Carly Davenport: Maybe just to start, as you think about the regulatory environment in New Jersey, a couple of new commissioners have joined the commission there. Anything that you would highlight in terms of changes or expectations around the regulatory landscape there following the personnel additions?
Ralph LaRossa: Yes. No, nothing that I would expect to change dramatically. Look, we’ve got some real good conversations that are going on. From what I can tell and what folks have had going from conversations would be aligned with the things that new commissioners are talking about, focus on environmental issues, focus on affordability. I think what we’re doing on the GSMP program is completely aligned from that standpoint, especially with our — with the methane reductions that are involved there and the work that we’re doing, getting those pipes ready for whatever they may carry down the road. The electrification work is certainly aligned with comments that those new commissioners have made in other settings before they were in the commission.
So I think that’s a real good sign. And from an affordability standpoint, boy, I got to tell you, the more we dig into this in preparation for our upcoming rate case, the prouder I am of what New Jersey has done over the years. I mean we — no matter which way you look at it, the rate increases for the entire state — I’m not just talking about us, but for the entire state have really stayed below inflation rates. And with all the work that we’re doing to electrify homes, electrify transportation and clean up the grid, it has really proved out in New Jersey that we can — if you do it right, you can do it in an affordable way, and the numbers are proving that out. So I think everything we’re doing is aligned with what those 2 new commissioners would expect and things that they have said in prior positions that they’ve held.
Carly Davenport: Great. That’s helpful. And then just on collateral postings, it looks like that was down to about $400 million at quarter end. Any thoughts on how we should think about the cadence of incremental hedges rolling off from here?
Daniel Cregg: Yes, Carly, I think if you think about us continuing to do what we’ve historically done it’s probably the right answer. And maybe just for a little bit of a different reason, I answered the question earlier on the PTC timing and — that Shahriar had asked. And we are still waiting, but we’ve also thought through what some of those potential outcomes could be from the treasury regs and we’re taking into account, admittedly a little bit in the dark what they could look like as we’re continuing to move forward. So I think until we know something different, I’d say it’s an educated thought process, but maybe not as educated as we like with the guidance that we have and thinking about what to do. But we are layering on some incremental hedges as we go through time.
I think you’ve seen within the material today over the last quarter, you’ve seen a little bit more and a little bit of a higher price. So we’re just trying to be smart about it in a situation where we don’t know everything we’d like to know. But hopefully, we’ll get some information soon from treasury.
Operator: Next question is from the line of Julien Dumoulin-Smith with Bank of America.
Julien Dumoulin-Smith: I just wanted to follow up on a few things that have been said here. First off, coming back to that pension lift-out, I just wanted to run this by you guys. Just with the $1 billion implying return on asset flipping the liability around conversely. I mean it sounds like that might be like maybe upwards of a nickel drag here. Again, it’s difficult from the outside to run the math. But does that sound like ballpark? Is it a drag? Is there sort of a net drag on a run rate ’24 basis, if you will? Or are there other offsets here to think about? Just to close out on that one.
