As I understand the question, Mr. Chairman, it really centres around the PBO report from 2022 and an update that is forthcoming from the PBO on the Trans Mountain expansion project, what they saw as value and how that would have changed since the last study was done.
There are a few comments I'd like to make. First off, the project is done. When the 2022.... Mr. Giroux commented on this in his testimony and said there were a number of things he would have to update. The discount rate would be one, because the project's done. The risk is lower. The project is in service. The tolling is higher as a result of increases in costs in the uncapped areas of the project, so the toll goes up. We'll have greater clarity on cost, for sure. Interest rates will have an effect on what the discount rate is and how someone may look at it. However, bottom line, I don't know what his study will say.
My conviction is that we have to be disciplined sellers. I think if we're disciplined sellers, Member Simard, we can get our capital back. If we're not disciplined sellers, then the other outcome is more probable, so we have to be a disciplined seller. That means if we're not happy with value, we walk away.