Good afternoon and welcome to Duke Energy's 2024 Annual Meeting of Shareholders. I'm Abby Motsinger, Vice President of Investor Relations. I'm pleased to welcome our shareholders and others who are joining us from around the world by webcast or via our toll-free number. Today's meeting is being recorded and will be available through our website shortly after the meeting. On today's agenda will be Chair and Chief Executive Officer Lynn Good, who will call the meeting to order. Lynn and President Harry Sideris will then provide an update on the company, followed by a question-and-answer session. You may submit questions by selecting the Q&A button on the portal. Please be advised that today's discussion may include forward-looking information and the use of non-GAAP financial measures.
You should refer to information contained in our 2023 Form 10-K and subsequent filings concerning factors that could cause future results to be different from this forward-looking information. A reconciliation of any non-GAAP financial measures can be found on the Investor Relations section of our website. Now it is my pleasure to introduce Lynn Good.
Abby, thank you. Good afternoon, everyone, and welcome to the 2024 Annual Meeting of Shareholders. We're hosting this meeting online, giving shareholders around the world the same opportunity to actively participate in the governance of Duke Energy. Legal notice of this meeting has been duly given. A quorum is present, and the meeting is now lawfully convened for the transaction of business. You should see a vote button on your computer screen. The polls are now open, and you can cast your ballot at any time. So again, let me welcome you to the meeting. With that, the meeting will please come to order. Like all of you, our directors are participating online, along with our independent auditors, Deloitte & Touche. In addition, Broadridge Financial Solutions has been appointed to act as Inspector of Elections.
Jan Castillo from Broadridge is participating and has taken the oath of Inspector of Elections. Kodwo Ghartey-Tagoe is our Executive Vice President, Chief Legal Officer, and Corporate Secretary. Today he also acts as Secretary of this meeting. Kodwo will report the number of shares entitled to vote and the number of shares and votes represented in person or by proxy at this meeting. So Kodwo, let me turn it to you.
Thank you, Lynn. As of the close of business on the March 11, 2024, record date, Duke Energy Corporation had outstanding and entitled to vote 771,460,104 shares of common stock. Each of those shares is entitled to one vote. They're here represented by proxy: 657,887,697 shares of the corporation's common stock, which constitute approximately 85% of the total shares entitled to vote at this meeting. The final reports from the Inspector of Elections will include the votes of shareholders voting through the web portal.
Kodwo, thank you. Let's proceed with the matters to be voted on. The first management proposal is the election of the Board of Directors. We have a declassified board, which means that all of the directors stand for election every year at the annual meeting. Our elections also require nominees to receive a majority vote rather than a plurality to be elected.
In addition to myself, these nominees, whose bios begin on page 15 of the proxy statement, are presented for the purpose of voting for their election as directors: Derek Burks, retired managing partner of Ernst & Young Indianapolis, Annette Clayton, former Chair and Chief Executive Officer, North America Schneider Electric, Ted Craver, retired Chairman, President, and Chief Executive Officer of Edison International, Rob Davis, Chairman and Chief Executive Officer of Merck, Carolyn Dorsa, retired Executive Vice President and Chief Financial Officer of Public Service Enterprise Group, Roy Dunbar, retired Chairman and Chief Executive Officer of Network Solutions, Nick Fanadakis, retired Executive Vice President of DuPont, John Herron, retired President, Chief Executive Officer, and Chief Nuclear Officer of Entergy Nuclear, Idalene Kesner, Dean Emerita of Indiana University Kelley School of Business, Marie McKee, retired Senior Vice President of Corning, Mike Pacilio, retired Executive Vice President and Chief Operating Officer of Exelon Generation, Tom Skains, retired Chairman, President, and Chief Executive Officer of Piedmont Natural Gas, and Bill Webster, retired Executive Vice President of the Institute of Nuclear Power Operations.
They have been nominated for election as directors for one-year terms expiring in 2025. There are three additional management proposals being presented for approval. Proposal two is the ratification of Deloitte & Touche as Duke Energy's independent registered public accounting firm for 2024, as stated on page 42 of the proxy statement. Proposal three is a vote on an advisory basis on our named executive officer compensation, as disclosed on page 44 of the proxy statement. Proposal four is a vote on the approval of an amendment to the amended and restated Certificate of Incorporation of Duke Energy Corporation to eliminate supermajority voting requirements, which is outlined starting on page 80 of the proxy statement. Also to be presented are two proposals we received from shareholders, which Kodwo will now introduce.
I would like to remind shareholders that the statements of the proponents are their own. They do not represent the views of Duke Energy. The first shareholder proposal, identified as Proposal five in the proxy statement beginning on page 81, relates to a request that the board of directors adopt a policy supplemental to the company's established share ownership requirements for senior executives, requiring the five named executive officers to retain a significant percentage of stock acquired through equity pay programs until reaching normal retirement age and to report to shareholders regarding the policy in our company's next annual meeting proxy. John Chevedden is the proponent. Operator, please open Mr. Chevedden's line so we can hear from him.
Hello, this is John Chevedden. Proposal five, executives to retain significant stock, seeks that the Board of Directors adopt the policy requiring the five named executive officers to retain a significant percentage of stock acquired through equity pay programs until reaching normal retirement age and to report to shareholders regarding the policy in our company's next annual meeting proxy. For purpose of this policy, normal retirement age would be an age of at least 60 and be determined by our Executive Pay Committee. Shares are recommending a share retention percentage requirement of 25% of net after-tax shares. Requiring senior executives to hold a significant portion of stock obtained through executive pay plans would focus our executives on our company's long-term success. A Conference Board task force report stated that hold-to-retirement requirements give executives an ever-growing incentive to focus on long-term stock price performance.
A more rigorous named executive officer stock retention plan could ultimately improve shareholder values significantly for years into the future. This proposal is an additional step in improving the corporate governance of Duke Energy. Duke Energy shareholders took another step towards Duke Energy improving corporate governance by giving 79% support to the 2023 shareholder proposal calling for a supermajority vote standard as opposed to 80% voting standards. This is absurd when only 65% of Duke's shares typically vote. The Duke Board of Directors put the supermajority vote topic on the ballot for this annual meeting today as Proposal four and apparently is not working in good faith to obtain the required 80% vote from all Duke shares outstanding.
The Duke Board of Directors Proposal four is doomed to failure today due to the lack of the Board of Directors' good faith effort to obtain the required 80% approval from all shares outstanding. If the improved corporate governance in Proposal four increases the market capitalization of Duke by one-fourth of 1%, it will result in a $175 million increase in the market capitalization of Duke. If the Duke Board of Directors spends the lowest possible six-figure sum to encourage more shareholders to vote in order to obtain the 80% approval from all shares outstanding, it would result in an outstanding $1,750 return for each dollar invested. Does the Duke Board of Directors have another suggestion for a potential $1,750 return for each dollar invested? Please vote yes to executives to retain significant stock, Proposal five.
Shareholder Proposal six begins on page 83 of the proxy statement. It requests that the Board of Directors obtains an audited report that would assess how applying the findings of the Energy Policy Research Foundation and similar studies would affect the assumptions, costs, estimates, and valuations underlying its financial statements. Scott Shepherd is acting as the proponent on behalf of the National Center for Public Policy Research. Let's hear from him now.
Duke Energy's opposition statement follows a long-established corporate pattern. In pretending it already does what we've asked, it instead shows how far in fiduciary breach it, Duke Energy, really is. Corporations must always, every day, follow fiduciary duty, which means acting with transparency, good faith, and objective analysis of the complete available factual record under neutral application principles. In other words, Duke Energy has a duty already to have genuinely conducted what we saw in our proposal without our needing to ask. But its statement opposing our proposal indicates that it has never even tried to do this duty, and it's either unable to see the duty, a breach of care, or refuses to recognize what's patently true and obvious, a breach of loyalty at the very least.
Though apparently written to minimize clarity, the opposition statement seems to end up asserting that Duke has already done what our proposal asks, which is to analyze its net zero plans under assessments that the IEA and NZE constructs are wrong because, by its own admission, it has instead made those plans under the assumptions that IEA's NZE is correct. The logical incoherence of such a claim is self-evident and suggests making it constitutes its own separate breach of at least one Duke Energy fiduciary duty. The language of Duke's opposition statement is so confused that we'll grant that perhaps our reading isn't absolutely correct. But consider, Duke Energy had the chance to omit this proposal entirely if it could show the SEC staff that it had already substantially performed our request. And this SEC staff would have left it the chance.
Gensler's SEC constantly protects the ESG Biden-Hole of Government joint goal of decarbonization for political reasons using whatever bases and modelings and assumptions come to hand, however faulty. Still, Duke didn't even bother to try that route, even though last year it sought omission on the grounds that we'd submitted a proposal that was just a bit over the word count and had to withdraw it because it hadn't even gotten its facts right. Sure seems Duke's failure to mention that it had the chance to raise its "We've already done all of this" claim to the SEC and hadn't is itself yet another independent breach of its fiduciary duties to shareholders, even if the claim now being offered weren't facially incoherent. The rest of the proposal statement then further demonstrates that Duke has never done any of what we seek in our proposal.
If it had, this surely would have been the time to mention it. We pointed out one example of a report that blows up many of IEA NZE assumptions. Duke's worded, mangled opposition statement fails to mention its use of that report or any other analyses critical of IEA NZE. We pointed out that if stranded asset theory is to be used objectively, the risks of stranded assets from accepting dumb partisan climate assumptions must be counted too, especially with the auto company EV debacle shimmering right before us all. Displaying uber non-objectivity, Duke ignored this claim too, right where duty required either honest, transparent response or that Duke not pretend that it had performed tasks it manifestly has not. How about just this? Given the facts about non-Western carbon emission growth, nothing the West can do, even immediate and impossible net zero achievement, can have any climate effects.
On what page of Duke's vaguely referenced studies did it consider objectively analyze, fully respond to, and make a neutral conclusion about this absolutely vital question? If it hasn't done this analysis, then Duke's "my homework's done, Mom" claims in the opposite are just not so. And if they've done it but refused to show their work or even allude to it, well, you recall why in junior high the teachers were so insistent that students show their work. It was mostly to get at least some evidence that the students weren't cheating. We certainly wish this analogy weren't so apt. Meanwhile, watch the vote totals for this proposal. BlackRock, State Street, and Vanguard have the same fiduciary duties as Duke and thus a duty to know that Duke's opposed statement is gibberish and a duty to support full, objective, neutral analyses of the sort our proposal seeks.
If this proposal only wins, say, 4% support, it'll mean that all three have voted and recommended against it. That will mean that not only Duke Energy shredded its fiduciary duties today.
That concludes our presentation of the proposals before us at the annual meeting. If you have not already voted your shares or if you'd like to change your vote, you may do so by clicking on the Voting button on the web portal and following the instructions there. The polls will remain open for the next several minutes until the Q&A session begins. Lynn.
Kodwo, thank you. Thank you all for joining us today. Before we move to Q&A, I wanted to provide a brief business update on the year and importantly to welcome Harry Sideris, President of Duke Energy. Harry, a 28-year veteran of our business, was recently appointed to the role of president, and we are excited for him to take on these expanded responsibilities overseeing Duke Energy's electric and gas utilities, including all aspects of customer service and operations. He'll speak on some of Duke Energy's 2023 operational accomplishments in just a bit, and I thank him for joining us today. Now let's talk about 2023. In the face of an extremely challenging external environment with rapidly rising interest rates and extremely mild weather, our employees executed our strategy, achieved significant regulatory and policy milestones, and ensured affordability and reliability for our customers and communities.
Importantly, we completed our portfolio repositioning work as we sold our commercial renewables business and became a fully regulated company. This strategic move will allow us to focus on the significant investment opportunities within our regulated businesses. As you know, we operate in some of the fastest growing areas in the country, and I believe that right now we have the best growth potential Duke Energy has had in my tenure. We added 195,000 new customers in 2023 alone, the largest customer increase in the company history, and we are projecting average overall load growth of 1.5%-2% per year through 2028. 2023 was also a year of several landmark accomplishments that have better positioned the company for long-term growth and success. Last year, we saw constructive outcomes from state commissions in five electric rate cases and one natural gas rate case.
These rulings in the Carolinas, Kentucky, and Ohio covered $45 billion of historic and future rate-based investments and also recognized the higher cost of capital. This will help us continue to deliver value to customers and shareholders. We also filed an updated Carolinas Resource Plan in August of 2023 that outlines the road ahead for the next 15 years in our largest jurisdictions. The plan is designed to meet the needs of the growing region due to rapid population growth and significant economic development activity while providing cleaner energy to our customers and communities. I'm excited to enter this next chapter in our clean energy transition as we move from planning to execution. In 2023, we worked with a broad range of stakeholders to help advance regulatory mechanisms and policies at the state and federal levels that we need to be successful as we advance our clean energy transition.
For example, Duke Energy was awarded two Infrastructure Investment and Jobs Act grants, one for a carbon capture and storage study at our Edwardsport Power Station and another to advance Piedmont's work on methane emissions monitoring. Transforming and readying our system starts with the grid, the largest focus of our capital plan over the next five years, and we're taking a systematic approach to updating the grid to enable our transition. Duke Energy is also pursuing emerging technologies needed in the 2030s and beyond to reach our climate goals, including plans to build and operate the nation's first solar to 100% hydrogen-fueled turbine expected to be operational by year-end. We have set ourselves up for future success during what will be our largest capital deployment opportunity yet.
We operate in constructive growing jurisdictions supported by one of the industry's largest regulated capital plans, which gives us confidence in our 5%-7% earnings growth target through 2028 while maintaining reliability and affordability for our customers and communities. Now I'll turn it over to Harry for a bit more detail on our operations.
Thanks, Lynn. It's great to be with you today. Operations are at the core of what we do, and I'm proud of what we achieved in 2023. The work Lynn outlined is underpinned by our foundational drive for operational excellence. Our generation fleet performed well during extreme weather conditions last year, including historic storms in Indiana and Florida. Over the 4th of July weekend, our teammates responded to one of the most damaging lines of storms to ever impact Indiana operations, restoring power to 330,000 customers within 48-72 hours. Our rigorous preparations and grid hardening investments also paid off in Florida. In the wake of Hurricane Idalia, we restored more than 200,000 outages within 36 hours. Outstanding performance continued across our organization with our nuclear fleet achieving a capacity factor of 96%, the 25th consecutive year above 90%.
We also worked with state and local partners to help attract more than $22 billion in new capital investments, which created over 15,000 new jobs in our service territories. I am particularly proud to report that 2023 marked our best safety performance in Duke Energy history. We are proud of our industry-leading performance in safety and know there's always room to improve so that we can get every employee home safely every day. I continue to be so impressed by this team and their commitment to excellence in delivering strong results as we serve our investors, our customers, and our communities. With that, I'll hand it back to Lynn to wrap things up.
Harry, thank you. I'm particularly proud of our 27,000 teammates at Duke Energy who built momentum for the future, navigating the challenges and emerging a stronger organization. We're excited about the path forward as a fully regulated utility and look forward to capitalizing on the unprecedented growth and investment opportunities ahead. The polls are now closed. Kodwo, please provide the inspector of elections report before we answer questions.
Thank you, Lynn. Based on the proxies received, each nominee for director has been elected by over 90% of the shares voted. The ratification of Deloitte & Touche as Duke Energy's independent registered public accounting firm for 2024 has passed with approximately 96% of the vote. The advisory vote on our named executive officer compensation has passed with approximately 91% of the vote. The approval of an amendment to the amended and restated certificate of incorporation of Duke Energy Corporation to eliminate supermajority requirements has failed with approximately 64% of the outstanding shares entitled to vote. Shareholder proposal five, requiring executives to retain significant stock, has failed, receiving approximately 36% of the vote. And finally, shareholder proposal six regarding financial statement assumptions and climate change has failed, receiving approximately 2% of the vote.
Kodwo, thank you. The final reports of the inspector of elections are ordered to be filed with the minutes of this meeting. The meeting is adjourned, and now Harry and I would like to answer some of your questions, so I'll turn it over to Abby.
Thanks, Lynn. For the past several weeks, we've invited our shareholders to submit questions in advance, but we also welcome you to submit any questions you have during the meeting as well. It's important that your voices are heard, and we value your engagement, so I'm going to read the questions exactly as you submitted them. All of the questions we receive along with answers will be posted to our website after the meeting. So Lynn and Harry, we've received a number of questions in advance on a variety of topics. Let's dive right in with a question on the board of directors. This shareholder asks, "Why do you need more than board of directors larger than seven, simply a waste in a regulated company?
Abby, I would start by saying how proud I am of the Duke Energy board of directors. We have a diverse group of directors, diverse not only in ethnicity and gender but also diverse on business background. You think about the complexity of who we are at Duke Energy, we operate the largest transmission and distribution system in the U.S. We also are a very large nuclear operator, the largest nuclear fleet that is regulated in the U.S and that level of complexity really demands a diverse set of skills. Our board looks at this from time to time. We target 12-16 w e're right in that range at this point, and that gives us an opportunity not only for the traditional finance and audit, governance, and compensation, but importantly, an operations committee that's focused on that complex set of operations.
I believe this really positions the company well for the appropriate level of governance and oversight of this complex business.
Thank you. We have a second question also related to the board of directors. This shareholder asks, "At 60% of the board members are serving as board members for 2-3 other companies. This is at least a conflict of interest. Within a country of over 300 million people, surely 13 qualified folks can be found who are willing to focus all their energies into the Duke Energy.
The word conflict of interest, Abby, is an important word, a defined word, and one we take very seriously at Duke Energy. We have specific requirements in our code of business ethics and requirements for directors, but so do regulators like the SEC and the New York Stock Exchange and the Federal Energy Regulatory Commission. So in all events, every director is screened against these requirements, and they are in compliance. But I would make another really important point because that diversity of business experience and the ability to learn about another industry and bring best practices to Duke Energy, I think of things like cybersecurity, which is prevalent in all industries, we really welcome that diversity of thought and feel like our board members have an opportunity with their diverse set of experiences to bring best practices to Duke, which is important to governance.
Very good. Okay, final question related to the board of directors. This shareholder asks, "Do some directors participate in board and committee meetings electronically or by telephone? And if so, please list by director specific meetings in which they have done so. "
Abby, the majority of our regularly scheduled board meetings are held in person, and it is quite rare for a director to participate electronically. It could be a personal illness. It could be a conflict of some sort, but the majority of the time we are together as we were this morning, actually, in our board meeting. We do host telephonic or Teams Webex type meetings periodically. I think that gives us an opportunity to pull our board together as needed on a more rapid basis. So we do take advantage of the technology, but we are blessed to have very committed, available, and board members in attendance in a way that really is strong for the company.
Very good. Okay, let's move on. Our next question here is related to climate change. This investor asks, "What is position on climate change? What is Duke's position on climate change? "
I'll take that one, Abby. Whether you personally believe in climate change or not, what we are seeing is we are seeing changes from the climate. Storms are getting more frequent and more powerful. Flooding has become more prevalent and destructive, and we're seeing extreme temperatures both from record-breaking heat and polar vortexes. What we're looking at doing is leading the industry's largest transition, and we're doing that to make sure that we continue to serve our customers reliably and affordably. We are also building the grid of the future, one that's smart, resilient, that's able to handle these stronger storms, this flooding, these extreme temperatures. We're doing all this by closely collaborating with stakeholders, policymakers, our regulators, and our customers to continue to ensure that we can serve our customers safely, affordably, and reliably.
Very good. Thanks, Harry. Okay, this next question is related to renewables, an important part of our investment plan. This shareholder asks, "What are your historical and future trends for adopting solar and wind power? "
I'll take that one as well, Abby. Currently at Duke, we own and operate in contract about 9 GW of renewable energy across our system, and we're on track to have 35 GW of energy by 2035. Most of that's going to be solar. As we're looking at the load growth projections, we're also seeing that we're going to need more of these resources, and we see the potential for onshore and offshore wind in the mid-2030s as an option. We're in the early development stages of that, and we're working with our industry partners, our suppliers, and our regulators to really understand what that investment in wind is. Duke is and will continue to be a renewables energy investment leader and generation leader in the future.
All right, very good. Shifting gears a bit, this next question is related to another important stakeholder group, and that's our Duke Energy retirees. This shareholder says, "I appreciate receiving updates on our company. Wish the company would consider an increase in the retirement of its employees. "
So Abby, thank you. And I believe we get this question from retirees almost every year. But let me start by thanking the retiree population at Duke not only for the contribution that this important group made during their careers, but they're also incredible supporters of our company going forward, active in the community, involved in a way we're really proud of. We are not increasing retirement benefits that have been earned historically over the career, and the reason for that is the retirement benefit that Duke provides is only one piece of what an employee puts together in their retirement portfolio. Example, think of 401(k) as another opportunity to save for retirement.
I think what we try to do is engage with our employee base during their career to begin thinking about retirement long before they need to think about retirement to make sure that they're putting those investments in place that'll complement the Duke benefits so that they'll have confidence when they retire. So we'll continue to do that and see that as an important program for employees.
Very good. Okay, our next question is on the growth we're seeing across our footprint. This shareholder asks, "What is the projected growth % basis for each jurisdiction where we operate?" I think talking about load growth here. "
I'll take that one, Abby. At Duke, we're blessed to serve some of the most attractive areas of the country for customer migration and economic development. Our projections show 1.5%-2% growth annually through 2028, and we see a lot of that coming from our unprecedented growth in economic development from AI manufacturing, from chip manufacturing to AI, data centers, EV and battery manufacturers, pharmaceuticals, and auto manufacturers. In fact, five of our states were listed in the top CNBC places to do business in 2023, with North Carolina being number one for the second year in a row. Then when we think about customer migration, Lynn mentioned earlier 195,000 new customer additions last year, which was the largest ever for our company, and we're on pace to do that again this year.
We are committed to serve this growth in a way that continues to have affordability at the core for our customers but also delivers results for our investors and keeps our balance sheet very strong.
Very good. Okay, shifting gears a bit, this next question is related to our stock price and thoughts on splitting the stock.
This shareholder asks, "Why have you decided not to split the stock? You are eliminating small and young investors and keeping control by the top 25% of all investors. Split the stock. "
It's an interesting question because the stock is about $100 a share today, and we enjoy about 35% of our shareholders are retail shareholders. We welcome that and appreciate their investment in Duke. We do periodically look at a split, but I think $100 is a good price compared to our peers and also continues to attract retail investors. So I wouldn't take it off the table forever, but it's not a priority right now.
Got it. Okay, next question is related to executive and board compensation and kind of how we fund those. This investor asks, "Why do we give shares to executives and directors, pay them and allow them to purchase shares at a reduced rate, 75%-85% of the current price, and require them to hold the shares for a specified period of time depending on the discount? Giving away shares that are created for such use diminishes the equity and voting power of each shareholder. All shares used for such purposes should be purchased by the company on the open market. "
There's a lot in that, Abby, a lot in that question. Let me talk first about the compensation, and then we'll talk about dilution, which I think is also a part of that question. What we endeavor to do at Duke, and this, of course, for the executives is overseen by the board's compensation committee, is to pay for performance, and that performance should be aligned with shareholders. And we work very hard to achieve that. And in fact, the way we incent that behavior is by establishing metrics that align with the outcomes that our shareholders are expecting, and the stock awards are only awarded if those metrics are achieved. And they don't vest immediately t hey vest over a three-year period, and then there are holding requirements for our executives on the number of shares that they need to hold as they progress through their career.
So we like the alignment. We believe the alignment is important, and I'm not sure there's a better way to do it than through stock. There's a similar notion with our directors. Our directors, as fiduciary for our shareholders, have very important work to do in governing our company, and their alignment with shareholders we also see as important. So no disagreement on the importance of holding the stock. And as we look at this issue of dilution for these plans that I'm talking about, it is minuscule, very minor. So I don't have any concerns, the board, on the dilutive effect, but believe we achieve great things on alignment with our stock-based plans, always paying for performance.
Very good. Okay, one final question I have here kind of related to generation transition. This shareholder asks, "What % of generating sources will be nuclear and coal in 2024, and will these be up or down from the previous year? "
Abby, that's a tough one here in May to project how we'll produce energy over the course of the year because we always dispatch our assets based on lowest cost to be consistent with affordability for our customers. But I can tell you what the relationship was for 2023, and I would expect this to be somewhat reasonable for 2024. So coal, on an energy basis, number of megawatt-hours produced was about 17%, and nuclear was about 37%. And we would expect coal to be declining over the course of the 2020s. Nuclear may increase a bit because we do have some upgrades planned for our plants. But as we look into the 2030s in particular and consider new small odular reactors, we'd love to see more carbon-free power from our nuclear suite of assets over time. And so that's something we're working very hard on.
Very good. Okay, this concludes our Q&A session. Lynn, I'll turn it to you to wrap up the meeting.
Very good. Well, I want to thank everyone for joining today. We really appreciate your investment in Duke Energy. As a reminder, as Abby noted earlier, we will post all of the questions and the answers to the Duke Energy website. Thank you again for joining us today, and hope you have a good afternoon.