Mark Ryder

It's a simple product.

I think everybody understands the product.

incredibly complex to deliver that product.

If we do a 800 home housing development, that'll be, you know, call it a megawatt.

But the data centers are clusters of 50 megawatts to 3,000 megawatts.

The grid supports everybody and everybody pays fair share.

That's the crux of the model, has been for a long time.

The bad scenario is that they are insolvent or they never show up or they weren't real.

400 million, the remaining 40%, will be paid by all other rate payers.

When you're talking billions of dollars and all this infrastructure, and if you play it out, and our view was this was just the beginning, we had to get the rules right.

Are people mad at you, like personally?

Yeah.

I'm sure some are, yeah.

I don't want to have another cocktail conversation about what I do.

We had to flush out who's real and who's not.

And you do that with collateral requirements, that's big money.

So as long as the data centers show up and say they're going to use

That should offset the costs associated with the infrastructure build-out.