In the first and second quarters of 2023, utility companies experienced uncommonly mild weather conditions, limiting usage across Duke?s customer base. However, our outlook on Duke remains stable because we expect the company to continue to benefit from credit-supportive mechanisms such as multiyear rate plans and forecasted rate cases, decoupling, and riders. Our base-case forecast incorporates the sale of the commercial renewables business, North Carolina Rate Cases, and deferred fuel cost recoveries. Each of these are positive credit factors and meaningfully contribute to offsetting the issues that inhibited financial performance in the first half of the year. Also supporting the company?s business risk profile is our expectation for Duke to continue to invest in its regulated operations. Notably, after the
