So things are fairly streamlined in most international markets, whether it’s the Middle East, whether it’s parts of Southeast Asia. It’s a lot different than it is here in the United States where individuals and states have a lot more say in the outcome. And so the permitting process in these other states are obviously going to be a whole lot faster than I think they will in the United States. I think that’s certainly one of the challenges that we have here. But when we look at just why the United States is so attractive to us? It’s just because this is the largest market in the world for NET Power and one of the most economic, both because of our access to the lowest cost gas in the world, our really, really valuable carbon market, and an aging fleet of coal and gas plants.
Like if we could just replace all of the aging coal and gas plants within the sedimentary basins, we’re talking about 1,000 NET Power plants. And so we could just sit here and be fat and happy just deploying these and replacing these aging coal and gas plants over the next 10 to 20 years and not spend any time on the international markets. But I think part of the reason why the international markets are important to us is global warming is a global thing. It’s not just a US thing. And so we have a responsibility if we have a technology that can help other countries achieve their decarbonization goals, we feel like we have a social responsibility to deploy in those areas. So it’s going to be a focus area of ours over the course of the next decade.
And hopefully one of our first 10 projects is something in an international market.
Ryan Levine: Great. And then one other question in terms of some of your comments, it seems to suggest — but correct me if I’m not interpreting correctly — that within the US, the might of Power market may be more attractive relative to maybe some of the other regions. Is that what you’re signaling? Or is there any color you could share regarding what power markets are most attractive beyond the first two projects?
Danny Rice: Yes. I mean, we don’t have a contrarian view of where we think power markets go. Just looking at forward spark spreads. And spark spreads for the listeners is really just the arb between buying a BTU of gas and converting it into an electron. That spark spread is really just that proxy for the value of gas-fired power. And there is a whole futures market for spark spreads. And so all we’re really doing is looking at all of those deregulated competitive power markets where you have these future pricing to really look at what are future spark spreads across the competitive power markets. So from CISO, California; ERCOT; MISO; PJM, Pennsylvania principally; New York ISO; New England ISO; SPP. like when you look across all of those, there’s markets that are better than others, and there’s markets that are worse.
And so when we look at it through the lens of origination, we’re really focused on the most economic markets. MISO is great, PJM’s amazing, California’s Great. ERCOT’s okay. It’s actually the most challenging of all of them. And if we can get the economics to work in ERCOT, you can get the economics to work anywhere in the world, which I think is a testament to the efficiency of what NET Power can deliver. But certainly for origination, and we’re going to be focused on those markets that have good spark spreads. That ultimately like going to be what helps ensure that we can get these projects financed, get these projects online, and actually start getting to work on decarbonize these grid systems sooner.
Operator: Thank you. There are no further questions at this time. I would now like to turn the floor over to Danny Rice for closing remarks.
Danny Rice : Thanks, everybody, for joining us today. Those are really, really good questions from the investor community, and we hope you guys keep them coming as we continue to build this company and deliver the energy trifecta. So appreciate everybody’s support, and we look forward to speaking with you next quarter.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
