Greg Ebel: Sure. I’ll let Cynthia chime in here, too. But I think the answer to that is also yes. I mean we €“ it was 20 years plus from the time we had a Texas Eastern rate case. And now we €“ those muscles have been toned again. So I think we’re getting good at that. I think our customers recognize some of those costs. And the same thing on the distribution side of things, too. So maybe Cynthia and then maybe, Michelle, you can both speak to that issue.
Cynthia Hansen: Sure €“ for our gas systems, we have done a number of rate cases recently, two very successful settlements just last year, both with Tax Eastern system and the BC pipes. And we continually look at when is the right time to go in to a rate case settlement. And we look at all those things, Robert. So it is our cost our capital costs, the interest rates, all of those costs come into that. We do have that opportunity as Greg was mentioning to go back on a regular basis. So this is just part of our standard approach to making sure that we’re getting the right return for the investments that we’re making in the assets that we have. So you will continue to see us go back when the time is right based on what the experience is. So, with just having settled though both Texas Eastern and the BC system, it will be a couple of years before we go back on those. But that’s just a continual part of our approach now as we go forward.
Robert Catellier: Right. So, really is a question of timing and costs as opposed to changing something fundamental on the risk sharing?
Cynthia Hansen: Right. So, when we go into those settlements, Robert, we do have those conversations about what the experiences have been. And we also look at what the right approach is for us to have in that risk environment. So, the framework is flexible, and we continue to create that balance both for us and for our customers.
Greg Ebel: And there is some of that risk and Michelle, maybe just some commentary on your filing of the €“ at the OEB and how you are looking at that?
Michele Harradence: Sure. You got Greg. And Robert, at the OEB, it’s a little more formulaic and structured. We go typically every 5 years. Now, what’s unique here is it’s the first rebasing application for both of the legacy utilities in about 10 years, because we have been operating under the mergers framework for the last 5 years. But €“ so a very heavy lift to get that in and it was in by the end of last year, which has us well on track to have new rates that will be effective for the first of January. And we are quite confident that we will move forward with our performance-based regulatory model in a manner that is as effective as what we have seen in the past, and that really does allow us to continue to earn while we are driving our efficiencies, we pass those savings on to the customers. And then post 2024, after we rebase, we would expect some very attractive returns using that formulaic incentive setting mechanism.
Greg Ebel: Yes. Most of our programs or most of our assets have some element of inflation tracking. And I think that’s important. It’s not instantaneous, Robert, but we shouldn’t forget that because in this environment, I think that’s unique. And we are looking at things on that both on the gas side and definitely on the gas utility side, like depreciation. So, if people have a view on risk, so do we. And so we will continue to push those forward. In some cases, that even means looking at bigger equity components as well. So, all of those are on the table. And I think we have got constructive mechanisms both you get your components, but from the customers, but even regulators. Again, back to gas infrastructure is absolutely critical despite what you see sometimes in the papers.
