David Poroch
SVP, Chief Accounting Officer & Comptroller at The Southern Company
As we highlighted in our May earnings call, our financing activity through the first quarter along with our internal equity plans projected through 2029 resulted in a clear path to fully address the $4,000,000,000 equity needs in our original $63,000,000,000 base capital plan. The increase in our base capital plan of $13,000,000,000 is projected to be funded with approximately 40% of additional equity or equity equivalents, which represents an incremental $5,000,000,000 through 2029. This level of equity content supports our credit quality and our progress toward our credit metric target of approximately 17% FFO to debt in the latter part of our forecast horizon. In fact, we've continued to be proactive in addressing our equity needs, pricing an additional $1,200,000,000 of equity through forward sales under our at the market or ATM program since our last earnings call, leaving less than $4,000,000,000 of the incremental need remaining to be addressed through 2029. These remaining equity needs are easily manageable for a company our size, considering just in the last six months, we've addressed well over $3,000,000,000 of equity and equity equivalents through our ATM program, internal equity plans and issuances of junior subordinated notes.
