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Will Trump's 100th Day Be Greeted With a Shutdown? · Bloomberg Intelligence

0:05
Speaker 1: Welcome to the Bloomberg p m L Podcast. I'm pim Fox.
0:08
Speaker 1: Along with my co host Lisa Bramowitz. Each day we
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Speaker 1: bring you the most important, noteworthy, and useful interviews for
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Speaker 1: you and your money, whether you're at the grocery store
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Speaker 1: or the trading floor. Find the Bloomberg p m L
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Speaker 1: Podcast on Apple Podcasts, SoundCloud, and Bloomberg dot com. Are
0:32
Speaker 1: we facing another government shutdown in the US? The last
0:36
Speaker 1: government shutdown was in two thousand thirteen, and now it
0:38
Speaker 1: appears we may be heading for yet another one. Laura
0:41
Speaker 1: Littvin covers the issues for us. She is the Bloomberg
0:44
Speaker 1: News congressional reporter. Laura, thank you so much for joining us.
0:48
Speaker 1: I want to just start with a better understanding of
0:51
Speaker 1: what exactly the deadline is that we're coming up against
0:54
Speaker 1: that could result in a government shutdown. Uh the deadline
0:59
Speaker 1: is we believe it's two a m. Saturday. And UH
1:04
Speaker 1: at this point, both sides are getting dug in. We
1:07
Speaker 1: had both repellic. What is the deadline is it? Is
1:10
Speaker 1: it that the sort of funding is up, but they
1:12
Speaker 1: have to extend it a certain amount. I mean, what
1:14
Speaker 1: is the accepted corect if the government? Uh, the agencies,
1:19
Speaker 1: almost all of them have not been funded to the
1:21
Speaker 1: remainder of the fiscal year. And if the deadline has
1:25
Speaker 1: reached and they don't have a continuation of funding a
1:27
Speaker 1: short term stop gap for something, if they want to
1:29
Speaker 1: continue their talks and aren't done with a full bill,
1:33
Speaker 1: then we had to see another shutdown, just like the
1:36
Speaker 1: Steen that was, of course a very extended sixteen day one. Uh.
1:40
Speaker 1: You know, it seems more likely than not that we
1:43
Speaker 1: would have some kind of a temporary extension. That's what
1:45
Speaker 1: both sides are saying. Laura, Laura, could you just put
1:49
Speaker 1: this in a political context, because boy, this is you
1:52
Speaker 1: know what they say, deja vu all over again. I mean,
1:55
Speaker 1: after a while the public gets tired of hearing about this.
1:57
Speaker 1: You're bringing out Yogi Bear for this. I like it.
2:00
Speaker 1: Maybe he could, maybe he could fix what's going on
2:02
Speaker 1: in the government. Well, there's um a lessons interest in
2:08
Speaker 1: shutting the government down amongst some of the conservative Republicans
2:11
Speaker 1: who drove the last one. But there and there's also
2:14
Speaker 1: there's what's going on right now is a bit of
2:16
Speaker 1: a disconnect between the White House and Republicans in the Capital. Republicans,
2:21
Speaker 1: the leaders in both chambers are really trying have been
2:24
Speaker 1: working in recent weeks overseeing some talk that has just
2:28
Speaker 1: been between both parties on the Hill and it's not
2:31
Speaker 1: really involved the White House that much. And then the
2:33
Speaker 1: White House last Thursday started stepping in omb Director Mulvaney
2:37
Speaker 1: demanding funding for the border ball, which President Trump has
2:41
Speaker 1: requested as part of a supplemental budget request. On the Hill,
2:44
Speaker 1: they would rather take those and other tough issues like
2:47
Speaker 1: planned parenthood funding and other things and not deal with
2:50
Speaker 1: those right now, just have a straight funding bill. Laura,
2:55
Speaker 1: I'm glad you mentioned the law because over the weekend
2:57
Speaker 1: I was reading a variety of articles in which they
3:00
Speaker 1: kind of described how there are neither Republican nor Democrat
3:05
Speaker 1: leaders in any of the border states that would actually
3:08
Speaker 1: have the wall. None of them wanted. That's a real
3:13
Speaker 1: issue here this week. That's really kind of the backdrop,
3:15
Speaker 1: I think, is that you have a president who promised
3:18
Speaker 1: during the campaign that he would build a border wall,
3:21
Speaker 1: and you have Republicans in the capital all along have
3:24
Speaker 1: been poor an approach. That's their long standing position, which
3:28
Speaker 1: is they want to see more money for border security,
3:30
Speaker 1: that they want something that's more flexible that might involve
3:32
Speaker 1: sensing drone, more border patrol agents, things like that, and
3:37
Speaker 1: maybe some concrete reinforced areas, but not that's not really
3:41
Speaker 1: their primary goal here. And so there's that, and then
3:45
Speaker 1: there's also the question of whether people feel it should
3:47
Speaker 1: be about immediate and you see members of the Freedom Caucus,
3:50
Speaker 1: members from Texas who don't seem to be showing very
3:53
Speaker 1: much of an appetite to address any of this at
3:56
Speaker 1: this time when they are going to be turning around
3:58
Speaker 1: and talking about next physical year or sudget almost immediately,
4:01
Speaker 1: and what will drest it done? Well? But Laura, I mean,
4:04
Speaker 1: isn't this just always an exercise in kicking the can
4:07
Speaker 1: down the road? I mean, are we really expecting something comprehensive?
4:10
Speaker 1: Why can't they just sort of renew things as they
4:12
Speaker 1: are before, you know, proposing something more comprehensive and getting
4:15
Speaker 1: it through. I mean, why isn't that not just sort
4:17
Speaker 1: of the obvious go to thing. Well, I think what
4:21
Speaker 1: happens sometimes is that you can see where it's probably
4:24
Speaker 1: going to go, and then it takes them a bit
4:26
Speaker 1: of wrestling to get there. And I think we're maybe
4:29
Speaker 1: one or two away from doing something just like what
4:31
Speaker 1: you describe which is something fairly close to current levels
4:36
Speaker 1: of something it's short from extension, followed by something that
4:39
Speaker 1: will have some re juggled priorities that nothing particularly drastic,
4:42
Speaker 1: because it has to be by part of them. You
4:45
Speaker 1: not only need eight votes in the Senate to get
4:47
Speaker 1: sixty votes to overcome a filibuster, because Republicans have just
4:50
Speaker 1: fifty two votes, but then the House you can almost
4:52
Speaker 1: bank on the Conservative Freedom Caucus Republicans not wanting to
4:56
Speaker 1: vote for any bill like this, regardless of border funding
4:59
Speaker 1: and the event. So you need some democratic support and
5:02
Speaker 1: that's what they're rustling, is right. And you also you
5:05
Speaker 1: need something to keep the markets awake because people can
5:07
Speaker 1: now start worrying about a government shutdown. Can you just
5:10
Speaker 1: put into perspective what a government shutdown actually would look
5:13
Speaker 1: like and what the potential consequences would be on a
5:15
Speaker 1: broader scale, Well, you would have UM, almost all of
5:19
Speaker 1: the agencies have not had their funding approved, so you
5:22
Speaker 1: have everything shut down, from you know, the National Park
5:25
Speaker 1: Service to UM, you know, various agency work. UM. You know,
5:33
Speaker 1: it's meaning that nobody would go to work and no
5:35
Speaker 1: one would get paid. There's some provisions for dealing with
5:39
Speaker 1: people who have really important emergency related type jobs that
5:42
Speaker 1: do work, and they in the last time that's happened,
5:45
Speaker 1: I remember them doing some like back pay for people
5:48
Speaker 1: and working out some things. But if you remember it was,
5:51
Speaker 1: you know, things are pretty much shut down. Do uh
5:55
Speaker 1: do members of Congress and their staffs? Do they continue
5:59
Speaker 1: to get paid? Um? But I've got to remember from
6:03
Speaker 1: the last one, I do remember that some of them
6:08
Speaker 1: were even shutting down. Uh, a lot of their staffers were.
6:12
Speaker 1: I think they weren't because at least their staffers weren't,
6:15
Speaker 1: because some people there were a lot of complaints from
6:17
Speaker 1: constituents that people weren't even answering the phones when they
6:19
Speaker 1: were calling their congressmen to complain about it. Yeah, you know,
6:24
Speaker 1: it's it's striking to me that the deadline is coming
6:27
Speaker 1: up is going to also coincide with President Trump's one
6:31
Speaker 1: hundredth day in office, and the symbolism of that cannot
6:34
Speaker 1: have evaded him. How invested is he in making sure
6:38
Speaker 1: that we do not get the worst case outcome in
6:41
Speaker 1: this case? That's the that's a million dollar question right now,
6:45
Speaker 1: and no one can tell just how willing he is
6:47
Speaker 1: going to be to push this all the way over
6:49
Speaker 1: the brink. On the one hand, if if they forestalled
6:52
Speaker 1: or shutdown and do it, even if it's just doing
6:55
Speaker 1: a stop gaps something pushing this off for a week,
6:57
Speaker 1: he can say he did something that Presidental Lindennis, you
7:00
Speaker 1: know President Obama had a shut down. He can say
7:02
Speaker 1: I was able to keep the government going. But at
7:04
Speaker 1: the same time, his supporters feel very strongly. The people
7:07
Speaker 1: who voted for President from feel so strongly about a
7:10
Speaker 1: border wall, horror wall. Immigration issues are one of their
7:14
Speaker 1: cop issues. And he's already planned a rally in Pennsylvania
7:19
Speaker 1: just coming Saturday night, said going to the White House
7:21
Speaker 1: Correspondent Association, He's taking off and going a dinner. He's
7:24
Speaker 1: going to Pennsylvania's He's holding a rally. And it has
7:27
Speaker 1: a lot of people wondering is he planning on pulling
7:30
Speaker 1: out all the stops on the wall and then holding
7:32
Speaker 1: a rally. No one, No one knows, And so that's
7:35
Speaker 1: the big wild card in all of those. Well, we'll
7:38
Speaker 1: have to wait and see what happens. And I know
7:39
Speaker 1: you're going to keep us up to date on it.
7:41
Speaker 1: I didn't know maybe Pennsylvania. I don't think they get
7:43
Speaker 1: in the wall though, But that's okay. I don't know.
7:46
Speaker 1: Maybe Pennsylvania and New York said, I don't know. Anyway,
7:50
Speaker 1: I want to appreciate it. Thanks very much. Laura Littvin
7:53
Speaker 1: is our Bloomberg News congressional reporter joining us from I
7:56
Speaker 1: believe she's in the Senate Press Gallery today, So thanks
7:59
Speaker 1: very much for being with us. We're broadcasting from the
8:03
Speaker 1: the Future of Energy Summit. It's all powered by Bloomberg
8:07
Speaker 1: New Energy Finance. We are here broadcasting live from the
8:21
Speaker 1: two seventeen New York Future of Energy Summit, which is
8:25
Speaker 1: powered by Bloomberg New Energy Finance. And I'm honored to
8:29
Speaker 1: bring in Carl Pope. He's principal advisor for Inside Straight Strategies.
8:34
Speaker 1: He also is the former head of the Sierra Club,
8:36
Speaker 1: and he's out with a new book which is called
8:38
Speaker 1: Climate of Hope, How Cities, Businesses and Citizens Can Save
8:42
Speaker 1: the Planet, which is co authored by Michael Bloomberg, former
8:45
Speaker 1: Mayor of New York City and the founder of Bloomberg LP. Carl,
8:49
Speaker 1: We're so happy to have you join us today. I
8:53
Speaker 1: wanted just to start before we get into what we
8:54
Speaker 1: can be doing to mitigate uh man made climate change.
8:58
Speaker 1: Has your hope's proceeded since the latest US election, and
9:03
Speaker 1: given some of the rhetoric that has come out of
9:06
Speaker 1: the current presidential administration, well, I think we obviously have
9:11
Speaker 1: a new barrier to overcome in the attitude of the
9:14
Speaker 1: new administration in Washington. On the other hand, if I
9:17
Speaker 1: look at what's been happening in the rest of the world,
9:20
Speaker 1: my hope is greater than it was before election day.
9:23
Speaker 1: The fact is, we have a very very powerful tail
9:27
Speaker 1: wind pushing us towards climate solutions in the form of
9:31
Speaker 1: city leadership, in the form of technological innovation, in the
9:35
Speaker 1: form of having a company as mainstream is Budweiser Beer
9:39
Speaker 1: decide that they really need to go one dent clean energy.
9:44
Speaker 1: That's not the kind of announcement I would have expect
9:47
Speaker 1: it even a year ago. So I'm actually more hopeful,
9:50
Speaker 1: although I'm really not too hopeful when to go to Washington,
9:53
Speaker 1: d C. So I tried to avoid it. Well Mr Mr, Okay,
9:58
Speaker 1: we won't make you go there. But you know, obviously,
10:01
Speaker 1: the one of the themes in your book has to
10:03
Speaker 1: do with cities. So I'm wondering what should cities and
10:06
Speaker 1: municipalities be doing, not only in terms of let's say
10:11
Speaker 1: the clean energy agenda. But there's all the revenue that
10:16
Speaker 1: currently flows from the energy generation business, maybe call it
10:21
Speaker 1: a legacy business. All that revenue still flows to the municipalities.
10:25
Speaker 1: What happens if that revenue starts to dry up because
10:28
Speaker 1: people put solar panels on their roof or they are
10:32
Speaker 1: no longer going to be driving as much, So that
10:34
Speaker 1: means that the taxes paid for improving highways decreases. What
10:37
Speaker 1: what are some of the challenges. Well, one of the
10:40
Speaker 1: things that is actually happening is that more and more
10:43
Speaker 1: American cities are moving from legacy fossil fuels to innovative
10:48
Speaker 1: wind and solar. The reason they're moving, for the most part, frankly,
10:52
Speaker 1: is not the climate. The reason they're moving is it
10:54
Speaker 1: saves their customers money. And if a city can give
10:58
Speaker 1: its businesses and it's red and it's cheaper electricity, that
11:02
Speaker 1: is very good for economic development. Let me tell you,
11:05
Speaker 1: mayors love that. Similarly, we just saw an announcement by
11:08
Speaker 1: twenty cities that they are putting out a joint tender,
11:12
Speaker 1: a bid trying to buy a hundred thousand electric vehicles
11:17
Speaker 1: because they understand if they buy their electric vehicles together,
11:20
Speaker 1: they'll be able to get a better price. Volume drives
11:23
Speaker 1: down cost. And second, when they go electric, all of
11:27
Speaker 1: a sudden, they don't need to spend as much money
11:30
Speaker 1: buying diesel or gasoline, and diesel and gasoline do not
11:34
Speaker 1: come from inside cities those that's money that has to
11:37
Speaker 1: be sent somewhere else. So cities are realizing that a
11:40
Speaker 1: clean energy future is an energy future in which more
11:43
Speaker 1: of the dollars that are generated in that city stay
11:46
Speaker 1: to the benefit of that city. That's one of the
11:48
Speaker 1: major things driving mayors forward. Just to follow up there
11:52
Speaker 1: having to do with cities, do you believe that things
11:54
Speaker 1: like congestion charges and offering free parking for all electric
11:59
Speaker 1: vehicle is something that all cities should embrace, Well, all
12:03
Speaker 1: cities shouldn't embrace probably any one solution because every city
12:06
Speaker 1: is different. My partnership with Mike Bloomberg actually began as
12:11
Speaker 1: an effort to implement congestion pricing is a way of
12:13
Speaker 1: financing mass transit and Lower Manhattan. We didn't get there.
12:17
Speaker 1: So there is resistance to ideas like congestion pricing, even
12:21
Speaker 1: in a city is sophisticated as New York, although really
12:24
Speaker 1: the problem was in New York. The problem with state
12:26
Speaker 1: government in Albany that wouldn't give Mayor Bloomberg permission to
12:29
Speaker 1: do that. And even today New York's transit system still
12:33
Speaker 1: needs the money that would have been raised by congestion pricing.
12:36
Speaker 1: I think the key thing to understand, though, is every
12:40
Speaker 1: city has its own unique set of problems and its
12:44
Speaker 1: own unique set of opportunities, and you need to look
12:47
Speaker 1: at the problems, look at the opportunities, pair them up,
12:51
Speaker 1: and move forward. One of the things that's frankly depressing
12:54
Speaker 1: about Washington is Washington is looking to the rear view mirror.
12:58
Speaker 1: Washington is trying to make a mayor America great by
13:01
Speaker 1: holding onto yesterday's technologies. Cities don't have that. Luxury cities
13:05
Speaker 1: are not competing to be the home of the next
13:08
Speaker 1: bug equipped manufacturer. Cities are competing to be the home
13:11
Speaker 1: of the next electric car dealership. Right Well, Carl, is
13:16
Speaker 1: there anything that's currently going on in any particular city
13:18
Speaker 1: that you can point to as something that is an
13:21
Speaker 1: optimistic development that you think should serve as a model. Sure,
13:25
Speaker 1: I'm gonna point to Salt Lake City, and I'm gonna
13:27
Speaker 1: point to Salt Lake City because it is after all,
13:30
Speaker 1: the largest city in the most republican state in the nation,
13:33
Speaker 1: so you can't say it's Berkeley or even New York City.
13:37
Speaker 1: Salt Lake City has announced that it is going to
13:39
Speaker 1: source one hundred percent of its electricity from renewables, and
13:44
Speaker 1: Salt Lake City has the fastest growing mass transit capacity
13:48
Speaker 1: of any large city in North America. And Salt Lake
13:51
Speaker 1: City is doing that because the people, the residents care
13:55
Speaker 1: about the quality of their life. They want to have
13:58
Speaker 1: a dynamic economy. Used to be dependent on mining and
14:02
Speaker 1: extraction industries. Now they're dependent on knowledge and invention industries.
14:08
Speaker 1: That's the way to the future. And it's not just
14:11
Speaker 1: Salt Lake City. The first the first city in the
14:14
Speaker 1: United States to go on renewable was Georgetown, Texas, and
14:19
Speaker 1: the mayor of Georgetown had to explain, folks, I'm not
14:22
Speaker 1: doing this because I'm green. I mean, Al Gore didn't
14:25
Speaker 1: come and take over our city. I'm doing this because
14:28
Speaker 1: it saves money, cleaner, cheaper, and what's not the like?
14:33
Speaker 1: All right, thanks very much. Carl Pope as a principal
14:35
Speaker 1: advisor inside a Straight Strategies. He is also the former
14:40
Speaker 1: executive director and chairman of the Sierra Club, and he
14:44
Speaker 1: is the co author of a new book entitled Climate
14:46
Speaker 1: of Hope, How Cities, businesses, and citizens Can Save the
14:50
Speaker 1: Planet that is co authored also by former New York
14:53
Speaker 1: City Mayor Michael Bloomberg. Michael Bloomberg is the founder and
14:57
Speaker 1: majority owner of Bloomberg Peak. We want to take a
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Speaker 1: more about energy is Alka Lunt, the President and the
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Speaker 1: chief executive of Statenet, and he joins us here at
15:59
Speaker 1: the conference rate to have you with us. Thanks for
16:01
Speaker 1: coming in. Um. You know, I wonder if you could
16:03
Speaker 1: just give people a little bit of your background because
16:05
Speaker 1: they may not know about stating net and Norwegian Company
16:09
Speaker 1: and the role that it plays not just in Norway
16:11
Speaker 1: but throughout the world when it comes to energy generator transmission.
16:17
Speaker 1: Thank you very much. Stopping that is the National Grid
16:19
Speaker 1: Company of Norway. We are basically running the central ridd
16:23
Speaker 1: for the hold of the country. We have only renewable
16:27
Speaker 1: production in Norway, so we were very happy to do that. Uh.
16:31
Speaker 1: And that hydro power which we have enables us to
16:36
Speaker 1: move both production from one time to the other and
16:40
Speaker 1: do that by interconnecting our system to our neighboring countries.
16:44
Speaker 1: So you know, one thing that people talk about with renewables,
16:47
Speaker 1: one big problem is you can't really store it the
16:50
Speaker 1: same way you can take oil and put it on
16:52
Speaker 1: a tanker and float it out in the Mediterranean. Uh.
16:55
Speaker 1: How have you solved this problem? Because you're you're sort
16:58
Speaker 1: of touching on it but being explicitly please about how
17:01
Speaker 1: exactly this sort of connect Those ideas are the idea
17:04
Speaker 1: of storing renewables versus transmitting them. So hydro is a
17:10
Speaker 1: is a great source. You can open the valve if
17:13
Speaker 1: you want it and you need it, and you can
17:15
Speaker 1: stop it if you don't need it. So we through
17:17
Speaker 1: hydro reservoirs we can collect water during rainy periods and
17:23
Speaker 1: let the water run during dry periods. So that's basically
17:26
Speaker 1: a way of storying, and that's how we solve our
17:29
Speaker 1: own demand because sometimes it doesn't rain also in Norway,
17:34
Speaker 1: so we need that for our own system. But we
17:37
Speaker 1: also have interconnected our grid to the Danish, the Dutch
17:41
Speaker 1: and the German and going to do it to the
17:43
Speaker 1: German and the UK grid. Through those interconnections you can
17:46
Speaker 1: move this storage capacity we have also down to those countries.
17:51
Speaker 1: If you look at Denmark, they've been able to install
17:55
Speaker 1: a huge amount of wind power and are running from
17:59
Speaker 1: time to time like sixty or seven of their demand
18:03
Speaker 1: is covered by wind and the remaining parts would then
18:06
Speaker 1: actually come through the interconnectors from Norway. Just to be
18:11
Speaker 1: very clear about what this is, it sort of flips
18:13
Speaker 1: the idea of storage on its head. It's not that
18:15
Speaker 1: you're actually storing, and it's at the electrical current is
18:17
Speaker 1: going somewhere at all times, but it's going to where
18:20
Speaker 1: it need. It's needed exactly, and so it's not necessarily
18:22
Speaker 1: storing in a way that a lot of people think
18:25
Speaker 1: of storage, which is you put it in a box
18:27
Speaker 1: and you hold it till later. Well, yes or no.
18:29
Speaker 1: You can imagine that the through these interconnectors in Denmark,
18:32
Speaker 1: sometimes the wind is so strong that they produce more
18:35
Speaker 1: wind than they need and then they basically send that
18:39
Speaker 1: power to Norway. And what we do is that we
18:41
Speaker 1: then stop our turbines to produce, and it means we
18:45
Speaker 1: store the water in our reservoirs and leave it for
18:51
Speaker 1: the next day. And even in sometimes if prices are
18:55
Speaker 1: really low because of the oversupply wind, we would read pump.
19:00
Speaker 1: We would pump water from a lower level to a
19:02
Speaker 1: higher level and could then the day after reverse it
19:05
Speaker 1: and thereby get electricity back. So basically you do actually
19:10
Speaker 1: store in reservoirs. But a very important part here is
19:14
Speaker 1: that you have a market which really works, because the
19:17
Speaker 1: market gives you the signal when should I keep the
19:19
Speaker 1: water in the reservoir, when should they let it go?
19:22
Speaker 1: When it is electricity from wind very cheap, and I
19:25
Speaker 1: could get that in my system and and store it
19:28
Speaker 1: for the next day, I wonder if you could just
19:30
Speaker 1: speak to the issue of being a state owned company,
19:33
Speaker 1: because obviously utilities are owned in many different forms all
19:39
Speaker 1: over the world. How does being state owned help you?
19:44
Speaker 1: I think it's almost in the country like you actually
19:47
Speaker 1: should say that, but it's almost a predicacit preg with
19:50
Speaker 1: it for our the way we have functioned or or
19:55
Speaker 1: created our markets. We have installed a completely independent system
19:59
Speaker 1: up Rador owning the transmission system which is start meet
20:03
Speaker 1: and it is stayed downed. So we have a very
20:06
Speaker 1: strong mandate to take care of security supply in Norway
20:09
Speaker 1: at any point in time and run the system at
20:12
Speaker 1: what they call the socio economic within socio economic view
20:16
Speaker 1: on how we do things. And that distinguishes a little
20:20
Speaker 1: bit from the other companies who could have specific maybe
20:24
Speaker 1: have shareholders exactly, so we we have, I would argue,
20:29
Speaker 1: a much broader view than the individual companies which produce
20:33
Speaker 1: and and and connect. So do you think that the
20:36
Speaker 1: model that you're talking about the markets that you follow
20:39
Speaker 1: could be replicated in a uh non state owned company
20:45
Speaker 1: or do you think that it's very specific to the
20:47
Speaker 1: model that you currently have in Norway. No, I think
20:49
Speaker 1: you can do it. Of course, it's not the only
20:53
Speaker 1: way to organize the market. We have also one of
20:56
Speaker 1: our Navory countries. We have a similar company like Startnet,
20:59
Speaker 1: which partly owned by pension funds, and its functions although
21:04
Speaker 1: a bit different than we do. I just want to
21:06
Speaker 1: catch your talks on something that you own. I think
21:08
Speaker 1: about a third of nord Pool, right, nord Pool. Just
21:10
Speaker 1: to give you a thirty second what is nordpol. Explain
21:13
Speaker 1: to people how that's interesting. Well, as I mentioned just
21:16
Speaker 1: a minute ago, that the markets are extremely important in
21:19
Speaker 1: this type of system, you need the right pricing signals.
21:22
Speaker 1: North Pole is the power exchange where all producers have
21:26
Speaker 1: to nominate what they're going to deliver and the market
21:31
Speaker 1: will tell what they want to ask in. The market
21:33
Speaker 1: will clear and give prices, and those prices give the
21:37
Speaker 1: right signals whether we should store water or we should
21:40
Speaker 1: we should leave the water down. Thank you so much
21:42
Speaker 1: for joining us. Truly fascinating discussion. Okay Launde is president
21:46
Speaker 1: and chief executive as stat Net, which is Norway's power
21:50
Speaker 1: and electric grid. Thanks for listening to the Bloomberg P
21:56
Speaker 1: and L podcast. You can subscribe and listen to interviews
21:59
Speaker 1: at Apple pod Casts, SoundCloud or whatever podcast platform. You prefer.
22:03
Speaker 1: I'm pim Fox. I'm on Twitter at pim Fox. I'm
22:07
Speaker 1: on Twitter at Lisa Abramo wits one Before the podcast,
22:10
Speaker 1: you can always catch us worldwide on Bloomberg Radio