Vince Sorgi: Sure. So, a couple of opportunities there. Obviously, we have the RFP that we’ve issued in Rhode Island. We are not the owners of that, but we would be the offtaker of that generation. And so to your point, we have — we do have in the plan the transmission required to the enhancements to transmission grid to handle that offshore wind load. We have talked in the past about our joint venture with wind grid to potentially provide wet transmission solutions more broadly up in Rhode Island or New England that we would partner with them on where we would not own the turbine — the wind turbine generation, but we would build out a mesh network of sorts to lower the overall cost of the transmission build-out as we think about upwards of 30 gigs of offshore wind over the next, say, decade being built out there.
That opportunity will highly depend on where the US Treasury ultimately comes out on their implementation provisions for the IRA. So, we are monitoring those regulations very closely. The initial regs that came out from the treasury, we think were in error in proposing that the regulations would limit the eligibility of the ITC credit for that wet transmission only if that transmission is owned by the same taxpayer that owns the wind turbines themselves. That limitation, if the final rules come out that way, would unnecessarily raise the cost of the offshore wind industry, which we know is quite challenged. And so we continue to engage with the administration and other policymakers to try to improve that final regulation and expand it to all taxpayers, not just ones that own the turbines and to try to bring the overall cost of offshore wind down so that we can get this very important clean energy source kind of up and running in the US.
But I can’t give you any assurance in terms of what that final rule is going to say. I can say we don’t have any of that upside potential in our business plan. It’s not in our growth projections at all at this point. I would say, kind of hinges on this. And then the states really coming together up there and partnering on this broader solution, which we believe will certainly bring the cost of offshore wind down.
David Paz: Great. Thank you so much for all the color.
Vince Sorgi: Sure.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Vince Sorgi for any closing remarks.
Vince Sorgi: Just want to say thanks for joining us. Again, strong end to 2023, really looking forward to 2024 and beyond. I’ve spent quite a bit of time talking about the Utility of the Future strategy. We do think that’s an area that differentiates us from our peers as well as the strength of our balance sheet and our overall dividend policy where we’re growing the dividend in line with earnings. So, just appreciate everybody for calling us and — for joining us and look forward to providing updates as we go through the year. Thanks so much.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
