Zach Dell

Those are liquid.

Think of it as the New York Stock Exchange for electricity.

And ERCOT is the grid operator that's managing these markets.

We're a price taker in those markets.

In a bilateral example, you can structure hedges around your exposure and around when your power is available versus not.

And so that's why you see solar and wind typically engage in this PPA structure, primarily solar, because they have very predictable generation.

When the sun's out, you're generating a lot of power.

When the sun's not, you're not generating power.

And so you have to structure these financial products around your generation profile.

Batteries are similar, but for now, we participate mostly in these liquid real-time markets, the day ahead and real-time spot markets.

We think it's really simple.

It's about affordability and reliability.

That's it.

We joke that there are no sexy electrons.

People just want their bill to go down and their lights to stay on.

Typically, customers are looking for one of those two things.

They want to save money on their monthly bill or they're looking for affordable backup.

And most of the people who are looking for backup have thought about buying a battery.

They've thought about buying a generator.

And the price is prohibitively expensive.