“Enabled by these transactions, we announced today that we are raising our long-term FFO to debt target to 15%.”

In context

“al and local economic development partners make potential industrial land more attractive. By identifying sites that already have robust transmission infrastructure and capacity, we could proactively accelerate the time line of getting power delivery to a site. That strategic groundwork has paid off, and I'm proud of the work the team continues to do to consistently meet our customers' needs. Turning to Slide 10. Proceeds from the minority investment in Duke Energy, Florida and the sale of our Tennessee LDC business strongly position us for the transformational generation modernization investments ahead. A portion of the proceeds will be used as efficient funding to derisk our equity plan. And the remaining proceeds will displace long-term debt, materially strengthening the balance sheet. Enabled by these transactions, we announced today that we are raising our long-term FFO to debt target to 15%. This new target will provide 200 basis points of cushion above our Moody's downgrade threshold and 300 basis points above our S&P downgrade threshold. We are also delivering on all credit supportive initiatives and are firmly on track to achieve 14% FFO to debt this year. Focusing on the equity plan, the deal valuations represent significant premiums to our common stock. We'll use about half of the proceeds or $3.5 billion to displace common equity, including funding the incremental capital we're investing in Florida. We expect to issue the remaining $4.5 billion of common equity through the DRIP and ATM programs in the '27 to '29 time frame. Moving to Slide 11. We remain confident in delivering our 2025 earnings guidance range of $6.17 to $6.42 and 5% to 7% earnings growth through 2029.”