Noreen Malik

Yeah, just to quickly put context, power demand has been so flat in PJM that they still haven't touched the all-time record that was hit in 2006, which is 165 gigawatts.

And they won't get there until...

So this pullback now for next year of about nearly four gigawatts, that's a lot.

That's four nuclear reactors worth of power supply.

And so I think what PJM is trying to do, this is an industry that is overwhelmed with so many requests to build data centers that can consume as much power as cities.

This is all being passed on to consumers.

We might see a hockey stick type of momentum here.

Yeah, this is actually a new methodology.

They have historically not had that much insight into what's happening on the demand side.

They usually look at power generation, but this demand is coming so fast that they went back and while working with utilities, looked at which projects have engineering contracts, construction contracts, and electricity service contracts.

So these are more real.

That's not to say you can't see more, but you are seeing also a huge scramble to build on-site generation.

Yeah, so the biggest challenge, I think, is not necessarily going to be just the technology.

It's going to be the cooperation between the government

and the commercial partners that are providing solutions to the government.

And that is everything from the technology, the acquisition of programs, the operations of those programs, and then everything in between.

And so I think not only the cost is a little bit of a risk, but also the risk of the number of people that need to be involved in Golden Dome and the number of things that need to go correctly for the Golden Dome to be a successful program.

Yeah, the one thing that I keep going back to is the demonstration of the commercial partnership in companies like SpaceX, the coordination with NASA, the coordination with all of the different

partnerships that SpaceX has formed over the life cycle of the company and all the partnerships that are going to need to come from the Golden Dome.

So I think looking at that and the technological challenges for that and the communication and coordination, we've taken a look at