Jim Burke: Yeah. So, we obviously await guidance from the IRS on a couple of matters. The whole hydrogen topic and whether nuclear — existing nuclear is going to qualify as a clean energy source whether it’s behind the meter or what they call hydrogen by wire where it’s more contracted through a PPA type structure we await clarification on that. We don’t have growth built into our plans for that. We’re not assuming an upside yet on our plans. But that’s something Angie that we obviously await guidance on. I think the more immediate material guidance will be the nuclear PTC. And what is the revenue basis for determining whether an asset has earned some of the PTC, because the realized revenue rate is below the floor. We expect to get that guidance some point in the spring, but we’re not sure how soon it could come.
Obviously it goes into effect beginning of next year. Once again we’ve not assumed any PTC value in our long-range plan. But the way we think about it is the curves are right at and slightly above where we see the PTC floor. So it’s unclear that it would apply at this moment. Now, there is indexing to that PTC. So if the curve stayed flat you might inflate your way into earning some of the PTC. It is still unclear about how affiliate transactions would work. But I feel like, there’s been a commentary and some acknowledgment that some basis of spot whether it’s real-time or day-ahead prices that there needs to be some reflection of what the market value is of the power and not just how the hedge transactions either were done at the portfolio level or at the asset level.
I think that’s a cleaner way to think about, it is to think about something in the real-time or day ahead market as a better benchmark for the value at the hub of the power. But again, we await that guidance. It’s not baked into the plan. And I think it provides some downside protection. We’re not 100% sure how much yet. But since we still have the upside of where the curves could go for the nuclear assets whether it’s Texas or Pennsylvania Ohio, we view it as a real opportunity that the IRA provides. We just don’t have clarity on the size of that opportunity at this point.
Angie Storozynski: Great. And if I could ask one last one. So there’s some additional media scrutiny around the supply of nuclear fuel and the reliance on Russia here. I remember that, you mentioned that Energy Harbor is well hedged for nuclear fuel. But given that, you are doubling down on nuclear power, I’m just wondering if you have a way to manage the Russia risk, either direct or indirect exposure to 10x especially…
Jim Burke: Yeah, Angie, good question. It is something that the whole industry is paying attention to, because it can affect prices for domestic and more global sources beyond Russia as a source. So it’s got implications whether you’re sourcing directly from Russia or not. We have increased some of our nuclear fuel purchases. We’ve done that as Vistra. And we have done that both for our own needs, but also in anticipation of closing this transaction. So I feel very good about our financial and our physical supply with or without any Russian exposure over the next several years. And we feel that we’re in good shape from a Vistra standalone actually for the next four to five years. But from a combined basis since we don’t have all the detail beyond the next couple of years at this point from Energy Harbor, I think our fleet-wide purchases will actually help bridge, anything we’ll see on a combined basis.
