 Thank you very much, Lim, and thank you very much for the invitation and the opportunity to be with you here. This is not the first time I'm speaking from this place, and I always enjoy to come to Ireland and to discuss energy policies is a real pleasure, especially after the explanation given by Dermott about the progress made by the East-West Interconnector, where the EU has put 110 millions to support this project from the European Recovery Programme for Energy. So I think if it is a success, and we hope to see it as a success in September this year, I think that's a great venture between a country like Ireland and the European Union, and I think that's exactly what we need to show also to our citizens to show how there is added value in the European Union work, and of course it is not in this house that I have to plead for that because that is the main aim of this institute. So I will try to give you some idea about what's happening in Brussels at the moment, the field of energy, and particularly how we want to implement this famous internal energy market, which we are trying to build by the way for more than 20 years. You know that we had a very nice ambition led by Jacques Delors in the late 80s to complete the internal market by 92, so that is exactly 20 years ago. And I had the pleasure to work for the Commission for 25 years and to deal with network industry, and I have to say that the network industries are the most reluctant to go towards the goal of the single European markets, and this is true for railway, this is true for energy, this was true so for telecommunications, but technologies have made them without frontiers I think, and so we are still struggling with these network industries, particularly with energy after three packages of legislation, we are still there. So it's clear that we have not yet completely masterised this whole process there where we have of course a major ambition which is above the ambition of creating the single internal market that is to move to a low-carbon economy because that is really where the Europe has decided to be a leader in going towards a low-carbon economy, and we need there to bring so many changes across the value chain and that this is a real challenge, and you see that this challenge we are trying also to promote it at the international level with some difficulty. So this is of course leading to repercussions on our ability to deliver at the European level because there is also a lot of resistance if Europe is to go alone, that is it worse for 10% of the world emissions to do all these efforts, but we believe that it's worse to do these efforts because it should give us also a competitive advantage at the end, but not everybody is convinced about that and we need indeed to show that it can work. So energy is at the core of this program of moving to a low-carbon economy, and you see that when we are dealing with energy we have all these segments in the energy sector where we have a different approach and you see that generation normally is a competitive activity, but if you look at all the subsidies which are given to a number of fuels in this generation sector you wonder whether you have a level playing field. Trading is the wholesale market where clearly the third package is making a lot of progress and there we see a lot of progress in the wholesale market. Transmission and distribution are regulated business and we are regulating at the European level particularly transmission because transmission is a usually long-distance transport while distribution is left a bit aside and I think that the distribution will become more and more important especially in the view of the rollout of smart grids which are not dealing only with distribution but with the whole chain because we need to create a new exchange pattern between all these segments with the smart grids and then we have the supply where also there is competition. But so we are trying indeed to master all this process and to have clear rules and this is what it is about and of course we are struggling with all this for a number of years and I think that we will make progress in the coming years because we have no choice or heads of state and government they've said you need to complete the internal energy market by 2014. So going to Ireland we see that electricity supply and demand in Ireland is of course a bit contrasted because of the economic crisis so you may have the impression that you are comfortable because you have had a fall in demand because of the economic crisis or maybe also because of the mild weather although you have had some peaks with cold winter recently and you have ambitious targets I think these targets there are quite ambitious 16 percent of renewables in your energy mix by 2020 that is in eight years time where you are at a moment that six percent I think something like while in electricity 40 percent would mean doubling from the 20 percent you have today and I've seen today you are just having 20 percent from renewable from the air grid table and you have indeed already a lot of installed wind capacity and you have there of course a projection of increase of consumption which mean if you have to match that with more renewables you have clearly a number of challenges to address and the challenge there will be in terms of investments and you see here a comparison of the investment needs in terms of electricity networks and you see that for Ireland we have plus 230 percent in terms of investments to come and this is from a study made by Roland Berger to prepare our infrastructure package and I think this is showing the challenge you have so you need investments and you need to secure these investments but there are other countries which have much more to do than you are so there are some who have to increase by 300 percent their level of investment so but we know that in European Union in general there is a need for a major step change in the investments to be done in comparison of the last 10 years for the next 10 years now that is why the Commission has proposed a infrastructure regulation which is to replace the present decision on the Trans-European network for energy and there we have looked at the priorities for Europe in terms of electricity and gas and also on CO2 transport and some oil aspects but here I just look at electricity and we have a number of priorities in the field of electricity at the European level first one is the Baltic energy market interconnection plan dealing with the Baltic states and all the countries around the Baltic Sea we have the North-South interconnections in Western Europe where we may see also Ireland as part of it and the North-South interconnections in Central and South-Eastern Europe which is going from Poland to the Adriatic Sea and then of course we have the Northern Seas offshore grid the S after C is important as you know because this is covering clearly the sea surrounding Ireland and it was an express recommendation of Ireland to add the S to the C so you are fully part of this major project of the Northern Seas offshore grids which is gathering nine member states plus Norway and then we have some horizontal priorities which are the smart grids and the electricity highways so we have regional priorities there which may involve a lot of member states and even neighboring countries like Norway and this is also rather flexible because if there is a need to enlarge these groups for obvious reasons we will do it and we have of course priorities which are covering the whole European Union and beyond smart grids part of the European Union electricity highways there we are going from the far North Europe up to southern Mediterranean and you have heard about a project like Desert Tech and which is aiming at bringing solar energy from the Sahara to the European Union well the long-term project I think but maybe Daniel will speak about the electricity highways and what and so we is doing in this field but these are our priorities which does not mean we have identified the specific projects there and this will be done later on in regional groups which will we will set up this year basing ourselves on what is existing I don't know see or show great and other regional groups and to identify project of common interests now I would like also to have a look at the 2050 roadmap which the Commission has tabled in December and which is no subject of scrutiny by the European Parliament and the Council and the conclusions by the Council are expected in June this year so what does it say this roadmap of course is just an exercise to see what kind of things could happen if we have some scenarios there occurring this is not forecast the roadmap is not forecast we are working with different scenarios to see the sensibility and the difference between these scenarios and we have looked at what would happen with current policy initiatives what would happen if we have high energy efficiency or whether we have diversified supply technologies like carbon capture and storage or high renewables or delayed carbon capture and storage or low nuclear so all these scenarios show us that by 2050 in any case we'll need more electricity so that is the result of all the scenarios we will have more electricity in the energy mix and we will have more renewables and we'll need more energy efficiency so that is the mantra for the next 40 years and that can lead to what we call no regrets action that is we need to know today where to invest and what to do if we want to meet these conclusions and clearly the well-functioning internal energy market is absolutely key if we want to reap these objectives of having more renewables and being more efficient it is the internal market which should deliver these goods and we need to invest more in infrastructure and that is quite clear we have more renewables you need more infrastructure for transmission of the electricity and probably also in the distribution level and energy efficiency in any case is always a no regret action so because the energy you do not consume is the best energy so that is quite clear I think for everybody now we have the another mantra on our table which is the european council conclusions the internal market should be completed by 2014 so as to allow free flow of gas and electricity this should be based on market coupling and flow based market coupling and also on guidelines and network codes to to guide and well to be binding also on the TSOs across Europe and we think that completing the internal market as I said will indeed help us to meet our greenhouse gas emission targets more efficiently it will also it should bring benefits to the consumers which is something where we have to work hard to also to show the benefits of the internal market for the consumers there are so many components in the price of energy for the end consumer that I think the consumer today does not realize necessarily that the internal market is bringing benefits but I think that if you look at the price of the commodity it has been very stable thanks to the additional efficiency brought by the internal energy market up to know but you have a lot of other things like taxes and so on which are making the price looking higher than it should be and of course we do not master the gas the gas price which is indexed on oil price so that is of course there a clear issue we are aware and of course we need to also to try to reduce the price volatility to the benefit of both investors and consumers so I think that we have a clear ambition and objective set by the European Council which will be monitored by the European Council each time the European Council is meeting this is a feature also of the European Union energy is discussed by the heads of state and government at each of their meeting and I think that is showing how energy is seen as an important component of the European policy so we have this ambition and I should say also that we have to remove energy islands by 2015 whether Ireland and UK are still energy islands in the European Union maybe discussed of course but I think we see also this ambition of removing the energy island so bringing the energy islands into the European market is an ambition for 2015 very short time to create more interconnections what we have done already in gas particular we had the gas crisis in January 2009 which led to to create more of the connections and where we have also now market coupling in the central western Europe and the Nordic states where we do not see any more adverse flows so that's I think a very important consequence then we have of course to implement the second and the third internal market package regret of course that last Friday we had to bring UK and Ireland to the court of justice for not implementing the second package and the third package by the same token for not using properly the gas pipelines between Northern Ireland and Ireland and also between Scotland and Northern Ireland where the capacity according to us is not allocated properly and the use could be improved and for the benefit of everybody but I hope that we will see an arrangement there which will enable us to remove the referral to the court of justice which has been decided last Friday so this is an issue of course implementing all the legislation is a big issue we have a lot of infringement procedures going on still on the second package but we have also no transposition of the third package coming in and we hope that the rules we will become clear and create a level playing field for everybody so this is about market access independent regulations very important for us that the regulators may act independently on bundling well another important issue because we want to have clear rules and responsibilities for the manager of infrastructure independent for any producer I think an issue also in this country and network codes this is something Daniel will develop I think and that means there is a lot of work and I just show you this Gantt chart showing all what is going on at the moment and what we have to do by 2014 don't try to read it just to give you an idea that it's very important so I that will be explained by Daniel Dobini better than I can do on what it means in terms of creating the electricity market according to the target model which had been agreed in the Florence forum and so this is an example of what can be reached with flow based market coupling as we see in the interconnector utilization between Germany and Netherlands and I think this is showing that a much better use of the interconnector with the market coupling and then the target model to be implemented I think this is showing you what has to be followed to achieve that at the end we want to have network codes which are binding on all the the users and this will mean of course a lot of work to be developed by ENSO then Acer coming in the agency and then the commutology with the member state so we have always these three logi of the TSOs the regulators and the member states to to agree on the network codes which will be the binding rules for the market later on so this is a huge work which we have to do in the next two years then we have of course to ensure the harmony of SEM that is your market and the internal market at the European level I don't want to enter into all the details there but there was a consultation paper last week you have mentioned and I think we will look at that and see whether we may indeed bring forward both systems together so that this will be fully in harmony and for the future and I finish here chairman we will see more and more of course cross-border impacts of national decisions on energy mix or a security of supply aims clearly the german decision to phase out nuclear very rapidly this year has been a wake-up call for all the member states showing that any national decision has major impact on the neighbors and the question is should such national decision be taken without a preliminary consultation with the neighbors to assess the consequences and this is something which will be done through the electricity coordination group which has been set up recently where we have the member states regulators and and so to discuss this and then of course we have to go towards 2050 and to integrate our system much better as I said and to ensure full participation of all consumers small-scale energy producers I think we see that you know that in France there is already one million consumers already producing their energy one way or another by themselves this is a new challenge which we have to tackle and we have also to ensure that when they are subsidies they are made again against a coherent european approach this is very important I think because otherwise we have a problem level playing field in a more and more interconnected network so a lot of challenges but I think the good news is that everybody is behind it and working towards the goal thank you very much for your attention