Robert Durian: Yes, Andrew, I would think of it, as we’ll continue to work the process with the advanced rate making principles over the next few months. We still have a little bit of time, I would characterize to be able to get through that process, and not need to start those construction projects. But once we get to the second half of this year, I would expect that we’ll be starting the construction. And hopefully, we’ll have all of the RPU process that’s completed, and get an answer from the IUB to support them.
Andrew Weisel: Okay. I guess what about the part about — do the ROE need to be locked in, before construction? Or can that — can the uncertainty continue during construction?
Robert Durian: No, we would expect that we’ll be locking in the ROE before construction starts. We need to, like I said, follow those procedural steps to make that happen. But I don’t think that we’ll be starting that construction until we have better clarity on that.
Andrew Weisel: Okay. Very good. Then switching to Wisconsin. I know you’re going to file in the next couple of months, second quarter of this year. Obviously, your neighbors saw some bumps in the road with their rate case last year. My question is, are you able to share any lessons learned from that or any changes to your approach? And do you think the settlement might still be possible or is that off the table?
John Larsen: Yes. Andrew, I’d say we’re — we feel well positioned for the filing that we have. So it really isn’t a change for us. We’ve used what we call our Clean Energy Blueprint process to be very transparent on the projects that we’ll have. And in fact, many of them have already been in front of the commission or vetted and very strong cost management. So we understand the balance with affordability. As far as settlement, it’s certainly always a possibility as we think about filing. We’re certainly well positioned, if we’ll go through the entire process, but also see the opportunity for potential settlement along the way.
Andrew Weisel: Very good. Thank you so much.
Operator: Thank you. Your next question comes from the line of Alex Mortimer from Mizuho. Please go ahead.
Alexander Mortimer: Hi, good morning. Thank you very much. So, I know you mentioned the transfer of about $150 million of tax credits in 2023 and then eventually having that grow to somewhere around $200 million. I’m just curious what the growth trajectory of that looks like if that’s a 2024, 2025 story or if there’s sort of a later date that you’re looking at the $200 million number for?
Robert Durian: Yeah Alex, this is Robert. So think of that $100 million to $200 million was identified as the 2023 number, which we picked the midpoint there of $150 million. As we complete the construction of the 1,100 megawatts of solar in Wisconsin, we continue to add up to 350 megawatts of new battery projects. Those tax credits actually get probably closer to $300 million to $400 million on an annual basis. And think of that over probably once you get to the 2025 time frame, you’ll see those types of levels. So — so that’s what gives us a lot of optimism about future cash flow opportunities, when it comes to the transferability of these tax credits.
Alexander Mortimer: Okay, wonderful. And then, you mentioned FFO to debt target. Just what is the — what’s the amount you’re targeting for that? And then sort of what’s the timeline you’re looking at getting there with all the tailwinds provided from the IRA?
Robert Durian: Yeah, right now for AEC, our consolidated group, think of that in that 14% to 15% range, and we expect to be at that point, like I said, in the next 12 months in that 2024 time frame.
Alexander Mortimer: Okay, thanks very much.
Operator: Thank you. Your next question comes from the line of Ashar Khan from Verition. Please go ahead.
