That's a really good question, and I should have my finance guys with me.
I'm not here to pick what the number of the commercial value is today. It really has to get down to what ultimately the CER decides the shippers have to bear in terms of those cost overruns.
I think a big chunk of those cost overruns, as I started to mention before I got pulled, was the delays on the permits. That pipe sat on the ground for five-plus years. The standby cost contributed significantly, beyond the acts of God, and when places like Jasper burn, the taxpayer steps up and helps to rebuild. There is a basis that some of that cost overrun, when it is attributed to floods, fires and COVID, shouldn't necessarily all be borne by the shippers. There's a capped and uncapped portion of the existing contracts. There needs to be a regulator opinion on how much falls into each category.
In terms of the original tolls, it was brought up at $3 for line 1. That line was built over 70 years ago. That capital has been fully depreciated, and the key piece to that was really driven by the operating costs, not by a return on capital that's been fully depreciated.
I would like to add one more comment. As we got into the finance readiness, we had the banks and had a series of bonds planned. I was in and out of New York three or four times, talking to bond desks. We had the bonds priced as support by the National Bank of Canada. What got to that point of what was left? What does it mean for you as an indigenous owner? It amounted to about $430 million a year of available free cash flow for distribution.
I was sitting with the chief of Tkemlups—which is very close to Shannon's riding—and was explaining what it would mean for Tkemlups Nation to own it. I was going through the math in this indigenous sovereign wealth fund, and she said, “Steve, I've just got to stop you because I want to ask you a question. Do you have any idea what my nation earns from annual revenues for the surface lease on the existing pipeline?” I said, “Chief, I don't have any idea.” She said, “It's $1,200 a year.” That is what that nation was earning for surface lease rentals, when there are hundreds of millions, billions, of dollars of oil going through that pipeline every year.
This is key to the piece. I'm sorry to segue away from your question. I don't have the answer on what those tolls will be. The regulator will decide on what percentage of that $35 billion will be factored into the tolls.