Uh, or if it's extremely late.

Right.

Well, again, I think having a sense of historically how this has played out and what we've seen recently, we have a number of, of projects.

Really, you know, we have kind of one reactor that's been built a number of times now in serial in Europe, um, in a, in a couple of different environments.

Um, and it's been really interesting, you know, who's left holding the bag.

Several of those projects are done now.

Uh, Flamanville, I always mess up the Finnish pronunciation, Olkiluoto or something like this.

During the construction period, you only get 6% return, and the other 6% is paid as a balloon payment once you reach COD.

Yeah.

Yeah, absolutely.

I mean, it's really interesting, the AI data center phenomenon.

The cost of energy is actually quite small compared to the cost of the chips, the life of the chips, how often they need to be replaced.

I forget the ratios, but it's something like four or five to one in terms of even paying really high price for electricity generation.

The chips just drive it.

And so data centers have been willing to pay premiums for nuclear electricity, partially because there's a bit of a hangover from sort of the pre-Trump, like, you know, obviously climate concern has really drifted in terms of the new narrative around energy dominance and just the pragmatics of energy.

And if you don't like nuclear, then it's like a no goes on for you, right? But just, you know, if you have any thoughts on that.

And I wanna, you know, I, I love to be able to give a good news story about something in Canada, and that is we do have nuclear power expertise.

expertise.Yeah, absolutely.

So, you know, our greatest source of electricity is hydroelectricity, about 60%.

We're blessed with these, you know, gorgeous waterways and rivers and, uh, elevation changes.

Um, you know, places like BC, Quebec, Manitoba do very well on that.

Um, but in places that were hydro-starved, particularly in eastern Canada where we don't have coal deposits or gas deposits, um, nuclear plays a major role.

So nuclear's 15% of Canada's electricity, but almost all of it's in Ontario, and it's between 50% and 60% of our electricity supply.

Mm-hmm.

Yeah.

And if you make that assumption that Qatar is a firm source of supply, and again, they proved themselves to be reliable partners to poor countries like Pakistan during the Russia, uh, energy crisis, um, they honored those contracts, those long-term contracts to Pakistan, which they, you know, got a little premium on, uh, 'cause Pakistan was, uh, you know, didn't have great credit.

Uh, but they, they continued those shipments.

But so why, why are these importing countries doing that? And I think a key thing about, uh, gas, the liquefied natural gas that really d- makes it distinct from oil is that on the producer's end, it is incredibly complex and difficult.

So we just talked about that, like, $10 billion of investment per liquefied natural gas train.

These are the tr- you know, industrial processes that compress and freeze that, well, liquefy that gas, get it down to a hundred, minus 162 degrees Celsius.

Um, massive, massive invest- massive concentration of capital investment and complexity.

A-after 500 years

Yeah.

And if you make that assumption that Qatar is a firm source of supply, and again, they proved themselves to be reliable partners to poor countries like Pakistan during the Russia, uh, energy crisis, um, they honored those contracts, those long-term contracts to Pakistan, which they, you know, got a little premium on, uh, 'cause Pakistan was, uh, you know, didn't have great credit.

Uh, but they, they continued those shipments.

But so why, why are these importing countries doing that? And I think a key thing about, uh, gas, the liquefied natural gas that really d- makes it distinct from oil is that on the producer's end, it is incredibly complex and difficult.

So we just talked about that, like $10 billion of investment per liquefied natural gas train.

These are the tr- you know, industrial processes that compress and freeze that, well, liquefy that gas, get it down to a hundred, minus 162 degrees Celsius.

Um, massive, massive invest- massive concentration of capital investment and complexity.

A-after 500 years