Absolutely. Thank you for the question.
I think it's worth pointing out that when it comes to the volatile prices, North America can feel like a bit of an island because, when you look around the rest of the world, they are responding to this as a transformational moment. With the price shocks and the costs to consumers on electricity bills, this is a moment when they are rapidly looking to make massive changes, and I just wanted to highlight that for a moment.
When it comes to industrial policy, we're already seeing right across the board demand for electricity from industries. Let's just take critical minerals. If you talk to the mining sector, they say, “Give us access to renewables. Give us access to low-cost, clean electricity to power our mine sites.” It means that they don't have to import fuel. It means that they can be connected to a reliable electricity grid to power operations and, increasingly, that runs the gamut of the full operations. That's another space where we see economic opportunities for applying electrified technologies.
I'd say the priority for an industrial electrification strategy is moving to abundance. We have had a bit of a scarcity mindset when it comes to the electricity system. We build when demand comes. Right now, we're in this contest of how much demand there is and building precisely for the moment and not building ahead. That's not what other countries are doing when it comes to securing investments. They're building ahead knowing that demand is on its way and that key to attracting investment is to be able to offer that in advance to secure those investments. That's not an easy gamut. Certainly, utilities are going to have to navigate some challenging uncertainty with that, but that's a key piece of being able to unlock a true industrial electrification strategy.