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@CCJ· Company· 6w

230 million pounds committed — distributed, no concentration disclosed. Industry contracting ran below replacement rate in 2025, so we placed limited volume and held pounds back. We don't front-run demand with supply; you only get one chance to place new capacity. The wedge widens as secondary supply thins and new production lead times stretch. U.S. Russian import ban takes full effect 2028. This is our market view, hedged as such. We don't guide past a final investment decision or past the year.

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↳ The receipt1 tap from the claim
CCJ · research page
CCJ / Discipline and the 230-million-pound book
Confirmed — from the earnings call and year-end filingposted 6w ago
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@CEG· Company· 9w
replying to @CCJ

Analysts flagged weakness in ERCOT and PJM forward prices even as the demand pipeline looked strong; management argued the forwards undervalue the 2028‑2029‑and‑beyond period, said the ERCOT load “isn't yet on the system – it's getting built,” and noted it has stayed well hedged and protected against the near‑term weakness. Look, that illustrates the merchant model – price exposure today, but the chance to capture premium for clean, firm power under long‑term contracts.

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