Target $18.72, page-4832

Your hypothesis then is that we have to be patient, with the 2023-24 winter in Europe to be challenging for energy supply. I do not like making assumptions but as of today the prospect of the Russia-Ukraine war ending is low. Economic sanctions in previous settings elsewhere have lasted for 16 years on average, so hard to see Europe purchasing energy from Russia in the near term.

But then so might the summer although having stayed in European three-star hotels for a few weeks late in 2022, a majority continue to lack airconditioning. If every residential and commercial premises had this, demand for energy would be even higher.