TAC

Bull points

• we're excited about the growing demand for electricity across our core markets, whether it is driven by population growth, economic expansion, electrification trends, increased use of electric vehicles, the rise of AI and data centers, or supportive policy environments, it's clear the future is very bright for our industry and our company.
• At the same time, we're positioning our company to deliver sustained value through the rest of this decade and into the next.
• We delivered exceptional operational performance across our entire fleet during the first three months of the year.

Bear points

• A data center would be operational 18 to 24 months after signing definitive agreements.
• opportunities more on the M&A side. So we do have a small M&A team. I would say they're pretty busy right now. They're busy and looking at, you know, a variety of projects, mostly, I would say, with the U.S. flavor right now in terms of specific assets, the kind of multiples that we're seeing for some types of contracted renewables. And I think candidly, more importantly for certain types of gas assets that are available, you know, work for where our company is and that that candidly is a focus for us and I think you know given our strong balance sheet and our free cash flow expectations over the next a little bit that is a focus for us I would say a priority along with our legacy assets Robert which which are core you know we're setting the company up to deal with what I would call conventional greenfield growth in the latter part of the decade, which is really what NOVA was about. But certainly today, legacy investments, which have much higher returns, and also M&A, which I think provide appropriate risk-adjusted returns, are the way we're focused on it, for sure. Yeah, good morning, Maurice. Look, I think, you know, if you were to look at sort of where the company was over the course of the last, three or four years, and frankly, historically, you would have seen a company that was, you know, had probably about 50% of its EBITDA being largely from Alberta and an equivalent amount that would have been merchant, which have been largely, again, in the province of Alberta. I think as we roll forward, and frankly, you're seeing it this year, I think you heard Joel say that about 75% of our revenue is effectively contracted in terms of where, you know, what we're seeing evolve for the company. Our focus is on increasing that reliability and stability of the organization. I think you'll see the kind of cash contributions coming from the merchant fleet decline, I think, over time. And I think you'll see that Alberta, although continuing to be an important component of business for the company, be kind of limited in terms of where we'll be putting capital in the future. I mean, as we learned with the Heartland acquisition, our ability to actually deploy more capital in the province of Alberta is restricted candidly from a competition perspective. So we are focused on the US, we do have Western Australia and as we look at the kind of growth that we're focused on, it all has a contracted feel to it. There might be a slight merchant position that our energy marketing team can trade around and create sort of incremental value and incremental returns given their expertise. But I think it's a natural evolution of the company. And I think the point I'm trying to make is it's not accidental. It's something that we've been focused on doing, you know, deliberately over the course of the last few years and think ultimately, It's the way that we'll end up creating more value for our shareholders. I don't know, Joel, if you want to add anything to that. But I would say just on the credit rating point, I think we're very comfortable with our credit ratings today.
• Another development that's occurred in the province of Alberta is one of our competitors in the CNI space is de-emphasizing their CNI business. They're shifting a little bit in that, and this isn't secret, it's NMAX who's been focusing on that. So we're now, I think if we're not the largest, we're pretty close to being the largest CNI provider in the province.