Ian Johnston

I think they could lead to changes in how Europe gets its energy.

We saw in 2022 that not only did Europe move away from Russian gas, it did significantly build out renewable energy infrastructure.

It is still getting a lot of gas from the US and was getting some from the Middle East as well.

If you look at energy prices in the likes of Spain, where they've got loads of solar and wind power, in France, where they've got lots of nuclear power,

They are better prepared for this crisis than some of the other countries in the bloc that are still using lots of gas, for example, Italy.

So whether these demand reduction measures work is probably an open question and it could be a temporary demand reduction.

But I think on the long term, there is going to be more momentum for those cleaner energy forms.

Thank you.