Casey Handmer

We're not going to run out of natural gas at one gigawatt per year indefinitely.

Okay, what if we're doing five gigawatts per year?

What if we're doing 50 gigawatts per year?

What if we're doing 100 gigawatts per year?

You can just break the situation.

Does that make sense?

Not to reach prematurely for analogies, but

But Henry Kaiser set up the shipyard in Richmond, just down the road here in San Francisco, over near Berkeley, and initially making ships for the British.

And then by the end of the war, four separate shipyards operating in parallel, to the point where he was bottlenecked on his supply of steel, because steel was rare enough in the war, because everyone was using it for different things.

that Kaiser Industries went off and built not only a steel mill, but also a steel mine.

They went and started digging rocks out of the ground to turn into ships.

And it's the same sort of situation you have here where these massive industrial verticals, and here I'm quite bullish on XAN in particular because the Elon Cinematic Universe has just done so much industrial stuff compared to the Googles and Metas of this world.

can kind of reach all the way through down into primary material supply if they need to.

They have nuclear as well.

They have gas.

They have coal, all kinds of stuff.

And actually, this price here is probably driven...

more by the delivery cost growth than by the generation cost growth, if that makes sense.

So when you pay your utility bill, the cost is sometimes broken down by like a delivery cost and a generation cost, sometimes importation costs and things.

And so the delivery cost is the cost of basically what it costs the utility to build and maintain all the power lines that connect