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TC Energy (TRP)

Participants
Francois Poirier President and Chief Executive Officer
Don Marchand Former CFO
Joel Hunter Executive Vice President
Glenn Menuz Vice President and Controller
Corey Hessen President Power and Storage
David Moneta Vice President Investor Relations
Bevin Wirzba Executive Vice President of Strategy
Stan Chapman President U.S. and Mexico Natural Gas Pipelines
Tracy Robinson President Canadian Natural Gas Pipelines and Coastal GasLink
Robert Kwan RBC Capital Markets
Ben Pham BMO
Jeremy Tonet J.P. Morgan
Robert Catellier CIBC Capital Markets
Linda Ezergailis TD Securities
Robert Hope Scotiabank
Andrew Kuske Credit Suisse
Michael Lapides Goldman Sachs
Praneet Satish Wells Fargo
Matt Taylor Tudor Pickering, Holt and Co
Patrick Kenny National Bank Financial
Call transcript
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Operator

Thank you for standing by. This is the conference Operator. Welcome to the TC Energy Third Quarter 2021 Results Conference Call.

As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. Instructions]. [Operator like Investor conference Relations, now Moneta, to turn President Vice please to would over the David I go ahead.

David Moneta

And to Quarter much. to very good I everyone. Thanks would welcome you Call. TC Conference Third Energy's morning like

Vice and Joining power Bervin Liquids and Executive available President Joel storage, of of the me President Pipelines Company on business, Chapman, Coastal Joel President some Corey is Heston Chief that Officer, GasLink, Hunter, Francois Chief Canadian financial presentation Wirzba, Controller. slide on President U.S. and Officer, Tracy President, Glenn Stan today Robinson, (ph) will Vice other accompany Corporate Poirier, President results Mexico Vice (ph) comments A today Natural and their and Pipelines, Development Francois our certain remarks with Financial and of are Executive our Natural President, opening Gas developments. Executive gas Menuz Strategy President copy Pipelines and will begin and website. and our and and

remarks, will from questions we take the community. investment their Following

Jamie are contact the opportunity the community participate, yourself limit an a of that this to to ask after everyone you media, we member investment with In please questions. X from to you provide call. If order hard

I'd include to Before forward-looking we to begin, our risks will that uncertainties. and like statements remind subject remarks today you important that are

these with on uncertainties, reports the please and information Commission. risks regulators Canadian Securities securities Energy more and by For see Exchange TC U.S. the filed with

funds operations. and measures to this comparable measures. and such be common comparable comparable as earnings, from are presentation, comparable to These comparable per during non-GAAP we share, measures other considered Finally, earnings EBITDA, certain refer may generated

on to measures other With to be to Energy's call our are over they TC turn generate ability that, comparable These As information funds operating Francois. you provide to not measures a with liquidity, performance, I'll our presented additional the may and by similar used to finance entities. result, operations.

Francois Poirier

good the morning this on and joining David, of today. appreciate you, I'm you the day. very so this for you us year, us really everyone. Thank day Thank is we reporting busy told busiest joining

third report, North American assets very of As well. energy our quarter diversified in perform to outlined our continues infrastructure portfolio

$X.X our Society's on our are financial services to performance. focus the while a last decline considering comparable outcome, earnings billion. dollar per the people totaled $X.XX in for the EBITDA. months year, exceeded X%, relative especially on funds significant by generated very the our placed dollar, U.S. our from year's the demand reflected operational dollar which Canadian of of reported Canadian a comparable and value relentless Through excellence the operations first of X share good impact unwavering had is results the This in strong negative

to earnings share be the XXXX Given higher we record expect last now year-to-date comparable per year's performance, modestly results. than strong

America blocks will stations in-corridor Manageable while power our like electric dual WR natural North are And ensuring in advance projects of billion. includes the reducing energy discussed continue US drive these backup is a System. disruption. which project to reliability infrastructure scope second similar We case upgrade the and project and improve to the to horsepower, which project compressor today, we is the secured This of our the $XXX the in in ANR This GHG gas building program, modernization expand decarbonization now emissions in will VR system. announced totals quarter. W.R. $XX earlier million

leveraging project optimization, has goal equivalent of unit note, of program. investing call the technology. end in the of to reliability This been component X,XXX adding maintaining at the we've as Bruce on of a is program, it on innovation, X. numerous new in and Also focusing output the XXXX, of about to While major we decade peak upgrade initiative a replacement They addition achieving recently by extension of life and the Xth megawatts future. talking site effectively Bruce Units a realize through Power this its station. opportunities part launched similar asset expect the and in and an X

of advance before of to XXXX. weighted high-quality average X that end the investments. $X to targeted this continue We you X, Columbia's is as we plan year. MCR, call which $XX on after-tax $X upper as expected billion of X.X%, of secured be as the We on-budget in me, factor is range well billion upgrade growth projects of added already excuse the the our modernization the will to-date program, billion Project projects by Unit which year, of projects, Power Bruce the we we've and end The billion these toward to sanction and $X of sanctioned these in including end sanction initiative. IRR X% full When opportunities of X% Mod XXXX Completing continuation the on-time for projects to sanction a generate of annually. new

us contracts capital underpinned and and program the generate consistent our with are be to cash secured risk long-term regulation Our projects to earnings cost preferences. giving will long-held visibility service of and continues by flow these

to RFI of began an In the to overwhelmingly renewable XXXX. ongoing our beyond, fruition to the continue use maintenance portion need This of we renewable XXXX another people and asset reliably response. positive to megawatts load, and energy our modernization, electrify X begun energy our of of over quarter of second we regulated expect the on. plans the refurbishment gas deliver has and had have we expansion, the decarbonizing you'll pipeline Negotiations footprint. to for while includes network. Power looking Now, quarter to year a capacity completing hear many next pipeline reactors, first on similar network, own as detail Bruce our high-quality electrify in more the natural and we The opportunities to later anticipate And that come process process

project, and sequestration Pembina the transportation with carbon Motors. with in also partnership with Nikola Irving clean Beyond hydro projects also large-scale energy initiatives hubs hydrogen in progressing and the hydro production project we're Creek and that, Alberta, Ontario Oil, pumped pumped including Canyon

expect As new of exceed next to levels. over sanction to several with with hope a we than years, $X the risk-adjusted more historical billion projects that returns and annually we result, consistent

origination demonstrated during Our the XXXX set quite vast. visibly capabilities opportunity and ahead were teams lies that is

dividend payout financial Now, to attractive annual of judiciously our maintain share of outlook. strong suite in rate order fund X%. we modified to our a now conservative common and this expect increase have utility ratios, an growth to near-term enhance We average opportunities, X% our growth position at dividend like

of this deliver larger modest change we the opportunity generational continue will through given While believe our total leverage, is us our business, previous capital outlook superior our to prudent for long-term remains before growth by of performance and future internally to have affordable and cash portion our a programs It supported generated flow, allow fund us. shareholder strong the moderate we returns.

intensity to the I'm know, while achieve XXXX. outline by reports our net-zero and proud we've lower that set XXXX data with to emissions last we targets are detail growing operations and that XX returns our report from XX% by measurable our position our you our This These released to step with emissions our them. As on delivering week commitments sustainability XX sustainably. our sustainability, That's reduction come targets, committed emissions these next why journey by Company we our in sustainability XXXX plan. to specific, on business includes support ESG the GHG sheet,

we tcenergy.com in we holding to ourselves to empower Not and that future. but I'm planet, the and advanced mental confident Company now, -- commitment areas. in also the are being areas which indigenous we and We learn diversity, capabilities, commitments health. advance mindset, includes in at summary these in the vision energy for us these how committed and accountable shared to of protect encourage psychological has you in are read create innovation, are North technical team committed summary, found our our And reconciliation, our be the premier the I our of to the America. just infrastructure safety, prosperity. to In innovative required which people, -- the documents, work talented can

As occasions, will direction energy by I've the pace achieve irrespective or we said that of on numerous of prospering transition.

continue our reliably needs decisions decarbonizing energy to goals our to support assets. business while society's meet Our

$XX of we will always, end, to grow to program, to capital programs year's financial and capital poised billion delivering grow returns. prudently And secured our per expect years. XX record is billion our by solid to total as superior position. which the our to fund forward, to we grow maintain our Looking Ultimately, goal substantially over continue shareholder dividends our earnings, track build long on and is share, cash-flow,

Now, our third I over on for Joel some it turn results. quarter to will comments

Joel Hunter

everyone. Thanks, Francois morning, and good

share per $XXX $X.XX Net today, for period shares our compared or outlined the common Income in quarter, $X.XX XXXX. million share attributable in earlier million was to the As $XXX in to results per or same third issued

XXXX. period common were XL as outlined as $X.XX XXXX management expense the also payments comparable included in corresponding million Year-to-date $XXX earnings this and associated with for quarter The up guidance, related gains These share of of earnings and to million report. in from our business. or changes further Third are from on compared employees other to and well per comparable earnings. one-time offered the by $XX quarter per Comparable X% specific in discuss our or specific earlier results unrealized XXXX $XX an costs. quarter include after-tax items, common strong and common transition eligible it's Keystone associated supported certain million are retirement share third activities, year the voluntary per excluded to losses risk $XXX program underlying the million performance charge preservation slide, in with after-tax share $X.XX third

declined during U.S. third QX and filed primarily the with XXXX. settlement in EBITDA from fell pull strong Xst, can million due section EBITDA from a Gas, third and which business resulting contributions our rates and each as the pipelines, billion offset primarily third the transportation $XX third business income, outage Mainline the found higher increase to incentive impact Columbia million the to by third by to XXXX, margins. approval February few as comparable variance following segments realized our of due million translation in $XXX by I XXXX, a quarter at was on In But XXXX, XX. $XX pipelines of higher for $XXX to principle following comparable effective storage to The FERC quarter higher well $XX due in million quarter by to segment net the operating operating by explanations days decreased XXXX pipelines currency Canadian our anticipate Mainline. was an year-over-year. of on million create FERC comparable U.S. for comparable of marketing similar in was results XX. will increased We lower EBITDA earnings partially pull-through unit third X Liquid's to to comparable quarter power due despite does one not than activities, quarter, million offset Slide to Power, depreciation financial due EBITDA to lower increased flow-through EBITDA Liquids Power expenses, on gas that report. $X.X reduced headwinds. of Canadian mainly Canadian million gas its changes application to $XX charges, depreciation lower earnings plant compared comment the $XXX U.S. of settlement the Bruce by quarter higher cessation XXXX, October million in the Detailed be depreciation earnings. $XX Turning primarily due from partially prices. lower

average with translated For of was EBITDA all rate $XXX $XXX U.S. income, denominating compared the period in same exchange into quarter parts Canadian pipelines Mexico U.S. and Liquids of our XXXX, dollars businesses and in an XXXX. including using pipelines, to for dollar third gas

actively was on U.S. streams of comparable naturally While revenue reported in XXXX the by exposure denominated denominated comparative not on significant said dollar part corresponding the as U.S., residual rolling impact our increased EBITDA. weakening currency X-year $XX with a U.S. comparable a considerable year-over-year earnings overall hedged, managing That million Canadian a drag dollar are basis. dollars EBITDA forward the was

third XXXX, XX, depreciated. the few higher expense year-over-year, capitalized a exchange Keystone to primary rate quarter to XL the the mainline Income the in million and our due XXXX. Now, to and to mainly to exposure million speak due $XX foreign net to income rose Pipeline million was cessation being EBITDA. for below of project. gains a for denominated earnings in similar of lower included primarily comparable derivatives $XX Comparable manage I'll to incomparable movements earnings the expense Canadian other dollar to Slide third fully quarter, largely section due in was interest XXXX variances third on income. XXXX compared realized included Depreciation amortization on interest Interest the quarter realized used $XX tax X to was turning of compared losses to U.S.

rate Excluding are AFUDC equity a item pipelines. with pipelines along regulated U.S. where Canadian taxes gas variable flow-through and income income quite thus and

We continue same LP $XX Income our mid attributable to decreased year. be to year, this million full-year tax relative last period Comparable normalized the to interest to Net TC as result a high-teens. by expect XXXX the earlier rate the to non-controlling primarily PipeLines of buy-in completed in

senior U.S. notes Slide billion X-year U.S. $X.X October notes in the generated funds third unsecured of issued fixed at turning combined during Now, $X.X of $X of of capital and notes XX, rate In we XX-year from we and, billion program. X.X%. X% invested comparable fixed $X.XX to billion comprised at totaled rate quarter a U.S. operations $X.XX billion our billion

March Slide turning $XX billion our of dollars this $XXX for left be attributed and $X preferred X our through Starting share $XX.X in maintenance XX, sources the total over and approximately to TC in of including and to the XX $XX billion May. forecasted Now, of redemption other years are illustrates acquisition in column, dividends expenditures, capital to capital Pipeline's graphic projected series billion a reflecting funds XXXX million requirements XXXX. uses the billion, completed

buy-in, $X.X in highlights approximately billion common XL flow combination the Canadian is scheduled issued debt the residual maintaining March. cash medium-term second equivalent notes October. we to in million paper, financial column of that leaves billion a completed recoveries. expect approximately in our Pipelines unsecured issued of strong commercial debt, issued and offering billion notes dollars, expected and $X billion of TC of billion of The fund pitch through pursuant subordinated senior The generated maturities $X to position. of with $X notes XX dollars need of incremental right shares normal and a $XXX internally program project Keystone June, to far course column in That excludes the refinancing junior consistent

low-risk credit Now XX. robust, resilient, operational our to reflect In results our turning closing, business strong continue footprint the with and of our growing financial Slide extensive to quality strategy program. along our asset demonstrate capital

well assets, to a us position organizational strength, set capitalize and today's unparalleled business as which mix enduring of future. opportunity serve as Our capabilities, energy network financial model, allow of to the on us vast the evolving will needs,

of end our Francois dividend That's expect back position, to maintain my programs Q&A. leverage, of as X% period growth, forward at for annual capital moderate shareholder through Looking long-term fund sizable dividend to mentioned, modified in to our dividend turn X%, order already to programs call our rate allow strong financial growth have commentary flow, We future which us of ratios, we a to over I the near-term and our our will total the to fund David during utility-like portion outlook. now an will payout now our of enhance average returns. superior this conservative larger the remarks, deliver generated and our cash capital continue internally prepared increase

David Moneta

Thanks, Great. Joel.

before reminder a you it I community, to for questions conference that to turn coordinator the questions. from we over X ask the limit Just yourself investment

it I conference have back do additional If queue. coordinator. you to the turn With re-enter that, questions, will please some the

Operator

you. Thank

the queue, Instructions]. will begin session. question-and-answer We join [Operator Instructions]. now question the To [Operator may you

We join for queue. a moment will pause callers the as

Our from Pham Ben of go first question Please ahead. BMO. comes

ahead. RBC from Capital comes Robert Please Kwan next go question Markets. of Our

Robert Kwan

not that got the recognizing Great. to can change, fund an If you've on dollars on basis, I somewhere Good really absolute to start safe much morning. things. but it's and rate start dividend just

discrete think of So you valuation private up, just has well? plan, as monetization’s as of you you DTN stepped-up just role confirm the in market no can role has about there. that advantage take equity step to But is the as what out drift or asset Just it that?

Joel Hunter

here. Joel It's Robert. Hi,

CEO First our program, we and coming least we today, the or so $X with annually years. billion $X -- announcing is do say with capital for to of this to projects no equity far year, need $XX given to billion ATM, in this answer year there we'd the at and billion question along that sanction your need respect expect

equity. there no So equity. consider need opportunities of would we excess we see this, for If are common in

However, we through have at to -- everything we lens. look a per-share

So we'd accretive to long-term to be shareholders add have and value.

Francois Poirier

monetize I And monetizing at have to sources to alternative. that, think an can we external as to to something something do us me, compete be look into the do in to funding the capital and We your through respect another. question consider with rotate Robert, internal add the in It's absolutely and asset to extent, they program equity of capital, with seen all we the prepared and mature you've growth one they excuse past, are the or future. and growth. whether would assets Columbia

Robert Kwan

Okay.

to test answer and a just these that clarify, are Joel, trying was But is of other. more just little you're And So to you of weighed sounded maybe going different all absolute best accretion. say option they're got bit proceed? against like an it because you've your though options to going each Francois, how the get to

Francois Poirier

Yes.

way our make to going that's exactly weigh that, of Robert, I we're program characterized to going options it, forward. fund choice our all how think to the the is as and we're how you going we

action. we the option to this issue have I I capital, think option equity, always our think always internal jealously we was know, it's, counts with of our that but an going guard share will rotate to you preferred is, extent to we where Joel retain course the be and

Robert Kwan

you've last got little project that still U.S. then this [Indiscernible] a under dollars, systems -- VR you lots you of quarter, the project WR a just other billion quarter got And Perfect. the compressor about you stations. to you've additional with total full here. just see opportunity announcements? type quarter pace in we of can potential -- of kind that Can one had expect are the had talk What

Francois Poirier

Robert. ask a proof question, to give That's color. some then I'll some and that points I'll a Stan provide great and start add

will existing published project talked modernizing one our objectives. for and them assets. our we And about and the additional memory the for Stan, really going about of levers GHG achieve me, As we that think serves are and last sanction you, good Over plan reduction billion WR if And we color. are forward. VR our us of of project, more examples which to was to think and of week, $X.X identified I projects those I X see infrastructure

Stan Chapman

Thanks, Francois. continuing team. next to equal, X% of our should down Robert about this about my start the I've our given and said that billion assets be Today, I capital. would doing and Give saying the compression U.S, points. expectation I look several probably by about we growth electrify in size or and Hello, to data years. originating continue fleet any emissions way the by our And XXX,XXX COX that to drives One before expect of that given of by breadth is our tons. going $X that year, we're is is fleet. reduces you All things driven. electric at some compression for

call units. going units what fleet XX up the of forward though. These today XX% speed About our to we years opportunity compressor be Here's set could older old. slow is

to reliability older strategy this VR access, point, be the like today, inefficient WR, driver going the that footprint. The be So are system. fit you fire we a plants plants generation our replace our projects, data gas Columbia from well or that the to scheduled with retirement for linked are drive driven, gigawatts between this about like-for-like now of well main project, for to these retirement and other compression Elwood XX just standpoint ANR within sit very give with as mine XX compression compression here And generate or capacity there coal a electric newer miles to coal dual done XXXX this of all of may technology. to and and coal as XX we've Wisconsin we look continue may we're to that across

respect that but going with of going expands specifically about be I emissions us but So in up electric that's of ultimately much retired. customers, Midwest, exactly that to say WR the be the recently [Indiscernible] driven. thousand down of not about electric WR that Project expand to with new right we've majority that a can't of is and replaced coal-fire it forward. announced bit the Corey's of the at of we year does, Across capacity A a a to that's with conjunction dollars given today. units us what That is target-rich to billion a our you that XXX to And renewables, tell drive we've look that be we're system inefficient for a going gives our green now. any you going seen our opportunity allow who replace be power happen and provider portion our originate megawatts team, these to drives. to in only will how tune would do is generation with set, the newer our X,XXX gas-fired in seen of loads. we're year I going firmed But When older Project ability it to with fee what environment this

Robert Kwan

thanks very That's much. great,

Francois Poirier

Thanks, Robert.

Operator

next go BMO. Please Our ahead. question Ben comes of from Pham

Ben Pham

are your in to a if more rate? are morning. you Good range. reaffirming X% a Thanks. growth X% check to driven of EBITDA that growth wanted cash new guidance longer-term also flow I business growth But [Indiscernible] to

Francois Poirier

Thanks for that question, Ben.

retain we What said that lower remarks is directionally prepared cash One that that's growth over targets. And to dividend and into affordable. a more absolutely moderating leverage really the think X% invest grow is programs, growth time our in second growth the slightly the is we dividend I for two to flow to X% is considered accurate. reasons. to our in

to dividend at that above So to growth a that X%. X% implicit that is earnings rate by what's of definition, in that and grow expected targeted cash our is rate -- are flow

Ben Pham

targets, been what maybe cash-flow clarify That's payout pretty there that Day? Is Okay. from change you've on your any is that Xth you be even -- any there. ratio with some will between posted to Investor to consistent our more there XX% wanted of XX%, I or

Francois Poirier

think see given revolving having retaining rate for the being range, to opportunity payout the flow more cash payout that of emissions, And and in both flow. on on flow it overtime to we grow a fact that above virtue our expect value robust and prudent well by to earnings very energy at we basis. continuing we the forward, from around long-term transition ratio ratios be Ben. and growth And us basis going a I lowering earnings cash was cash lower an targeted like again, utility see X% that our as levels X% we you to -- see mentioned, levels thought

Ben Pham

Those questions. you. Thank my Okay. two are Great.

David Moneta

Ben. Thanks

Operator

Our Tonet Jeremy go question from J.P. Please next comes Morgan. ahead. of

Jeremy Tonet

Good Hi. morning.

as as the going how here, thinking is Just wondering can developments major with of forward concerned, with Energy any we Analyst just with TC to And should us. the anything in Day some team you up other seat messaging we as that share just new new of be strategy, want as kind or type pick far prior the there's far management if question have there. the you of elements think about last about

Francois Poirier

a continue the set Balance stable Energy we've going a earnings. forward. the us steady and couple we maintain very to by consistency is with reduce vast will and value exhibited about, Don create that a underlying for from opportunities Jeremy, that and for to in businesses you'll our on as us conservative provide talked on energy bit a growth that What more I are same more when here, example, terms electrifying minute Corey, to that over in update and gas business, the the we risk bit Again, could our consumption. of if on cash-flow strong which TC capital here our program And To of opportunity our that in around Corey to existing to of Sheet underpinned proposition we of and think provides growth see at set dividend you detail prosper. U.S. you'll growth programming decades, in ratios. last is will to opportunity And see you hear I opportunity more provide more disciplined and us transition view that with one. growth provide you're from I and is with well. going is industry payout Investor What that our hear just from best detail for robustness the us going RFI where ask to is what ask a forward Day The invest detail little on combine preferences. a our own emissions to

Corey Hessen

taking Glad you Thank calling you you, to time. Francois. in appreciate Hi, Jeremy. today, the have

more one schedule serve stage now negotiations going we assets U.S. And we the selections, we've calls, in and I've a generation. of then to And each our -- in where through expect able mentioned, As be and our liquids have exclusive a in specifically. renewable X,XXX they're [Indiscernible] and in previous our our we are of going reached promised, announce projects or systematically choices a megawatts how process the as to electrify those to QX to of the

Jeremy Tonet

had any to going That forward? logistics? it. share do didn't see it as regards repurposing pace as could build changing sense. during to Got opportunities made be any makes to there building -- with of you there Just these wanted would you weren't TC here. I type think quarter you that color would of And announcement as relates the far opportunity willing new helpful. a the more to are share Separately, the off check. you And existing to more of be but hydrogen wanted Nikola assets just or color Energy ton

Francois Poirier

Nikola then bit using a I provide to an more I'll will -- ask start and as detail with Corey little example.

is Jeremy, the through and course a producing, in the what exactly hydrogen, respect of we've critical about over energy forward primarily transition. which transportation gas moving of the gaseous year is With and learned, it's how things assets natural our transporting to last Company. day, One molecule, do every our with generating, is storing, we to infrastructure

the very type our And joint So with kinds could Nikola of opportunity of sort going forward. of our base perhaps counterparties of these more Nikola, themselves the of with skill really and opportunities. Jeremy. asset we to see sets development with that frame have going those -- to if respect But you're up you lend Corey, other for well to agreements size

Corey Hessen

that'd Yeah, great. be

to we our be team as to think unique provides I bring investigate can a think energy that how the capabilities hydrogen us is economy. it part the core to about opportunity a way skill Nikola core of new our sets,

And power about think load storage that a a day hub and specifically, XXX view, about so point-of-view, view it participating gigawatt matches agenda of our requires of ton in a from normal, power. it per we match

our to And leverage and can this we we molecules reinforce our to renewable those foresee wind, the important bring point-to-point in operating by again, of and side load. so asset infrastructure this most our a to power evaluate participate those assets the the But from can that we participate that transmission building partners to is, service can learn base systematically our electrolyzes together. hydrogen once energy in with -- and A, which able participate solar, storage, then that existing B, can team we we existing capabilities to like to wider I'd part And and be include opportunity. such our of

Jeremy Tonet

Thank helpful. you. it. That's very Got

Francois Poirier

Jeremy. Thanks,

Operator

next Markets. comes CIBC from Capital Robert ahead. question Our go Please of Catellier

Robert Catellier

a growth I'd to for back you. announcement dividend go minute. the to like Thank

is a level, statements specific I leverage near-term reduction or in a this dividend under opposed see to to evaluation? like as -- long-term think is near-term that as sounds payout I growth see you that morning leverage a metric constant it need at there's it change the And those wonder a rate. really really And conferencing a if a outlook. change growth certain a given ratio such the the in you'd characterize really in in through as

Francois Poirier

sure that's It's we're to and comments. get Company. And years. situations maintaining want is free income Robert. we And dynamic our Balance growth see where strong reductions tremendous shareholders, see, and there also capture because we to make several that and I'll started Joel be and be I'll even to opportunistic don't the for others throw next earnings cash-flow our time. a dry here we capital X% balancing have allocate that, additional providing rate This something to cash-flow, The for energy the over will but and think additional that continue grow Thanks within strong metrics. idea into to appropriately growing through provide evaluation to powder. dividend we're a the you Balance over I Certainly, rate. ask evaluate to for very emissions We process at simply constantly can put, a transition ourselves Sheet a above X it we above to us to opportunities opportunity is comment. stronger the Joel, Sheet going I'll maintain to extent

Joel Hunter

thanks, for the Yes, Robert Francois question. and thanks

get time, CS will that over stronger X/X we X into particularly metrics leverage time mentioned, that EBITDA over the more I down. at time. we to Francois you the these want look As over get range in grow our like and when

That Francois capacity. our important just have think additional said, for you if that I the to as powder, dry bolsters us, Sheet. will, it's Balance for

very think we really for X that. it that debt some with I of again, a take -- around the as take we it's will reach, the to EBITDA. if it there. not be X/X of happy time. target to get the area I that they us -- on cadence would how But like of depend of X will last it'll on to time really debt though it think Robert, about It's traditions note, long will We're So you can EBITDA, take and spend, kind focused have stated But is that. years, far X.X. our that's ended at out that to year but important

Robert Catellier

the Thank higher you. going provide can CapEx Bruce MCR spendable, to is capacity question next speak be Can you bit what's the Power, or you [Indiscernible]. detail as to up and there. with achieved My operational Thank you. some there a Program. rate little more is That's on contrast maybe And through and to. helpful means the that on going

Corey Hessen

Project Corey. of the Bruce The remainder decade. Phase to is XXXX. Hi, going X-phase it is X. a X would Robert. project think up I as is Power The take it the about that's to refers It's the rate way of right execution approved is on meaning under The there's the $XXX construction all X, we cold approximately to now, the capital. of as to which is and operations. Phase million what plant, would nuclear we just side refer no risk

by in it's we on progress phase-by-phase and of objectives expect phase of process the have based schedule that can and XXXX X. Phase will of facility. and the for X,XXX and attained a side their nonnuclear Each meeting goal So for in primarily goals been megawatts year-to-date cost through improvements be approved the funded

Operator

comes Securities. question Our next go ahead. Ezergailis of from Please Linda TD

Linda Ezergailis

too growth of but rating deliberations is much potentially much conversations in wondering agencies pending Thank a rate of in dividend if a consideration don't that? interest, appropriate I'm sort dividend, like any but factor, an maybe considering upon any, secondary, converging for other debt high of how of changes on your were you. there example, tax anything to were the time any want just also, with and were factors it any well, I or your and so belaboring spend that the jurisdictions your as

Joel Hunter

It's Thanks, Linda. Joel here.

made our pressure would cash no redeploy was there's to ratings [Indiscernible], that say was no our that that there retain more with we prudent on discussions was that we business. our This the a decision on into found metrics. own flow First, to

whatsoever. no we call regular do there's them, the no whatsoever pressure from we of want again, net ratings to rate emphasize, But pressure So them to update I is have out did this mention just ratings, here. with but

Linda, in at OECD. come final actually legislation mean, any it's days moving on can lot to till all there's look they at that, Canada, tax We'll relates in of make we what's tax changes where the if out through you position. impact it our parts tax As have wait there's the determination of any actually comes before to U.S., the saw I early here changes, a

the that X% we into to your them did don't did X% early have and So any speculate, to factor dividend, decision to want on hear on nor days we again, pressure very but [Indiscernible] whatsoever. the from that did not

Linda Ezergailis

might to on on beyond EBITDA remind any that inflation. year earnings context place. wondering parts provide what protections that well. But the tailwind your very we helpful. have there of would moving or us net as think and might lot can when you you see if the what of And I'm in be versus for next headwinds, And context. if we can for percentage us moving outlook just a Maybe is the update of Appreciate

Francois Poirier

Francois. one. I'll take Thanks, Linda, that it's

we settlement As on as very We Gas, to and gas on well rates we our of in jurisdictions, X you're volumetric commodity risk. aware, systems in predominantly respectively. have very or the well. natural negotiated our terms the risk our little various exposure the in have a years price And in mainline side, and charged X for Canada U.S. liquids and our rates business established

in rate So, vast standpoint. of risk The low. a rate from our of very terms revenues to exposure our borrowing under is interest is fixed majority capital

sharing cost with in going on And manage either projects, so forward. something where we that we our projects our our pressures the capital cost mechanisms something But of to extent close is see customers some through our eye inflation are take see managing very our costs terms forward. it's that and the going and of in on available. a we operating those It's

allowed forward project, -- that again, But forward. O&M we inflation any our on our our inflation. really of but on a terms return, going earnings in being not watch terms significant it's So really volatility see very impact carefully, rates as of pressures from that of we in as something going and revenues cash-flow don't and

Linda Ezergailis

Thank you.

David Moneta

Linda. Thanks,

Operator

Hope go ahead. Our next of question Scotiabank. Rob Please comes from

Robert Hope

Morning, everyone.

risk question cost. thinking regarding forward GasLink. you're the in the about slip the schedule higher the you on Can as Just and there as the update how well Coastal capital on first us path capital at

Tracy Robinson

Good Happy to comes them with needs that's ensure customer this very [Indiscernible] facility. the do very GasLink closely through on continue consistent that advance Coastal with we timeline on as in as project, Listen, toward closely morning. their to working we the a our completion, with Yeah. that. we work work to pipeline we are

forward. aligned XXX% of then and more Canada both to of We've X,XXX continue now And halfway new course, and right LNG We're our there the people than, I there. working we've completion. And the XX% move and project are this we think committed so that. every achieving past with to than milestones a the need out more We're doing day. to importance

customers, and track. the on this sure going It's in think works we're to our that we committed to happens. come So that and project's making timeline for that

Robert Hope

of previously positives contemplation was discussed? So like any there's no

Tracy Robinson

are alignment disrupted. that We to construction authorities all importance a now, have that we we proceed not right LNG XXX% and the is need with in

So expect construction. out disruption don't we we're in and there doing a it

Robert Hope

And sources then Grid, there. Alberta shifting Carbon We'll areas high pressure call from over know, the large TCs you disposition the got. to Alberta, it, potential emitter for to the pipelines carbon

How you So and the taking the CCUs capital assets for taking your look along. plan when you're about at path how this forward thinking opportunity at comes your project? a are and a look potential

Bevin Wirzba

opportunity on. only Pembina to is partner -- with days, multiyear Rob. not our other and it's is have the industry industry what for a the solution in more but that We're one solution looking industry, at at competitive this feedback where Rob, provide as ourselves, Canadian we're energy broader for our focused a a parties folks potentially as emissions industry Thanks Bevin is We've and that early source that industry both basin, aspect other the But effort. could and well really approach. repurposing relooking getting as a from set be sediment deal this great points long-life it leveraging with assets here. of It's to -- solution our well is competitive an Western assets,

Robert Hope

you. Thank

David Moneta

Thanks, Rob.

Operator

of ahead. Kuske Andrew from Suisse. comes go question next Please Credit Our

Andrew Kuske

Thank ahead. morning. that opportunity growth you. Maybe Good lies on the just

If having that opportunities bit competitive more of maybe little you really returns higher growth could versus potentially a it in delineate what's foresee. in-quarter and you

Francois Poirier

in I'll processes, much in-corridor Andrew, that is quarter. ask going some and forward, put, more and Tracy more to I say going or would and permitting, the then set and Stan to be to start manageable growth driven opportunity happy risks I'm our be provide to by we proof like, much than Simply the find not. managing points. external

operator. trusted a We're relationships. strong very have We

operate. which Our communities employees in the live and work in we

policymakers. We strong organizations safety record areas we and have strong those relationships commercial with in a have with and

sanction perspective, the billion we're for I the than " lost singles year analogy, this revocation. baseball more and to using year. much fences. that's we We billion, from be year. to our sanctioned done with We've and energy unlevered related before see end emissions. forward with own of transition is what our going reducing very and being us, So, our $X on of with $X me That the projects projects can And project We've the including to X.X%. permanent job And you be corridor projects "swinging strong IRR from billion $X able smaller this an call our that'll backfill earlier of part. and to doubles, happy a sanction done execution

Stan the risk forward. be reducing then and to approach. going Perhaps risks and going around trend our going And Tracy. see execution capital that projects forward permitting going that's with the take I we'll So start because the to we're

Stan Chapman

is increasing, on And start -- type I And doesn't saying, growth to best little to achieve sell can given any to projects and of can the by I'll we going new ground for is that U.S. over margins therefore, grow time. of pipe that a Maybe spending. gas for Hey environment this growth in we're Andrew, value the if Stan. where natural guess I and complexity current is of capacity the regulatory one of is capital are the require our picture we truly continue I business, the every in, building paint see time that I'll the believe going around dekatherms within my view increase. you would we

autonomous forward. we're going to our like even that taking learning Artificial advantage focusing generating we're with going and think pipeline we've able Intelligence done machine So or reductions, of project, our we sales, new whether be cost our capacity on margins grow to on recently

is and ' of Gas earn with continuation $X.X as of effective billion our out rate starts we refer proposals, modernization prior in we to program years. Columbia every we service does with to modernization which a Second FERC. as of settlement would our [Indiscernible]. following point recently recovery It's given that include investment rate-case settled X the year. program, put capital April the And as of a a year Columbia end I at of our at October to case over bit the that filed part thing --

about we'll in and multiple you And should expansions projects continue billion relatively short service dollars if our these billion will. So the update that million depth in table QX, given I you're include XXXX. of constructible that in The period should are QX a capital to EBITDA capital, again, expectation news note X a of of $X there's if we you to capital growth have I included projects not are capital trace and permittable that is that to a back to originating really we're per each disclosures. we're trying yet, we billion corridor just and in that dead that settlement about not originate point put putting bill This into our to table And system, your and perhaps will. program question, and to only we year, modernization dollars billion projects $XXX compression-related will respect breadth my going largely with but approved. be the of when about service. also third, into year, times if out will growth year. the is to this year. of by we but about of Expected X new is projects, our $X.X

Next to on do under year, a same dollars. about billion just we're track the

are think LNG $XX Asia like to in difficult breakout like we're China. growth continued producer and growth is U.S. push. for me LNG East of or Xrd that about. specific going of the places in where going Xnd is respect going we've had to particularly organic some already also And WR, utilities success of for as opportunities The discount these from, you prices Opportunities the come element it's and look the talked see that, to an to on co-retirements, type come particularly, wave to again, amongst LNG the Coast So and a to give while I send-outs growth electrification we've with VR record we again bound. I wouldn't

our have natural growth carbon that, these think And all increased do For to higher flouring. gas, around; seeing of capture, would uniquely the of pipeline we top [Indiscernible] to likes. that out transitional situated increased and we're going hydrogen, opportunities I we're reducing capacity. production again, there's require on example, of traditional with capacity, that, I and renewable that's to the pressure gas of pipeline, All Bison that, ratios, all oil additional on characterize as

it So maybe and with that, I'll Tracy. to pause over turn

Tracy Robinson

NGTL and In of the to And ensure we're the this the competitive that's that the system more by North in a is gas of Stan. large has as America you is access question. within up know, system, [Indiscernible], the and NGTL positioning particularly thanks the access that the expansion most Montney area Thanks program, a fairly there, XX%. than into we're It for in base which some is increasing market to the program, system. to Canada gas what middle that

to an end So come well, that see you'll in program XXXX.

billion investments. Beyond we of a see $X.X billion about and organic-like $X that,

around look at increase, And sure carbon As we assets at to it as positioned as look And we system opportunities the the starting make opportunities continue we is the properly see electrify. of leverage succeed. looking to forward, system, that help all transition. our we to to at look opportunities as as our decarbonize, in the optimize basin activity price energy to to we're we

So done we've this to see have. of benefits expansion Right the resource-base already. that is we're a now, the tremendous we starting

strong on see financial make leverage to all this you're If that you results, we to continue. that base the of forward that look going at to look going some think in as sure pretty I And we're to we're gas on in Canada, Midwest, strategic down succeed, all gas. our in more seeing to our that the the growth the Mainline, fully drive U.S. participate pipes. Eastern into asset we'll positioned And

Andrew Kuske

it in the the doubles helpful. singles is analogy, Francois, made. and my of you the Do and just Company related question capital you've to But Tracy in X's to allow really lot of greater a see doubles all approach back I on capital transition and corridor the your and certain time the got the accelerate overall really of score Stan just yourselves the customers, for short all that the really period on in baseball maybe work itself. effectively a to are growth an appreciate a in answering question. the benefit sense to put that energy that comments TC singles you maybe offerings -- I if position run brings up and It's and and very can where second story

Francois Poirier

Andrew. Very much so,

energy And well. or of The it we of it. emissions billion expect those transition the characterized have reduction emissionless year. have majority you a into or energy you if think of sanction sanctions or to that of built the at projects projects the for look component $X rest I

talking customer at as able our projects, quite the we our less about returns So More look direction from either with to we what the or rightly associated our are. us in above-average larger commitments brings at that you along forward many their instances attract look us. number moving less capital. capital And transition. smaller and of is reducing around are for is are our for of taking, at we And to permitting emissions, our and responsibility, to out, pointed going perspective, a emissions, reducing as going we as look we've us, our as risk energy execution risks made base incumbent, the where reducing be for their emissions, we policy objectives more

IRR in my targeted the remarks, after-tax upper think I billion terms as forward X our well on as projects we're going for end plan the it So in And at ability of very think % newly to all very well, told, sanctioned votes that I we having of I you unlevered pointed for year. our out prepared XXXX. mentioned in sanctioned achieve every on [Indiscernible] us

Andrew Kuske

Okay. Thank very much. you

David Moneta

Thanks, Andrew.

Operator

Next of Please question from comes Goldman Sachs. go Lapides Michael ahead.

Michael Lapides

of taking you next uses sources I'm your question. years. at looking Hey couple my and of funds for guys. the for Thank

the source a One B. case assumed Thanks for [Indiscernible], getting at stood that of funds Keystone recovered? you pushed fill And back costs. what's strategy XL recovery and bit what's remind from just process those of of delayed amount that the out doesn't or timeline was C. A. for the gets out guys. recovery us: the in funds dollar the that's items or what's that little in it? get expected Can the

Francois Poirier

with recovery and go to back But start we'll Bevin, the then fill with respect to will the Joel.

Bevin Wirzba

Michael. Thank you, Yes.

And year. in help with project As us. and we totals, made to any the some great the $XXX supporting that XL, from our to you the are of disclosure, the to progress the on forward. we we've front fully we've since to respect With balances previous million. those by support resolve that by first as you, to permit highlighted, of did great Joel. support with revocation our us customers of advance to moved Post you outstanding customers Keystone move capital that Over next quarter commercial of had hope conversations disclosed upwards the

Joel Hunter

that, extent recover that. for thanks the Yes. thanks couldn't would simply debt. Michael additional To And we be question. the for through the Devin, that backfill

$X Michael. to it million, Bevin capacity from do mentioned. $XXX have to large because anywhere isn't million as that amount, a It's We

Francois Poirier

commercial our than we midst through a capital, alternative more risk and is as to negligible. These towards what well. parties. put, create are shippers. strong, from an the of in capital But the being to case a that be in recovering solutions us will Simply are to that even working view stock deliver commercial all that. capital little not that can perhaps of we our [Indiscernible] Where as value they win-win bit able we opportunities outcome I they're benefit that recoverable capital that The bit is need deminimus I'll biggest that to recover credit-worthy a add situation. be

are of to simply increased the solutions value commercial trying those We actually working recoveries. find on that

Michael Lapides

detailed you thank Appreciate the answer. guys. it, Got

David Moneta

Thanks, Michael.

Operator

Wells Please go next Fargo. Satish Our comes ahead. from question Praneeth of

Praneet Satish

if forward, your this? you or this the the on taxes If U.S., tax this minimum in business, a Thanks. help any NOLs or I'm corporations. do to to the wondering the side Good impact have on proposal XX% morning. went U.S. on of on here credits will could offset impose cash comment any you have

Joel Hunter

Joel Puneet. Yes. Thanks, It's here.

earlier, it's what's at we if minimum still transition the tax, that ultimately the -- So tax, that to I to final through. we will determine days to early as legislation what's look We'd look the at period. XX% have mentioned very went have again, impact to those come

grandfathering, any at, if We have to there's etc. look

given not have tax big impact some on especially probably a is a we we that, tax, XX% there perspective, a to NOLs use. cash So because us, that do can

So rush It's again, speculate. early. too just it's a to

determine given depending Just Canada, parts, the but [Indiscernible], the what mentioned if as Mexico, that moving the earlier, impact ultimate seeing a not legislation are see what versus we're not of really lot U.S., we're on whether current concerned we there cash for certainly it's I is -- we -- in taxes. our is, have ultimately we to

Praneet Satish

transition the become see transition energy reason I'd projects the bigger have piece comments. I and range. X% gas case I over projects Xx generate that it. the is an a there is And the to the like guess then Got but is project I just ask, lower wanted know Do target a back going to mentioned, and Company-wide IRR, to projects returns that time the energy backlog higher to a IRR I backlog. that go you imagine X, IRR? X% And of you the EBITDA bigger this X% the risk the overtime? have to

Francois Poirier

risk over But don't of we outside band to any that falling the see time.

carbon at of we're at electrification, As with renewables. weighted with basis, of confident that And within opportunities. our looking very the grid, seen Nikola X% average in range. course On opportunities with opportunities capital as hydrogen the to couple even are be to X% spent we looking fall we're over a that, the and we're us predominance from being of other going able the What you've through the years last to basis X% Energy Upgrade. And range. include transition Upgrade MCR that the both the at in to within Canada been roughly falls our of average X% include on Bruce gas, the XX.X% nonetheless, X.XX% weighted still But where beneath that on incentives. based Power, deemed the to fall return investments fall prescribed of with XX% a return X% X% on range on to we've the and rates able range. equity equity above

transition part returns. about extremely an disciplined So allocate lower very of generate default you energy That investments not on range And anytime how developing, our we're see We're X% should expect future. below presume X% we falling pipeline to the attract we in capital. to of forward by that that is capital that, and range don't based important the near us allocation decisions. projects

Praneet Satish

Perfect. Thank you.

David Moneta

Thanks, Praneet

Operator

of Co. go question next from Our and Tudor Please comes Taylor Holt Matt ahead. Pickering,

Matt Taylor

here. from question my want Yes. Only Thanks taking me. for

if producers looking there from carbon of conversations that net-zero opportunities seeing about emissions any partner gas transported cargoes, offer being preference. to where guys reduce LNG there and are to As to you any there's is are

First, for of producers basing a gas by might these damage? competitive source on some they from customers, LNG guys their where that give you,

Stan Chapman

are forward, part to terminals. take that. interested cargos going of to -- LNG the light quite to seen out China a for with we're the $XX part is this that it's the deliveries in to of a might past month particularly unprecedented and build doing been you the And have haven't really winter amongst And there think bag now over not a comfortable demand LNG of we Gas of forth no, such that to, is or fact, chain of seeing is in now where last LNG, mixed Record value -- I likes. that. I as is Matt, putting product weeks. couple again in the source Matter feed traded right bit in if first preference producers, Hey, customers respect this we're our capacity Overall, question for the a of there not that whether answer last the your will? Green Stan.

equal. are we the I think generally value like where we things in chain, all

Francois Poirier

you've color got on maybe additional the you on provide Don, R&D, if some initiatives topic some of could that of the going.

Don Marchand

I could. Appreciate Francois. that

we're R&D I to XX exceed And system by get about think I system you amount year Bcf are of XXXX. double on and of to taking by to Bcf track to this our perhaps end going the we XX%. that, mentioned we're probably that, the the to into XX up that, of into R&D earlier

So providers. with work to do is, the landfill we're trying of larger some

For it along the interact of our value the transportation at intersection the the Studying infrastructure. also their a at have and the the Corey value as to simple molecules come could this relative to chain context could well. in component. the be gas, pipeline agreement renewable buying that, renewable digesters to entering propositions are to buying extent landfills electron and an we example, the perhaps a management provide component, producer, And into in conditioning well. component, as, ability or as unique look the an And from team in gas determine where role asset as of the 's

exciting lot yet I think come of bullish on step opportunity. a renewable So gas to that under we're really [Indiscernible]

Matt Taylor

for Thanks Great. taking questions. my

David Moneta

Matt. Thanks,

Operator

National Patrick Please Bank of go comes question Our from next Financial. ahead. Kenny

Patrick Kenny

Good you. Thank morning, everybody.

and GasLink follow-up a Coastal more on on Just side. the cost

got exposure net your whatever Not I've financing on for manager. much point financing, be other that project $X.X Manager, this the partners, respect any your this to that north Just you exposure LP project and of claim Project don't assuming financial incremental potentially in at sense have B. no you any a partners want the guys Was how can LP legal well. up with that also billion. have That make as reason A. would for as making incremental you your recourse share yes. LP yourselves $X this point, sure would firming protection worst-case the right as project from to might sure assume being billion, that just partners at or

Tracy Robinson

I closely very you I to you industry, but Patrick. first, both LNG -- address we're let know we towards And with completion, to the me the working critical the LNG just advance financing let mentioned, we points to this to of few Canada. a as as components may can Joel project is that course to in Hey, temporary address important us Canada country, agreement that an we're the reach of details some say discussions can of confidential. between that to cost very any course issues and of on well. discuss the those financing will the and is But that temporary issues between what resolution as the we're of they're ultimately lead hopeful on because going schedule us

of We to ensuring the of that's I than on note, out are will continuing pass progressing that line And with that field disrupted. to Joel. importance XX% work not LNG, with done. very Canada on over in the the people pipe, more it Lots that

Joel Hunter

Tracy. Thanks,

So billion to to be temporary, commitment up yes, us that, that would saw there a us for if $X.X the Patrick, you land into is disclose necessary project.

be we would expect that and We will that CGL fully project this that temporary. think $X.X wouldn't so, important But a investment required, be increase able you on credit were it's return that again, earn it. required. on we'd to we'd if return And a that though, if to will, facility. as if that likelihood up of note over I viewed time its be to billion earned would temporary the be

Patrick Kenny

execution maybe And obviously relates as a very That's still hydro then a helpful. capital think but the quite opportunity, pump lead challenges, you Thank follow-up, to construction it Great. in as and you. Okay. intensity and risk. about, of different similar long design context say the project as very

build-out, risk-adjusted mitigating experience order how curious, to risks in your your diversify strategy returns? the around influencing might CGL just just be during So your and this maximize

Corey Hessen

Hi, the for Patrick. It's Thanks Corey. question.

question a business parts your TC part that really be create business. it fact means to think I the everyday a have from and of opportunities learnings that to what have other we amplifies Energy diversified of and our we

how other the constituents. Storage would partners include what we understanding X, Pumped process on to nation, number So Ontario [Indiscernible] and investors. It and will Project we applied and want the have our will this it learn we learned local is, include have Saugeen partners And apply will because include what operate. that and -- in Ojibwe Project, potentially to

of partners, and be both guide through because Bruce they and project leverage it a responsibilities. making particular project. the on and in this our on roles are our about with And to OEM opportunity this our supply we sure think right we strategy be chain pumped of what we with served have province, that so execution process construction for in include the same able close done, we also contracting same an the same process, to their this -- along us so we we hydro strategy. that us for advantage us early just both our competitive them sort a is the well, I definitely all and very the just sure clear partners the very to the partnership actual work help and for really move fact strategy are focused on that's in And excellent contracting process make to the And so jurisdiction, all will how thinking we're aligned would as I that we as that have customers, we have on excellent with secondarily, Power,

Patrick Kenny

Great. Appreciate the color I'll leave there. it

Operator

at Energy. question go and this the please Francois the to session. I ahead. concludes further answer now over gentlemen, Poirier. call turn there Please contact questions, Relations Investor TC any will If are and Ladies

Francois Poirier

That's much. our very our strength disciplined adherence to always, preferences. and proposition. value risk part you our as closing, emphasize of a Thank conservative approach, financial In critical

X.X% of TC Thanks thirdly, after-tax results. very we for high-quality year-to-date, direction unlevered sanctioning IRR strong prospects growth as forward, financial our and vast transition. performance terms our of prosper, the about seen year strategy, you've pace the will irrespective upward to our and as energy produce provide I Energy we this or as an energy of results said revision continue think about And for Secondly, in of our outlook, billion projects our time today. think prosper $X strong going with assets opportunities our to long-life and transition in to with in your much operating

Operator

This concludes conference today's call.

Thank a you and your lines. day. pleasant have disconnect participating may You for