Doug Burgum

It's nothing short of that.

Well, if you were to ask me what's the thing that keeps me awake at night, this is the issue. And it's so thrilling and refreshing that you understand the scale, the magnitude, and the importance of the AI arms race, which is really driven by access to electricity. And China last year... brought on 94 and a half gigawatts of coal powered electricity. One gigawatt is Denver.

Well, if you were to ask me what's the thing that keeps me awake at night, this is the issue. And it's so thrilling and refreshing that you understand the scale, the magnitude, and the importance of the AI arms race, which is really driven by access to electricity. And China last year... brought on 94 and a half gigawatts of coal powered electricity. One gigawatt is Denver.

So they brought on 94 Denver's just last year. That's more than all we have today for all of California and all of New York is less than 94. So they added a New York and a California worth of electricity last year, just from coal. They're still getting 60% of their baseload from coal and people, people may, they stop listening when they hear the word coal, but coal is,

So they brought on 94 Denver's just last year. That's more than all we have today for all of California and all of New York is less than 94. So they added a New York and a California worth of electricity last year, just from coal. They're still getting 60% of their baseload from coal and people, people may, they stop listening when they hear the word coal, but coal is,

From an electricity standpoint, thermal coal is fantastic base load. It has all the characteristics to allow you to maintain amperage and voltage to keep a system going. And I think we just saw in Spain, they were celebrating on April 12th of this past month that they'd shut down their last coal plant.

From an electricity standpoint, thermal coal is fantastic base load. It has all the characteristics to allow you to maintain amperage and voltage to keep a system going. And I think we just saw in Spain, they were celebrating on April 12th of this past month that they'd shut down their last coal plant.

And then a week after that, they were celebrating the fact that they had their first day of 100% renewables on their system. And then the next week, they were a global news story because people were trapped in subways. All airline flights canceled. Hospitals were panicking with a lack of power because they had a rolling blackout and grid failure because it justifies physics.

And then a week after that, they were celebrating the fact that they had their first day of 100% renewables on their system. And then the next week, they were a global news story because people were trapped in subways. All airline flights canceled. Hospitals were panicking with a lack of power because they had a rolling blackout and grid failure because it justifies physics.

You can't run an electrical grid with just intermittent power. You cannot run with something that is based in intermittent is the definition of solar or wind because the sun doesn't shine at night and the wind doesn't blow every day and you can have it. And so in America, we became dangerously close to that right now. We've got parts of our country that are at risk for those same kind of

You can't run an electrical grid with just intermittent power. You cannot run with something that is based in intermittent is the definition of solar or wind because the sun doesn't shine at night and the wind doesn't blow every day and you can have it. And so in America, we became dangerously close to that right now. We've got parts of our country that are at risk for those same kind of

of what I'll call the Biden brownouts and blackouts to happen because we oversubsidized the intermittent and we overregulated all of the baseload in an idea to, quote, save the planet. And all we're doing is potentially putting our own country at risk.

of what I'll call the Biden brownouts and blackouts to happen because we oversubsidized the intermittent and we overregulated all of the baseload in an idea to, quote, save the planet. And all we're doing is potentially putting our own country at risk.

Well, the regulatory attack was a whole of government. So it did attack the formation of capital. I mean, you came up with regulatory rules that made it impossible for baseload power from fossil fuels even get a permit. Well, if you can't get a permit, then you can't get access to capital. You can't get access to insurance.

Well, the regulatory attack was a whole of government. So it did attack the formation of capital. I mean, you came up with regulatory rules that made it impossible for baseload power from fossil fuels even get a permit. Well, if you can't get a permit, then you can't get access to capital. You can't get access to insurance.

And then you had protests and social media and everybody going online saying, oh, we've got to exit from all this. And this same phenomena happened in Germany. I think it's very clear right now that a lot of that A lot of what I call the social media driven concerns were part of, you know, psyops operations from places like Russia.

And then you had protests and social media and everybody going online saying, oh, we've got to exit from all this. And this same phenomena happened in Germany. I think it's very clear right now that a lot of that A lot of what I call the social media driven concerns were part of, you know, psyops operations from places like Russia.

I mean, it was Russia's great advantage to get Germany to shut down nuclear, to shut down all their coal production. And hey, we have a solution, just buy all your natural gas from us. So Germany spent a half a trillion dollars, $500 billion on the quote, air quotes, transition to green energy. They were transitioning to wind and solar. half a trillion, $500 billion.

I mean, it was Russia's great advantage to get Germany to shut down nuclear, to shut down all their coal production. And hey, we have a solution, just buy all your natural gas from us. So Germany spent a half a trillion dollars, $500 billion on the quote, air quotes, transition to green energy. They were transitioning to wind and solar. half a trillion, $500 billion.

They today produce 20% less electricity and that electricity costs three times as much as it did before they began the transition. And now we have the war with Russia and Ukraine. What are they doing? They were scrambling to try to reopened coal plants. They were scrambling to try to get back in the nuclear game. They were saying, wow, we overshot the mark. We went too far.