Constantine Lednev: Maybe as a quick follow-up to Julien’s question, and maybe just on the — and you’ve noted prior impacts of the IRA having some pull and push on the demand for renewables, and maybe just specifically on the details of the cadence of the growth to reach those ’26 targets front end loaded, backend loaded, anything there?
Rebecca Kujawa: Yes, hi, Constantine. It’s Rebecca. I think the best place to point you to is the development expectations slide that Kirk went through. It’s Slide 12 in the materials, and it lays out the ranges by technology for ’23 and ’24, and then ’25 and ’26. And obviously there’s a significant increase in going into ’25 and ’26 really for all the things that we’re talking about, the significant momentum, also a lot of resolution over the last couple of months and clarity around some of the supply chain disruption that we’ve seen on the solar side. So it is building and the momentum as John highlighted so well remains exceptionally strong on the development and origination side. So I’m really excited about everything that we see in our traditional businesses as well as the commercial and industrial sector. And then of course, the burgeoning opportunities that we see on the green hydrogen and related products side.
Constantine Lednev: Excellent. And on a related note on the kind of upside from repowering opportunities, do you have any thoughts on kind of solar and storage type of repowering? I know that wind is starting to make it into the plan. Just curious on the other side.
Rebecca Kujawa: Yes, we’re looking at it and there’s, we think there’s opportunities over time to repower both battery storage projects as well as on the solar side, there they can be a little bit more complex. And we’re certainly looking for some guidance as we go through this year from treasury on this point, as well as others that will be helpful in giving us context. But some of this is also timing. So as you get more mature projects, obviously 10 years on the wind side, five plus years on the solar side will be opportunities then really to expand the horizon for repowering. But as I’ve talked to our team, every day we’re looking at our existing generation portfolio, and I see more opportunities today to enhance the value of our existing portfolio than we’ve ever seen before.
That of course includes repowering, it includes adding battery storage, it includes thinking differently because of the exciting opportunities around green hydrogen about even citing some of those load opportunities, the electrolysis equipment to produce that hydrogen at existing assets. And we’re also making investments in transmission across a variety of the integrated system operation markets to be able to add transmission to increase the value of the existing portfolio. So we think there’s tons of opportunities and so much more certainty looking forward than we’ve ever had before because of the clarity around the incentives.
Constantine Lednev: Excellent, thanks so much. Yes, we’re running a little bit late, so I’ll jump back in the queue.
Rebecca Kujawa: Thanks.
Operator: Sorry, the next question comes from David Arcaro from Morgan Stanley. Please go ahead.
David Arcaro: Hi, thanks so much for taking my question. I was wondering if you could comment on just your latest experience with access to solar panel supply whether there’s any risks that you see for executing on this year’s development plan and how the UFLPA law has been impacting projects?
Kirk Crews: Sure. Hi, Dave. This is Kirk, I’ll take that. So the last time we spoke, I believe was on the third quarter earnings call. And we shared with you that as our integrated supply chain team had worked and certainly had a challenging year in 2022, but as we highlighted on the earnings call today despite that challenging year, they did a really admirable job. We were able to still put into service 5,000 megawatts. And I think that really speaks to their ability to navigate that disruption. And certainly part of that disruption was you highlighted, which was that the challenges around the ports and trying to work through the panels that had been detained and at the ports. And as I mentioned, the challenges around — in the third quarter that we highlighted with some of the panels being detained there, what we’ve seen since the third quarter call is some positive improvement.
We’ve seen some of the panels that had previously been detained, released. And so I would describe it as positive movement. We continue to see each day some positive movement. So we’re continuing to monitoring it. We’re watching it closely. The team is actively working with our suppliers and continuing to monitor it. But compared to where we were in the third quarter I think we’re cautiously optimistic that we are seeing progress and at least from our perspective, we continue to feel like it’s something that we can manage in terms of continuing to deliver for our customers.
David Arcaro: Okay, great. Thanks for that color. And on the renewables development program, I was wondering if green hydrogen is starting to have an impact on the back end of the plan in terms of influencing the renewables demand outlook yet, like in 2026, are you starting to kind of weave in expected demand on renewables from green hydrogen at that point?
Rebecca Kujawa: It’s certainly something, it’s Rebecca. It’s obviously something that we considered when we are setting the development expectations and what we laid out today for you all. I can tell you from a practical standpoint, it very much is starting to show up in the conversations that we’re looking at including the 800 megawatt term sheet that we signed in recent weeks for a project that would be expected to COD in 2026. At this point, I think there are a number of folks and ourselves included working hard to put the right development opportunities together. But it is a very active market. We’re really excited about opportunities to partner with key folks, Linde among them, as we talked about in the call, but others as well to put forward terrific projects and really bring forward the promise of this technology that we’ve now been talking about.
But it’s really coming to reality. I think ’26 is probably on the earlier side of what we ultimately will see as a significant ramp-up going into the end of the decade where there’s more opportunity to have supply ramp-up for electrolyzers as well as other related equipment for some of the green hydrogen related products as well as working through the development opportunities and establishing the ultimate customers for these products. But everything I see is really exciting and really starting to take shape just now a number of months after the hour provisions were ultimately passed into law.
David Arcaro: Okay, great. That makes sense. Thanks so much.
Operator: This concludes our question-and-answer session. And the conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
