Timeyin Akerele

caused trauma for any sector.

And as I say, we've learned the lesson of that.

We now have really clear monitoring of all the suppliers, energy suppliers in the market, and we require them to meet capital requirements and to make sure that they are that much more resilient in case there are further shocks in the market.

So I guess...

One of the things that organisations all need to think about is what are the risks that can hit a market?

And I think we hadn't.

I don't think anyone had really anticipated that risk.

In retrospect, it looks like, oh, well, it could easily have happened.

But I don't think people were expecting that.

And the scale of increase in the prices that happened as a result of that invasion, it was like rolling the oil crises of the early 70s and late 70s, both oil crises together into a single shock and all focused on the gas market.

And so that was...

That was a really unprecedented hit that hadn't occurred in gas markets as long as they had existed, to be honest.

It wasn't really integrated into our regulatory regime at that point.

But we now have exactly those sort of stress tests we've learned from the financial sector.

It is a different sector.

And you don't have that sort of regulation across every part of the economy.

But I think the energy sector is important enough to justify that sort of extra regulatory burden.

And we've now seen why that is necessary.

Yeah, so it's a sort of interesting interaction between the rising prices at the time in the market and the price cap.

So the price cap was six monthly at the time.