“That's $150 million on $75 billion of CapEx. That's less than 0.2%. And we feel like we've got a good shot at getting that to zero.”

In context

“t we already have embedded in our agreements. And so when I think about where we stand, I feel very good about tariffs. It's just not going to have much of an impact at all on our business. Julien Dumoulin-Smith: If I can clarify quickly, the reason there's 150 is because you have to go back and clarify the contract? John Ketchum: The reason that it is 150 is that there are certain risk-sharing mechanisms in contracts. Most of the contracts, the supplier takes all the risk. Some of the contracts, they take almost all of the risk, except for a small sliver that we work through with them. Julien Dumoulin-Smith: Got it. All right. Thank you guys very much. Thank you, John. John Ketchum: And Julien, I want to make one more point, and I want to make sure folks understand this from the remarks. That's $150 million on $75 billion of CapEx. That's less than 0.2%. And we feel like we've got a good shot at getting that to zero. Julien Dumoulin-Smith: Incredible. Honestly. John Ketchum: And final point I'll make is, and Steve asked me a little bit about it, but there's been a lot written about battery exposure. We don't have battery exposure. Full stop. We do not have battery exposure. We are really well positioned. We entered into a domestic contract. We have actually a real opportunity rather than a risk around batteries. Operator: Thank you. The next question comes from Nick Campanella with Barclays. Please go ahead. Nick Campanella: Hey, good morning. And thanks for taking the question. So maybe just to close the loop on the tariff discussions, just where do you think returns are from an IRR perspective or an ROE perspective? These protections that you have in place versus your competitors should make you mor”