So I think that, that’s well understood. And as we said in our prepared remarks, we’re going to defend the actions we took under the law that was passed here in Texas.
Steve Fleishman: Great. Thank you.
Operator: Thank you. Our next question comes from Jeremy Tonet with JPMorgan. Your line is open.
Jeremy Tonet: Hi, good morning.
David Lesar: Good morning, Jeremy.
Jason Wells: Good morning.
Jeremy Tonet: Just wanted to touch a bit, I guess, portfolio rotation has been a part of CenterPoint story in recent years. And asset sale attention appears higher now than ever across the space, but we’ve also witnessed kind of some mixed data points with regards to LDC asset sales. And so, has your thinking evolved at all in this area? And what are you seeing in terms of interest relative to a year ago? Granted you guys don’t need to sell anything right now, but just that optionality, I guess, in the future?
David Lesar: Okay. Let me ask Jason to put his CFO hat back on and answer that one.
Jason Wells: Thanks, Dave, and I appreciate the question, Jeremy. I just want to reemphasize the point that you did with, right now, we don’t have any need to sell any gas LDCs to fund the $43 billion equity – capital investment plan that we have announced. That being said, obviously, given our previous efforts in this space, we continue to receive a significant amount of outreach. I would say there remains tremendous interest in, I think, moderately sized utility systems, like the gas LDCs. We operate in a constructive set of states, in places where it either gets very cold during the winter or states that are incredibly supportive of natural gas. So I think the interest remains strong for our assets in particular. I also think maybe some of the transactions, as you referenced sort of reflect a few things.
First, there needs to be at least a moderate size to the asset sales to get sort of the strongest interest from the largest possible place of buyers. Some of the sales that have transacted recently have been on the smaller end. The size of the gas LDCs we have, I think, are sort of a sweet spot for attracting the most significant amount of attention. And then as well as we’ve talked about in the past, we think that there is benefit in terms of selling assets outright. There’s a control premium that often gets lost as maybe some of our peer utilities pursue minority interest sales. And so, we don’t need to do it, but we continue to see the market as deep and strong given the high quality of the assets we own.
Jeremy Tonet: Got it. That’s very helpful. Thanks for that. And then kind of shifting gears here. And you touched on this a bit a number of times, but maybe just kind of bringing it all together. If you could kind of quantify the bill relief you expect to see based on the decline in natural gas prices. Just wondering how quickly that flows back across your jurisdictions and I guess, how you think about that rate – that relief could materialize over time?
Jason Wells: Yes. I mean I think our customers should start to really see the impact of that in about February. We have obviously different time periods for our purchased gas adjustment clauses in each of the different states. But largely, they start to kick in, in February, some, a little bit in March. I think kind of system-wide, on average, customers should really start to feel the benefit of that across our system in April. And we’re seeing gas prices less than half of what we were kind of buying into the winter season at. So it should be pretty significant bill relief for our customers as we head into the summer months. We’re happy about that, and hope it holds up.
