The Chairman has asked us to consider two decades of regulation but, in dealing with energy regulation, I have to look much farther back into the past – some fifty years – to see the present situation in context. Regulation of the two energy utilities is bounded by much wider regulation of all the energy industries, the so-called “energy policies” that British governments have almost always had. Over the last few years, there has been a move from minimal energy policy constraints to a state in which those constraints are once again binding, indeed dominant.