And often, that’s done by utilities, but sometimes it’s done by independent other power plants or just the gas pipelines as well, making sure that flows. So I think we kind of — you’re right, we sort of split the liquids business and then the gas business and renewable business together. But they really are working all together on multiple fronts. And again, I think we’re going to talk about that at our Investor Day.
Robert Kwan: Okay. That’s great. Thank you, A – Greg Ebel Thank you.
Ben Pham: Our final question comes from the line of Praneeth Satish from Wells Fargo. Your line is open.
Praneeth Satish: Thanks. Maybe on that last point of being split, 50% gas, renewables, LDC and 50% liquids. I’m just thinking maybe strategically, how you think about the company pro forma for the LDC transactions? Is it more of a utility or a midstream company? And then I guess in the context of that, do you think there should be more focus by investors on PE multiples and earnings rather than EBITDA and free cash flow and then maybe even more leveraged credit from the rating agencies. Just kind of curious for your thoughts on that.
Greg Ebel: Yes, it’s a bit of a — I mean, I guess I would say the entire company, we’ve moved to be more utility like, right, even if you think about the MTS, Colin’s again that filled off that and both to get approved or even as you think about the renewable business, we’ve structured our renewable business very different from some of the folks that you see out there, i.e. long-term power purchase or contracts for projects even before they’re built or immediately upon construction. So I think that’s very utility-like. I think DCF is still the right look because you look at businesses like the liquids business that are generating a lot of cash flow, and they don’t look as utility like. So I think that’s the right way to consider it.
And then obviously, I think dividend yield. Dividend yield relative to long bonds and 10-year bonds of government. I think that’s the other way people should. So I think it’s a bit of a mix. And you’re right, we have a little bit higher leverage for all the right reasons, no more risk than what you’d see at pure midstream, but considerably less than what you’d see major utilities in the United States.
Praneeth Satish: Got it. And then maybe just switching gears on to Gray Oak. It looks like you’re close to launching an open season for the expansion in the coming months. Can you talk about if that goes well and your successful when that capacity could come into service? And then whether you’d be offering a joint tariff for transport and exports out of Ingleside and if so, do you think that concept of bundling the transport and export will give you a competitive advantage? Because as we look at the basin itself, it is kind of overbuilt from a takeaway or egress perspective.
Greg Ebel: Yes, good question. I think Colin can take that. We’ve just had the Board down at Ingleside in the last few days for our Board meeting. There’s a lot of excitement there. So Colin, do you want to take that?
Colin Gruending: Yes, sure. I wish I was still there, it is Snowy up in Calgary here. So the answer is yes and yes. So you should — the market should imminently expect basically gray opening in Engle side open season here in the next few weeks. I hope we talk more about that at Enbridge Day. It’s, as Greg alluded to, very efficient capital deployment here, low, low multiples. Yes, on integrated tariffs. We already have the cheapest path to the water there. It’s already a competitive advantage, but we can do more of that. And pipeline capacity to Corpus is effectively full already, probably some space to Houston, but a very attractive path to Corpus. So we want to bring some of that capacity on, call it, 100,000 to 200,000 barrels a day as soon as we can.
There’s appetite for that. It is relatively efficient, simple, plumbing increase here. So we can bring some of that on some in ’24, some in ’25. And as a reminder, we’ve got a couple of million barrels of new tankage coming into service here in April, independent of that that we sanctioned last year. So — the crawl, walk, run approach continues towards our large ambition in the Permian to create a light super system to rival the heavy super system we have. Thanks for the question. We have reached the end of our question-and-answer period. Rebecca, I turn the call back over to you for some closing remarks.
Rebecca Morley: Great. Thank you, and we appreciate your ongoing interest in Enbridge. As always, our Investor Relations team is available following the call for any additional questions that you may have. Once again, thank you, and have a great day.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.
