 Okay, I will speak about the regulation on guidelines for trans-european energy infrastructure, which is subject of an agreement between the parliament and the council since November 2012, and which has to be finalized by the Irish presidency, by the way, and it's subject to an opinion by the parliament. So we hope this regulation to be enforced, let's say, before June this year. And the Connecting Europe Facility is another important regulation which is still under discussion, and of course the main topic there is what amount of money will be devoted by the European Union to the infrastructure in the field of energy, and you have seen that last European council two weeks ago, there has been difficult agreements where the Connecting Europe Facility with covering transport, energy and telecommunications has been cut from 50 billions to about 30 billions. And energy where the commission had proposed 9 billion, a bit more, will receive, if the parliament is approving this, 5,126 million. So still very substantial amount for what we want to do, and that is what I want to explain to you how it should work. So I think there is no doubt about the fact that we need more infrastructure in Europe, but sometimes it's not sure, while people dealing with gas will tell you, well, do we need more gas? Will we consume more gas than today, given our ambitions to reduce fossil fuels? And in electricity, do we not have enough overhead lines and all these things we do not like? So, well, the answer is yes, we need more infrastructure, because we want to integrate much more our national markets of electricity and gas. We want to create a real solidarity between all the member states, looking at the lessons of the euro, I think, so we need not to make the integration of the system without ensuring the safeguards and the main safeguards is to ensure the security of supply in the field of energy. So that should be our driver. And so all this is a subject of the energy infrastructure guidelines, and I will try to explain you all this. So this is just to tell you about the need for this infrastructure. We want to eliminate bottlenecks, but not only. I think that if I see Ireland, Ireland is not suffering from bottlenecks, it's probably suffering from isolation. And the question is, would it be good for Ireland to be more connected to a United Kingdom or to France or even to Spain? So this is, I think, for a country like Ireland, of course, an important question. You did already something in connecting with Northern Ireland with the oil island approach. But so if you look, of course, at the continent of Europe, this question of interconnecting more is quite valid, and there the question, I think, is even not to be put. Because now it's quite clear. So the, and so he has identified all these bottlenecks on the European map. And they are coming from security of supply issue or from renewable energy issue or from just ensuring the integration of the internal energy market and then trying to identify the reason why there is a need for more infrastructure. But all these three aims are, of course, intertwined. You know that our energy policy is based on competitiveness and that is really integrating the internal market and getting the best price of electricity and gas by ensuring that you are optimizing the resources inside the internal energy market. We want, of course, to integrate renewables because that is our low carbon economy ambition. And we have, of course, as I said already, to ensure security of supply. So if you look at gas, this is absolutely obvious. Of course, Ireland was not concerned. But I've always had Ireland in mind, and I think I made a presentation here on security of supply earlier. Since January 2009, we have seen that the lack of infrastructure in Europe was the main reason why the disruption provoked by the Russians in their dispute with Ukraine by interrupting gas deliveries to our Eastern European countries was the reason of major damage for these countries. So this was really a wake-up call. And the fact that you could not move gas from West to East, for instance, and there was plenty of gas in January 2009 on the West side, it was not possible to transport this gas to the Eastern European countries. And no, this is possible because we have ensured the reverse flows of West to East. And we are still to work on a number of interconnectors and no source and source no interconnections. But if you look at the consequence of this lack of infrastructure, Bulgaria today is paying its gas 52% more than the Germans. This is, of course, absolutely not acceptable in the European Union today. So this is just because there is a lack of infrastructure, there is not a liquid market which has been created like we have now in the Western side, so there is there a major challenge to tackle. So and of course the first challenge is the investment, who will pay for that? And you see here that it's clear that there is, sorry, where is the laser, the pointer, you see the difference of level of investments between the period 2005, 2009 and 2010, 2020. So there is a need to catch up in terms of investments and that means we need to incentivize as much as possible the investments in the field of infrastructure. It's also important to see that the investment in the transmission of electricity or of gas represents a very tiny part of the electricity or the gas bills. So it's not this 1%, but in principle in your bill of electricity 50% is a commodity, 45% is a distribution and 5% is a transport. So if you are making economies in the transport of the electricity that is only 5% because it is regulated and the regulators are under heavy pressure from the government to keep the price as low as possible, you probably make a mistake because you are preventing the benefits to come under the price of the commodity. And so because you are preventing competition to take place and that will have of course a major impact on the price of the commodity. So this is where we think that it's very important to look at the infrastructure because having a small investment, well it's a big investment because we are talking of hundreds of millions for an interconnector or sometimes billions, but this infrastructure will enable really more competition and more integration of the market and at the end a better price of the commodity. So this is what we are aiming at and when we are talking about this investment of 200 billions up to 2020, it's 1% of the electricity bill or all accounts up to 2020. So it's just to give you a relative order of magnitude and of course we are speaking about billions, that's of course impressive but you need to look at what it represents in the whole picture. So that is what we are trying to tackle with our draft regulation, I spoke about this. So what is now really the feature of the energy infrastructure regulation which has been agreed and where we intend to have a process according to which we are able to identify exactly what has to be done at the European level, so what we call the identification of project of common European interest and this is where we need to address these projects because these are the most difficult because usually they are the cross-border so in other words you have to match two systems, at least if you are talking about the pipeline crossing five countries like Nabucco for instance, you need to ensure a coherent regulatory system for in the five countries to regulate the same pipeline. This is the same for electricity and more and more electricity interconnectors have of course distributed benefits on several countries, just take the North Sea offshore grid. It concerns seven, eight member states and you have to deal with seven or eight regulations, we are still with national regulations, seven or eight transmission system operators and so on and so on. So it's clear that we need to facilitate this identification of project of common interest and to give them a kind of boost so that the investment will be made. And so if you recognize the project of common interest you will benefit an accelerated permit granting which is a nightmare for many promoters of projects and we want to limit that to three and a half years through the establishment of a one-stop shop in each country and with a number of features there which are helping the project promoters to make their dossier complete as fast as possible and to be helped by the authorities to see what they want and on which basis they will make a decision. And this is not meaning that the public will be, let's say, avoided in this process and to the contrary it's very important that the project promoter is preparing its project in such a way that he has looked at all the alternatives and is able to say this is the project which has to be pursued because we have looked at all the other alternatives and these alternatives have these pitfalls and so on. So this should be explained in public. So that is where we say there need more participation to accelerate the permit granting. I think the Dutch are very good at that. The Dutch have done great things in this field. They had an overhead line crossing North South Netherlands and they were able, Tenet was able to achieve that in a very couple of years by really having demonstrated the need for this and so you need to demonstrate the interest and you need to be able to explain that publicly. Then these projects of common interest will also have an improved regulatory treatment by, of course, having this project looked at by the regulators. As you know, the regulators are setting the revenues which will be given to the promoters of projects for the investment to be made. Sometimes there is a need for incentives and very often we have seen for that interconnectors or infrastructures difficulty to just give, to be realized because the regulators are taking a narrow view and say, well, I give you this return on your investment and they are not considering the risk which may be linked to a new technology or to the multinational dimension. So this is where we need to look at that and the Italians, they are the best. They have, for the most difficult project, they have agreed to give a 2% or 3% additional incentive in terms of return. So this is their best practice. That is where we may really push with best practice. And the cost allocation is another major issue which is to see who will bear the costs and of course this should be done according to those who will benefit from the project. And this is not always easy and with renewables, wind and sun coming from everywhere in Europe tomorrow, it will be more and more difficult to allocate the cost according to the benefits. So again, a North Sea offshore grid is a good example there. So we want to find a solution to tackle this problem. And then if this cannot be regulated properly in terms of ensuring that the project may take place, we will look at financial support from the EU with all financial instruments or project bonds or loan guarantees and so on. And ultimately grants for those projects which are the most difficult and where there is clearly a positive externality and where we think that it should take place and where we have not been able to solve the problems over there. So that is what is in this regulation and it is very ambitious and it is based of course on the third package of the internal market where we have created the tools and so we as an important tool and the Acer, the agency for cooperation of energy regulators. Now looking at the approach we are following for the identification of project of common interest, we have a regional approach. This is also new and revolutionary because it means that all the countries concerned by a region have to get together and to agree on a list of project of common interest. And as I said normally they will look at projects which are interconnecting two countries or more or also possibly to one project located in one country but which has an impact on other countries. Well you may take an LNG terminal, an LNG terminal at least on continental Europe as an impact for also other countries of the country where it is located but you see that this is really trying to create a consensus, a multinational consensus at regional level with all the parties concerned. For electricity we have these four major regions, the northern seas of Shortgrits, Ireland is concerned as you know, BEMIP is the Baltic area and then also Sinterkonexion Western Europe and Ireland is also part of this one and also Sinterkonexion Central Europe is part of the eastern part of Europe. And we have then two horizontal priorities, first electricity highways, sometimes also called super grits is something which is quite speculative but which is subject of very serious work by NSOE at the moment and where they are looking at the feasibility of superposing a grid ensuring long distance transport on the existing grid. So for instance going from Norway to Italy or from Northern Africa to Central Europe and so on. So this is really long distance transport. I may tell you I was in China last week and they have no problem with this. They are building transmission lines of 2,000 kilometers having 1100 kV so this is at the moment the highest in Europe is 780 or something like that. So the Chinese are already at 1100 and they could have cables of 10,000 megawatts so this is really huge and as a Chinese thing to link China to the European Union I think we should not be too narrow in our approach on the electricity highways. But I think this is clearly a very big challenge. Smart grits is the other way around so you take from the distribution level how can you make the system more intelligent and we are of course working very hard at the moment on smart grits which are mandated by the third package at least to be rolled out by 2020 under certain conditions. For gas oil and CO2 transport, well let's say for gas we have about the same type of approach. Certain gas corridor is new that is bringing gas from the Caspian Sea to the center of Europe so Turkmenistan, Azerbaijan, possibly Iraq, Iran one day and so on. Then we have again the Baltics. We have the North and the connections Western so you see who are concerned and also North-South central Europe. There we have also an horizontal thing which is the possible network of transport of CO2. Should carbon capture and storage see the day of well the be created one day or commercially viable which is not sure at the moment. We have done a lot of effort on carbon capture and storage but nowhere at the moment is it really taking up because it's too expensive and the CO2 price is too low. So that's the 12 priority corridors we have or issues we are dealing with. Now as I said for the process of identification we have the first starting point the tenure network development plan which is to be established by the end source and so you know European network transmission system operators for electricity and for gas. They have their way to do it. Their cost benefit analysis is a very important tool for them to and Leonardo you will tell us about this and they have done already a number of efforts but it's not at the end. Then the project promoters have to come with their projects. They have to meet the criteria and also to have a cost benefit analysis for their project. The national regulatory authorities are concerned in the process and they will check the application of the criteria the cross border relevance. The regional groups which are made of the TSOs, the regulators and the member states representatives and also and so and Acer and possibly some important stakeholders will have to evaluate the project to rank them and to adopt the regional list. Then we will ask the agency of cooperation of energy regulators to give an opinion on the regional list and particularly to look at the cross regional consistency. To ensure that the European level we do things which are consistent and that the regional projects which are adopted there are not conflicting or creating problems with other regions and then at the end of the European commission we'll adopt a union wide list of projects of common interest without ranking and according to a procedure which is also involving the member states at least they have the possibility to say yes or no and the qualified majority will be applied there. So that's the process. It seems to be a long process. I just want to say that we have started the process already before there was an agreement on the regulation last year and we expect to be able to have the list by June this year and to have it finally adopted before the end of the year. That means on time for the entry into force of the connecting Euro facility on the 1st of January 2014. So the criteria here I think I don't want to speak too long and I suggest that my slides would be distributed and you will see much more but I don't want to enter too much into the details on the criteria. I spoke already about what we have also the permit granting and so on. On the connecting Euro facility there is still under discussion and I think that you need just to retain that there will be for this project of common interest once they are on the list there will be able to receive grants for studies and financial instruments and in exceptional case grants for works and that means when the CBA shows positive externalities when it's commercially not viable but it remains positive externalities which may be for instance security of supply. The typical examples do the Baltics need an LNG terminal to enable them to bring gas from other sources than Russia and so that is really a positive externality but it's not commercially viable to have an LNG terminal in the Baltic states. And then the cost allocation decision has to be done would be interesting also in the Baltic case Finland, Estonia, Lithuania, Latvia, maybe Poland are concerned so the LNG terminal will be located in one of these countries. How do you allocate the cost according to the benefits of this infrastructure? So these are really issues which have to be looked at but it's just to say grants for works from the connecting your facility will be really for a limited number of projects and there are strict conditions. So I will stop here and of course ready to answer questions but you will see all my slides and with a number of other issues and I think we may go to the next step. Chairman if you alone. Thank you very much for your attention.