Kris Moldovan: Yes, Michael I think you hit it. There are a couple of factors. For 2023 we did plan for some financing that would have some interest that would hit into 2023. And those were — we didn’t execute a financing until later in the year and the first interest payment on that financing will be next year. So, we actually — it’s a little bit counterintuitive but versus our plan from the start of the year we’re in a benefit position on interest for 2023. And then you’re right, 2024, the number that you’re seeing here does take into account the interest expense on the debt that we raised for Energy Harbor and that we’re holding right now. And as you noted, we don’t have any contribution from Energy Harbor results.
Michael Sullivan: Okay, super helpful. Thanks a lot.
Jim Burke: Thank you, Michael.
Operator: Thank you. The next question is from Julien Dumoulin-Smith with Bank of America. Please go ahead.
Julien Dumoulin-Smith: Hey good morning team. Thank you guys very much. Really appreciate the opportunity to connect here. Just coming back to the capital allocation update commentary from the call real quickly. I mean obviously you’re going to be introducing a new year in the first half of the year I think you said. But can you give us a little bit of a sense as to what the parameters are? I mean is it just really about how to capitalize the business? Are you thinking about this vis-à-vis new and novel growth avenues that could be emerging here pro forma for the acquisition and/or any other directions there? I just want to make sure I’m understanding what you’re saying there? Is this more about addressing the potential 2025 and 2026 $1 billion buybacks? Or is there something more that you’re kind of alluding to in terms of how you think about the future growth of the business here?
Jim Burke: Julien, thank you for the question. Good morning. I appreciate the comprehensive question on capital allocation. I think it’s several things. First of all, as asked earlier, we want to close this Energy Harbor acquisition get — make sure we’ve got embedded fully a multiyear view of the potential for that business as well as the synergies that we’re anticipating to be able to deliver over a multiyear basis. We also — because we’ve raised the Vistra stand-alone guidance, we see more cash available for allocation. So, we want to put all of that together and go through that process of discussion obviously with our Board when we can have a comprehensive discussion about a number of things. We’ve mentioned some Vistra Zero opportunities in this deck that we will continue to execute on.
The buyback program we’ve been executing actually slightly ahead of pace. We would anticipate that when we come back through the approval process with the Board, they’ll remain supportive of the buyback program potentially at the current or even a potential higher pacing than where we’ve been executing. We did not feel like going out too far at this point given that we need to close the acquisition and put the full plan together. We didn’t feel just highlighting one element of a buyback amount in 2025 or 2026 was appropriate at this point, but our commitment to our four strategic priorities and I think the execution against those has been on track if not exceeded and I would expect that to continue. As far as growth vectors, there are a lot of things that the future holds that are still being sorted out particularly with the Inflation Reduction Act.
And are there going to be opportunities here to utilize behind-the-meter opportunity some of the hydrogen opportunities, I think just from our standpoint we still own nearly 60 sites worth of land and interconnect. So, we’ve got plenty of opportunities to still develop a number of avenues of our business from a growth strategy, but they need to meet our return requirements. And I think that’s the discipline we wanted to continue to demonstrate through this presentation and why we want to come back with a comprehensive capital allocation plan is, we have to look at all of the options on the table, and look at the best ones, and not just the ones that we’ve been executing on to this point. But I see us remaining focused on the four core principles, and I think that’s worked well.
