Scott Nolan

So if you're really worried about carbon emissions,

letting China double their grid with coal and move manufacturing, energy intensive manufacturing there is not actually the answer.

The answer is the U.S.

has to unblock building here, doing industrial activity, do it cleanly, do it with nuclear or other sources, even natural gas, half the carbon emissions of coal.

and the world would be way better off.

And so I think their grid doubling hasn't just meant that everyone there has a better quality of life.

I think it just means that we've taken a lot of manufacturing from here and done it over there.

Gotcha.

Gotcha.

It's going to depend a lot on how we implement all this.

So you have huge variation between states.

So I think a lot of it comes down to regulation.

So some states, you've got retail electricity costs in the single digit sense.

California, I think you can get into the 30s.

So between states, you can be triple.

So clearly, that's not technology driven.

That's regulatory driven.

And so I think a lot of how this plays out is going to be, what do we do on the regulatory side?

We have cheap sources of energy.

People could have them.