Operator: Next question is from the line of Julien Dumoulin-Smith with Bank of America. Your line is now open.
Julien Dumoulin-Smith: Just coming back at the same direction as Shar here, just in terms of balance sheet, obviously, has been a source of continued conversation as illustrated by the first couple of questions here. How do you think about maybe shoring up the balance sheet incrementally in addition to funding these incremental upside here? I just want to make sure that we’re clear about how you think about that piece of it, right? Obviously, coming into a position of strength here with the rate case resolution that you already — or resolutions that you alluded to by 4Q here, but how do you think about kind of getting to that next step where perhaps conversation’s a little less focused therein.
Lynn Good: Yes, Julien, thanks for that. And I as we lay out what we laid out today, I think you’re watching us strengthen the balance sheet, $1.7 of deferred fuel to be collected in ’23, another $1.7 billion of deferred fuel to be collected in ’24. And the multiyear rate plans, which have not only given us an opportunity to reset rate base from historic spending but also prepare and put into effect rates for future, I think those will be credit positive. The transferability that I mentioned on IRA will be credit positive. And so, as we bring to you a financing plan and think about the future and the continued growth that we see from capital investment, we will be targeting a minimum of 14% as we go forward and feel like we have the tools to accomplish that.
Operator: The next question is from the line of Steve Fleishman with Wolfe Research. Your line is now open.
Steve Fleishman: Just so, the — you mentioned a couple of times the monitoring the sales trends and I know you gave a little bit of color on the return to work. And could you just talk a little bit more — in more depth on what’s going on with sales in your territories and some of the recent weakness?
Lynn Good: Sure. And Steve, I’ll give it a start, and then I know Brian will have something to add to it. So we’ve seen some weakness in ’23. And I think you saw us early in the year trying to figure out do we have volume weakness or is it weather because we had such extraordinarily weak weather in the first and second quarter. But the weakness has continued into the third quarter. I would mention textiles. I would mention paper as two industries that have been impacted. And then outside of those industries, we’re hearing from our customers, supply chain, labor, interest rates being an impact to them that they’re adjusting to. They also — many of them have inventory they’re working through, so they’ve dialed back production.
And production, of course, hits us in terms of lower volumes. But I would say there’s optimism in that same industrial group about a rebound later in ’24 and into ’25. And what I would further say is, we have evaluated this. Residential, of course, return to work, but we think we’re probably where that return to work trend is situated. Meaning no more impact from return to work, I think we’ve pretty well worked ourselves through that transition. And then for our largest jurisdiction, we go to a decoupled environment in 2024, and customer growth continues to be very strong and it’s customer growth that will drive revenue. And then on the industrial side, the rebound is positive on existing customers, but this economic development has been extraordinary.
And we’ve given you a sense of what that can look like. It starts to layer in as early as ’24. And so that gives us some confidence around our longer-term growth rate that we’ve got customers sort of working through the macro trends here in the short term. But over the long term, we continue to see this economic development being incredibly strong. And I’m sure you saw yesterday in the Journal, that Toyota battery plant is expanding further, also sitting here in the North Carolina territory. So that’s what I would share. And Brian, what would you add?
