Shawn Qu: Yes. Unfortunately, as you know, the storage pricing this is more or less determined by the cost and especially the carbon — the lithium carbonate price. And the lithium carbonate price is affected more by the EV rather than the storage, because this is — the EV still account for 90% of the lithium usage and the storage is only 10%. So if you talk about the pricing dynamics, the price is moving up, unfortunately, recently, but that’s more because of the lithium carbonate price and that more or less — even more determined by EV than by the activities of general storage.
Yan Zhuang: Yes. And Colin, one more comment is, for the project we’re signing, we actually secured — somehow secured the supply and have a control on pricing and with the back-to-back deposit arrangements. And our strength on those projects is because, we’re providing turnkey service and long-term service, which is now in the market not — it’s actually a shortage of capacity that’s in shortage — so it’s much demanded capability. So we have a better control on pricing. And it’s not just additional revenue and profit on the turnkey service on long-term service, but also, this service actually help us to have more bargaining power on the equipment pricing. So this is — we would be — we have achieved in the markets, especially in the US and the European markets.
Shawn Qu: I agree with Yan and also want to comment that, although, the pricing is growing higher with storage product, the customer demand is — customer demand continues to be strong, that’s because it’s more solar and wind, the market requires more and more solid and also the energy price itself is going up, as you all know.
Ismael Guerrero: Yes. And given our rapidly growing pipeline, our pipeline is actually probably one of the biggest in the world, and such a pipeline help us on the bargaining power on supply chain. So, we have successfully secured a multiyear supply agreement with our suppliers with our pipeline.
Colin Rusch: Thanks, so much guys. And can you talk a little bit about your position in the interconnection queue in the US? Obviously, those things move through those — those projects move through the queues at the rate that they need to. But can you talk about the order of magnitude of that interconnection position and the rate at which you’re seeing projects get approved at this point?
Shawn Qu: No. Ismael, do you get this question? Do you want to address that?
Ismael Guerrero: Sure, Shawn. Thanks for the question, Colin. Look, what we are experiencing in general, not only in the US, but in general, is the ration interconnections due to the longer lead times of equipment, especially high-voltage transformers. To give you an order of magnitude, in the past, a reasonable time frame was six to nine months. We are seeing now lead times of up to 20 months. So as a result, interconnections are getting delayed. And even though your position in the queue might be a good one to interconnection is getting delayed to. So look at around 2 gigawatts of what we have in the US have pretty good interconnection queue positions. Some projects that are far away on the connection queues when we see that the economics might be changing dramatically, we are selling and we sold some of those in the US this quarter. But that gives you an idea of where we are, I hope.
Colin Rusch: Yeah, that’s helpful guys. I’ll it there. Thanks, so much.
Operator: Thank you. At this time, I’d like to turn the floor back to Canadian Solar’s CEO, for closing comments.
Shawn Qu: Thank you for joining us today and for your continued support. As always, if you have any questions or would like to set up a call, please contact our Investor Relationship team. I hope you all have a great Thanksgiving holiday and take care.
Operator: Thank you. This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation.
