 Thank you, Mr. Chairman. Ladies and gentlemen, thank you for inviting me, especially I heard that you were sponsoring. I had already the opportunity to be invited by Dermot and the Honour to be on a customer day, which shows a transparent TSO should be and is in Ireland. So in 15 minutes talking about the power system in Europe is quite a challenge. So I will focus to only four topics. So let us start immediately. First of all, what is NSOE? 41 members, 41 companies, only a few of them are, this is going a little bit too fast, only a few of them are listed on the stock exchange, but this is clearly something that is going to happen most probably also in the future. 34 countries, so more than the European Union, it means all the interconnected power systems in Europe, which shows that, I'm really sorry but this stuff wants to get me out of it very quickly. So basically we are a child of the European Commission and especially of the third package, not the association of course, but the responsibilities we have. When you see network codes, network codes is the same as the codes that you have to follow when you take your car, but in this case it is for the use of the power system, not only the network but all stakeholders will have to follow these codes and we were given the responsibility to draft them, which is rather unique in Europe and I would dare to say even in the world, of course, they need to receive approval from the regulators, from the commission, from the member states in the commentology process, but nevertheless we were given this responsibility. Ten year network plan is really important in order to identify not only for us, of course, but also for all the stakeholders, what we need to build and when and where in order to make the integrated market a reality. The other points I will not go through, it would take me too much time. Now Jean was referring to this nice Excel sheet, basically what's important to notice there is that for us as an association it means 90, more than 90 work groups and as you can see, 19,500 mandates a year, which is a tremendous effort from our 41 members and we are very fortunate to be able to use the knowledge and the expertise of more than 300 experts in our association, otherwise it would just not fit. The reason for that is that we are trying to build an integrated market based on 34 different power systems with different rules, different history, different economies that have been started more than a century ago, so going together into the same direction is easier said than done. Now let's talk about the new energy mix and I think this is the most important part of my presentation. First, what are we talking about? This is roughly for the European Union, the total power, not talking energy here, the capacity available in the year 2000. As you can see, PV is nearly nothing, at least not visible and wind is only a small slice. This is in the year 2000. Now we move to the year 2010. As you can see, wind has already taken an interesting step forward in only 10 years and the system is not being based on variable generation. And then of course PV is taking already an interesting share. And now 2020, this is what we contemplated for 2020. A quarter of the power installed, capacity installed in Europe will be of variable nature because this is the generation output is influenced by weather constraints which is quite different from the other part of this pie chart. And this is not the end of the road. If I try to have a look now on the results coming from the European Wind Association, you can see basically that the year 2020 is only middle of the road of what they contemplate as being feasible in terms of wind, both onshore in dark blue and offshore in yellow blue. So we are facing with a totally different power system in the next 20 years. Now the consequence of that of three different times. The first one is that the way we were used to manage energy flows through all Europe is going to change tremendously. This is a typical case where France is exporting its nuclear power. Then this is the case where we have a lot of wind energy coming from northern Germany. The peak generation in all Germany happened to be November and December last year. And now you can have also the situation where you have both nuclear and a lot of wind in the UK and Ireland, providing of course there are connections, but I heard that this was clearly on the road. So the way the large flows of energy will move all over Europe if I try to make it as simplistic as possible is like that. You have a lot of wind in the Irish, the North Sea and the Baltic Sea, a little bit in the southern part of Europe where you have solar. And then you have also hydro power. Hydro power, why? Because you need the flexibility of hydro power to try to balance variable generation with viable demand. What are we talking about with these nice arrows? North-South we talk easily about 6,000 to 10,000 megawatt, the equivalent of 10 nuclear power plants. This is not a small amount. And you have immediately to take into consideration that if something fails on this nice interconnection, then the system needs to be able to still work without having the light going on out. Now the second part is what Jean was referring to in his speech, the tremendous evolution towards generation embedded in distribution networks. I like very much the slide from Denmark. This was a few years ago and I think all of our systems can be represented like that. A few power plants, whether in this case gas or biomass or coal or whatever. This is the typical way we were contemplating a power system the last century. This is what it has become in Denmark today. And I'm not showing here the equivalent of the million residential customers Jean was referring to making their own generation. So obviously you do need to be an expert in dispatching to understand that running this or running this is quite a different world. So we are confronted really with a revolution not only of the power system itself, the energy mix, but also how you run the system, how you develop the system. And finally the next part is the impact on the merit order. This is Belgium in 2020 and without going into the detail of it you see in the yellow what we expect to have in photovoltaics a little bit more than 1.2, 1.3 gigawatt. Then you see a little bit more than 5 gigawatt of wind. Then you see biomass, cogeneration. And then you see in gray what's left of the nuclear because three of them, three of our seven nuclear power plants will be shut down by that time knowing that the gray will completely disappear in 2025. The green are gas power plants, but be careful they are not there, they are not yet built. Only a small part of this nice rectangle exists today, most of them still needs to be built between now and 2020. Then you have our hydraulic pump storage and then you have peaking unit and what's left over totally at the end on the right side of the existing coal and gas power plant, the oldest one. So now let us imagine that we are in a day close to the maximum demand, I think today could be a good example. So this will become like that. This means that all the power plants which are in the gray area are not used, they are producing zero. And we only need what's on the other side and it's especially of course chosen to be a sunny day with a lot of wind. It happens in Belgium really, like it happens in Ireland. Now, well sometimes, sometimes. Now of course if I try to put myself in a situation where there is depression coming over Belgium and you know in the eye of depression there is no sun and there is no wind, then this is going to happen. You suddenly need to start all these gas power plants that we do not yet have and then you need to import. You saw the small part in white, I show it again, I love it, I spend some time doing it. So I show it again. No, it doesn't want to by the way, I'll try again. So you will see here so you will see here that if I would be an electricity island here I have a problem because I have not enough generation in hand. So what I need to do is to act on demand on that time. So we may laugh a little bit on that but there are two issues here. First is that those plants are not there yet and two, I need pretty good interconnections because I need interconnections either to import or to export and I need them for half an hour, one hour, two hours, three hours a day, two days depending on weather concerns. So now am I talking of something that is just dreaming? This is forecast also for Denmark. I have the same figures for Germany. I just said didn't have the time to update it for today is that you see that in 2008 the demand which is in red with respect to the wind generation which is in blue there was an overlap only a few 200 hours a year. So during 200 hours a year either you can export or you have to shut down something and renewables because you have already shut down everything else at that time. Now in 2025 for more than a thousand hours I will have more wind than the demand locally so I will have to act on the renewable generation. Is this foreseen today in the subsidy mechanisms? Of course not and the ultimate problem where I want to come is that who is going to build those green gas power plants you show on the previous slide if the price on the market is driven by the marginal cost of renewables which is very low and for us if the subsidy mechanism for renewables is driven by the energy that is produced and injected in the network how are we going to ask those owners to reduce their output because we will immediately act on the money they receive of course. So they will not be that excited. A way to solve that is to increase your interconnection and when sometimes people talk to me in conferences by saying oh you don't build enough enough connection because all of your members are not entirely unbundled this is not true anymore ladies and gentlemen whether we haven't been or not all TSOs are facing with this story and the only way to keep your reliability as we are used to for many years now is to increase your interconnections and I will now talk about the interconnections. First of all the market Jean made a reference to the market model I was not so long ago in the United States and this is really unique we are there clearly in advance of anything that happened in the in the United States in the sense that we have a market model where we define how we should do everything that's happening in the forward market this means not the physical delivery and the different steps they had today for tomorrow intraday during the day itself and then balancing and then demand side management and distributed energy generation we have defined in the context of the Florence forum together with the market parties the commission the regulators we have defined what we believe is the best market model for the time being I'm not saying for the next 2000 years I'm saying the best market model for today because of the previous slide already said that the way subsidy mechanism is for renewables is is is applied today in Europe is not sustainable by itself the more you have of course renewable so this model of course is is what I call the software where are we with the software practically this is what we are doing in terms of their head market coupling the blue started operation last year and showed tremendous good price coverage including after the decision to shut down eight nuclear power plants in Germany it showed that the largest the market provided of course is good is a good interconnection capacity the best you can achieve in order to have a reasonable evolution of the price even if you have major disturbances and the target is now to go to go even further to increase this with load flow based I will not go into the detail although if you ask me I love to but I will not fit 15 minutes chairman so you see here that we have already a nice step forward and we expect by within the next two years that most and most of the countries will become blue in their head is one thing an intraday we're also working and you see that the deadlines to start some kind of intraday in the central west european and northern west european is the end of 2012 so these days are very short term so you see that the software is moving pretty quickly now the question is do we have the hardware to make it work and Jean was referring to the energy infrastructure package where there are a lot of very good initiatives taken by the commission in order to allow us to build those those assets I will show you a few examples is it sufficient well Jean knows that I will say no I'm asking of course always a little bit more than the major uncertainty we have in the short term is permitting I know chairman I know is is but you have to take out the problem of the machine and and also the fact that on the long term we need to ensure that our companies remain attractive for for investments this is what will be presented it's a draft result so don't don't believe this is final version will be published with the the second version of our 10-year network development plan in June of 2012 you can see that we we contemplate for 2020 something around 100 bottlenecks and you can see them roughly on this chart but what it means when I go in terms of investments we need we talk about 42 000 kilometers of new lines 14 percent more than 14 percent with respect to today and this was the result of our first study and already today we are now talking about 50 000 kilometers so the more of course the energy mix are changing the more in their connections we will need and this this amount of money does not take into account the grids in the sea or what is called the electricity highways of the future when you see those numbers we will need to work together with financial partners I don't believe transmission system operators would get the money by themselves so finally Mr chairman I want also to leave a message is that don't ask us transmission system operator to build the ideal network because the ideal network does not exist we only can try to figure out the best we can where we need to build the network interconnection and increase capacity because as you see most of the constraints are moving by the time whether where the plants are the energy mix but also the price differences of the future without taking into account all the new things coming out from the commission including the roadmap 2050 which of course will have to be taken into account so if you have children don't hesitate to send their resume we are not without work for the next 30 years thank you