How much of this is due to the capacity auctions and the results from those?

Well, I mean, you got to remember what the capacity market is and what it isn't, right? I mean, capacity markets are the tool for ensuring reliability in a competitive market space.

It's earn a restructured market or competitive wholesale market.

This is PGM's tool to look out in advance, try to predict the amount of demand that's going to be on the system and procure commitments from supply resources, or doesn't necessarily have to be supply, it could be demand as well, to participate as capacity resources to meet the projected needs of the system.

And at the early part of this decade, we thought we were in a position where we actually had too much capacity on the system.

In fact, you saw that FERC at the time was consistently evaluating rules with the eyes that the PGM capacity markets had created too much of a surplus in the capacity market, you know, that combined with a couple of delays and auctions, you know, really set up a system where one prices were clearing very, very low in the capacity market, which was a clear retirement signals to a lot of resources to get off the system.

And two auctions were delayed.

A lot of what's driving the concerns about governance, though, is the feeling that the transmission owners, the generation owners, their influence is overweighted and those of consumers and regulators are shorted.