“We are also delivering on all credit supportive initiatives and are firmly on track to achieve 14% FFO to debt this year.”

In context

“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. Proceeds from the accretive transactions solidify our credit profile and provide further confidence in our potential to earn at the top half of the range as load growth accelerates in the back end of the plan. Along with supportive legislation in place and our track record”