“But for now, I think the right way to think about it, is this effectively will serve as a hedge for a significant portion of our generation.”

In context

“d, revenues from a state program are not, included at the state program would adjust, or reflect the existence of the federal support. almost all of our programs have some explicit reference to the fact that if there is subsequent federal support after the state program takes effect, that it will be reflected in the state calculation of the support under the program. So there clearly will need to be further proceedings to evaluate and have the state adjudicate how that federal support will be reflected, but assuming that the PTC passes, we would expect each of the states to take a look at that and for it to be reflected in the level of the states' supports. Jim? Jim Mchugh: Yeah. And Steve, I think on the hedging the best -- the details of the implementation [Indiscernible] really matter. But for now, I think the right way to think about it, is this effectively will serve as a hedge for a significant portion of our generation. If you take our nuclear fleet and we kind of reconcile what the PTC program will do. And then kind of reflect what Kathleen just said about its impact on the state programs, the net result is you have a pretty highly hedged portfolio with the PTC. We'll get into the details about them, The exact settlement of it and exactly how it -- the implementation plan will be settled all the way through the prices all the way through to the spot market. The best way I think on the retail business for us is we'll be able to still win our customer business. We'll have a portfolio that's a little bit more hedged to begin with. We'll have purchases in the market to help us where we need to go make additional purchase to help us serve the load portfolio that will continue to serve. Steve Fleishman: Grea”