, but the signals are currently on pricing are currently insufficient for financial investors to invest. We've got low part spark spreads, we've got full in output, we all know why, we all know the history, but even if you look at the predictability around spark spreads looking to recover over time as demand picks up or as old plants are taken off the system, we still have continuing uncertainty about what prices they're really going to be able to achieve with the influx of renewables on the system and also what load factors they're going to be able to achieve as well. Capacity mechanisms have offered some certainty, but not all and certainly not to the level that some new entrants were hoping for. So in 2014 in the UK we saw an auction take place of capacity auction, but the clearing price was below the annual fixed cost of most existing plants. So those plants are going to have to secure other streams of revenue in order to ensure their economic availability really from spark spreads and from system balancing services going forward. And then we look at challenges for renewables. I think in the past renewables were really seen as an invest and forget class of assets, so investors put in the upfront capital outlay, it was over a long term, they crossed their fingers, they hoped the weather would perform and they got a fairly dependable cash flow. But we've seen upsets, as we've mentioned in Spain in the past and we're seeing in the UK recently, the government changed the climate change levy and take away the lex, which has meant for most of the investors a 10% drop in their revenues. And we've also seen political uncertainty and other people have mentioned about the change of heart and the Tory party and around there about onshore wind and lots of people have put a lot of money into development that are suffering lots of pain at the moment. And then going forward I think we're seeing many projects facing the beginning of power market risk which was unusual for some of those who perhaps had attractive feed-in tariffs in the past. And the trend towards top-up tariffs has taken away some of that market protection. So suddenly we're seeing generators directly exposed to balancing risk which they're not really equipped to understand or take. And we're also seeing some basis risk on the generators ability to sell its output at the market reference rate, whatever rate that's been set as the price for the top-up tariff. And then going forward, you also see the potential for some negative market prices which will take away some of the volume certainty that those investors had relied upon in some of their base case. So renewables will still be a massive and significant area of focus for investment going forward. The scale of offshore is very attractive to these investments equally onshore and solar. But these risks aren't straightforward to a set as the market changes and I do think you may see some of the recent valuations and very high prices being paid impacted because of that. So what are the challenges for the next decade? How do we create a positive investment environment for energy going forward? I think certainty is key. Capital is attracted to certainty and any signals that governments can give about the extent of the commitment it's going to support and also the types of technology it would like to have as part of its overall diverse generation mix are going to be very important for investors. I think one thing that's always ignored as well is investors very much focus on the long-term marginal costs as well when they look at their base case business plans and I don't think there's enough sharing about some of the experiences that we are having particularly in some of the new technologies and I take offshore wind as an example where we really need to share the experiences we have in terms of the costs of maintaining and the performance of these turbines that are far out to see in order to ensure that the investors reach their return thresholds and get confident to bring their IRR requirements down. Finally, I think we've talked a lot about some early-stage technology about some consumer-led technology. It's still very challenging for these types of large-scale investors to invest in and we still need to be open that we need government support in some of these areas and the Green Investment Bank in the UK has been quite helpful in terms of funding some of the earlier-stage technology in order to get investors comfortable to come in behind them as the maturity of the technology is proven. As we look at the demand side going forward we've seen a lot about consumption reduction for consumers we've seen lots of inspirational ways that consumers should manage their own efficiency going forward in their desire to do that and also demand control in order to match generation patterns but we have to be innovative about thinking about large-scale opportunities that we can attract this low-cost capital into in order to make them part of the story going forward as well. Thank you.