“Specifically, we expect 40% of our incremental capital will be funded with equity, bringing our total equity needs to $2.8 billion over the four-year plan.”

In context

“e end of our forecast. Demonstrating our commitment to maintaining a strong balance sheet. As a reminder, we continue to advocate for language that incorporates repairs for calculating the corporate alternative minimum tax in the final treasury regulations. So our plan incorporates the assumption that the final regulations will not allow for repairs. Implemented in a way that mitigates the cash impact, we would expect an increase of approximately fifty basis points to our consolidated metrics on average over the plan. From a financing perspective, we expect the $38 billion capital plan to be supported by $20 billion of internally generated cash flow, $12 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. Specifically, we expect 40% of our incremental capital will be funded with equity, bringing our total equity needs to $2.8 billion over the four-year plan. Implying approximately $700 million of equity per year. Jean: Our financial plan has also been designed to accommodate the use of other fixed concert securities that receive equity credit in place of senior debt at our holding company. In addition to other credit-supported internal levers, these instruments provide a more efficient means of building additional financial flexibility while ensuring we deliver at the midpoint or better of our 5% to 7% annualized earning growth rate range through 2028. I want to close by reiterating our confidence not only in the plan we have laid out but in the broader opportunity we have to deliver value for our customers and our shareholders. Not just now, but in the decades to come. Thank you. I will now turn the call back to Calvin for his closing remark”