C&I? PPAs are effectively the collateral for project finance in these cases so you can't build one of these things unless you have a PPA in place (unless you ar

C&I? PPAs are effectively the collateral for project finance in these cases so you can't build one of these things unless you have a PPA in place (unless you are vertically integrated or running a pilot). A solid percentage of new wind is being built in states without RECs (also the government doesn't pay RECs, ratepayers do). The PTC is being phased out but it is gravy at this point. Wind is profitable without subsidies in a lot of places (and the government subsidizes nuclear [insurer of last resort] and coal [socializing negative externalities]). Regarding margin, coal and nuclear also barely make money. Natural gas steam barely makes money. CT peakers make high margins when operational but they are barely operational. None of this is surprising. Electricity is a commodity business (for IPPs at least), you sort of expect razor thin margins.