Operator: The next question comes from Paul Zimbardo of Bank of America. Please go ahead.
Paul Zimbardo: Hi, good morning. Thank you.
Vince Sorgi: Good morning Paul.
Paul Zimbardo: And good to hear about the Rhode Island reliability improvements so quick off the bat. Shifting to the gas side in Rhode Island, I know there’s that future of gas proceeding ongoing. Just could you talk at a high level how that could impact the spending plans, whether in terms of magnitude or timing?
Vince Sorgi: Yes. So, it’s — we’re early in that process, Paul, as you know. We did put a capital plan together to ensure the safety and reliability of the gas network while we work with the state on the future of gas docket, that will take some time to get through. Again, as we think about the gas networks, not only in Rhode Island, but across the country. We certainly see a future for those as to folks like EPRI and other independent research agencies in terms of the fuel that’s flowing through those LDCs may be different. They may not be 100% natural gas. could have renewable natural gas, hydrogen, we could have other sources of fuel flowing through them, but there are certain processes that just don’t lend themselves to electrification.
And so long-term, while we certainly support and expect there to be a lot more electrification, we also expect there to be a need and a use for gas LDC networks. And so making sure that those networks are safe and reliable now continues to be a top priority, but we will certainly be engaged with the state on the long-term future of that network.
Paul Zimbardo: Okay, excellent. Thank you. And one unrelated and I know you may be a little limited in what you can say, but just is there any update on the talent litigation or arbitration now that, that bankruptcy process has wrapped up? I know it’s a legacy one, but just hope we can put that one to bit bed sooner rather than later? Thanks.
Vince Sorgi: Yes. There is actually — we are entering into mediation next week on February 22. That will be before one of the judges in the Texas bankruptcy court. So, yes, there is an update there. We’ll be heading into mediation next week.
Paul Zimbardo: Okay. Thank you very much.
Vince Sorgi: Yes.
Operator: The next question comes from Neil Kalton of Wells Fargo. Please, go ahead.
Neil Kalton: Hi, guys. Just a question on Rhode Island. Yes. It looks like based on the guidance for 2023 that, if my math is right, it might not be, that you will be significantly under-earning the ROE. So my question is, are the cost savings coming in as expected thus far? And then, in terms of bridging that gap? Is this something that is ultimately going to require regulatory relief in 2026, or can it be accomplished faster?
Joe Bergstein: Hey, Neil, it’s Joe. So a couple of points there. First on the Rhode Island guidance for 2023. I think, we’ve discussed in the past a few times that we expect to experience some variability or noise in our Rhode Island earnings as we work through the transition period and stand up Rhode Island on our systems and processes. And so, that’s what you’re seeing here. The primary driver of those lower earnings are due to costs, as we work our way off the TSA, their costs such as staffing up our operations, training our new full-time employees, things like that. I do expect that to normalize once we’ve completed the TSA period in 2024. And again, we expected this from the outset, and it’s been embedded in our projections.
