Andrew Weisel: Agreed, it’s definitely not a risk. Just trying to understand does that mean it’s going to be more than $250 million and less than $350 million, the way you see it now?
Rejji Hayes: I would say up to $350 million per year.
Andrew Weisel: Okay fair enough. Thank you very much.
Garrick Rochow: Thank you.
Operator: The next question comes from David Arcaro from Morgan Stanley. Please go ahead. Your line is open.
David Arcaro: Hey good morning thanks for taking my question.
Garrick Rochow: Good morning, David.
David Arcaro: Good morning, I was wondering if you could just specify what you’re assuming for load growth in the latest outlook. You had some good commentary too about industrial activity in the state. What are the recent trends you’ve been experiencing with resi and C&I activity as well?
Rejji Hayes: David, this is Rejji. I’ll take that. So let me start with what we saw last year, and it was very consistent with our commentary over the course of each quarter, but we just continue to see good load growth on a weather normalized basis in Michigan. And so, we were down about 1% for residential as we have been highlighting that was actually a little better than plan. But then on the commercial side, we were up over 1.5%. And then industrial, excluding one large low margin customer, up over 2.5% so all in, about a point or 1% on a blended basis. And our expectations are, I’d say, a little tempered going into 2023. And so, we anticipate being a little south of that. And so, we would say probably flat to slightly up all in.
Resi continuing to come in as people continue to go back to work. But still commercial, I’d say, roughly 0.5 point in industrial between 1.5% to 2%. So we still anticipate decent load growth, and that does not include any of the robust economic development opportunities that we see in our pipeline at the moment as a result of the Chips and Science Act, the Inflation Reduction Act, we continue to see lot of activity, whether it’s semiconductor fabs, as Garrick known in his prepared remarks, battery, EV battery supply chain or other energy-intensive businesses. We do hope that we’ll see some more, lumpy load opportunity in outer years of the plan so more to come on that.
Garrick Rochow: Yes, I just would add to that under Rejji’s good comments there. The Chips Act and the IRA and even the IIJ, that’s a super acronyms there. But bottom line, they’ve helped our business, and they’ve helped a number of other businesses here in the state from a growth perspective. In addition to that, we’ve been working closely with the legislature with the Governor’s office or site incentives that really make our state as competitive as other states that are offering site incentives. That comes in terms of not only investment in the site from a state perspective, but also incentives to locate here, which has been very helpful. We introduced an economic development rate, which further encourages growth here in the state, and we’re seeing some nice some nice low growth over the last year and commitments to Michigan, and I expect more here in short order.
And so, I’m excited about that and what that means for our state, both from an investment perspective, growth perspective and particular jobs perspective.
