Overview Key strengths Key risks Lower-risk regulated utility business model with mostly effective regulatory risk management. Service territory exposed to hurricanes and severe storms risk. Regulatory diversity across many regions and a large customer base that supports cash flow stability. Implementation of a clean energy transformation strategy that will elevate capital spending for the next several years. Clean energy transformation strategy that we believe could reduce long-term environmental risk exposure. Negative discretionary cash flow over the next several years, indicating external funding needs. Senior management focus on cost mitigation, which supports credit quality. reflects the credit-supportive mechanisms it utilizes across multiple jurisdictions, including forecast rate cases in Florida, Indiana, and Kentucky; decoupling in North Carolina and Ohio; multiyear rate cases
