Is the boring but dependable utility sector still the best place for your money during a downturn? (If nothing else the annual dividend would soothe the pain of household power bills.) Last week the UK government warned that electricity and gas charges would have to rise for years ahead to pay for cuts in carbon dioxide emissions. Meanwhile, the European utility sector, after five years of enjoying the benefit of degregulation and rising power prices, now trades at a 35 per cent premium to the broader market.

That all sounds pretty good. But it seems remarkable to assume that power prices and, hence, generator profits can rise indefinitely without any effect. Even if governments do not step in to force more competition on prices, thermostats will be turned down, insulation added and Aga’s replaced. Demand will adjust.