“As discussed on previous calls, we expect a trailing 12-month ROE to remain in our 9% to 10% target range at year-end.”

In context

“higher treasury come on the distribution ROE, the absence of storms and our continued disciplined approach to cost management. These benefits are partially offset by higher financing costs at corporate and the businesses along with one-time items occurred in the first quarter. We are delivering on our financial commitments and are confident we will be within our revised guidance range at year-end. Moving to Slide 7. Looking at our utility returns on a consolidated basis, our trailing 12-month ROE as of the third quarter has improved to 9.3% and is back within our 9% to 10% targeted range. The 50 basis point increase from last quarter is in line with expectations as timing of equity infusions from the first half of the year are offset by the earnings growth in the second half of the year. As discussed on previous calls, we expect a trailing 12-month ROE to remain in our 9% to 10% target range at year-end. Our focus continues to be delivering strong earned returns at the utilities, which sustain the investment we make on behalf of our customers. Turning to Slide 8. There were some important developments in our open distribution rate case proceedings this quarter. Our successful execution builds momentum into 2023 when several jurisdictions expect to file a multi-year plans. Let me begin by highlighting key developments in the 2022 rate cases. On October 12, the Delaware Public Service Commission approved Delmarva Power settlement agreement without modification for its gas distribution rate case. The settlement was for a $13.4 million increase in distribution rates, which includes the transfer of $5.8 million of revenues from the distribution system improvement charge capital tracker into ba”