Ross Fowler: Right. Got gotcha, Gale. And then just there’s been some confusion around in the market. Maybe as you change sort of your coretirement deadlines here in this plan and push those into the end of — bring those forward actually I should say to the end of 32. Just remind me how the power of the future works and then confirm for me that I’m right in thinking that if you do natural gas conversion at those units, that that fits into that mechanism as well.
Gale Klappa: Ross, you’re absolutely right. It does fit into the mechanism. One way to look at it is all of the arrangements and all of the legal situations related to power of the future and all the regulatory situation related to power of the future is fuel agnostic. So there’s really no regulatory approval required for us to do the major activity that we’re already underway with, which is beginning a transition of the new coal-fired units at our Oak Creek site from coal and natural gas. And again, we’re already making modifications at the plant itself. We’re already testing burn of natural gas, up to certain levels. We’re planning to bring in larger meter sets, et cetera. So the work is underway to continue the transition of coal and natural gas at our new Oak Creek units.
The other power of the future units are already natural gas fired. So — but there is no — there really is no legal or regulatory requirement related to the concept of transitioning from coal to natural gas.
Ross Fowler: And so that investment would earn that higher ROE and then go through that same sort of mortgage amortization process, if I’m thinking about that right?
Gale Klappa: That is exactly correct, Ross. Yes.
Ross Fowler: Okay. All right. I’ll leave it there and pass it on to the next.
Gale Klappa: Terrific. Thank you, Ross.
Operator: Your next question comes from the line of Michael Sullivan with Wolfe Research. Your line is open.
Gale Klappa: Afternoon, Michael.
Michael Sullivan: Hey, Gale. How are you?
Gale Klappa: We’re good. We’re good. By the way, Michael, there’s no truth to the rumor that you’re dressing up as Taylor Swift tonight for Halloween, is there?
Michael Sullivan: No, no. I’ve had enough with these at this point.
Gale Klappa: Or maybe you’re dressing up as Travis Kelsey. I’m not sure.
Michael Sullivan: Yeah. Anyways. At this point where we’re at on the Illinois case, is it fair to say we’re going to a final order in those cases, or is there still a chance something could be worked out here?
Gale Klappa: Time will tell. Obviously, my sense is we will probably end up with a final review and a final decision by the Illinois Commission. Scott, your view.
Scott Lauber: Yeah. I expect — I think there’s some moral arguments going on in the next couple weeks, and I expect something by the end of November here.
Michael Sullivan: Okay. Great. And then I just wanted to ask, in terms of timing. I know a lot of people have been asking on this, Gale, just your kind of timeline for being in the current role that you’re in. I think the last update there was through May of 2024. Just any sense of when you’ll update us on that front. Are you tying yourself to [indiscernible] with his extension or?
Gale Klappa: Well, the problem is I asked our Board for an extension at [indiscernible] level, and I’m not sure they’re going to buy that — and I appreciate the question. You’re correct. My current agreement goes to May of 2024, and we’re having some really good discussions with the Board and with Scott. And we’ll have an announcement here in the next very short period of time.
Michael Sullivan: Okay. Great. Thanks very much.
Gale Klappa: Thank you, Michael. Take care.
Operator: Your next question comes from the line of Julien Dumoulin-Smith with Bank of America. Your line is open.
Julien Dumoulin-Smith: Hey, how are you doing?
Gale Klappa: I’m good. I got — I now have a name for your new dog.
Julien Dumoulin-Smith: Go for it. I’m all yours.
Gale Klappa: Equity.
Julien Dumoulin-Smith: Fair enough. True story. Love it. Darius’s got his second, and I’m still here without it yet, so I got to catch up. That’s all I got to say.
Gale Klappa: There you go.
Julien Dumoulin-Smith: Don’t worry. He’s dressing his dog up for Halloween and I still — whatever. It’s all good. Look, you always have fun. I always got to say, I mean, you’re still having fun though in the role though, right? As a follow up to the last question in brief.
Gale Klappa: Still having fun.
Julien Dumoulin-Smith: Okay. Excellent. Well, that’s good to hear. Look more seriously though. I — maybe just to follow up on this, on the Microsoft response and just like what’s embedded in the outlook versus what’s incremental. I get that there’s no white space. I mean, really the question is how soon and how much further can you go to the extent to which that they give clarity on their plans. Obviously things are actively rolling on their front. In addition to some of these other announcements that you articulated, I just wanted to understand, how fully baked or how much — well, obviously it’s fully baked, how much further you could go and how soon that could be, just given how meaningful the plan sizes are that are contemplated.
