I said earn money. But I phrased it poorly, so i'll explain further with what I know. I also assume we're still talking about regulated utilities. Capital proj

I said earn money. But I phrased it poorly, so i'll explain further with what I know. I also assume we're still talking about regulated utilities. Capital project costs (along with other fixed costs) generally get passed through to rate payers + an approved ROR by the public utility board. Operating expenses cut into this. Capital project costs do not necessarily reduce operation expenses directly.