Thank you, Mr. Chair.
Mr. Maki, I read the PBO's 2022 report because I was interested in the pipeline issue. As the CEO of Trans Mountain, you've certainly read the report. I assume you'd be interested to know that, by early next month, the PBO should provide an update on those figures.
Now I would like to go back to the 2022 figures. According to the PBO, those numbers clearly indicated that the Trans Mountain project was going to be a net loss for Canada and an unprofitable undertaking. On the one hand, he attributed that to the skyrocketing cost. At the time, it was $21.4 billion; now it's $34 billion. On the other hand, there was the issue of delays. The PBO thought the project would be complete in 2023, but it took until 2024. I don't assume the PBO is going to find that the situation has improved.
Earlier, I heard you say that, in your opinion, the project was profitable. I'd like to know what your statement is based on. Are you able to demonstrate that to the committee? You have no doubt done some projections.
I'd like to know how we have such different results. Personally, I trust the PBO, but I also trust you. On the one hand, the PBO tells us that, at a cost of $21 billion, the project is a net loss for Canada and unprofitable. On the other hand, based on your analysis, at a cost of $34 billion, the project can be profitable. I would like to understand your reasoning a little better.