{"id":12851330,"date":"2025-12-12T14:33:54","date_gmt":"2025-12-12T19:33:54","guid":{"rendered":"https:\/\/www.philstockworld.com\/?p=12851330"},"modified":"2025-12-28T15:43:28","modified_gmt":"2025-12-28T20:43:28","slug":"the-ai-energy-economy-part-4-merchant-power-nuclear-scarcity-and-ai-contracts","status":"publish","type":"post","link":"https:\/\/www.philstockworld.com\/2025\/12\/12\/the-ai-energy-economy-part-4-merchant-power-nuclear-scarcity-and-ai-contracts\/","title":{"rendered":"The AI Energy Economy \u2014 Part 5 (Revised): Merchant Power, Nuclear Scarcity, and AI Contracts"},"content":{"rendered":"<h2 data-start=\"465\" data-end=\"553\">The AI Energy Economy \u2014 Part 5: Merchant Power, Nuclear Scarcity, and AI Contracts<\/h2>\n<h3 data-start=\"813\" data-end=\"878\"><em>How Electricity Ownership Determines Who Captures AI\u2019s Upside<\/em><\/h3>\n<h2 data-start=\"885\" data-end=\"942\">1. Introduction: From Power Systems to Power Economics<\/h2>\n<p data-start=\"944\" data-end=\"1075\">In the first four parts of this series, we examined how artificial intelligence reshapes the electricity system from the ground up.<\/p>\n<ul data-start=\"1077\" data-end=\"1666\">\n<li data-start=\"1077\" data-end=\"1228\">\n<p data-start=\"1079\" data-end=\"1228\"><strong data-start=\"1079\" data-end=\"1089\">Part 1<\/strong> focused on the companies that <em data-start=\"1120\" data-end=\"1130\">generate<\/em> electricity, especially nuclear operators and utilities positioned to serve AI\u2019s baseload demand.<\/p>\n<\/li>\n<li data-start=\"1229\" data-end=\"1372\">\n<p data-start=\"1231\" data-end=\"1372\"><strong data-start=\"1231\" data-end=\"1241\">Part 2<\/strong> examined the pick-and-shovel suppliers that <em data-start=\"1286\" data-end=\"1293\">build<\/em> the grid \u2014 turbines, transformers, transmission, batteries, and grid hardware.<\/p>\n<\/li>\n<li data-start=\"1373\" data-end=\"1504\">\n<p data-start=\"1375\" data-end=\"1504\"><strong data-start=\"1375\" data-end=\"1385\">Part 3<\/strong> explored the <em data-start=\"1399\" data-end=\"1432\">connective and last-meter layer<\/em>, where power density, heat, and reliability become binding constraints.<\/p>\n<\/li>\n<li data-start=\"1505\" data-end=\"1666\">\n<p data-start=\"1507\" data-end=\"1666\"><strong data-start=\"1507\" data-end=\"1517\">Part 4<\/strong> analyzed the <em data-start=\"1531\" data-end=\"1551\">intelligence layer<\/em> \u2014 automation, controls, cooling systems, and real-time software that keep the entire system operating at AI scale.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"1668\" data-end=\"1731\">Together, these layers explain what gets built to power AI.<\/p>\n<p data-start=\"1733\" data-end=\"1797\">Part 5 addresses a different \u2014 but equally important \u2014 question:<\/p>\n<p data-start=\"1799\" data-end=\"1893\"><strong data-start=\"1799\" data-end=\"1893\">Who actually captures the financial upside when AI demand tightens the electricity system?<\/strong><\/p>\n<p data-start=\"1895\" data-end=\"2149\">The answer depends less on technology than on <strong data-start=\"1941\" data-end=\"2003\">ownership structure, market design, and contract economics<\/strong>. In the AI era, electricity is not just scarce \u2014 it is increasingly <em data-start=\"2072\" data-end=\"2083\">strategic<\/em>. And how power is sold can matter as much as how it is generated.<\/p>\n<hr data-start=\"2151\" data-end=\"2154\" \/>\n<h2 data-start=\"2156\" data-end=\"2222\">2. Regulated vs. Merchant Power: Why the Business Model Matters<\/h2>\n<p data-start=\"2224\" data-end=\"2304\">Electricity companies operate under two fundamentally different economic models.<\/p>\n<h3 data-start=\"2306\" data-end=\"2329\">Regulated utilities<\/h3>\n<p data-start=\"2331\" data-end=\"2553\">Regulated utilities earn returns through an approved <em data-start=\"2384\" data-end=\"2395\">rate base<\/em>. Regulators allow them to invest in power plants, transmission, and grid upgrades, and then recover those costs \u2014 plus a set return \u2014 through customer rates.<\/p>\n<p data-start=\"2555\" data-end=\"2573\">This model offers:<\/p>\n<ul data-start=\"2574\" data-end=\"2629\">\n<li data-start=\"2574\" data-end=\"2585\">\n<p data-start=\"2576\" data-end=\"2585\">Stability<\/p>\n<\/li>\n<li data-start=\"2586\" data-end=\"2610\">\n<p data-start=\"2588\" data-end=\"2610\">Predictable cash flows<\/p>\n<\/li>\n<li data-start=\"2611\" data-end=\"2629\">\n<p data-start=\"2613\" data-end=\"2629\">Lower volatility<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"2631\" data-end=\"2750\">But it also caps upside. When demand surges, profits rise gradually through rate cases, not suddenly through repricing.<\/p>\n<h3 data-start=\"2752\" data-end=\"2780\">Merchant power producers<\/h3>\n<p data-start=\"2782\" data-end=\"2947\">Merchant generators sell electricity into competitive wholesale markets or negotiate long-term contracts directly with large customers. Their revenues are driven by:<\/p>\n<ul data-start=\"2948\" data-end=\"3003\">\n<li data-start=\"2948\" data-end=\"2962\">\n<p data-start=\"2950\" data-end=\"2962\">Power prices<\/p>\n<\/li>\n<li data-start=\"2963\" data-end=\"2973\">\n<p data-start=\"2965\" data-end=\"2973\">Scarcity<\/p>\n<\/li>\n<li data-start=\"2974\" data-end=\"2986\">\n<p data-start=\"2976\" data-end=\"2986\">Congestion<\/p>\n<\/li>\n<li data-start=\"2987\" data-end=\"3003\">\n<p data-start=\"2989\" data-end=\"3003\">Contract terms<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"3005\" data-end=\"3102\">When supply tightens, earnings can rise quickly. When markets loosen, they can fall just as fast.<\/p>\n<p data-start=\"3104\" data-end=\"3157\"><strong data-start=\"3104\" data-end=\"3157\">AI demand makes this distinction newly important.<\/strong><\/p>\n<p data-start=\"3159\" data-end=\"3364\">AI data centers do not add incremental load \u2014 they add <strong data-start=\"3214\" data-end=\"3250\">city-scale, 24\/7 baseload demand<\/strong>, often in specific locations. That demand can reprice electricity rapidly, especially where firm power is scarce.<\/p>\n<hr data-start=\"3366\" data-end=\"3369\" \/>\n<h2 data-start=\"3371\" data-end=\"3426\">3. Baseload Power and AI: Why Nuclear Reprices First<\/h2>\n<p data-start=\"3428\" data-end=\"3614\">Baseload power refers to electricity that must be available continuously \u2014 every hour of every day \u2014 regardless of weather or time of year. Nuclear power is uniquely suited to this role.<\/p>\n<p data-start=\"3616\" data-end=\"3631\">Nuclear plants:<\/p>\n<ul data-start=\"3632\" data-end=\"3801\">\n<li data-start=\"3632\" data-end=\"3671\">\n<p data-start=\"3634\" data-end=\"3671\">Operate at very high capacity factors<\/p>\n<\/li>\n<li data-start=\"3672\" data-end=\"3705\">\n<p data-start=\"3674\" data-end=\"3705\">Deliver constant, stable output<\/p>\n<\/li>\n<li data-start=\"3706\" data-end=\"3749\">\n<p data-start=\"3708\" data-end=\"3749\">Provide decades of predictable generation<\/p>\n<\/li>\n<li data-start=\"3750\" data-end=\"3801\">\n<p data-start=\"3752\" data-end=\"3801\">Do not depend on fuel price volatility or weather<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"3803\" data-end=\"4016\">AI data centers behave more like industrial infrastructure than traditional IT. Training models, running inference, and maintaining uptime all require uninterrupted power. This makes nuclear an unusually good fit.<\/p>\n<p data-start=\"4018\" data-end=\"4232\">As AI demand concentrates and tightens grids, <strong data-start=\"4064\" data-end=\"4145\">existing nuclear plants become more valuable \u2014 even without building new ones<\/strong>. The same electrons command higher prices simply because they are reliable and scarce.<\/p>\n<p data-start=\"4234\" data-end=\"4283\">But how that value shows up depends on ownership.<\/p>\n<hr data-start=\"4285\" data-end=\"4288\" \/>\n<h2 data-start=\"4290\" data-end=\"4352\">4. Why Pure Merchant Nuclear Is Rare \u2014 and Why That Matters<\/h2>\n<p data-start=\"4354\" data-end=\"4533\">Most U.S. nuclear plants sit inside regulated utilities or diversified generation portfolios. Pure merchant nuclear ownership is rare because it concentrates both risk and reward.<\/p>\n<p data-start=\"4535\" data-end=\"4554\">Nuclear plants are:<\/p>\n<ul data-start=\"4555\" data-end=\"4638\">\n<li data-start=\"4555\" data-end=\"4574\">\n<p data-start=\"4557\" data-end=\"4574\">Capital-intensive<\/p>\n<\/li>\n<li data-start=\"4575\" data-end=\"4594\">\n<p data-start=\"4577\" data-end=\"4594\">Heavily regulated<\/p>\n<\/li>\n<li data-start=\"4595\" data-end=\"4638\">\n<p data-start=\"4597\" data-end=\"4638\">Long-lived assets with little flexibility<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"4640\" data-end=\"4756\">Pairing them with regulated rate bases or diversified fleets smooths earnings. Merchant ownership does the opposite.<\/p>\n<p data-start=\"4758\" data-end=\"4995\">That scarcity is exactly what makes companies like <strong data-start=\"4809\" data-end=\"4825\">Talen Energy<\/strong> interesting. When AI demand tightens supply in a region like PJM, a merchant nuclear plant can reprice quickly \u2014 but only if it is exposed to market or contract pricing.<\/p>\n<p data-start=\"4997\" data-end=\"5075\">There simply aren\u2019t many public companies where this dynamic shows up cleanly.<\/p>\n<hr data-start=\"5077\" data-end=\"5080\" \/>\n<h2 data-start=\"5082\" data-end=\"5140\">5. Talen Energy (TLN): Merchant Nuclear Meets AI Demand<\/h2>\n<p data-start=\"5142\" data-end=\"5330\">Talen Energy is best understood as a merchant power company anchored by a single, exceptionally valuable asset: its majority ownership of the <strong data-start=\"5284\" data-end=\"5313\">Susquehanna nuclear plant<\/strong> in Pennsylvania.<\/p>\n<p data-start=\"5332\" data-end=\"5496\">Unlike regulated utilities, Talen does not have a broad rate base smoothing results. Its performance depends directly on how effectively it monetizes power through:<\/p>\n<ul data-start=\"5497\" data-end=\"5560\">\n<li data-start=\"5497\" data-end=\"5516\">\n<p data-start=\"5499\" data-end=\"5516\">Wholesale markets<\/p>\n<\/li>\n<li data-start=\"5517\" data-end=\"5538\">\n<p data-start=\"5519\" data-end=\"5538\">Long-term contracts<\/p>\n<\/li>\n<li data-start=\"5539\" data-end=\"5560\">\n<p data-start=\"5541\" data-end=\"5560\">Strategic customers<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"5562\" data-end=\"5643\">This structure is why Talen has become a focal point in the AI-energy discussion.<\/p>\n<p data-start=\"5645\" data-end=\"5897\">Its agreement with Amazon to supply power tied to cloud and AI growth illustrates how hyperscaler demand can intersect with merchant nuclear ownership. The plant does not produce more electricity \u2014 but the electricity it produces becomes more valuable.<\/p>\n<p data-start=\"5899\" data-end=\"5935\">That upside is real. So is the risk.<\/p>\n<p data-start=\"5937\" data-end=\"5962\">Talen is more exposed to:<\/p>\n<ul data-start=\"5963\" data-end=\"6034\">\n<li data-start=\"5963\" data-end=\"5987\">\n<p data-start=\"5965\" data-end=\"5987\">Power-price volatility<\/p>\n<\/li>\n<li data-start=\"5988\" data-end=\"6012\">\n<p data-start=\"5990\" data-end=\"6012\">Contract concentration<\/p>\n<\/li>\n<li data-start=\"6013\" data-end=\"6034\">\n<p data-start=\"6015\" data-end=\"6034\">Regulatory friction<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"6036\" data-end=\"6177\">TLN should be viewed as a <strong data-start=\"6062\" data-end=\"6088\">high-torque expression<\/strong> of the AI-nuclear thesis \u2014 powerful, but not a substitute for steadier nuclear exposure.<\/p>\n<hr data-start=\"6179\" data-end=\"6182\" \/>\n<h2 data-start=\"6184\" data-end=\"6245\">6. Comparing CEG, VST, and TLN: Three Paths to AI Baseload<\/h2>\n<p data-start=\"6247\" data-end=\"6383\">Although Constellation Energy, Vistra, and Talen all benefit from AI-driven demand for nuclear power, they do so in very different ways.<\/p>\n<h3 data-start=\"6385\" data-end=\"6415\">Constellation Energy (CEG)<\/h3>\n<p data-start=\"6417\" data-end=\"6654\">Constellation operates the largest nuclear fleet in the United States, spread across many plants and regions. This diversification matters. When AI increases the value of baseload power, Constellation benefits across its entire platform.<\/p>\n<p data-start=\"6656\" data-end=\"6679\">Its scale allows it to:<\/p>\n<ul data-start=\"6680\" data-end=\"6824\">\n<li data-start=\"6680\" data-end=\"6709\">\n<p data-start=\"6682\" data-end=\"6709\">Lock in long-term contracts<\/p>\n<\/li>\n<li data-start=\"6710\" data-end=\"6754\">\n<p data-start=\"6712\" data-end=\"6754\">Reprice power gradually as markets tighten<\/p>\n<\/li>\n<li data-start=\"6755\" data-end=\"6824\">\n<p data-start=\"6757\" data-end=\"6824\">Absorb volatility without depending on any single plant or customer<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"6826\" data-end=\"6909\">CEG is the most durable, lowest-risk way to express the AI-nuclear thesis at scale.<\/p>\n<h3 data-start=\"6911\" data-end=\"6927\">Vistra (VST)<\/h3>\n<p data-start=\"6929\" data-end=\"7148\">Vistra occupies a middle ground. It owns nuclear assets, but also operates a large retail electricity business and a diversified generation fleet. This smooths earnings and reduces exposure to pure wholesale volatility.<\/p>\n<p data-start=\"7150\" data-end=\"7181\">AI demand helps Vistra through:<\/p>\n<ul data-start=\"7182\" data-end=\"7275\">\n<li data-start=\"7182\" data-end=\"7205\">\n<p data-start=\"7184\" data-end=\"7205\">Tighter power markets<\/p>\n<\/li>\n<li data-start=\"7206\" data-end=\"7230\">\n<p data-start=\"7208\" data-end=\"7230\">Higher realized prices<\/p>\n<\/li>\n<li data-start=\"7231\" data-end=\"7275\">\n<p data-start=\"7233\" data-end=\"7275\">Long-term contracts tied to nuclear output<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"7277\" data-end=\"7409\">Vistra offers meaningful AI leverage, but with less concentration risk than Talen and less pure nuclear exposure than Constellation.<\/p>\n<h3 data-start=\"7411\" data-end=\"7433\">Talen Energy (TLN)<\/h3>\n<p data-start=\"7435\" data-end=\"7633\">Talen is the most focused \u2014 and the most volatile. Its merchant structure and asset concentration mean AI demand can translate rapidly into earnings. But that same structure magnifies downside risk.<\/p>\n<p data-start=\"7635\" data-end=\"7646\">Put simply:<\/p>\n<ul data-start=\"7648\" data-end=\"7809\">\n<li data-start=\"7648\" data-end=\"7708\">\n<p data-start=\"7650\" data-end=\"7708\"><strong data-start=\"7650\" data-end=\"7657\">CEG<\/strong> is the large-scale, long-duration nuclear winner<\/p>\n<\/li>\n<li data-start=\"7709\" data-end=\"7758\">\n<p data-start=\"7711\" data-end=\"7758\"><strong data-start=\"7711\" data-end=\"7718\">VST<\/strong> is the balanced, diversified operator<\/p>\n<\/li>\n<li data-start=\"7759\" data-end=\"7809\">\n<p data-start=\"7761\" data-end=\"7809\"><strong data-start=\"7761\" data-end=\"7768\">TLN<\/strong> is the high-torque merchant case study<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"7811\" data-end=\"7885\">All benefit from the same trend, but through very different risk profiles.<\/p>\n<hr data-start=\"7887\" data-end=\"7890\" \/>\n<h2 data-start=\"7892\" data-end=\"7908\">7. AI Ratings<\/h2>\n<p data-start=\"7910\" data-end=\"8106\"><strong data-start=\"7910\" data-end=\"7945\">Constellation Energy (CEG): Buy<\/strong><br data-start=\"7945\" data-end=\"7948\" \/><br \/>\nThe cleanest, most durable way to gain exposure to AI-driven baseload nuclear demand. Scale, diversification, and contracting ability make CEG a core holding.<\/p>\n<p data-start=\"8108\" data-end=\"8298\"><strong data-start=\"8108\" data-end=\"8129\">Vistra (VST): Buy<\/strong><br data-start=\"8129\" data-end=\"8132\" \/><br \/>\nA diversified operator with strong exposure to tightening power markets and AI-linked nuclear contracts. Less volatile than TLN, more torque than regulated utilities.<\/p>\n<p data-start=\"8300\" data-end=\"8495\"><strong data-start=\"8300\" data-end=\"8355\">Talen Energy (TLN): Speculative Buy \/ High-Risk Buy<\/strong><br data-start=\"8355\" data-end=\"8358\" \/><br \/>\nA merchant nuclear pure-play with meaningful AI upside \u2014 and meaningful concentration risk. Best treated as a smaller, non-core position.<\/p>\n<hr data-start=\"8497\" data-end=\"8500\" \/>\n<h2 data-start=\"8502\" data-end=\"8553\">8. Conclusion: Ownership Is the Final Constraint<\/h2>\n<p data-start=\"205\" data-end=\"580\">AI is reshaping electricity demand across every layer of the system \u2014 from generation, to grid infrastructure, to the connective and control layers that allow power to be delivered, managed, and used at scale. But after all of that physical and technical complexity is accounted for, one factor ultimately determines where the financial upside lands: ownership and contracts.<\/p>\n<p data-start=\"582\" data-end=\"1012\">Merchant nuclear power sits at a rare and uncomfortable intersection. It is harder to operate, more exposed to market forces, and carries greater volatility than regulated utility models. But when electricity demand tightens \u2014 as AI is now forcing it to do \u2014 merchant nuclear assets can reprice far more quickly. That is why companies like Talen matter in the AI-energy story: they sit where scarcity turns directly into earnings.<\/p>\n<p data-start=\"1014\" data-end=\"1306\">Each layer of the system plays a different role. Generation explains what power exists. Infrastructure explains what gets built to move it. Automation and controls explain what keeps the system operating under stress. Ownership explains who ultimately captures the value created by all of it.<\/p>\n<p data-start=\"1308\" data-end=\"1567\">In the AI era, that distinction is no longer academic. It is the difference between steady participation in rising demand and direct exposure to the moments when electricity becomes scarce, strategic, and expensive \u2014 and when the market decides who gets paid.<\/p>\n<p data-start=\"9069\" data-end=\"9124\">\u00a0<\/p>\n<p><strong><em>The AI Energy Economy Series:<\/em><\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><em><a href=\"https:\/\/www.philstockworld.com\/2025\/12\/09\/how-to-invest-in-the-ai-nuclear-power-boom\/\" target=\"_blank\" rel=\"noopener\">The AI Energy Economy \u2014 Part 1: The Nuclear &amp; Utility Winners of the AI Power Boom<\/a><\/em><\/li>\n<li><em><a href=\"https:\/\/www.philstockworld.com\/2025\/12\/11\/the-pick-and-shovel-winners-of-ai-driven-electrification\/\" target=\"_blank\" rel=\"noopener\">The AI Energy Economy \u2014 Part 2: The Pick-and-Shovel Suppliers Powering AI Electrification<\/a><\/em><\/li>\n<li><a href=\"https:\/\/www.philstockworld.com\/2025\/12\/27\/the-ai-energy-economy-part-2-2-the-last-meter-bottleneck\/\" target=\"_blank\" rel=\"noopener\"><em>The AI Energy Economy \u2014 Part 3 (Revised): The Connective and Last-Meter Layers of AI Electrification<\/em><\/a><\/li>\n<li><em><a href=\"https:\/\/www.philstockworld.com\/2025\/12\/11\/the-ai-energy-economy-part-3-the-intelligence-layer-industrial-automation-cooling-controls\/\" target=\"_blank\" rel=\"noopener\">The AI Energy Economy \u2014 Part 4 (Revised): Industrial Automation, Cooling &amp; Controls<\/a><\/em><\/li>\n<li><a href=\"https:\/\/www.philstockworld.com\/2025\/12\/12\/the-ai-energy-economy-part-4-merchant-power-nuclear-scarcity-and-ai-contracts\/\" target=\"_blank\" rel=\"noopener\"><em>The AI Energy Economy \u2014 Part 5 (Revised): Merchant Power, Nuclear Scarcity, and AI Contracts<\/em><\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The AI Energy Economy \u2014 Part 5: Merchant Power, Nuclear Scarcity, and AI Contracts How Electricity Ownership Determines Who Captures AI\u2019s Upside 1. Introduction: From Power Systems to Power Economics In the first four parts of this series, we examined how artificial intelligence reshapes the electricity system from the ground up. Part 1 focused on [&hellip;]<\/p>\n","protected":false},"author":183,"featured_media":12851482,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22331,8,26292,45,26922,21,1,12,26295],"tags":[26310,25543,524,26302],"class_list":{"0":"post-12851330","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artificial-intelligence-ai-generative-ai-chatgpt-natural-language-processing","8":"category-education","9":"category-energy","10":"category-appears-on-main-page","11":"category-market-news","12":"category-available","13":"category-uncategorized","14":"category-phils-favorites","15":"category-technology","16":"tag-ai","17":"tag-education","18":"tag-energy","19":"tag-tech"},"_links":{"self":[{"href":"https:\/\/www.philstockworld.com\/wp-json\/wp\/v2\/posts\/12851330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.philstockworld.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.philstockworld.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.philstockworld.com\/wp-json\/wp\/v2\/users\/183"}],"replies":[{"embeddable":true,"href":"https:\/\/www.philstockworld.com\/wp-json\/wp\/v2\/comments?post=12851330"}],"version-history":[{"count":8,"href":"https:\/\/www.philstockworld.com\/wp-json\/wp\/v2\/posts\/12851330\/revisions"}],"predecessor-version":[{"id":12852244,"href":"https:\/\/www.philstockworld.com\/wp-json\/wp\/v2\/posts\/12851330\/revisions\/12852244"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.philstockworld.com\/wp-json\/wp\/v2\/media\/12851482"}],"wp:attachment":[{"href":"https:\/\/www.philstockworld.com\/wp-json\/wp\/v2\/media?parent=12851330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.philstockworld.com\/wp-json\/wp\/v2\/categories?post=12851330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.philstockworld.com\/wp-json\/wp\/v2\/tags?post=12851330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}