So, to conclude my comments, I would note that we’ve provided substantive updates to how we’re thinking about our outlook, followed by — or followed upon solid regulatory execution. The headwinds that we’ve had in the last couple of years, we’ve navigated those, and have stabilized with concluding our 2023 results here. And you can see the midpoint of our ’24 guidance provides what we believe is a stable platform for growth, and to achieve our long-term growth that we’re laying out here. We also believe we offer a solid return potential with our earnings growth and dividend yield, with the fundamental driver being the things that should be, which is continued investment in the system to serve our customers and focusing on our earned returns.
So with that, I will turn it back to Brian.
Brian Bird: Thanks, Crystal. Crystal mentioned investment, on the left-hand side, near the top here, it shows our five-year history of capital investment. As you can see over time, we’ve ramped up our investment as we need to over $2.1 billion over this five-year period and nearly 16% CAGR associated with that. The level of investment on a going-forward basis, this is 2023 through ’27, five-year forecast, it’s $2.4 billion. Two-thirds of that is in the T&D side of our business. That investment doesn’t include other supply opportunities or other opportunities that may result. As a matter of fact, we will update our ’24 to ’28 capital plan at the EEI Conference. As Crystal pointed out, this is consistent with our rate base growth of 4% to 6% and again financed without the need for equity.
Moving forward, you guys, I’m sure, been following along on the HoldCo. We’re trading today at the same ticker, but we’re now NorthWestern Energy Group. And I think, I’ll give you the five reasons why we did the holding company, though I’m sure many of you certainly know all of these. First and foremost, it’s a common industry structure, not all but one of our peers have a holding company. Number two, it provides great flexibility for financing options. Three, from an individual utility jurisdiction, we certainly line up our assets and debt obligations with our legal entity structure. Four, we protect customers ultimately in these entities and these jurisdictional entities with ring-fencing. And five, it allowed us to exit from a bankruptcy stipulation, where 20 years has since passed and is no longer relevant, but certainly important for us to enter into this bankruptcy — excuse me, into this holding company in order to remove ourselves from the bankruptcy stipulation.
So, certainly pleased with how that’s come about. On October 2, we entered in the first phase of that, which is effectively establishing a holding company itself. All assets currently sit within NorthWestern Corporation, which reports up to the NorthWestern Energy Group. Phase 2 is on the first of the year and into early Jan — early 2024. We’ll now separate assets that are within NorthWestern Corporation into really two parts. NorthWestern Corporation will hold our Montana assets and some regulated subsidiaries associated with that. We’ll also have our South Dakota and Nebraska assets under NorthWestern Energy Group and some largely unregulated very small non-regulated subsidiaries under NorthWestern Energy Group as well. So, I just think it’s putting in place a structure.
It’s common in the industry and again gives us much more flexibility. Lastly, I’d just say, certainly, the new name of the holding company, but same ticker, same shareholders, same stock plan, same Board of Directors, same executive team, same policies. And so, we’re essentially — from an employee perspective, it looks very, very the same as it has been in the past except for obviously the many people worked really hard to put this in place. And obviously, Phase 2 here is still in process. And then, once even we execute that, there will be things we’ll need to do in 2024, and we’re excited about having this. It’s been a long journey. We — way back, I think it was in 2008-2009, we first brought out the concept of a holding company in front of the Montana commissioners and they really struggled with that concept, other jurisdictions were comfortable moving forward, but we’re certainly pleased earlier in the year being able to get that approval and move forward and moving on from there.
