Damien Jordan

Because, you know, it doesn't seem like that far-fetched.

Obviously, it happened.

And I know people at the time were like, oh, he's parking tanks on the border, but he's not going to cross the border.

And then it was like, oh, he did.

But it doesn't feel like that big of a surprise as an event.

Because mortgage markets stress test post 2008, don't they?

They will say, oh, what happens if your rate goes up by a large amount on top of the current amount?

I would think from an energy regulator perspective, you would go, what happens if...

supply, we lose 20% of supply, you know, because the Strait of Hormuz gets blocked up or because Putin invades Ukraine.

Was that not like a question that they were asking prior to those events?

It's very vulnerable to shocks.

You know, things can happen on the other side of the world that impact people here.

So you need those stress tests.

But just to clarify, why did they all go bust?

Because they're making lots of money, and then obviously the prices go up, but why can't they just survive for a little bit?

What was it about the war that made them all go bust?

Isn't it kind of like a risk of business?

This is, you know, in many other businesses, you wouldn't be protected from that kind of cost shock.

You would just have to absorb it, right?

So could you explain the price cap in a bit more detail?