“We invested more than $3 billion of capital in the quarter and we're on track for $15 billion for the full year.”

In context

“asis points of cushion above our Moody's downgrade threshold, and over 200 basis points above our S&P downgrade threshold. As we disclosed in February, we expect to issue $1 billion of common equity this year via our DRIP and ATM programs. In the first quarter, we took advantage of a strong market, pricing just over $530 million, more than half of our annual target. We've also completed close to 40% of our planned long-term debt issuances for 2025, and are on track to receive storm securitization proceeds by the end of the year in the Carolinas. Before I close, let me take a moment to talk about progress on our capital plan. We're continuing to advance our grid improvement plans, and as Harry highlighted, we're investing in our existing fleet and hitting a new gear in building generation. We invested more than $3 billion of capital in the quarter and we're on track for $15 billion for the full year. As we think about our capital plan going forward, we're evaluating the impact of tariffs. It's important to remember that tariffs primarily affect capital, and the majority of our capital spend is American labor, which is not subject to tariffs. We currently estimate the impact of tariffs to be about 1% to 3% of our 5-year capital plan. And we are confident in our ability to further minimize the impact, leveraging our size and scale to work with suppliers across our diverse supply chain. Moving to Slide 10, we remain confident in delivering our 2025 earnings guidance range of $6.17 to $6.42 and 5% to 7% earnings growth through 2029 with the potential to earn the top half of the range as load growth accelerates in the back end of the plan. Our track record of constructive regulatory outcom”