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#Thank you.
Thanks, <UNK>, for the question, I'm glad you asked it.
To my knowledge, D.
C.
Cook had an issue in 2010, Indian Point had an issue starting a month or so ago.
There have been a handful, I think six or eight European plants.
These are not ---+ to my knowledge, these are not life-threatening issues.
They are literally 800 bolts typically that secure these metal plates, we call them baffles, to the reactor vessel.
And they are under pressure.
There is a pressure gradient because of the high temperature steam that flows through the holes in these baffles.
You get a mechanical stress, in our case, I think we have 832 bolts.
It's typical of pressurized water reactors.
That's why I mentioned earlier, to <UNK>'s question, that we would have to look at Salem 2 again at its next refueling outage, although it passed a visual inspection in 2015.
It would not be an issue for Oak Creek because that's a boiling water reactor.
I don't want to suggest anything other than we have to complete the inspection.
But none of the prior instance has this been an issue that has threatened the plants going forward ---+ integrity or anything of that nature.
Sure.
There are a whole host of them, <UNK>.
There is ongoing renewable portfolio standard commitments that could result in some additional solar work.
There are a couple of special projects that we haven't named publicly on the distribution system that involve major customers that would benefit the entire customer base, that we will be pursuing.
There is always new and additional work that comes out of the PGM RTET; that's the kind of thing you'll see us looking at and potentially announcing in 2016.
However, the major backfill in the out years of the plan won't be announced in 2016 because they are pretty new, and that will be a continuation of our gas system modernization plan and a continuation of Energy Strong.
The reason we won't announce those in 2016 is because we are only a year and a half into Energy Strong, and we're only six months into GSMP; and those were both three year programs, give or take a few months, on some unique aspects of them.
So you're right to say that we have historically backfilled the years four and five.
I think there is a very high probability we will do the same this time.
But I think that in terms of the goals for 2016, it will be more, some significant distribution projects that we have and potentially some solar work that ---+ to keep the state on its RPS targets, you will see us pursuing in the near term.
You're welcome.
Hi.
I think there are three uses for storage.
Right.
One is to the extent that one has some localized distribution reinforcement that can be more economically achieved through storage rather than substation enhancement.
Second, would be your classic arbitrage between peak and off-peak power, which has become less of an economic driver nowadays, just given the abundance of natural gas.
Third, could be sort of a similarity to that, which is to offset the intermittency associated with renewables.
But in terms of using batteries as peakers, I think that if you just have to take a look again at the dollars per KW.
My goodness, gas engines just keep getting more and more efficient and storage seems to be losing in that race to keep up with them.
I think there are multiple applications.
I didn't mean to suggest that we only would consider one.
What I was trying to point out is, whether the application is the supply side, or whether it's a customer reliability side or whether it's providing peaking services, other ancillary services ---+ we don't have a religious fervor around one technology or another.
We look at them all the time.
Yes.
No.
I mean, that's pretty much what we have told the world, right, that we see three very tangible, tactical reasons for remaining integrated.
It's the financial synergies between Power's cash generation and Utility's cash needs.
It's the customer build synergies between the customer the power serves and the customers that PSE&G serves.
Power's prices go down, PSE&G's distribution rates go up, quite candidly.
Last, but not least, is the benefits of scale associated with the corporate support functions.
And as Power continues to pursue growth opportunities outside PGM East, the first two issues become less important, right.
You have more customers that are not PSE&G customers that we will be serving in New England and in your state.
You have more need for Power's funds from operations going to Power as opposed to going over to the Utility.
And as both companies get bigger, then corporate support synergies become less on a percentage basis.
And the reason why I say outside of PGM East, is because we are pretty much preempted from making any acquisitions within PGM East.
Given the slow growth and demand, we are not big fans of Greenfield Development PGM East.
You've quickly run into an oversupply situation.
Having said all of that, we have demonstrated that we're pretty bad at acquiring assets.
By that I mean, we seem to have a more conservative view of where the market is going and are consistently outbid.
Keys being the one expectation to that, which I believe, was largely because of our confidence in our ability to manage construction risks, that perhaps some of the others did not possess and some of the portfolio benefit it brought to us in performance of PGM West.
We look all the time at generation assets.
We have an ---+ I was about to say anti-coal bias.
That sounds very political and I didn't mean it that way.
But just given the direction of the environmental regulation, you won't see us taking a look at any coal expansions in terms of new assets.
We do look in our target markets, which would be the rest of PGM, New England, and New York state.
We just have to get it the right price.
And we are going to remain disciplined in what that means for us.
Hi.
So the equipment is not routinely on site.
But we are in the process right now of securing that equipment while we do the ultrasonic testing.
This is a highly ---+ my tongue got tied ---+ highly irradiated area inside the reactor vessel.
But we are in conversations with at least two vendors who claim to be able to help us do the work and we are confident we will be able to bring them on site.
I mean, as I said, there is at least ten other reactors that had this issue in the past.
Yes.
I think there is a robotic device that needs to go in and change out the bolts and replace those that are ---+ that failed the ultrasonic testing.
It's not something you can send a person into the vessel.
From a critical path perspective, too, the inspections that are ongoing now need to take place first.
We have some time off the critical path to be able to secure that kind of equipment.
Thanks.
Hi, <UNK>.
And your comparison is what, <UNK>.
We'd have to go through the individual math.
Maybe we can follow up with you on that.
But you have a range of output where you are within a high or low band.
So it's going to vary.
I know that some of that 2018 output is going to come from BTS, who tends to have a higher price, and then we run a lower price environment as well.
So it's going to be some mix of that.
Hi, <UNK>.
<UNK>, the range is the range.
Historically, what we do is after Q1 we don't modify our numbers or push people up or down and live with the range.
After Q2 we may move a nickel one way or the other, if we think there's a definitive bias one way or another.
In terms of verbally guiding.
And then typically after Q3, if there's a need we tighten the range one way or the other.
With so we're $2.80 to $3.00.
It was a tough winter.
And we have got a lot of focus on our operations and our cost efficiencies and the range always assumes that the rest of the year is normal weather.
We never assume that the weather is going to suddenly do something different than what the weather service predicts as a normal year.
Thank you, Brent.
So thank you, everyone for being on the call.
And the main message I hope you took away is my favorite message, which is steady as she goes.
We have a utility capital program that's proceeding as planned.
Power construction programs which we combine cycle units is on schedule and on budget.
Operations are strong through the enterprise and the balance sheet is as solid as ever.
<UNK> and <UNK> have some travels in the next couple of weeks.
The three of us have some travels in the next couple of months.
Hope we get to see most, if not all, of you during those travels.
Thanks a lot and we will talk soon.
