“Although current forward imply we should see some good upside to its ROE, we’ll need to monitor the impact through 2023, which remains fully exposed to market move.”

In context

“o invest for the benefit of our customers. In addition, for 2022 and 2023 at ComEd, we’re exposed to the 30-year treasury rate before making the transition to a more traditionally set return on equity. We’ve attempted to provide investors with additional information on the year-over-year variability with the building blocks of our earnings growth trajectory. As defined in the chart, the gray arrows represent implied 6% to 8% CAGR pass from the 2021 guidance mid-point of $0.02 per share as disclosed at Analyst Day through 2025. While the [indiscernible] illustrates expected year-over-year growth percentages from the prior year relative to the 68% range each year. Getting to the growth drivers, starting with 2023, we have already mentioned ComEd in its exposure to the 30-year treasury rate. Although current forward imply we should see some good upside to its ROE, we’ll need to monitor the impact through 2023, which remains fully exposed to market move. People will be in year two of its existing electric distribution rate per year cycle and as a result, is expected to have lower year-over-year earnings assuming normal weather. PECO’s earnings should be positively impacted by new GAAP rates, transmission and its distribution system improvement charge tracker, which provides a mechanism for recovery on distribution investments made between rate cases. Weather and store normalization will also be a factor in the PECO’s decoupled and we are modestly benefiting from weather to date. Like all companies, we face challenges from higher financing costs and inflation, which we are working hard to offset through productivity initiatives, investments in technology and by leveraging our size and scale. Reconciliation processes in 2023 in Maryland and”