Paul Zimbardo: And thank you for laying out all those transmission opportunities. Just as we think about the roll forward, not the current plan, you’ve been very clear, but the roll forward with these incremental opportunities, is there a good way to think about financing those incremental CapEx? Is it kind of like a 50-50 mix? Or should we be thinking of something different?
Jeanne Jones: Yes. I think as I mentioned with David’s earlier question, we’ll do it in a balanced way. I think we’ve got a lot that we’re pulling together here. We’ve got some really exciting incremental transmission opportunities. We have incremental investments from the new rate cases that we’ve been filing. So we’re going to pull all that together as we always do in the fourth quarter and give you a full update when all of that is final. We should have some more information again at the end of the year by the corporate alternative minimum tax. We’ll embed any additional cost savings that we’re finding as we continue to get further out of separation. So we’ll — as I mentioned, we’ll fund any new incremental capital with a mix of internal cash flows reinvesting back into the business that and to the extent necessary do what we need to do to make sure we maintain that cushion on the balance sheet but always also hit our earnings target of 6% to 8%.
So we’ll do it in that balance, thoughtful way.
Paul Zimbardo: Okay. Understood. And then shifting topics a little bit. Do you have an estimate for what the Illinois ComEd customer bill CAGR is like the next 5 years — for your rate case and then I know there’s the carbon mitigation credit that rolls off. So just curious how the bill trajectory is.
Jeanne Jones: Yes. On the ask, I believe it was just — somewhere between 4% and 5% on the bill CAGR that was on ask call. And then the second part of your question was — what was the second part on the — as the CMCs roll off?
Paul Zimbardo: Yes. Just overall, like, again, you’re only part of the bill, like what an overall ComEd customer bill trajectory looks like over the next 5 years?
Jeanne Jones: Yes. Over the next 5 — again, on the rate case ask, it was, I think, around 4.5%, 5%.
Calvin Butler: But it’s important to note, Paul, that ComEd starts below the national average in terms of overall rates. So as I like to think of the headroom within that utility to invest and move the state forward exists. One, because of the carbon mitigation credits, but also because they start from a position of strength and having some of the lowest rates in the country. I think it’s roughly 23% below large city national average. That’s where ComEd’s in
Operator: Our last question — one moment for our next question. Our last question comes from the line of Jeremy Tonet from JPMorgan Securities, LLC.
Aidan Kelly: It is actually Aidan Kelly on for Jeremy. Just one quick question going back to ComEd. Curious how do you reconcile the differences between the ALJ’s 9.28% ROE and staff’s 8.91% ROE as well as the proposed equity ratio? And then could you just talk more about where the ultimate return on pension assets debate stands?
Calvin Butler: Yes. I would tell you that, as we talked about, I’ll first start with 1 step, and this is just another step in the process, as Gil laid out, coming off the world series, I think we’re in the sixth inning, right? We’re in the sixth inning of a long game. And that’s just — it’s 1 step. Staff was one, and you saw they came in at 8.9%, talking about the formula rate, and then we get the ALJ, we were able to respond, then we get the ALJ’s ruling of 9.28, so we will continue to respond to the evidence as presented and present additional data for this commission to work with. And that includes not only ROE, that includes return on pension assets. As I talked about in my statement, it warrants a return, and we have even come to an agreement with the Attorney General of Illinois, where a minimal getting a debt return.
And so we continue to move forward and present the why. And I think that’s the powerful part of this, Jeremy, is that when we can articulate the why and frame how it’s beneficial for all customers and moving — having a productive and efficient company that’s moving the state’s goals, we’ll get there. So to get into the details of this — of any other piece of this early in the process, I think we’d be inserting ourselves deeper before the full commission has a chance to hear the evidence. As Gil has laid out, we have when our next filing deal that we’re presenting to them. The brief on exceptions will be on November 8, November 8. And we’ll lay it out all fully Jeremy, on November 8 as to the what and the why.
Aidan Kelly: Appreciate the color there. And then just 1 quick question unrelated on the $425 million equity, would you consider ATM or follow-on there?
Jeanne Jones: We have $1 billion ATM in place. And so we can always just leverage that in kind of dollar cost average in as needed.
Operator: I would now like to turn the conference back to Calvin Butler, President and CEO, for closing remarks.
Calvin Butler: CJ, as always, thank you very much, and thank you to everyone for joining us today. We look forward to seeing many of you at the EEI Financial Conference in a week. Jeanne and the team and I, we’re looking forward to just engaging with you in a more robust and deep manner at that conference. And with that, that concludes our call. Thank you very much. Have a great day.
Operator: Thanks to all our participants for joining us today. This concludes our presentation. You may now disconnect. Have a good day.
