The near end of the curve, particularly in our markets, has been probably more muted. Right. It’s the back end where you’re seeing a lot of the moves, largely. So I don’t know that within the range you laid out that there’s a lot of movement. What we shared with you for ’24 or ’25 at this point in time, Jim, do you talk about markets?
James McHugh: I think you hit it. I think if you look out at more, the ’27, ’28, ’29 timeframe, the market run up we saw during the first quarter has kind of held on and maybe gone a little higher. The ’25, ’26 timeframe has been a little bit more volatile in both directions. And that volatility is what Joe spoke to. Right. When we see the continued base load retirements and renewable penetration with energy demand, we’re going to see volatility up and down the out. Your strength, I think, is certainly reflective of some of this increased demand that we’re talking about. It’s not real liquid out there. There’s not a lot of trading volumes that can be done out in that timeframe. And as Dan mentioned in our last call, we provided the attribute value slide.
I think that’s a good proxy for how price movements, whether it’s energy prices or attributes or whatever, could be picked up in some of our enhanced earnings. So there’s some data, I think, from the last call that you can pick up there.
Unidentified Analyst: Okay, perfect. So I guess for ’26, ’27, ’28, whatever, are you still within that ten to 20% of consolidated range? As a general rule of thumb?
Joseph Dominguez: I think we use that as a rule of thumb. And I don’t want to mark to market, but, char, if you go back to the slide we had on attribute value in ’28, you had $10, which the curve might have moved depending on market in that range, you can see those numbers get bigger and inevitably push you out of that ten to 20% if you’re just going to mark that one variable right now.
Unidentified Analyst: Okay, perfect. And then Joe.
Joseph Dominguez: Lastly, it’s Joe. I just want to reiterate the point that I think Jim and Dan are making. There’s definitely. We’re certainly seeing upside if you were to freeze this moment in time in terms of the power prices later in the decade, but they’re not all that liquid right now, so we’ll see how it kind of evolves over time. And the right point for you to look at us is when we talk about guidance ranges again, as we get through the year, we’ll provide some more data points on that stuff, but I think it’s exciting to see all of that. It also isn’t a liquid market out there.
Unidentified Analyst: Yeah, no, I appreciate you addressing that, because, I mean, that’s one of the key questions coming into us is, why didn’t you mark, like some of your other peers? So appreciate the color there, John. And then just. I know. Lastly, for me, there’s been a bunch of industry chatter on this. Are you considering a TMI restart at this time? If so, can you maybe talk a little bit about the capital involved in that and the timeline?
Joseph Dominguez: Thanks. Sure. What we’ll say is that we’ve obviously seen what happened with palisades. I think that was brilliant. Brilliant for the nation, saw great support out of Michigan, great support out of the federal government, and we’re not unaware that that opportunity exists for us. So we’ll, you know, we’re doing a good bit of thinking about a number of different opportunities, and that would probably be certainly one of those that we would think about. But we’re not there yet to start disclosing capital and other things relating to that opportunity. A lot of exciting things for us to do in upreight space as well. And I think you could kind of, if these things fall into place, you could kind of see where constellation might be the nation’s leader in adding firm, clean energy to the grid.
And so these things are huge, chunky things that really position America for the future. So we’re going to stick with that until we have something more specific to report. No. Fair enough. And looking forward to it.
Operator: Our next question comes from the line of Steve Fleischman with Wolfe Research. Your line is open.
Steve Fleishman: Morning, Steve. Hey, good morning. I’m a little more of a peanut butter and chocolate Reese’s fan, but I like the peanut butter and jelly reference. Just on the data center opportunity, maybe you could just give us a little more color, because there’s a lot of utilities talking about data center growth and even some of the companies talking about data centers related to gas plants. So just first on, just to touch on the demand that you’re seeing, but then maybe more importantly, any sense of timing and just other things to execute beyond just customer demand. Like, are there hurdles you need to get through on permitting, citing, other things that set timing here?
Joseph Dominguez: Yeah, Steve, I think the interest is like nothing else we’ve seen in 20 years in terms of the number of clients that are coming to us, the size and scale of the opportunity. So I would say that, you know, kind of the, you know, what you’re hearing in the market is certainly accurate in terms of the inbounds that we’re getting from an origination team perspective. And frankly, some of the outreach we’re doing. So that that all seems to be right. Right now it’s focused on nuclear because the clients we’re dealing with aren’t interested, as a general rule, in emitting technologies. They have sustainability goals. They have 24/7 clean goals, and they want to stay on that path. So we’re focused right now on the nuclear plant opportunity and monetizing the value of the attributes that we have.
But these are, as I mentioned earlier, very complicated. What’s apparent to me is that our prospective customers in this space are all in a hot competition, one against another, to grow this kind of capability. And there’s a clear view out there that those companies that move most quickly will be the companies that get a durable advantage in this space. So their incentive to move very quickly, and we are, too. We want to get this business going and to show the results to our owners. But with that said, Steve, there is complexity to these transactions. These are transactions that are longer in duration than any of the power contracts that we’re used to talking about in this business and involve notional values that are quite a bit higher. So there’s work that needs to be done, diligence that needs to be done in terms of things that are connected in front of the meter.
