Francois Poirier: What I would add also here, Praneeth, just to remind you of the point Joel made before, this is the way in the U.S. by, which we mitigate interest rate risk. Every time we go back for a rate case, we can incorporate the current cost of our debt into our rates. And the reason, why you’re seeing us increase the frequency of our rate case filings across our U.S. system is, because we want to reflect the capital, the interest rate environment that we’re operating in. But also, because we’re investing a considerable amount of maintenance capital, which we want to make sure we’re earning a return on and of that incremental capital as well.
Praneeth Satish: Thank you.
Operator: Our next question comes from Linda Ezergailis of TD Securities. Please go ahead.
Linda Ezergailis: Thank you. I’m wondering with Coastal GasLink mechanically complete ahead of schedule. How might we think of your discussions with LNG Canada in terms, of maybe them recognizing that early completion with some sort of financial incentives and you know Phase 2, how might this commercial asset differ for Coastal GasLink on Phase 1. And just broader thoughts around timing to get to FID on that and what might be the sticking points including maybe how compression is powered on your system?
Francois Poirier: Thank you for that question, Linda. I’ll ask Bevin to cover the items around the early completion of Phase 1, and then Greg to address your questions around Phase 2.
Bevin Wirzba: Thanks, Linda. This is Bevin. So first of all, we’re tremendously proud to achieve this milestone. It’s a testament to the team’s relentless focus on safety and protecting the environment and collaborating with our contractors, indigenous and local communities and government to get to this point. So, we’re really proud to have achieved this early mechanical completion, something that we didn’t anticipate, but we’re really proud, we’ve got there. With respect to the next steps, we obviously have ongoing commercial dialogue, with our contractors to make sure that, we close out those contracts effectively. We have about 100 plus kilometers, of reclamation work to be done next year. The team is busy right now, introducing natural gas into the system, to become ready for LNGC to call for that gas.
We look forward, to achieving that milestone here by year-end, where we’re ready for our customer when they need it. As it pertains to Phase 2 and those discussions, I’ll turn it over to Greg.
Greg Grant: Yes. Thank you, Linda. Currently, I’ll just say – we are progressing early development to Phase 2, as requested by LNGC to assess that expansion opportunities. So early engineering, we’re looking at different potential electrification options. But still a lot of work to do there, engagement with our local communities and indigenous partners. So it’s quite early. You might know that SEDAR is actually a little more, timely in terms of the process on completion of Phase 1, where we have been working diligently with our SEDAR partners, which include the Heisla. This will be Canada’s first indigenous majority-owned LNG facility. We were targeting FID at the end of this year. We think that may slip, a little bit as we head into Q1.
But just I wanted to leave a reminder with you that, as it pertains to our $6 billion to $7 billion capital commitment, our FID is conditional on TC achieving project financing that combined with our 35% equity ownership, would ultimately require a fairly small amount of capital from TC.
Linda Ezergailis: That’s helpful context. And just as a follow-up, in terms of your CapEx, recognizing that we’ll probably get a more fulsome update later this month, but it would be helpful in updating our model to understand, kind of with some of the 2024 capital accelerated into 2023, and but there’s probably some headwinds on the FX front for 2024 CapEx. How might we think of your current outlook for 2024 growth CapEx on a growth basis, before netting out any sort of asset sales?
Joel Hunter: Yes, good morning, Linda. It’s Joel here. I would just say, to offer to wait until our Investor Day here on November 28, as it relates to our 2024 outlook for our capital spend, both on a gross and net basis. But I will remind you post 2024, as we’ve been saying all along, that we adhere to capital discipline, and maintain the $6 billion to $7 billion per year post 2024. But lot more for you here at Investor Day on November 28, as it relates to our outlook for 2024.
Francois Poirier: And what I might add to that, Linda, is our plan and the capital program that, we’ve got in the works for 2024 does allow us to achieve getting below 4.75 debt deep at the end of the year and then staying there on a go-forward basis. But as Joel said, there will be more color here in just a few weeks, but I appreciate the question.
Operator: Our next question comes from Rob Hope of Scotiabank. Please go ahead.
Rob Hope: Good morning. During the Q2 call, a number of kind of organizational changes were announced. Just want to get an update of how, kind of the reorganization of the organization has changed, as well as where we are in terms of the $750 million of synergies and how they’re tracking overall as well as in 2023.
Francois Poirier: Thanks, Rob. It’s Francois. I’ll just start with a little bit of context and then pass it over to Stan to address the specifics of your question. Just to remind you that, these initiatives and thinking around this has been in the works for a couple of years, in terms of initiatives on focus. We’re really in the implementation phase. The consolidation of our gas businesses into one entity, as well as the spin. These are things that have been stood up and the teams have been working on for quite a long time. So over to you, Stan.
Stanley Chapman: Hi, Rob. Our focus project, as we refer to the $750 million initiative, if you recall, is about fundamentally changing how we do our work, particularly around safety, operational excellence, and our capital and cost management. In order to ensure that we’re deploying our cash as efficiently as possible, and to maintain our competitiveness against our peers. So just to give you a couple of proof points, with respect to things like operational excellence and safety. We have simplified our operational management system, by reducing over 1,400 historical requirements down to less than 100. This frees up the time for our field employees to increase tool-in-hand time and make them more productive of other things. On the cost of the capital management side, by combining our three gas businesses under one leader.
