Could you explain that point further? We're not very familiar with this, as it's early in our research. It would be useful if you could elaborate.

The marketplace is dominated by British Gas as a supplier for new boiler installations. After British Gas, there are a few notable names, but the market is quite fragmented and dominated by local and regional providers. This dynamic hasn't changed for years. Besides British Gas, companies like HomeServe and Hometree operate in this space, but none match the scale of British Gas for boiler installations. British Gas benefits from its extensive heritage in gas, broad brand recognition, and trust.

I have a couple of follow-ups on that. One is about who will service the other side when it comes to electric heating options. Who is responsible for doing that?

Traditional boiler manufacturers like British Gas, Vaillant, and Baxi are also entering the heat pump market. They recognize the change coming and are serving that marketplace. However, it seems more reactive; they meet demand as it comes to them. In contrast, companies like Hometree and Octopus are actively trying to take a significant foothold in this area. I expect continued M&A activity in this space.

That's helpful. I wanted to switch gears and discuss your time at HomeServe. I understand the business model is somewhat unique, with an insurance aspect tied to it. I want to understand the types of businesses HomeServe was trying to purchase. Was it B2C, and what types of services were they providing to the end customer? What were the margins of those businesses, and what type of multiples were you seeing?

Within Brookfield's ownership, there's a very innovative, forward-looking organization. I expected them to couple that with HomeServe's market position in the UK, the installation capability that HomeServe had through Help-Link, and Brookfield's capabilities with BOXT. They could really deliver the heating-as-a-service proposition to the marketplace. However, I haven't seen it happening. They still seem to follow traditional routes with gas boiler installations. I wonder whether the market is ready for heating as a service or if the starting point should be social housing instead of homeowners. Brookfield has all the capabilities to deliver that within their investment portfolio, so I continue to watch it closely.