Energy Power Resources is at the forefront of the renewable energy market with one of the largest and most diverse portfolios of plant in the UK, having generated over 10% of the UK's Renewables Obligation electricity during 2003/04. Given its breadth and depth of experience and array of generating technology, it is uniquely placed to command a pre-eminent position in this new and exciting market place. Founded in 1997, EPR has grown rapidly to become one of the leading renewable energy generators in the UK. With its acquisition of the Fibrowatt Group in 2002, the group's history and experience date back to the early 1990's. In March 2005 Energy Power Resources was acquired by Macquarie European Infrastructure Fund (MEIF) Renewable Energy Limited. EPR's Biomass experience is unparalleled, owning and operating five large biomass fuelled generators with a history of proven innovation. For instance, our plant at Eye was the world's first to be fuelled by poultry litter; our Fife plant was the first to utilise fluidised bed combustion for burning a similar fuel and our Ely plant is the world's largest to be fuelled by waste straw. Given the array of fuel types the company utilises, it has grown the knowledge base required to economically procure such fuels and commercially manage the supply chains associated with them. It is the scale and diversity of the company's asset base and fuel types coupled with the innovation to exploit these economies of scale that is the heart of EPR's competitive advantage. Together with our successful track record of innovation and success in organic and acquisitive growth, EPR's small team of professionals also have a reputation for reliable plant operation. Our plants achieve consistently high load factors and our programme of securing IS0 14001 Quality Standard has been achieved at many of our stations to date. The activities of the Company are strongly supported by Government policy. The Government has introduced an incentive mechanism, the Renewables Obligation (RO), which results in a premium being paid for renewable electricity generation. Each renewable generator issues ROC's, which are sold to electricity supply companies in order that they can meet their obligation for the proportion of supplied electricity generated from renewable sources. The obligation increases annually in line with the Government's target for the UK to generate 10% of electricity from renewable sources by 2010 increasing to 15% by 2015. There is a further target of 20% to be achieved by 2020. Currently renewables represent around 3% of electricity generation so the targets will be very challenging to meet. All of our electrical generation is eligible for ROC's either directly or via NFFO contracts. Through innovation, hard work and professionalism the company believes it has built a foundation for substantial growth in a rapidly developing marketplace by building on its already substantial position, knowledge base, achievement record and dynamism providing a vital contribution to the UK effort to combat global warming and climate change.