WEBVTT

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I think the implications of the transition for
a traditional distribution network operators

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is this move away from being a capexheavy
infrastructure company where you would be

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concerned to grow the size of your capital
base to one where you're providing capacity

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to customers through a combination of
owning capital and infrastructure and

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digital maximization of the provision of service.

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To the extent that data centers can pay their
way in terms of the additional costs of expanding

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grid capacity, there's no problem. Part of the
issue with data centers is they can't guarantee

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that they're going to pay back the full cost of
expanding the grid over 40 years because they

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don't know what data demand is going to be in
40 years time. And there's always risk that if

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the data center demand doesn't materialize
in a few years time on the data center,

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it's other customers who end up paying the
the grid cost of data center connection.

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We all benefit from global trade and energy.
We benefit in terms of accessing much cheaper

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resources than we can produce at home. And
we also benefit from the security of liquid

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literally global energy markets. Renewable
technologies have put a cap on fossil fuel

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prices. You know fossil pal prices are not going
up long term. Okay, because there are alternatives

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to fossil fuels. But that's all part of, you
know, a hyper competitive global energy market.