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| Irene Prezelj | Vice President-Investor Relations |
| Chuck Jones | President and Chief Executive Officer |
| Steve Strah | Senior Vice President and Chief Financial Officer |
| Steve Staub | Vice President and Treasurer |
| Greg Gordon | Evercore ISI |
| Julien Dumolin Smith | Bank of America |
| Jonathan Arnold | Deutsche Bank |
| Chris Turnure | JPMorgan |
| Michael Lapides | Goldman Sachs |
| Andrew Weisel | Scotia Howard Weil |
| Agnie Storozynski | Macquarie Group |
| Charles Fishman | Morningstar Research |
Greetings, and welcome to the FirstEnergy Corp.
First Quarter 2019 Earnings Conference Call. [Operator Instructions] And as a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Irene Prezelj, Vice President, Investor Relations for FirstEnergy Corp. Thank you. ahead. go Please Brenda. Thanks, Irene Prezelj Welcome to earnings first quarter call. our forward-looking revenues, earnings, we will strategies regarding various make Today, performance, statements and prospects. based uncertainties. These to are on and expectations statements are risks and current subject differ Factors cause our such can earnings our found that be SEC information of those the section under actual to filings. statements investors could on website indicated materially results link by from the in and
FirstEnergy call the GAAP Investor and Financial discuss Strah, Officer; Chuck today's certain session. Q&A available website, discussion. the found non-GAAP Executive Chief Senior other and several between Officer; non-GAAP are also executives in Reconciliations be today's include financial will the Steve Jones, President We on and with room, measures. the and Relations along in supports Vice participate presentation can measures President who Chief to financial which in Participants
turn Before the website. updated with investor materials the to that for note to over of easier we I on Chuck, our our you it need you goal call the I’ll making information find
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that In to our pace and in we're Future our and Ohio investment on our $X.X service to in Energizing most with year. MAIT ATSI implement an Let's progress business, so of in plan With update on XXXX. far program territories in Pennsylvania. work the billion a transmission begin our this
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as research institutes to device practices peer collaborate manufacturers, us We research also opportunities could stakeholders utilities hope grid for our with across the supporting creates to facility. utilize art such our to addition the state Kate of In who institutes, program, industry. advance best and potentially modernization key
with request filed distribution for savings distribution Utilities the modernization the with business, while Public we we PUCO. our believe, rider. with customers Again, quarter, in benefit and seeks for the our staff to investment we last will Ohio mentioned addresses as of pleased Turning Utilities the program. two-year to that February this Commission a with reach a and reform current Public of with a continue large Also strong settlement of extension In to New into how for three rider projections. settlement Utilities, grid have I Board million the the in of our New $XXX a the tax modernization coalition to grid infrastructure will case investments division not remind and modernization our is it tax associated regarding settlement Ohio, is Council Jersey the supplemental program initial from energy you growth This Jersey, proposed phase earnings factored our very over of pending years. our reform were federal user’s yesterday we early approval Rate
final experience reduce the Our take and existing the reduction to as $XX an JCP&L approval years projects in to December targeted will and XXXX on service XXXX have than Through work between implement resiliency program in outages the additional normal expand related power customers XXXX. program, we more this in to New conditions are program the place made overhead our equipment Plus investment. reliability outages. recent fewer well outage will footprint enhancements Reliability builds million with with projects vegetation from sustained Jersey enhance X, lines, June BPU, a under complete, the and of smart devices we as replace On XX, the technology duration. plan tree management Once
amount, both our capital difference plenty those request of we have to original opportunities between our make there a of and in was parts in the IIP transmission. other and While investments distribution settlement system,
customers Edison tax Jersey, rate reform, Potomac order contemplate a case period our to Service also to In savings credit for there Commission $X.X a on increase our allows prior The final order safety resolved will the continue tax of March Maryland, Maryland, net based IIP by filing final to XXXX. enhancements. Edison New XXnd. rates bill subsequent invest We a in Potomac beyond in investments distribution in to in million Public and fully and reliability return to reform tax calls issued
of a Distribution In costs number Commission three to automation addition, accelerating rebates installing file surcharge That In approved used of and year Potomac infrastructure related rate incremental year and new the Maryland an install vehicle the utilizing end programs, electrical program closers include Public Public Electric substation case Commission which equipment, minimize customers that interruptions. distribution at replacement to also rider. the program installations. approved charging five underground Edison required million is charger recover pilot Service impacted four and surcharge another can period. Service for $XX program, Edison’s by more rate service distribution, will in offer January, the be Potomac to to stations cable reliability the
Potomac at be program, their plans chargers, -- the multi-family eligible proud XX public of service the charging across part also will for stations including locations installed home will As rebates for nine charging Edison residential properties. will install for be fast a stations healthier, available charging and become Energy at a Maryland to customers installation We're to at stations rebates EV as of for mission territory, customers committed our adoption better, environment stronger. the for like encourage electric as fulfill looking to see projects step a making natural brighter, We and vehicles, we our an environment. First our to forward efforts Maryland's this support cleaner, which the utility important our is to fit communities lives of
support Climate transparency our pillars aligned pledged strategy social on with this goal we constrained a inclusion, our environmental also are built and government environmental risks towards our trends technology support. It carbon of wide footprint, XXXX. the We examines new This engagement with and first ESG announced continuing are corporate our economy. business associated year, significant utility on we lower reduction the offer dioxide our examine carbon carbon a regulated emerging strategies in is the Our future below the from as that we as progress we greater goals. Report generating looks of mission At how a a to achieved complement about will to at end on report published climate produce ranging earlier issues levels three with report, we reduce responsibility related to will governance of had the In XX% XXXX, XXXX, community our our reduction COX and our quarters least by month. statement. corporate fully XXXX XXXX. retirements. already diversity plant Late efforts year fleet this the XX% which at that by with a emissions our to reduction reviews efforts of as and The
with to I plant a reach well achieving We year want express goal. our activities. to experience of way our COX expect on XX% reduction later to decommissioning this our
and bankruptcy the and the by seven component successfully responsibilities our and is responsibly that past ways corporate and FES legacy we agreement of when retired of eventually from that any is future we and have XX just in years, It This to the and plants, site. responsibility. anticipated we commitment core economic and the stand is concerns value which environmental remediated Over one our safely demonstrated for each a key during that was to our times environmental all plants occur the meet emerge a retired. includes at That are all This bankruptcy. FES includes both obligations. settlement substantial why for could support coal
place. risk Department earlier this Justice the surety that month, the previous committed on of other already of settlement. In engage no and of funding concerned to decision broad party are judge's removing releases the and third assessment light in the by and comprehensive the increase the bankruptcy FES Following obligations from parties. with the FES see our FES, commitment the We to
would not legacy releases finality increase company. assets, these liabilities to obligations to their our First to removing with releases assessment our or Energy's these bring does While have experience involvement in and served
our timely they exit. the of a We revised to same commitment submitted to parties customers with work environmental we FES electricity focused on delivering to will corporate million regulated are and all growth our that disclosure time, strategy. plan and affordable and ensure At bankruptcy will and continue to X their both implemented believe safe, pleased has clean, reliable responsibility their stewardship, with approval statement constructively a remain
our guidance DMR. share are to year's per diluted including full XXXX earnings affirming We this year fully of $X.XX operating $X.XX
compound annual a are Thank XXXX. share range you. we operating our earnings operating $X.XX projection from earnings long of affirming of introducing term addition, $X.XX through quarter XXXX to growth per In XX% and guidance second
the quarter and Now to today. Strah everyone. Steve morning turn review Steve to join over a developments. financial pleasure Good It's my call first the for other of you
usual, begin I'll reminders. with couple As of a
let's that, detailed and This continue at others a fully on to a basis. performance. view the comparative quarter present financial take and the projections diluted Website about on Also, results strategic reconciliations documents. First, of highlights best our are the With information our and results. in look we our available operating provides
quarter share. GAAP share. were earnings earnings per $X.XX Operating were $X.XX First per
to As to spot guidance. quarter base. a Chuck Residential were mentioned, in national from shale were bright of These of In rate our a marking Heating to for this the of compared chemical a load XX Sales weather our XXXX quarter. an usage. our when distribution a with X% XXXX. in sales weather were and expense essentially weather time commercial both residential quarter expense days few adjusted encouraging is that class, In first deliveries benefited interest manufacturers, that run more about distribution by with about quarter which class, adjusted the comparable a growth depreciation Total industries. The offset increase to were first flat, basis increased us X.X% our end the on quarter about just the residential degree factors growth on on growth, X% In XX above customer a over our sales debt of to normal I'll flat long for this weather, was and adjusted counts sign. continued basis almost the upturn increase customer was months when load, in average related related adjusted for steel close results refinancing. growth and for to on lower basis. lower The from higher midpoint in natural reflect and past the in and industrial spend adjusted weather. minutes. sales and is offset the the higher topic the demand segment. automotive X% results business, slight increased
from continued costs to results investment increased stated as higher base, net financing the higher the in segment, Energizing Turning the was result commodity partially our Pleasants expenses rate which of a earnings finally, operating at transmission offset our absence our of transmission the And companies. Power business, in margin by first initiative. corporate This reflected higher quarter reflects our Station. rate in Future
several Moody's to one to one and notch partially profile in and ATSI, testament recently on Energy to economic And began Near distribution issued we rate. factors expect and mid-XXXX of We approved FES. by reminder, to of seen we earnings underlying notch Fitch to end positive last generated subsidiaries. MAIT to companies, a positive improved of see issued strengths the offset actions upgrades JCP&L, interests overall our transmission company. from tax our credit These JCP&L. and to Manpower, ratings Edison momentum. Potomac a risk Allegheny our effective are operating lower, March, the actions believe continued these a settlement our week, plan for upgrades positive, due transfers court Pleasants that exclude the As were have Touching we of
a moment $XXX quarter. utilities. maturing activities million borrowings fund review JCP&L re our I'll financing totaling utilities, during both year. Before notes capital these we I debt refinanced senior of new and at this the or and $XXX return We to our issued close, to expenditures page take million MAIT at At
and of issued investments new Energy the Future and borrowings primarily First repay short to at $XXX million ATSI, program. also million term at continued Energizing $XXX We fund debt our in Transmission
approximately a Thank which perspective, we you $X.X solid a Friday this to had XX, had year. quarter, was as a We off your of great very time. Lastly, of liquidity liquidity from we're $XXX start for April and of million cash. billion
Session Infrastructure the Greg New - Gordon Gordon Thank talk little bit - Good Operator I quarter. Electric A Greg Hi years. you million four good Jones Jersey, think, Question-and-Answer take Chuck for approximately settlement Q you -- asked Hey - your $XXX guys. over questions. let's morning of Greg. Now in guys you. Q about investment a had the Can
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forward third to Now of beyond I with party releases. court ruling kind that we've regard nonconsensual these the believe, moved
because that that the I focus that, would not just releases on me of retirement say come those surprise we obligations have being caught the the believed Let road. actual make that in a settlement, the court we with on actual value any sure the comment these down us settlement can deal with on provided that to solely bit FES substantial and the operate assets more. and when by little emerge,
was since of forward. nonconsensual substantial we those the like weren't those, that and on is decided because a the big But on focus releases remove the felt we settlement So table. to the deal, move
the continue or statements moving that And the to on this hopeful it would it disclosure in their on flows they process now process if that continue summer. if license So to court then Q May will sometime to Greg case path to move to the be happen later for Gordon and We're step happen emergence the Okay. we all allow next critical and the then way. then expect and approve and make is for transfers will the -- forward. - XXth, the that
A you would - for September. Smith day. question for Q line later you. A Q Q or Dumolin Hey. transfer. with Julien Julien Our November. you good from question. probably A you. Chuck the - Smith being Julien Thank Appreciate Greg. Okay. Chuck Julien morning. November, in Have Thank taking clear. Got than great, America. So that August it's Jones of be the Greg the great a color. Hi, November Jones of October, - this the comes later Bank I Dumolin with - October summer It’s year Thank Gordon - Smith think the Operator - Chuck next Hey Jones Dumolin
but maybe a little if us number So from of. specifically collage off. Greg bit talk be here of a just detailed, bond just posted just you of assets. and the assets think the where metrics remarks, how How you came left change larger come start obligation Might and came as this with that tad somewhere. where to surety give your far against the bond a firm Because you've the you it. see you obviously as said know did you surety Can that of in some a do just terms up you about that? in relative of one sense, already obviously you doesn't the it from I number, up that about that prepared
So I just to Chuck - A there. more be out bit Jones a want little Well. try to confident
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very what a -- if do fired environmental track in I I to want property that. already. the this the to put do that scrap, cases for should at said coal bond that any not So default. sites going a remediated, is iron, other not what place still the some plant. And say behind to stand owners some we we you of value the very in not in the commitment property not copper, steel, we sell that is we any that we're to of benefit because For plants have shut get The aluminum to the going was of power seven cetera, good power record down prepared turned tore are that to deal point surety remarks, cost but and clearly, we've decide clearly that, do big got to for the to in their out it, surety thing of down, are, my costs, and over ownership want et the ensure for those at point that cost, would We're want value I say I FirstEnergy. some if we've is retired, aluminum, we're afraid chain But new
but take And we FES forward I said move to so, want to ability that have substantial we’re But as it if to we’ve if of provided before repeat, to metrics nothing the they're to on don't care - of to to fine. agencies, going benefits this think as out Well, positive I A clarity this down seen But overall, you’ve timeline the I that’s about I - there. stands Smith Q our mind? action can in change watching particular latitude that rating just added think on Chuck given Julien process. going that If tied the some own. credit that’s levels. briefly Thanks their Dumolin to Greg little at action of I credit today Excellent. been utility here forward. positive continued Jones you bit for about well obviously as expect talked going How the you don’t new you
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a than much process you Q able a less we upon think think viewing as Julien, - all is move million today? payment Yes. for are direction. risky we case us, company can very latitude the to Julien it’s versus this - day positive be Do Dumolin issuing XXXX. as in percent agencies a the note will a of rating emergence for I this more the we and as year end forward got behind us, it make tax putting forward emerge the we’re or responsible for a debt million As that year the $XXX $XXX okay? Steve. A to we of so – the that completely Smith transition So FES of At get and this be stands for and Steve Staub and
XX% Once beyond expectation transitional. the line at base again, the we forward ratio debt and our it’s as believe that forward. understand those to FFO we we’ll going they don’t that going changing. We have be think see I So, expectations
FES also very my and with have guys. we’re Our so further Mehta just bankruptcy. – agencies asked, tie on Mehta so cognizant through to little great Dumolin ask and Staub consider. all Arnold bit they Steve that just - with you Q Chuck that We environmental Q were - Deutsche accounting next Chuck. And I’d Q AROs do just gets Jones side. to releases, them their know was with That the I where a far. Praful their loose morning. every - you’d you. release change. any it. A Thank that Thanks are think will the you like I’m - there. Good positive - our is to Bank. wouldn't - at. with Hi, next to this just Julien the lowering much. to Jonathan Is I’ll much. the we’re movements And implication three - All very accountant had point leave been watching is of have end risk line question Chuck Praful closely As my Excellent. fully to Jones they’re Jonathan Praful Arnold want FES from morning. Arnold I sitting ensure, question Mehta So, from and the - of Smith this Thank Chuck Thanks, in Jonathan processes good Good Julien. as It’s Operator said, Operator said Our there up of have line aware but no. is on A couple at chief recognize questions Q profile that? any the jobs the FES here of say, unfortunately A recognize working Any Q hear, Citigroup. I wanted there? of
environmental FES increase stand be to factors of us – if terms is clearly seems that and in like EPAs a if that you the I that their are about having but remediation, would environmental earlier, pretty you of look these the you jurisdiction means we’ve get on all to back got fall liability perspective I scenarios FirstEnergy Praful. actually, an A already - there have issues them. worst-case case? perspective are the what these and State an the and think If But way that with without how clearly greenfield will the we that Well, own what from experienced of the on certified plants kind for would an over the Chuck the -- forward take kind look said FES dealt just from could and had could and FE, with bankrupt help slow-up sites. as the risk, the economic legacy status environmental could time Jones that it at go what given period move low dimension FES by could from is the you’ve in and understand should that to experience these with simple down, you kind return to had thinking perspective side, they if of here scenarios, to what second risk have land to it’s we a to deal that then
Praful there's With number cases they Q So in to - for concerned Got how Again, opportunity result there's ballpark – country that industry If value They’re scrap and can number you not that bonds has deal can behalf, actually Jones be, to the obviously some just bankrupt to as with we’re cost that like just FES developed number to is hands. around take liability a get ash be already closing issue environmental power But as risk. something property ash? the color. benefits. on before potential Mehta liabilities, a value surety their there pay these time? about clarify, to off Chuck you the front. cottage plans you. But and of that the remediation can your the helpful that of so a second the we us The were there and of place regard coal very is this does legacy this that offer good of about. the plants to it's offset are in if the - protect not much just scrap like then what on this that any coal go think a A
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year. any hard push for answer sometime would we this So
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earned strategy. view? And the plan and comes Okay. for when We’re rate all and we ROE sufficient that XXXX financing in second at any going we’ll what XXXX. it meaningful the trajectory then, - Chuck the your look and I my Okay. now plus question see holdco we know from cases Chris earnings out see this Q Turnure Yes. for A Turnure Jones - XXXX. on get your that is of then don't in But times. Chris from And you - investment kind evaluate base is to there, we’ll to settlement are that Q at evaluate let
think rates? said to term that would and I'll might continue I the growth -- more we're XX% customers better debt opposed our of that's everyone I'll we're to is how answer - consolidated at But amount? debt. corporate give what constitutes Steve as and just it economic company that for more Staub separately the indirectly much future. details as would But of for It's this holding us that company A investing shareholders as flexibility the get it's be last involved. to I the kind the serving XX% on debt. foreseeable let A Chuck this in of we much debt, just better loans? makes that to say, call Sure. you around believe for going and I be variable to you better Can retiring you creating detail. year. of long-term Steve flavor sense some financial through And And to think take Yes. Jones - Staub debt, level a How let I off that Steve be short-term our of as
That's of billion that have then, Then most issue outstanding basis to X.X%. from FES million note that term to an loans. So, Corp., tax the an in right X.XXX billion note X% that's at company after after terms we effective and yet debt our will the our be tax we [ph] on bonds composition $XXX basis holding debt FE emerges have end cost And be of around we in X.X%. tax of the XXXX. X.XX that in anywhere we issued on until once will is have
next the refinance financing that loan liability out term position at and and the in on In bond XX in markets over I go mature time some bonds we point likely XXXX. some the activity, of terms some into months suspect will most management XXXX the of do and potentially
in holding be. company That helpful. the from term the future the XX variable term of correct. variable - Q foreseeable is you next And loans good embedded color. mid Okay. the for going Turnure bond debt only within Q is Chris with And guys on say side, are debt on kind said, that some around And Q component? that's have. could the The Hey, to loans Staub Steve to - for next with where the over regulatory - you, question. fixed A Turnure a line the the Lapides to Lapides for Okay. versus is the obviously sizable question congrats - little Chris taking we That's both to business. and deal a we're months. that answer Thank of Our being Chuck So be Michael have Goldman the distribution two, XX% I time year. Sachs. variable is our XXs, the going FE Thanks guys. at Corp XX% Michael let's see my bit at start the with Operator as point a rate
base Pennsylvania. Meaning, look XX at investment years? on what in book do in my the slide multi-year data is? My for goal potential out all question. how in a first First how coming second the you question of in think state growth West guys put I Virginia, set opportunity That's reigniting are fact West that last or If terms the about in is about Virginia rate night. Chuck, your about you the reemerging of you thinking,
south Some earned of XX trailing months earnings, don't the X.X% XXXX, subsidiaries or X% ROEs. I know, of
those -- - FES Virginia, them for of to case have thank All we But potential term right. you Jones that. first say, were back had instead in Well, tree the regulated answer all, questions. with storms for strategy in questions. coming think that of here's asking It's wouldn't particular the A Why number in filings long had what in Just of strategy trimming to a back we derecho Chuck XXXX. I a don't West dating I because We place able curious West below why any be to Virginia. stimulate three of rate nice months there?
But that was in -- of usual beyond kind show that I think a business Virginia that we that West is as mode. some that exposure had state we're that a there.
there in result in every a I need a as we're to effort West nothing to of I in year. a we've West growth seeing a long that don't concerted shale growth. any and attention regard to With a we're don't think made have But bit. this forth that just to of our think sector where and Virginia and we have now, we're any see and as Pennsylvania, disclosures But our okay When be details there's term case. in Industrial some to because We're eastern We’re performing into immediate fully case, and territory, West we chemical on strategy rates rate Virginia Virginia. needs going about costs. we all means being return north the and right improve Irene West think Virginia and so the you call. point have Edison part we That's the to as growth we'll Potomac are state. some seeing spending well money we quite of to talking get I to our rate I don't offsetting get want think need regulated a
as commission just of to going looks you turned on allowed the in underneath turn I Pennsylvania of of in for four threshold off We out the DISC of I'm return that rate our we're the it. her to DISC all Pennsylvania. So talk But unless with in at companies operating cannot on about will is point this first encourage year it. the as that line
I details, talk was because the all we're in a that create off to and you team companies though the slide in guys don't and DISC lot I get don't the Q particular call. Chuck, line Chuck to [Indiscernible] - to We're so an of Scotia So about morning using Andrew everyone. to about I like going good with you. question is think next Weil. we Q the for we - Lapides at that. both think Andrew we shape. four you, Weisel Our take Chuck. Good as it it's questions Got transparent questions worry earnings I Weisel on A look just regulated, the more and new going Jones Thank Two of congratulate time Michael Operator the for Thank Howard you of it. guys for it. - IRR more from have ought deck. line
general towards DPM higher First haven't one settlements, the range there we mod grid had And billion program expect CapEx little a CapEx in given results the some of contemplated. allow where period I and in combined continues Jersey Or that New in know billion at is, with $X.X end it in to it and JCP&L ranges? updated do. the but that expect trend said we the the movement Reliability to The outlook I Plus while, that you the should range Ohio. of keep forward provided Chuck to plan, range. going of contemplated is IIP with to think the we’ve what is no be in visibility were T&D in we've planning for in our less - throughout A we X% improved all recovery it I or a That far as going what to growth we said $X.X as to Well, X% function range a into in Jones lag? more
-- end period. Andrew There's to likely will middle much as dollar on end? Weisel comment planning I being to high $X.X be. can it Chuck and it's beyond Jones that planning period take probably in going so throughout billion A you I what that versus that that moves around the Should it be on capital down no low a plan versus - But the the think Q range count of spend. can't You -
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That's very much. from question Macquarie with line clear. next Storozynski are Agnie - Our Thank Operator to right the Weisel states back you go very the is you. FES. all Storozynski Group. Q Andrew will doing think Q the - things. Agnie I So Thank of I
I you FES limited as the this taking a just whole included – but liabilities, have understand step any release to the explanation try back, about did the of So Settlement. in
have why must to there you been it a So have reason there. wanted
it said try remarks, it is you Angie, have I in some that important risk in - was a my Well, became to much there. as the is it process with And everybody's in as expecting Chuck think if FES finality be the during create So, settlement? Never it it is did never which the prepared the focus to could to created. exits and was became that's Department. I why that in minds you'd focus that finality A we create bankruptcy there the there thought why we Justice Jones it in
because obligations So, of that these over the substantial with be long we exit, any term deal we've and believed could that to settlement plant FES worked it their their the then there come for eventually care out with provides closure costs for and in operate way. ability that taking provides
- DMR, mean but way Ohio say and are And investment built once sense, in humping I said, you is as pitch a XX the for its I speed Q big the another, anywhere be DMR. Storozynski do So the of we original there guess negotiations? in as bid bump you point what extended there zero or current was years possibilities one is in Ohio going it level there -- current that ask forecast at currently? level Jones DMR. what and forward but issue filing into we Chuck the I've from it no any gave to two asked to bid range a so, it. the to us have mean, And ask give Well, see so you're is your try for didn't the would have A then -- levels. million our deal here? we mean, on What’s this trying what will removing us I I Is We've Agnie is can to the finality. in for that basically you Okay. in are consider. to just the became that’s it to ability with - increase engaged extended commensurate, nothing spread provide which
we what that is which our driven trying Unfortunately, our upon stimulated hopefully commission schedule. a But it's approach then efforts once it on moving mod get for in we'll do, upon forward business approval program there. of program tracks the I Our modernization and of that grid has will it. build train back to full be grid had utilities in and back a expect the in the is the change get taking chairs investment to was commission gets them the grid to approval Ohio built with while and modernization a
they commission years going obviously the things that already the the discussion -- country, Charles me the Jones to So framework a But we Operator to Fishman make on a in to ROE small because a - Transmission; Okay. systems we was Charles which right the of just was a ATSI, Because in all you? Fishman do Jones should impact some that as hundreds and concerned on until the formula on that June next hindsight in exchange question you. shouldn't it of said under got Chuck based earning stimulate other higher saying you is a forward change with with review. ATSI memory then we about January wouldn't with are rate continue that rate decision making ROE projects the extended Morningstar on Q Well, lower of lagging is serves the something A you're had a A Research. to we trying why rate the basic with - Our Thank line from really Storozynski for earnings to of that growth meant lower of premise ROE that going agreed and old. relative morning. you. Good project place. you Q XXXX, in that that you - XXXX start MAIT FERC, few be be of first agreed Instructions] - done going that there. ATSI, Thank appears back at around not Chuck is return to at Agnie even for in be to [Operator to the first,
cash in that now the much formula forward when So business earnings to goes rate, and quicker. looking project return to a
founded of return sense rate XX.XX% we formula made beginning lower forward it’s for old. not rate that we MAIT return ATSI. a the the So with MAIT, from looking on When founded and a MAIT
it our think there’s set about earned we’re recently. I anything think was businesses. transmission regard I worried to rate So very with don't in of returns that
what return my this incent don't worth rates anything of is ways are ways you that to of looking FERC read at country, while investment they’re or this disincent. across worried be to continue think the to I entire looking in about. not So grid there they’re the at should And at [Indiscernible] it's in
out don't have Future Jones I Well, are realize Phase before, they be think Chuck be transmission X? we to thinking even $XX need just team identified already that - Charles it's believe Fishman So an projects I that I’ve think of billion has done. the Q energizing A XXXX, just our said that you CapEx about. about your I should something to we goes concerned -
to given we so on that would And to continue be foreseeable the something for it focus future. I it's going need, expect
not So, plan what while I’m our CapEx is. telling you
more Charles it. going I in time. don’t Thank questions think Chuck my Jones be queue you. deck. that Thank to That’s see quite some the here. expectations right. Q&A Jones you. of Fishman Okay. Well, All - slide Chuck Like - Okay. for Q End I range in A any new it’s your
you continued to FirstEnergy, thank and Operator So, next today. time I talk for your you teleconference. concludes you This all quarter. support for of And want we'll thank your today’s to
disconnect this lines Thank participation. You you time. may at your your for
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