Operator: Welcome to the Northland Power Conference Call to discuss the Second Quarter 26 Results. As a reminder, this call is being recorded on Thursday, August 13, 2026, at 10:00 a.m. eastern. Present for the call are Christine Healy, President and CEO; Jeffrey Ryan Hart, Chief Financial Officer; and Adam Beaumont, Head of Capital Markets. Before we begin, Northland's management has asked me to remind listeners that all figures presented during today's call are in Canadian dollars and to caution that certain information presented and responses to questions may contain forward looking statements that include assumptions and are subject to various risks. Actual results may differ materially from management's expected or forecasted results. Please read the forward looking statements section in yesterday's news release announcing Northland Power's results and be guided by its contents when making investment decisions or recommendations. The release is available at www.northlandpower.com. I will now turn the call over to Ms. Christine Healy. Please go ahead.
Christine Healy: Thank you. Good morning, everyone, and thank you for joining us. Northland continued to execute on our strategy this quarter. Delivering strong operating performance, advancing our projects in construction and progressing the opportunities that will drive our next phase of growth. I will provide some construction updates, and Jeffrey will then walk through the financials in more detail, and we will open the line for questions. But before jumping into our results, I wanted to take a moment to comment on our broader market backdrop. Across our core markets, we are seeing a level of demand growth that has not been present for decades. That growth is being driven by industrial activity, data centers, electrification, urbanization, and more importantly over time, energy security. The energy security point is particularly important in Europe. For the Canadians and Americans on the call, the current European reality is quite different. North American natural gas prices remain relatively low and are largely disconnected from European and Asian gas pricing. In markets such as Germany, though, natural gas remains a key driver of electricity prices. Which means volatility in global gas markets continues to flow into power markets and resulting pricing. that is why the discussion in Europe has moved beyond simply adding renewable capacity. The focus is on building an electricity system that is secure, affordable, and able to support the electrification, industrial needs, and the data center demand. This matters for Northland. It validates our multi technology approach and reinforces the importance of investing based on what an electricity system needs. We do not start with a technology and look for somewhere to deploy it. We start with market fundamentals, system needs, and risk adjusted returns, and we invest selectively where our capabilities can deliver results. We do not see this as a short term cycle. We see a structural shift in electricity markets, recognizing, of course, that the pace and shape of that shift will vary by market. Northland is well positioned to respond through our differentiated development, construction, and operating capabilities across renewables, gas fired power, and storage. And I will note here as well that Northland does have a particularly differentiated capability in offshore wind. Demonstrated by the delivery of our 2 world class projects in construction, and our projects in operation. We have the people, partnerships, and execution capability to deliver this necessary and growing source of energy. I will add that not a single megawatt gets added to the grid through policy and discussion alone. It requires capable owners and operators who can build and run the infrastructure our markets need, and this is where Northland delivers. Turning now to our operations over the quarter. I have noted on these calls in the past that our goal is to be ready when the wind blows and the sun shines. And in the past quarter, our availability was very strong. In the case of our gas assets, we are ready to dispatch when the market needs us. In Q2, wind resources across Europe, particularly in the North Sea, were at the low end of historic averages. This was partially offset by our Spanish onshore renewables portfolio, solar and onshore wind resources were generally in line with the same period last year. Against that backdrop, our operational performance was strong with 96% availability, ensuring we were well positioned to capture the resource when available. Importantly, the low European wind was a second quarter story. Year to date, generation is in line with historical average levels, and you will recall there were strong wind conditions in Q1. As a result, we are reaffirming our full-year 2026 adjusted and free cash flow per share guidance. Turning to our projects in construction, Just a few weeks ago, we made history in Poland. Our 1.1 gigawatt Baltic Power offshore wind project achieved first power. Delivering the first electrons ever produced from an offshore wind project to Polish homes and businesses. This was a major milestone for the project, for Northland, our partner, Orlen, and for Poland. Many Polish and Canadian dignitaries were in attendance to mark the significance of this landmark event. Today, 61 of 76 turbines are installed, and 15 are generating power. The project is on track for commercial operations later this year, with costs aligned to original expectations. Poland is a priority market for Northland. We have built local partnerships, established in country expertise, and continue to see compelling market fundamentals driven by robust economic growth, and the need for additional energy infrastructure. Our battery storage projects in Poland are a natural extension of these capabilities and an attractive opportunity to further expand our presence in the market. During the quarter, we commenced construction on those battery storage projects, Dzwola and Gniew. Both projects represent a combined 300-megawatt, 4-hour duration or 1.2 thousand megawatt hours of capacity. Site preparations and foundation work are underway. Major equipment has been ordered. And both projects are on track for commercial operations in 2028. These projects deepen our platform in Poland and build on the expertise gained through the successful execution of Oneida and the ongoing construction of Jurassic BESS. We are leveraging lessons learned and our proven capabilities in development, construction, and operations to support project delivery and create long-term value for shareholders. Turning to Hai Long, our 1-gigawatt offshore wind project in Taiwan. We expanded the existing power purchase agreement with the corporate customer to 1% of the output through a 30 year contract. And earlier this week, we announced that Hai Long secured a $2.4 billion financing package. Through this, we have optimized the project, attracted new local banks, and accessed lower financing costs. We are encouraged by the increased participation from local banks in this financing Their involvement reflects the confidence and support for the Hai Long project in the Taiwanese market and reinforces the importance of aligning long term infrastructure investments with domestic stakeholders. Construction continues to progress, as 71 of Hai Long's 73 turbines are installed with 59 generating power. We expect all turbines will be generating power later this year and full commercial operations will be achieved in 2027. Shifting to Canada, our 80-megawatt, 160-megawatt-hour Jurassic BESS project in Alberta, is in construction All the major equipment has been installed, and we are in the final stages of commissioning with commercial operations expected shortly. Once complete, Jurassic BESS will be the largest battery storage project in Alberta, and Northland's second operating battery storage facility following from Oneida's successful commissioning in Ontario last year. Together, these 5 projects in construction add approximately 2.5 gigawatts of new capacity to our future operating portfolio and will deliver a meaningful increase in EBITDA and cash flow as they come online. Beyond our current construction program, we are focused on converting this backdrop into the macro backdrop I spoke of earlier into the next phase of disciplined growth. Particularly through opportunities where Northland already has operating experience development capability, or established relationships. In Canada, we are encouraged by the improving policy dialogue and the growing alignment between federal and provincial governments on the need for new infrastructure. We are watching carefully for regulatory improvements that can help unlock the next phase of investment. For Northland, this could create a compelling opportunity set in our home market, particularly where our development, construction, and operating capabilities can be applied with. In Europe, our focus remains on markets where long term policy direction system needs and Northland's capabilities come together to support attractive investment opportunities. And we see opportunities to deploy capital for strong risk adjusted returns across our core markets, including Poland, Spain, and the UK. We will pursue growth where market fundamentals risk adjusted returns, and Northland's capabilities align. We will provide a fuller update on our growth priorities with our Q3 results. For now, our message is that the opportunity set is broadening, and our approach will remain disciplined. Our recent Poland BESS acquisition is a good example of our approach. We identified and secured mature opportunities in a core market and we have been able to execute on them very well. Value enhancement is also an important part of our growth strategy. As an owner and operator, Northland has visibility across the full asset life cycle, which allows us to identify opportunities to increase returns from existing infrastructure, grid connections, and development rights. These initiatives can offer attractive risk adjusted returns with lower capital intensity and execution risk than fully new build development. Work is ongoing, including evaluating hybridization opportunities, repowering, recontracting, and capacity optimization initiatives across our fleet. We are focused on delivering the opportunities in front of us and creating long term value for shareholders. And with that, I will turn it over to Jeffrey to walk through our financial results.
Jeffrey Ryan Hart: Thanks, Christine, and good morning, everyone. I will provide some further color on our Q2 results. Northland generated adjusted EBITDA of $259 million, a 6% increase compared to the second quarter of 2025. And that increase was driven by revenue contributions from Hai Long, and a full quarter of Oneida operations combined with lower operating costs at our natural gas facilities. As Christine noted earlier, those increases were partially offset by lower offshore wind production in Europe, which was approximately 11 percent below the long term average. The resulting second quarter free cash flow was $23 million. This was approximately 60% lower than the same quarter last year. And the primary contributing factor to the decrease in free cash flow was a onetime benefit from a German trade tax refund recognized in the second quarter of 2025. And on a per share basis, free cash flow in the second quarter was $0.09 compared to $0.22 in the second quarter of 2025. Our net loss was $54 million for the quarter, which was in line with the second quarter of 2025. I will note in July, 1 of Gemini's 2 export cables had a circuit failure and was taken out of service. Gemini's production has continued via the second export cable, and the subsea repair of the other cable is underway with completion expected this year. We expect the impact on our full year results to be immaterial net of insurance proceeds. And turning to our investment program, at our offshore construction projects, Baltic Power and Hai Long, both are on track for commercial operations with overall costs aligned with original expectations. At Baltic Power, as Christine mentioned, we achieved first power in early July, expect to achieve full commercial operations later this year. And at Hai Long, we have secured a 20 year incremental debt financing of C$2.4 billion, and this financing strengthened the project's capital structure and provides an alternate source of lower cost funding. Approximately $900 million of the $2.4 billion represents incremental funding capacity available through project completion. The remaining proceeds will be used to refinance the approximately $1.5 billion higher-cost debt. The financing attracted a number of new local lenders further reflecting the quality of the project and execution. Hai Long's construction remains on track and the forecasted pre completion revenue combined with the incremental debt is expected to cover the project's funding requirements. We are reaffirming our 2026 financial guidance with adjusted EBITDA expected in the range of $1.45 billion to $1.65 billion and free cash flow per share in the range of $1.15 to $1.25 per share. And I would like to close by acknowledging that with nearly $1 billion of available liquidity, combined with our investment grade balance sheet, we are well positioned to execute on our plan. With that, I will hand it back to Christine.
Christine Healy: Thank you, Jeffrey. Northland's strategy is simple. We build in markets where we have earned the right to operate and then operate well. The progress we have delivered this quarter demonstrates that strategy in action. We have reaffirmed full-year guidance. Baltic Power is generating power for the Polish grid. Hai Long is fully contracted and financed. Jurassic BESS is in the final stages of commissioning. And construction is underway on Dzwola and Gniew, our 2 Poland BESS projects. Operational reliability continues to be strong. Simply put, we are efficiently and effectively delivering. As we look ahead, the second half of 2026 will be defined by 2 milestones. We expect both Baltic Power and Hai Long to have all turbines generating marking the start of contracted cash marking the start of cash flow after years of project investment and execution. With full year guidance reaffirmed and major projects approaching commercial operations, Northland is well positioned to deliver long term value. This concludes our prepared remarks. Operator, can you please open the line for questions?
Operator: Thank you. To withdraw your question, please press star 1 again. And our first question comes from Baltej Sidhu of National Bank of Canada. Your line is open.
Baltas Khadu: Just a few questions from me. So there is been clearly strong momentum at Hai Long, with effectively all of the turbines now installed. If we look at the energy cadence and Q1, roughly, call it a couple of turbines per week, it would seem as possible to have the full park energized by the end of September. Absent any weather or other disruptions. Is that a reasonable way to think about the remaining commissioning cycle?
Operator: Yeah, well-- go ahead.
Christine Healy: Well, there is very much for the question. I am gonna say to you, nothing's done until it is done because we are in project land, but the teams are executing very well You I see the same pattern that you mentioned there that performance has been well good. The execution has been good. We have had some weather that is rolled through. The teams have adapted to that quite well. So we see things on track, and you can see we are getting pretty close to the finish line on that.
Jeffrey Ryan Hart: Yeah. And I think, Baltej, just to add on is that we are consistent with that. And we articulated, I think, last quarter that we expected all the turbines to be turning in Q4. So it is good to see that progress, and we are pleased by it.
Baltas Khadu: Great. And just a follow-up for you, Jeffrey. Great to see the refinance earlier this week. Just given if the current energization piece continues, does that change how you are thinking about the PCR shortfall, appreciating that winds are strongest in Q4 and Q1?
Jeffrey Ryan Hart: Yeah. No. And we are, I think, last year, a $150 million to $200 million our share Canadian dollar impact on the PCRs. And the incremental financing or funding is it is funding. it is capacity. So we do not necessarily have to draw on it. it is just $300 million our share. I think we are right on where we expect guidance to be with within that range for our PCR generation, and we outlook that earlier this year. So we are on the PCRs the way we laid out. I think if wind performs in Q4, we are probably ahead of that 100 ahead of that $150 million to $200 million impact. And can negate some of it. Plus, we have the incremental funding and capacity there. So we feel like we are in a good place on that project. But as Christine said, you are not done until you are done. Great. Thanks, Jeffrey.
Baltas Khadu: And, Christine, with roughly 2-thirds of Nordsee 1 output still available, Are you touched on the general power pricing and natural gas dynamics there. How are you looking to balance locking in today's attractive German power prices against the against preserving merchant upside. And if you were to recontract more of that asset out, how supportive would that be to pull some liquidity or up finance that asset?
Christine Healy: So, Baltej, we are always looking at that and what makes the most sense. I will say that the market is in a high level of disruption right now. So you see quite a variance in terms of different folks' forecast on what the long term price is going to look like. Certainly, we are watching it. If we see a good opportunity, then we will consider contracting. But our strategy was clear that we contracted 1-third so that we had stability on the cash flows that we needed to see in that asset. And then we were prepared to have the other 2-thirds be merchant exposed. As you know, across our entire portfolio, we have very low merchant exposure. And so the portfolio can actually absorb some merchant exposure. We are comfortable with that right now, but we do continue to scan for if there is a better opportunity to contract it in and that makes sense for us, we, of course, will take advantage of that But right now, we are happy with what we have.
Baltas Khadu: Great. Thank you. I will hop back in the line.
Operator: Thank you. And our next question comes from Sean Steuart of TD Cowen. Your line is open.
Sean Steuart: Thanks. Good morning, everyone. Christine, you-- there was a mention made of growth aspirations in Europe. I think have a pretty good sense of what you are focused on in Poland. But you mentioned Spain and the UK as well. Can you give us an update on potential for organic growth in those 2 markets? And any perspective on scale and potential timing of moving those types of initiatives along?
Christine Healy: Sure, Sean. We will be talking more about that, I think, with Q3 results because we have been focused this time around on project delivery given that it was such a huge quarter on the project side. So, of course, we continue to be very interested in Poland is just, you know, a really attractive market for us, and I think it is a it is probably for companies who are not there, then entering Poland is a different decision. But we are there, and it is a great underlying demand growth. Supportive policies. We have some great partnerships. We really like Poland. In Spain, we have a strong position in Spain, and we see that Spain really needs a lot more batteries. That without batteries, they will there will continue to be a great deal of variability. So the batteries make a pretty great business case just on the accessing shoulder pricing because there is such a variation in pricing during the day. So we like the hybridization on existing platforms. We like some standalone battery opportunities, so we are evaluating that. But the message, I will give here is the same as what I say in our investment committee all the time. Is that every opportunity in Northland has to compete for capital. So we have to see that it is the best use of our capital and, more importantly, the best use of our talent within the company as well. So we continue to assess those opportunities. Personally, I do like batteries in Spain, but, we will see if they make it if they run the gauntlet and investment committee successfully. And then in the UK, as you know, we have an offshore wind project in Scotland called Spiorad Mara. That project was submitted for the consent process. So we will Wait And See What Comes From That. But We Do See That In The UK market, there are some very interesting opportunities that we are looking at. And both, I would say, our own offshore project but then some onshore opportunities as well. So, again, we do not like to have a single asset orphaned in any 1 particular location. We like to build out a bit of a cluster around it. So that sort of gives you a guidepost to the types of areas where we are looking. Okay. Thanks for that detail.
Sean Steuart: And, Christine, wondering if you can comment on the Ontario IESO's LT2 process, read-throughs on the outcome there and perspective on prioritizing growth in this province versus other regions going forward?
Christine Healy: You know, Sean, this 1 actually caused me some amount of consternation as a Canadian because I would love to deploy more capital in Canada, but we just see that the returns are better in our other markets. And so we bid projects on the basis of what returns we would need for those projects to be competitive in our portfolio. And you know what? it is probably properly an effective functioning market if there are others who think or can actually deliver those better, or at lower cost. I would say, though, we have a lot of experience at Northland, and we have a very good track record of delivering projects exactly the way that we say. And I would say that the carry on of that is it means that we are pretty effective at pricing the risk. And so I am comfortable with how we bid into LT2, I am also comfortable that our projects did not make it through, and I am okay with that because we have other places to deploy our where we can get that rate of return. And we also, you know, so we watch carefully for the future, but it remains a question of where are going to be the really attractive opportunities in Canada. So the team is active on that. I am, as a Canadian, very hopeful that we will see some places where we can really deploy, but we have to we keep saying risk adjusted returns. Part of that risk is the regulatory process, the time it takes to get projects approved, the layers of approvals that are required for even quite simple projects. When we put all that in and stack it up, they Canadian projects have to compete. And right now, they are-- we see other better opportunities in the portfolio.
Sean Steuart: Understood. that is all I have for right now. Thanks very much.
Operator: Thank you. And our next question comes from Benjamin Pham of BMO. Your line is open.
Benjamin Pham: Hi, thanks. Good morning. I know you mentioned the incremental debt funding, the pre completion revenues, that is more than enough to cover the Hai Long funding needs But is there a scenario where I guess, first off, can you confirm your confidence in not needing additional equity contributions to the project? And then just what conditions would you have to see for that scenario to occur.
Jeffrey Ryan Hart: Yeah, Ben, it is Jeffrey here. Look, I will point to the execution of the turbine count and the amount of turbines we have actually generating power, I mean, and trajectory of the execution, I think that gives us confidence here leading into Q4. And so we are really pleased with that, and you know, our forecast is, look. You need the wind turning and the turbines installed, and we are well on our way with that and turning. So we are happy with that. I think we are really we are confident that we will not require an equity injection. But, look, as we get in and we see the wind in Q4, that will be the key item, and that is why we have got some incremental capacity there as well. that is prudent, and that provides us flexibility and but we fully expect to be on and on in Q4, and it really comes down to wind, but we have got capacity there that we talked about earlier. So we are feeling like we are in a good place on that.
Christine Healy: I would guess I would add to that, Benjamin, that if it is helpful that because of the way the project is designed too, many of the parts of the project operate independently of 1 another. So even if we had a problem with a turbine or 2,, it is not gonna affect the whole field. So that redundancy and that design, I think, is actually a an advantage that probably it is maybe deep into the details, but it means that you know, because of that, we it is not sort of off a cliff you know, in terms of if there is a turbine that is out of commission for some days or weeks. That the overall picture from the field is strong.
Benjamin Pham: Okay. Got it. Thanks for that. I just want to shift to the battery storage side of NPI and you might have referenced the Jurassic BESS project now nearing commissioning. Can you talk perhaps, for the larger Polish storage projects under construction, is there any lessons you can share with us to investor community coming out for Jurassic and maybe with Oneida as well?
Christine Healy: Well, you know what? Every project, we try to learn as we go through the project, and then how do we get better. And we spend a lot of time inside the company on lessons learned and try to harvest all the things that we think we did well and the things that we would like to improve. So you know, if we were-- 1 of the tests I always ask myself and the teams is, if we were building Oneida today for instance, would we build it differently? And I think we would do it better. I think we did Oneida very, very well. But there were a lot of things we did not know, so we built in you know, extra redundancies. We took a different approach on foundations. Some of it is kind of deeply technical, but every single project makes us better. And so that is part of the reason that we were confident to go into Poland and to deliver on the in the storage market there. And it is part of the reason why we are looking really carefully at Spain that has a clear need for battery storage. And, frankly, very clear and quick regulatory processes to be able to deliver on that So we like that, and I think we are-- we have done a very good job, I would say. I do not say that often, but I think on those battery projects, Oneida was first of its kind, but I think we see now with Jurassic BESS, once we see 2 in a row, that starts to make a bit of a pattern.
Benjamin Pham: Okay. that is good context. Thank you.
Operator: Thank you. And our next question comes from Nelson Ng of RBC Capital Markets. Your line is open.
Nelson Ng: Great. Thanks and good morning everyone. So just a quick 1 on Hailong. So in terms of the new debt financing or additional debt financing for Hailong, Can you just comment in terms of how much room there is to optimize the existing debt in the future and also with the new debt that was raised, is there room to optimize that in terms of the credit margin? I know in your European offshore wind farms, they are have been, like, several opportunities to narrow the credit margin over time. So just wondering in terms of near term and longer term opportunities to optimize the debt there.
Jeffrey Ryan Hart: Nelson. that is something we are always looking at. And what I will say is we view that always as upside to the plan and optimizations that we can then, you know, I think, ultimately optimize our funding capabilities in those projects. But yeah, that is something that we look at longer term. I mean, the tenor on the debt is about 20 years. We have got longer dated contracts in that, so there is always ways to manage that. And I think know, we kinda typically look at 2 times, where you can do like, he really are obvious. it is COD, and then after a little bit of operations, think with the execution we have been seeing and the way the project is performing, it allowed us to you know, maybe get out in advance of COD and work with things, number 1. And then number 2, as we get in and we see operations here and to execute, I think there is time at that time, we can go back with them, get operating performance and tighten there. And like I said, we have got room on the tenor as well.
Nelson Ng: Got it. Thanks. And then, Christine, you mentioned that the Ontario market sounds pretty competitive since you were not really hitting your return hurdles in the last round of bids. But moving to Alberta, I know those projects are structured differently. But now with Jurassic the battery storage project nearing completion, can you just provide a bit of an update on the other projects in Alberta, like, Jurassic Solar and Keleseth?
Christine Healy: Yeah. So where it can we have an overall discussion ongoing here around Alberta. I think it is a really interesting market. I think that, certainly, there is the potential for a lot of demand growth in Alberta. it is a little bit a question of timing and making sure that we can deliver effectively there. I like our position in Alberta right now. I think that you know, we have a position that we can, grow on. it is just a question really of what is the right sequencing and timing for that. And we are continuing to look at other opportunities in Alberta because frankly, I think the team has done a really good job on Jurassic Best, which gives me, again, more confidence to be delivering on projects in Alberta. So, we are looking at that pretty closely, but do not have a lot more to say about it right now.
Nelson Ng: K. Great. Thanks. We will wait for the fulsome update in Q3. I will leave it there. Thanks.
Operator: Thank you. And our next question comes from Robert Hope of Scotiabank. Your line is open.
Robert Hope: Good morning, everyone. Let's start off with Canada. So we have covered Alberta and Ontario. Let's go out a little east. Northland was named as a qualified entity for Winds West. What would you need to see to be we will call it, more enthusiastic on offshore wind in Canada, potentially Nova Scotia?
Christine Healy: Thanks for the question. Well, I will say, you know, this is where the heart and the brain maybe go in 2 different directions because of course, I am myself from Newfoundland, I would love for us to be doing offshore wind in Atlantic Canada. It would make my heart sing. But the numbers need to make my brain happy too. And the numbers fundamentally come back to it is back to pricing the risk. And I would say our recent experiences Poland is an example of a market where we are the first offshore wind project. And we know what it took to get there and to do that. And it is, frankly, no small feat. We also have in parallel the Hai Long project in Taiwan where we were not the first in the market but it is a more geographically remote market where there is not the same build out of supportive capabilities that we see in Europe. Because in Europe, there is been offshore wind developed for a long time. We saw even just practically speaking, maybe a little anecdotal sort of example is that if we needed an expert to have a look at something and give us an answer, for Poland, we can get them there in 2 hours. And in Taiwan, it would take a day and a half or maybe 2 days. And that seems like on an individual case, not a big deal, but when you are talking about, you know, a 1 gigawatt project, that starts to sequentially add time all the time. All of that is a long way of saying, for Nova Scotia, great wind resource, which is sort of the starting of the conversation, but it is not an area that has a lot of any experience in offshore wind. The permitting process is frankly a bit opaque. We see the government trying to do some things around that, and, you know, we are hopeful that is going to be clear all the way through. And I think we need to see a pricing structure that gives us certainty that we need as an investor. And so we are working with government on that. We have been involved in that process for quite a while. Will continue to be involved. I think there is a high level of goodwill amongst everybody to find good solutions. it is frankly a great resource, and it would be a shame to leave it untapped. So I would very much like to see it, but you know, we got to understand the terms a bit better.
Robert Hope: Appreciate that. And then maybe a bit more of a broader question. What does the M&A environment, look like right now, either for operating assets or development assets? Is that something you are focusing on? As well as could we see some monetizations as well as a funding mechanism on the longer term basis?
Christine Healy: You know what? We are always in the M&A. We are always scanning for opportunities. You know, we have talked internally about the fact that I have been very happy with these Polish battery projects. These were we bought those at the right time for us, so it was before major contracts had been entered into. It was when we could still shape the project, but a lot of the early phase work had been done and done very well by the original proponent. So that is a good space for us to come into. We can execute on that really well. And we can deliver the projects very well and then operate them over the long term. So I like that space for us. So we continue to look for things that sort of hit that sweet spot for us. In a variety of markets. And then on the other side of divestments, we are always looking at what are the right opportunities and are we the right owner. And because we are in a stable financial situation, there is no urgency or panic around that, but certainly, there are some areas where we could optimize. Thank you.
Operator: Thank you. And our next question comes from Mark Jarvi of CIBC. Your line is open.
Mark Jarvi: Thanks. Good morning, everyone. Christine, how would you frame how growth efforts have materialized since the Investor Day? I know you are gonna give an update with Q3. But in terms of what you are seeing out there is achievable returns, some of the enhancement projects you tabled at the Investor Day, do you feel like this is all progressing at this point?
Christine Healy: So I am pretty pleased, actually. So we did an internal restructure in the company to create 1 growth organization so that back to the sort of there is an internal competition for capital. We had previously been divided by technology and a little bit subdivided by geography. So people were bringing forward sort of the best opportunity in Ontario as opposed to the best opportunity in the global portfolio. And so I felt like that was not being as efficient as we needed to be, and it meant that our teams were sort of chasing some things that ultimately we knew were not gonna meet our thresholds. So not to pick on any 1 particular geography, by the way, but we just need to look at that holistically across the whole portfolio. So we reorganized to create this global approach and we also have put the value enhancement projects under that same umbrella. So, in fact, the new projects are also in competition with the value enhancement initiative. So you will probably see that our next announcements will be more around value enhancement projects just because they are shorter cycle, less capital intensity. But there are other I would say, development and construction projects coming right behind them, sort of greenfield. But, no, I am not allowed to say greenfield and brownfield. We say value enhancements and new builds. But, okay, new build projects are also coming quickly through the pipeline. So that tension on the line is exactly something that we want to keep. So we do see answer your question, much more briefly than I have so far, is that we do see quite a few opportunities where we can deploy our capital.
Mark Jarvi: And when you give the update in the fall, are these specific project updates, or is this general just sort of a reranking of priority markets or opportunities and timelines? Well, you know what? I am not gonna front run our investment committee decisions, but I think there will probably be a bit of a combination of both Got it. And then just how are thinking about Asia right now? Commentary in the MD&A around Korea is again that you have kind of walked back from that market into your path forward. Are you looking to apply to the tenders in Taiwan? Are your partners presenting any interesting opportunities in the area?
Christine Healy: So we have been very focused on Europe and in the near term. I guess when I sort of look at it in horizons, you know, in the near-term horizon is executing on the projects that we have Then the medium term is sort of the next phase of growth projects. And then longer term, I am very enthusiastic about Asia. it is just a question of when and the scale of project. There are some really I think I mentioned before, there are some large interconnection projects that are being undertaken in Southeast Asia that open up a lot more market accessibility and attractive pricing. So we are watching that with some keen interest, and you know, we like being in Asia. We would like to do more in Asia. it is a question of when. And right now, we just see attractive opportunities to deploy to quickly and with good returns in Europe.
Mark Jarvi: And in Canada. So are you continuing to put some development dollars, early stage dollars to work in Asia? Do you keep staffing up there, or do you just kind of run lean for the time being? In that region?
Christine Healy: So we, you know, we have leaders who are in Asia right now who are looking after and running our Hai Long project. And part of their mandate is also to be continually scanning and looking at other opportunities. We have ongoing discussions with partners and potential partners. So I would say we keep a watching brief. We do not staff up. there is no staff up on anything in Northland. We run pretty lean on all of our growth aspirations. But we do have some people who are watching and you know, we very quickly scan and assess opportunities. And if things become interesting for us, then we will put a team on it.
Mark Jarvi: Okay. Thanks for the time today.
Operator: Thank you. And our next question comes from Naji Baydoun of BNP Paribas. Your line is open.
Naji Baydoun: Good morning. Thanks for taking my question. there is some recent announcements from some of your Canadian power peers on agreements to provide power to hyperscalers. How do you view the opportunity to contract directly with hyperscalers as a core feature of new build, be it in Alberta or elsewhere. And is there appetite for that? Are you in discussions with hyperscalers? I am just kind of curious how you 're thinking about that.
Christine Healy: Yeah. Thanks for the question. We do talk to the hyperscalers. I think that the decisions in Alberta around the tethering rules actually open up a lot more possibilities and give us more certainty as an investor. that is helpful. That was a positive change. So we continue to have discussions with them, and I think that we can deliver solutions that match some of their needs. But you know, at what pace those are gonna mature and in what geographies, I think it would be a bit early or premature for me to say.
Naji Baydoun: that is helpful. Thanks. And just 1 quick 1. Quarter to date, how has offshore generation trended across your existing offshore wind projects?
Christine Healy: Yes. So this quarter is pretty well up the middle of the fairway, I would say. Normally, as we have talked about before, you know, Q4 and Q1 tend to be big wind months in a lot of our geographies. Q3 right now, we are sort of you know, I guess I am not a golfer, but it is kind of up the middle of the fairway. And you know, so we will see and then, you know, what happens through Q4. But right now, it is it is pretty straightforward.
Naji Baydoun: Great. Thank you.
Operator: Thank you. I show no further questions at this time. I would like to turn it back to Christine Healy for closing remarks.
Christine Healy: Well, thank you, everyone, for joining us today. Thank you for your continued support. And we look forward to speaking with you in November for Q3 results. Thanks again.
Operator: This concludes today's conference call. Thank you for participating and you may now disconnect.