Praneeth Satish: Thank you.
Operator: And we will take our next question from Linda Ezergailis with TD Securities. Your line is open.
Linda Ezergailis: Thank you. Just a follow-up question on the Mainline to give us some more context around how this is progressing. In terms of the sticking points potentially, is everything still at play and being traded off, or are there a number of items largely settled such as potentially like duration and off ramps with just a few sticking points. Can you comment on what might be more versus less contentious and would one of the sticking points still potentially be trading off competing customer priorities?
Greg Ebel: Linda, it’s a good question. I will let Colin jump in here. But until the negotiation is done, I don’t think it’s fair for us to kind of throw one-offs and assume we know exactly where the other side is to it’s done. But Colin, with that, maybe you would like to chime in?
Colin Gruending: Yes, I agree. I can appreciate your curiosity here, Linda. But yes, I don’t think it’s appropriate to kind of tick or pull those apart. More to come and we will advance this as expeditiously as appropriate. And I know I should mention too, that we have got, right, our Enbridge Day approaching in three weeks. I would like probably to manage your expectations that we may not have finality or much more color on this by then. Negotiations will continue actively likely through that period. And remember too, there is a vote that’s required by industry. Yes, I appreciate the question. Sorry, I can’t help you too much more at this time.
Linda Ezergailis: No, I understand. And given the importance to the basin, it’s good that everyone is taking a thoughtful process. Just as a quick follow-up more from a financial lens. Right now, you have got a bit less than 2% of cash flow at risk. Can you €“ you commented on interest rate exposure, you got some foreign exchange exposure. Can you talk about maybe where you are on commodity prices? And your services business continues to lose money. Like what is €“ is there a strategic value there? What’s the outlook for that? And how might that business evolve over time?
Vern Yu: Yes. Linda, as you saw last year, we traded our DCP position for different larger position than Creo and that materially reduces the amount of commodity price risk we have in our business. We still have some residual commodity price risk within the gas transmission business, primarily associated with lion’s mark stable. We have some cost associated risk with power prices in liquids and the gas transmission business. But really, that’s pretty much all the commodity, out right commodity price risk we have in a very, very large organization. So, there is a pretty de minimis amount of commodity price risk across all of our businesses. With respect to Energy Services, I think we have talked about in the past that it gives us a good lens on basis differentials, which generally drive pipeline development.
So, it’s good to continue to have a foot in that door to understand what our customers are seeing, both in natural gas and crude oil. I think we talked about previously that, yes, 2022 was a very tough year for that business. Effectively, there was no basis differential across many pipeline systems. And in the crude oil markets, prices were backward pretty much for the entire year. So, going forward, we are going to see some contracts roll off at Energy Services. Some commitments will go away, and we expect the business to return to profitability this year. So, it’s a long-winded answer, but hopefully I think gets you a little hint.
Greg Ebel: No, I think well said, Vern. And obviously, staying completely within all the regulatory confines I think it’s a fair focus we are taking a look at and how Energy Services entitled help to create more value for the customers and making sure that they understand all the capabilities back and forth. So, definitely something to look at. I appreciate that.
