Greg Ebel: Sure. I’ll start, and then Pat can chime in. Look, obviously, we’re not blind to interest rate move. So from a direct exposure perspective, we have virtually no floating rate debt this year, and we’re around 10% next year. So that’s obviously an important factor to consider. Secondly, most of our virtual or regulated assets have some element of inflation and pass-through on interest rates. Often impacting the return on equity, i.e., increasing it. And then the third point I would make is, obviously, higher interest rates mean that – as we – the size of our company gets so many opportunities coming out of the business units have to hit a higher hurdle to make sure that those projects are accretive. On the wind stuff specifically though, I think that’s why you see that in both the asset the German offshore asset and even on the RNG stuff, long-term contracts are really important to make sure that you know what you’re getting into and the return before you finance it.
So Pat, you want to add further to that?
Pat Murray: Yes. I think that’s right. I think when you think about your comment around certain renewable assets may be getting not the returns and yet, I think we do see that in the market and those aren’t ones we’re interested in. The one we’ve just announced today is an asset we’re very familiar with. We’ve been operating and running it for a number of years. It’s got a long contract left on it. So it’s very specific in the Europe offshore opportunity for us. And then in North America, we continue to look for things to do. But again, we’re going to be very selective, they are going to have to meet the increased hurdle rate, as Greg talked about. And they are going to have to really fit into that risk, low-risk nature with lots of long-term contracts EPC agreements, things like that.
So I think we’re very comfortable with the ones that we’ve announced today, and they’ll have the new products [indiscernible] will have to compete at an even higher clip than they have historically. And Jeremy, from a return on capital perspective, obviously, the dividend has always been the key component for us here at Enbridge. And I think we are very set up nicely and comfortable with our 60% to 70% payout. That’s allowed us to fund businesses internally, but also make sure that we will reward shareholders and our owners who we’re talking about decades of steady, reliable dividend growth and expect that to continue.
Jeremy Tonet: Got it. Thank you for that. And just with offshore wind a little bit more here, just wondering if you could confirm whether you are going to consolidate the newly acquired wind farm into EBITDA, it seems like I think on the slide, there is a significant increase in EBITDA in 2024. So, wondering on that there. And just to confirm, I guess on the last part there as far as renewables that hold the most interest for you where there could be future acquisitions. It’s really European offshore wind in U.S. North American RNG kind of the two focal areas if there is going to be future renewable purchases?
Matthew Akman: Well, Matthew here, yes. Remember, this is a German project that we have been involved with. So, there is – yes, it will be consolidated in the power business. I am not sure we have got offshore renewables in Europe today that we are building out and we are very comfortable with those and love those and the contracts that they have. But obviously, you will recall that we bought a solar and renewable development business here in the United States last year and we are very focused on building out those development projects that they have, too. So, it may not be so much on the acquisition side. I am sure we will look at picking up stuff for the reasons you pointed out. But Pat, do you want to speak to Europe and/or U.S.?
Pat Murray: Sure. Maybe just briefly to add, not a lot more to add, but I think the key is our strategy here has been really differentiated. As you can see, we – there is a lot of turbulence in this space. I think our strategy of being disciplined focusing on contracted assets has really panned out for us here. And this was more of that. These assets that we are picking up today still 17 years left on the PPA. It’s basically government backed. We have years of operating history, double-digit returns still on these. So, they are very good returns and a great partner that’s the kind of stuff we will do. We are going to be very, very selective, especially in offshore given what you are seeing out there. And then with onshore, we are basically organically driven in the U.S. We have got some great projects that are advancing nicely, still on track to realize project FIDs in the coming months on some of those.
But again, they always have to hit our return parameters. We have to de-risk them and ensure we have the right commercial construct. But we do see more growth, particularly on the organic side in North America as we head into early next year, Jeremy.
Greg Ebel: And maybe, Jeremy, I would just add, I think your question around consolidate may have been how we are going to reflect in our financials. We will still own just under 50% to equity account for this going forward. There is, as we noted, a piece of debt that comes with it that will be on our books. But otherwise, we will just equity account for this asset.
Jeremy Tonet: Got it. Very helpful. Thank you.
Greg Ebel: Thanks Jeremy.
Operator: The next question is from Linda Ezergailis with TD Cowen. Your line is open.
Linda Ezergailis: Great. Thank you. Just stepping back a little bit, trying to understand there seems to be a growing amount of opportunities given your incumbency in certain regions. Where are – do you expect to see the most investing opportunities over the next years? Can you just stratify between utilities, renewables, RNG, carbon hydrogen ammonia when might we see that ramping up versus your legacy gas and liquids pipelines because you do have some liquid initiatives going on as well. Can you just help us understand that? And then further to that, looking out over the medium-term as well, is tuck-in going to be the tilt and the focus, do you think, given that you might get some immediate accretion from that versus the longer lead times for building, or can you comment on the mix that you expect tuck-in versus greenfield, brownfield?
Greg Ebel: Sure. Let me try to unpack it a little bit. So, from an opportunistic perspective, from a dollar size perspective, I think if you look at our backlog, the biggest piece is in the gas transmission business. The second biggest piece is in the utility business now that we bring on the three utilities in the U.S., I think there is about USD3.5 billion of capital there through ‘27. So, those are the two big chunks. But as you pointed out, there is great opportunities on the liquids side, which are super efficient from a capital perspective and therefore, very highly returning. And then Matthew’s business has got the development projects. So, I think there is a little bit in every area. I would say in terms of tuck-ins, yes, we look at everything.
