Question-and-Answer Session
Thank you very much. [Operator Instructions]. And we will take our first question from Shneur Gershuni from UBS.
Shneur Gershuni - UBS
Hi. Good afternoon guys.
Lon R. Greenberg - Chairman and Chief Executive Officer
Hi.
Shneur Gershuni - UBS
Lon, you sort of ended your comments there with -- with respect to a comment of that 200 million of investable cash and that the balance sheet is in good position to make acquisitions. I guess some of my questions are going to be along the lines of, where do you see the best opportunities to make acquisitions and as well as where do you believe the best internal opportunities are? Is it something that's going to be in the line of Flaga or China, or is it something safe side? And then secondly, how far are you willing to push the balance sheet to like, what is their net debt to EBDITA multiple that you're willing to take the balance sheet up to, is there a limit, size of acquisition that you are willing to take on, be it 800 million, or 1 million, or 500 million?
Lon R. Greenberg - Chairman and Chief Executive Officer
Okay, let me try to take those in some order. With regard first to, let's talk about internal investment opportunities because that's somewhat of a change from recent years certainly. We've always invested internally in what I'll call customer growth. Obviously, there is a sizeable piece of AmeriGas' capital budget, utilities capital budget and international propane as well that goes to what's considered normal internal investment customer growth opportunities. What we are seeing in addition to that is some more internal investment opportunities of scale, and I would say, they are principally in the Energy Services area. Energy markets are going through a great deal of change, and some opportunities are presenting themselves.
Directionally, these capital investments, internally generated capital investments though could exceed $100 million, and we are looking at some electric generation opportunities, we are looking at some natural gas peaking asset kind of opportunities as well, both of those of some scale and, also some renewable kind of opportunities. We had some opportunities to make some investment in renewable energy areas that look promising to us as well.
In the internal investments, it's nice to see those arise for us because we've not had non-ordinary course internal investment opportunities in some years and it's good to see those and they all are associated with pretty good returns.
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