And then on the New Mexico side because we really haven’t addressed that. Lisa alluded to this a little bit. But we always try to balance rates, customer rates with our capital budget. But we see low growth associated with new customers, that’s where I think you would see additional capital that was invested both on the resource side, but definitely on the transmission and distribution side as we kind of look at that. So those are the factors that we look at as we kind of look at our capital budget.
Ryan Levine: And then a couple more modeling questions. In terms of ’24, was there any onetime gains included in your ’24 guidance around decommissioning trust or anything related to that?
Lisa Eden: No, Ryan. There’s no onetime included in our forecast – guidance.
Ryan Levine: I appreciate the clarity there. In terms of the junior sub opportunity on the $1 billion credit or $1 billion refi. How much incremental EPS do you think that opportunity presents in terms of your financial modeling or I guess on the flip side, to the extent you’re not – you don’t go in that route. How would that impact your EPS outlook?
Lisa Eden: Ryan, I think the junior subs for us is really a great vehicle and efficient way to reach both our objectives for earnings growth and also support our credit metrics. With the potential earnings power slide, we really put out a lot of details for you to model. So I think that answers your question.
Pat Vincent-Collawn: There’s absolutely a range of numbers in there, so you can model. So we’ve put some bookings in it for you is how I’d say it, yes.
Ryan Levine: Okay. Great. appreciate the questions and answers. Thank you.
Pat Vincent-Collawn: Thanks Ryan.
Don Tarry: Thanks Ryan.
Operator: [Operator Instructions] We do have a question from Paul Fremont of Ladenburg Thalmann & Co. Please go ahead.
Paul Fremont: Hi. Good morning. Congratulations on a good print.
Pat Vincent-Collawn: Thank you, Paul.
Paul Fremont: Really two questions. One on incremental investment over and above what’s in your current forecast, what should we assume as the equity percent to finance that?
Lisa Eden: We really think about equity to supporting our growth. And so if we do have additional investments, we will finance that in a balanced way and we’re probably looking at that 40% to 50% equity as we add incremental capital.
Paul Fremont: Okay. And that would be above your current CapEx guidance range, right?
Lisa Eden: That would be above our current equity – planned equity issuance, yes.
Paul Fremont: And then just a follow-up on another question that was asked earlier. With respect to considering strategic options, is there a point at which sort of the Board needs to decide whether that is going to be sort of an ongoing effort or whether that effort is terminated? How should we think about that?
Pat Vincent-Collawn: I think it’s always been kind of an ongoing effort. We reassess every year the market outlook, the landscape of the industry, our position. So I think Board of Directors that have a fiduciary duty are looking at it constantly. And if the time is right, the time is right, if it’s not right, it’s not right. But you always look.
Paul Fremont: Great. That’s it for me. Thank you so much.
Pat Vincent-Collawn: Thanks Paul.
Operator: And this will conclude our question-and-answer session. I would like to turn the conference back over to Pat Vincent-Collawn for any closing remarks.
Pat Vincent-Collawn: Thank you, Lynea, and thank you all for joining us this morning. We’re looking forward to seeing many of you in the coming weeks. Please stay safe, and remember to pay everyone a compliment today. Thank you.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
