I should have also added and - the greater volatility and lag...

I should have also added and - the greater volatility and lag between the Japanese LNG Spot price and the 3 month delayed oil based contract price for LNG. is a factor in the LNG/WPL price performance gap.

I can't see the Asian country customers not wanting to lock in additional future supply contracts for LNG given the uncertainty of timing and cost of future green energy solutions to replace LNG. It is not a question of either or yet as there is an energy need to be filled. If they have no contract they will be held to ransom by increasing seasonal LNG prices while the oil price falls due to EVs.

So I think WPL is undervalued by the market.