FuelCell Energy Inc (FCEL)

[44centsAKAchoccake]

I mean one thing you need to understand is that FCEL doesn't control the project schedules. There is always regulatory involvement at some level or another. Interconnection with the grid, arrangement of gas transport (more complicated in CA re biogas), various siting type issues, etc. The PPAs for the LIPA happen after all that is said and done. That's weird, obviously, compared to other states where PPA tend to get signed early. Still, FCEL must have confidence that LIPA will come through with a PPA at the applicable time.