“So what we're seeing in the tax credit market, it's deepening. And the discounts that we're being able to realize on our tax credits are very attractive. So think about mid-90s or even slightly above.”

In context

“nd. Brian Savoy: Yes. James Ward: A quick question on FFO to debt. Obviously, when the first hurricane hit, you talked about 10 basis points of impact. Got the negatives there that I think either people will ask about or you've kind of been addressing. I'd like to talk about the tax credit monetizations instead. You monetized $200 million last month in October. You mentioned expecting to monetize more by the end of 2024. How should we think about that potential monetization in terms of the size, the discount that you're seeing, and just for comparability purposes? And how impactful do you think it could be by year-end to FFO to debt? And then as a follow-on, just sort of into next year and that's my question. Thank you. Brian Savoy: That's very good, Julien. This is Brian. I'll take that. So what we're seeing in the tax credit market, it's deepening. And the discounts that we're being able to realize on our tax credits are very attractive. So think about mid-90s or even slightly above. So I think there's a lot of taxpayers that are looking to reduce their tax bill and they're lining up to get high-quality credits from good credit quality sellers, right? So the -- we did $200 million in the past month and we've geared up our process to close the rest this year and the size that we were targeting coming into the year, Julien, was around $300 million to $500 million. We're trending to the upper part of that range, right? And the market has been growing and deepening, and we've not seen any hesitation by buyers. And what that equates to is about 40 basis points to 60 basis points in the FFO to debt, right? And a big chunk of that is nuclear tax credits and there's also some solar PTCs inside of that figure. And as we look to next year, we'll have more of both, right, more n”