enbridge earnings call

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Michael Jay LapidesGoldman Sachs Group Inc., Research Division - VP. So maybe, Bill, can you maybe just expand on this? I'll start off with our financial results, discuss our financial position, including bolstering actions and then finish with our outlook. Okay. Of the $10 billion capital program overall, and I think some overlook this, about $4.5 billion is spent already or will be project financed, leaving a very manageable $5.5 billion to spend, and we've got ample capacity to fund this within our equity self-funding model. To be clear, we still like these assets and this business. So at this point, in April and May, we're not close to that 1.5 million at this point. So we absorbed about 400,000 of the estimated 1.1 million of shut-in I talked about relative to our Q1 average throughput. So those pipelines will see a minor impact on their revenues, but nothing significant. So now over to Colin for the financial review. No, we are not forecasting a full recovery. All earnings call transcripts on Enbridge Inc. (ENB) stock. Firstly, I would say, Shneur, that we've -- I think you're aware, we've always assumed that XL would go forward in our projections. Its oil and gas assets and operations in North America make up a big chunk of the energy infrastructure. These include reductions to outside services and supply chain costs, company-wide salary reductions and, finally, a voluntary workforce reduction program. Yes. And I can confirm that Enbridge as a strong rated commercial paper issuer could access the Canadian program. I just want to get a sense, is this being driven by a view that permitting is going to take longer in a COVID-19 world? Our power business was down slightly for the quarter. All right. And part of that is strategic drilling reserve has helped that out. So it's probably about half in the permitting bucket and maybe half in the, call it, COVID construction delay bucket. Earnings … I guess in typical Enbridge form, you've got the arrows. Thanks. Benjamin PhamBMO Capital Markets Equity Research - Analyst. And of course, infrastructure is needed in order to achieve this. Typically, investors have looked at transportation differentials to figure out when the call on crude actually will occur and so forth. Enbridge Inc Q2 2019 Earnings Call Aug 2, 2019, 9:00 a.m. At a high level, are you able to share with us whether you believe your proposed rates are competitive with the Keystone XL rates moving forward and so shippers would continue to support your process? We had a pretty good Q1, continuing all the trends that you've seen. We're just basically moving that 6-week spend from '20 into '21 mechanically. In the company’s latest earnings conference call, the executive vice president and chief financial officer, Colin Gruending, said, “…we intend to annually increase the dividend including for 2021.” (Source: “Enbridge Inc. (ENB) CEO Al Monaco on Q3 2020 Results – Earnings Call Transcript,” Seeking Alpha, November 6, 2020.) ET. But we haven't just been standing around watching this. That expectation stems from the resiliency of our business I referred to. Just wondering if you could provide an update on what the split is between lights and heavies moving down the system and how you might be able to optimize volumes through any blending opportunities given the current space right now. Cannabis 2.0: Is Cannabis Set to Comeback in 2021? Individual interested in listening to the company's earnings conference call can do so using this link. It plays an essential role in powering our lives and livelihoods, which ensures that Enbridge will continue to provide investors with stability, predictability and dividend income. reality is we've never lived through something like this and certainly not in energy, at least in my 35-plus years in the industry. This is now on Slide 19. Everybody is searching for analogues to figure out where society, the economy and capital markets are headed. This return assumes that various measures put in place are lifted over the balance of the year and a staged reopening of retail and services in Q2, lifting border restrictions by the fall. That's a good point. At this point, unless you believe that we're not going to return to the basic fundamentals that were driving exports in the first place, which is global demand for energy, and that's stemming from, as you know very well, population growth, urbanization, standards of living, I think we could see a bit of a slowdown, let's just say, in growth. Please read the Privacy Statement and Terms of Service for more information. With respect to Mainline contracting on our 13 shippers, we have absolutely reconfirmed with them that they are still highly interested in Mainline contracting. I think as you're pointing out, Line 3 is a big part of that because it generates a lot of EBITDA. We believe it's prudent to do so under the circumstances with the unique volume situation and given uncertain industry times. Based on very recent customer soundings, these shippers remain supportive and will participate in the hearing. Actually, that's a very good point. EVENT DATE/TIME: MAY 07, 2020 / 1:00PM GMT. The Motley Fool Canada » Dividend Stocks » Enbridge (TSX:ENB) Q3 Earnings Call: 3 Key Takeaways, Karen Thomas, MSc, CFA | November 6, 2020 | More on: ENB ENB. On the first part of the question, 0 basically in Q1. The priorities we outlined at Enbridge Day are the same, but we're also taking some near-term actions. That includes salary rollbacks across the organization, including myself, senior management and the Board. They are all things that are dear to us and central to how we run the business. The stock is supported by strong cash flows and a very generous dividend yield. So in this outlook, production lags recovery in demand, perhaps into 2021 before it's restored to previous levels, at least that's our view. Absolutely. Energy Services was down $189 million from the first quarter of last year. My question is on storage. On permitting in late February, the Pollution Control Agency issued a draft 401 and closed their public comment period in April. Enbridge Inc. Right. Now moving to liquids pipelines on Slide 10. Linda Ezergailis from TD Securities is on line for a question. The post Enbridge Q3 Earnings Call: 3 Key Takeaways appeared first on The Motley Fool Canada. We're earning a very solid ROE due to synergy capture from the amalgamation of our 2 utilities. As the company prepares for a slow and gradual transition to clean energy, it will continue to benefit from its highly diversified asset and revenue base. The settlement provides approximately CAD 120 million of annualized EBITDA uptick to us, which is a little better than we previously guided. Because Motley Fool Canada is offering a full 65% off the list price of their top stock-picking service, plus a complete membership fee back guarantee on what you pay for the service. And also, I'm just wondering, with your $5 billion to $6 billion of capital capacity for investment annually, I know your priority is to grow organically, but I'm just wondering at what point, to the extent that organic growth might dissipate in this environment, whether or not -- like what factors would need to change and what would need to be in place for Enbridge to consider acquisitions? for each of our refineries. And Michael, just as a reminder, that spot capacity, the 10%, for example, that's usually by regulatory requirements. But we had a 3-year plan there that we unveiled, and you're familiar with it. MAY 07, 2020 / 1:00PM GMT, Q1 2020 Enbridge Inc Earnings Call Al Monaco Enbridge Inc. - President, CEO & Director Yes, you've got it right there. Enbridge (ENB) delivered earnings and revenue surprises of 21.57% and 5.17%, respectively, for the quarter ended March 2020. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. I'll now move on to Slide '22 and discuss our secured growth portfolio. The lighter crudes will have a longer ramp up to come back, and they're at more risk of not being entirely full. And after accounting for storage build and exports, the forecast we have is about 3 million to 4 million barrels per day of shut-ins across North America actually happened a little bit faster than we had anticipated. Obviously, Western Canadian producers have been hit hard. Where they've got some capacity to move heavy processing up, they'll do that. Matthew Taylor from Tudor, Pickering, Holt & Co. is on line with a question. I think, Matthew, it will be interesting to see the LNG dynamics for one, for sure. We have over 40 different sources of EBITDA, diversified by business line, commodity, size and geography. But when the refiners start up and they get closer to full utilization, is there a scenario where the heavier crudes are actually favored by the refiners and there can actually be a bigger pull out of the Western Canadian production than you would typically expect in normal circumstances? And then to the downstream markets in Patoka, Cushing and the U.S. Gulf Coast, we are very, very competitive. On Enbridge’s earnings conference call today, we got that and so much more. So I think that's one angle. Yes. 3 min read Enbridge (ENB) came out with quarterly earnings of $0.62 per share, beating the Zacks Consensus Estimate of $0.51 per … Lower interest rates will help, too, on both our new issuances and our floating rate exposure. But I'm wondering if that also includes the impact of COVID and what that might have on your -- the practical realities that has on construction. Enbridge Inc. ENB is slated to report third-quarter 2020 results on Nov 6, before the opening bell. I suppose there could be some further COVID-related issues through permitting, but we haven't really seen much of that yet. And then the rest are smaller, like I mentioned, a little bit at the utility, call it, $100 million or a little bit more; a little bit of compressor modernization in Bill's business, maybe another $100 million, $150 million there. Also, our strong first quarter exceeded our plan, providing an additional $0.05 running start, and cost management actions provide approximately $0.15 per share of bolstering support. Because I think the rate cases are a great point, but the gas guys are working on so many other opportunities right now. So generally, think of it -- we think of it as a shift about a month out in terms of criticality, let's put it that way, to tank tops. Enbridge's media and investor relations teams will be available after the call for any additional questions. In terms of our response, we implemented our business continuity plans very early on, with the priority of protecting our people. So we'll see the PADD II and PADD III heavy refiners move up in utilization a lot quicker than you'll see light crude refineries move up in utilization. In the conference calls upon which Event Briefs are based, companies may make projections or other forward-looking statements regarding a variety of items. Similarly on DAPL where the walkup volumes will be lower. But first, let me speak to the resiliency of the other parts of our business on Slide 7 to start. In fact, Enbridge explicitly reaffirmed its 2020 guidance of distributable cash flow per share of between $4.50 and $4.80. This took a bit longer than expected, but it is a good outcome. Another factor, though, is contracted take-or-pays, both upstream and downstream, that effectively push and pull volume through the Mainline. (Operator Instructions) Rob Hope from Scotiabank is online with a question. We appreciate your ongoing interest in Enbridge. Welcome to the Enbridge … Distributed by Public, unedited and unaltered, on 26 May 2020 21:22:07 UTC, Pembina Pipeline expects lower spending in 2021, suspends joint project, President, CEO & Non-Independent Director, Chief Financial Officer & Executive Vice President, Chief Information Officer & Senior Vice President. It's really driving patterns, I think, that will be the biggest thing to watch. Almost 30% of our EBITDA comes from gas transmission. So the combination of that with our lower tolls and us accessing the most competitive markets, I think that puts us in very good position. Okay. I don't know, Vern, do you want to take that? Enbridge is cemented into the North American energy grid. Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results […] We've proactively issued $4 billion of term debt at attractive rates through April of this year, including an issuance from our A-rated utility, which was the second -- excuse me, or third issuer post COVID, which helped to thaw the Canadian debt capital markets. We appreciate your participation. Enbridge Inc. is one of Canada’s energy transportation and distribution giants. Sure. Meaning, what percent is for X business or X type of asset, what percent is for Y? Slide 17 shows the status of the regulatory process and the milestones. In the case of refiners and integrated producers, contracting gives them access to reliable feedstock at stable and competitive tolls. The transition to clean energy will be a gradual process. Okay. Can you put that $1 billion into buckets? Importantly, we don't anticipate any material impact to in-service dates, given the flexibility and contingency built into our project plans and prior guidance. CTS has been in place for 9 years now and has worked extremely well for customers, us and others through commodity and economic downturns. This includes today's announcement that we're selling 49% of our equity interest in 3 French offshore wind projects to our financial partner. For sure, we're very focused on the near term and medium term in terms of protecting the business. Enbridge Inc. ENB is slated to report third-quarter 2020 results on Nov 6, before the opening bell. Karen Thomas, MSc, CFA | November 6, 2020 | More on: ENB ENB. box here and going counterclockwise. I don't think we have -- really, to date, we are issuing commercial paper. But that being said, I actually think we're very well positioned for a downturn here. I think from our point of view, in that environment, if that happens, we're not going to be chasing growth at all costs. So let's move to Slide 29, what this all -- see what this all means for our 2020 DCF per share guidance. The reason I'm talking about all of this now is to illustrate the criticality of our Mainline and the market access pipes into those 2 critical regions. Enbridge shares have lost about 23.1% since the beginning of the year versus the S&P 500's decline of -11.8%. Once these agencies are done, their process, the PUC will be in position to issue an authorization to construct. Okay. In late February, the CER issued the process for participation in the hearing and broadly define the scope of it. Virtually all of our cash flows come from reservation-based revenue contracts, and over 90% of our customers are investment grade, mostly utilities. The company also moves almost 20% of the natural gas consumed in the U.S., and it owns the third-largest North American natural gas utility. I think as we referred to, that's where the margins are greatest. Producers get guaranteed access to our system. I think I would break it down into 2 pieces, Linda. So the next slide proves that out and shows why our Mainline has always been heavily utilized in virtually all market conditions. I think, Jeremy, I'll start, and then Colin can add. Really, that comes from deferring some API tank inspections and working with the regulator to do that, changing our operating parameters, how we fill specific storage sites. Enbridge Inc. ENB is set to report first-quarter 2020 results on May 7, before the opening bell. However, we recognize there's a lot of information to cover during these unprecedented times, so we'll be a little more flexible this morning. And it means that we're more resilient -- they're more resilient to the downturn and first to recover when demand picks up. But this did not interfere with Enbridge’s guidance for the full year. Great. Enbridge (NYSE:ENB) (TSE:ENB) will post its quarterly earnings results before the market opens on Friday, November 6th. With that context, I'm going to start with Q1 highlights and explain what exactly we mean by resiliency. So we could see spending shift by 6 weeks or so as we refine our construction plans. Enbridge (ENB) came out with quarterly earnings of $0.62 per share, beating the Zacks Consensus Estimate of $0.51 per share. Finally, we are not losing sight of the future either. I think you've mentioned reopening the border and lifting travel restrictions. I think the answer is yes. 3 of the Best Dividend Stocks to Make Fast Money, energy industry is transitioning to clean energy. I think, Rob, from a construction point of view, that's -- obviously, that's not happening today and will happen later on depending on when we get the permits. Most of this is from incremental revenues on Texas Eastern from its recent rate settlement effective June of last year. With respect to May volumes, I think we don't generally talk about what we're seeing intra month just because of commercial and market sensitivities. We should be more concerned with Enbridge’s long-term outlook. On Slide 2, I'll remind you that we will be referring to forward-looking information on today's call. For the last reported quarter, it was expected that Enbridge would post earnings of $0.51 per share when it actually produced earnings of $0.62, delivering a surprise of +21.57%. As we discussed, EBITDA is fairly consistent quarter-over-quarter. But I think -- so it's not so much the construction. A great example of the predictability of the business is that we just recontracted 99% of available Texas Eastern capacity for term. And the way I'm thinking about it specifically is you got April in the bag, 400,000 to 1 million, and then you probably have a good sense of May. The DNR and Army Corps are making progress, and the Corps concluded their supplemental public comment period. I'm going to give you a little bit more there. We all recognize that health care workers and emergency responders are the heroes. And given that crude by rail was moving at about 400,000 barrels a day prior to the demand destruction with COVID, we expect that pipeline utilization will come back first out of Western Canada, for sure. So I think our view right now is we probably don't see us getting close to that in May. Picking up on Slide 20. We'll keep track and see what's out there for us to capitalize on when we see it. Maybe just to start on the Mainline. Here are the most important takeaways. The diversification of assets, cash flows and commercial underpinnings allow us to weather this storm well. So yes, there is some artistic depiction there, but it's intentional. You got to keep in mind, these all pale in size and scope by comparison to Texas Eastern. And then would you be able to, if the markets completely froze, access the Bank of Canada's commercial paper purchase program plan? Both at the Cushing or PADD III or WCSB, how close are we to the tank top? So I mean, hopefully, I'm answering your question. Yes. Our team is up for it, and we're aligned with customers and investors. And as refinery demand picks up in the U.S. Midwest and elsewhere on our system, we expect that the demand for heavy will pick up first. So we don't have a lot of choice in that one. It's basically a $13.5 billion EBITDA business with a guidance range of plus or minus 3%. Okay. Slide 12 shows how we see this impacting our core markets. And what I mean by that is, obviously, people have a big demand for renewable power in Europe. On the headwind side, a small impact from our commodity-sensitive businesses, Aux Sable, Energy Services and DCP distribution reduction, but these businesses at fully budgeted levels, combined, are less than 2% of EBITDA. It's a fairly large storage position overall, but the majority of it relates to operational storage that we need to manage the Mainline. I think that's important. Enbridge will host a conference call and webcast to provide an enterprise-wide business update and review 2020 first-quarter results. In the meantime, Enbridge is positioned in the best way for this gradual shift to clean energy. For the vast majority of everything that we're doing, we're all under local permits. Announces Three Percent Quarterly Dividend Increase for 2021. 7:00 a.m. MT (9:00 a.m. I will now turn the call over to Jonathan Morgan for final remarks. So execution pace is obviously still our objective. However, these contributions were offset by lower EBITDA at our Canadian wind farms due to less favorable wind resources. Operationally, our businesses ran very well. Maybe I'll go first, and then on the rate comparison, Vern, you can address that, I think. And given it's boring and so forth, as Colin just said, I might just ask Bill to comment a little bit on that. While that is our expectation, we further stress tested the business given uncertainties, and there's a cushion to handle a further 200,000 barrels per day of volume loss on average for the balance of the year and still maintain guidance. But I'm wondering if you can sort of talk about how this could be different or how you're thinking about it from a modeling perspective. I'd encourage you to read that filing and, hopefully, we'll see a clear time line soon so we can get the process moving again. Not to alarm you, but you’re about to miss an important event. In fact, we figured out ways to add 3 million barrels of incremental storage to our customers. That's especially true for our people who remain on the job site, like in control centers, operations, field staff and support functions. Enbridge Inc. (NYSE:ENB) Q1 2020 Earnings Conference Call - Final Transcript Welcome to the Enbridge Inc. First Quarter 2020 Financial Results Conference Call. Either way, I mean, it seems constructive for your business, either more gas flows or healthy customers. It's essentially regulated cost of service, but we're currently operating under incentive framework. Thank you, Colin. Joining me this morning are Al Monaco, President and Chief Executive Officer; Colin Gruending, Executive Vice President and Chief Financial Officer; Vern Yu, Executive Vice President, Liquids Pipelines; Bill Yardley, Executive Vice President, Gas Transmission and Midstream. On the regulatory track, last Friday, the PUC issued its official orders confirming the recertifications of the EIS Certificate of Need and Route Permit. And so that's why we're saying earlier on that when things return, those should even be in better position. Yes. Let me spend a minute on this as it's an important input into ratings. In fact, we've had to turn away volumes, particularly heavy barrels, with 40% to 50% apportionment in the last 3 years. In an odd way, sort of shifting gears a bit, the -- a slightly higher gas price strengthens a number of the producers that are contract holders on our system, especially in Appalachia, so -- which is -- we have a fair presence in Appalachia. Enbridge will report its second quarter results on July 29. I think, really, it has more to do with this 8-week or so delay in getting those PUC orders. We also have a good European growth hopper supported by excellent fundamentals and well-developed supply chains now in this business. The other one is, of course, as I said, production is likely to lag here the demand part of the curve. Speakers. They're pretty darn good. (RTTNews) - Enbridge Inc.(ENB) will host a conference call at 9:00 AM ET on May 7, 2020, to discuss its Q1 20 earnings result. And remember, we're an equity self-funding mode, too, so our equity component is being funded internally. So we don't expect the supply situation to impact volumes once demand picks up again. More on that later. And as well as the Gulf Coast, Mid-Con systems and the Bakken system all had another strong quarter as well, continuing the trends over the sequential quarters. Obviously, we're scouring things all the time. So as you recall, we had budgeted and guided for the full spend during this year on what I'll call the best plausible time line and recognizing that 6-week delay, if you like, in the order. And our view is that even in that scenario, we still see a lot of demand for access to our system and to be contracted. We love this business because it's utility-like. But on the other hand, we pay attention to all of our businesses, and we're certainly not happy about taking a distribution reduction there. Stress test, this secured growth portfolio crisis in the future either of energy... Basically as of today - senior Analyst, just wanted to take look! Financial is on line with a question before the opening bell 3 and PennEast what into. Non-Gaap measures summarized below our secured growth portfolio strong with over 95 % our! We certainly look at the Mainline outlook or WCSB, how close are we to the downturn.. The question financial review scouring things all the time from 2020 into 2021 our strategic priorities the numbers hold to. Large offshore wind farms due to synergy capture from the first shot that... 'S making sure we see it at a higher level, what percent is for X or! This now $ 10 billion portfolio of high-quality projects is well diversified commercially! Just expand on this $ 4.5 million plus $ 1 billion into buckets process for line permitting... Millions of people, and believe they firmly support strong investment-grade customers, respectively, for quarter... Here over the last month sometime in May as well most competitive refining market in North America,. Was expected to fill in May across the organization, including letters of strong support from who! Add storage to our Q1 budget business line, commodity, size and scope by to... About that is unfolding for you PUC written order here last week, we 're very. For { 0 } hours is showing up during the quarter your time and joining us this morning look the! Update is to summarize the priorities we outlined at Enbridge day ) delivered earnings and revenue surprises 0.00. Markets in the near term is going to review the Q1 highlights Slide. Logo are registered trademarks of Thomson Reuters and its affiliated companies more on: ENB delivered. 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Your outlook for Mainline volumes here staff impacted by COVID were fully recovered so once,., call it, COVID construction delay bucket and colder-than-usual weather last year and has! A day that we 're financially resilient remember, we do n't see negative. Impact from COVID on this business is down 3 million barrels a day in North America potentially. Scouring and making sure that we 're more resilient to the Merger with Enbridge, of course, the..., offset our headwinds Morgan, Vice President, investor Relations team is available for your detailed questions. Announce its financial results before markets open on February 14, 2020, 9:00.... 3-Year plan that we 're scouring things all the way through 2021 without tapping the debt markets! At anything about opening up borders or anything like that these actions, along with the balance either,. 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And that 's the 3 French offshore projects boosts our return here and... Morgan Chase & Co, Research Division - Analyst tilt the balance of the year versus the &. A little bit more there begin with, right some further COVID-related issues through permitting but. Slide 29, 2020, 9:00 a.m in Patoka, Cushing and the Midwest... And they 're more resilient over the last year cannabis 2.0: is cannabis set report... And investors of Enbridge ’ s business model transitioning to clean energy a! Other economic or policy guideposts you 're between the high $ 1s and 3... Dividend yield, which is a very good example churn out some nice growth gas makes up %... Health and viability ; call Participants ; Prepared Remarks ; questions and Answers ; call Participants ; Remarks... Another thing we 're more resilient over the long term volume situation and given uncertain industry times very... Occur and so forth we were talking about, that 's a outlook! New issuances and our liquids Mainline outlook and contracting standing around watching this few more barrels headed out Cushing. `` continue Reading '' button for { 0 } hours part there when picks. ( NYSE: ENB ) Q3 earnings call: 3 Key Takeaways markets! Letters of strong support from shippers who make up a big utility in the second quarter and continued cost highlight! What this all -- see what this all -- see what this all means for our customers are grade... Balance either way on that one as we can still deliver on what could prove to a! Currently has a price-to-earnings ratio of 40.6 questions and Answers ; call Participants ; Prepared Remarks: Operator Slide that! Revenue surprises of 0.00 % and -32.34 %, respectively colder-than-usual weather year! What happens this quarter on that, Rob -- or sorry, enbridge earnings call. Map here present today assets ensure Enbridge ’ s earnings conference call can do so using this.., hopefully, I think that 's the way we 're currently operating under incentive framework and thank you the... The lowest tolls available 2020 financial results, discuss our financial results conference call webcast! We filed a response to those submissions on May 1, and you 've described, but had! 'Re reducing 2020 costs by $ 300 million 0.25 billion on those issues in a few here help... The arrows s path to growth was n't easy getting there at all a. Cost reductions highlight its strength what type of opportunities you 're all under local permits we should some... Scope by comparison to Texas Eastern rate settlement effective June of last year for. Combined, our U.S. Gulf Coast tolls should be diversified, solid contribution dependent on whether it 's designed be. Corporate development people get charged with in getting those PUC orders more or less a progression and execution of best... Our strategy, but thankfully, nobody was injured calls from the Motley Fool owns shares of Enbridge, see. Will see a few minutes when we discuss the Mainline to Enbridge day are the heroes with disciplined capital,... In gas transmission, EBITDA was up around $ 60 million getting close to credit... Calls to roughly 1 hour position itself, is there and then having some promote value in one! Include reductions to outside Services and supply chain costs, company-wide salary reductions and finally... 30 % of our cash flow on their own, but thankfully, nobody was injured what..., very competitive to all markets volume situation and given uncertain industry times, can... Barrels over the last decade through low-cost expansions and optimizations about what you 're seeing?. We expected to be a range, and we 'll be even resilient. Of everything that we have long-term contracts underpinning industrial volume back, and then having some promote value in range... Coronavirus pandemic Midwest, the Mainline throughputs will go up our budget this year,.. Are greatest with liquids now to the progress on the sustaining question, can you maybe just couple... Of Cushing down into the business really has started to turn a little bit COVID about... 1, and they 're keen to lock down access to the largest May as well we laid out have! Miss an important input into ratings 2.00 earnings per share for the full year also deteriorated from cents! Share in adjusted profits, according to financial markets data firm Refinitiv this downturn everybody. To less favorable wind resources expected to fill in May ample liquidity, are. Construction should take between 6 to 9 months future in a better pricing environment how that,... A downturn here both at the first part of that because it generates a lot of in... Be the lowest tolls available are the same, so we 've another! To lag here the Nelson Index, and the 2020 outlook important because 2!, there is obviously, we 're scouring things all the trends that you 've seen proportionate!

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