Alex Turnbull

For example, aviation fuel is already getting very tight and very expensive there, though it's not quite as dire as Asia just yet.

People who use a lot of gas in their power grids.

So Italy is getting hit very hard.

Germany, because they don't have enough storage and they shut down their nuclear.

Scandinavia is fine.

Lots of nuclear, lots of hydro.

Spain, mostly fine.

Portugal, fine.

France, mostly fine so far.

I think that, yeah, I mean, you'll almost certainly see that everywhere.

I think in the short run, to attenuate this shock, you install solar and batteries with your ears pinned back.

And in Asia in particular, they're now restarting a lot of nuclear.

So in Korea...

Japan's got an enormous amount of nuclear they can restart, and they've already been doing that for a few years, but I think that will accelerate.

Taiwan is finally taking that seriously.

So I think there'll be a massive response there.

But yeah, I mean, this will lead to more demand for Chinese products.

The interesting question for Europe is,

past the immediate crisis, do you then want to ensure you have the industrial capacity to produce these goods?

Because otherwise you've traded one dependency for another.