Larry Culp: Andrew, I will take the first part of that. Carolina, perhaps can jump in on the second part. I would say that you see, I think in the press more discussion offshore than you do onshore relative to renegotiation given that some of the PPAs that are in place in the wake of the inflation that has run over every part of our economy makes those more challenging arrangements. We are just really starting in our offshore business. So, we see a little bit of that, but frankly, not a lot given our relatively small position. I think the way you see those dynamics playing out for us, again, in the wake of the IRA in particular here in the U.S. is that customers really want what we refer to as workhorse products. I think the technical specmanship, the arms race is a thing that is quickly €“ a dynamic that’s quickly fading here and customers want to make sure that they know they can get units onshore in particular, over the next several years that they can count on, both in terms of performance and delivery.
And I think that, in turn is leading not to renegotiations. That’s not the nature of the business. But as we look at new business, right, the reason we are seeing better pricing. I think that the industry is going to need to work it, work through that so that there will be a new equilibrium the carats offered by the IRA are incredibly helpful in that regard, at least we anticipate that they will be once the IRS rules are finalized. And that in turn, is why I think you will see us step up in volume over the next several years and presumably convert these better €“ sold price levels into real margins and real cash.
Carolina Dybeck Happe: To the power, I have to just start by saying looking at where we landed the year and what the team delivered, $1.2 billion of profit and 7.5% of op margin, really getting to high-single digits, that’s quite an achievement. And building on that for 2023, for power, we have a couple of positives. We have more CSA outages. We talked about €˜22 being a low-CSA outage year, €˜23 will be higher CSA outage year, so that’s good. We also have aeroderivatives growing. But we do expect to have a tough mix equation with equipment deliveries as well as inflation. So, price cost for power, having had a big price impact in 2022 when you lap that in 2023, being pressured by the inflation coming through in the P&L being such a long-cycle business. So, overall, we expect earnings growth and on the cash side, also strong services collections, but offset by distribution, so down slightly on the cash side, but still a very high cash conversion number.
Operator: Our next question comes from Nigel Coe with Wolfe Research.
Nigel Coe: Can you hear me?
Larry Culp: We can. Go ahead, Nigel.
Nigel Coe: Hi. Good morning. Just went €“ my line just went there. First of all, thanks for all the details. We have covered a lot so far. I did want to go back to the offshore losses and cash outflow in €˜23. Just wondering how do you see that curve developing? I don’t know if you want to quantify it in €˜23 in terms of the headwinds facing. But how do you see that progressing in €˜24 or €˜25? And maybe just given the magnitude of the losses in €˜23 for renewables in total, are we still confident in the bridge back to €˜24 profit?
