Those three things are happening at the same time, and that s very rare in industry. Now from a company perspective, I think the challenges are fairly obvious from an industry standpoint. And that is that whether Constellation likes it or not, whether the PJM likes it or not, this is an environment where certain companies are getting very big, very fast. Their ability to produce electricity and access the market is proceeding in an extremely rapid pace. The competitive landscape is not one where we re just competing by virtue of how may electrons we can produce versus how many electrons somebody else can produce.
Cost of capital does have some correlation to size, success in the marketplace, margins, etc.
We feel as a company that while no one is pounding the table and preaching the mantra of biggest is best, I think we do feel that in order not to be marginalized, we have to have enough scale both from a balance sheet perspective and the perspective of the generation plants that we own or control. We have to have enough scale to be a player in the markets that are attractive. As to the international markets versus North America, I d say all these things are inherently a matter of time in the competitive landscape. But we have a fair amount to do here in North America. Yes, with a proviso.