In that respect you're known for advocating a new system that you've called an Energy Clearing Union. Could you describe to us the mechanism behind that?


So a Clearing Union may thought of as a legal framework within which financial obligations are created, exchanged and settled.

The approach to clearing I advocate does not envisage a central issuer where all the market risk is concentrated, but is rather a framework agreement providing a mutual guarantee of credit obligations created and issued by producers and accepted directly -- `Peer to Peer' -- by consumers.

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