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Regarding the residential side, once you factor in those oil conversions, would you say it's a 0% business plus?
There is still some growth potential because there is a cost associated with installing heat pumps. Much of the market consists of asset-rich individuals with off-grid properties in the UK, who may not have £5,000 to £10,000 for heat pumps. It depends on the government grants available, which I believe are back now. I would still expect some growth. A few years ago, the numbers suggested organic growth of 5% to 6% across the business, focusing on switches, which would drive more growth than organic switching from other LPG sources.
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UGI, the US company.
When I left, Flogas had grown to 37% to 38% of the market. Calor had decreased to 42% to 43%, and Avanti had also moved up slightly. Flogas's focus was on being a strong number two. They didn't want the whole business; they targeted certain profitable segments. They pursued the profitable cylinder business and commercial business. They focused on domestic switches and grew by converting people from oil to LPG. Instead of competing with Calor, they were expanding the market as a whole.
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