Diana Niles

Diana Niles asked about the ramp to 5% sales growth across service territories, specifically if 3% of this growth is still expected from data centers. She also inquired about the Smokehouse Creek wildfire claims, the low-end estimate increase, the number of lawsuits it represents, and the stickiness of finalizing those claims.

Answer

Brian Van Abel, EVP and CFO, stated that the 5-year sales forecast would be updated in Q3, noting that the previous 5% CAGR was based on 3 GW of data centers. He clarified that the updated 6 GW target would likely impact sales growth more significantly in the 2029-2030 period and beyond. Regarding Smokehouse Creek, he highlighted significant progress with over 320 claims settled out of roughly 420 total, including the three largest acreage claims and subrogation insurers. He noted the low-end estimate of $430 million includes $380 million already settled, with about $50 million remaining against $120 million in insurance proceeds.

Diana Niles inquired about the ramp to 5% sales growth across service territories, specifically if 3% is still expected from data centers, and sought an update on the Smokehouse Creek wildfire claims process, particularly regarding the $50 million estimated losses.

Answer

Brian Van Abel, Executive Vice President and Chief Financial Officer, stated that the 5-year sales forecast would be updated in Q3, noting that the previous 5% CAGR was based on 3 GW of data centers. He explained that the updated 6 GW target suggests significant sales growth and capital investment opportunities extending into the 2030s. Regarding Smokehouse Creek, he reported significant progress with over 320 claims settled out of approximately 420 total, including the largest claims and subrogation insurers, with the $50 million low-end estimate relative to $120 million in remaining insurance proceeds.

Diana Niles asked to what extent the high end of the 5-7% EPS growth range reflects incremental capital, and if that incremental capital specifically factors into the confidence to hit the high end of the range starting in 2028.

Answer

Brian Savoy, EVP and CFO, clarified that the confidence in achieving the top half of the growth range beginning in 2028 is contemplated within the entire $95 billion-$105 billion capital range, and is not solely dependent on being at the high end of that capital range.

Diana Niles, on behalf of Jeremy Tonet, asked to what extent the high end of Duke Energy's 5%-7% EPS growth range reflects incremental capital and if this incremental capital contributes to the confidence in achieving the top half of the range starting in 2028.

Answer

Brian Savoy, Executive Vice President and CFO, clarified that the confidence in achieving the top half of the growth range beginning in 2028 is consistent with any point within the $95 billion-$105 billion capital range provided, indicating it is not solely dependent on being at the higher end of that capital plan.

Diana Niles asked about the potential need for future revisions to Ameren's generation plans, given the expansion to three gigawatts of signed data center construction agreements.

Answer

Chairman, President, and CEO Marty Lyons and Senior EVP and CFO Michael Moehn expressed confidence in sales projections, noting current generation plans can serve up to two gigawatts by 2032, with future Integrated Resource Plan filings in 2026 providing further updates.

Diana Niles asked about the implications of Ameren's expanded 3 gigawatts of signed data center construction agreements on future generation plans and the potential need for revisions.

Answer

Marty Lyons, Chairman, President, and CEO, expressed confidence in sales projections, noting current generation plans can serve up to 2 gigawatts by 2032. Michael Moehn, Senior Executive Vice President and Chief Financial Officer, added that the Integrated Resource Plan (IRP) would be revisited in the fall of 2026.