AltaGas Ltd. (TSX:ALA) will look for M&A opportunities. James Harbilas said, "Next, we will invest in our accelerated replacement programs, which are estimated approximately $400 million per year. These investments have been pre-approved by our regulators and are directed at modernizing our infrastructure for safety and reliability while also reducing costs and fugitive emissions.

These investments are not subject to regulatory lag, as we recover these amounts through rate riders. The remaining $400 million to $700 million will be allocated to opportunities with the highest risk-adjusted returns for both organic growth and tuck-in M&A opportunities".