Forward-Looking Statements

Statements in this report not based on historical facts are considered “forward-looking” and, accordingly, involve risks  and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, strategies, objectives, events, and conditions. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed within Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021, and  elsewhere in this report and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

• federal, state or local administrative, regulatory, judicial, or legislative proceedings or actions, and any changes in laws, regulations, interpretations, policies and ratemaking determinations;
• the effects on demand for our services resulting from business and economic conditions or from technological advances, including advances in customer energy efficiency, energy storage, and private generation sources, which generate electricity at the site of consumption and are becoming more cost-competitive;
• our ability to align overall spending, both operating and capital, with frameworks established by our regulators and to recover these costs in a timely manner to earn the allowed return on equity;
• the cost and availability of fuel used to produce electricity; the cost and availability of purchased power, zero emission credits, renewable energy credits, and natural gas for distribution; and the level and volatility of future market prices for such commodities and credits, including our ability to recover the costs for such commodities and credits and our customers’ tolerance for any related price increases;
• disruptions of the capital markets, actions of credit rating agencies or deterioration in our credit metrics, including the cost or availability of capital, including short-term credit and liquidity and our ability to finance a portfolio transition;
• the impact of weather conditions and other natural phenomena on us and our customers, including the impact of system outages;
• the construction, installation, performance, and / or the effects of breakdowns or failures of equipment in the operation of our electric and natural gas transmission and distribution systems and storage facilities, such as leaks, explosions, and mechanical problems, and compliance with safety regulations which could result in unanticipated liabilities or unplanned outages;
• the impact of current environmental laws and new, more stringent, or changing requirements, including those related to carbon dioxide that could limit or terminate the operation of certain of our generation assets, increase our operating costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers’ demand for electricity or natural gas, or otherwise have a negative financial effect;
• the impact of negative opinions of us or our utility services that our customers, legislators, or regulators may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or to protect sensitive customer information, increases in rates, or negative media coverage;
• the effects of strategic initiatives, including mergers, acquisitions, and divestitures; and
• acts of sabotage, war, terrorism, or other intentionally disruptive acts.