John Arnold

And then the industry has to scramble.

And then you throw data centers in here.

which is just a load growth and being less concerned about price and more concerned about speed than any consumer of energy that we've seen in this country maybe ever.

Put it all in the mixing bowl and try to get a system that works.

The worst scenario is that the energy system becomes the bottleneck for both of U.S.

innovation as well as individual flourishing in this country.

On U.S.

innovation, especially on technology and AI data centers, it's largely around, can we build, can we create the supply that industry is demanding?

And on individual flourishment, it's can we do so and maintain the affordability and reliability components that Americans have come to not only desire but demand.

And there's this politics around energy and food and housing because we need all of those.

Those aren't optional for people.

But there's politics around it that if you start to lose affordability,

of any of those, then there is real tremendous political ramifications of it.

And so you can start to see if an energy system goes bad, will have a huge impact on politics in this country.

Visibility through kind of 2030 is pretty clear.

The investments are being made.

The actors that are making these investments are the largest, most profitable actors.

companies that have ever existed on this planet.

Many of them are growing at very healthy clips, and so their free cash flow is increasing.

They have the financial capability to execute on these plans, and they're making the investments today.