Patrick O'Shaughnessy

So maybe just start at the highest level.

There's this interesting thing out there everyone's heard of, no one knows how it works.

Explain it to us.

I'd love you to do something similar to what you just did for what I'll call like the physical and historical piece of this.

It's the three components.

It's broken into these things.

We can all visualize that the wires going to the moon and back and do it for the flow of dollars and talk about the regulatory history here.

I think it's a key part of this.

Utilities that are investor owned have weird quirks.

They've got limits on the returns on equity.

They've got all this strange stuff that people may not know about.

But if I think about there's this big physical infrastructure, I can kind of imagine in my mind

There's a dollar cost and value to the power that gets transmitted through this system to my house or my office or whatever.

I suspect that people haven't thought too deeply about this.

So talk about the same system, but focused on the flow of dollars and returns, I guess, or ownership.

Maybe say one click more about, you've said regulated, deregulated.

Texas is this unique innovation, experimental ground.

What was the literal regulation that changed in the late 90s?

Give us the before and the after and the present state.

Maybe we could take one step back, now having described the physical and dollar infrastructure of the grid, and talk about why this is so interesting and important in the first place.