cer, page-28

Blastoff,

Replying to my own last comment:

I wish to add that "implied" staf costs could be built into the managemetn fees paid to CNP from CER coffers. On this basis, perhaps if CER staffed itself up and could reduce management fees to CNP (if these fees included labour/time costs) then maybe CER's expenses wouldn't increase.

However, I don't think any of us have this level of detail provided to us in those glossy annual reports.