“Our fourth quarter guidance assumes a reversal of timing, including O&M, distribution earnings at ComEd and PECO taxes; fair and reasonable outcomes for open rate case proceedings, including reconciliations at BGE, Pepco, Maryland and ComEd; and normal weather and storm activity.”

In context

“er results of $0.15 over the same period. Earnings are higher in the third quarter relative to the same period last year, driven primarily by $0.12 of higher distribution and transmission rates, net of associated depreciation and $0.06 associated with the ability to seek deferral treatment of the PECO extraordinary storms earlier this year and favorable storm conditions at BGE. This favorability is slightly offset primarily by interest expense. These results are ahead of the expectations noted in our prior quarter call, primarily due to better-than-normal storm conditions, timing of O&M spend and tax timing at PECO. As we close out the year in the fourth quarter, we remain on track to achieve operating earnings of $2.64 to $2.74 per share with the goal of delivering at midpoint or better. Our fourth quarter guidance assumes a reversal of timing, including O&M, distribution earnings at ComEd and PECO taxes; fair and reasonable outcomes for open rate case proceedings, including reconciliations at BGE, Pepco, Maryland and ComEd; and normal weather and storm activity. Finally, we reaffirm our annualized operating earnings growth rate of 5% to 7% through 2028 with the expectation to be at the midpoint or better of that range. Turning to Slide 6. I will now review the regulatory activity across our platform. Starting with the base rate case activity, we continue to make progress on the Delmarva Power gas distribution rate case filed last September with the final settlement conferences held in October. As a reminder, the filing seeks to recover reliability investments such as aging pipe replacements, and it also seeks recovery of LNG plant upgrades, which would protect customers from price volatility during peak periods. We anticipate an order in the first quarter of '26. At Atlantic City Electric, settlement discussions continue as we seek recovery for g”