Jeff Martin: Yes. I would tell you the answer is both, right. So, you have gone through a really unique situation in Europe. Most of the contracts for Phase 1 are being launched off the basis of Europe. But I would also note in the Washington Post a few days ago, they talked about the highest ever approval rate for coal plants in China where they are launching 106 gigawatts of new coal plants. That’s 82 new plants going into service. And between China and India, they burn about 70% of all the coal in the world. So, there is a big opportunity for energy insecurity in Asia. The long-term market opportunity remains an Asian opportunity. And the great news is we have got a platform that allows us to dispatch efficiently into the Atlantic and the Pacific. And I think that’s one of the things that offtakers are excited about doing business with Sempra because of that.
Rich Sunderland: Great. Thanks for the time today.
Jeff Martin: Thank you.
Operator: Thank you. And our last question will come from Craig Shere from Tuohy Brothers. Your line is open.
Jeff Martin: Hi Craig.
Craig Shere: Hi. Thanks for taking the question. So, I am often accused of getting over my skis, especially on LNG. But looking past PA1 and Cameron 2, first, could you discuss the logical pecking order at this time between Port Arthur 2, Vista Pacifico and ECA2.
Jeff Martin: Sure, Craig. I will pass that to Justin, and maybe you can provide some view in terms of how you are thinking about the loading order for development.
Justin Bird: Yes. Thanks Jeff. And Craig, I am never going to assume you don’t have a lot of LNG experience. So, thanks for your question. I think as you look at the pecking order, again, it can always change. As you will note, about this time last year, the war in Ukraine changed, what we thought was, our pecking order at that time. But as I think about our opportunities going forward, let me start with Port Arthur Phase 2. I think there is a lot of excitement around a second phase at Port Arthur, would be brownfield, would clearly benefit from sharing of common facilities. And as I think about that development, there is a few key work streams, which again, is consistent with Craig, how we have always discussed about how we move forward our LNG projects.
First, permitting, Port Arthur LNG Phase 2 has an application in the FERC and the FERC order is pending. Second is commercial. We have MOUs for volumes out of Phase 2 and are discussions with many parties to fill any outstanding volumes. Engineering and construction, we are in discussions with Bechtel about continuous construction and optimizing that process. And as we always do, we are engaged with the credit rating agencies to make sure as we think about financing these opportunities, we find them the most efficient way to finance taking into account credit and returns. So, that’s kind of Port Arthur. If you ask me the pecking order, I think the second phase at Port Arthur would be next. As we think about Vista Pacifico, I think you are seeing some exciting developments there as we continue to work with the Mexican government and with CFE about really optimizing supply there.
There is a lot of interest, as you might expect, given it’s out of the Pacific Coast. And as we think about ECA LNG Phase 2, I think you have seen some also exciting developments. If you recall, we recently got our non-FTA permits for both Vista and ECA. The other thing that you may have noticed is we had an MOU that we announced with CFE and Carso, which would be an opportunity to bring additional gas volumes to the Baha area, which could expedite the development of ECA LNG Phase 2. So again, I hate to be the being accused of saying excited too much, but I think there are exciting opportunities in the rest of our LNG portfolio.
