“By earning a fair return on that investment plan, we expect to deliver annualized earnings growth of 5% to 7% through 2028, generating consistent growth and long-term value.”

In context

“ssets and capabilities. I also want to congratulate Tamla Olivier, for her promotion to BGE President and CEO. Her effectiveness leading increasingly large organizations during her 15-year career here will continue to ensure BGE's 2 million electric and gas customers receive high value service. Congratulations to you both. Lastly, I'll remind you of our expectations for our four-year outlook. We reaffirm our plan to invest $38 billion over the next four years for the benefit of our customers that will drive 7.4% rate based growth and be financed with a balanced mix of debt and equity. In fact, we have been able to de-risk a large portion of our financing needs for the year with all of our planned corporate debt issuances completed and 60% of our $700 million annualized equity need priced. By earning a fair return on that investment plan, we expect to deliver annualized earnings growth of 5% to 7% through 2028, generating consistent growth and long-term value. I'll now turn it to Jeanne to discuss our financial performance and provide further details on our rate case activity. Jeanne Jones: Thank you, Calvin, and good morning, everyone. Today, I will cover our first quarter financial update and progress on our 2025 regulatory activity. Starting on Slide 5, we present our quarter-over-quarter adjusted operating earnings block. Exelon earned $0.92 per share in the first quarter of 2025, compared to $0.68 per share in the same period in 2024, reflecting higher results of $0.24 per share over the same period. Earnings are higher in the first quarter relative to the same period last year, primarily driven by $0.14 of new distribution and transmission rates in effect across our jurisdictions, $0.03 of favorable weather at PECO and $0.02 of tax repair”