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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Intelligence podcast. Catch us live weekdays at ten am

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Speaker 1: Eastern on Apple, Cocklay and Android Auto with the Bloomberg

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Speaker 1: Business app. Listen on demand wherever you get your podcasts,

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Speaker 2: M and A Media m and A pending big, big

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Speaker 2: deal Warner Brothers Discovery. It's in discussions and accepted bids

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Speaker 2: from Paramount, sky Dance, from Netflix, maybe even Comcast. Now,

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Speaker 2: I guess we wait and see what happens. But this

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Speaker 2: is when this deal crosses a tape, it's going to

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Speaker 2: be a big deal. It's gonna have enterprise value of

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Speaker 2: north of ninety billion.

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Speaker 3: I can't wait for them to make a limited TV

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Speaker 3: series about this parting process.

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Speaker 4: Yes, it's gonna be great.

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Speaker 2: Yeah, exactly right, coming to Netflix on soon. Keitha rang

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Speaker 2: Andathen She covers the media space for Bloomberg Intelligence as

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Speaker 2: the media analyst there Ethan. What's the latest on Warner

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Speaker 2: Brothers Discovery. I guess the question now is that BIS

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Speaker 2: has been accepted. What are next steps? Yeah?

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Speaker 5: Next steps, Paul is that these were just first round bids.

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Speaker 5: They're non binding bids. You know, as far as the

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Speaker 5: news reports go, it looks like all three companies that

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Speaker 5: were in the race, Paramount skuy Dance for all of

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Speaker 5: Warner Brothers, and then Netflix and Comcast for just the

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Speaker 5: studio and streaming assets, have all placed their bids. This

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Speaker 5: is going to be a very long drawn process, so

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Speaker 5: we're going to have multiple rounds.

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Speaker 6: You know.

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Speaker 5: We've had some conflicting reports actually on what Paramount sky

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Speaker 5: Dance was offering. There was something earlier this week but

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Speaker 5: suggested they were offering something north of twenty eight dollars

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Speaker 5: per share. They came out refuted that report, and the

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Speaker 5: latest reports seemed to suggest that it might be it's

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Speaker 5: definitely going to be something much lower than that, probably

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Speaker 5: something above twenty five, but still below twenty seven. But

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Speaker 5: let's remember David Zaslav has publicly said that he wants

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Speaker 5: something north of thirty dollars per share, So this is

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Speaker 5: going to play out for quite a while.

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Speaker 3: I think, yeah, that is a pretty big gap between

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Speaker 3: what David Zaslov wants and what the reporting indicates Paramounts

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Speaker 3: Guidance is likely to pay. So if this is going

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Speaker 3: to be a long drawn out process, does that benefit

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Speaker 3: Warner Brothers Discovery or these bidders, who comes out ahead

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Speaker 3: in that kind of scenario.

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Speaker 5: Yeah, I mean, the long drawn out processes is really

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Speaker 5: not good, I think for for Warner Brothers Discovery. But

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Speaker 5: having said that, let's remember that they do have another

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Speaker 5: plan B in place, and the Plan B is that

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Speaker 5: they are going to go ahead and split their company

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Speaker 5: into two parts, so you have the TV Networks business

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Speaker 5: and the streaming and studio business. And the good news

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Speaker 5: for them is that the studio turnaround, which was you know,

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Speaker 5: kind of in progress, is now really kind of taking shape.

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Speaker 5: We're seeing some really tangible, you know, growth come out

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Speaker 5: of both streaming as well as studio. And so worst

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Speaker 5: comes to worst if nothing you know, materializes from all

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Speaker 5: of these bids and from all of this same chatter

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Speaker 5: and buzz, they are still on track to separate their businesses,

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Speaker 5: and who knows, maybe that would be the better path

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Speaker 5: for them going forward. So all is not lost even

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Speaker 5: if you know these bids don't work out.

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Speaker 2: KEITHA, I know you've done the work. What do you

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Speaker 2: think the entire company is worth?

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Speaker 5: So, Paul, you know, it all again depends here on

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Speaker 5: who's making the bid for what parts of the business

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Speaker 5: they're making. But so as we kind of look at

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Speaker 5: it right now, I don't think David Zaslav is far

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Speaker 5: off when he says he wants thirty dollars per share

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Speaker 5: for all of the company. We think majority of that

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Speaker 5: value will actually rest with the studio and streaming network.

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Speaker 5: So we when we kind of crunch the numbers, we

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Speaker 5: get twenty five to twenty eight dollars just for the

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Speaker 5: studio and the streaming business. But at the end of

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Speaker 5: the day, Paul, it all comes down to synergy. So

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Speaker 5: if you look at you know, combining the entire corporation,

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Speaker 5: all of Warner Brothers Discovery with all of Paramount for instance,

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Speaker 5: and they both have you know, substantial linear network exposure,

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Speaker 5: they both have studios, they both have streaming assets. You know,

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Speaker 5: we're looking like something like at about four or five

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Speaker 5: billion dollars in synergies, which you know, then then adds

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Speaker 5: to the deal value.

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Speaker 7: Also, stay with us. More from Bloomberg Intelligence coming up

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Speaker 7: after this.

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Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android

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Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever

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Speaker 1: you get your podcasts or watch us live on YouTube.

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Speaker 3: A column that I read this week really resonated because

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Speaker 3: it hits upon three key themes that we're seeing across

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Speaker 3: the markets. Retail earnings, tech forward companies, and people worried

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Speaker 3: about losing their jobs in this AI era. Beth cow

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Speaker 3: It is a Bloomberg opinion columnist, and she's written a

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Speaker 3: story about Walmart and it's masterclass and reputation rehab. But

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Speaker 3: it really rests on this idea that Walmart invested in

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Speaker 3: its workforce and its treatment of workers at a time

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Speaker 3: when it was being criticized for not treating its workers well,

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Speaker 3: and this is paid off in many ways. Beth joins

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Speaker 3: us now in our bloom Work Interactive Brokers studio. So Beth,

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Speaker 3: just take us back a couple of years to when

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Speaker 3: Walmart decided that it was going to spend on its workforce.

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Speaker 3: It was going to invest money into the workforce, and

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Speaker 3: investors did not like hearing that.

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Speaker 8: Yeah, I mean, it's hard to think about this now,

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Speaker 8: but a decade ago, Walmart was one of the most

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Speaker 8: reviled companies in America. Right it was being criticized for

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Speaker 8: paying its employees low wages. For wiping out mom and

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Speaker 8: pop retailers for basically creating a culture of disposable consumerism.

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Speaker 8: So it really was getting hit from a lot of

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Speaker 8: different angles. And rather than just ignore the bad press

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Speaker 8: or army, you know, hire an army of pr people,

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Speaker 8: it decided to do something about it. And Doug McMillan decided,

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Speaker 8: we're going to invest in our people and two point

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Speaker 8: seven billion dollars over a couple of years, and we

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Speaker 8: now know this really paid off.

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Speaker 2: So I mean, for Doug McMillan, I mean to me,

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Speaker 2: after reading your article, this could be one of his

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Speaker 2: as he's stepping down, could be one of his lasting

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Speaker 2: legacies at the company.

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Speaker 4: I really think so.

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Speaker 8: I think I think that you know, he's been at

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Speaker 8: the company now more than a decade. I think this

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Speaker 8: will be amongst the most enduring things that he has done.

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Speaker 8: I think this. I'm not sure that the company would

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Speaker 8: be in the place it's at today if he had

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Speaker 8: not really addressed this.

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Speaker 3: And let's be clear about what exactly he did with

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Speaker 3: that two point seven sharing dollars. Pay increases, there is

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Speaker 3: training and really just attracting a better quality worker.

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Speaker 8: Yeah, and the way he did this was right. It

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Speaker 8: was pay increases, but more than anything else, it was

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Speaker 8: creating not low paying jobs, but a career.

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Speaker 6: Right.

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Speaker 4: There was now a path.

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Speaker 8: For people who started at Walmart to move up the ranks,

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Speaker 8: and that was really important, right to attracting more ambitious employees,

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Speaker 8: to getting them to stay, and I think that that

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Speaker 8: shifted the whole culture of the company.

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Speaker 2: So what's the company saying about AI? Because there's a

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Speaker 2: lot of answer just in the overall economy about what

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Speaker 2: the impact AI will have upon jobs. One could look

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Speaker 2: at big box stores as industry that might be at

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Speaker 2: risk because.

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Speaker 7: They do employ so many people.

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Speaker 2: What does Walmart say.

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Speaker 8: Walmart's taken a very different approach, I think than some

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Speaker 8: other big employers, and it has embraced a EYE. Let's

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Speaker 8: be clear, Like there's a AI is throughout embedded throughout

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Speaker 8: the company, but it has not used a EE to

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Speaker 8: have some of these mass layoffs that were justify some

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Speaker 8: of these mass layoffs that we've seen at other companies.

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Speaker 8: And I think part of that is this history, like

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Speaker 8: it knows how important these entry level workers are and

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Speaker 8: that they need a path, they need this workforce to

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Speaker 8: sort of grow the company. So it said AI will

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Speaker 8: change every job. It knows that, but it is trying

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Speaker 8: to get every worker through to the other side, so

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Speaker 8: whether that's retraining, finding new rules, rules for them. So

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Speaker 8: it's just a very different outlook, I think than what

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Speaker 8: we're hearing from others.

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Speaker 3: And you've noted as well that the last ten years

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Speaker 3: at Walmart has led to tremendous return for shareholders, but

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Speaker 3: also it's become a case study at heart Heard Business

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Speaker 3: school on how to on how an experiment on paying

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Speaker 3: your workers war or investing your workers can pay off.

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Speaker 4: Absolutely.

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Speaker 8: I mean we you mentioned this at the beginning, but

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Speaker 8: Wall Street hated this plan. I mean the company lost

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Speaker 8: tremendous value, about that much tremendous value when they announced it,

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Speaker 8: and now you know, we have the receipts a decade later,

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Speaker 8: and the I think the market gap has tripled. The

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Speaker 8: stock has returned more than four hundred percent. So they

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Speaker 8: really took a gamble on this and stuck with it,

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Speaker 8: and it really has it has paid off for them.

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Speaker 2: I mean, every time I look at the dees screen

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Speaker 2: on the Bloomberg terminal for Walmart, had just blown away

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Speaker 2: by the fact that they have two point one million employees.

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Speaker 2: What's the retention of those employees. I'm wondering if there's

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Speaker 2: like I would think in the warehouses it might be

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Speaker 2: really really high.

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Speaker 7: I'm not sure about the stores. How is retention sure?

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Speaker 8: So they've actually increased retention by ten percent since twenty

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Speaker 8: fifteen they when they started this plan. And another thing

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Speaker 8: is that they've some of the more management len roles.

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Speaker 8: Seventy five percent of those are hired from with it.

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Speaker 8: So this pipeline is really critical for them. And so

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Speaker 8: that's why I think that they are so focused on

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Speaker 8: creating a place where people stay.

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Speaker 4: That's key.

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Speaker 3: And you only have to look at the outgoing CEO

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Speaker 3: and the NTO, right, Both Doug McMillan and John Ferner,

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Speaker 3: the successor, are Walmart lifers. They started off as hourly

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Speaker 3: workers there.

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Speaker 8: Right, They know the importance of that and having worked

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Speaker 8: their way up, that needs to be something that continues.

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Speaker 2: There is this something that you think the new CEO

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Speaker 2: is as committed to as the prior CEO.

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Speaker 8: I would think so because he has the same background.

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Speaker 8: I mean, I think he knows the importance of emerging technologies.

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Speaker 8: He's really focused on that. But I think because of

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Speaker 8: his history and he's worked very closely with McMillan for

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Speaker 8: a long time, so they must be aligned on this.

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Speaker 7: Stay with us. More from Bloomberg Intelligence coming up after this.

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Speaker 1: You're listening to the Bloomberg and Intelligence podcast. Catch us

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Speaker 1: live weekdays at ten am. He's done on Apple, Cocklay

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Speaker 1: and Android Auto with the Bloomberg Business App. Listen on

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Speaker 1: demand wherever you get your podcasts, or watch us live

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Speaker 1: on YouTube.

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Speaker 2: Jody Lori joints us here in our Bloomberg Interactive Broker

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Speaker 2: studio in the Big Town.

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Speaker 7: How about that, Jody.

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Speaker 4: We love your coverage.

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Speaker 2: You covered from the credit perspective, all the fun industries

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Speaker 2: like hotels, like cruise ships and all that kind of stuff.

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Speaker 2: I know, you guys put out a survey talking about

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Speaker 2: how people are spending their vacation money.

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Speaker 7: What'd you learn?

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Speaker 9: So we do the survey every half a year, and

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Speaker 9: so we just got the results out for the most

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Speaker 9: recent one that we ran last week. And what's interesting

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Speaker 9: is that we're seeing more people planning on keeping their

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Speaker 9: budgets the same.

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Speaker 4: But what's more interesting is.

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Speaker 9: That if costs succeed, budgets fewer people than last year.

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Speaker 4: So they'd increase their budget.

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Speaker 9: And that's on the back of them knowing that inflation

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Speaker 9: is a much higher risk for them for their portfolio.

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Speaker 3: So in other words, people are making room for time off,

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Speaker 3: but they're going to have to scrimp more in order

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Speaker 3: to make it happen because their money is not going

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Speaker 3: to take them as far as it used to correct.

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Speaker 4: And Scarlett, I mean, I think to piggyback on that.

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Speaker 9: If you look the eating out, anticipation of spending is

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Speaker 9: higher this year than last year, and I think that's

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Speaker 9: lesser reflection of people wanting to eat out, but more

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Speaker 9: that they're expecting eating out is going to be more expensive.

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Speaker 9: And so even though we're seeing people want to spend

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Speaker 9: on paid activities and experiences, which could bode well for

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Speaker 9: the cruise lines and the theme parks, at the end

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Speaker 9: of the day, when cost succeed budgets, more people this

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Speaker 9: year over last year are planning on cutting and looking

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Speaker 9: at free options. So going to the free museums, going

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Speaker 9: to low cost.

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Speaker 3: Options, well, now that the government is open DC is

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Speaker 3: an option once again. How about in terms of destination,

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Speaker 3: maybe staying closer to home, maybe not going quite as

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Speaker 3: far internationally, Yes.

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Speaker 9: And staying closer to home is very very much key

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Speaker 9: if we see the data, the international trend is to Canada.

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Speaker 9: Canada bumped up to the second spot. So we saw

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Speaker 9: that in the midyear, and it was pretty curious for US,

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Speaker 9: particularly because when you look at it the opposite way,

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Speaker 9: and we did this announced a few months ago. Canada

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Speaker 9: is not coming to the US. They don't want to

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Speaker 9: come to the US. It's too expensive for them, they

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Speaker 9: don't really like the current government situation, and on top

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Speaker 9: of it, I think they're scared about crossing the border

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Speaker 9: and what it means for immigration. So we're seeing Canadians

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Speaker 9: not come to the US, and we're seeing a lot

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Speaker 9: of companies comment on that.

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Speaker 4: But we are seeing a lot of Americans go to Canada.

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Speaker 9: And I am curious how much and this is going

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Speaker 9: to come in further reports. How much of the Canada

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Speaker 9: move is a reflection of the World Cup next year.

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Speaker 9: There's a lot of people going to Vancouver, for instance,

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Speaker 9: for the World Cup. I'll actually be there during the

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Speaker 9: World Cup, but not going to the World Cup.

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Speaker 7: Why we.

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Speaker 9: Might be doing a very family friendly cruise to Alaska.

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Speaker 2: Nice.

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Speaker 4: It just works out that that's the same time as

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Speaker 4: it was bad timing.

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Speaker 2: It's bad time, all right, talk to me. This is

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Speaker 2: when I go to Aruba, we go to an all inclusive.

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Speaker 2: How come I didn't know about this all inclusive thing

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Speaker 2: when I had four little kids.

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Speaker 3: I mean, were they were they a thing back then?

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Speaker 2: I don't know, but I mean I would get the

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Speaker 2: bill which would be five inches thick with like smoothies

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Speaker 2: and chicken fingers and all that kind of crap that

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Speaker 2: they'd eat throughout.

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Speaker 7: The day four kids.

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Speaker 2: Man if if I knew about the all inclusive, that

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Speaker 2: would have been a savior for me. What are people

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Speaker 2: doing when they are they willing to still pay it

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Speaker 2: for travel? Because I still here people going to Europe

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Speaker 2: and stuff like that. I mean, they're not going to Poughkeepsie,

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Speaker 2: They're going to Parish and things.

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Speaker 9: Yeah, I mean Japan is certainly a popular destination. Strong

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Speaker 9: dollar there, yeah, very much increased.

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Speaker 4: Italy has increased.

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Speaker 9: We're seeing among the upper income level, you know, Portugal

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Speaker 9: and Spain as popular destinations. And I think probably what's

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Speaker 9: even more interesting is onboard spending for cruises is still

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Speaker 9: continuing to have momentum.

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Speaker 4: At the moment, I.

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Speaker 9: Think where we're watching is when that onboard spending shifts

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Speaker 9: and then the cruise lines, for example, don't get that.

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Speaker 4: Gravy for cash flow.

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Speaker 9: And to your point, Paul, I mean, even though you

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Speaker 9: have something called all inclusives, even though you have the

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Speaker 9: cruise lines, that they all are considered these package deal

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Speaker 9: what every company is doing, and we're talking the rental

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Speaker 9: car companies. You know, Avius is doing this too, obviously,

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Speaker 9: the airlines is they're all.

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Speaker 4: Doing these premium products.

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Speaker 9: These you know, you do different tiers of products, so

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Speaker 9: the add on so you can get the base level,

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Speaker 9: which is really the skeleton package. But anyone from cruise

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Speaker 9: lines to you know, theme parks, to some extent, to

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Speaker 9: the all inclusives, to the airlines, to the rental car

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Speaker 9: companies are all segmenting to give you know, the lower

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Speaker 9: income consumer the ability to say that they traveled and

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Speaker 9: the higher income consumer the ability to travel luxury. And

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Speaker 9: in terms of the add ons, what are these add

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Speaker 9: ons are they? You know, things that they used to

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Speaker 9: offer for free and now charge.

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Speaker 4: You for for some of it.

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Speaker 9: It is so you know, a good example I have

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Speaker 9: is anecdotally, I know that some of the cruise lines

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Speaker 9: that used to not charge to get people into the

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Speaker 9: center of a city, say in Europe, you're on a

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Speaker 9: European cruise.

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Speaker 4: They used to give that for free.

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Speaker 9: Now they say no, you have to be a part

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Speaker 9: of one of our you know, expeditions, one of one

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Speaker 9: of our excursions in order to get that for free.

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Speaker 9: Otherwise we charge you twenty dollars to get into the

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Speaker 9: Senate's colwn in you know, Czechoslovakia and not Checklisvokia, check Republic.

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Speaker 7: Stay with us. More from Bloomberg Intelligence coming up after this.

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Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple Coarclay and Android

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Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever

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Speaker 1: you get your podcasts, or watch us live on YouTube.

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Speaker 2: Obviously, the theme this week, one of the things has

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Speaker 2: been Nvidian It's strong earnings. AI fight has been really

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Speaker 2: a driving theme for this overall market for going on

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Speaker 2: three years now, and Investor has been looking for your

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Speaker 2: privative ways to play that theme, and one of that

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Speaker 2: has been how do you get tompower all these data

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Speaker 2: centers out there? And that leads you to utilities, and

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Speaker 2: that leads you to our next guest, Calvin Butler, CEO

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Speaker 2: of exelon it is a publicly traded company. EXC is

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Speaker 2: the ticker of the stocks up about one percent today,

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Speaker 2: up about twenty two percent year to date, so certainly

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Speaker 2: performing well with the other utility stocks. Calvin, thank you

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Speaker 2: so much for joining us here. Again, when I look

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Speaker 2: at your industry, you guys are critical to the rollout

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Speaker 2: of AI because we've got to power this stuff, these

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Speaker 2: data centers.

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Speaker 7: How do you guys view it?

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Speaker 6: Yeah, Paul, thank you for having me and exactly how

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Speaker 6: you said it. We're critical to the development of AI

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Speaker 6: data centers and large load quantum and we take that

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Speaker 6: responsibility very serious. And from a standpoint of building that infrastructure,

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Speaker 6: protecting that grid, it's going to be the backbone of

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Speaker 6: all this. We always say that the energy in sector

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Speaker 6: there is five percent of the GDP, but we power

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Speaker 6: the next ninety five and we take that very seriously.

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Speaker 4: You take it seriously.

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Speaker 3: So walk us through some of the plans you're making,

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Speaker 3: how you're preparing for this transition, for this increase in demand.

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Speaker 6: Yeah, thank you, Scarlett. What we have done, We've done

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Speaker 6: a few things. Is one understanding for your listeners, excellent.

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Speaker 6: We are truly a transmission and distribution company, you know,

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Speaker 6: proud to have six utilities operating the electric gas side

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Speaker 6: through the pipes and wires. So having said that, being

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Speaker 6: the backbone of that, we're encouraging those data centers and

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Speaker 6: large developers to come into the states in which we operate,

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Speaker 6: and we put together a comprehensive plan to get them online,

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Speaker 6: up and running sooner rather than later. Speed is everything

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Speaker 6: for them, and so what it takes is a coordinated effort,

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Speaker 6: and we've worked very hard to move upstream to get

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Speaker 6: them online so they can do what they do, which

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Speaker 6: is on the technology side. Now, as we do that,

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Speaker 6: we have to keep in mind first and foremost the

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Speaker 6: affordability factor for all of our communities, and that's where

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Speaker 6: we're working with them to identify sites that are more

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Speaker 6: ready to put their equipment and their technology in place.

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Speaker 2: We had a couple of governor races recently in New

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Speaker 2: Jersey and in Virginia, and affordability was one of the

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Speaker 2: big issues. And in New Jersey the governor elect who

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Speaker 2: actually won, one of her number one issues was bringing

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Speaker 2: down electric utility bills. So this is an issue we

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Speaker 2: got to fund, We got to I guess create and

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Speaker 2: develop these data centers, but we got to do it

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Speaker 2: in a way that it doesn't cause.

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Speaker 7: Everybody's power bills to go up.

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Speaker 2: How do you think about that transition.

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Speaker 6: Paul, You're absolutely right. It was a race in both

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Speaker 6: New Jersey and Virginia, an issue, and we believe it's

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Speaker 6: going to be an issue in the twenty twenty six

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Speaker 6: elections because of affordability. Pocketbook issues are going to be key.

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Speaker 6: So let me tell you what we're doing from excellent perspective.

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Speaker 6: We are protecting our residential customers. You know, we serve

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Speaker 6: almost eleven million customers. So as as important as it

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Speaker 6: is for data center development, it's more important for me

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Speaker 6: to protect the other customers in this process. So we've

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Speaker 6: come up with what we consider a rather innovative solution

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Speaker 6: in creating a tear up a transmission security agreement. So

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Speaker 6: what that does is we require a letter of credit

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Speaker 6: or a cash deposit from these large developers speculating are

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Speaker 6: identifying what thir ten year revenue projections or cost projections

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Speaker 6: coming back to our utility is, and anytime that they

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Speaker 6: do not meet eighty percent of that load projections or

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Speaker 6: cash projections, we draw down from that deposit. And what

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Speaker 6: it does it protects the other customers on the systems

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Speaker 6: for the investments that we're making. So we're being very

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Speaker 6: intentional about protecting the other users on the system because

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Speaker 6: when it's done right, it should reduce the cost for everyone.

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Speaker 6: But when it's done haphazardly or piecemeal, it can have

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Speaker 6: ramifications that everyone else has impacted. But what you're seeing

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Speaker 6: not just from the capital investment. You're seeing the supply

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Speaker 6: costs go up. Supply costs are going up because of

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Speaker 6: the increased demand, and we have inadequate generation on the

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Speaker 6: system to do that. You use New Jersey as an example.

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Speaker 6: Let me give you a real example of what happened

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Speaker 6: to New Jersey customers last year. New Jersey customers average

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Speaker 6: residential customers bill rose thirty eight dollars thirty four dollars.

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Speaker 6: I'm sorry, thirty four dollars. Thirty eight dollars was due

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Speaker 6: to supply because they were reconciling our bill, our bill,

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Speaker 6: our cost the demand, the transmission and distribution part went

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Speaker 6: down four dollars, but the bill still went up thirty four.

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Speaker 6: That's how important it is to get this supply stack

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Speaker 6: right to help lower all customers' bills.

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Speaker 3: Kevin, let me ask you about nuclear because this week

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Speaker 3: the government announced it plans to buy and own up

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Speaker 3: to ten large new nuclear reactors that could be paid

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Speaker 3: for using Japan's pledge to fund five hundred and fifty

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Speaker 3: billion dollars of investments in the US. Of course, this

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Speaker 3: is part of a push to meet surging demand for electricity,

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Speaker 3: and nuclear is increasingly seen as a solution to this need.

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Speaker 4: What's your take.

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Speaker 6: I think it's critical. I truly believe in a all

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Speaker 6: of the above approach and that nuclear base load generation

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Speaker 6: is going to be critical to us meeting this effort.

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Speaker 6: As you know, again, we've always taken an approach that

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Speaker 6: every electron matters to help unaffordability, and that's why it's

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Speaker 6: so critical. I use an example the Crane Center that's

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Speaker 6: coming back online in Pennsylvania. That's critical because it's new

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Speaker 6: generation coming back online. A large Microsoft is paying for it,

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Speaker 6: and that billion dollar loan is exactly what we need

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Speaker 6: to encourage reopening of these former facilities to get more

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Speaker 6: electrons back on. And that was one of the best

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Speaker 6: operating nuclear plants prior to its shuttering.

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Speaker 1: This is the Bloomberg Intelligence podcast, available on Apple, Spotify,

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