The EPA is still tweaking the rules around this. So it makes it a little challenging to know what to order when they still haven’t set the rules and then race to get in compliance by the end of end of 2025. So for the 2026 year, we wouldn’t do that expense, if we didn’t plan to run the plant beyond 2025. So, we feel we can make money at it. And quite frankly, we think this has put our company in a much better position in that. Our coal is not the most liquid market, right? I mean, there’s limited buyers, there’s limited sellers. We tend to lock up for periods of time, but the window of opportunity to sell only open and closes so often. If we take our coal to our plant, we can sell electrons every day in the day. So we have dramatically improved the liquidity of our revenue stream with the acquisition of the Merom product.
And we had dramatically improved. Yes, go ahead.
Jeff Bronchick: No, I think I get what you’re getting at. And so that’s sort of in assimilate answers my next question of, really, I mean, it was either this plant was a 100% closing or you were the only guy because right. Because, you obviously, it’s a story of life of if you could sign 10 contracts at 125 a ton, one would do that. And conversely, your customers wanted you to sign 10 year terms at $32 at the bottom. So I guess that’s really your answer that look, we need to, you we should be balancing the world and not every day is going to look like it does today.We should be, we’ll sell 2 million tons at 125, but we we’re always looking for ways to de-risk and take less for longer duration and Merom fits into that game plan. Is that, am I getting that right?
Brent Bilsland: Well, I think, I think the plan gives us a lot of optionality, Jeff. I mean, if, which I think is what you’re saying is that the fuel market, or traditional market, that’s still available to us. And if that’s the best market, that’s where we’ll go. If that makes you Hallador shareholder the most money, on a risk adjusted basis, then that’s where we’ll go. We did €“ I didn’t think that opportunity would exist personally and yet it happened in the second quarter of this year. Now, to be fair, I say risk adjusted, right? We didn’t have the plant in our control at that time, and it wasn’t certain to us what would power prices be by the time we had the plant in control. So it was very easy to just say, No, we’re going to sell this on the open market.
We’re going to lock that in. That gives everyone great visibility as to what our economics look like going forward. What we’re saying today is, look, we’re working right now to get more fuel or to find a way to get Merom to be more profitable in 2023. Because we have the capacity to generate electrons, we need fuel, and we’re working on some ideas. keep in mind we’ve owned this plant now for less than a month, and no one really, you can talk about ideas with third parties prior to owning the plant, but it always comes back to, well, are you guys going to buy this thing? When is going to happen? Those questions are behind us now. So now conversations with third parties are much more meaningful and we’re hopeful that we can transact, in a capacity that adds to the EBITDA, that we’re projecting for 2023.
