Agnieszka Storozynski • BofA Securities

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President and CEO James Burke explained that Vistra's communication style is intentionally measured, preferring to announce deals only when they are finalized due to the competitive landscape and complexity of customer negotiations. Regarding the 2026 outlook, he stated that while they are confident in performance 'significantly above $6 billion,' they are not providing formal guidance yet due to remaining variables like the capacity auction and open hedge positions, and plan to return to their normal guidance cadence on the Q3 call.

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President and CEO James Burke stated that a meaningful EBITDA impact is unlikely in the 2026-2027 timeframe due to long project development cycles. While not providing specifics, he noted nuclear assets would likely command a premium over gas. Head of Strategy Stacy Dore added that a study for Beaver Valley has already confirmed co-located load can be added without negative grid impact, highlighting the speed-to-market advantage of co-location.

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James Burke, President and CEO, emphasized that competitive markets have a strong track record and that there are sufficient opportunities for both competitive generators and regulated utilities to invest and meet customer needs. He explained that the timing of colocation deals is driven by customer diligence, not just Vistra's pace. He also clarified that Vistra sees opportunities for both behind-the-meter and front-of-the-meter projects and is actively pursuing both.

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CEO Vincent Sorgi expressed no concern over the timing of announcements, noting PPL doesn't control them but has already signed Energy Services Agreements (ESAs) for multiple gigawatts. He explained that these ESAs already protect existing customers from stranded asset risk through minimum revenue commitments and letters of credit, making a model tariff not strictly necessary. He confirmed PPL's ability to provide study results in weeks, not months, remains a significant competitive advantage that data center customers consistently highlight.

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CFO Joe Bergstein responded that maintaining a strong balance sheet is a strategic priority that supports long-term value, justifying the equity issuance. He noted the gap between rate base and earnings growth is partly due to financing needs. He clarified the 2024 HoldCo drag was impacted by a year-over-year comparison against a 2023 tax benefit from the WPD sale, which is not a recurring item.

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President and CEO Vincent Sorgi agreed '100%' that PPL has a strong competitive advantage, noting that the 8 gigawatts of advanced-stage projects are not duplicates and that adding more load makes the system cheaper on a per-unit basis for all users. He confirmed that the transmission revenue benefits from new data center load directly reduce bills for all customers and are not an earnings driver for PPL.

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President and CEO Joe Dominguez responded that inference centers are also growing much larger, making power availability and interconnection speed more critical than proximity to population centers. Regarding Illinois, he does not see a specific political backlash, but rather a broadening of customers' geographic searches to wherever they can connect easiest and fastest, which benefits Constellation due to its wide reach.

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Martin Kropelnicki, Chairman and CEO, explained that while he could not discuss specific details of the settlement negotiations, the company is working to identify non-contested areas to streamline the upcoming evidentiary hearings. He expressed confidence in the process, noting that the commissioner, judge, and advocates have all indicated a strong desire to keep the rate case on its original schedule, a positive sign compared to previous cycles.

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Robert Gaudette, Head of NRG Business, explained that contract structures will vary but are essentially locked-in heat rates, making gas the primary exposure, which NRG's large commercial platform is built to manage. Lawrence Coben, Chair, President and CEO, countered the idea that NRG is slow, arguing its new partnerships provide unmatched speed. Gaudette confirmed a 'dramatic increase' in large customers looking to lock in power for 5+ years, validating concerns about market tightening.

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An executive, likely Robert Gaudette, explained that the VPP's value is derived from acting as a cost-effective insurance hedge for NRG's consumer portfolio, making it less susceptible to market price arbitrage dynamics than standalone batteries. He attributed the lack of reaction in power curves to a short-sighted market view following a mild summer. Chair and CEO Lawrence Coben responded that with a double-digit free cash flow yield, the stock remains significantly undervalued, and share repurchases continue to be a highly attractive use of capital.

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EVP and CFO David Bowler responded that hybrid securities are not seen as cost-effective or less dilutive than straight equity. EVP and COO Cheryl Norton explained that if M&A deals are delayed, the company has a pipeline of other capital projects it can pull forward to meet spending targets and smooth EPS growth. Mr. Bowler confirmed that the company has filed a motion for a rehearing with the commission in California to challenge the decoupling decision.

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CEO M. Hardwick explained that electricity cost risk is well-mitigated through multiple long-term contracts, some extending to 2029. President John Griffith reiterated that the accelerated capital plan, funded in part by the HOS note proceeds which avoid new debt/equity issuance, generates the regulated earnings to replace the interest income. CEO Hardwick also clarified that the rate case cycle is driven by the high level of necessary capital investment and the need for timely recovery, not just by a goal to hit a specific rate of return.

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Chairman, President and CEO Joseph Nolan expressed confidence in the approval process, stating that as long as the law is followed, the transaction should be approved. He addressed a key concern by noting that the buyer can and should continue making payments to municipalities, as tax costs are already embedded in customer rates.

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EVP, CFO and Treasurer John Moreira clarified the NECEC benefit is a remuneration of approximately 2.25% on the value billed to customers under the PPA. Chairman, President and CEO Joseph Nolan firmly stated the company will not pursue merchant transmission projects, as it would deviate from its strategy to be a pure-play regulated utility focused on lower-risk investments.

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CEO Andres Gluski and CFO Stephen Coughlin asserted that renewables EBITDA will grow substantially in 2025. They attributed the 2024 underperformance to one-time, record-breaking weather events in South America and noted that strong U.S. growth more than offsets the Brazil sale. Mr. Coughlin confirmed that a large Q4 catch-up in distributions is a normal seasonal pattern and that he is confident in hitting the full-year target.

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Executive Brian Tierney defended the critique by contrasting the 'hope' of PJM's market signals with the certainty of a state-run auction with contracts and milestones. He clarified that Ohio has transmission capacity, and the entire region needs new generation. He firmly stated that reverting to ESP IV reduces risk and increases certainty by aligning regulatory processes.

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President and CEO Pedro Pizarro noted that while hyperscale training centers are unlikely, they are seeing growth from AI inference centers, which is factored into forecasts. He and Executive Steven Powell acknowledged the challenge of customer education in recognizing total energy bill savings (electricity, gas, gasoline), stating it's a critical area of focus. Pizarro concluded that while price fluctuations might affect adoption rates year-to-year, California's firm commitment to Net Zero by 2045 means the electrified endpoint remains the same.

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CEO Mark McFarland stated the company prefers to set conservative guidance it can deliver on, noting the CAGR has high visibility from contracted revenues and market dynamics. On strategy, he highlighted focusing on the AWS contract milestones and exiting the Nautilus Bitcoin business, while declining to comment on M&A. Regarding PJM, he noted that markets are tightening but would not predict auction outcomes, emphasizing that gas plants are increasingly valuable for both energy and capacity.

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Chairman and CEO Gerardo Norcia affirmed DTE's plan includes adequate reserve margins, citing the new combined cycle plant and the Belle River gas conversion. He noted that post-2028, more dispatchable generation (likely gas with CCS) will be needed. He explained that significant load growth from 24/7 data centers would require new generation and could accelerate the next IRP. He expects such investments would pay for themselves, benefit customer bills, and add rate base value for investors, creating a 'win-win.'

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