James Kennedy: So I guess I’ll start with the transmission announcement this morning, the $870 million for brand insurers. Is the portion that falls in the current plan, purely incremental? And secondly, any color on the potential quantum of other opportunities like these as we start to see other retirements in CMC and BGE?
Calvin Butler: Thank you, James. First off, it is all additive to the current plan. We do not have any of that, as we’ve conveyed to you previously, we were never going to put anything that we were striving to get until we want it. So that’s important. I have with us today David Velazquez, our EVP of Operations, to provide additional oversight or insight into this because David oversees our transmission strategy across Exelon. So David?
David Velazquez: Yes. Thank you, Calvin. And James, thanks for the question. Besides the brands insurers transmission reinforcements that are needed, you may be aware that PJM also has an open – what they call an open window to help transmission reinforcements needed for additional load growth in the Dominion territory. That is currently open. We have submitted four different proposals in that open window range from, I will say, smaller enhancements in the $300 million range to large projects that helped meet both short and longer term needs that are well over $1 billion. And PJM will provide an initial readout of their recommendations committee meetings in September-October timeframe with an expected decision from the PJM Board in December of this year.
In addition to that, there are offshore – their transmission reinforcements needed for offshore wind, both in New Jersey and also in Maryland. And there is legislation in Maryland that requires the PSC by July 1st of next year to make a report back to the legislature and then to issue a solicitation for transmission reinforcements for offshore wind by July of ‘25. So, not just with the brand insurers retirement, but offshore wind, load growth, and again, cannot predict generation retirements, but if they occur, we are ready to do what we need to do to ensure the reliability of the grid.
Calvin Butler: Thank you, David.
James Kennedy: Excellent. And then just second question real quick. Can we get an update on the ComEd franchise agreement process?
Calvin Butler: Yes. Right now, it’s status quo. You can appreciate the team has been very involved in the franchise. And with the new Mayor coming in line, he is assembling his team. Gil and the ComEd team have been working very closely with him on several issues. And really, what we are talking about is that we had come to an agreement with the livelihood [ph] administration earlier this year, as you know, on that franchise. And the parameters of that proposal, we have discussed with you on previous calls. But at this time, the Mayor and I think the team is looking at those provisions and trying to make it his own, this administration’s own. Gil, would you have anything else you would like to add there?
Gil Quiniones: The only thing I want to add, Calvin, is that we have had initial conversations with them, and they had informed us when they are ready, we will engage and restart our negotiations for a new franchise in Chicago. But in the meantime, our existing franchise agreement continues.
Calvin Butler: And that’s very important for us. And in addition, I just want to recognize that Gil has been partnering with them. He was just recently named to the Environmental Justice Transition Subcommittee for this Mayor. So, the team has plugged in with the administration, and more of why that’s important is they are understanding what their priorities are as a new administration. And I think that will play directly into the new franchise agreement.
James Kennedy: Wonderful. Thanks guys.
Operator: Thank you. [Operator Instructions] Our next question comes from the line of Paul Zimbardo from Bank of America.
Calvin Butler: Hi Paul.
Paul Zimbardo: Hi. Good morning team. Thank you for the time.
Calvin Butler: Good morning.
