It it remains to be seen whether they are going to be safety case or performance standards or what kind of regulators they are going to be. Norway is another great example. Colombia has a terrific regulator. Those are other countries that have done this well. And on the fund, i think its pretty much only norway that has done this with the kind of political independence, fiscal independence that mexico has done. I think its worth spending a moments talk about the regulator. Thats the key element right now i think in this. The question a the lot of us have is we have a very small, underfunded commission at this point in time. And in a relatively short period of time, were expectings them to either find the Human Capital or resources in mexico or bring them in from outside. And thats the real danger, i think, here. And david said it very well. Is commission going to be allowed to recruit internationally . Will it have the resources to do it . Is it going to be an attractive enough proposi
Budget. Thats the number in 2013. So what we are going to do in the future is that base of the budget coming from oil will remain constant. And the way that it will stabilize our finances. The mexican finances will not be suffering from lack of money. So we have a constant of 4. 7 . After we reach the 4. 7 the rest of the money goes into longterm savings. That, up to 3 of gdp. Once we reach 3 of gdp we put that in the bank. Then if we assume theres another dollar that comes additional to the first, it is defined in the following way. At least 40 of that new dollar goes again to the savings account. That means we increased the savings account until it is is reached from 3 up to 10 of the gdp. Every year we get at least 40 cents of each additional dollar back to states. This is very important because we are thinking of the future. Once we achieve that, the next step is up to 10 of the additional dollar will go to the universal pension fund. Agile, mexico is the creation of a universal pe
Important Political Parties have proved their reform. It has over 20 state legislatures. I think that shows leadership. Now with the polls, it really depends, as in many important issues in public policy, what type of questions you ask. If you describe the benefits of reform of this type, the majority of the feel that are in favor of paying lower costs in electricity or gas. If you want to privatize pemex, you have a high response of no. But this reform is not pemex. Its natural gas in mexico and that will decrease the costs of electricity through the process that we have discussed before. So i believe that this reform as it evolves it will show the benefits to the mexican people. We have also been very careful following the instruction of the president not to establish a timeline that its not going to be achievable. We believe that as david describes accurately that its going to take time. And the constitutional reform establishes already a timeline. We are going to follow it. We can
Minister decides, relatively autonomous. How big is the dividend going to be . Be government is still going to be relying on amex in the early years. In a put the money in the upstream rather than the downstream . This remains to be seen. The sixth is trusting the market. If it turns out the best economic proposition is to import gasoline, will that be ok . The seventh is local content. There is talk about the need for local content rules. What will they be . Will be like brazil . It is not intended to follow the brazilian model. I think there are for terminus opportunities for mexico were. First, it is to be best in class. This is a government and do structural reform and move quickly. Among the other countries, it implemented well. This will move mexico to the class not just in energy, but a country to invest in. The second is prosperity. Obviously if this work, you positive traits for manufacturing, job creation, and in terms of Energy Investment if this model works away it is desig
Expect because of that. A question on nuclear if i may. Based on what you said, is it correct to surmise that your forecast for nuclear includes no additional new construction . No additional new construction. There are couple of plants that are already under construction. There are four, and there are one or two more [indiscernible] but i think it is probably fair to say that you are not going to see a huge increase in the overall capacity numbers for nuclear, that new growth is going to be just about enough to offset the retirement. It adds a little bit. I think those numbers last year we had nuclear expanding by a little bit and i think this year we have nuclear contracting by a little bit. A question on Carbon Dioxide emissions figure. I think you said we are down nine percent now from the 2005 peak. Im just curious why 2005 was a peak year, considering it was two or three years before the economic downturn. What caused emissions to decline from 2006 onward . It seems almost like t