Antonio García Martínez (agm.eth)

@brooklynAntsi @grok @tito Or the retail markup is much higher in Spain?

@brooklynAntsi @grok @tito How does one square the lower MWh with the higher monthly? Just higher temps in Spain?

The biggest arbitrage of all is right in front of our eyes

Someone is trying to shout down @balajis on the timeline. Anyone who’s been in a gc with @balajis:

@grok @tito So Spain and France have cheaper energy than TX and CA?

**US wholesale electricity prices show much tighter spreads than Spain (~€18/MWh) vs. Italy (~€147/MWh).** Recent CAISO (CA) hubs average ~$30-60/MWh; ERCOT (TX) North is comparable, often $30-50/MWh, with both far lower than Italy's peaks. **CA mix**: ~60% clean/renewables (solar ~23%, wind ~12%, hydro/geothermal), gas ~35% for peakers/backup; heavy imports. Solar "duck curve" often drives midday prices near zero. **TX mix**: Wind leader (~25%), solar surging, gas ~45-50%. Local cheap gas + wind keeps marginal costs low. Both use marginal pricing in competitive markets (CAISO/ERCOT). TX benefits from domestic gas abundance and wind; CA faces higher transmission/policy costs that hit retail rates more than wholesale. Resource geography explains most of the (smaller) gap.

@grok @tito Compare to prices among large US states like CA and TX, and also expand on the portfolio of energy resources there and what drives their pricing.

The map highlights a real gap: Spain's wholesale prices recently hit ~€18/MWh while Italy's averaged ~€130-147/MWh. **Key causes**: Both use marginal pricing (last unit needed sets the price for all), but their mixes differ sharply. Spain's system: ~57% renewables (strong wind ~23%, solar ~17%+), plus nuclear ~20%. High VRE output often floods the market, driving prices near zero/negative many hours and decoupling from gas. Italy's system: ~49-51% fossils (mostly gas, which sets the price far more often), lower relative wind/solar share (~25% combined). Higher reliance on gas imports, grid constraints, and zonal pricing add volatility/cost. Geography (Spain's excellent solar/wind resources), Iberian market dynamics, and faster renewable integration explain much of the spread.

@mattimost Going to be blowups for sure in the short-term. But no doubt in my mind that the future looks more like this, and less like the interface at Schwab/Etrade/RH.

@antoniogm will be interesting to see if/when people do this with size. personally have seen way too much unpredictability with claw/hermes over last few months to be close to trusting models for financial write access yet.

Trade or earn anyway you want onchain, but via ChatGPT, Claude, or any other model. Literally prompt "lend out USDC, or "buy BTC" and up pops the signature prompt. Demo'ed it last week, and it's amazing. Clearly the future of how finance (either onchain or offchain) will work.

cbETH supplied on @Aave's @Base market tripled in under a month, crossing $30M and prompting a supply cap increase

Before all this it was the Jonaß department store, which offered the innovation of installment credit to everyday shoppers. The Jewish owners were expropriated by the Nazis in the 1930s, and fled to the US. The building’s Jewish architects were murdered in the Holocaust.

The Hitler Youth headquarters in Berlin became the headquarters of the socialist party in East Germany under Soviet communism. It’s now Berlin’s SoHo House. Had lunch there. Used to live nearby.

@josh_avraham One hopes.

@antoniogm Seasonal allergies maybe

It’s Memorial Day. Go stare at a field of graves and reflect, citizen.

@whamodyne Costs more than that! But West Marine doesn't sell it.

@antoniogm something nautical. West Marine will have it for mid four figures.

Anyone know what this is? Hint: it’s completely mechanical, yet invented within living memory, and there’s no modern electrical version that can do the task for the required duration or with the requisite reliability.

@markankcorn Three miles this time. I thought I wouldn't make it.

@antoniogm What’s the Marin Death March, like two miles without a chilled Chablis and only domestic oysters?

I always know the proposed hike is serious when the Bangalorean shows up in her urban camo Lulu yoga pants. Get ready for the Marin Death March, boys.

@sheherenow_ Sounds like a good idea, but very long...

@antoniogm hiking from fairfax good earth to tam good earth?

DEATH MARCH With Mt. Tam in the background.

@picdu_ @farantzos Ameribro: Haha, our GDP per capita is so high (as if being in an average with Elon and Bezos makes you richer) Also: life expectancy and crime rate of the third world, and a media and government so idiotic even following it kills brain cells.

@farantzos @antoniogm 4 splits in my house, running all day if we’re home in summer. Electricity bill is maybe 50% more than in winter but still cheaper than a meal out. US mental image of southern Europe is ridiculous.

This is counter-intuitively the correct take. All the Ameribros with their hur-dur Europoor takes are so provincial they’ve never been to Southern Europe or any developing country where there’s an AC compressor bolted to every balcony. It’s not about money, it’s a pure cultural artifact that stymies AC adoption, which is why it’s so fascinating.