Rebecca Kujawa: Good morning, Steve. It’s Rebecca and I’ll chime in on that. It is exactly what John and Kirk highlighted and what we’ve been talking about for the last couple of months following IRA. With IRA provisions, we now have extensions of incentives now through the end of the decades well decade plus, but just looking into visibility, it’s exceptional now through the end of the decade and likely well beyond that. And it is a big change specifically for wind in this timeframe adding the 100% production tax credit now, obviously through this expectation, windows through it fully. And it’s also supported by the backdrop of what I also have highlighted to you all. And John talked about in his remarks about all of the positive follow on effects from strong incentives on renewables and through the introduction of a hydrogen production tax credit.
We’re starting to see substantial demand and positive engagement around renewables to create green hydrogen and hydrogen related products thereafter. So our development team is busy having the types of conversations we’ve never had before, and we can’t be more excited about what’s ahead. And that’s for wind solar storage and the hydrogen products that we’re talking about.
Steve Fleishman: Great. Thank you very much.
Rebecca Kujawa: Thanks, Steve.
Operator: Our next question comes from Julien Dumoulin-Smith from Bank of America/Merrill Lynch. Please go ahead.
Julien Dumoulin-Smith: Hey, good morning team, and congrats, Eric on your steward career. Armando, welcome back. Feels a little bit like when Maury came back in 2009 here, I must admit. Maybe just related to some of the changes here, just to follow-up on that super quick. First off is Armando committing to the full process here, as you alluded to the rate case cycle being a little bit protracted. And then related to that what is the final timing in terms of this internal process that you guys had underway per the 8-K and is that impacted at all by this pending FEC process that you allude to taking upwards of the balance of the year here?
John Ketchum: Yes, let me go ahead and take those, Julien. This is John. So first of all on — with Armando, Armando’s committed, he’s coming back as our CEO and President of FPL. Armando’s committed. So let me just say that. And again, as I said, he is inheriting just a terrific team. I would say easily — in my own belief, the best team in the industry, and it’s a team Eric built and did an outstanding job building, and there’s just a lot of strength there. And Armando’s has a good fortune of being able to lead that organization. And with Christopher Chapel, as I said too, taking on that that Chief Operating Officer role, I think that’s quite a one, two punch that we’re going to have over at FPL combined with the existing strength that we already have on the bench there.
And the other thing I’ll mention is that, Eric, we have the good fortune of Eric staying through the middle of May, which will help ensure a very smooth transition for both Armando moving into to that role. And for Christopher, having a chance to step up, and Eric will do a great job on that transition, and making sure all the right relationships are transitioned as part of that. That’s the first piece. The second piece you talked about the internal process and timing. First of all, let me just cover it one more time. I mean, we are substantially complete. On the Florida side, as I said on my comments, we do not believe that FPL would be found liable of a federal campaign finance violation based on our investigation. And second, with regard to the FEC process, let me just say a few words about the FEC process, just so everybody understands exactly what it is.
The Federal Election Commission has civil enforcement authority. Anybody in the United States can file a claim with the FEC. And given the political environment that we’re in today, I would certainly expect even an uptick in more claims being filed with the FEC, but any citizen can file a complaint. That’s where we are right now. A citizen, special interest group filed a complaint. There is no formal legal proceeding or any proceeding with the FEC right now. The FEC will take 12 to 18 months to decide whether or not there is a reason to believe that they should investigate this further. And we will file a motion for dismissal. We think that a claim like this that’s based solely on media reports and allegations is not the type of a claim the FEC should take up.
If you read the complaint, the complaint details five different scenarios, those, if you add up all the contributions in those scenarios, they don’t exceed $1.3 million. And so, when we look at the FEC process as a whole and the FEC complaint as a whole, we do not believe that the federal allegations, taken as a whole, as I said would have a material impact on our business.
Julien Dumoulin-Smith: Got it. And then just super quickly, if I can, just with respect to the originations here, the 1.7 since the third quarter call, this seems a little bit down from the last quarterly call update in the slides. Can you comment a little bit about the trends? Obviously, I’m cognizant of the comments you made about the overall expectations through ’26. How do you think about that materializing the pace and just what customer feedback is in putting in orders, “now versus in subsequent period”?
John Ketchum: Yes, let me take that, Julien. The first thing I would say is the demand for renewables is as strong as ever. When I look at the opportunities that the development organization has right now, they are significant. I mentioned in my remarks the term sheet we signed on the 800 megawatt facility in the Central part of the U.S. for a green hydrogen facility that we didn’t even count, for example. And we have a lot of interest around hydrogen right now that’s going to fuel a lot of renewable opportunities. The C&I market is extremely strong. We’re just seeing a lot of demand across the board. And so I think that’s why you see with the revised development expectations, 42 gigawatts on the high end, oh my gosh, I think those of you that have been following the company for a long time, 42 Gigs, that’s a 15% uptick on the last four year set that we had, I mean, just to put it in perspective, I mean, FPL’s total generation fleet is 27 gigawatts, so to 42 gigs over a four-year period, hopefully that provides a little color and context.
Julien Dumoulin-Smith: Yes, absolutely. Thank you guys.
Operator: The next question comes from Shahriar Pourreza from Guggenheim Partners. Please go ahead.
Constantine Lednev: Good morning, team. It’s actually Constantine here for Shar and congrats on a great quarter, and just wanted to wish Eric the best in the next steps. Certainly, appreciate that.
Eric Silagy: Thanks, Shar.
