Is it accurate to think that there is a percentage of people who are quite sticky and don't shop around much, while another significant portion of the market calls around every two years for the cheapest deal?

The most sticky customers are typically older demographics who have been served by the company for a long time. They won't look around if Flogas treats them well and doesn't aggressively increase prices. They know they are profitable, and we can continue to service them. It is very stable. We are very conscious of price increases to avoid attrition of these stable customer bases.

Is there a significant inflow from oil conversions where you might lose them on the Certas side but gain them back on the Flogas side? Can you discuss that dynamic? Is it a major source of growth for LPG, or has it diminished?

The reason I mention incremental profit is that propane is more expensive per unit than oil and less energy dense. The equation is that you could serve the same number of customers by transitioning them from oil to gas, but you need to sell more product at a higher price. By doing this, the company was forming the idea that, although one entity's volumes and profit might decline, it would be more than offset elsewhere. This led to the development of revenue-sharing agreements to align incentives and ensure everyone was working towards the same goal.

I wonder if the business dynamics make it easier to maintain margins on the commercial side, given the low churn dynamics and the fact that the company owns the tank, which increases switching costs. Do you think it might be easier to continue driving pricing on that side compared to the bulk residential business, which might find it harder to maintain margins over time?

It really depends on the customer mix, especially on the residential side. Everything tends to be fixed price, and it is largely a race to the bottom. Even with two-year contracts, you cannot really fix them for 24 months because competitors won't allow it. Typically, you can have a 12-month fix, and prices after that can decrease. When renegotiating a contract or considering leaving, pricing tends to decrease.