“So we're confident, we target 9% to 10%, for all of our utilities, we're confident at year end will be in that range, on average across the utilities.”

In context

“d Arcaro: Okay, got it. Thanks. That's helpful. And on the just the, are we, so ticked down slightly in this quarter, could you just refresh us on the confidence level of net rising in the back half of this year? And then any latest thoughts as to when you might be able to achieve something in the middle, like 9.5% ROE level as you look out in the forecast? Joe Nigro : Yes, I think the reason you see the lower ROEs early in the year, and you saw the same trend last year is, it's tied to the equity, we're infusing into utilities, we do, a majority share of our debt offerings early in the year across the enterprise. And as such, to keep those capital structures in line, we infuse the equity, which over the course of the year takes time for ROEs to catch up. And that's really the big driver. So we're confident, we target 9% to 10%, for all of our utilities, we're confident at year end will be in that range, on average across the utilities. Chris Crane: The key on this is the rate cases, as Joe said, and we've seen downward pressure in other jurisdictions on that 9.5% to 10%. So we have to work through that and explain with the higher interest rate environment. We need to be able to move that back up as we're working through our rate cases. So it's reversing the trend of what we've seen in the industry to accommodate the interest rate rise and it's very quick to come down when interest rates come down. It's a crawl back when interest rates go back up. But that's what we're focusing on. Calvin Butler: Chris, if I can add, this is Calvin, David, I would also point out, Joe alluded to ComEd earnings being tied to the Treasury. But understand ComEd is also one of the lowest in earnings of any utility that impacts that 9% to 10%,”