“With this continued increase in rate base as we deploy capital for the benefit of our customers and our disciplined approach to cost management, we remain on track to deliver expected earned returns at the utilities within our 9% to 10% targeted range by year-end, and affirm our full year operating earnings guidance of $2.30 to $2.42 per share in 2023.”

In context

“ing items, the relatives EPS contribution in the second quarter is expected to moderate at approximately 17% of the midpoint of our projected full year earnings guidance range. The combination of Q1 and Q2 will result in achieving approximately 47% for projected full year earnings through the first half of 2023. This puts expected results for the first half of 2023 in line with how we performed last year, delivering 48% of our full year earnings in the first half of 2022. On a full year basis, we expect the $0.05 of unfavorable weather experience in the first quarter to be offset with a combination of O&M levers across the platform, favorable depreciation at Pepco, and the full year earnings impact of the carrying cost associated with the carbon mitigation credit regulatory asset balance. With this continued increase in rate base as we deploy capital for the benefit of our customers and our disciplined approach to cost management, we remain on track to deliver expected earned returns at the utilities within our 9% to 10% targeted range by year-end, and affirm our full year operating earnings guidance of $2.30 to $2.42 per share in 2023. In line with past practice, we would not expect to visit protected 2023 guidance until the third quarter and recall, our goal is always to achieve the midpoint or better of that range. Lastly, we are reaffirming the fully regulated operating EPS compounded annual growth target of 68% from 2021 and 2022 guidance midpoint through 2025 and 2026, respectively, with the expectation to be at the midpoint for better of that growth range. Turning to slide seven. As Calvin mentioned, there have been some important developments on the regulatory front since the last earnings call. Let me start by reminding you of two electric distribution rate cases in progress. First, Delmarva Power Delaware has revised a revenue request for a $47.8 million increase based on an updated test period in its electric”