correct but there is still plenty to be sold on the spot market....

correct but there is still plenty to be sold on the spot market. the hedges are known and have been known for long time and are already priced into the SP.

The costs for TGOE are not as ALK (unless I am wrong) has not reported if the project is tracking on time and budget. And if there are delays or budget blowouts then report what those are and what actions ALK took to remedy the situation. Yes, it will trigger SP fall but ALK can turn new page from there and move on.

Uncertainty is the worst for SP performance as it drives serious investors away and erodes confidence in both the management and the BoDs who allow for such behavior.

2 things ALK can do to make it better:
1. report on TGOE costings and project timelines - are we on budget and on time. If not report what action has been taken to bring it on track and prevent further budget blowouts. What are the new costs?
2. Build more resources at TGO and show LOM well beyond 2030 - preferably beyond 2040 as that will cushion the hedge book to some extend.