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Duke Energy Florida (DUK)

Participants
Lynn Good President and Chief Executive Officer
Jack Sullivan Vice President Investor Relations
Steve Young Executive Vice President and CFO
Shahriar Pourreza Guggenheim Partners
Stephen Byrd Morgan Stanley
Jonathan Arnold Vertical Research
Julien Dumoulin-Smith Bank of America
Ryan JPMorgan
Steve Fleishman Wolfe Research
Michael Lapides Goldman Sachs
Call transcript
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Operator

Good day, everyone and welcome to the Duke Energy Third Quarter Earnings Call. Today's call is being recorded. And now at this time, I'd like to turn the call over to Jack Sullivan, Vice President Investor Relations. Please go ahead.

Jack Sullivan

Thank you. everyone. morning, Good April Duke quarter to and earnings business update. Energy's welcome XXXX third review And today Good, Vice is Chief call our Leading Lynn along Steve CFO. Executive Chair, with Young, and Executive President Officer, and President, discussion information the forward-looking include measures securities within use non-GAAP meaning of Today's financial will and laws. of the than statements, in filings. SEC Duke these may are factors results Actual forward-looking outlined be Energy's different and herein disclosed and be found A in materials measures reconciliation of duke-energy.com. non-GAAP and can financial on today's supplemental the information additional appendix for note includes presentation Please and today's disclosures.

So call with over to let's turn that, the Lynn.

Lynn Good

you growth for to It's earnings Jack, adjusted and finish our XXXX thank rate at our solid the range. morning, call. our results to good XXXX XXXX a you. strong We're EPS Today, our full-year XXX by midpoint with quarter guidance original based per half long-term quarter electric And XXX, our utilities. We're of share great range range. for narrowing into everyone. to X% raising guidance through our we the announced of X% original to be the with a reaffirming well-positioned, upper third year earnings driven for to off are also of the $X.XX growth

Steve to advance our climate clean like we've made over critical help that goals, and it accomplishments a the on and energy hand important I financial update, I'd our for discuss Before to progress highlight reasons transformation.

policymakers the X, and Turning for across actively toward years, with stakeholders a to Slide path to energy. cleaner we've engaged been several Carolinas, chart

lower our other contemplates the commission, history, procured through low income and steps early House for stakeholders, XXXX. complex retiring by feedback. with calls customer bipartisan in took we consistent several while pass prioritize of the the both coal issues. corporate vertically the states for conversations been step, landmark framework It reduction while over These House involvement and plan, utility clean sub-critical plants an The Utilities customers in retirement, XX% that resources anticipate by by further own as a with law October, to a Bill reflects and informed energy exception goal In the Throughout carbon selected offered pursue carbon ownership by to utility energy in informed have with tackling decades continuing developing Bill accelerates filings the by to XXX they that XXX, new-generation in in orderly Consistent robust When transition. for history the of reliability. a be South active and XX% longstanding states, which PPAs. Bill securitization 'XX energy an IRPs,filed also assets upon emissions XXX model, of We provides of aggressive and House affordability -- the solar Bill reliability XX% of XXXX. both both ongoing affordability the our carbon achieve additional XXXX and by XXX to or Carolina to conversations form ongoing states. of leaders state together Carolina House proactively Our engagement come The prioritize which integrated protections serve maintaining law, to been came remaining into have stakeholder end years, achieve net transition. Commission continuation The this have that takes been last will rate over and map of affordability. with of the their process legislation of the sets their have goals consisting North will rates. for customers. also these carbon be generation, will the approved calls the will reduction our road which Carolina to utilities by goal plan X North reduction

we've modern residential further adopts making, North to with and legislation certainty. mechanisms help Additionally, income designed utility to customers. Carolina, also in our a decoupling, propose low needs all align The programs rate plans, to regulatory and performance-based income investments better collaborative low improve including customer new initiated rate multi-year rate

As our range. ahead mind, $XX as capital the this increase of jurisdictions. carbon provide next decade, and quarter billion will details years, on and then all expect our And moving plan billion through our in to for enterprise call energy we we to plans XXXX, will to back the broad more reduction work the we toward look February. we change range. of goals pace our the on $XX of the Of across clean into the er capital our With accelerate, and X transformation, financing And our -half $XX we $XX to updated in top-half fourth estimate be our in

we net amounts first these advancing to our work. hosted it's our and Turning to X, one we our across system. Slide in Investor XX% accelerate since X laid social progress making to the of We're methane and We carbon been and goals renewables carbon ESG XXXX, we emissions. path also while out meaningful where to enterprise several targets year coal exceeded continue and across and retirements corporate reduction responsibility governance add significant Day,

and strong in is stakeholders, rooted net-zero equity, underpinned collaboration Our inclusion. culture diversity, path by a governance, and to with

our This recognized framework Awards overall for projects we commitment investment transparency investments week, governance we social our ESG also to the with XXXX projects. as transparency. this utility testament And clearly framework provides strategy were additional culture justice. fund new green and a around accountability, help Transparency to eligible of and benefits, number to in aligned demonstrated as launched investments strong Earlier Labrador's sustainable environmental long-term a by provides Our as societal one our financing defines by priorities. and our

our to While and look into and commitments holding deeper there the are in are is We we ESG progress you for to proud years with XXXX ahead. in more to our dive day of poised accomplishments. our forward more another do,

modified state, from of we the this make filed at levels further to renewable at vision and IRP, reductions. slide South clean with a continue local possible Public In cleaner and to affordability for energy and includes maintaining seven, end reliability Turning Carolina energy. carbon retiring to while feedback federal, stakeholders work toward The we August, Commission and achieving generation plan expanding significant [Indiscernible] progress storage, the resource demonstrating coal, the balanced Service incorporating customers.

approach Florida believe the an And element the as later Plan clean the pace expect order We the on well. our in our an transition to as in important from the in to the part continued new projects quarter Carolinas. the this and year, solar foundational commission grid filing Strategic through continue this Protection and energy continues to is third progress harden Clean of announced We Writer. Storm Connection program. we four Energy conversation

IRP our sharp later this from customers, focus Indiana gathered consumer submit we As generation, path business and The prepare and state. while efforts month, and on environmental policymakers and advocates, to the for forward keeping to to from cleaner input to away IRP we've find affordability. reliability continue coal, engaged with best transitioning a shift will advance the groups to stakeholders on we remain

view, structure objectives a SEEM to shared with renewables focus SEEM. a the Congress tax, support excellence. We range federal issues, of administration that that We by our and in Finally, align of on is clean-energy climate strong the market nation's development application averages. continue members operate platform. and fundamentals our has including pleased investing the we're filed In and the customers on Energy customer draw development the accepted the the Clean provide national immediate growth of fund known meeting and while our trading we members and This Market other that more to as are advanced new continuing transition with in modernizing low-cost, policy. of rates infrastructure the we're and benefits the constructive From point Southeast infrastructure, operational policies advancing Energy to are allows financial engaging helping to while with and proceed way wide Duke throughout by of to Southeast. of the low-risk new FERC business regulatory above at our Exchange Technologies. closing, to the strategic jurisdictions a

fronts. goals are and driving continue our climate progress make and investment long-term on planning, Our we all strategy to

range. XXXX will largest investment With infrastructure. and investors. this country, X% our are Investments positive Steve. our we momentum, customers the capital line see and We that achieving clean-energy let have to over this building our environment, to will that, benefit turn highly this earn communities, and me on range, a Over time With clear confident in the top growth focused of one of we X% half the decade, of over goals. in our EPS plans deploy to sight in the the it potential to

Steve Young

key the brief a quarterly morning, year. few I'll our good of prior variances a everyone. with And results, Lynn. to Thanks, discussion highlighting of the start

$X.XX O&M levels due benefits prior today's coal infrastructure, is in due settlement to Partially, For projects. of share adjusted proceeds $X.XX up continued earnings for higher insurers utilities, a items up results cases, share XXXX reconciliation be by in in the between Recall we last on Neo were to slide were XXXX from our ash by was income our driven the partially and levers drivers part difference optimization Commercial year. as quarter release infrastructure $X.XX. to to gas, supporting to XXXX quarter earnings to quarter, COVID The reported and year. electric to volumes, the that offset to primarily led and on variance was adjusted tax and earnings due that strong, for shown adjusted closure costs results year. In and per to and was reported rate COVID-XX Pflugerville per quarter related wind executed a flat Other from Shifting to driven reported segment, results, The refer compared the principally per quarter utilities favorable on our with in were South $X.XX please compared by more mitigation prior results and Marriott when expense. share rate solar strategy. to adjusted offsetting third efforts Results charge accompany riders. taxes our basin Renewables per and press share the these was investments as costs. the increases, presentation. the the earnings unfavorable, mitigation the Carolina base were eight, information detailed of by materials third $X.XX which

remain -- per XXX range. execution midpoint pleased throughout off rebounding related that of by per the the dilution issuance We of period the for diluted by with December impacted to XXXX. the at ability are X% our Overall, X-year and -- economy. our earnings we adjusted consistently $X.XX the results closed guidance segment point to equity share in share quarter XXXX the $X.X supported Finally, billion results grow our continued confident to our in X% of are

see to -pandemic to year-over-year. are bounce Results And near recovery electric pleased for are we above or results X.X% progresses. pre X, X.X% second approximately quarter, were versus levels consecutive our volumes third slide the to for economic Turning the the quarter the third up with back quarter as continue XXXX. up

as Looking quarter, were the return more closely down X.X% residential people classes, the customer began for to the volumes at workplace. to

electric volumes attractive and overall to driving our have the volumes. which jurisdictions risen almost year-to-date. largest comparing four the We strong of service market testament continue the outpacing was X.X%, our the classes. states, the to operate. recovery robust Commercial average. The volumes growth in is see are of in of that representing territories X.X% X%, is quarter's recovery When the is in and commercial highlighting strength customer This up volumes XXXX, industrial we see up we continued residential Job nearly this of to improvement a XX% X.X% industrial our class. national labor residential in that

of industry. monitor impact certain sectors industries, seen to customer we customers as experience continue We a a mitigating suppliers disruptions. impacts. And such due supply to minor automotive our We sectors, impacts diverse serve the that today, specific base, may expanding only chain of largest have variety in the

In growth drivers of Beginning the on impact economic see term. we I'd load towards bolstered at next higher across X% primary the the will utilities customer range for With over our progresses. the see jurisdictions our we Florida, electric growth growth above we across our territories, discuss retail year, X% year. load the load by to we XX-month expect as XXXX which plan the first service rolling like seen, trends original XXXX in Slide growth year. XX, rate growing As progress the ever rate load sales that approved segment, strong we by long we have with the the recovery was in increase our end base to this to multiyear for are the top end finish encouraged X.X%, of our support of

projects base to will adjustment projects allowing Protection distribution grid under plans, be mechanism. we'll Indiana through grid growth for making Ohio. and in upgrades and We the to continue rider rule growth distribution certain related beginning our in Carolinas, see Plan In Ohio solar Midwest, improvement the to Rider move XXXX we from impact to our the between to XXX, Storm recovered reduction return see under HB the setting are recovered in invest In stage XXXX the also that the And for in a the expect the both summer. expect and with Meanwhile, carbon final year transmission rate key and we'll beyond. rate a case our programs through plan, defer us cases. rate

progress and segment, make have on XXXX. to from cases. and the O&M we year-over-year to benefit low Carolina in management cost Kentucky our our a efforts will rate the expect Piedmont, across North gas jurisdictions, continue Shifting full-year We

detailed see our February plan, also we prospects the customer XXXX guidance, XXXX will will updates. from provide historical during our and earnings capital to integrity We growth financial this management, our Consistent growth future practice with for investments additions. and

close it with for we Before me open up XX. let questions, Slide

We earnings-per-share we top XXXX And guidance evidenced are narrowed XXXX adjusted quarter. have another range. the half our outstanding by our to having of range an strong as

return with shareholders. Our of earnings X% our dividend profile compelling a provide X% growth attractive to coupled yield long-term our risk-adjusted for

we of our your of questions. advance well-positioned investors. As is that, our accelerates, pace for delivering Lynn as beyond. energy clean to capital as opportunities a Energy have customers the long to over in open decade runway and our strategy discussed, the investment next the and Duke we lead With sustainable line we'll industry value change

Operator

allow please this time signal is Instructions] make reach function you. and to turned if we your equipment. first at will star your mute a Guggenheim from Also, to Once using again, speakerphone, our Thank Shahriar of Pourreza [Operator you're hear sure off one Partners.

Shahriar Pourreza

morning, Good guys.

Lynn Good

Hi, Shahriar.

Steve Young

morning. Good

Shahriar Pourreza

Someone.

Remind got amount bipartisan obviously carbon Just and it's a reduction as and be couple thinking next going done to about in you it some do though the good rule-making, way. XXX, have of on questions steps, finally chop, is on what to we're plan. the of it's good, Obviously XX busy especially really framework. us a securitization, good

Lynn Good

to you way came the of going you. in worked provide energy ways, of are we've it's the the combination And framework be it of know, the to the timeline together as we would culminate making already securitization. about. out, that procedures that for establish that thank shaping Sure. December process the rate we've is commission for a years the many and step, Plan. performance-based pleased Shahriar last Carbon the And XXXX. that this we're as around occur February clean an making is yet and is expect PBR talking in to we rule transition. The the for has leaders next with should the the we state bipartisan over this not is And commission That April securitization. underway, of then toward discussed around but outlined to The Reduction in several also process which expect would you

of regulatory this legislation on So the arena. a as work transitions lot will go into

Carolina South important step and reduction every of course, way. be involved, will the will involved, the plans, table will the carbon on at stakeholder very a stakeholders be We be of

way drive carbon to investments And returns us a decade process over this reduction we not only a provide along but goals, meaningful is anxious to reach I and very updates good this beyond. put those so on that achieve our milestones. But feel path be we'll will to the as like

Shahriar Pourreza

Lynn, Got it. at and -- comments to lastly, drivers out plan. we're it guide a your bit want growth thinking as the of tease your And I the various it impacts now prepared around legislation about

You obviously renewable have regulated more opportunities.

plan accelerate as capex You less mechanisms. sharing lag around increase and further and have You should PBR right? more opportunities obviously cements, have the to theoretically opportunities and

highlighted, you current EPS rate Steve especially an I can So load X% be your your guide accretive with to if without the as clearly within X% solidly were growth standpoint? how from improving an guess backdrop to legislation, not legislation, growth

Lynn Good

the question we note the to progress also and appreciate the it jurisdictions. expect think we should Carolinas really I I broaden another Sure. to beyond that make

IRP in filing in have up coming that for important We the this end November, Is month of which will a Indiana, pace transition.

capital. of we all top a XX we look range, And to XXXX as to open to up of decade taking So establish at the see XX and increased half we XX things be it's think together, to to half, do had more in XX. We will likely believe we that XX. the X-year as back those go capital XX shared we that

earn the And to so the the X% believe of X% we top top our have to end that time to we potential over do range, range. X% at X% half

some so this we long rulemaking will only capital work And not customers, returns. to work to we and with align but us modernization more beginning execution. the also investment and to effectively to capital investments and put a of regulatory do have deliver have allow runway benefits to be helpful, with to But

Stephen Byrd

you you soon. appreciate I Lynn. it. Thank much, Perfect. so See

Lynn Good

Thank you.

Operator

we'll of next hear Stanley. from And Morgan Byrd Stephen

Stephen Byrd

morning. good Hi,

Lynn Good

Hi, Steven.

Steve Young

Good morning.

Stephen Byrd

how legislation not to by just Indiana. And thinking XXXX. -- I maybe energy bit wind, In terms to in as storage, Carolina solar stakeholders to on of just you feel states? that then And cadence for it for a in and those as extends the filing well the might month. decarbonization resource extent of the of thinking, questions but the little around does the in Carolina, build [Indiscernible] have renewable as just Indiana prior other in for impact North And pass, federal like the both of deliberation guess, though, a ways. a you, I specifically legislation support wanted number this North I'm this provides end supporting that both into in does support flow it going for is of well

Lynn Good

there's investment, Steven been around states years of energy the of Carolinas see a our conversation base of Indiana, the infrastructure in I several in response efficiency, keen in investment, increasing lot vehicle demand renewable on. going in will amount And over for part opportunities believe be so for it. getting you place. some and In a last energy both investment of electric has also, in a interest building the Florida, a transition. clean that storage

And is in so of are I at do federal the watching believe the all states the up, And be momentum progress on states. the incentives, additive particular, our to picking what's course, in level. can going tax

And our to deal Washington. going, states I where trying and great a alignment see what underway that the so accomplish, between of are in discussions are we are

Stephen Byrd

potentially in That's further lead helpful the have. tough see could very I levels? legislation, -- imagine essentially from you and kind extent your impressive amount It's I know of that soon Or in predict, for anytime that's that but of the of to to support this But to an acceleration? level that kind wouldn't that later do spend longer-term impact capital your capex of result capital obviously an how decade. we this federal could a acceleration? might but plan,

Lynn Good

factor of result I affordability, we the lot both way our of around those need that think believe proceed And a investments know a Steve, is and it. And as timeline power I the gets will top the But But system, established. of is our in way, into we in we the bulk do it meaningful pursue states, X deliver acceleration. that these tailwinds that transition And customers, being goals. debate down are trying for our along to grid keep economy. of a behind importantly, works the for to will lot to have And reliability it items. that's generation another target with can underway mind Affordability occur kind investors. and we equation. I and the certainly of

state just long see driven states, I operating opportunity tailwinds. do all these a so of by in runway and both of federal and And investment

Stephen Byrd

other Understood. tax impacts, of like we're in around What's exempted -- cash the your things element Good. the Very customer the there? the that, impacts interested both statistics, the that that is credit How bill legislation through just And from clear. sector in sort extent your get impact provision? that the utility that then are one thinking might minimum the levels is flow, maybe doesn't of particular to latest bill.

Lynn Good

of be things. a because we the look the complexion need could regulated, us. at incentives minimum of to impact, elements, that timing would but the of within are more Stephen, issue for cash all we see XX% other flow tax some There we the tax and as

of But significant talked and the know, a bill add right as we how time have not as a will the see you result Steve, to impact you a is minimum we So it customers dynamic do see way would to that? ultimately this now. is tax progresses. about to anything

Steve Young

of agree there's would issue. credits, of credits, pay They that. would with nuclear view of That of then fleet. inclusion mitigate to any with a it -- this help And for direct that extension timing and I other PTCs particularly nuclear our impacts customers. Duke are as We other provisions.

Stephen Byrd

point. Thank provide you. Understood. There of all had. are I other good the direction a and That's a provisions that pushing benefit. other sort That's

Lynn Good

Thanks, Great. Steven.

Steve Young

Great.

Operator

Arnold Research. we'll Vertical of from Jonathan Next hear

Lynn Good

Hey, Jonathan.

Jonathan Arnold

morning, guys. Good

Lynn Good

Morning.

Jonathan Arnold

sort Hey. mentioned interact whether was Steve, guys for you how with you nuclear nukes. just of on have sense I just calculation define derive the the the on wanted revenues of to -- that I PTC. any regulated would would you PTC pick yet -- curious you up

Lynn Good

will to pretty came apply study Jonathan, period it'll do apply that believe and we're a nuclear. morning a for learn we're more I'll thousand this We of out believe a a to pages. regulated anxious house more. X-year We last and night, what the do area take that. dynamic through This couple coming yet it of but bit this is

nuclear the together. is all elements believe of So included, stage more come of on this fit how we but to at we're regulating these game, talking -- more about

Jonathan Arnold

if you was Could One solutions at pursuing of with guess extra little wind. that how nuclear moment nuclear. HB offshore about or the interesting both? little project, guess some frame small just you're [Indiscernible] what XXX, and element time, forth, could have might a staying or you the And modular just put with best a maybe be what of a on I part time that, will bit be you talk

Lynn Good

advanced Sure. know, you XX% And XXXX nuclear small to as put need scenarios time wind you modular put Jonathan, here of these included U.S., if offshore level. although energy offshore mature reactor. Europe, scenarios got that these a in We the back the the there do IRP, in to next-generation, that very clean see a One in of wind, much technologies. forward some think to we were over in not couple that but other the included

I these reduction an as and incorporate plan our a so regulators, on to discussion thoughtful will carbon believe policymakers, with go the into developed, this that important approach technologies. And engaging to will with is how come we be up communities,

take in on think this I come that more shape carbon to to plan as so 'XX. And reduction begins

Jonathan Arnold

That's enough. good much. Okay. Thank you very

Lynn Good

you. Thank

Operator

And from of hear next Julien Bank Dumoulin-Smith America. of we'll

Julien Dumoulin-Smith

Hey, Appreciate the good team. time. Thanks morning it. for

Steve Young

morning. Good

Lynn Good

Julien. Hi

Julien Dumoulin-Smith

Hey.

So Okay.

well the to you getting So to -- on legislation just come be perhaps more done, if can the I'm piece, back XX% curious obviously, done

Lynn Good

Thank you.

Julien Dumoulin-Smith

that thinking around about points though, here or about What other are how that touched more finally will, about of moving terms you XX, can to upper are the a you -- thinking XX trying perhaps the and balancing you're earlier about understand there? it's ride I know know end, requirement. pieces incremental you're debate get you I top when combinations, we here. will, long scenarios that to absolutely. specific headroom specific the talk gets but To half point XX%? you so if just considerations, different -- the I'm that indeed, the of different if been we're the various in you about changeably bill against if what

Lynn Good

the point coal Julien, point you And volume maintain level that retirements, is storage, think could the to of look added the to I at the solar be and of you back resources reliability. best I if this will thing the at additional IRPs. to

there towards As you move reduction, carbon XX% megawatts. are

you reduction course what through that's of in are discussion, be I of to the really would procedural setting magnitude carbon table. And that as best opportunities for the transition. a this But thinking probably that's commission, be go South the the we about stakeholder lot to will point will And think back of begin important There we at. IRP at so process I looking Carolina planning because those schedule. the place

Julien Dumoulin-Smith

think it Yeah. And one included Again, these I other influx. offshore are that if specific pathway the and understand I Is you scenarios. X those our The got in IRP we're Included is that offshore, things fair seeing space the of already key X. right scenarios there. for know now the kind to one or pathways bias that your favor of you're given thinking really across what SMR of about? SMRs.

Lynn Good

early too it's say tell. to would I

our Julien decision. sense in We which on will make technology for states a operate. customers makes in the what unilaterally we not

continued engagement regulators, believe the important be we to with discussion So will this decision. communities policymakers,

We are evaluating wind. offshore

a there also proposed there. coast area was you a sale think for have may The is Hawk of Carolina. North lease noticed I off issued lease the Kitty notice

So these this we to operate. in that states come to take in I there's -- more sense here. our which shape, we'll reduction have makes the carbon would stakeholder for say opportunity plan an And as the develop customers it's begins just discussions to plan to further

Julien Dumoulin-Smith

got of etc. it. what kind on I peers in some coal, so. from we to made here, of that nothing know have on Indiana you're that that wait a Yeah. -- terms IRP And broad yet hear specific statements already Got of exit for definitive on timeline your I more but saying. front,

Lynn Good

work finalized Indiana. last coal will month filing see as of engaged is And been were in away, actively cases and on year. that can Stakeholder the We on the end continues. weeks there, about so of we're Well, continue life would And as on in did with I retirements, the so so process you useful renewables, Julien, to working XXth you have this diversification, the reducing this to rate know, adding connection say the we X it's work at expect more coal. we and November

Julien Dumoulin-Smith

we'll luck All right, those And well, finals of with best soon. weeks. see you

Lynn Good

much. so Thanks

Steve Young

Cheers

Lynn Good

Thank you.

Operator

Jeremy And from we'll of next hear JPMorgan. Tonet

Ryan

Hi, good morning --

Lynn Good

Hi, Jeremy.

Ryan

it's Ryan. for Jeremy. On actually well, --

Sorry.

Lynn Good

Alright. Okay.

Ryan

hit come of proposal opportunities that bit opportunities. on of on was the more transmission FERC, you Just wondering, you give in to your renewable's distribution out that [Indiscernible] SEEM terms a we approved that at color of wanted

Lynn Good

we same know, I done range we've XXX lot XXX And save term. would very outside a You XX the the the parties over million of potential Ryan, up would at in look a in of about and to had customer-focused term believe million the the and with initiative. to annually to think longer XX a near and work as customers

So that as greater us and visibility a the opportunity way grid Southeastern operation gives more integrate see renewables. of provides the we the it to around

So think it to we would continue think the the in represents renewable here near that's term. investment how it about here Southeast. to a opportunity in mature I And the great

Ryan

different being kind stage of those XXXX ramp you for of business. it out into capital just you've I'll this bridge mentioned and call. the take kind XXXX on one slog year as kind you strong ability then, drivers also, But thinking, seen ask some How drivers year-end of of kind in a to on the And kind the XXXX you into make Understood. you're this the of load where of then kind understand at the of beyond? year, the a full, trends of maybe on of get some the and

Lynn Good

within being. shared every Well, X% to see will say be growth over we Ryan, year, X% the with X-year our would remarks Steve rate what period. you drivers those his in I we

number got we’ve areas. the So referencing Florida [Indiscernible] rate of I'm other course, and a plan, that of load just growth multiyear

So plan for got feel more February on we'll solid we've like give it what in a but you means specifics very I XXXX.

Steve Young

add, growth always We've seeing the in our Florida. plan believe That's we and we I Midwest good as plan. out you there a along would activity COVID with of program growth certainly. solid certainly see our jurisdictions, new are through got the continue across organic well well. will the jurisdictions. we of Florida in coming when rate We'll we as strength part growth at X-year lot coupled finish it is improved as sober and to, And kick been our look

factors with the a as it a number can there's we of of been is across that but past. So, capabilities our details, pull number got has one cost a lot and we've in more them of footprint, control

Lynn Good

Electric In case I North also, Ryan, just at slide, activity this to. a South rate case is was Ohio would point rate Carolina, a looking activity, Carolina, Kentucky, here Distribution, so I Piedmont,

Ryan

I it. appreciate Thank sense. the Got you. Makes color.

Lynn Good

you. Thank

Operator

Wolfe hear Steve of next, from And we'll Fleishman Research.

Steve Fleishman

good morning, Hi, Lynn.

Lynn Good

How Hi, Steve. you? are

Steve Fleishman

you. Hope you're well. Thank Great.

a was one have report or a week of investments. since there maybe on Could about And soon status I being Press ago any situation. the else So, that there's there two comment settlement to that? -- ask if or did, being no you Elliott with

Lynn Good

say in And what but Steve, I'm press report, I very comment the not going conversations is will to we with Elliott. on remain constructive

of in to our We are times, many open Company. decision said conversations But terms believe this we shareholders center the continue. interest a our around process settlement best I've constructive constructive are our that and will on as and

Steve Fleishman

Okay. any one Carolina, next maybe when guess And able that? there just recover with rate before of -- you the issues I are in law, performance filing investment, would of case be? Great. is to And the would in kind get base, another to time that be lag under North to actually this terms

Lynn Good

is underway. to that a for process always into timing making, we consideration. do, that referenced we the XXXX Steve, for not plan. we we that as the is sense something point are will rate appropriate time that's a you rule reflect would Its I continue case, rate do, and a rulemaking would I case as guess certainly file update also evaluating making will is of And only when contemplate work investment under around But this to that, better you. a that some that we before, work have rule but evaluating capital

Steve Fleishman

Okay.

be do or not now case it next the with case performance-based without you is that? clear the whether rate So new right a would maybe first

Lynn Good

commission by I rule-making, if interesting but up be in would be for I objective the case on within That's of a an PBR certainly February. to there's the know aggressive to works work do, PBR rate and an would making now, target the frame. to time timing try timing pick out. that of it the think for rule reflect good is rate to an Right filing. question That's on the depending the lot

Steve Fleishman

it. Got Great. Thank you.

Lynn Good

are Thank you you lost there? you. our Operator. there? We've April,

Operator

sorry. I'm

Lapides of is from Michael question Goldman Sachs. final Our

Michael Lapides

Hey guys,

Lynn Good

[Indiscernible] for you Thank Michael. Hi

Michael Lapides

curious, HB and larger time was should units? fleet and Duke deal what the How the for if just thank about were Duke how the kind about just early core and bigger the there question. think Hi those Lynn, Hey, whether to language of we sub-critical units? would XXX, you you of of happens think about on my taking when Progress over I retirements pretty being clear retirement Carolinas The component units. securitization supercritical the for

Lynn Good

would on Michael. think about I those, traditional rate-making

gas running the a so of units they of continue will dual-fuel natural time. And capability, for some have on period will

think I that So would about way.

Michael Lapides

And wind into it. to don't related bill. components follow-on just made I curious, it the then one offshore I'm Got the XXX. think

the there -cost, got bit of offshore about SMRs. you were left You've or talked the than -- a the concerns wind it bill How reason that? other do concern, [Indiscernible] little more driving that is of were out

Lynn Good

regard as would they out part being regard the I and will Commission, wouldn't the by be reliability. carbon also decisions of and as the plan of I around overseen reduction evaluating where those be but bill left clean will technologies affordability it it

sense think our what what technologies and necessary to the the for which come make for on I hit works and most and to So Michael, will it, technologies communities. be these goals, policymakers more states,

Michael Lapides

Got much you appreciated [Indiscernible] and it. Thank

Lynn Good

Thanks. Michael. Thank All you. right,

Operator

And as

Lynn Good

[Indiscernible]

Operator

this are time. further no There questions at

Lynn Good

see week it I take you a next from want have participating thank to chance I everyone all if there we many at I'll April, of here. know right. to EEI. All today. for

always are this conversation So if available is continuing course, call. there IR, we look to forward questions the and following of

for again investment. thanks So your

Operator

you does conference. for that all today's participation. And your conclude Thank

disconnect. now may You