Operator: Your next question comes from the line of Linda Ezergailis from TD Cowen.
Linda Ezergailis: I’m wondering as we see economic demand increasing from data centers and onshoring of industrial demand et cetera and the supply response working as hard as it can to meet that. I’m wondering when you look out through your system and see any pinch points along the transportation value chain, how important is it for your customers, whether it be producers or end users like utilities or in the future data centers to have full path solutions from you on the gas side, you don’t have upstream gathering. So I’m wondering if that might be an extension of your value chain consideration as we see kind of more complexity in terms of these molecules traversing through the system. And then similarly, on the liquids side, are your shippers sophisticated enough to navigate all the steps in the value chain? Or are you seeing increasingly demand and interest in bundled services [indiscernible] services more full path?
Greg Ebel: Linda, maybe I’ll start and then maybe Colin and Cynthia want to chime in to you. Look, I mean, we’re seeing incredible utilization of the assets, right? So [indiscernible] take a place like British Columbia, like — we’ve just seen unbelievable elements of peak days that have gone through there. We saw the West Coast South system, almost 600 Bs of gas in 2023, which is 6% more than a year ago. And 99 of our top 100 days on Tcf have occurred since November 22. So people are looking for that path. As you know, we’re looking to develop that. They’re also looking to storage. As you know, we’ve bought Aitken Creek. We’re not in the gathering side in a big way now. But if we could do that in a way that’s consistent with our low-risk model, that’s something we would definitely look at.
And then, yes, on the liquids side, I mean, not only are our customers sophisticated to look at this. I think we’re doing a great job with the customer team in Colin’s Group figuring out ways that we can bring innovative solutions to them full path, right? So — and you see that with the number of our — whether it’s open seasons in the Gulf Coast or our efforts on Flanagan and et cetera, and obviously, the mainline toll agreement. So — yes, I think on all fronts, we’re — we see they want a full path, and we see they want lots of optionality. And I would even include the utilities now in that regard, too, and look at a place like Ohio, where we’ve got all those assets available, whether it’s renewable, gas, liquids and you’ve got data center activity and stuff.
So I think we’ve got the full suite of tools, and that’s exactly what we’re trying to be able to do to benefit them and ourselves and our investors, obviously. I don’t know Cynthia or Colin.
Colin Gruending: I would just — I think, Linda, your observations, right? Value chains are getting longer, right? We can see that with TMX, we see that heavy down at the Gulf. So customers are sophisticated for sure, but there are that last mile element that is in, let’s call it, increasingly foreign territory where we can help navigate that with the facilities or integrated tools think about something like EHA or even something like the Seaway docks down in South Texas. Those are incrementally kind of new to the equation over the last couple of years.
Cynthia Hansen: Yes. I would just reinforce the point that we’re always looking to listen to what our customers want and having new customers come in on the AI data center space, we’ll look at how we can evolve that. But they are very sophisticated, and there are other players in that space, marketers that can help build out that full value chain too. But our assets are in great locations and we’ll be well positioned to take advantage of that.
Operator: Your next question comes from the line of Jeremy Tonet from JPMorgan.
Jeremy Tonet: I just wanted to pick up on that last point, I guess, a bit more. Having closed the Ohio LDC acquisition — just wondering if you could talk a bit more, I guess, on specific opportunities you see for growth in your footprint such as Nexus running through the state and it seems like there’s some capacity to expand there and having the LDCs. Just wondering if you could walk us through that a bit more.
Michele Harradence: Sure. I mean we’re certainly starting to take a look at it. It’s been about 2 months. It’s gone really well. And Ohio is very, very well served with its position in terms of having that access and availability to gas. We also have about 80 Bcf of storage just in Ohio and, of course, access to the Dawn Hub. So we think there’s quite a few opportunities. We’re also looking for where we have similar customers. So for example, whether that’s steel manufacturing that’s using and converting to natural gas in order to reduce their emissions and that sort of things. So we think there are quite a few opportunities. And the team has been going in pretty deep to look for them.
Greg Ebel: Remember, Jeremy, also that Ohio is interesting and that a lot of the growth there isn’t so much about load, although — we’ll see how that goes and we believe in it. It’s a lot about replacement too, which is structured in the rates and stuff. And as there’s a lot of capital to go in that regard. So anything incremental on these commercial synergies we’re talking, which we fully expect we’ll be able to realize is was not something we had assumed in our acquisition assumptions. So all that will be upside.
Jeremy Tonet: Got it. That’s very helpful. And as you start to close these LDC acquisitions, just wondering if you could talk a bit more, I guess, on how you think about your LDC portfolio. And if EGI doesn’t deliver the mechanisms that are as attractive as maybe some of the other jurisdictions, I guess, the potential to wheel capital around to where you see the best opportunity?
Greg Ebel: Yes, absolutely. I think it’s exactly the same way now with multiple jurisdictions and geographies the same way we look at gas transmission on the renewables side and on the liquid side. You — we only — you only have so much capital a; and b, we want to put that capital to work where it attracts the best returns. I am confident that, particularly with the support from the Ontario government and ensuring that consumers have choice that we’ll have our opportunities in Ontario. But you’re exactly right. Just given things like population growth and penetration in places like Utah and North Carolina, that’s going to be highly competitive. And fortunately, we’ve got the resources and backing to be able to meet all those.
