So as an example, what have we talked about in that 2025 operational variances bucket? We’ve talked about AFEDC, we talked about the timing of regulatory approvals, we talk about operational efficiencies we’ve talked about depreciation and we kind of, given you some insights into that. If we roll forward to between ‘25 and ’28, you’ll see the sensitivity is actually go right to, okay? So what is the sensitivity around AFEDC? And if you see because our capital program is growing so rapidly and so robustly, but the time we get to 2028 AFEDC is like in the $0.45 range as opposed to being in the $0.30 to $0.35 range that it was before. We’ve given you some depreciation sensitivities that you can factor in. Frankly, by the time we get to 2028, we don’t actually see regular – the timing of regulatory proceedings or O&M variances as being the major drivers for that part of the model, if you will.
So I think that’s how we’re trying to provide you with that additional information, as well as all the other sensitivities that people like to ask us about like, interest rate assumptions and things like that. So, as I think that’s hopefully a more granular approach to how we think about our business.
Operator: Thank you. Our next question from Anthony Crowdell with Mizuho. Sir, your line is open.
Anthony Crowdell: Hey, good afternoon, Maria. Good afternoon, Pedro. Just one quick question on slide 4 talking about the application of the key KM events. Just if you could maybe provide as much as you know on the timing of how long it will take for that application to play out? And then more specifically, what type of – I guess Part D meet with parties ahead of time or any type of feedback you give us on your meeting with any of the interveners right now in the application. Thank you.
Pedro Pizarro : Yeah. Thanks, Anthony. We’re going to be requesting or we expect we’ll request an 18 month timeline for the proceeding. It’s a – we think that’s an appropriate amount of time for something like this. I think at a very high level before we file any application, we’ll meet with a range of stakeholders as appropriate tickets. Those are really more listening sessions than anything. So I don’t think we have anything that we will report back and we would be appropriate anyway, but just be aware that we are making sure folks understand the underpinning case here, right? We believe after having looked at all the evidence that we were prudent and we’re providing visibility into the strength of our arguments as well as the process here.
And importantly, the need for a fair outcome in these cases. We recognize this is not just about getting cost recovery of costs that we think are appropriately recoverable. But we also recognize that this is a strong signal here, but California’s continued commitment to financially help the utilities. And so, we will do you’ll see their application covers a range of issues around with the rationale for this battling terms of the merits of the case. But the importance of this being, another key step in affirming the strength of the California regulatory framework.
Anthony Crowdell: Great. Thank you so much for taking my question.
Pedro Pizarro : Yeah, thanks, Anthony.
Operator: Our next question is from David Arcaro with Morgan Stanley and your line is open.
Pedro Pizarro : Hey, David.
David Arcaro : Hey, thanks so much for taking my questions. Let me see. One, maybe a little bit of housekeeping item. I was just wondering if you could give any outlook for equity needs into 2024, it seems like we’ve got a good clarity around it. But just curious if there’s any specific financing that we should be keeping an eye on for ’24?
Maria Rigatti : I think we’ll be relying on our internal programs in 2024, as well.
David Arcaro : Okay, got it. So it should be I guess in that same $100 million, roughly cadence.
Maria Rigatti : That’s been what we’ve been realizing, yeah.
