Thank you for an excellent summary on energy efficiency. This area is of major concern for the MNA Region which is perhaps the only region in the world that has shown an increase in energy intensity over the past decade. Several of the countries such as Saudi Arabia, Bahrain and Morocco have embarked on programs focusing on energy efficiency. EE is a major area of support that the Bank is being asked to provide the MNA region -- a program which we are doing with the support from the anchor. One question for you: when is the price of energy a binding constraint in creating the appropriate incentive for increasing energy efficiency? There seems to be an assumption that regulatory intervention on the supply or demand side can have a significant impact on energy efficiency independent of the price of fuel or electricity. Does the global experience offer any lessons on this particular issue? Or is it that regulatory interventions create the political economy space for price alignments that strengthen the energy efficiency agenda? Or put more broadly,of the suggested tactics you have outlined, which ones have the highest impact and which ones need to be implemented in combination to have an impact?
What are the lessons from implementation?