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CFO Daniel Schuller responded that it is premature to adjust full-year guidance after only one quarter, acknowledging the strong start but noting that potential headwinds could emerge in the remaining three quarters. CEO Christopher Franklin addressed the PFAS topic, stating the company is proceeding "full speed ahead" with its $450 million capital plan to achieve compliance by 2028, as directed by state regulators, and sees no change to its strategy following the EPA announcement.

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CFO Daniel Schuller explained that a 'relatively modest amount' of equity has been issued since August. He clarified the EPS CAGR, noting that back-calculating from the 2025 guidance of $2.07-$2.11 implies a 2024 base of approximately $1.97, aligning with previous guidance. Regarding credit metrics, Schuller stated they expect FFO to Debt to be above 12% in 2025, with the negative outlook from Moody's likely to be resolved in 2026.

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Chairman and CEO Christopher Franklin confirmed the company is proceeding 'full speed ahead' with its $450 million PFAS mitigation plan, as directed by state regulators. CFO Daniel Schuller stated that the $250 million ATM equity program would launch shortly and noted that positive weather in July is helping the company catch up from a weaker first half.

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Chairman and CEO David Campbell clarified that the $0.05 per share shortfall from the midpoint was calculated before any mitigating actions and affirmed the company's confidence in reaching its full-year target. He stated the customer pipeline remains robust and has expanded, linking the timing of new contract announcements to the finalization of large load tariffs in Q3 or Q4 2025.

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David Campbell, Chairman and CEO, detailed that the proposed tariff includes protections like minimum bill requirements, a 15-year contract period, and exit fees. He clarified that a final tariff is not necessarily a prerequisite for a customer announcement, as projects can advance in parallel with tariff negotiations, citing past examples.

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Chairman and CEO David Campbell explained that while the goal is for consistent execution in the top half of the range, some year-over-year dynamics could occur due to rate case timing. EVP and CFO Bryan Buckler added that regulatory lag is better managed under PISA and CWIP provisions, and the planned 18-month rate case cadence will ensure timely investment recovery. Campbell noted this regular cadence is also more predictable for customers.

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President and CEO James Burke and Executive Stacey Dore addressed the questions. Burke reiterated concerns with SB6's current form, particularly provisions like the 'disconnect switch,' but believes revisions could position Texas to win the AI race. Regarding PJM, both executives stated Vistra did not seek a settlement, believing the record at FERC is sufficient for a ruling. They are pushing for a speedy decision, possibly this summer, to provide clarity, noting that colocation is already a viable model in PJM.

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James Burke, President and CEO, reiterated that data center deals are large and complex, with timing dependent on customer readiness, and emphasized that Vistra's strong fundamentals do not rely on these deals. Regarding a recession, he expressed confidence in the business's resilience over the next 2-3 years, citing a strong hedge position, a stable residential customer base, and the operational flexibility to optimize the fleet in softer markets.

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CEO Harry Sideris explained the merger would generate over $1 billion in customer savings over time through operational, fuel, and regulatory efficiencies, with a target effective date of January 2027. He also clarified that the 1 GW in new agreements represents two customers.

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CFO Brian Savoy explained that the 2025 plan includes a timing shift, with a catch-up of O&M expenses that were deferred from 2024 due to storm response. Regarding ROEs, President Harry Sideris noted they continually work to improve them via rate cases and riders, while CEO Lynn Good added that returns should be evaluated over the long term, not just year-to-year.

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CFO Brian Savoy explained the impact amounts to "a few cents" from O&M restoration costs and another "few cents" from lost revenues. CEO Lynn Good elaborated that these impacts are driving the company to the lower half of its 2024 guidance range but expressed confidence the impact would be contained to 2024. Good also reaffirmed that increasing capital and accelerating load growth in 2027-2028 support the potential to reach the higher end of the 5-7% EPS growth range in the long term.

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Executive Scott Lauber explained that the 10.48% ROE in the VLC tariff was a negotiated rate with customers, providing long-term (20-30 year) certainty for both parties. For Illinois, he confirmed that the higher capital spending will be recovered through forward-looking test year rate cases, which will likely become an annual process, rather than through a tracker.

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CFO Liu Xia explained that the financing for the incremental $4.3 billion in capital includes about $2 billion in equity content. This is composed of an ~$800 million increase in common equity and the use of other instruments like hybrids that provide 50% equity content. Executive Scott Lauber confirmed the Delilah and Maple Flats solar projects remain on track for completion by year-end.

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CFO Liu Xia stated that the current plan includes $100 million to $120 million per year for the program, but this could be revised downward in the next capital plan update. President and CEO Scott Lauber explained the Delilah I delay was due to hail damage during construction and that the company is working with the developer to ensure full repairs are completed before the expected year-end in-service date.

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Trevor Mihalik, EVP and CFO, stated that while weather was a significant driver, the Q1 performance was roughly in line with internal expectations, and the company feels good about its full-year guidance of $5.75 to $5.95 per share. William Fehrman, President and CEO, addressed the colocation issue by reiterating that AEP is not against colocation but insists that any entity using the transmission system must pay its fair share. He confirmed they are following the process at FERC.

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President and CEO William Fehrman explained that two separate settlements were filed in the Ohio tariff case and the matter is now awaiting a commission ruling. EVP and CFO Trevor Mihalik stated that while the $2.8 billion in proceeds significantly reduces near-term pressure, the company is still evaluating needs related to the $10 billion growth opportunity and potential securitizations, and did not definitively rule out future equity needs.

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Chairman, President and CEO Joseph Nolan stated that tariff risks for Revolution Wind are minimal, as nearly all equipment is procured, with the project proceeding well. He also confirmed the Aquarion sale is on track to close by year-end 2025, with regulatory filings made and no significant hurdles anticipated. He noted the Connecticut regulatory timeline for a decision is approximately five months, targeting October.

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Executive VP and CFO John Moreira confirmed that the equity dilution is a primary driver for the muted 2025 growth. He also noted that the full financial benefit of the Aquarion sale proceeds will not be realized until 2026. Regarding interest rates, he stated the plan incorporates multiple market consensuses and assumes the Federal Reserve will lower rates.

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EVP, CFO and Treasurer John Moreira confirmed the Cambridge project is incorporated in the current 5-year plan. He also stated that Eversource is proposing a Performance-Based Ratemaking (PBR) framework in the Yankee Gas filing to enhance rate stability and cash flow, noting the utility has been under-earning.

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CFO Steve Coughlin estimated the distributions represent 35-40% of the insurance business's reliable cash flow. He also explained that if transferability were removed, AES would revert to its well-established tax equity partnerships, with no fundamental change to the cash or credit profile. CEO Andres Ricardo Gluski Weilert confirmed that AES is still actively pursuing development of the attractive Texas site for other power generation customers.

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COO Ricardo Manuel Falu detailed that savings come from resizing the development team, cutting early-stage project costs, and a 10% workforce reduction. CEO Andrés Gluski emphasized these actions are already complete. CFO Stephen Coughlin stated the parent recourse metric was 22% and the Moody's metric was 10%, with a clear path for improvement into 2026 and beyond.

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CFO Stephen Coughlin clarified that while 2025 renewables will be up, the largest inflection in project completions is expected in 2026-2027. CEO Andres Gluski noted the 1.5 GW renewable asset developed for the hydrogen project is highly attractive on its own and is not yet in the backlog. Regarding credit ratings, both executives expressed confidence, citing ongoing constructive dialogue with Moody's and a substantially improved credit profile following portfolio simplification like the Brazil exit.

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Chief Financial Officer Dan Tucker confirmed that by the Q2 2025 earnings call, the company expects to be able to discuss incremental capital opportunities associated with the largest all-source RFP and potentially others. This update would address the majority of the potential upside to the capital plan that the company has previously indicated.

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CFO Dan Tucker explained that the equity percentage is supported by several factors, including other cash flow improvements, the benefits of tax credit transferability, prior equity actions, and a pragmatic long-term approach to credit metrics. He deferred on a specific tax credit monetization number but noted that the ability to transfer new IRA credits helps the company monetize its older, non-transferable credits.

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CEO Chris Womack explained that the company has been researching SMRs and advanced nuclear for years but believes significant work remains on design and engineering before the technology is commercially viable. CFO Dan Tucker added that because of this, they view it as too early to commit to any single nuclear technology basket.

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EVP and CFO David Ruud quantified the auto sector margin exposure at 3-4% of total margins, noting that new data center load would reduce this relative exposure. President and COO Joi Harris explained that the PBR mechanism begins in 2026 with a $10 million cap and that DTE's current rate case filing focuses on the IRM, consistent with prior plans.

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EVP and CFO David Ruud acknowledged the strong performance, driven by the electric segment and trading, but noted that a timing reversal of taxes at corporate and electric would occur in Q4. He confirmed the company is positioning itself for a strong 2025. President and COO Joi Harris explained that the PBR docket's final straw dog includes metrics the company is comfortable with, but they continue to push for symmetry. She stated the PBR outcome will not be incorporated into the current rate case.

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CFO David Ruud confirmed a year-to-date negative weather impact, primarily at the gas utility, but expressed confidence in meeting 2024 targets and using any favorability to pull forward customer investments. Executive Joi Harris reported that the Liberty audit is wrapping up, has been collaborative, and initial feedback aligns with DTE's existing reliability plans, with no major surprises expected in the final report.

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Chairman and CEO Gerardo Norcia confirmed that DTE could and would pursue a partial settlement if a full one isn't achievable, but reiterated confidence in a supportive outcome regardless. EVP and CFO Dave Ruud explained that while Q1 weather used some contingency, the company immediately worked to rebuild it and is in a 'fine position' heading into the summer, leveraging its 'lean and invest' capabilities as needed.

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Steven Ridge, EVP and CFO, responded that Q1 results were modestly above internal expectations, primarily due to favorable weather and stronger-than-expected sales. He provided a detailed breakdown of EPS drivers and affirmed the full-year guidance, stating the company is focused on hitting its targets and may use strong performance to de-risk future years.

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Chairman, President and CEO R. Trauschke responded that discussions with roughly half a dozen data center prospects are 'not slowing down.' CFO and Treasurer Charles Walworth addressed the Moody's negative outlook, stating it is not an imminent change and that factors like potential credit-accretive legislation could influence the outcome. He affirmed that the company is comfortable with its 17% FFO to debt target, which they believe maintains one of the strongest balance sheets in the industry.

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Chairman, President and CEO R. Trauschke stated that OGE is in discussions for about half a dozen data center opportunities, each in the 250 to 500-megawatt range, but could not comment on the Stillwater project specifically. CFO and Treasurer Charles Walworth reiterated that the company's dividend policy remains unchanged, targeting a payout ratio of 65% to 70% as stated in the 10-K.

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CFO Brian Van Abel reported that plaintiffs' experts introduced two new causation theories: one involving unattached telecom equipment and another an 'unidentified flying object' contacting their lines. He mentioned a standard mediation process is underway with a May 29 deadline. CEO Robert Frenzel added that the company believes its indemnity agreements on pole attachments are strong.

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CEO Robert Frenzel stated there were no major changes in the Marshall Fire case, with the liability-only trial still set for September in Boulder County, and reiterated their intent to defend their position. CFO Brian Van Abel noted that the company is familiar with managing tariffs from past administrations and has planned accordingly with suppliers to deliver the best price for customers.

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EVP and CFO Brian Van Abel indicated that while specific timing isn't guided, the equity issuance would likely follow the shape of the annual CapEx plan, which is weighted towards the earlier years. On tax credits, he confirmed all 2024 sales were executed, totaling roughly $400-$500 million. He noted significant demand and expects to monetize over $700 million annually going forward.

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President and CEO Garrick Rochow stated that NorthStar represents only 5% of the EPS mix, with minimal capital in renewables and none in storage, noting panel security through 2030 and safe harbor provisions through 2028. EVP and CFO Rejji Hayes added that an IRA repeal would raise the hurdle rate for NorthStar projects, and there is flexibility to shift capital to the utility. Regarding the storm deferral, Rochow explained it's the first filing of its kind for the company, leveraging the Liberty audit's recommendation, while Hayes noted such a standalone order is atypical.

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President and CEO Garrick Rochow described the PBR dialogue as constructive and ongoing. He anticipates implementation is still several rate cases away, likely 1-2 years out. The proposed framework is intended to be symmetric, with a manageable potential upside or downside of approximately $10 million.

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CFO Christopher Foster affirmed the company's 50/50 debt-to-equity financing approach for incremental capital. CEO Jason Wells clarified that at least $3 billion in opportunities exist *beyond* the $1 billion added today, comprising at least $2 billion in electric transmission and about $1 billion for a gas network project. He noted the electric portion could be substantially larger if the 765 kV standard is adopted.

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CFO Chris Foster explained that past results included a regulated return on the units. Going forward, the asset will be removed from rate base, and all related financial impacts—both the interim detriment and future marketing benefits—will be excluded from non-GAAP EPS. CEO Jason Wells added that he does not anticipate a write-down, as the market value of the equipment has doubled, and the net investment should be fully recovered over time.

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CFO Christopher Foster outlined a two-part timeline for securitization proceeds. He expects proceeds from the May derecho storm costs in Q3 2025 and proceeds from Hurricane Beryl costs in late Q4 2025 or early Q1 2026. He noted the total storm cost estimate was refined to $1.6 billion. Foster projected that once all proceeds are received by early 2026, the company's credit metrics will return to its target range with a substantial cushion.

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Robert Gaudette, Head of NRG Business, confirmed that the developments represent entirely new, additional megawatts, either through new data centers on NRG sites or co-located new data centers and new power plants. Lawrence Coben, Chair, President and CEO, added that NRG views legislation like SB6 positively, as it provides market clarity and a fair cost allocation framework that protects retail customers from rate shock.

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CEO Lloyd Yates clarified that the NIPSCO GENCO structure allows the company to negotiate for returns that could be 'above and beyond' potential regulated returns. He reiterated that this is a 2025 event and that definitive information will be shared once contracts are signed, without specifying if the financial benefits would fall within the current 5-year plan horizon.

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President and CEO Lloyd Yates confirmed the Templeton project is now in the base plan and expressed confidence in flat O&M due to efficiency initiatives like AI in asset management. EVP and CFO Shawn Anderson attributed the financing capacity to efficient capital recovery boosting cash flow and proactive balance sheet strengthening in 2024, including the use of junior subordinated debt.

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EVP and COO Cheryl Norton confirmed that the company has made no changes to its capital plans for PFAS remediation, as they intend to meet all regulatory requirements and internal standards. EVP and CFO David Bowler clarified that the $0.10 incremental interest income should be excluded from the base for growth calculations.

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CEO M. Hardwick stated that the capital planning process remains risk-based, with significant investment continuing in Pennsylvania, and affirmed that the current financial plan fully reflects the recent rate case outcome. CFO David Bowler specified that the company expects to pay approximately $100 million, plus or minus, in annual cash taxes starting in 2025 as a result of the AMT.

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EVP & CFO Michael Moehn stated that the company feels very good about its balance sheet and that the current financing plan supports its Baa1/BBB+ credit ratings. He confirmed that Ameren expects to remain at or above the 17% FFO-to-debt threshold required by Moody's and is closer to an upgrade threshold than a downgrade at S&P. CEO Martin Lyons added that the capital plan is conservative and achievable.

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President and CEO Vince Sorgi confirmed the capital plan includes the IRP's recommended resource plan, with a CPCN filing expected by the end of Q1 and a decision by Q4. CFO Joe Bergstein added that while PPL has flexibility on the equity issuance, a ratable issuance of $400-$500 million in the first year is a reasonable assumption for modeling purposes, utilizing an ATM program and potentially other equity-like structures.

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CFO Joe Bergstein confirmed that financing needs are being evaluated and an update will come at year-end, highlighting PPL's strong balance sheet and financial flexibility. He differentiated PPL from peers that have slowed dividend growth, stating that due to PPL's balance sheet strength, reducing dividend growth is 'not our intention at this time.'

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CEO Calvin Butler, CFO Jeanne Jones, and executive Michael Innocenzo addressed the Maryland inquiry, stating the process is moving forward collaboratively and they expect a decision in the first half of the year. They affirmed the prudence of incurred costs and highlighted the benefits of multiyear plans for aligning with state policy and controlling costs. Chief Legal Officer Colette Honorable added that regarding the FERC 205 filing, they are awaiting a decision and continue to engage with stakeholders like PJM to find forward-looking solutions for resource adequacy.

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President and CEO Vijay Manthripragada stated that the focus for the next couple of quarters will be on organic growth and redeeming the preferred stock, pausing M&A in the immediate future but keeping the long-term strategy intact. He confirmed no equity would be issued for the redemption. CFO Allan Dicks added that the preferred stock redemptions are planned for before April 2025 and shortly thereafter, funded by cash flow and existing credit facilities.

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Jeffery Martin, Chairman and Chief Executive Officer, reiterated that a comprehensive sources and uses of funding update will be provided in February. On the LNG permit, he emphasized Sempra's nonpartisan business approach and expressed growing confidence in receiving the necessary permits for Port Arthur Phase 2 in the first half of the next year, highlighting LNG's importance to U.S. allies.

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Chairman and CEO Jeff Martin disclosed an estimated $300 million increase in Sempra's net share of capital for ECA but stated the project is still expected to achieve its targeted mid-teen levered returns due to transportation optimization and contractual inflation protections. Sempra Infrastructure CEO Justin Bird attributed the delay to craft labor constraints in Baja, California. On the Texas SRP, Mr. Martin described the all-party settlement as timely and constructive, allowing critical resiliency investments to begin in Q4 2024, which aligns with the need highlighted by recent extreme weather.

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President and CEO Joe Dominguez replied that it is still unclear if FERC will take the lead, but affirmed that "we could drive the agenda here" if progress is unsatisfactory. He indicated that Constellation would not act alone but would work with like-minded parties to get a proceeding started. The company is currently assessing the positions of FERC and PJM before finalizing its plan in the coming weeks.

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EVP and CFO Dan Craig confirmed PSEG is still awaiting guidance from the Treasury, with the definition of "gross receipts" being the most critical element. He noted the company is planning for various scenarios. Regarding CapEx, Craig explained that FFO to debt metrics provide room for growth, and the impact depends on the nature of the investment, with capital-light, FFO-positive projects at the power segment enhancing this capacity.

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Executive Vice President and CFO Daniel Cregg reported that there was no new information on the PTC guidance from the Treasury, noting that the definition of 'gross receipts' remains the most critical outstanding detail. Regarding capital capacity, he explained it is governed by the FFO to debt metric, which is currently in the mid-teens, providing headroom. The impact of new CapEx depends on the asset's recovery life, with energy efficiency being more credit-friendly than long-life infrastructure.

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