“We've targeted a payout of 60% of those operating earnings each year back to the shareholders.”

In context

“needs in the right environment. Our best-in-class operations that have led us to a world-class customer experience and constructive regulatory environments, which is key if your customers are not satisfied, the regulators aren't satisfied and that's a major focus of us. Our commitment to ESG principles by driving to a cleaner energy economy and advancing social equity, as Joe mentioned, and a strong balance sheet that will ensure our ability to invest on behalf of our -- all of our stakeholders, not only the customers, but those that want to see a stronger cleaner environment, all of these factors support our opportunity to invest $29 billion of capital over the next 4 years in response to our customer needs which will lead to an annualized 6% to 8% operating earnings growth through 2025. We've targeted a payout of 60% of those operating earnings each year back to the shareholders. Thank you very much for joining us, and now we'll open it up for questions that you may have. Operator: [Operator Instructions] And our first question coming from the line of Paul Zimbardo from Bank of America. Paul Zimbardo: Going to kick it off, if you could give a little bit more quantification of the net impact between the higher interest rate environment on the formula ROE in Illinois offset by the corporate cost. And it seems like a net positive mixing those 2 together. So just want to check if there's any other factors to be cognizant of as well. Chris Crane: Joe, you want to take that? Joe Nigro: Yes, I will, Chris. Paul, thanks for the question. When you look at the sensitivities we've shown you in the table, a 50 basis point move in treasury rates is worth about $0.04 to ComEd w”