Shar Pourreza: Got it. And then just lastly, just — I mean, I guess, what are you hearing on the nuclear PTC guidance? And I guess, how do you plan a business case around it? I mean you have a refueling cycle, you’ve had some modest CapEx improvements on the back burner for nuclear, are those plans getting closer to a decision point, especially with the guidance?
Ralph LaRossa: Yes. So Shar, I’d say a couple of things on that front. Just to reinforce again the stability that we introduced last year. We said it on the PTC floor, right? So we’re not counting on anything above or beyond that. And that’s the way our plan is set. So that should be pretty clear for you all and pretty transparent on that front, and then on the CapEx, we have said a couple of times, we’re moving ahead very well on the refueling cycle at Hope Creek — that work is progressing as we expected and those surprises there. And we’ll probably be hearing something in ’24 from us, a little bit more on the upgrades that we plan for sale and the timing of that. Effects on cal ’24 though — those will pay dividends as we go down the…
Shar Pourreza: Got it. And again, sorry, just getting hit with a lot of questions from one of my questions. When do you plan on giving ’24 guidance?
Ralph LaRossa: We have said that we’re going to give it after we finish our business planning process with our board. We have a review with our Board that we do in December. So, we’ll be doing it in December.
Operator: Our next question is from the line of Durgesh Chopra with Evercore ISI. Please proceed with your question.
Durgesh Chopra: Ralph, just a finer point on equity. I think this is going to be a Dan’s wheelhouse. But you showed this slide in the June investor deck, which kind of talked the $4 billion in balance sheet capacity. How does that look now as obviously the puts and takes — how does that look now? And then part two, just to be clear, as you roll forward the plan, and there’s energy efficiency, there’s obviously the transmission opportunity. Should we expect no equity as well as you roll forward to 2028?
Ralph LaRossa: Yes. So look, I’ll give it to Dan again, give you some details, but that — both of those things are very good news for us. The transmission opportunity as well as the energy efficiency growth that we see from the triennial at the BPU put forth. But Dan’s answer, I believe, is going to be exactly the same to you. We do not need equity or anything that looks like it.
Dan Cregg: Yes. If you guys Ralph is right. We are still moving forward with that same capital raise that we talked about earlier. We will be providing an update. Ralph referenced that in his earlier remarks, both from what we’ve heard back from PJM and from what the state is looking at on energy efficiency in this next triennium this next three-year period. And so, we will do that update as we go forward. But that will be the exact — the way that, that will roll through is we have a range of capital. We will update that range. And on the other side of that, we will have what remains from the standpoint of that debt capacity. But I think you should still look with us — look to us with confidence that we will be able to fund that without the need for incremental.
Durgesh Chopra: Excellent. Very clear there. And then just maybe just on the topic of nuclear PTCs. I saw you’ve increased hedges for 2024, the percentage of output hedged. How are you thinking about ’25? I mean, obviously, we are still awaiting guidance here. But are you like — as you roll forward to 2025, are you going to be less hedged than before anticipating some clarity on nuclear PTC? Or what is your thought process there?
Dan Cregg: Yes. So guess what we’ve said to folks is that we don’t have the exact calculation that’s going to be made and what we try to do is think through what may come to us, right? So when you have some of that uncertainty, you try to think through the ultimate answer that will come and then try to think through the viability of those solutions and where they may land. And we’ve kind of reacted to that thinking against the background of some of that uncertainty. And so that doesn’t mean that we would not be doing any hedges that means that we would be continuing to move forward at pace thinking about how that PTC may come out. Those rules will come out at some point, we hope sooner than later for that exact reason, right? It’s just shaped how you’re thinking about it. But I’d say, I don’t think terribly different from what we had been doing with our hedging versus what we’re doing now within 25 as a general rule.
Operator: Our next question comes from the line of David Arcaro with Morgan Stanley. Please proceed with your question.
David Arcaro: Let’s see. Wondering if you could touch on your latest expectations for the rate case. Just has anything changed around your thinking for the revenue requirement, anything on the capital or O&M side that would shift your expectations as to what you file coming up this quarter?
Ralph LaRossa: Yes. No, there’s nothing really that I said — we’ve been saying all along with what our plans are. I think the only thing that you’ll see is that this rate case gives us the opportunity to roll in a lot of the other things that people have been asking about, whether it be interest rates or pensions, right, and the impact that pension expenses might have on us. So — that’s — those are the only two real updates, I would say that we have, and we’re keeping an eye on the CapEx, but most of those items that we talked about, whether GSMP, which we closed on, transmission opportunity exists, which will not be with the state of New Jersey, our energy efficiency would be a clause mechanism. So nothing really that I would say is driving a big change to us. Dan, anything you want to add?
Dan Cregg: No. Just one thing, David, the one thing that I think we could lose sight of and shouldn’t is that with all of the focus on a higher interest rate environment, that there’s — we’ve got some questions about what might be the implications to any kind of an impact on the rate case as we go forward. And I reminded folks, this is the first rate case filing we’ll do since 2018. And so the early part of that period between rate cases, we saw lower interest expense. And so yes, what we’re seeing in this current environment is higher, and so there could be some costs that would move through the overall revenue requirement from the way we have trust capital. But thinking about stepping through years where interest rates were lower and now we’re in a higher rate environment, net-net, that does not calculate into a considerable rate increase because of interest rates. And so that’s not a rate pressure as we go into this just as a reminder.
David Arcaro: Yes. Got it. Okay. Great. That’s helpful. And then we’ve got new leadership at the commission. I was just wondering if you could give perspectives on if you think the overall kind of priorities of the commission, and how they’re going to treat maybe settlements or just overall views on your opportunities to work with them now going forward under new leadership in a different set of commissioners?
