A major profit center is residential billing, yes. I'm not saying that selling debt is a major revenue generator. It's significant, of course, but doesn't touch commercial, wholesale, etc. What I am saying is that not billing somebody anything while still having to maintain and provide infrastructure to their premise, still having company-owned equipment on their premise, etc. does us no good.

Would we prefer to get paid the actual rate we bill, like you and I do every month? Of course. But that's not always going to happen. Our margins shrink by selling debt for pennies on the dollar, but it is revenue.

Another thing to keep in mind is that the PUCs set a cap on the amount of revenue we are able to generate. This means the way we profit the most is by controlling costs (i.e. rolling out expensive trucks with an expensive unionized workforce to lock meters as little as possible.) There's a reason that (in a certain state) if you're changing your premise from commercial to residential (commercial rates are more expensive), you need to go through an approval process. But if you're going from residential rates to commercial rates, we believe you.

The point is also that storing energy isn't something we want to do. We want to produce it and sell it. Selling it, even if you're not getting paid on-cycle, is better than nothing.

So what I'm saying is, once we produce the energy to meet our demand, we need to send it or waste it. It's so much more profitable to sell it retail than wholesale, even if it means a higher DSO. So, we want your meter on. We want you to pay on time, but what we most want is for our energy to be consumed and have somebody be responsible for its payment.