Good day and welcome to the NFE Company Update. Today's conference is being recorded. At this time, I would like to turn the conference over to Chance Pipitone. Please go ahead. Hi. Thank you, Rachel. And, good morning, everyone. Thank you for joining today's conference call where we will discuss our recent transformative transactions in Puerto Rico and Brazil. The call is again being recorded and will be available by replay on the investors section of our website under the subheading Events and Presentations. At the same location, you will find a presentation that we will walk through on today's call. Please review the presentation as it includes important information including disclosures and risk factors. With that, I'll now hand the call over to our Chairman and CEO, Wes Edens. Great. Thanks, Chance, and welcome, everybody. Thanks for calling in this morning. I'm going to refer to the presentation we put up on the website as well, or actually specifically Brannen and Andrew will be going through that. But let me just give a few introductory comments and then I'll turn it over to them. So across the board, we've had a very good year thus far and we're well on track to meet the guidance we've provided to you all. There's a number of good updates in the business, but in particular, recent developments at Puerto Rico and Brazil have been extraordinary. And as a result, we thought it'd be helpful to spend a few minutes this morning to update you on the most recent events. Between Puerto Rico and Brazil, we have significant operations in perhaps the two greatest downstream gas-to-power markets in the world. They're significant both in terms of the scale of our current operations and, more importantly, have the potential to be even more impactful to us going forward. We've had an extraordinary couple of weeks in each country and wanted to take a moment to update investors and provide context on both what we've accomplished to date and, importantly, what we expect will happen over the next few months. Just to restate the mission of our company, the central theme of the business is our mission to bring cleaner and cheaper power to countries around the world. Of all our principal markets reflect this mission, but perhaps in no place on earth are there better expressions of this than Puerto Rico and Brazil. First, Puerto Rico. In Puerto Rico, we began the process of switching their primary fuel source from the distillate fuels, diesel/bunker, to natural gas nearly seven years ago. This process has developed significantly over time but is now poised to accelerate greatly with the island-wide fuel deal we signed a week ago. Our goal with the island-wide deal is now to expand our regas logistics operations with a goal to see distillate futures distillate fuels eliminated entirely in Puerto Rico at some point in the not too, too distant future. The impact of doing this would be substantial. Number one, replacing diesel/bunker with could save Puerto Rican payers over $1 billion in fuel costs annually, so massive savings. Number two, if successful, it would reduce emissions dramatically, taking out nearly 7.3 million tons of CO2, which is the equivalent of taking 1.3 million cars off the road. three, it sets the stage for future development of an updated power grid that we can see comprised entirely of new efficient power sources and renewable power. That's the vision we see for the island. It would accomplish the two goals that we have laid out in terms of our participation in the island, which is number one, to greatly increase system reliability, and also number two, to greatly reduce cost. To give you some context for what this means for us at NFE, in aggregate today, the current gas contracts we have signed in Puerto Rico are for approximately 105 TBTUs, so just over 2 million tons of LNG. That's broken into 25 TBTUs roughly for San Juan, five and six, and the new 80 TBTU contract we signed last week. The total market, if you add up all the current thermal generation on the island today, is between 3,000-3,500 MW of power. This implies approximately 300-350 TBTUs of potential demand, which in turn, when you look at the current supply of our 105 TBTUs, means that this, this represents much more of a floor than a ceiling as we view the market opportunity. It's an extraordinary opportunity for us and, more importantly, an extraordinary opportunity for Puerto Ricans. Second, onto Brazil. Brazil's a fascinating case study of a country that's been phenomenally successful with respect to the use of renewable energy sources in their system. Upwards of 75% of their power comes from renewable power, hydro, wind, and solar in particular. The issue that they have is how to balance the system when it doesn't rain or the wind doesn't blow or the sun doesn't shine. The word of the moment to describe this, intermittency, is capacity, which in simple terms in Brazil means buying insurance. How it works is straightforward. The government pays you a standby fee to compensate you for building power, which in the case of the PPA we just signed last week is $280 million a year for the next 15 years. And then to the extent that they need the power to balance the system, they pay you a healthy energy payment, which in this case is JKM times 120%. And by providing backup, gas-powered capacity, you stabilize the system. That's how you balance an electrical system with a large amount of renewables. It's a very, very thoughtful and sensible strategy by the government and one, in my opinion, that could be adopted and should be adopted everywhere. I believe what we're seeing in Brazil is a precursor to what we'll see in virtually every place in the world where renewables are being built out in large scale, which as a practical matter means virtually everywhere else in the world. The world is already short power in general, and now with AI and data centers and other incremental demand from electric vehicles, etc., this seems to be just the beginning of this movement. It's very, very bullish for downstream power and LNG in all of our markets, in no place more so than Brazil. We've invested billions of dollars in infrastructure to create the terminals in Brazil that are now operational. Last week, we announced that we closed on the 1.6 GW power purchase agreement, and Andrew will detail the economics of it shortly, which are extraordinary. This PPA is going to now be followed with a large capacity auction in Brazil this summer, and our infrastructure gives us a highly competitive position to compete successfully in these auctions. We've invested several billion in Brazil and are now looking to capitalize the company in a thoughtful way. It's a very, very valuable company, worth much more than our investment basis, and we believe it's not being reflected in our valuation at all, which creates a very compelling opportunity. More on that to come. With that, let me now turn it over to Brannen and Andrew. Brannen? Yep. Thank you, Wes. I appreciate it. Thank you all for joining. I'll move to slide three. As, as you know, following our story, over the past few years, in 2023, NFE responded to a call from Puerto Rico to bring power to the grid. Stabilized the system. The grid there was already under severe stress, but they had been hit by a few natural disasters, the most recent of which being Fiona that put in their grid in a very precarious state. The government of Puerto Rico brought in the U.S. Army Corps of Engineers. The U.S. Army Corps of Engineers then initiated a process to bring on folks who will install power, and NFE responded to the call by bringing people and resources and installed 425 MW of Fast Power in record time. Just to put it in perspective, NFE and the folks that work in that business built two plants in less than 180 days. The first in Palo Seco with 175 MW, the second in San Juan for 250 MW. This was the fastest large-scale power installation in the history of the Army Corps, and that's saying something given their illustrious past. The goal was to create reliable baseload power to provide stable, reliable energy to industrials and residential users of the grid that rely on that for essential services. These plants are critical to the nature of what happens every day in the electrical system. The plants are 98% of the time reliable and up, and it's a cornerstone of the electrical grid, providing 15% of the needs of the Puerto Rican energy system every day. Moving to slide four. On the back of that, we closed two transactions on March 15th that provided this strength for the duration to come. The first transaction was we sold the two power plants that we built, totaling 425 MW of installed capacity to PREPA, while at the same time, NFE entered into a new supply contract that Wes referenced for 80 TBTU of natural gas that could be supplied to these 2 plants as well as additional sites across the island, which we refer to as the island-wide LNG contract. The first transaction for the sale of the 2 operating power plants, we sold the 2 power plants to PREPA for $373 million in cash for that comprised both Palo Seco and San Juan. In addition to that, to close up the FEMA sale, we concluded the power contract that we had previously entered into with the US Army Corps about halfway through its term, and today we're in dialogue with them about the remaining payments owed for the balance of the term. The units transferred to PREPA on March 16th with no disruption of service, including the provision of gas that picked up service at midnight on the 16th. Transaction number two that we describe on page six was an island-wide 80 TBTU gas contract. NFE entered into the gas contract that I said previously provides gas to both Palo Seco and San Juan for the current units there, as well as provides additional capacity that can be provided to additional supplemental power that would be added at San Juan and Palo Seco, including additional sites across the island. Importantly, this contract is structured as a fixed discount to diesel price landed on the island, which today, that current landed price is between $20-$21, and the duration of this contract, assuming it goes to full term, will be four years. This enables the system to switch from its old and inefficient units, many of which are gas-capable today, away from distillate fuels to natural gas, as well as providing additional generation that can provide natural gas-fired power in substitution of its oldest and most inefficient units. Moving to slide seven. It is hard to overstate the impact of these two transactions. Together, as Wes mentioned, it has the potential to save Puerto Rican ratepayers over $1 billion of fuel costs per year and avoid 7.3 million tons of CO2 emissions for Puerto Rico. This is critical given Puerto Rico's goal to transition to a net-zero grid, but it is more critical in the sense of providing immediate, real-time savings to the ratepayer of Puerto Rico that could be otherwise invested in the economy of Puerto Rico and otherwise invested into additional generation that can further strengthen the electrical grid that's so badly needed. In addition, if you look at the features, it helps eliminate any use of diesel and bunker because Puerto Rico imports currently about 60%-70% of its energy as diesel and bunker to provide its electrical power. This particular transaction has no additional capital costs for Puerto Rican customers. Much of it was funded through the federal government programs administered by FEMA. In addition, it provides generation that is more efficient and significantly more reliable than what exists. For example, PREPA's current fleet today is only 50% reliable, meaning each and every day it's a coin flip whether certain units will be up and running. In contrast, the generation that NFE built last year is up and running 98% of the time. So our 425 MW is equivalent to 850 MW of PREPA's existing installed capacity. As I mentioned, the fuel cost, which has an immediate impact on the Puerto Rican economy, but the other piece is these particular units, because of their turbine size, reliability, and ability to respond to changes in demand fluctuation, are an incredible complement to renewables and other initiatives that Puerto Rico has to transition its grid to a zero-carbon grid. And as we mentioned, it has an immediate footprint, immediate impact on the carbon footprint of the island, increasing health and air quality for the folks that are around these plants. I'll move to slide eight. It's important to underscore the opportunity that these transactions have created for Puerto Rico. Just to put it in context, Puerto Rico today pays the highest price for electricity for the worst reliability in the United States and its territory. Most of the power generated in Puerto Rico today is from HFO and diesel, whereas on the mainland, there's simply just a small fraction of electrical power that are generated from the same sources. The average age of PREPA's fleet is over 40 years, so clearly the grid is poised for modernization. If you look at the chart here, what we've done is we've detailed out by site opportunity that we believe exists for PREPA today to switch its diesel and HFO burning plants to natural gas. We've divided into categories that include gas-ready now, ready but with simply a small conversion project, and then new builds. So from a thematic perspective, what we believe will happen to the PREPA grid is they will be able to immediately realize savings and transition existing plants to natural gas today while building new natural gas-based power over time that will then provide a baseload-efficient natural gas-based system that will ultimately back up renewables and get them to their goal. The chart on the right, I think, is most illustrative, which if you assume that the 3,700 MW of power today that is ready to be converted would dispatch at 80%, the TBTU of gas demand created is almost 300. So from an opportunity perspective, just in terms of avoided cost, the folks in Puerto Rico will be able to move from expensive and dirty fuels to much less expensive and cleaner fuels while achieving their long-term targets. And of course, for NFE being the catalyst for this, it's an amazing opportunity. So with that, I'll turn it over to Andrew to talk about Brazil. Thanks, Brannen. Good to talk with everybody this morning. I'm on page 10. So we've had a really big month for our business in Brazil. So, we brought both the terminals online and are fully operational today after about seven years of total development and construction. So, absolutely massive milestone for us. And then, we just last week completed the acquisition of the 1.6 GW PPA that we acquired from Ceiba Energy and Denham Capital, which will be at our Barcarena site. That transfer has been fully approved by the regulators in Brazil, and we now own that PPA at our site in Barcarena. So very exciting moment for us. So just to recap, on the right side of the slide, Barcarena terminal went COD in February. We started our contract with Norsk Hydro, which is a 15-year, 30 TBTU supply agreement. Next year, we'll go COD on the in-construction 630 MW Barcarena power plant. That'll have a fixed gas supply component and a capacity payment. And then, we are now constructing our 1.6 GW power plant, which we're calling Barcarena II, which will go COD in July of 2026. That's a 15-year PPA. We get a capacity payment of $280 million a year. So, so just on that, scope of contracts, we have an 18-year average duration. And, you know, that, that, you know, leads to kind of significant utilization in our, our Barcarena terminal. Although we will continue to grow, we hope to upsize our deal with Norsk Hydro. We hope to supply more industrial customers in the region. We hope to develop more power. So ongoing story at Barcarena as well. And then our TGS terminal. So, also CODed in February. We are connected into the TBG pipeline through our own 30-kilometer pipeline that we've built. And then the remainder of this year is really a story about growth at TGS. So there's an upcoming power auction announced for August 30th. We have over three GW of existing power plants that are connected into our pipeline system, which do not have PPAs and do not have firm gas supply. And we also own a host of greenfield sites for new power development. So, we're very excited for the TGS terminal to be the new import point for gas in the south region of Brazil and to develop power around that terminal, including the auctions this year. I just want to take a step back. On the, the map on the left side here, we like to show this because it's relatively useful about how we think about our business in Brazil. When we entered Brazil in 2021, we acquired the Hygo business, for $3.1 billion enterprise value. At that time, we had a few other assets involved, which we've subsequently sold, including the big power plant in Sergipe, which we own 50% of, as well as the FSRU in Sergipe and two other LNG carriers. We've since sold those assets, and asset sales previously announced. And, you know, what we really did during that time was also finalize the permitting and the construction of the Barcarena and the Santa Catarina terminals, now operational. The reason I like the map is it shows, you know, we were really thoughtful about how we thought about this portfolio and the assets we wanted to retain. And the reasons that we loved Barcarena and Santa Catarina is they had so much future growth associated with them. The map does a good job of demonstrating how Barcarena really is the sole import point for gas in the Amazon region. You can see how far away it is from the interconnected pipeline system in Brazil. And then I hope with our contracts and, and commercial activity, we're demonstrating that it's connected to a ton of industrial and power activity in the region. And then with the TGS terminal, you can see, you know, we're connected into the south pipeline system in Brazil, where, you know, traditionally, Bolivia has supplied almost one-third of the overall gas in Brazil and a much higher amount of, of gas into the southern pipeline system. That supply from Bolivia has declined by almost 50% in the last 10 years. And so Santa Catarina, you know, is perfectly positioned to provide incremental gas into a system which has declining supply today. And as we'll talk about kind of going forward with the business in Brazil, really the business of kind of thermal power and the capacity that Wes talked about is really a business of firm fuel supply and flexible fuel supply. And that's what we can do with an LNG import terminal, which is we can supply fuel on a firm basis. And by doing that, we can also be a standby fuel supplier for capacity power contracts like the ones we're talking about here in Brazil. So we'll get more into that, but want to point out, you know, why these are so strategic to us and why our thesis in Brazil was really centered around having these two terminals in these specific locations. I'm flipping to page 11. So we just want to talk through this 1.6 GW PPA that we've announced in December and now closed. So this is a 1.6 GW PPA that was won in the 2021 energy auctions. We bought it from Ceiba Energy, which is a portfolio company of Denham Capital. They were previously developing this project in another state in the northeast of Brazil. We now own 100% of this project. It has a 15-year PPA, with fixed revenues and then significant upside on gas margins. So let me talk about that in detail on page 12. So flipping the page. So we've talked about this a few times, but just to make it very clear, we're utilizing our existing terminal in Barcarena, to supply gas. And then we are using also existing permits we have to build the power at a site adjacent to the terminal, which we owned. This PPA is 15-year term. We get a fixed capacity payment of $280 million indexed to Brazilian inflation. And then when called upon to supply energy to the grid, we get an energy payment of 120% JKM, which covers the gas we will use to fire the power plant. On the right side is just a breakdown of what those economics look like. So $280 million revenue a year from the fixed capacity payment. That breaks down into about $200 million of fixed capacity EBITDA that we'll have for 15 years. And then when we dispatch, we believe we can make about $40 million for 10% dispatch or $100 million if we get 25% dispatch. So we're showing the range here of $40 million-$100 million of incremental margin based on how much dispatch we have in a year. Of course, that could go to 50%. That could go to 100% in a year where we have low hydro conditions or other issues in the grid in Brazil. So our levered EBITDA is $240 million-$300 million a year from this capacity, PPA, as well as a small amount of dispatch assumed. The other thing that we want to call out on this PPA is just the fact that, you know, having the existing LNG terminal infrastructure is really what gives us the advantage in Brazil. So that allowed us to not only buy the PPA very quickly, but also to put it into construction and be confident about long-term gas supply. The really tricky thing here is if you owned offshore gas in Brazil, you typically need to find a baseload supply for that. What we can do with our terminals, we can have baseload suppliers, but we can also have kind of standby capacity suppliers like this. And LNG really adds flexibility to the overall energy mix in Brazil that, that isn't there before. Page 13, we show the, the breakdown of what our, our NFE Brazil business looks like. So $500 million of contracted adjusted EBITDA today. That's a run rate number as of 2027 once we bring these power plants online. And then, we're showing a bridge to $1 billion plus of EBITDA by 2028. That's $400 million that we expect to win with new power in, in the TGS terminal and then $100 million of incremental growth. The thing that we always want to call out about our business is the great operational leverage. So now that the terminal is operational and we've, quote-unquote, paid for the expenses at the terminal, as we do new things, new growth, those economics drop straight to the bottom line of our terminals into our business in Brazil. So $500 million of existing contracted EBITDA going to $1 billion by 2028. And we've walked through how we think we're going to get there. Page 14, I just want to spend a little bit more time on the TGS terminal in Santa Catarina. So on the left side, we're detailing what we expect in the 2024 capacity auctions. So on March 8th, the Ministry of Mines and Energy in Brazil announced these auctions. We expect them to be over 8 GW for thermal power. The auction will take place in one day on August 30th, 2024. There'll be two products, both, both, for thermal power, which have CODs for power plants in 2027 and 2028. What we're trying to do in the map here is to detail the existing power in the region that does not have firm gas supply and does not have PPAs, just as a way of demonstrating that really gas is the key element in making these, PPAs happen this year. We expect that we can contract over 3 GW in the auction and really centralize around our terminal a whole new strategy for energy supply in the south region of Brazil. A couple of good macro stats just to remember about Brazil. So the grid today is about 205 GW. That's compared to about 1.2 GW in the U.S. Brazil uses about a fourth of the sort of primary energy per capita that we use in the US. The grid is 75% hydro and renewable, so a super clean, low-carbon grid, and about 25% thermal capacity. But a lot of that thermal capacity is aging. The government has also come out and in connection with this announcement of the auctions, has said they expect to contract over 20 GW of firm power by 2032. That's to balance out both the load growth that they see and also the intermittent capacity that they have from the renewables and hydro. This is a really great mechanism, these auctions for acquiring power in Brazil. To date, we've had over 23 GW of gas-powered power plants awarded in the auction since 2005. but I think almost all of those have been financed in the local capital markets in Brazil as well. So what we've seen is a really useful and working mechanism. It's not only an award, but also to finance and build power in Brazil. So we're really excited about the auctions this year, and we think our TGS terminal will be the center for a lot of new power that really helps the grid in Brazil. Page 15 is, just to walk through kind of the near-term catalyst for us. So kind of, again, repeating, $500 million of contracted run rate EBITDA today. We have 18 years of contracted life at our power plants and our Norsk Hydro gas supply in Barcarena. The 2024 auction, we think, can be over three GW of new capacity at the terminal in TGS. And then we expect additional organic growth, whether that be new gas supply, customers, increases in our current customer base, and then also, of course, you know, new power and new supply that's going to happen at both our Barcarena and our Santa Catarina terminals. On the right side, just summarizing our key objectives. So construct new reserve capacity power, provide gas to customers with no firm supply, specifically in the south region of Brazil. We're going to finish construction on our power plants in Barcarena, and we're going to turn all those online over the next two years. We're also evaluating a potential equity raise to pursue these growth opportunities in Brazil. We want to make NFE Brazil a self-funded, kind of separately capitalized entity that's really set up well to pursue all this growth and achieve that bridge that we showed, which is going from our $500 million of EBITDA today to over $1 billion. So very excited about the future in Brazil, and we expect to continue to show you our execution in the next few quarters. Back to Wes. Great. Well, then just for a few quick questions. We want to keep you long, very long this morning, but maybe a couple of questions, please. Stop right here. Thank you. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, please press star one to ask a question. Our first question comes from the line of Devin McDermott with Morgan Stanley. Hey. Good, good morning. Thanks for the update today, and congrats on all the successful developments for the downstream business. I wanted to kick off with a few on Puerto Rico. The first one just on the new 80 TBTU contract award, on price structure and duration. So I think there's been a few media reports that point out around a 70%, 73% slope to diesel for the Puerto Rico contract. I was wondering if you could confirm that and add if there are any other nuances we should think about on the price structure, and then talk a little bit about duration. So how you think about the one-year extension options, and then what happens beyond this four-year term? There've been press reports on it, and we don't want to comment on them directly. I can definitely confirm that the structure of the contract is as you describe. So it's, it's meant to be, as a percentage of diesel and thereby ensuring that, you know, Puerto Rico can save money on the fuel switch in any case. So, if the example was, as you, you suggested, on 80 TBTUs, that would be savings kind of guaranteed of $400 million plus a year. So over a four-year term, that'd be $1.6 billion. So again, that's a that's a fraction of the total amount that, that, is available to be switched. So but you can see that that is a massive amount of savings, you know, from the outset. You know, the contract is structured as a one-year term with, extensions that take it out to four years. And our view is that given the savings and given, you know, the nature of the contract, it is very likely to be extended for that term. I think that the narrative that Brannen went through is a compelling one when we look at it, which is basically when you think of the path of where we started and where we are today and where we see the future, where we started, virtually the entire island was on distillate fuels. So the comparison would be in the United States, where less than 1% of our electricity comes from distillate fuels. Here, virtually 100% of it was. That's where you really started. You've made a massive move in that direction by now having 105 TBTUs that are now on gas as a replacement fuel to the other. And of course, we think that it is very likely that actually the bulk of it will all, will all be converted. So that, that takes you to where both the now and the immediate, you know, future is. And we think that all of the, the gas switching, the infrastructure, the logistics can all be accomplished between now and the end of the year. So, to get up to speed on the 80 TBTUs, we think that that's a matter of a couple of months. For the balance of it in terms of opportunity set, we think it all happens between now and the end of the year. So it's not a complicated process to get from here to there. I think that the last phase of it, though, would be then to take the existing power, that, as Brannen said, it's, you know, I think more than half of it was built in 1975 and before. So antiquated machines by any measure. And And really replace them with new efficient power that can both then support a maximum load of renewables and also do so in a much, much more fuel-efficient way. So that's the path. And so I think that, what you see right now is the, you know, the kind of midstream of that conversion from distillate fuels to gas. I think you'll quickly evolve to a place where you really resolve, resolve a significant amount of it on the gas. I think the last phase that you'll see, these shorter-term contracts replaced with longer-term contracts, little accompaniment, long-term development of, you know, brand new generation. So it seems like a very, very, very obvious and very logical path to us right now, so. Yeah. Yeah. That, that's great, color. And Wes kind of leads into my next question, which is on this new power opportunity. I think about two weeks ago, there was a new 300 MW RFP launched for new power supply in Puerto Rico. I was wondering if you could talk a little bit more about that and then more broadly the timing of this new power gen opportunity and how that fits into the Puerto Rico growth potential? Again, I think when you look at the chart that Brannen referenced, you know, there are a handful of sites that have significant amounts of old antiquated power around the system. The sites are good sites. The interconnects are good interconnects. It's just the power itself is kind of old. And so, I really expect that all or virtually all of that will be replaced in the next couple of years with new power. We expect that, you know, in our position as the primary provider of gas and logistics on the island, that we'd be in a very good position to compete for that. We did compete for the 80 TBTU contract, right, as we competed for everything down there. It's all run in a very public and disciplined manner. And so that's what it'll be. I think in order to be successful, you need to have access to gas, access to the kind of wherewithal and the ability to provide the logistics, and of course, then the capital and the know-how to help get the things built. And we think we feel really good about our capability in all those regards. So it's a, it'll be a bit of a process, but it's now, you know, there's no question that you've got real duration and durability to the opportunities that are on the island, which I think was a question that a lot of people had with respect to our, you know, FEMA-related contract and how the transition would be. Transition is now, you know, complete, and we feel actually amazing about that. We feel great about what we did for the government. We feel great about what the government did for the territory in Puerto Rico. It's a spectacular combination. And the net of it is, is that asset now belongs in the hands of the Puerto Ricans, which it does. And we provide gas to that and other assets around the island. So it's a, it's a great, great situation. And I think it'll continue to evolve. But now the path of evolution appears like a very, very straightforward one. And I think you'll see a lot of progress on that, both in terms of the duration extension, but also the incremental amount of gas, which needs to be supplied. Great. Thanks for the detail. Our next question comes from the line of Craig Shere with Tuohy Brothers. Please go ahead. Hi. Hi. Thanks for taking the questions. So, so first, just kind of picking up on Devin's questions. Did I hear correctly the full expansion of 80 TBTU of that PREPA contract will be fully in service by year-end this year, the whole 80? Does Genera PR share in all PREPA fuel cost savings associated with this to try to get up to that $100 million a year, I think, you were allowed? And finally, how would you peg increased all-in cost of delivered gas to more remote power units versus San Juan and Palo Seco that's close to your infrastructure? Well, I'll take you know the first question. You know, with the chart that again that Brannen referenced, you know, you have existing gas and gas-ready units that are far in excess of the 80 TBTUs. So, in our view, I mean, I think year-end would be extremely conservative. We think it's actually quite a bit sooner than that. I actually think that the entirety of the island's distillate fuel will potentially be ready to transition to gas by the end of the year. So far beyond the 80, I think that the 300 is what the opportunity set is of incremental fuel. With respect to the third question, it's just a matter of logistics, right? We're kind of, you know, immodestly experts at logistics. So we have significant logistics on the island. The key to it all, of course, is having the terminal and the wherewithal to then both move gas within San Juan, but then outside San Juan. So we make, you know, a very, very significant amount of movement of ISO-containers to the various sites today. I think on the ships, I'll say this without actual foundation. We might do more ship-to-ship transfers of LNG and fuel in our system than any other company in the world. So we do vast amounts of LNG transfers from ship to ship. And these all figure in the logistics chain of how you actually provide the fuel onto the island. So now it's just a and it's not it's not complicated math, Craig. It's basically ship it's just trucks and personnel and kind of regas equipment. But it's all enabled by the terminal and by the logistics that get the gas onto the island, so. Gotcha. And on the sale of the 350, well, the 425 MW, I thought I had heard in prior calls that the 350 MW modular generation FEMA contract cost $500 million of CapEx to execute. I guess that was partly inflated because of speed. But you're selling 425 MW for $373 million. So net of any ending contract settlements, are you taking a loss on sale, and are you retaining any newly built infrastructure that would help service the power plants in the future? Yep. This is Brannen. I can take that one. I'd say maybe three things. I think the short answer to your question is no. I think, you know, or if so, it would be, you know, kind of de minimis. I think the way to think about it, though, is we installed a bunch of kit, which also included regas and other infrastructure. What was sold was just the power. So if you look at, you know, kind of what we have on the books for power and then what we sold it for, it's effectively equivalent. And then we retained, you know, all the other infrastructure, you know, for example, regas, etc., which obviously, you know, accrues, you know, significant benefits to NFE as it starts to service, not only what we have in place, but additional things, for example, in Palo Seco, like the [unclear] So I think that's what, you know, you should expect, you know, there, you know, for sure. And then also kind of to, you know, kind of come back to one of your questions, I think, which was around the Genera incentive payment and then, you know, a small question about logistics. So the Genera contract, which is public, has a provision, as you rightly, you know, point out, that entitles Genera to receive 50% of any actual fuel savings that it delivers. Then the way that contract works is this particular set of events, you know, would qualify as a fuel savings initiative. Our expectation would be if you use the 73% example, you know, that was quoted earlier on the phone just to, you know, a you know, illustrative, then what you, you know, Genera should expect is to receive, you know, 50% of the 27% of the discount to diesel, you know, on their side to kind of go into, you know, what it would calculate for the fuel, you know, incentive payment, which would, you know, presumably start this year. And then the last point is just, you know and I know, you know, because you cover this space so well, you know, keep in mind that, you know, plants such as Mayagüez that may be gas-capable today and maybe are, you know, a little farther from the San Juan terminal, there are significant costs that come out of that plant when you switch to gas. Like the easiest example is an LTSA, which are, you know, quite expensive in terms of just the operating cost of the plant. But to operate on gas versus diesel is roughly half the cost per fired hour. So kind of any incremental, you know, logistics cost that may exist, which I think would be, you know, minimal, would likely be offset by, you know, savings on, you know, long-term contracts to just maintain these plants while they burn gas, not diesel. Great. Thank you. We will take our next question from Sherif Elmaghrabi with BTIG. Please go ahead. Hi. Thanks for taking my question. How do these transactions affect your gas supply? I think you'd previously talked about, roughly 120 TBTUs annually coming from third parties. Just wondering how that delta shakes out and where are we on, how FLNG 1 is progressing. That's good. Thanks. Gas supply right now is actually quite matched, right? So our goal is to not take exposure to gas markets. The supply that we would need in Brazil, which is potentially significant, is all indexed to markets. So you have kind of spot exposure versus spot markets. So that's great. With respect to Puerto Rico right now, this is what we had anticipated. So we are at this point, you know, very matched. with FLNG 1 coming on online here any day, that's roughly 70 TBTUs of gas. FLNG 2, which we're now actually is under construction or will be, is another 70. So that's 140. So that's the supply that we see kind of earmarked for Puerto Rico in, you know, the short to intermediate term. And obviously, if we are successful and expand our operations there, we would then look to expand our gas supply as well, which is kind of the next phase of it, so. And with that, I think we're going to wrap it up now. But thanks, everyone, for calling in. I think obviously the opportunity set for us in Puerto Rico continues to be a very robust one. And this is a great, kind of expansion and continuing evolution of our business there. Brazil, you know, is something that I don't believe right now is at all factored into people's numbers and expectations. And given both the duration of that, those contracts as well as the future possibility for growth there, it's something we think is very, very valuable. And we're going to look to, to capitalize on that. And so there should be a lot more to talk about on that in the near term. But there are two, you know, really, really extraordinary developments for the company. And so we wanted to share that with you. And thank you all for taking the time to participate. Thanks much. This concludes today's call. Thank you for your participation. And you may now disconnect.