Birol认为澳大利亚尽管出口化石燃料，仍适合主导气候谈判，并表示世界最好有至少五个这样的澳大利亚。

在应对气候变化方面，我会更放心的是，世界上不止一个而是至少有五个澳大利亚。

原文 (en)

In fighting climate change, he says, “I would feel much better if there were not one, but at least five Australias in this world.”

Birol 称，未来五年可再生能源在全球发电量中的占比将从三分之一升至近一半。

未来五年，可再生能源预计将从占全球发电量的三分之一增长到接近一半。

原文 (en)

Over the next five years, renewables are expected to grow from one-third to nearly half of global electricity generation

比罗尔表示，如今推动可再生能源扩张的主要是能源安全而非环境考虑，各国希望减少对进口燃料的依赖。

"此前，环境问题是推动可再生能源增长的政策重点，成本下降也使其在许多市场具备竞争力；但如今，推动可再生能源扩张的主要是能源安全，越来越多国家希望降低对进口燃料的依赖。"

原文 (en)

"Previously, environmental concerns were the policy priority behind the growth of renewables, whose falling costs have made them a competitive option in many markets - but today, it's mainly energy security that is driving renewables' expansion as more and more countries seek to reduce their exposure to imported fuels," said IEA Executive Director Fatih Birol.

比罗尔称可再生能源正在全球扩散，占全球发电量的比重将从目前的三分之一在五年内升至接近一半。

"可再生能源增长故事的新篇章真正具有全球性，其部署已远远超出主要市场，扩展到世界每个角落。这使其成为全球电力行业的关键支柱。如今它们占全球发电量的三分之一；未来五年将接近一半。"

原文 (en)

"The new chapter of the renewables growth story is a truly global one as their deployment spreads well beyond major markets into every corner of the world. This is making them a key pillar of the global power sector. Today, they account for a third of global electricity generation; in the next five years, they will be getting closer to half of it."

比罗尔表示，现有技术和政策工具已足以大幅提升建筑能效、降低排放和能源账单，当务之急是尽快落地实施。

“更节能的建筑可以在全球范围内减少排放，同时切实改善人们的日常生活。加快进展，我们可以降低能源账单，帮助更多人获得安全、可负担的能源。这份报告表明，我们已经拥有实现这些好处的技术和政策工具。当前的首要任务是把它们付诸实施。”

原文 (en)

"More energy-efficient buildings can cut emissions worldwide while making a tangible difference to people's daily lives," said IEA Executive Director Fatih Birol. "By accelerating progress, we can lower energy bills and help more people access secure, affordable energy. This report shows that we already have the technologies and policy tools to deliver these benefits. The priority now is to put them to work."

比罗尔称，印度可再生能源扩张提升了其能源安全，也表明持续一致的政策能降低成本、吸引投资，值得其他新兴经济体借鉴。

在全球能源市场不确定性加剧之际，印度的可再生能源扩张正为其能源安全带来重大好处。各国都在设法加强国内能源供应，印度的经验表明，持续一致的政策可以帮助降低可再生能源成本并吸引投资，为其他新兴经济体提供宝贵借鉴。

原文 (en)

India’s renewables expansion is delivering major benefits for its energy security at a time of heightened uncertainty in global energy markets. As countries look to strengthen domestic energy supplies, India’s experience shows how consistent policies can help drive down renewable energy costs and attract investment, offering valuable lessons for other emerging economies.

比罗尔称，印度可再生能源扩张在全球能源市场不确定之际带来重大能源安全收益，其稳定一致的政策可降低成本、吸引投资，并为其他新兴经济体提供借鉴。

国际能源署署长法提赫·比罗尔表示，在全球能源市场不确定性加剧之际，印度的可再生能源扩张正带来重大的能源安全效益。他指出，印度的经验表明，稳定且一以贯之的政策措施可以降低可再生能源成本、吸引投资，并为其他新兴经济体提供借鉴。

原文 (en)

IEA Executive Director Fatih Birol said India's renewable energy expansion is delivering major energy security benefits at a time of heightened uncertainty in global energy markets. He noted that India's experience demonstrates how stable and consistent policy measures can help lower renewable energy costs, attract investments and provide lessons for other emerging economies.

比罗尔称全球太阳能增长最快，其次是风能，燃油价格上涨也推动生物燃料使用增加。

全球范围内，太阳能增长最快，其次是风能。柴油和汽油价格上涨也推动了生物燃料使用量的增加。

原文 (en)

Globally, solar energy is seeing the fastest growth, followed by wind. Rising prices for diesel and gasoline have also spurred an increase in the use of biofuels

比罗尔称各国为降低石油依赖而推动电动车快速扩张，这一趋势已超出欧洲范围。

过去几个月，电动车在全球多个市场快速扩张，减少对石油的依赖是关键驱动力。多个国家通过补贴和税收优惠加快交通电气化。这一趋势不仅限于欧洲，在巴西、澳大利亚和整个东南亚也很明显。

原文 (en)

Over the past few months, EVs have seen rapid expansion in various markets worldwide, with the desire to reduce dependence on oil serving as a key driver. Several countries are accelerating the electrification of transport through measures such as subsidies and tax incentives. This trend is not limited to Europe; it is also evident in Brazil, Australia, and across Southeast Asia.

比罗尔称自3月以来世界面临历史上最大的能源安全挑战。

历史上最大的能源安全挑战

原文 (en)

the greatest energy security challenge in history

比罗尔称赞中国作为APEC能源部长会议东道主和主席国发挥了关键作用。

中国作为东道主和主席国发挥了关键作用。

原文 (en)

China played a crucial role as the host and chair.

Dewitte 表示 Oklo 的目标是成为先进燃料形态的领先制造商，在产能短缺的背景下服务第三方客户。

我们的目标是成为先进燃料形态的领先燃料制造商。我们不做 TRISO，但会为先进反应堆的金属燃料、高丰度低浓缩铀（HALEU）及氧化物燃料，以及氮化物、氢化锆等下一代燃料形态提供能力、专业知识和产能。

原文 (en)

our goal is to be the leading fuel fabricator for advanced fuel forms. We're not working on TRISO, obviously. But for what we're doing with metallic fuel with high-assay, low-enriched or LEU type plus oxide fuels for advanced reactors as well as for support for next-generation fuel forms like nitrides and zirconium hydrides, things like that, that we will have the capabilities and expertise and capacity to be able to support.

Dewitte 认为 Aurora-Idaho 可在西方缺乏快中子辐照能力的情况下，凭辐照服务、售电和同位素三条路径变现。

它既能卖电，也能提供辐照服务。如今西方世界已没有可运行的快中子辐照能力，美国政府曾打算花数十亿美元建设新设施但最终未果，而 Aurora-Idaho 能够提供这种能力。

原文 (en)

it can sell power, but it can also sell irradiation services. There is no fast irradiation -- fast-neutron, sorry, irradiation capability really in the Western world operational anymore today, right? And the U.S. government was going to spend billions of dollars to build a new capability that ultimately didn't go anywhere because of the lift of that, but that's what Aurora-Idaho is going to be able to produce and provide for.

Dewitte 预计数据中心将继续向政策支持的州集中，改变电力需求的地理分布。

我认为数据中心将继续集中到支持此类项目的州，这些州会欢迎数据中心，从而进一步把需求吸引到不同的地区。

原文 (en)

I do think that you're going to see continued concentration of data centers in states that are supportive of this because there are states that are going to be supportive and interested in having these things, and that's just going to further pull demand into some different locations.

Dewitte 认为核能的两党支持使其在选举后的清洁电力激励中处于有利位置。

核能得到两党的强力支持。我认为在选举结果之后，会看到更多政策努力去尽可能激励清洁电力来支持数据中心或整体新增发电，核能完全有条件做到这一点。

原文 (en)

nuclear has a strong bipartisan level of support. It -- I think one thing we're going to see probably is a focus on also moving and heavily incentivizing in the ways that are possible, clean power generation to come in and support whether it be for data center generation or just new generation as a whole in light of the election results. Nuclear is really well positioned to do that.

Dewitte 称并网流程难以处理新技术，以此解释 PJM 拒绝弗吉尼亚申请的原因。

一些并网流程难以应对的是新颖性。新颖性是通往未来的关键，而这次的特点在于我们带来了混合燃料来源，他们的流程不知道如何处理。

原文 (en)

One of the things that some of these interconnection processes struggle with is novelty. Novelty is key to going to the future, and that was one of the things that stood out about this was we were bringing in a mix of fuel sources, and their processes just didn't know how to handle it

Dewitte 对浓缩铀市场前所未有地有信心，称老牌企业和新进入者都在加速。

我今天对浓缩铀市场比以往任何时候都更有信心，这个长期停滞的行业正被多种因素激活，老牌企业在积极行动，新进入者也在出现。

原文 (en)

I feel today more confident than I've ever felt, about what's happening in the enrichment markets where you've had such a stagnant industry for so long now being spurred to life for so many reasons that you're seeing the incumbents and the legacy players stepping up and executing in exciting ways, you see new entrants coming forward.

Dewitte 警告称明年的进口禁令将对浓缩铀供应造成严重冲击。

明年我们将面临进口禁令带来的断崖冲击，再加上增长和功率提升，这个领域正处于令人兴奋的时期。

原文 (en)

we're looking at an import ban and cliff hitting pretty hard next year. Add to that then also just growth and uprates. It's an exciting time in the space.

Dewitte 解释，从 Groves-1 吸取的电气噪声管理和仪表校准经验，为 Aurora-Idaho 2028-2029 年启动预留了时间缓冲。

电气噪声管理在核电厂中是件大事。每个人都知道，但每个站点因诸多原因都各不相同。

原文 (en)

Electrical noise management is a huge thing in nuclear plants. It's one of those things that's kind of like everyone kind of knows it and then you kind of -- you don't forget it, but each site is so different for so many reasons

Dewitte 称政府过剩钚可能无偿提供，由接收方承担加工成本，时间表几个月内将更清晰。

关于成本结构，总体上取决于项目安排，但倾向于按现状无偿提供，而加工制造成本由接收方承担。

原文 (en)

The question is then about like cost structure. I mean, in general, again, one of these things that is somewhat dependent on programmatic structures and contours, but generally inclined to being provided to you as is with no specific fee or cost, but then the cost of fabricate is obviously burdened by the recipient.

Dewitte 认为 AI 与计算生物学结合充足的同位素供应，将开启放射性药物载体的联合开发机会。

计算生物学用于探索这些同位素的配体和分子载体，此前严重缺乏探索。

原文 (en)

the application of computational biology to explore the ligands, to explore the different molecular carriers of these isotopes has been pretty significantly underexplored, frankly, radically underexplored. And now with AI, it's just not really being done because there wasn't a lot of interest

Burke称并网队列因开发商投机而被夸大，政策制定者正在寻求长期解决方案。

正如我们一直所说，全国尤其是ERCOT的负荷并网队列被夸大了，源于开发商为保留选择权而进行的投机。一些社区居民对拟议开发活动的规模感到担忧，这是可以理解的，政策制定者正在研究长期解决方案。

原文 (en)

As we've said for some time, load interconnect queues were overstated across the country and especially in ERCOT, driven by speculation from developers who are keeping options open to see where progress can be made. Residents in some communities are understandably concerned about the level of proposed development activity and policymakers are working on longer-term solutions.

Burke主张通过更高保证金、照付不议、设备确定性和终端客户协议来筛选并网项目。

提高这些项目的门槛有助于识别真正可能推进的项目，包括提高并网申请的保证金要求、对增量输电费用做出照付不议承诺、设备可见性以及与终端客户的协议。

原文 (en)

raising the bar on these projects can go a long way towards identifying the ones that are likely to move forward. This includes higher collateral requirements for interconnect requests, committing the take-or-pay agreement for the incremental wires charges, line of sight to equipment and an agreement with an end-use customer.

Burke维持到2030年ERCOT增长4-6%、PJM增长2-3%的判断，并称灵活燃气仍是最便宜最快的新增电源。

我们仍预计到2030年ERCOT负荷增长4%至6%，PJM为2%至3%。Vistra庞大多元的机组组合完全有能力满足这一增长。我们灵活的联合循环燃气电厂和快速启动调峰电厂可以更高利用率运行，这仍是最便宜、最快的新增发电来源。

原文 (en)

We still see load growth of 4% to 6% in ERCOT and 2% to 3% in PJM through 2030. Vistra with its large diversified fleet is well equipped to meet this growth. Our flexible combined cycle gas plants and quick-start peaking plants can operate at higher utilizations and that remains the cheapest and quickest source of incremental generation.

Burke看好可调度、灵活的联合循环机组，称随着可再生渗透率提高其利用率上升。

我们认为随着全国可再生能源渗透率提高，这些资产被调用得更多。附录中可见我们机组的联合循环容量因子在第三季度均高于往年。所以我们一直看好可调度电源和灵活性。

原文 (en)

We think as renewable penetration continues throughout the country, you're seeing these assets get called on more. And you see that even in the appendix where you look at the CCGT capacity factors across our fleet, they're all up in Q3 relative to prior years. So we've been bullish on dispatchable. We've been bullish on flexibility.

Burke称2030年展望未假设电价回升，ERCOT近期价格取决于负荷接入速度。

我们没有对电价回升做任何假设。它反映的是对冲组合中所见的远期曲线，并基于公开信息向前推演。近期关键在于德州能否重新加快负荷接入。

原文 (en)

We are not making any assumptions about power price recoveries. It reflects the curves as you see them as noted in our hedge profiles and just kind of stepping that forward based off public available information. Now we think the near term on this is really going to be function of how does Texas get back into gear in terms of hooking up load.

Burke警告德州若实行数据中心暂停令会给众多客户带来问题，但认为可能性不大。

如果德州决定实行暂停令，对很多客户都会造成问题，不仅仅是我们的Comanche Peak项目。我不知道会采取什么形式，这需要立法行动才可能形成这样的重大限制。

原文 (en)

if Texas decides to just go down a moratorium, it would be problematic, I think, for lots of customers, not just our Comanche Peak project. I don't know what form that would actually take. So that would take some potential legislative activity, I think, to have something that would create that type of a significant limiter.

Burke表示Vistra不会为追逐回购而在长期合同上讨价还价，目标是建立降低折现率的合同化业务。

我们不会为了应对一时的回购机会，在长期客户关系中为每兆瓦时1到2美元斤斤计较。这是一项特许经营业务，我们有声誉，我们要构建一个合同化的业务组合，最终也会降低折现率。

原文 (en)

we're not going to work with long-term customer relationships and negotiate around $1 or $2 a megawatt hour trying to just react to the stock buyback opportunity in the moment. This is a franchise, and we have a reputation, and we're going to build a book of business that will also be a contracted book of business, which I think also lowers the discount rate ultimately.

Burke称Vistra在2028年ERCOT刻意少对冲，等待负荷接入节奏和积压需求的信号。

2028年整体对冲78%，但ERCOT的对冲比例远低于此。因此我们看2028年曲线，目前并不觉得需要大量出售电力。我们还要观察2027年负荷接入的节奏和被压抑的需求。

原文 (en)

with the 78% hedged for '28, we are much less hedged in ERCOT than the 78%. So we do not look at the curves for 2028 and feel a need to be moving a lot of power at this point in time. And I do think as we see what the pace of play is for hooking up load in 2027 and seeing what the pent-up demand is

Burke支持PJM转向双边合同，认为RBP推迟有利于双边谈判。

我们一直支持强调双边合同，支持市场转向通过合同采购容量和电量，而不是过度依赖集中拍卖的单一出清价格。RBP在时间上推迟有助于促进双边谈判。

原文 (en)

we've been supportive of the emphasis on bilaterals and markets moving towards contracting for capacity and energy and not being as dependent on a single clearing price of a centralized auction. And I think the pushout of the RBP a little bit from a timing standpoint can help facilitate some of those bilateral conversations.

Burke 表示 Cogentrix 收购完成后新增约 5,500 兆瓦天然气发电，使 Vistra 能很好地应对不断增长的电力需求。

随着 Cogentrix 收购完成，我们的组合新增了约 5,500 兆瓦天然气发电容量，我们仍然为未来不断增长的需求做好了准备。

原文 (en)

With the Cogentrix acquisition now closed, we've added approximately 5,500 MW of new natural gas-fueled generation to our portfolio, and we continue to be well positioned for the growing demand ahead.

Burke 认为随着电力格局演变，类似 Odessa 长期购电协议的机会会越来越多。

随着电力格局的演变，我们持续看到更多这样的机会。我们的团队仍然专注于为客户提供安全、可靠且价格可负担的电力，并期待强势收官今年。

原文 (en)

As the power landscape evolves, we continue to see more of these opportunities. Our team remains focused on delivering safe, reliable, and affordable electricity to our customers, and we look forward to finishing the year strong.

Burke 指出 7 月 ERCOT 和 PJM 创下峰值需求纪录，期间 Vistra 机组商业可用率近 95%。

今年夏天我们的各个市场天气创下纪录，7月 ERCOT 和 PJM 均创下新的历史峰值需求纪录。在此期间，我们的机组商业可用率接近 95%。

原文 (en)

This summer brought record weather across our markets, including the new all-time peak demand records in July in both ERCOT and PJM. Through that period, our fleet achieved commercial availability of nearly 95%.

Sideris称官员与公司目标一致，即保护客户并让大负荷用户承担公平成本。

他们也与我们有共同目标：保护客户，并确保这些大负荷用户承担其应付的份额。

原文 (en)

They share our goal, too, of protecting our customers and making sure these large loads pay for their fair share.

Sideris称剩余大负荷项目的谈判进展良好，但因复杂性耗时更长。

进展非常顺利，但由于复杂性，耗时更长。

原文 (en)

They're going very well, but it's taking longer because of the complexities.

Sideris称天然气在近期保障电网可靠性中将发挥重要作用。

我们的资源规划清楚表明，天然气在近期保障可靠性方面将发挥重要作用。

原文 (en)

Our resource plan makes clear the important role natural gas will play in the near term to ensure reliability.

Sideris为被北卡监管部门否决的255兆瓦燃气机组辩护，称其是低成本方案。

我们仍然非常有信心这是个好项目。它规模不大，但是满足我们在该州发电需求、可靠且经济地服务客户的低成本方案。

原文 (en)

We still feel very confident that that's a good project. It's a small project, but it is a low-cost solution to help the generation need that we have in the state to serve our customers reliably and affordably.

Sideris称大负荷电价机制让数据中心等大用户承担供电成本，并为其他客户带来数十亿美元收益。

各州推进的大负荷电价机制确保大型用户承担为其设施供电的成本，并在合同期内为客户和社区带来数十亿美元的收益。

原文 (en)

The progression of large load tariffs across our states ensures large customers, users, cover the cost of serving their facilities and deliver billions of dollars in benefits for our customers and communities over the life of their contracts.

Sideris称天然气对近期可靠性至关重要，超5吉瓦在建，另有5吉瓦在开发。

我们的资源规划表明天然气在近期保障可靠性方面将发挥重要作用。因此我们正在推进天然气发电的监管申报，卡罗来纳和印第安纳有超过5吉瓦在建，另有5吉瓦在开发中。

原文 (en)

Our resource plans made clear the important role natural gas will play in the near term to ensure reliability. That's why we're advancing regulatory filings specific to natural gas generation with more than 5 gigawatts under construction in the Carolinas and Indiana and another 5 gigawatts in development.

Sideris称核电依然重要，公司专注于升级并延寿现有机组。

我们仍然认为核电对我们当前系统和未来都非常重要。所以我们的重点和以前一样，升级现有机组。

原文 (en)

We still feel nuclear is very important to our current system as well as our future. So we're focused on the same things we were before, upgrading our current units.

Sideris称在保护措施、供应链清晰和资产负债表安全落实前，不会推进新核电。

在客户和投资者受到保护、供应链和项目可执行性明确、资产负债表得到保护之前，我们不会推进任何新核电项目。

原文 (en)

We're not going to go forward with anything until we have the protections for our customers and investors until we have clarity in the supply chain and the executability of these projects as well as being able to protect our balance sheet.

Sideris称只有签署ESA才计入项目，并预计在2027年上半年前完成其余管线转化，尽管谈判复杂。

在达到电力服务协议（ESA）层级之前我们不计入任何项目，因为我们认为那才是稳固的合同。

原文 (en)

we're not counting anything until it hits the ESA level because we feel like that is a durable contract and lets us count those earnings and that growth more readily.

Sideris称若有必要，公司对印第安纳采用Genco结构持开放态度，但目前现有模式可行。

我们一直在评估是否需要发电子公司（Genco）模式。我们持开放态度，但目前认为现有模式足以服务客户。

原文 (en)

We always are evaluating when we will need or if we will need a Genco kind of operation. So we're open to that. We continue to feel like we can continue to provide the service that we need for our customers under our current model.

Sideris承认Smith CPCN被驳回，但仍对该项目及后续Davie-Davidson审批有信心。

我们提交的Smith CPCN被委员会驳回。他们有些疑问，主要关注综合资源规划程序和负荷需求验证。我们仍然对这是个好项目很有信心。

原文 (en)

Our Smith CPCN that we filed was denied by the commission. They had some questions. I think they were really focused on the IRP proceeding and validating the load requirements in there. We still feel very confident that's a good project.

Ketchum 表示 NextEra 将在已提出的大规模福利方案之外做出更多承诺，认为弗吉尼亚不应在当前电费减负与未来可负担、可靠的电力之间二选一。

我们已经为 Dominion Energy Virginia 的客户、员工和社区提出了一揽子历史性的福利方案，而且我们还会做得更多。弗吉尼亚不应该在眼下的电费减负与未来可负担、可靠的电力之间做选择。

原文 (en)

We have already put forward a historic package of benefits for Dominion Energy Virginia customers, workers, and communities, and we are going even further. Virginia should not have to choose between relief on electric bills today and affordable, reliable power tomorrow.

赖特预测汽油和柴油价格已在9月见顶，未来几个月将继续显著下降。

汽油和柴油价格在9月见顶，目前正在下降，未来几个月还将继续大幅下降。

原文 (en)

Gasoline and diesel prices peaked in September, they're on their way down, and they will continue down meaningfully in the months ahead.

能源部长克里斯·赖特承认价格偏高，但认为高价格本身会刺激供应增长，是最好的解决办法。

“价格很高。高价格的最佳解药就是高价格。”赖特周二在福克斯商业频道表示。“它会促使供应增长。”

原文 (en)

“Prices are high. The best cure for high prices is high prices,” Wright said Tuesday on Fox Business. “It grows supply."

赖特称美国天然气产量超过其后三大产气国总和，价格同比持平，已成为美国最大能源来源，可保障未来数代的廉价供应。

我们的产量超过其后三大产气国的总和。如今天然气价格与12个月前特朗普政府上任之初持平。天然气也已成为美国最大的能源来源。

原文 (en)

We produce more than the next three largest producing countries combined. Natural gas prices today are the same as they were 12 months ago, since the beginning of the Trump administration. It is also the largest source of energy in America.

赖特称对伊朗的打击未影响霍尔木兹海峡流量，海湾出口在增加，自7月起无法出口的伊朗最终将不得不谈判。

伊朗自7月以来没有出口任何东西，这当然在扼杀其经济。他们越来越失望，看不到出路，但最终不得不达成协议。

原文 (en)

Iran hasn't shipped anything since July, and of course that's choking their economy. They are increasingly disappointed. They see no way out, but eventually they will have to make a deal.

赖特预测汽油和柴油价格已在9月见顶，随着海湾、印度和美国供应增加，未来几个月将大幅下降。

治愈高价的最佳良药就是高价，它会增加供应。供应正在增加。汽油和柴油价格在9月见顶，正在下降，未来几个月将显著下跌。

原文 (en)

The best cure for high prices is high prices. This increases supply. So, the supply is increasing. Gasoline and diesel prices peaked in September. They are on the decline and will drop significantly in the coming months

赖特认为《巴黎协定》失败，只是转移了排放，并通过高能源价格损害了欧洲的竞争力。

自从签署这些协议以来，他们并没有减少温室气体排放，只是把排放转移到了欧洲之外。他们通过抬高价格，使得在欧洲生产商品和工作变得不可能。

原文 (en)

Since they signed these agreements , they have not reduced greenhouse gas emissions. They simply moved them outside of Europe. They made it impossible to produce goods and work in Europe by raising prices.

赖特警告称民主党执政州电价高出40%至50%，并称高能源价格是一种政治选择。

过去十年约有一半的州由民主党执政，其电价高出40%至50%。仅看特朗普政府这两年，共和党控制的州电价涨幅低于通胀率。

原文 (en)

Roughly half of the states have been run by Democrats for the past decade . Their electricity prices are 40-50 % higher. If we look only at the Trump administration, the last 2 years, in states controlled by Republicans, electricity prices have increased less than the rate of inflation.

Strazik表示GE Vernova仍处于电力投资超级周期的早期阶段。

仍处于这轮电力投资超级周期的早期阶段。

原文 (en)

still in the early stages of this electricity investment super cycle.