And what that is, is largely just our hydro portfolio that does have some modest component of merchant. We do that to protect against the variability of the resource. And very simply, some of those contracts are rolling off over the next two or three years, but we would simply look to re-contract them at that point. And I would say, you know, being at essentially 90% contracted for the current year and kind of tailing off 10 percentage points from there over a five-year forecast, I would say that profile is largely going to stay the same and just keep rolling forward as time passes. If anything, it might go a little bit up because the power price environment today is far more constructive than it’s been over the last three to five years, so we might enter into more long-term contracts on that hydro portfolio.
But otherwise, I would say that that profile is largely going to stay the same even as time passes and rolls forward.
Moses Sutton: Got it. Okay, okay. That makes a lot of sense. And I guess just one more on — upfinancing. You completed $500 million in 2023. I think it was $800 million was the most recent expectation. Is this due to the LTA performance versus LTA? Or how should we think about this for 2024? Or is it just lumpy?
Connor Teskey: Perhaps I’ll start and then maybe Wyatt, you can jump in if I’ve missed anything. I would say it certainly wasn’t anything to do with LTA performance. That didn’t even come into the discussion. What we are always looking to do is use excess leverage capacity within our portfolio as a means to raise liquidity at very attractive rates that we can then reinvest into growth in a very accretive manner. And we’ll look to do that on an opportunistic basis at all times going forward. A great example of that was how we tapped the MTN market just in January, securing 30-year term debt at very attractive rates when there was an attractive opening in that market. So I would say there is nothing specific around the timing of those upfinancings, but Wyatt, I’ll hand to you if there’s anything to add.
Wyatt Hartley: Yeah, Moses, look, the financing environment for the majority of where we’re looking to do those upfinancings are on our hydro assets. The financing environment continues to be robust and is probably even more robust as rates have normalized. And so really this was just a factor of timing and planning around our funding needs, what have you. That capacity that we had previously mentioned, that additional 300 million, continues to be there. And it was just around us managing our sources and uses based on our growth pipeline, what have you. So it was really just a factor of timing. And as I mentioned, the capacity is there. And in fact, the environment has gotten better than we would have made that estimate around $800 million.
Moses Sutton: Very helpful. Thanks again.
Operator: That’s all the time we have for Q&A today. I’d like to turn the call back to Connor Teskey for closing remarks.
Connor Teskey: Thank you, everyone, for joining this quarter’s call. We appreciate your interest in support of Brookfield Renewable and we look forward to updating you with our Q1 results in a couple of months. Thank you and have a great day. Cheers.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
