The Smart Grid Industry is very fragmented but our recent research shows that in the space of 5 years M&A have grown from $134 million in 2007 to $10.6 billion in 2011. Both the growth and now scale indicate the supply side is gearing up to meet the requirements for new technology and forecast demand for pure Smart Grid products and systems that could be worth a cumulative $2,000 billion over the next 20 years. The rate of growth in demand for Smart Grid in 2012 is expected to fall marginally in Europe and at best level off in the USA, whilst Asia will continue its upward trend and therefore world demand will remain buoyant. So this business looks like an attractive safe port in a storm for investors.