We have got the big utilities to bring on site. But as Pat pointed out a little earlier, the tuck-ins have to meet some high hurdle rates from an accretion perspective. So, it’s a little bit of everything. I don’t see us doing any major M&A here as we bring in the three utilities in the United States to make sure that they are fully integrated with the system. But we see a lot of stuff. And I think that’s a great opportunity for us to really high-grade those opportunities for the business units to sharpen their pencil on that front. And then ultimately, we got to make sure that it stays within our 4.5x to the 5x debt to EBITDA and allows us to continue to grow the dividend. So, yes, that’s where I would feel. Pat, I don’t know, would you want to add anything to that?
Pat Murray: Yes. I mean maybe just a comment on kind of the mix of tuck-ins versus longer build. I actually think we kind of like the mix that we have. If you think about the longer lower multiple build projects that we have in the BC where we have got – it takes a little bit longer, but it’s a good returning very low risk part of the cost of service type asset. Then you supplement that a little bit with some of these tuck-ins that have immediate cash flow that comes in right the door. And then add to that, you have got these new utilities in the U.S. that have really quick capital. It’s not kind of the benefit of both of them, which is – it’s got the low multiple and it comes in quick and you get a return on it quick. So, I think we like the actual complementary way that these all operate together, and it’s why I think we like that we have that optionality. So, I think that’s all I would add to that, Greg.
Linda Ezergailis: Thank you. Just a quick follow-up. Just trying to understand when we might start to see your FIDs on any sort of carbon capture or hydrogen or ammonia related projects, might we see something significant on that front over the next 12 months to 24 months?
Greg Ebel: Yes. Maybe I think 12 months might be kind of tough base has been an important one, but it depends at least from the CCS here in Canada and the Gulf, you want to speak to those and then maybe Michelle a little bit on hydrogen too.
Michele Harradence: Yes. No, it’s a great question and we are working on a number of options, I think as Pat has laid out. So, in Canada, [indiscernible] I think everybody is kind of ready for, we need some policy conclusions from our Federal Government here. But I think everyone is in a position to take investment decisions if those come through, later in 2024, for example. And if you want to put points on the board in Canada, that would be a timely plus at Ingleside our ammonia project and carbon hub there, late ‘24, early ‘25 FID there. Anybody want anything…?
Greg Ebel: Well, I think we have got hydrogen opportunities in Chile [ph] too that’s pretty new. But that’s kind of a late decade stuff. So, going to be real careful on that front. I think things like the renewables, things like the RNG and CCS, I think those are more near-term opportunities. I think the hydrogen. The blue ammonia project is different, given the players that we are working with there, both our sequestration partner there with Oxy and the assets we already have there from a pipeline perspective. And then, of course, the great export facility, we have a fabulous partner in Yara, who – they are a business that they are largest user of ammonia in the world. So, that may be a little bit unique. But we are going to be careful on that front.
Linda, with that it goes back to this space issue. You want to – you don’t want to be on the bleeding edge. You want to be on the leading edge, and we have got $25 billion of organic projects set today. So, delivery on those is our first and foremost priority.
Linda Ezergailis: Thank you.
Operator: The next question is from Robert Hope with Scotiabank. Your line is open.
Robert Hope: Good morning everyone. Two quick ones for me. I want to go back to the discussion on the tuck-ins. Just given the choppiness that we are seeing in the markets currently with the rising rates as well as, we will call it, lessening availability of capital for some participants. Have you seen the valuations for potential tuck-ins come down such that you may want to accelerate investments in them?
Greg Ebel: Well, we have definitely seen some valuation come down. I wouldn’t say we want to accelerate. We have been very disciplined on that. As we have said, historically, and you got $2.5 billion or $3 billion of capacity available to do tuck-ins. So, that’s going to be a good regulator for us as well. But yes, you have seen some multiples come down, but it depends on the assets, right. It depends on the contracting of those assets. It depends on the seller do they need to sell to us. So, I don’t think you can universally look at that and say maybe not tuck-ins, but obviously not tuck-in us buying the three utilities. But the price we get there was really fabulous, but you then saw follow-on transactions from other folks selling gas utilities, which were more typical 1.92x rate base.
So, I think it just depends on the seller in the location. But I would say it’s definitely, there is lots of opportunity out there, and that lets us be very choosy while still staying within our 4.5x to 5x debt to EBITDA targets.
Robert Hope: Thanks a lot. And then just moving over to Dominion, while early days, kind of any incremental feedback you can give on your discussions with stakeholders there, looks like HSR is good.
Colin Gruending: Michele has been waiting for your questions.
Michele Harradence: Thanks very much. And thanks, Robert. Things are going really well on the – bringing the utilities in. We certainly – we filed all the key required applications federally and in the states of the jurisdiction for regulating the utilities. We have got a dedicated integration team that’s set up with a senior leader on it that really has a lot of experience in the utility and in the integration side of things brought together the Spectra and the Union Gas and Enbridge Gas side of things. And we are really happy with the relationship we have got with merchant union. So, I actually have the pleasure of probably 30 or more town halls across the three utilities following the announcement. And I have met with the chairs, commissioners and customer advocates of the public utility commissions in each state.
And I have to say the reaction has been universally positive. The commitment that Enbridge has to local communities, the important role natural gas has to play in the energy evolution. And really importantly, the best-in-class safety and reliability has all been super well received by employees, by all stakeholders. So, we are feeling pretty good that we should be able to meet the timelines we have set out for ourselves. I mean it’s early yet to see anything from interveners, but we really don’t expect to see any significant barriers to our expectation that we closed on all of them by the end of 2024. Just maybe a little more detail. We probably expect Ohio to go first, followed shortly after by Utah and Wyoming and then North Carolina, we expect to close last and that’s not really due to any concerns.
It’s just the order is really a function of the regulatory processes in each jurisdiction, things are going great.
Greg Ebel: Yes. The only thing I would add is I don’t say that Dominion has been awesome from a coordination perspective, and obviously, they want to get the transactions close. But some period of time through the heat and negotiations, not everybody is on the same page and they have just been a class act and they want to make sure these are done well, both for the people, both for the business and obviously, the customers we serve and obviously, great alignment on making sure we do the right thing for our investors as well.
