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The neutral sector outlook reflects no significant changes in the underlying operating environment for the sector in the next one- to two-years. ���������ֳ� expects the state regulatory environments to remain broadly constructive and retail electricity sales to continue to gain strength as commercial and industrial sales reach and/or exceed pre-coronavirus levels. Residential sales remained strong in 2021 and are tracking above expectations. High natural gas prices pose a concern as rising fuel and purchased power costs are directly passed through to customers. Elevated capex, recovery of storm restoration costs and recovery of deferred coronavirus expenses will compound the pressure on customer bills. Declining O&M costs due to cost control initiatives and the ongoing energy transition to lower cost renewables should provide some offset.