Dr. Niall Farrell:

In that context, people respond to the duration of incentives given. The response to a short-run spike is usually a short-run accommodation of change. We have not got to the stage where we are starting to think about Ukraine-related price increases in the long run. Perhaps, at present, it is more a case of a short-run blip and people trying to get through the current period. Anecdotally, that is what we have observed. I do not have any evidence to back this up but, anecdotally, it can be seen that there is more discussion of alternatives, such as EVs, solar and so on, in the home. If we start moving the conversation towards a more long-term change in prices, it would be expected that responses would be more in the line of long-run switches.