Gas demand in 2014 is forecast at 69 bcm a decline of 19% from 2013. Declines have been across all sectors but particularly the non power sectors a result of mild temperatures. With oil price falling below US$70/bbl expectations on future spot gas prices in Germany have also reduced. But oil price is not the only element affecting gas prices with prices increasing some 30% since June. We continue to expect prices to increase in the period to 2018 before greater supply competition emerges.