Ann: TEG: WA-481-P Transaction Update, page-2

(Thinking out aloud and pure inference)

This is good news for PGY, may not be great news for TEG

PGY could probably pull out from the deal meaning they'd retain 100% of the project. Meanwhile TEG will still need to extend the life of the plant so they don't have to pay their decommission liability on it, which they may not be able to afford. This would force TEGs hand to ensure Pilot on another commercial arrangement has access to Cliffs head offshore as the anchor point.

I can see numerous commercial options available to Pilot here but not many for TEG. Lets see how this all plays out.