RE:RE:A thing of beauty PDAsIn Thermal's world the salient point about PDA's is that based on a preliminary assessment they will tell a client that there is a potentially good project to be had but to assess the attractiveness a more detailed engineering study is required. Thermal will not do that study for free and there has to be some commitment to enter into a sales contract if certain parameters are proven.
Why does a PDA not result in a contract? One reason is that the performance/economics are not confirmed through the detailed study. I don't know if for whatever other reason the client can not agree if performance is confirmed. Maybe put aside because of changed priorities? In such a case it is not clear how many PDAs out there are not counted but one day may be resurrected because of timing or because some study assumptions have changed, such as cost of fuel, etc. in other words, there are a lot of details about how they count the "26" PDAs that are not clear.