This brings a more commercial focus in terms of the price of electricity and the balance between that and a proper return on the investment being made. I am not sure if there is a programme in terms of IPO. The Minister may correct me but I presume we are going down a route which ultimately will see the company privatised.

It would be important at that stage that market forces would regulate. I cannot envisage an IPO where the revenue of the company could be restricted in any way. We are changing from a very restrictive regime to a somewhat more flexible one and I wish to elucidate further information on that point.

The 5% shareholding would be worth, according to KPMG, about £10,700 to each employee. That is at today's values and that is if the company were floated. In the meantime, the employees can trade internally within the company. As I told the House earlier, management and unions have asked that privatisation be put to one side for the moment. They need to implement a liberalisation programme between now and the year 2005. We laid out 30% last year, 40% this year and 50% for next year, and then 70% and 100%. Thankfully, we are ahead of Europe for once, and we are not being reprimanded. When all that is done, I expect they may return to that topic. Legislation dealing with the ESB includes this Bill and that dealing with the regulator. The next Bill will be to make the company a plc. That will clearly give it a commercial mandate in a free market. The onset of liberalisation will mean that the company is moving away from a sheltered environment and it is, thankfully, moving away from the era of hand-holding.

I thank the Minister for bringing the Bill before the House. We have had a good debate and Senator Caffrey made an interesting contribution. The Minister has given the House an insight into the Government thinking on what is a most essential national utility. I compliment her on taking a significant step forward in the development of this company. She is to be complimented on all her work. She has responsibility for a number of semi-State companies which have varying levels of performance and she has been very diligent in her duty to ensure that they are all ship-shape. Her work will come to fruition when many of these companies are flag-bearers in the public sector as public companies for many years to come.

I thank the Minister for her attendance and for the brevity of time with which the Bill was dealt with in the House. I thank her for her comprehensive response to Senators' speeches because we do not always get that in the House.

I thank Senators Caffrey and Walsh. I have adopted the habit of taking points from each speech during the passage of Bills because a point becomes more obvious when one listens to someone else making it. I thank you, a Chathaoirligh, and the Whips for the assistance in allowing the Bill to be taken so speedily.

On a personal note, this is my first time in the Seanad since my bereavement. I thank you, a Chathaoirligh, and the Members of the House, for the public and personal condolences to me. I was a Member of this House and that sense of being a Senator has always stayed with me. I am very appreciative of the sympathy shown to me by the House.