00:00We've just been talking about, you know, you've been to this week many times.
00:04Curious what you find different this year.
00:07So one thing that's different is a lot of folks from the Middle East aren't here because of the crisis
00:13in the Middle East.
00:14And that's too bad because they add such great content to the conversation.
00:17But the conference this year and for the last two years has been really striking because everything that everyone is
00:27discussing is relevant to everyone else.
00:29So the utilities are interested in what the super majors are talking about.
00:34The power companies are interested in what the lower 48 EMP companies are talking about.
00:39And so there's a relevance that cuts across each of the days.
00:42When you talk about cutting across each of the days, are you seeing your clients this year really wanting to
00:48invest in infrastructure?
00:49Oh, yes.
00:50I mean, it's it's in how to do it most effectively is the dominant dominant theme across all energy companies.
00:59And so there's this tremendous need for investment in base infrastructure, in new electricity, power generation, how to deliver that
01:09generation most effectively.
01:10And it's it's and whether to invest across different areas.
01:15Should I diversify across different areas of natural gas is a topic that's cutting across the whole area.
01:23Are you sensing hesitation, though, because of the war?
01:25Yeah, I think it's it's it's causing a fair bit of hesitation and uncertainty.
01:32And if the war continues for a long time, different parts of the system will not be able to hold
01:37together and and valuations are all over the place.
01:41And so if anyone has been thinking about a merger transaction in traditional energy, it's it's causing a pause.
01:50We're also hearing, as you know, obviously, a lot about data centers and A.I. companies.
01:55But what are you hearing from the technology companies who want to have these data centers but are wondering, where
01:59am I going to have the power from?
02:00I think that they have tremendous teams.
02:03They're very innovative and they are finding ways to get the power and have some confidence that the power will
02:10be there, even if they're not clear on what the roadmap is.
02:14And so but but they know how difficult it is.
02:18And they also are aware that the the country, different businesses have forgotten how to build things and things need
02:25to be built for them to have their power.
02:27And that's that's a challenge they're focused upon.
02:30So you're obviously very aware of the news cycle, not only Iran, but Venezuela, a lot of talk, of course,
02:35about oil and gas.
02:36What are you hearing about renewables?
02:38So we there's a lot of bearishness around renewables, which we don't think is deserved because we need so much
02:46electricity and new sources of generation.
02:49The quickest resource to the grid right now is renewables.
02:53And it's still very cheap, but we need we need a lot of other resources.
02:57Well, a lot of natural gas, ultimately nuclear.
03:00And so and and there's a lot of noise around particular types of renewables.
03:05So in this country, offshore wind is dramatically out of favor, but other resources, very cost effective and and should
03:13be deployed.
03:14You know, we've heard from some providers this week that unrest in the Middle East could benefit projects here in
03:21the U.S.
03:22Are you hearing that as well?
03:23Not so directly yet. It's such a it's such a dramatic event.
03:29And it's so new. We're not hearing that as much as except in the context of if you look at
03:35where commodity prices have moved with the onslaught of the war.
03:40The one commodity that we track that hasn't moved is natural gas in the United States.
03:45And it's because it's unaffected by these events and we have a lot of it.
03:49And so one of the things that we've been talking to our clients about is it's gas, gas, gas for
03:56power.
03:57There's a lot of opportunity to invest in gas, gas infrastructure and where commodity prices have have have moved or
04:04not moved in the case of gas highlights the opportunity in that area.
04:07There's always that question, though, you can put up the data centers, you can invest in gas.
04:12But if there's not enough electricity to get it all fired up, you know, where do you go?
04:16Oh, there's there's there's going to be enough electricity.
04:19And the electricity is going to come from a new jet, natural gas, fire generation, existing natural gas, fire generation
04:27that's not being fully utilized yet.
04:30Transmission, energy efficiency, new nuclear.
04:35And there's a very efficient way to develop that electricity in the U.S. system through utilities and through contracted
04:43power.
04:44Appreciate your time today. Great. Thank you for having me.
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