Nick Chaset wants America to manufacture its energy, not drill for it

Nick Chaset's workday starts when London wakes up. Slack begins pinging around 5:30 a.m. California time, and he spends the next hour or so catching up with colleagues at Octopus Energy's UK headquarters. At 7:00, he clocks out for what he calls dad time: breakfast, school lunches for his two kids, a quick walk with the dog. By 8:00 he's back at his desk, running the American arm of one of the world's largest clean energy companies.

That arm is smaller than you'd guess. Octopus Energy Group employs more than 10,000 people globally. Its US business has about 50.

"We're small but mighty," Chaset said on the CEO.com podcast. "We lean heavily on a lot of our capabilities and colleagues, particularly in Europe, to help us punch above our weight."

They picked an interesting moment to be small. US electricity demand, flat for most of the last 40 years, is suddenly growing at rates the industry hasn't seen since the 1960s and '70s. Chaset puts the figure at 5 to 15 percent a year in some regions, driven overwhelmingly by AI data centers. He estimates the AI buildout now accounts for somewhere around 30 percent of US GDP growth, and he's dismissive of the idea that it's a bubble. "There's just going to be a never-ending demand for compute," he said. Autonomous cars, sensors in every home, video everywhere. All of it runs on electricity.

His answer to that demand is a phrase he repeats like a mission statement: manufacture energy instead of extracting it.

"At some point in time, when you're drilling, the hole is going to be empty, and you're going to run out," he said. Solar panels, batteries, wind turbines, and even nuclear plants are manufactured goods, which means they follow manufacturing economics: costs fall, efficiency compounds, supply scales. Drilling doesn't work that way.

If that sounds like California talking, consider where Octopus planted its US flag. The company is headquartered in Houston and sells electricity in Texas, which has no major state renewable incentives and is nonetheless the country's largest solar and battery market. Chaset brings this up constantly, including in a Newsweek interview shortly after he took the job, where he argued the grid is a physics problem more than a policy problem. Supply has to match demand no matter who's in the White House, and right now solar and batteries are the fastest things anyone can build.

Chaset came up on the policy side of that physics problem. Before Octopus, he spent seven years as CEO of Ava Community Energy, the Bay Area community energy agency he helped found. Before that he was chief of staff to the president of the California Public Utilities Commission and a special advisor to Governor Jerry Brown. Octopus brought him on in 2024 to run North America, and that December he took over the US retail business, weeks before a new administration arrived promising to drill.

The regulatory years left a mark. Electricity, he points out, sits in the same category as water: you cannot function without it, which is why most of it is sold by regulated monopolies rather than at whatever price the market will bear. Working inside the regulator showed him the trade-off that defines the whole industry, protecting ratepayers today versus investing for the demand of a decade from now. He's now on the other side of the table, selling to the utilities he used to oversee.

That's the quieter half of Octopus's US strategy. In Texas, it competes directly for customers. Everywhere else, it partners with the incumbent utilities, offering the technology and consumer playbook it built in Europe. The pitch is flexibility: pay customers to let their thermostats, EVs, and home batteries respond to prices. Charge the car at 1:00 a.m. instead of 9:00 p.m. and the grid saves money, the customer saves money, and the car is still full in the morning. In 2026 that strategy turned into deals, including a partnership with virtual power plant operator Voltus and an agreement to take a majority stake in Uplight, a platform that already works with more than 85 North American utilities. This month the company launched Octopus Charge, an app that rolls 211,000 public EV chargers into one account.

Octopus also eats its own cooking on AI. Every customer call and email runs through a system that digests the customer's entire history and drafts suggested responses, which Chaset says has cut email response times from a day to about an hour. A separate tool his team nicknamed Billy scores every single call for qualities like empathy. In the old world, a manager might spot-check one call in 50. Billy hears them all.

The most revealing part of the conversation had nothing to do with the grid. About ten years ago, Chaset's youngest daughter was born with a serious congenital heart defect. He was working in the governor's office and kept coming in anyway, angry and distracted, until his boss stopped him. "He said, Nick, I need you to go home. I need you to take two months, be with your family.'"

What stuck with Chaset wasn't just the kindness. His boss was telling him he was failing his team by showing up half-present. "You want to care for your team, but you want people to be accountable for each other," Chaset said. "And you cannot care for somebody if you're not accountable to them."

Asked the question that closes every CEO.com interview, who gave you a chance, Chaset named Michael Picker, the former CPUC president who hired an ambitious, admittedly raw young staffer and let him sit in rooms full of people who knew more than he did. Listen first, Picker told him, but don't be scared to talk.

00:00:00 Introduction and the Core of High-Performing Teams
00:01:18 Manufacturing Energy Versus Extracting It
00:03:29 Engaging Consumers with Smart Price Signals
00:05:58 Octopus Energy's Growing Presence in the US
00:06:41 Integrating AI into Customer Service Operations
00:09:26 Navigating Unprecedented Growth in Energy Demand
00:12:11 Lessons on Affordability from the CPUC
00:14:00 How Tariffs Impact the Energy Supply Chain
00:16:00 Balancing Care and Accountability in Leadership
00:17:34 The Power of Mentorship and Taking Chances

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into<00:04:02.640> my<00:04:02.799> house<00:04:03.200> and<00:04:03.439> that<00:04:03.760> electricity<00:04:04.319> comes<00:04:05.360> uh,<00:04:05.519> without<00:04:05.920> a<00:04:06.239> lot<00:04:06.319> of<00:04:06.560> signaling<00:04:07.120> as<00:04:07.360> to<00:04:07.519> when<00:04:07.760> or<00:04:08.080> how<00:04:08.239> I<00:04:08.400> should<00:04:08.560> use<00:04:08.720> that<00:04:08.959> electricity.

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Just<00:04:10.000> it's<00:04:10.239> a<00:04:10.400> fixed<00:04:10.640> rate.<00:04:10.959> You<00:04:11.120> pay<00:04:12.319> uh<00:04:12.480> that<00:04:12.720> fixed<00:04:13.040> rate<00:04:13.200> and<00:04:13.360> you<00:04:13.599> use<00:04:13.760> as<00:04:13.920> much<00:04:14.080> as<00:04:14.720> you<00:04:15.040> you<00:04:15.280> need.

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In<00:04:16.079> a<00:04:16.239> world<00:04:16.479> where<00:04:17.120> most<00:04:17.440> devices<00:04:17.840> in<00:04:18.079> the<00:04:18.239> home<00:04:18.479> are<00:04:18.720> connected<00:04:19.680> and<00:04:19.919> are<00:04:20.239> able<00:04:20.799> to<00:04:21.199> adapt<00:04:21.919> to<00:04:22.240> price<00:04:22.479> signals,<00:04:23.520> there's<00:04:23.759> a<00:04:24.160> real

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opportunity<00:04:25.199> to<00:04:25.520> give<00:04:25.759> customers<00:04:26.639> a<00:04:26.880> win-win<00:04:27.680> of<00:04:28.240> lower<00:04:28.560> rates<00:04:29.440> if<00:04:29.840> they<00:04:30.080> are<00:04:30.400> willing<00:04:30.800> to<00:04:31.919> enroll<00:04:32.400> their<00:04:32.720> thermostat

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or<00:04:33.680> enroll<00:04:34.000> their<00:04:34.240> electric<00:04:34.639> vehicle<00:04:35.360> in<00:04:35.600> a<00:04:35.759> program<00:04:36.720> whereby<00:04:37.600> the<00:04:38.080> thermostat<00:04:38.960> might<00:04:39.840> slightly<00:04:41.040> uh<00:04:41.280> raise<00:04:41.600> the

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temperature<00:04:42.160> in<00:04:42.320> the<00:04:42.479> house<00:04:43.040> when<00:04:43.360> prices<00:04:43.680> are<00:04:43.919> really<00:04:44.080> high.

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Or<00:04:45.040> you<00:04:45.199> might<00:04:45.440> avoid<00:04:45.759> charging<00:04:46.160> that<00:04:46.400> EV<00:04:46.800> from<00:04:47.040> 9:00<00:04:47.280> PM<00:04:47.680> to<00:04:47.840> 10:00<00:04:48.080> PM.

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Instead,<00:04:48.800> charge<00:04:49.040> it<00:04:49.199> at<00:04:49.360> 1:00<00:04:49.600> AM<00:04:49.919> or<00:04:50.080> to<00:04:50.320> 2:00<00:04:50.479> AM.

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Um,<00:04:51.759> and<00:04:51.919> in<00:04:52.160> so<00:04:52.400> doing,<00:04:52.800> save<00:04:53.040> the<00:04:53.199> grid<00:04:53.520> money<00:04:53.680> and<00:04:54.000> save<00:04:54.160> the<00:04:54.400> customer<00:04:54.720> money,<00:04:54.960> but<00:04:55.199> also<00:04:55.520> not<00:04:55.919> fundamentally<00:04:56.560> affect<00:04:57.520> uh<00:04:57.600> the<00:04:57.919> consumer<00:04:58.320> experience.

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The<00:04:59.280> car<00:04:59.440> is<00:04:59.600> still<00:04:59.840> charged<00:05:00.639> when<00:05:00.880> you<00:05:01.040> get<00:05:01.680> up<00:05:01.840> in<00:05:02.080> the<00:05:02.160> morning<00:05:02.400> to<00:05:02.639> drive<00:05:02.880> to<00:05:03.040> work.

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Your<00:05:03.759> house<00:05:04.000> is<00:05:04.240> still<00:05:04.479> comfortable<00:05:06.000> uh<00:05:06.240> when<00:05:06.400> you<00:05:06.560> get<00:05:06.720> home<00:05:06.960> from<00:05:07.199> work.

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You<00:05:08.080> may<00:05:08.240> have<00:05:08.400> just<00:05:08.560> pre-cooled<00:05:09.120> it<00:05:09.280> a<00:05:09.440> little<00:05:09.600> bit<00:05:09.759> when<00:05:10.000> the<00:05:10.240> sun<00:05:10.400> was<00:05:10.560> shining<00:05:10.960> so<00:05:11.120> you<00:05:11.280> don't<00:05:11.360> have<00:05:11.520> to<00:05:12.160> uh<00:05:12.400> cool<00:05:12.639> it<00:05:12.800> as<00:05:13.039> much<00:05:13.199> when<00:05:13.440> the<00:05:13.600> sun<00:05:13.759> goes<00:05:14.000> down.

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What<00:05:14.880> does<00:05:14.960> a<00:05:15.199> typical<00:05:15.520> day<00:05:15.759> look<00:05:15.919> like<00:05:16.080> for<00:05:16.320> you?

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I<00:05:17.039> work<00:05:17.199> for<00:05:17.360> a<00:05:17.520> British<00:05:17.840> company<00:05:18.479> so<00:05:18.720> a<00:05:18.960> lot<00:05:19.039> of<00:05:19.199> my<00:05:19.360> colleagues<00:05:19.919> are<00:05:20.160> based<00:05:20.400> in<00:05:20.639> London<00:05:21.039> so<00:05:21.199> it<00:05:21.360> starts<00:05:21.680> pretty<00:05:21.919> early.

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The<00:05:22.960> Slack<00:05:23.600> starts<00:05:23.919> dinging<00:05:24.400> around<00:05:24.720> 5:30<00:05:25.440> in<00:05:25.680> the<00:05:25.840> morning<00:05:26.080> for<00:05:26.320> me.

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And<00:05:27.919> I<00:05:28.320> spend,<00:05:29.120> you<00:05:29.280> know,<00:05:29.360> a<00:05:29.520> good<00:05:30.000> hour,<00:05:30.400> hour<00:05:30.560> and<00:05:30.720> a<00:05:30.880> half<00:05:31.680> just<00:05:31.919> engaging<00:05:32.320> with<00:05:32.479> my<00:05:32.720> colleagues<00:05:33.120> over<00:05:33.360> there,<00:05:33.759> figuring<00:05:34.080> out,<00:05:34.400> you<00:05:34.479> know,<00:05:34.639> what<00:05:35.280> going<00:05:35.520> on?

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Are<00:05:35.919> there<00:05:36.080> any<00:05:36.240> things<00:05:36.400> that<00:05:36.560> I<00:05:36.720> need<00:05:36.800> to<00:05:36.880> be<00:05:37.039> aware<00:05:37.199> of?<00:05:37.520> Working<00:05:37.759> towards<00:05:38.800> uh<00:05:38.960> here<00:05:39.120> in<00:05:39.280> the<00:05:39.440> States.

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And<00:05:40.240> then<00:05:40.400> I<00:05:40.639> have<00:05:40.800> two<00:05:41.039> kids,<00:05:41.280> so<00:05:41.440> it's<00:05:41.680> 7:00<00:05:42.240> in<00:05:42.479> the<00:05:42.560> morning,<00:05:42.880> it's<00:05:43.199> dad<00:05:43.520> time.

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uh<00:05:44.639> making<00:05:45.039> breakfast,<00:05:45.600> making<00:05:45.919> lunch,<00:05:46.800> then<00:05:47.120> taking<00:05:47.360> the<00:05:47.520> dog<00:05:47.759> out<00:05:47.919> for<00:05:48.160> a<00:05:48.320> quick<00:05:48.560> walk<00:05:49.600> so<00:05:49.840> that<00:05:50.160> by<00:05:50.880> 8:00<00:05:51.280> a.m.

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I<00:05:51.840> can<00:05:52.000> get<00:05:52.160> back<00:05:53.039> uh<00:05:53.199> get<00:05:53.440> back<00:05:53.600> to<00:05:53.759> work<00:05:54.720> and<00:05:55.360> uh<00:05:55.680> coming<00:05:56.000> down<00:05:56.479> come<00:05:56.639> down<00:05:56.800> into<00:05:57.039> the<00:05:57.199> office<00:05:57.360> and<00:05:57.600> then<00:05:57.759> start<00:05:57.919> engaging<00:05:58.320> with<00:05:58.479> my<00:05:58.639> team<00:05:58.800> here<00:05:58.960> in<00:05:59.120> the<00:05:59.280> US.

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And<00:05:59.919> then<00:06:00.080> it's<00:06:00.400> just<00:06:01.039> lots<00:06:01.440> of<00:06:01.600> internal<00:06:02.880> work<00:06:03.360> around,<00:06:03.919> you<00:06:04.080> know,<00:06:04.319> what<00:06:04.560> is<00:06:04.720> the<00:06:04.880> solution<00:06:05.360> that<00:06:05.600> we<00:06:05.759> want<00:06:05.919> to<00:06:06.000> work<00:06:06.160> on<00:06:06.319> today?

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What<00:06:06.800> is<00:06:06.880> the<00:06:07.039> new<00:06:07.199> product<00:06:07.520> that<00:06:07.680> we're<00:06:07.919> trying<00:06:08.080> to<00:06:08.240> push<00:06:08.479> to<00:06:08.800> consumers<00:06:09.440> today?

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or<00:06:11.680> sales<00:06:12.080> calls<00:06:12.479> to<00:06:13.360> big<00:06:13.840> utilities<00:06:14.319> that<00:06:14.560> we're<00:06:14.880> trying<00:06:15.120> to<00:06:15.280> partner<00:06:15.600> with<00:06:15.919> to<00:06:16.160> deliver<00:06:16.479> some<00:06:16.720> of<00:06:16.800> our<00:06:17.039> technology<00:06:17.600> solutions<00:06:17.919> to<00:06:18.160> help<00:06:18.400> them<00:06:18.639> deliver

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better<00:06:19.199> customer<00:06:19.600> service<00:06:20.479> and<00:06:21.680> cleaner<00:06:22.080> energy.

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How<00:06:23.440> big<00:06:23.600> is<00:06:23.759> the<00:06:24.000> company's<00:06:24.400> presence<00:06:24.639> in<00:06:24.800> the<00:06:24.960> United<00:06:25.199> States?

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Octopus<00:06:26.319> has<00:06:26.479> about<00:06:26.720> 50<00:06:27.039> people<00:06:27.759> in<00:06:28.080> the<00:06:28.240> US.

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We<00:06:28.960> have<00:06:29.039> a<00:06:29.280> sister<00:06:29.600> company,<00:06:30.000> Kraken<00:06:30.639> Technologies,<00:06:31.280> that<00:06:31.440> has<00:06:31.680> probably<00:06:31.919> about<00:06:32.479> 150<00:06:32.880> people.

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So,<00:06:34.319> uh,<00:06:34.639> still<00:06:34.960> pretty<00:06:35.600> small<00:06:36.080> in<00:06:36.400> relative<00:06:36.800> terms.

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Octopus<00:06:38.639> Energy<00:06:39.120> Group,<00:06:39.440> the<00:06:39.759> global<00:06:40.160> entity<00:06:40.960> has<00:06:41.199> over<00:06:41.440> 10,000<00:06:42.080> people<00:06:42.639> mostly<00:06:42.960> in<00:06:43.199> Europe,<00:06:43.680> but<00:06:44.000> we're<00:06:44.160> small<00:06:44.400> but<00:06:44.639> mighty<00:06:45.680> and

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uh<00:06:46.479> we<00:06:46.720> lean<00:06:47.039> heavily<00:06:47.440> on<00:06:47.759> a<00:06:48.000> lot<00:06:48.080> of<00:06:48.160> our<00:06:48.639> capabilities<00:06:49.199> and<00:06:49.520> colleagues<00:06:50.240> uh<00:06:50.479> particularly<00:06:50.960> in<00:06:51.120> Europe<00:06:51.440> to<00:06:51.680> help<00:06:51.840> us<00:06:52.720> um<00:06:54.319> punch

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above<00:06:54.880> our<00:06:55.039> weight.<00:06:55.680> How<00:06:55.840> do<00:06:56.000> you<00:06:56.240> think<00:06:56.479> about<00:06:56.800> AI<00:06:57.680> and<00:06:57.919> how<00:06:58.080> are<00:06:58.319> you<00:06:58.560> integrating<00:06:59.039> it<00:06:59.280> and<00:06:59.520> how<00:06:59.680> is<00:06:59.840> Octopus<00:07:00.319> integrating<00:07:00.800> it<00:07:00.960> into<00:07:01.280> its<00:07:01.599> operations<00:07:02.160> into<00:07:02.479> the

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company<00:07:03.520> or<00:07:03.759> even<00:07:04.000> into<00:07:04.240> the<00:07:04.479> product<00:07:04.800> if<00:07:04.960> that's<00:07:05.199> even<00:07:05.440> possible?

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Yeah,<00:07:06.479> I<00:07:08.240> we<00:07:08.639> have<00:07:08.880> some<00:07:09.120> really<00:07:09.280> cool<00:07:09.599> use<00:07:09.759> cases<00:07:10.080> for<00:07:10.319> AI.

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I<00:07:10.960> think<00:07:11.680> we're<00:07:12.000> still<00:07:12.479> as<00:07:13.360> uh<00:07:14.400> as<00:07:14.720> a<00:07:14.960> community<00:07:15.280> of<00:07:15.759> business<00:07:16.080> leaders<00:07:17.039> sorting<00:07:17.440> out<00:07:18.160> where<00:07:18.560> AI<00:07:18.960> works

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really<00:07:19.520> well<00:07:20.240> and<00:07:20.560> where<00:07:20.960> AI<00:07:22.319> still<00:07:22.720> has<00:07:22.960> some<00:07:23.280> work<00:07:23.440> to<00:07:23.599> be<00:07:23.759> done.

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But<00:07:25.039> definitive<00:07:25.840> where<00:07:26.080> it<00:07:26.319> works<00:07:26.560> really<00:07:26.800> well<00:07:27.680> is<00:07:28.560> in<00:07:29.039> text<00:07:29.440> recognition.

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So<00:07:31.039> we<00:07:31.360> run<00:07:31.680> a<00:07:31.919> call<00:07:32.160> center<00:07:33.440> and<00:07:33.919> we<00:07:34.479> take<00:07:34.639> in<00:07:35.039> lots<00:07:35.360> of<00:07:35.520> consumer<00:07:35.919> calls,<00:07:36.720> lots<00:07:36.960> of<00:07:37.120> consumer<00:07:37.599> inquiries,<00:07:38.400> emails<00:07:39.280> and

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AI<00:07:40.560> is<00:07:40.960> really<00:07:41.280> good<00:07:41.520> at<00:07:41.840> ingesting<00:07:42.880> transcripts<00:07:44.160> and<00:07:45.120> email<00:07:46.319> uh<00:07:46.560> conversations<00:07:48.000> and<00:07:48.319> being

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able<00:07:48.800> to<00:07:48.960> provide<00:07:49.360> keen<00:07:49.759> insights<00:07:50.720> into<00:07:51.520> our<00:07:52.160> uh<00:07:52.319> energy<00:07:52.720> specialist<00:07:53.120> teams<00:07:54.319> to<00:07:54.560> be<00:07:54.720> able<00:07:54.879> to<00:07:55.120> help<00:07:55.360> them<00:07:57.759> respond

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more<00:07:58.720> quickly<00:07:59.039> to<00:07:59.280> consumer<00:08:00.000> inquiries<00:08:01.440> uh<00:08:01.759> and<00:08:02.800> also<00:08:03.280> manage<00:08:03.599> a<00:08:03.759> higher<00:08:04.080> volume<00:08:04.319> of<00:08:04.560> consumer<00:08:04.960> inquiries.

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So,<00:08:06.319> uh,<00:08:06.479> what<00:08:06.720> this<00:08:06.879> translates<00:08:07.360> into,<00:08:07.680> instead<00:08:07.919> of<00:08:08.240> sending<00:08:08.479> an<00:08:08.720> email<00:08:08.960> and<00:08:09.120> maybe<00:08:09.440> waiting<00:08:09.680> a<00:08:09.919> day<00:08:10.000> to<00:08:10.240> get<00:08:10.319> a<00:08:10.479> response,<00:08:10.960> we're<00:08:11.120> going<00:08:11.199> to<00:08:11.280> be<00:08:11.360> able<00:08:11.520> to<00:08:11.599> respond<00:08:11.919> to

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you<00:08:12.240> more<00:08:12.479> like<00:08:12.639> an<00:08:12.879> hour<00:08:14.080> because<00:08:14.960> our<00:08:15.520> AI<00:08:16.000> system<00:08:16.960> has<00:08:18.000> ingested<00:08:18.479> every<00:08:18.800> previous<00:08:19.280> conversation<00:08:19.840> you've<00:08:20.160> had

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and<00:08:21.840> uh,<00:08:22.000> when<00:08:22.160> you<00:08:22.319> send<00:08:22.479> your<00:08:22.639> next<00:08:22.800> email,<00:08:23.280> it's<00:08:23.520> going<00:08:23.599> to<00:08:23.759> immediately<00:08:24.400> suggest<00:08:24.800> to<00:08:25.039> our<00:08:25.199> energy<00:08:25.599> specialist<00:08:27.039> uh,<00:08:27.280> what<00:08:27.440> are<00:08:27.599> some<00:08:27.759> of<00:08:27.840> the<00:08:28.560> responses<00:08:29.120> that

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you<00:08:30.000> want<00:08:30.160> to<00:08:30.319> prioritize<00:08:31.280> so<00:08:31.440> that<00:08:31.599> our<00:08:31.840> energy<00:08:32.080> specialist<00:08:32.560> can<00:08:32.719> look<00:08:32.800> at<00:08:32.959> that<00:08:33.200> prompt<00:08:33.519> and<00:08:33.760> say,<00:08:34.000> okay,<00:08:34.800> every<00:08:35.200> conversation<00:08:35.760> we've<00:08:36.080> had.

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This<00:08:37.440> is<00:08:37.599> what<00:08:37.919> you<00:08:38.080> know<00:08:38.159> they're<00:08:38.399> worried<00:08:38.719> about<00:08:39.039> high<00:08:39.360> bills<00:08:39.839> or<00:08:40.159> the<00:08:40.320> lights<00:08:40.640> not<00:08:40.880> being<00:08:41.039> on<00:08:41.279> or<00:08:41.440> whatever<00:08:41.760> it<00:08:41.919> may<00:08:42.159> be<00:08:42.719> and<00:08:43.440> uh<00:08:43.599> then<00:08:43.839> the<00:08:44.000> AI<00:08:44.399> will<00:08:44.560> give<00:08:44.720> them<00:08:44.880> a<00:08:45.040> set

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of<00:08:45.279> prompts<00:08:45.760> to<00:08:46.080> quickly<00:08:46.480> respond.<00:08:47.200> So<00:08:47.519> it<00:08:47.760> get<00:08:47.920> allows<00:08:48.240> us<00:08:48.399> to<00:08:48.560> give<00:08:48.720> better<00:08:49.040> customer<00:08:49.440> service<00:08:50.880> um<00:08:51.600> directly.

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We<00:08:52.560> also<00:08:52.800> use<00:08:53.200> AI<00:08:53.920> uh<00:08:54.080> in<00:08:54.320> our<00:08:54.880> call<00:08:55.200> center<00:08:55.519> performance<00:08:56.080> management.

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So<00:08:58.240> every<00:08:58.560> transcript<00:08:59.760> is<00:09:00.160> fed<00:09:00.560> through<00:09:01.440> uh<00:09:01.760> our<00:09:02.320> AI<00:09:03.040> QA<00:09:03.600> billy<00:09:04.000> system<00:09:04.399> that<00:09:04.640> we've<00:09:04.959> nicknamed

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it<00:09:06.080> and<00:09:06.640> uh<00:09:06.720> it<00:09:07.040> scores<00:09:07.440> every<00:09:07.760> engagement<00:09:08.240> with<00:09:08.480> a<00:09:08.640> consumer<00:09:09.120> for<00:09:09.440> things<00:09:09.600> like<00:09:09.839> empathy<00:09:10.560> and<00:09:11.200> uh<00:09:11.360> based<00:09:11.600> on<00:09:11.760> those<00:09:11.920> scores<00:09:12.720> uh<00:09:12.880> it<00:09:13.120> allows<00:09:13.440> us<00:09:13.680> to

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identify<00:09:14.800> where<00:09:15.040> we're<00:09:15.279> doing<00:09:15.440> a<00:09:15.600> great<00:09:15.839> job<00:09:16.160> where<00:09:16.399> maybe<00:09:16.560> there's<00:09:16.800> room<00:09:16.959> for<00:09:17.120> improvement<00:09:17.920> and<00:09:18.080> then<00:09:18.399> train<00:09:18.640> our<00:09:18.880> energy<00:09:19.200> specialists<00:09:19.680> up<00:09:20.160> so<00:09:20.399> that<00:09:20.560> they're<00:09:20.880> always

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able<00:09:22.160> to<00:09:22.320> sort<00:09:22.560> of<00:09:23.120> get<00:09:23.360> those<00:09:23.519> really<00:09:23.760> high<00:09:24.080> marks.

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And<00:09:25.040> those<00:09:25.200> were<00:09:25.440> things<00:09:25.600> that<00:09:25.680> we<00:09:25.839> just<00:09:26.000> weren't<00:09:26.240> able<00:09:26.399> to<00:09:26.560> do<00:09:26.720> previously.

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Being<00:09:27.920> able<00:09:28.080> to<00:09:28.240> sit<00:09:28.399> there<00:09:28.560> and<00:09:28.800> listen<00:09:29.040> to<00:09:29.360> every<00:09:29.680> call<00:09:30.320> is<00:09:30.560> too<00:09:30.800> time-consuming.

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So<00:09:31.680> maybe<00:09:32.000> best<00:09:32.240> case<00:09:32.399> scenario<00:09:32.880> we<00:09:33.120> would<00:09:33.279> listen<00:09:33.519> to<00:09:34.560> one<00:09:34.720> in<00:09:34.880> 10,<00:09:35.200> one<00:09:35.360> in<00:09:35.519> 20,<00:09:35.760> one<00:09:35.920> in<00:09:36.160> 30,<00:09:36.480> one<00:09:36.560> in<00:09:36.880> 50<00:09:37.120> calls<00:09:37.920> to<00:09:38.160> get<00:09:38.240> a<00:09:38.480> sense<00:09:38.880> of<00:09:40.000> consumer

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sentiment<00:09:40.800> and<00:09:41.040> how<00:09:41.279> people<00:09:41.440> were<00:09:41.680> doing.<00:09:42.160> We're<00:09:42.399> able<00:09:42.480> to<00:09:42.640> do<00:09:42.720> it<00:09:42.800> with<00:09:42.959> every<00:09:43.200> single<00:09:43.440> call<00:09:43.760> now.

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So<00:09:44.160> that<00:09:44.320> continuous<00:09:44.800> improvement<00:09:45.519> is<00:09:45.839> just<00:09:46.480> happening<00:09:46.800> a<00:09:47.040> lot<00:09:47.200> more<00:09:47.360> quickly.

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Again,<00:09:48.560> it<00:09:48.800> translates<00:09:49.279> to<00:09:49.920> uh<00:09:50.560> amazing<00:09:51.120> customer<00:09:51.519> service<00:09:52.320> and<00:09:52.640> happy<00:09:52.959> customers.

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give<00:09:54.080> me<00:09:54.240> a<00:09:54.399> sense<00:09:54.560> for<00:09:54.720> the<00:09:54.880> overall<00:09:55.200> energy<00:09:55.600> market<00:09:55.920> right<00:09:56.160> now<00:09:56.560> because<00:09:56.800> like<00:09:56.959> I<00:09:57.120> said<00:09:57.360> like<00:09:57.920> energy's<00:09:58.399> become<00:09:58.720> such<00:09:58.880> a<00:09:59.040> huge<00:09:59.360> topic<00:10:00.000> given<00:10:00.399> AI<00:10:00.880> and<00:10:01.120> how<00:10:01.360> important

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energy<00:10:02.000> is<00:10:02.480> going<00:10:02.640> to<00:10:02.720> be<00:10:02.880> in<00:10:03.120> order<00:10:03.200> to<00:10:03.440> power<00:10:03.760> that.

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It's<00:10:04.480> always<00:10:04.640> been<00:10:04.720> a<00:10:04.959> huge<00:10:05.120> topic<00:10:05.519> even<00:10:05.760> beyond<00:10:06.240> even<00:10:06.480> before<00:10:06.800> AI<00:10:07.279> obviously<00:10:07.680> but<00:10:08.560> um<00:10:08.800> what's<00:10:09.040> the<00:10:09.200> energy<00:10:09.519> market<00:10:09.839> like?

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How's<00:10:10.480> it<00:10:10.640> looking?<00:10:10.959> What's<00:10:11.200> the<00:10:11.360> overall<00:10:11.760> outlook?

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We<00:10:12.480> haven't<00:10:12.640> seen<00:10:12.880> energy<00:10:13.600> growth<00:10:15.279> like<00:10:15.600> this<00:10:16.240> since<00:10:16.560> the<00:10:16.800> 1960s<00:10:17.360> and<00:10:17.600> '70s.

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The<00:10:19.200> last<00:10:19.440> 30<00:10:19.760> 40<00:10:20.079> years<00:10:20.560> you've<00:10:20.800> seen<00:10:21.120> more<00:10:21.360> or<00:10:21.519> less<00:10:21.920> flat<00:10:22.399> electricity<00:10:22.959> consumption<00:10:24.160> largely<00:10:24.720> driven<00:10:25.279> by<00:10:26.240> increasing<00:10:26.800> efficiency<00:10:27.839> of

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appliances<00:10:29.440> or<00:10:29.760> processes.<00:10:30.880> And<00:10:31.200> so<00:10:31.360> the<00:10:31.600> industry<00:10:31.920> had<00:10:32.160> sort<00:10:32.320> of<00:10:32.399> been<00:10:32.560> caught<00:10:32.880> in<00:10:33.040> a<00:10:33.279> bit<00:10:33.440> of<00:10:33.600> the<00:10:33.760> doldrums<00:10:34.560> and<00:10:35.440> uh<00:10:35.680> now<00:10:35.920> we're<00:10:36.240> seeing<00:10:36.640> 5

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10<00:10:37.360> 15%<00:10:38.399> year-over-year<00:10:39.440> demand<00:10:39.920> growth<00:10:40.880> and<00:10:41.279> demands<00:10:41.760> on<00:10:42.160> building<00:10:42.560> new<00:10:42.800> infrastructure.

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So<00:10:44.000> it's<00:10:44.480> both<00:10:44.800> an<00:10:45.040> amazing<00:10:45.519> opportunity<00:10:46.240> if<00:10:46.399> you're<00:10:46.560> in<00:10:46.720> the<00:10:46.880> industry.

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There's<00:10:47.680> a<00:10:47.839> lot<00:10:47.920> of<00:10:48.000> growth,<00:10:48.959> but<00:10:50.240> it's<00:10:50.480> all<00:10:50.720> happening<00:10:50.959> a<00:10:51.200> bit<00:10:51.360> at<00:10:51.600> once.

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And<00:10:52.240> that's<00:10:52.560> creating<00:10:52.959> some<00:10:53.279> pretty<00:10:53.680> meaningful<00:10:55.920> cost<00:10:56.320> constraints<00:10:57.519> that<00:10:58.240> uh<00:10:58.399> are<00:10:58.720> trickling<00:10:59.120> down<00:10:59.279> to<00:10:59.440> consumer<00:10:59.839> bills<00:11:01.200> because

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you<00:11:01.680> got<00:11:01.760> to<00:11:01.839> go<00:11:02.000> and<00:11:02.240> build<00:11:02.480> things.<00:11:02.720> And<00:11:02.880> if<00:11:03.120> everyone's<00:11:03.440> trying<00:11:03.519> to<00:11:03.680> build<00:11:03.839> things<00:11:04.000> at<00:11:04.240> once,<00:11:04.959> suddenly<00:11:05.440> steel's<00:11:06.000> more<00:11:06.160> expensive,<00:11:07.040> equipment's<00:11:07.760> more<00:11:07.920> expensive,

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new<00:11:09.120> power<00:11:09.360> plants<00:11:09.680> are<00:11:09.839> more<00:11:10.079> expensive.<00:11:10.800> And<00:11:11.040> so<00:11:11.200> we're<00:11:12.480> a<00:11:12.800> bit<00:11:12.959> at<00:11:13.120> a<00:11:14.079> place<00:11:14.320> where<00:11:15.680> trying<00:11:15.920> to<00:11:16.399> assess<00:11:17.040> how

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much<00:11:17.680> of<00:11:17.920> this<00:11:18.160> load<00:11:18.480> growth<00:11:18.800> can<00:11:19.040> you<00:11:19.200> support,<00:11:20.320> how<00:11:20.480> much<00:11:20.640> of<00:11:20.720> this<00:11:20.959> market<00:11:21.360> growth<00:11:21.680> can<00:11:21.839> you<00:11:22.079> support<00:11:23.040> uh<00:11:23.279> without<00:11:24.000> overly<00:11:24.399> affecting<00:11:24.880> people's<00:11:25.279> bills<00:11:25.920> on

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the<00:11:26.160> one.<00:11:26.480> On<00:11:26.560> the<00:11:26.640> other<00:11:26.800> hand,<00:11:26.880> it's<00:11:27.120> a<00:11:27.279> huge<00:11:27.440> driver<00:11:27.760> of<00:11:28.160> economic<00:11:28.720> growth.

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30%<00:11:30.560> of<00:11:30.720> GDP<00:11:31.200> growth<00:11:31.440> in<00:11:31.600> the<00:11:31.760> US<00:11:31.920> is<00:11:32.160> now<00:11:32.399> tied<00:11:32.800> to<00:11:33.600> uh<00:11:33.760> the<00:11:33.920> AI<00:11:34.320> boom<00:11:34.640> or<00:11:35.680> somewhere<00:11:36.079> in<00:11:36.240> that<00:11:36.800> vicinity.

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And<00:11:38.480> we<00:11:38.800> have<00:11:38.959> to<00:11:39.200> be<00:11:39.440> able<00:11:39.600> to<00:11:39.920> grow<00:11:40.720> to<00:11:40.959> create<00:11:41.200> jobs,<00:11:41.600> to<00:11:41.760> create<00:11:42.000> prosperity.

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So,<00:11:43.680> um,<00:11:43.839> we're<00:11:44.079> finding<00:11:44.399> that<00:11:44.720> balance.

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And<00:11:45.760> again,<00:11:46.079> it's<00:11:46.399> where<00:11:47.279> the<00:11:48.320> emphasis<00:11:48.800> on<00:11:49.120> finding<00:11:49.440> ways<00:11:49.600> to<00:11:49.839> manufacture<00:11:50.399> energy<00:11:50.640> and<00:11:50.800> not<00:11:50.959> be<00:11:51.120> so<00:11:51.279> reliant<00:11:51.600> on<00:11:51.760> just<00:11:51.920> what's<00:11:52.160> underground,<00:11:53.279> uh,<00:11:53.360> becomes<00:11:53.680> so

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important.<00:11:54.560> And<00:11:54.959> I<00:11:55.120> I<00:11:55.440> do<00:11:55.600> think<00:11:55.760> though,<00:11:56.000> we're<00:11:56.160> in<00:11:56.320> a<00:11:56.880> period<00:11:57.200> of<00:11:57.519> persistent<00:11:58.240> long-term<00:11:58.800> growth,<00:11:59.120> though.

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This<00:11:59.519> is<00:11:59.600> not<00:11:59.839> just<00:12:00.000> a<00:12:00.560> a<00:12:00.880> boom<00:12:01.200> with<00:12:01.360> a<00:12:01.519> bubble.

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Uh,<00:12:02.399> because<00:12:02.959> there's<00:12:03.279> just<00:12:03.440> going<00:12:03.519> to<00:12:03.600> be<00:12:03.760> neverending<00:12:04.399> demand<00:12:05.440> for<00:12:05.920> compute.

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And<00:12:06.720> even<00:12:06.959> though<00:12:07.120> it<00:12:07.440> may<00:12:07.600> get<00:12:08.320> more<00:12:08.480> and<00:12:08.720> more<00:12:08.880> efficient<00:12:09.200> and<00:12:09.360> use<00:12:09.600> less<00:12:09.839> and<00:12:10.079> less<00:12:10.320> electricity,<00:12:11.360> the<00:12:11.600> use<00:12:11.839> cases<00:12:12.160> are<00:12:12.399> going<00:12:12.560> to<00:12:12.639> continue<00:12:12.959> to<00:12:13.120> grow.

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Sensors<00:12:14.240> in<00:12:14.399> the<00:12:14.560> home,<00:12:15.279> uh,<00:12:15.519> smart<00:12:15.839> cars<00:12:16.240> that<00:12:16.480> are<00:12:16.639> autonomous<00:12:17.200> and<00:12:17.440> able<00:12:17.680> to<00:12:18.399> take<00:12:18.720> pictures<00:12:19.040> and<00:12:19.360> video<00:12:19.760> of<00:12:20.079> everything<00:12:20.560> around<00:12:20.880> you<00:12:21.120> and<00:12:21.360> be<00:12:21.519> able<00:12:21.680> to<00:12:21.839> be

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that<00:12:22.160> situationally<00:12:22.800> aware<00:12:23.279> is<00:12:23.519> just<00:12:23.680> going<00:12:23.760> to<00:12:23.839> take<00:12:24.000> a<00:12:24.240> lot<00:12:24.320> of<00:12:24.480> electricity.

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So,<00:12:25.920> we're<00:12:26.160> in<00:12:26.320> this<00:12:26.560> period<00:12:26.720> of<00:12:27.040> persistent<00:12:27.600> growth.

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Uh,<00:12:28.880> but<00:12:29.040> we<00:12:29.200> got<00:12:29.360> to<00:12:29.440> get<00:12:29.600> more<00:12:29.760> efficient.<00:12:30.560> We<00:12:30.800> got<00:12:30.959> to<00:12:31.040> lean<00:12:31.279> into<00:12:31.519> new<00:12:31.760> technology<00:12:32.720> because<00:12:33.040> that's<00:12:33.360> the<00:12:33.519> only<00:12:33.680> way<00:12:33.839> we're<00:12:34.079> going<00:12:34.160> to<00:12:34.800> keep<00:12:35.040> people's<00:12:35.519> bills<00:12:36.399> uh<00:12:36.560> in

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line<00:12:36.880> with<00:12:37.120> what<00:12:37.279> they<00:12:37.440> can<00:12:37.519> afford.<00:12:38.000> And<00:12:38.160> you've<00:12:38.320> had<00:12:38.480> a<00:12:38.560> front<00:12:38.880> row<00:12:38.959> seat<00:12:39.120> to<00:12:39.279> this<00:12:39.440> for<00:12:39.600> a<00:12:39.760> while.

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The<00:12:40.880> whole<00:12:41.200> energy<00:12:42.000> industry<00:12:42.959> and<00:12:43.760> you<00:12:44.000> were<00:12:44.639> uh<00:12:44.880> at<00:12:45.120> the<00:12:45.360> California<00:12:46.000> Public<00:12:46.320> Utilities<00:12:46.800> Commission<00:12:47.279> prior<00:12:47.519> to<00:12:47.680> this.

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Is<00:12:48.160> that<00:12:48.320> correct?<00:12:49.040> I<00:12:49.200> was<00:12:49.279> at<00:12:49.519> the<00:12:49.680> California<00:12:50.079> Public<00:12:50.320> Utilities<00:12:50.720> Commission.

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Yeah,<00:12:51.839> that's<00:12:52.000> exactly<00:12:52.320> right.<00:12:52.720> My<00:12:52.880> experience,<00:12:53.120> like<00:12:53.440> what<00:12:53.600> have<00:12:53.839> you<00:12:54.320> uh<00:12:54.560> brought<00:12:54.880> from<00:12:55.120> that<00:12:56.399> to<00:12:56.959> your<00:12:57.279> current<00:12:57.519> role?

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I<00:12:58.160> don't<00:12:58.240> know<00:12:58.320> that<00:12:58.720> that's<00:12:58.959> probably<00:12:59.120> not<00:12:59.279> where<00:12:59.519> you<00:12:59.680> just<00:12:59.920> came<00:13:00.079> from<00:13:00.399> for<00:13:00.639> this,<00:13:00.800> but<00:13:01.040> give<00:13:01.279> give<00:13:01.440> us<00:13:01.600> a<00:13:01.760> sense<00:13:01.920> for,<00:13:02.480> I<00:13:02.639> mean,<00:13:02.800> that's<00:13:02.959> an<00:13:03.120> interesting<00:13:03.360> role<00:13:03.600> and<00:13:03.760> you

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were<00:13:04.000> a<00:13:04.160> special<00:13:04.480> adviser<00:13:04.880> to<00:13:05.040> the<00:13:05.200> governor<00:13:05.920> as<00:13:06.079> as<00:13:06.399> I<00:13:06.560> understand<00:13:06.880> it.

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I<00:13:08.079> think<00:13:08.160> that<00:13:08.399> made<00:13:08.639> me<00:13:08.880> keenly<00:13:09.360> aware<00:13:10.160> of<00:13:10.639> the<00:13:10.959> importance<00:13:11.760> of<00:13:12.959> affordability.

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Electricity<00:13:15.680> is<00:13:16.399> one<00:13:16.720> of<00:13:16.959> the<00:13:17.440> most<00:13:18.320> common<00:13:18.720> goods<00:13:19.040> we<00:13:19.360> have,<00:13:19.600> right?

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Water,<00:13:21.040> electricity,<00:13:22.320> transportation,<00:13:23.040> right?

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You<00:13:23.519> just<00:13:23.760> can't<00:13:24.399> function<00:13:24.720> as<00:13:24.880> a<00:13:25.120> society.

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You<00:13:25.600> cannot<00:13:25.920> function<00:13:26.240> your<00:13:26.399> life<00:13:26.560> without<00:13:26.800> these<00:13:27.120> things.

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And<00:13:28.160> so<00:13:28.720> it's<00:13:29.120> really<00:13:29.440> imperative<00:13:29.839> that<00:13:30.079> we<00:13:30.240> find<00:13:30.480> ways<00:13:30.720> to<00:13:30.800> make<00:13:30.959> sure<00:13:31.120> people<00:13:31.440> can<00:13:31.600> afford<00:13:31.920> them.

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And<00:13:34.000> um<00:13:34.480> that's<00:13:34.880> why<00:13:35.600> most<00:13:36.079> electricity<00:13:36.800> is<00:13:37.120> provided<00:13:37.600> through<00:13:37.920> a<00:13:38.160> regulated<00:13:38.720> monopoly<00:13:39.360> instead<00:13:39.680> of<00:13:39.839> just<00:13:40.000> the<00:13:40.240> private<00:13:40.560> sector<00:13:40.800> can

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raise<00:13:41.200> prices<00:13:41.519> however<00:13:41.760> they<00:13:42.000> want.<00:13:42.320> No,<00:13:42.560> prices<00:13:42.880> are<00:13:43.040> fixed<00:13:43.279> by<00:13:43.519> the<00:13:43.680> government<00:13:43.920> to<00:13:44.240> ensure<00:13:44.639> that<00:13:45.760> um<00:13:46.800> things<00:13:47.120> are<00:13:47.279> affordable,<00:13:48.160> the<00:13:48.399> system<00:13:48.560> is<00:13:48.800> reliable.

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Working<00:13:50.079> in<00:13:50.320> the<00:13:50.480> state<00:13:50.880> really<00:13:51.279> gave<00:13:51.680> me<00:13:51.839> a<00:13:52.240> front<00:13:52.639> row<00:13:52.720> seat<00:13:53.120> into<00:13:53.519> sort<00:13:53.760> of<00:13:53.839> the<00:13:54.399> tradeoffs<00:13:55.120> though<00:13:56.000> between<00:13:57.120> how<00:13:57.360> do<00:13:57.440> you<00:13:58.320> uh

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protect<00:13:59.888> consumers<00:14:00.176> in<00:14:00.464> the<00:14:00.752> short<00:14:01.040> run<00:14:01.328> but<00:14:01.616> also<00:14:01.904> make<00:14:02.192> sure<00:14:02.480> that<00:14:02.768> you're<00:14:03.056> making<00:14:03.344> long-term<00:14:03.632> investments<00:14:03.920> so<00:14:04.208> that<00:14:04.496> 5-10<00:14:04.784> years<00:14:05.072> down<00:14:05.360> the<00:14:05.648> road<00:14:05.936> we<00:14:06.224> have<00:14:06.512> the<00:14:06.800> infrastructure

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needed<00:14:08.079> to<00:14:08.399> support<00:14:08.800> things<00:14:09.040> like<00:14:09.839> what<00:14:10.079> we're<00:14:10.320> experiencing<00:14:10.720> now,<00:14:11.040> this<00:14:11.279> boom<00:14:11.440> in<00:14:11.680> AI<00:14:12.079> demand<00:14:12.480> growth<00:14:13.279> and<00:14:13.680> you<00:14:13.839> know<00:14:13.920> look,<00:14:14.160> it<00:14:14.399> really<00:14:14.560> well<00:14:14.880> prepared<00:14:15.279> me<00:14:15.680> for

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now<00:14:16.079> being<00:14:16.320> on<00:14:16.480> the<00:14:16.639> other<00:14:16.800> side<00:14:17.600> and<00:14:17.920> trying<00:14:18.320> to<00:14:18.880> provide<00:14:19.199> these<00:14:19.519> solutions<00:14:19.920> both<00:14:20.160> to<00:14:20.399> the<00:14:20.639> utilities<00:14:20.880> that<00:14:21.040> are<00:14:21.199> regulated<00:14:21.680> by<00:14:21.920> entities<00:14:22.320> like<00:14:22.480> the<00:14:22.639> PUC<00:14:23.600> and<00:14:24.079> also

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serving<00:14:24.880> consumers<00:14:25.519> with<00:14:26.160> uh<00:14:26.480> electricity<00:14:27.040> offerings.

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Have<00:14:28.160> tariffs<00:14:28.800> tariffs<00:14:29.279> affected<00:14:29.680> any<00:14:29.839> of<00:14:29.920> this<00:14:30.160> at<00:14:30.320> all?

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Obviously,<00:14:30.959> there's<00:14:31.199> a<00:14:31.360> there's<00:14:31.680> a<00:14:31.920> lot<00:14:32.000> of<00:14:32.160> like<00:14:32.720> um<00:14:32.959> uncertainty<00:14:33.519> the<00:14:33.839> first<00:14:34.160> 6<00:14:34.399> months<00:14:34.639> of<00:14:34.800> this<00:14:35.040> year.

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I<00:14:35.440> would<00:14:35.600> say<00:14:35.760> maybe<00:14:36.079> we're<00:14:36.560> there's<00:14:36.800> a<00:14:36.959> little<00:14:37.040> bit<00:14:37.120> more<00:14:37.360> certainty<00:14:37.760> now.

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Did<00:14:38.720> that<00:14:38.959> affect<00:14:39.279> any<00:14:39.440> of<00:14:39.600> this?<00:14:39.839> Is<00:14:40.079> that<00:14:40.240> something<00:14:40.399> that<00:14:40.639> you're<00:14:41.360> tracking<00:14:42.000> and<00:14:42.399> you<00:14:42.560> know<00:14:42.800> making<00:14:43.040> sure<00:14:43.199> that<00:14:43.360> you<00:14:43.519> have<00:14:43.600> your<00:14:43.760> eye<00:14:43.920> on?

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One<00:14:44.720> of<00:14:44.800> the<00:14:44.959> most<00:14:45.120> interesting<00:14:45.440> tariff<00:14:45.839> conversations<00:14:46.320> that<00:14:46.480> I've<00:14:46.720> had<00:14:47.839> was<00:14:48.480> a<00:14:48.720> month<00:14:48.880> or<00:14:49.040> two<00:14:49.199> ago<00:14:49.600> I<00:14:49.839> was<00:14:49.920> sitting<00:14:50.240> with<00:14:50.560> some<00:14:50.800> oil<00:14:51.120> executives<00:14:51.760> who<00:14:52.079> were<00:14:52.240> talking

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about<00:14:52.720> the<00:14:52.959> effect<00:14:53.199> that<00:14:53.440> tariffs<00:14:53.839> are<00:14:54.000> having<00:14:54.079> on<00:14:54.240> oil<00:14:54.480> and<00:14:54.720> gas.

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Tariffs<00:14:56.480> are<00:14:57.199> absolutely<00:14:57.760> impacting<00:14:58.240> the<00:14:58.560> price<00:14:58.720> of<00:14:59.040> steel.

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And<00:15:00.240> if<00:15:00.560> you're<00:15:00.720> in<00:15:00.880> the<00:15:01.040> business<00:15:01.199> of<00:15:01.360> drilling<00:15:01.760> wells,<00:15:02.560> one<00:15:02.720> of<00:15:02.800> your<00:15:03.040> single<00:15:03.279> biggest<00:15:03.600> input<00:15:04.000> costs<00:15:04.399> is<00:15:04.720> steel.

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So,<00:15:06.320> interestingly,<00:15:07.040> tariffs<00:15:07.519> are<00:15:07.760> actually<00:15:08.000> having<00:15:08.240> an<00:15:08.480> effect<00:15:08.880> at<00:15:09.199> the<00:15:09.440> pump,<00:15:10.399> not<00:15:10.639> just<00:15:11.360> uh<00:15:11.680> for,<00:15:12.160> you<00:15:12.320> know,<00:15:12.480> things<00:15:12.639> like<00:15:12.880> solar<00:15:13.279> and

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wind<00:15:14.000> where<00:15:14.240> they're<00:15:14.399> putting<00:15:14.639> tariffs<00:15:15.199> on<00:15:15.519> solar<00:15:15.920> panels<00:15:16.560> or<00:15:16.720> or<00:15:17.120> new<00:15:17.360> batteries.

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So,<00:15:18.480> it's<00:15:18.720> it's<00:15:19.120> having<00:15:19.360> effects<00:15:19.920> across<00:15:21.040> uh<00:15:21.199> the<00:15:21.440> energy<00:15:21.920> supply<00:15:22.240> chain<00:15:23.600> um<00:15:24.160> in<00:15:24.480> ways<00:15:25.040> that<00:15:25.600> are<00:15:25.839> not<00:15:26.160> too

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beneficial<00:15:26.880> for<00:15:27.120> consumers,<00:15:27.839> frankly.<00:15:29.120> Um<00:15:29.839> the<00:15:30.000> the<00:15:30.639> underlying<00:15:31.120> rationale<00:15:31.680> which<00:15:31.839> is,<00:15:32.079> hey,<00:15:32.240> we<00:15:32.399> want<00:15:32.480> to<00:15:32.639> spur<00:15:32.959> domestic<00:15:33.920> uh<00:15:34.160> production<00:15:35.279> makes

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a<00:15:35.680> ton<00:15:35.839> of<00:15:36.000> sense<00:15:36.560> whether<00:15:36.800> it's<00:15:37.040> critical<00:15:37.440> minerals<00:15:37.839> and<00:15:38.160> wanting<00:15:38.399> to<00:15:38.639> make<00:15:38.720> sure<00:15:38.880> that<00:15:39.040> we<00:15:39.279> have<00:15:39.519> access<00:15:39.839> to<00:15:40.000> the<00:15:40.240> supply<00:15:40.560> chain<00:15:40.880> for<00:15:41.199> the<00:15:41.600> things<00:15:41.839> that<00:15:42.079> go<00:15:42.240> into<00:15:42.480> making

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batteries<00:15:43.199> and<00:15:43.519> cell<00:15:43.680> phones<00:15:44.399> or<00:15:45.279> uh<00:15:45.519> domestic<00:15:46.000> manufacturing<00:15:46.639> of<00:15:46.880> solar<00:15:47.279> panels<00:15:47.680> or<00:15:48.079> wind<00:15:48.320> turbines.

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Absolutely.<00:15:49.680> But<00:15:49.839> you<00:15:50.000> can't<00:15:50.160> go<00:15:50.320> from<00:15:50.959> where<00:15:51.199> we<00:15:51.360> are<00:15:51.600> today,<00:15:52.000> which<00:15:52.320> is<00:15:53.360> nascent<00:15:53.839> industries<00:15:54.880> to<00:15:55.199> fully<00:15:55.519> relying<00:15:55.839> on<00:15:56.079> domestic<00:15:56.959> production<00:15:58.240> one

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day<00:15:58.639> to<00:15:58.880> the<00:15:59.040> next.<00:15:59.600> And<00:15:59.920> you<00:16:00.079> know<00:16:00.160> that's<00:16:00.399> effectively<00:16:00.959> how<00:16:01.120> our<00:16:01.360> tariff<00:16:01.759> policy<00:16:02.240> has<00:16:02.560> been<00:16:02.800> implemented.

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You<00:16:03.839> have<00:16:04.160> 30<00:16:04.480> days,<00:16:04.800> 90<00:16:05.040> days,<00:16:05.600> 120<00:16:05.920> days<00:16:06.480> from<00:16:06.720> zero<00:16:07.120> tariffs<00:16:07.600> to<00:16:07.839> 200%<00:16:08.480> tariffs.

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All<00:16:09.600> that<00:16:09.759> means<00:16:10.000> is<00:16:10.240> consumers<00:16:10.720> pay<00:16:10.959> more.

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And<00:16:11.519> that's<00:16:11.680> what<00:16:11.839> we're<00:16:12.000> seeing.<00:16:12.240> We<00:16:12.480> are<00:16:12.639> seeing<00:16:13.440> uh<00:16:14.800> price<00:16:15.120> inflation<00:16:16.240> uh<00:16:16.639> across<00:16:17.120> the<00:16:17.519> electricity<00:16:18.079> sector,

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not<00:16:19.120> totally<00:16:19.519> driven<00:16:19.759> by<00:16:19.920> tariffs<00:16:20.320> but<00:16:20.480> certainly<00:16:20.720> is<00:16:20.880> playing<00:16:21.040> an<00:16:21.279> important<00:16:21.600> role.

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What<00:16:22.639> have<00:16:22.800> you<00:16:22.880> learned<00:16:23.120> about<00:16:23.440> leadership<00:16:25.120> and<00:16:25.920> uh<00:16:26.079> what<00:16:26.320> makes<00:16:26.560> a<00:16:26.720> great<00:16:26.880> leader?

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I<00:16:27.680> would<00:16:27.759> say<00:16:27.920> my<00:16:28.160> biggest<00:16:28.480> leadership<00:16:29.519> lesson<00:16:30.240> came<00:16:31.680> about<00:16:32.000> 10<00:16:32.240> years<00:16:32.399> ago.

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So,<00:16:33.519> my<00:16:33.839> youngest<00:16:34.240> daughter<00:16:34.720> was<00:16:34.959> born<00:16:35.199> with<00:16:35.440> a<00:16:35.600> serious<00:16:36.000> congenital<00:16:36.560> heart<00:16:36.800> defect.

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And<00:16:37.839> at<00:16:38.000> the<00:16:38.160> time,<00:16:38.639> I<00:16:39.120> was<00:16:40.000> a<00:16:40.720> special<00:16:41.120> adviser<00:16:42.079> to<00:16:42.639> the<00:16:42.880> governor<00:16:43.120> of<00:16:43.360> California.

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And<00:16:44.560> I<00:16:44.800> worked<00:16:45.279> for<00:16:45.759> a<00:16:46.000> senior<00:16:46.320> adviser.

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And<00:16:49.040> I<00:16:49.440> remember<00:16:49.680> about<00:16:49.920> a<00:16:50.079> week<00:16:50.240> or<00:16:50.399> two<00:16:50.560> in<00:16:51.199> feeling<00:16:51.519> like<00:16:51.680> I<00:16:51.839> had<00:16:51.920> to<00:16:52.079> go<00:16:52.160> into<00:16:52.320> the<00:16:52.560> office.

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Didn't<00:16:53.360> know<00:16:53.519> what<00:16:53.680> to<00:16:53.759> do.<00:16:53.920> And<00:16:54.000> he<00:16:54.079> said,<00:16:54.160> "Nick,<00:16:54.560> I<00:16:54.720> need<00:16:54.880> you<00:16:54.959> to<00:16:55.120> go<00:16:55.279> home.

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I<00:16:55.839> need<00:16:55.920> you<00:16:56.000> to<00:16:56.160> take<00:16:56.320> two<00:16:56.480> months,<00:16:56.800> be<00:16:56.959> with<00:16:57.120> your<00:16:57.360> family."

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And<00:16:59.120> it<00:16:59.440> was<00:16:59.600> that<00:17:00.240> sense<00:17:00.480> of<00:17:00.720> caring<00:17:01.199> for<00:17:01.519> me<00:17:02.079> but<00:17:02.320> also<00:17:02.560> wanting<00:17:02.800> to<00:17:02.959> hold<00:17:03.199> me<00:17:03.360> accountable<00:17:04.799> to<00:17:05.839> how<00:17:06.079> I<00:17:06.319> was<00:17:06.480> showing<00:17:06.720> up

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with<00:17:07.039> the<00:17:07.199> team<00:17:07.360> because<00:17:07.600> I<00:17:07.839> was<00:17:07.919> coming<00:17:08.079> in.<00:17:08.319> I<00:17:08.559> wasn't<00:17:08.799> being<00:17:08.959> the<00:17:09.199> best<00:17:09.520> I<00:17:09.760> could<00:17:09.919> be.

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I<00:17:10.319> wasn't<00:17:10.640> being<00:17:10.880> the<00:17:11.120> best<00:17:11.280> colleague.<00:17:11.760> I<00:17:11.919> was<00:17:12.000> being<00:17:12.959> angry<00:17:13.280> and<00:17:13.520> upset<00:17:13.839> because<00:17:14.079> of<00:17:14.240> these<00:17:14.400> things<00:17:14.559> that<00:17:14.720> were<00:17:14.880> happening,<00:17:15.280> you<00:17:15.439> know,<00:17:15.600> on<00:17:15.760> the<00:17:15.919> home<00:17:16.160> front.

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And<00:17:17.280> so<00:17:17.520> he<00:17:17.760> wasn't<00:17:18.000> just<00:17:18.160> doing<00:17:18.400> me<00:17:18.559> a<00:17:18.799> favor<00:17:19.839> by<00:17:21.039> sending<00:17:21.360> me<00:17:21.600> home<00:17:21.839> and<00:17:22.000> and<00:17:22.079> and<00:17:22.559> really<00:17:22.880> forcing<00:17:23.280> me<00:17:24.240> uh<00:17:24.480> to<00:17:24.720> focus

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on<00:17:26.240> family.<00:17:27.120> He<00:17:27.360> was<00:17:27.520> also<00:17:27.760> teaching<00:17:28.000> me<00:17:28.160> a<00:17:28.319> lesson<00:17:28.559> that,<00:17:29.200> you<00:17:29.360> know,<00:17:29.440> that's<00:17:29.679> good<00:17:29.919> for<00:17:30.080> the<00:17:30.240> whole<00:17:30.480> team.

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And<00:17:31.200> so<00:17:31.440> that's<00:17:31.679> really<00:17:32.000> been<00:17:32.240> the<00:17:32.559> core<00:17:33.440> uh<00:17:33.760> leadership<00:17:34.640> lesson,<00:17:35.520> core<00:17:35.840> leadership,<00:17:36.799> the<00:17:37.039> core<00:17:37.280> leadership<00:17:38.160> uh<00:17:38.400> ethos<00:17:38.799> that<00:17:38.960> I've<00:17:39.200> lived

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by.<00:17:39.679> It's<00:17:40.080> you<00:17:40.320> want<00:17:40.400> to<00:17:40.559> care<00:17:40.720> for<00:17:40.880> your<00:17:41.120> team,<00:17:41.679> but<00:17:41.919> you<00:17:42.160> want<00:17:42.320> people<00:17:42.480> to<00:17:42.640> be<00:17:42.799> accountable<00:17:43.200> for<00:17:43.440> each<00:17:43.520> other.

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And<00:17:43.840> you<00:17:44.000> cannot<00:17:44.240> care<00:17:44.400> for<00:17:44.559> somebody<00:17:44.799> if<00:17:44.960> you're<00:17:45.120> not<00:17:45.280> accountable<00:17:45.679> to<00:17:45.840> them.

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And<00:17:46.320> when<00:17:46.480> you<00:17:46.559> bring<00:17:46.720> those<00:17:46.960> two<00:17:47.120> things<00:17:47.360> together,<00:17:48.559> you<00:17:48.799> actually<00:17:49.039> have<00:17:49.200> a<00:17:49.520> group<00:17:49.760> of<00:17:49.919> people<00:17:50.320> who<00:17:50.559> know<00:17:50.720> they're<00:17:50.960> going<00:17:51.039> to<00:17:51.120> be<00:17:51.360> supported<00:17:52.960> both<00:17:53.280> personally<00:17:53.760> and

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professionally.<00:17:55.440> And<00:17:55.760> that<00:17:56.000> drives<00:17:56.320> alignment,<00:17:56.880> that<00:17:57.120> drives<00:17:57.280> high<00:17:57.520> performing<00:17:58.000> teams,<00:17:58.559> that<00:17:58.799> gets<00:17:58.960> you<00:17:59.200> to<00:17:59.520> great<00:17:59.840> business<00:18:00.160> success.

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Yeah,<00:18:01.919> that<00:18:02.080> that's<00:18:02.400> super<00:18:02.799> that's<00:18:03.120> incredible.<00:18:03.600> Um,<00:18:03.919> finally,<00:18:04.240> we<00:18:04.480> end<00:18:04.640> every<00:18:04.880> interview<00:18:05.039> with<00:18:05.280> this<00:18:05.520> question.

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Um,<00:18:06.080> and<00:18:06.240> that<00:18:06.400> is<00:18:06.559> at<00:18:06.799> CEO.com,<00:18:07.520> we<00:18:07.679> believe<00:18:07.919> the<00:18:08.080> chances<00:18:08.480> one<00:18:08.799> gives<00:18:09.919> is<00:18:10.080> just<00:18:10.240> as<00:18:10.480> important<00:18:10.640> as<00:18:10.799> the<00:18:10.960> chances<00:18:11.280> one<00:18:11.600> takes.

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When<00:18:12.799> you<00:18:12.960> hear<00:18:13.200> that,<00:18:13.440> who<00:18:13.679> gave<00:18:13.840> you<00:18:14.000> a<00:18:14.160> chance<00:18:14.240> to<00:18:14.400> get<00:18:14.559> you<00:18:14.640> to<00:18:14.799> where<00:18:15.039> you<00:18:15.200> are<00:18:15.360> today?

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I'd<00:18:16.240> say<00:18:16.400> the<00:18:16.559> same<00:18:16.720> person,<00:18:17.039> same<00:18:17.280> Michael<00:18:17.520> Picker.<00:18:18.559> He<00:18:18.799> was<00:18:18.880> the<00:18:19.120> president<00:18:19.360> of<00:18:19.520> the<00:18:19.679> California<00:18:20.240> Public<00:18:20.480> Utilities<00:18:21.120> Commission.

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He<00:18:22.160> saw<00:18:22.799> in<00:18:23.120> me<00:18:24.160> a<00:18:24.400> young<00:18:24.640> guy,<00:18:25.039> lot<00:18:25.280> very<00:18:25.600> ambitious,<00:18:26.559> maybe<00:18:26.960> a<00:18:27.200> little<00:18:27.360> raw,<00:18:28.080> needing<00:18:28.480> some<00:18:28.720> polishing.

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He<00:18:29.760> said,<00:18:29.840> "Hey,<00:18:30.160> Nick,<00:18:30.880> I'm<00:18:31.039> going<00:18:31.120> to<00:18:31.200> give<00:18:31.280> you<00:18:31.440> an<00:18:31.679> opportunity<00:18:32.000> to<00:18:32.160> work<00:18:32.320> with<00:18:32.480> me.

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I'm<00:18:32.960> going<00:18:33.039> to<00:18:33.120> let<00:18:33.360> you<00:18:34.240> sit<00:18:34.480> in<00:18:34.640> on<00:18:34.880> meetings<00:18:35.360> with<00:18:35.760> people<00:18:36.000> who<00:18:36.320> are<00:18:36.720> far<00:18:37.520> more<00:18:37.919> experienced,<00:18:39.039> far<00:18:39.600> more<00:18:39.919> knowledgeable<00:18:40.640> about<00:18:40.880> these

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topics<00:18:41.679> than<00:18:41.919> you<00:18:42.160> are.<00:18:43.039> And<00:18:43.760> I'm<00:18:44.080> going<00:18:44.240> to<00:18:44.400> encourage<00:18:44.799> you<00:18:44.960> to<00:18:45.120> participate.

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I'm<00:18:45.760> going<00:18:45.840> to<00:18:45.919> encourage<00:18:46.240> you<00:18:46.400> to<00:18:46.559> listen<00:18:47.039> first,<00:18:47.840> but<00:18:48.320> don't<00:18:48.559> be<00:18:48.640> scared<00:18:48.880> to<00:18:49.039> share<00:18:49.200> your<00:18:49.440> opinion<00:18:50.080> as<00:18:50.320> well."

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And<00:18:51.280> that<00:18:51.679> really<00:18:52.160> gave<00:18:52.640> me<00:18:53.679> so<00:18:54.000> much<00:18:54.559> insight<00:18:55.760> into<00:18:56.240> how<00:18:56.559> decisions<00:18:56.960> are<00:18:57.120> made<00:18:57.280> at<00:18:57.440> the<00:18:57.520> highest<00:18:57.760> levels,<00:18:58.160> which<00:18:58.400> has<00:18:58.640> really<00:18:59.120> benefited

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me,<00:19:00.320> you<00:19:00.480> know,<00:19:00.640> for<00:19:00.880> the<00:19:01.039> last<00:19:01.280> 15<00:19:01.600> years.

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Nick,<00:19:02.720> thank<00:19:02.799> you<00:19:02.960> so<00:19:03.200> much<00:19:03.280> for<00:19:03.520> coming<00:19:03.679> on<00:19:03.840> the<00:19:04.000> show.

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Everything<00:19:04.640> you're<00:19:04.799> doing<00:19:04.880> at<00:19:05.039> Octopus<00:19:05.600> is<00:19:05.840> incredible.<00:19:06.640> You're<00:19:06.880> at<00:19:07.039> the<00:19:07.120> forefront<00:19:07.440> of<00:19:07.600> an<00:19:07.840> industry<00:19:08.160> that,<00:19:08.799> like<00:19:08.960> you<00:19:09.120> said,<00:19:09.280> we<00:19:09.520> haven't<00:19:09.679> seen<00:19:09.760> a<00:19:10.000> boom<00:19:10.160> in<00:19:10.480> since

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the<00:19:10.880> 60s<00:19:11.200> or<00:19:11.440> 70s,<00:19:11.840> which<00:19:12.080> is<00:19:12.160> super<00:19:12.480> exciting.

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Uh,<00:19:13.679> appreciate<00:19:14.000> you<00:19:14.240> coming<00:19:14.400> on.<00:19:15.120> Thanks,<00:19:15.440> Clint.

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Really<00:19:16.000> appreciate<00:19:16.320> the<00:19:16.559> opportunity<00:19:16.799> to<00:19:16.880> be<00:19:17.039> here.

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[Music]

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you<00:19:31.440> star<00:19:31.840> shine<00:19:32.240> bright<00:19:32.799> up.

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Yeah.