“As we work with our jurisdictions and identify needs for further investment of utilities, we anticipate that any incremental capital investment will be funded by no more than approximately 40% equity.”

In context

“ective, we expect the $34.5 billion capital plan to be supported by $19 billion of internally generated cash flow. $10 billion of debt at the utilities and $3 billion of debt at the holding company with the balance funded with a modest amount of equity. In the fourth quarter of 2023, we completed $142 million of equity via our ATM and expect $150 million to be issued in 2024. And as mentioned, to fund the robust $3.2 billion of incremental capital opportunities while maintaining a strong balance sheet, our financing plan includes $1.3 billion of additional equity that we expect to issue over the 2025 through 2027 period. The incremental equity funds 40% of the incremental capital investments over the four-year plan and represent slightly more than 1% per year of Exelon current market cap. As we work with our jurisdictions and identify needs for further investment of utilities, we anticipate that any incremental capital investment will be funded by no more than approximately 40% equity. I want to close by reiterating our confidence in investing an estimated $35 billion of capital across our diversified platform from 2024 to 2027, driving 5% to 7% earnings growth from 2023 to 2027 with an expectation of midpoint or better and maintaining a strong balance sheet while doing so. Thank you. I'll now turn the call back to Calvin for his closing remarks. Calvin Butler: Thank you, Jeanne. I'd like to conclude with our priorities and commitments for this year and remind you of Exelon's unique value proposition for their jurisdictions it serves and its investors. As you'll see, they're very consistent with our focus areas for 2024, a good reminder that we aim to reliably deliver against a predictable and consistent strategy, as you'd expect from a premier utility. First, you can c”