“Our expectations going into the next rate case over the next four years is that growth may come down a little bit over the next four years because of what we saw during the pandemic. But we still believe it's going to be fairly strong growth in our service territory.”

In context

“l, best of luck here. Appreciate it. Talk to you soon. John Ketchum: Julien, thank you. Operator: Our next question comes from Nick Campanella from Barclays. Please go ahead with your question. Nick Campanella: Hey, good morning. Thanks for all the updates. So hey, just a 2% change to customers for FPL in this upcoming rate case definitely stands out in a positive way. Just wanted to see if you had any updated thoughts on how you're thinking about the surplus reserve mechanism? And then also just how are you kind of thinking about earned ROEs at FPL in '25? Thanks. John Ketchum: Great. Thank you. So we are -- the growth that we saw this last quarter, the growth that we saw in the year was certainly positive. But it's not just this past year, we've been seeing it really since the pandemic. Our expectations going into the next rate case over the next four years is that growth may come down a little bit over the next four years because of what we saw during the pandemic. But we still believe it's going to be fairly strong growth in our service territory. And that's why our expectations for the '26, '29 time period for capital investing in the business would be above the roughly $36 billion that we are going to put in over the four year settlement agreement that ends at the end of '25. So a lot of that detail will come out here in the next -- that's probably about six weeks now because we expect to file our rate case at the end of February. Your question regarding the reserve mechanism. We're sitting at roughly $800 million after using $400 million or so in 2024. So we feel good. We're certainly not going into 2025 believing that all of the risks that we use as the surplus mechanism are behind us. We've had to tap that reserve mechanism for a lot of inflation, higher interest rates, a lot more growth in our area, and therefore, a lot more”