“With continued returns on equity in the 9% to 10% range, we expect annualized earnings growth of 5% to 7% through 2028 with the expectation of being at the midpoint or better of that range.”

In context

“y load pipeline by over two and a half times in the last year is evidence of that. ComEd alone won fifteen major projects, bringing in an estimated $17 billion of projected capital investments from other companies and creating over 1,000 jobs in Northern Illinois. And with this development comes increased load and we are seeing 1% to 2% load growth over our four-year period. Allowing us to distribute the cost of the grid over more usage. To fund these investments in a disciplined manner, we are maintaining a balanced funding strategy. Financing the growth with 40% equity and building on a solid trajectory to sustaining and improving our credit metrics over the plan. This commitment to balance sheet strength is evidenced by an upgrade to Exelon Corporation's credit rating by S&P last week. With continued returns on equity in the 9% to 10% range, we expect annualized earnings growth of 5% to 7% through 2028 with the expectation of being at the midpoint or better of that range. For 2025, we are initiating operating earnings guidance of $2.64 to $2.74 per share. And we are increasing our dividend to $1.60 per share, keeping our payout ratio in line with the 60% we have communicated as part of our capital allocation policy. The top-line results make it clear 2024 was a successful year. In slide five, more extensively highlights all of the ways in which our execution set us up for continued service to our customers, communities, and stakeholders, checking all of the boxes that we laid out this time last year. For instance, we invested $7.5 billion of capital executing within 1% of our guidance even with substantial reductions at ComEd as we work to gain approval of our refiled. We are earning 9.1% return on equity despite a large portion of our rate base awaiting u”