“I wouldn't expect that differential to continue throughout the rest of the year.”

In context

“the contributions from Duane. There's a lot that goes into that. Andrew Marc Weisel: Just one last brief one on the quarter. At FPL, the earnings growth was pretty modest, only like less than 3.5% despite the capital employed growing at your typical 8-ish percent. Can you just talk to the delta there? What was weighing on the earnings growth? And how are you thinking about the rest of this year of the utility? Michael H. Dunne: So if you look at the $0.02 that offset the $0.04 of regulatory capital growth, there's a variety of factors that can move that across. Recall that in 2024, the return on equity was at 11.8%. And for this year, it was at 11.6%. So that is one factor, and there's other puts and takes that can drive that $0.02 differential. However, as we look on a go-forward basis, I wouldn't expect that differential to continue throughout the rest of the year. Operator: The next question will come from Jeremy Tonet with JPMorgan. Jeremy Bryan Tonet: Not to belabor the point here with the outlook post One Beautiful Bill and I guess, tax credits transitioning towards the end of the decade here. But just wondering if you could talk a bit more about the dynamics in the power markets at that point in time, particularly renewable PPA pricing and just see how you think that shifts at that point and how that -- and any impacts on margins for participants across the value chain and maybe what sets me apart from others? John W. Ketchum: Yes. I mean, first of all, we've got a large pricing advantage and -- 2 advantages on renewables. First of all, they're very fast to build, right? I mean you can get a renewable project up and built 12 to 18 months. Don't”