“We also continue to project an approximate 60% dividend payout of operating earnings with the dividend now projected to grow in the lower end of our long-term earnings target as we retain more of our capital to invest more efficiently for our customers.”

In context

“while also maintaining bill metrics that are 19% to 21% below US averages makes it clear we are delivering above-average performance at below-average rates. Turning to slide thirteen, with $38 billion of projected capital spend driving 7.4% rate base growth, along with earning ROEs of 9% to 10%, we are projecting compounded annual earnings growth of 5% to 7% from our 2024 guidance midpoint of $2.45 per share. Maintaining our commitment to transparency, we have provided assumptions associated with our expected annual growth and earnings through 2028 on appendix slide eighteen. As you can see on the slide, after 2024, we expect to deliver each year within the 5% to 7% range. Keeping us on track to deliver at midpoint or better of our 5% to 7% annualized growth rate from 2025 to 2028. Jean: We also continue to project an approximate 60% dividend payout of operating earnings with the dividend now projected to grow in the lower end of our long-term earnings target as we retain more of our capital to invest more efficiently for our customers. For 2025, we anticipate paying out a dividend of $1.60 per share representing 5.2% growth over last year. Finally, I will conclude with a review of our balance sheet and financing expectations on slide fourteen. Maintaining a strong balance sheet continues to be core to our strategy and we closed out another year with average credit metrics comfortably exceeding our downgrade thresholds of 12% at Moody's and S&P. We are pleased to receive an upgrade from S&P last week which takes Exelon Corporation's corporate credit rating up to triple B plus from triple B. We have updated our slides to reflect this improvement along with the revised downgrade threshold of 13% at S&P that is reflective of the higher credit rating. With most investment plans and recovery mechanisms established over the ne”