Ralph LaRossa: Yes. No, Julien, listen, I don’t think those numbers you just quoted would be aligned with the words de minimis. So I think that would be a little bit more than what we would certainly expect and not aligned with what our expectations are.
Julien Dumoulin-Smith: Got it. I appreciate it. And then separately, look, did I just hear you say additionality might make sense on the nuclear side? I just wanted you to — if you might clarify your thoughts around that.
Ralph LaRossa: No, I could understand why people would make that argument. So it might make sense in some circles to do that, right? It certainly would make the most sense from a — if you just want to generate hydrogen and create hydrogen from the nuclear plants, but I could understand why people make that argument from a tax credit standpoint, right? Because if you’re getting tax credits for providing clean energy into the grid and then you convert that to hydrogen, then you get both tax credits. And I could understand that, right? Just the legitimate argument to make. So is that something we’re taking a position on one way or the other, but I could certainly understand why some people would approach it that way. And I could understand why other people would approach it, “Hey, listen, we really have to kick start the hydrogen generation.
And so therefore, we want to see that — we want to see all those tax credits go to that angle. I think that’s a — it’s a real policy call. It’s — some folks are going to need to make within Washington. So we’ll see where it goes.
Julien Dumoulin-Smith: Got it. All right. Excellent. And then just meanwhile, I mean, if not going down the hydrogen route, I mean, how do you think about parallel avenues of data centers or what have you, just to maximize your opportunity set around these nuclear plants. Obviously, we’ve seen some of your peers out there maximizing around some of these low carbon transactions, if you will.
Ralph LaRossa: Yes. So again, I think what Dan has been saying from the beginning, and I’m just going to reinforce here is, we really need to understand what treasury is going to seem to be the revenues. And once we understand that, then we can optimize that for our shareholders. Everything that I’ve been saying up to this point is just respectful of the conversation that’s been taking place. It’s not meant to take sides on anything. So even whether it’s data centers and I — we try to do what’s right for New Jersey and New Jersey customers. And so, hey, does that make sense? Is it a data center here? Where is that data center? Are we wheel in power. There’s all sorts of things that are going to go into our thought process as we go forward. And the number one is what Dan has been saying, let’s see what rule of treasury say as to how revenue is going to be calculated.
Julien Dumoulin-Smith: Right. Got it. But the point is you’ll come up with a — or you could come up with a new strategy pro forma for wherever the IRS lands on some of these regs. Can we get an update from you.
Ralph LaRossa: Yes, 100%. And — but again, give us a week to digest the rules when they come out, and then we’ll have a plan ready. We’re — those conversations are not — they’re already — we’re already looking at things inside. We’ll figure it out.
Julien Dumoulin-Smith: Got it. You’re already working on things pro forma here with folks?
Ralph LaRossa: Always. That’s why we’re able to move as fast than we did on pension. Yes.
Operator: Our next question is from the line of Paul Patterson with Glenrock Associates.
Paul Patterson: So just — almost all my questions have been answered. But just on — I apologize for missing this. What is the expected GAAP impact of the lift-out?
Carlotta Chan: GAAP. GAAP.
