The reserve's operating mandate takes shape behind closed doors
As the SAR moves from concept to institution, the terms of access, and who sets them, are being negotiated now.
A funding line long stalled has moved; the build-out timeline tightens and the logistics map with it.
Commitments now carry dates. The earliest tests the partnership's appetite for delivery over declaration.
A qualification bar set higher than expected reshuffles who benefits from the reserve, and when.
Funds that pre-positioned for ratification now want delivery before they deploy at scale.
Generation timelines have not kept pace with the transport build-out, opening a gap the partnership must close.
The margin, the abstentions and the floor statements tell a story the result alone does not.
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