DUK
#Thank you, <UNK>.
Hi, <UNK>.
We've spent roughly $500 million to date and we'll be spending accelerated clips as we go forward.
So we'll be determining what, based upon levels of prior spend, that will impact our filing criteria.
Typically we would not try to recover costs that have not yet been spent.
So that's why you build up a spend pattern a little bit and then make recovery applications there.
And I think, <UNK>, it's important when we talk about $500 million, in the Carolinas we operate four utilities.
So it's North Carolina, Duke Energy Carolinas, Duke Energy Progress, South Carolina, Duke Energy Carolina, Duke Energy Progress.
So that spend would be included in four different sets of rate cases as we go forward.
So we're in an NOL position on our federal tax basis is what we were talking about.
And so cash taxes, if there are cash taxes to be paid, will be deferred into the future.
We would suspect that we would have a taxable gain on the sale.
But the level of taxes recognized depends upon the sales price and so forth and have various tax mechanisms put in place.
But whatever tax liability we get from that will be deferred due to the NOL positioning.
No, we have not.
<UNK> morning.
I would point back to the slide that we included in our February call that laid out the components of the growth.
Certainly the utilities ---+ regulated utilities are an important part of that.
And it's a combination of wholesale growth, investment growth and modest load growth.
Our commercial business will contribute.
Piedmont and the gas platform will contribute.
We see Piedmont as growing at a faster rate than 4% to 6% and the pipeline investment will be growing at a slightly faster rate.
So I would refer you back to that slide.
I think it's the ---+ probably the best depiction of the details around how the 4% to 6% unfolds over the next five years.
I think we continue to look for ways that we can deliver investment for customer in our electric business.
The one thing I would point out, if you look at the profile of Duke over the last 5 to 10 years, our growth has been more heavily weighted toward generation, which means we continue to have a lot of potential in distribution, grid, transmission and customer, that we'll continue to find opportunities to put capital to work over the next five years.
But I believe that trend will continue into the future.
Renewables are another area that I think will continue beyond the five year period.
Right.
I would add that we see our regulated rate base growing at 5% over our five year time frame.
And ultimately, that's a way to think about an earnings base.
And now the timing can vary depending on rate case timing but that's the earnings based growth we see.
Thank you.
<UNK> morning, <UNK>.
About $300 million a year.
That's correct.
And thus far we've taken back about $1.5 billion through the repatriation effort that we put together in late 2014.
So, <UNK>, you might remember we declared a $2.7 billion dividend.
The $1.5 billion that <UNK> indicated has already moved against that dividend.
So we had $1.2 billion left and I believe we were targeting to move that between now and 2021.
Or something like that.
So it was not ---+ what we had accomplished was a very favorable structure transaction that gave us an opportunity to move $2.7 billion in an advantaged way.
And we were going to move at $300 million a year against that between now and 2021.
Certainly accelerated ---+ an accelerated $1.2 billion.
Right.
It accelerates it and would be greater than $1.2 billion.
They are in the neighborhood of $2.4 billion, $2.5 billion.
0.
5%.
You have a good memory.
Alright.
Thanks so much.
So I want to thank you all for your interest in investment in Duke Energy.
We look forward to continuing to provide updates on all of these matters as we go forward.
And of course the IR team is available today for any follow-up questions.
So thanks again.
