Scott Carter: It is a black box. So inherently, it doesn’t spell out a lot of those elements. We did include a cost of capital that will be used for ISRS cases going forward. You kind of think of that as a proxy for the cost of capital, again, it’s not spelled out in the case. But we feel like we’ve made large progress on capital structure, short term debt issue, permanent financing relative to permanent capitalization. And so we feel like we’re, again, back in a good place. The number gets us where in the range we need to be and then it establishes a reasonable return compared to other returns in the state that we’ve seen in other cases that we’re going to work against and deliver on the ISRS deployment going forward.
Operator: The next question is from Matt with .
Unidentified Analyst: So just I got two, maybe three questions. Can you just walk through — did I hear you correctly that the dilution from the storage investment will not be included in guidance, is that correct?
Steve Rasche: We obviously have provided the impact. So in the absolute sense, we’ve given you the number but we are going to exclude it from net economic earnings. But we’ll keep a light shining on that because that’s our commitment to you and the other investors is to make sure that we outline what the impacts are but also what the benefits are once we get through the development.
Unidentified Analyst: And as we think about rolling forward, now you’ve given some of the puts and takes going into ’23. How should we think about the roll forward of your 5% to 7% long term earnings growth commitment? And where that should be, I guess, based from?
Steve Rasche: It’s a great question, Matt, and we’ll address that when we launch guidance, and we know that’s one of the boxes that we need to check, let us get through the Missouri regulatory process, and then we’ll be able to be a bit more forthcoming in what our expectations are going forward.
Unidentified Analyst: And then just lastly, in terms of on the cost pressure going into 2023. Should we imply from that, that your earned ROE should be a little weaker in ’23, given the 4% year-on-year cost, or do you still expect to earn your allowed return?
Steve Rasche: We plan in a dynamic environment and 4% is a little bit higher cost than we’ve seen in the past, and it’s a lot higher than we’ve actually delivered, because we have long term plans to keep that down. So it does present a little bit of a drag. I don’t think anybody on the call finds that surprising because we know that, that’s pretty much where all businesses are right now. We wanted to be forthcoming with everybody about the challenges that we see going forward. But we will continue to work hard to offset as much of that as we possibly can.
Unidentified Analyst: And I know I said two or three, but I’m going to ask one more. In terms of the equity that you need, do you think that you can do this via an ATM, is it manageable enough that you wouldn’t need additional discrete issuance?
Steve Lindsey: Yes, that’s right.
Operator: Our next question comes from Selman Akyol with Stifel.
Selman Akyol: I just wanted to go back to the CapEx and $7 billion, specifically on Slide 12. You’ve got $550 million at the utility, I guess that’s up from $528 million or so this year. So that’s 4%. But then as I look into fiscal year ’24, you have it accelerating up 11% to $610 million, and then it grows gradually from there. Can you maybe just talk about what you’re seeing in ’24 that takes your utility up at that rate?
