“With $34.5 billion of projected capital spend driving 7.5% rate base growth and with continued focus on earning ROEs of 9% to 10%. We are initiating an annualized operating earnings growth target of 5% to 7% through 2027 from our 2023 guidance midpoint of $2.36 per share.”

In context

“m response protocol to increase rolled transparency and accountability and emergency events, mitigating cost risk and improving restoration performance in the future. Fourth, we are delivering a framework to migrate from a preventive maintenance, asset management strategy to an automated condition-based maintenance strategy in our transmission operations. And lastly, we are streamlining processes and leveraging technology, particularly in the call center and field for increased efficiency and responsiveness to our customers. To ensure that R&R remain strong and we can invest at the levels our jurisdictions want, we are committed to leveraging our size and scale as one Exelon to manage costs across our operating companies and deliver affordable rates for our customers. Turning to slide 12. With $34.5 billion of projected capital spend driving 7.5% rate base growth and with continued focus on earning ROEs of 9% to 10%. We are initiating an annualized operating earnings growth target of 5% to 7% through 2027 from our 2023 guidance midpoint of $2.36 per share. The lower growth outlook from what we previously laid out is not a decision we took lightly, but as a result of the challenging rate case outcomes and decelerated piece of investment in Illinois. As you heard from Calvin, Illinois is only one jurisdiction in which we operate. We are continuing momentum in our other jurisdictions as the second multiyear plans at Pepco progressed in line with our expectations, as PECO anticipates filing in the first half of this year, consistent with our general two to three-year rate case cadence and does all of our utilities execute on the robust transmission strategy and cost management initiatives outlined on the prior slide. Accordingly, we are confident that our earnings CAGR will be at midpoint or better of the 5% to 7% range over the 2023 to 2027 pe”