00:03Sure. My name is Joe Dominguez. I run Constellation Energy.
00:06We have about 25% of the nation's fleet.
00:09We're the largest publicly traded nuclear company in the world.
00:12We're in the middle of a merger with Calpine.
00:15And once completed, we will be the largest electric producing company in the world.
00:20About enough power to produce, to cover all of Mexico, actually.
00:25I didn't know that when we talked. You were so modest. I can't believe it.
00:29That's normally not said about me, Mr. President.
00:32I'm very impressed. Go ahead.
00:35So you think it's got a great future?
00:37Yeah. Well, absolutely we do.
00:39And the big change here is not only the technology has come around,
00:43but we have some of the largest companies in the world, the hyperscalers,
00:46who need this energy for AI,
00:48who are now working with us to fund the development and construction of the next generation nuclear.
00:55Nuclear is a 24-7 resource.
00:58These data centers run 24-7.
01:01Some of them will cost $200, $300 billion, and they want to run them all of the time.
01:06So we can't use intermittent resources.
01:09We need something that's always on 24-7, and nothing does that better than nuclear.
01:14The problem in the industry has historically been regulatory delay.
01:19Mr. President, you know this because you're the best at building big things.
01:23Delay in regulations and permitting will absolutely kill you because if you can't get the plant on,
01:29you can't get revenue, and the interest costs are horrible.
01:33We're wasting too much time on permitting, and we're answering silly questions, not the important ones.
01:40For example, let me give you an example.
01:42In three places in this country, we're trying to license new reactors at sites that already have reactors.
01:49Yet I have to spend $35 billion at each site just for the NRC to do an analysis that says this is a good place for nuclear.
01:59Well, guess what?
02:00We've been running nuclear in that community for four decades.
02:03Why are we even asking that question?
02:05I'd rather spend that $35 million, three times $105 million, perfecting a design, start building the foundation, and getting going.
02:15We need to do this for America.
02:17Are we doing something about the regulatory in here?
02:20Oh, yes, sir.
02:21Yes, you are.
02:21You are, sir.
02:22Because that's going to be a big factor.
02:23Yes, sir.
02:24That issue I just described will be addressed in this EO and many other issues that we don't have time with the president to cover.
02:33I would say it's very – we've contemplated just about everything, right?
02:37Well, this – Mr. President, this Energy Dominance Council that you have created is something I haven't seen in 30 years.
02:45It brings together all the pieces of government in one place to expedite the process.
02:51Under Secretary Burgum's leadership, this has been an amazing, amazing thing.
02:56It used to be the case that I'd have to run to about five different places in Washington to get one answer.
03:02That's great.
03:02And now it's all together in one place.
03:04So all I know about Secretary Burgum and Secretary Wright is if we haven't gotten it right, we'll get it right shortly, and there'll be another order for you to sign.
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