So no hidden message. Obviously, both of these are moving along, contractor renewables new for us. We know that, that will close in the second quarter. We believe that’s the plan to close in the second quarter. And as you know, Kentucky is pending with its 203 application. So stay tuned. We just want to make sure that we got this completely right for you all and that you’re not concerned.
Operator: And next, we’ll go to Jeremy Tonet with JPMorgan. .
Jeremy Tonet: I just want to pivot towards the retail business a little bit. And if you could just peel back, I guess, a little bit how that process stands at this point. Just wondering, any thoughts that are be considered here of why that would remain in the portfolio, what might prevent you from selling it? I’m just wondering if you might be able to provide a little bit more color of what’s in that business, EBITDA earnings or anything else to wrap our heads around there?
Julia Sloat: Yes, absolutely. And I love the question because that’s exactly what we’re doing in our house right now is going through the paces to determine exactly does it fit — if there’s anything that does fit, what does that look like? Stay tuned. That will be a first half story for AEP. So expect us to be coming to you probably in the second quarter with a little more granular detail because we’re literally going through that analysis now and working with the troops to make sure we have that finally, too, so we can get back out to you. As far as quantifying how big is this business and what does it mean currently to AEP, the net asset position or, I guess, equity position, if you strip out the liabilities, we’re talking about $193 million — the vast majority of that is working capital to the tune of about $150 million of the $193 million, and the rest is largely IT software, and then we have a little smidge of goodwill in there of about $1 million to give you some parameters.
And then another thing that I would think about is what does that mean from an EPS perspective, in 2022, this retail business contributed $0.05 of EPS. And in 2023, we have $0.04 embedded in our guidance to give you that goalpost to. Hopefully, that helps.
Jeremy Tonet: That’s very helpful. And just going back to the renewables sale here. Was there an EBITDA number that you might be able to share with us or have shared on that?
Julia Sloat: We haven’t disclosed an EBITDA number. I can tell you that in our guidance for 2023, we’re looking at $0.01 that renewable business contributed, I think it was $0.08. Does that sound right, Ann? $0.08, yes?
Ann Kelly: $0.08, yes.
Julia Sloat: $0.08 in 2022 to give you those parameters.
Jeremy Tonet: Got it. That’s helpful. And just one last one, if I could. Touching on what Shahriar was talking about with the fuel business what have you. And I guess if moving pieces here, getting back to what the agencies are looking at, how should we think about the cadence of fuel balance normalizing any other items as we get to the 14% to 15% FFO debt target range by year-end ’23, I think?
Julia Sloat: That’s right. We expect to get our — up to the — get the ball between the uprates in the last part of the year. We do expect to have a little bit of pressure on the front end as we continue to work through some of the fuel balances. As I mentioned, when you look at West Virginia stand-alone, it’s about $520 million. Does that sound right, Ann?
Ann Kelly: Yes, $520 million. And as I mentioned, the securitization of that will take some time. So likely won’t be done by the end of this year. But — in terms of our other fuel balances in other jurisdictions, we have positive mechanisms to recover that. And also natural gas rates and power prices are declining, so that will help somewhat as well.
