“This increase in capital expenditures result in rate base growth of 7.5% from 2023 to 2027.”

In context

“4.5 billion over 2024 to 2027, an increase of over 10%. This reflects a number of updates across the platform to meet customer needs and jurisdictional goals. Including the addition of transmission investments assigned from the brand insurer's retirement and awarded in PJM's 3 RTEP reliability window to resolve reliability issues from data center growth in the region. These additions are partially offset by the reduction of approximately $1.25 billion in ComEd distribution spend. While we are working to finalize the revised grid plan for our March filing, we believe our plan appropriately accounts for the uncertain regulatory outlook while ensuring customers continue to receive safe and adequate service, and we meet the basic requirements laid out under the Climate and Equitable Jobs Act. This increase in capital expenditures result in rate base growth of 7.5% from 2023 to 2027. And as a result of the significant increase in investment, we have included in our four-year projections incremental equity of $1.3 billion, which represents approximately 40% of the net incremental capital and ensures we maintain a strong balance sheet as we lead the energy transformation. In addition, despite below average returns we are receiving at ComEd, we continue to expect to realize a consolidated ROE in the 9% to 10% range. The result of the plan is an annualized operating earnings growth target of 5% to 7% through 2027 from our 2023 guidance midpoint of $2.36 per share. Now lowering our earnings growth outlook is not a change we took lightly, particularly given the amount of investment needed for this multi-decade energy transformation and our unique scale and platform to lead”