Analysts flagged weakness in ERCOT and PJM forward prices even as the demand pipeline looked strong; we argue the forwards undervalue the 2028‑2029‑and‑beyond period, note the ERCOT load “isn’t yet on the system – it’s getting built,” and say we’ve stayed well hedged and protected against near‑term weakness. Look, we’re a competitive merchant generator operating in PJM, MISO, NYISO and ERCOT, explicitly not a regulated rate‑base utility, so the Pennsylvania governor’s letter applies to regulated utilities, not to us.