That is fair, the allowed ROE will likely not go up in such a scenario. However I would argue that the utilities are also not valued on the basis of the 5 year yield being at 0.3% forever. Lets take an example: PSEG. They are expecting $3.40 of EPS in 2020. If we value the unregulated business at 5x P/E (5*0.78), that implies that the regulated business is trading at $42.70 or a P/E of 16.3x. Not crazy cheap but doesn't that seem reasonable for the guaranteed growth on the chart that I attached plus the 4% dividend? Under what scenario do they not get that growth?