I would honestly say that it's a bit too early to know for sure. The new proponent, which acquired the rights to their project around the new year, December or January, is doing its own work on a revised cost estimate. As I said, 2022 was particularly challenging from the perspective of the escalation of core inputs.
It's also, as I mentioned earlier, a very specialized kind of construction. There are only a few boats in the world that can do this kind of deep trenching and laying of high-voltage bidirectional cable, so you also have to worry about when you can get a boat that can do this. The new owner, who I think may be appearing before the committee, has been doing some work.
In answer to your question, as investors, it's our job to receive their updated cost estimate. On the other hand of that equation, the Government of Ontario is doing its modelling and updating its modelling. They need to determine their updated view of the value to Ontario ratepayers, because, at the end of the day, this contract is with the IESO, which represents Ontario ratepayers, and they're willing to pay an amount for this line.
That math has to work, so the Province of Ontario has to determine that they want to proceed at a price they're willing to pay, and then we can lend to the project. That's what we'll need to figure out in the months ahead.
As I said earlier, it's about better grid connectivity east and west across our country but also north and south with our neighbours. A more robust grid makes more reliability, it makes lower power prices for everybody, and it makes better GHG outcomes for everybody. In the long run, we hope this project and many like it do proceed, and we'll see.