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General Counsel Keith Larson clarified that 'partial final award' is ICC nomenclature meaning the core matter is resolved, with only the allocation of legal fees remaining. CEO Michael Sabel added they are 'very bullish' on 2026 demand and are layering in contracts over time ('dollar cost averaging') rather than predicting prices, noting returns are attractive even at levels below current prices.

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General Counsel Keith Larson clarified that "partial final award" is ICC nomenclature; the matter is fully resolved, and it's "partial" only because a residual proceeding to determine responsibility for legal fees remains. CEO Michael Sabel added they are very bullish on 2026 demand, seeing attractive net spreads. He stated their strategy is to layer in contracts over time ("dollar cost averaging") rather than making price predictions.

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CEO Mike Sabel explained that due to Plaquemines' strong production performance (140% of nameplate), the company has a greater appetite for signing more 20-year contracts for CP2. He noted the company's cost advantage strengthens its competitive position. Regarding Calcasieu Pass, he said current production guidance is conservative, and while improvements are planned, the larger upside opportunities are at Plaquemines and CP2.

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CEO Mike Sabel stated that while train performance is exciting, the guidance remains conservative and is sensitive to the forward commodity curve. He emphasized the long-term strategy of compounding earnings by rapidly adding liquefaction trains. Sabel described the current permitting environment as likely the 'best in decades,' which he believes will allow Venture Global to be responsive to market demand and displace competitors with more attractive pricing.

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President & CEO Scott Burrows stated they are satisfied with their current LPG export position via the AltaGas agreement and Prince Rupert optimization, with a focus on execution. SVP & Corporate Development Officer Stuart Taylor reported that Project Greenlight secured a viable megawatt allocation and is progressing toward a 2029 in-service date, with active commercial talks. On Cedar LNG, Scott Burrows noted that being FID'd with visible construction progress has generated significant interest from multiple counterparties, creating optimism for finalizing deals soon.

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CEO Scott Burrows noted that while some producers are discussing delaying well completions, no material changes to overall CapEx plans have been seen. SVP Jaret Sprott stated that Alliance customers value the pipeline's reliability and risk-sharing model and do not want a traditional cost-of-service structure. CFO Cameron Goldade confirmed that while large-scale M&A is not a focus, Pembina is positioned to act on smaller, value-add bolt-on opportunities.

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President and CEO J. Burrows attributed the outperformance to strong frac spreads at Aux Sable, driven by low gas and high NGL prices, and noted full control will help capture long-term synergies. SVP Jaret Sprott explained the 2024 volume guidance revision was due to weather, turnarounds, and timing, but the long-term growth thesis remains intact, requiring latent capacity use in Alberta and new pipelines in Northeast BC. SVP and CFO Cameron Goldade added that CapEx would likely run between $1B-$1.25B for the next couple of years, consistent with Investor Day guidance.

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President & CEO Jack Fusco and EVP & CCO Anatol Feygin stated that while the political backdrop is favorable, Cheniere's strong track record and reliability are the ultimate drivers of commercial agreements, which must meet their strict financial criteria. EVP & CFO Zach Davis identified the FERC permitting process as the primary milestone for future growth, outlining a phased approach to FID the most accretive, brownfield trains first, likely in late 2026 or early 2027.

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EVP and CCO Anatol Feygin described the commercial environment as robust, noting that LNG's role in the U.S. trade balance is a tailwind. He emphasized that Cheniere is selective with partners who value its reliability. EVP and CFO Zach Davis added that the company's conviction in a 90%+ contracted model for new projects is stronger than ever, allowing them to achieve strong returns on brownfield expansions.

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EVP and CCO Anatol Feygin stated that global demand for LNG remains robust, especially in Asia, and that Europe will have a significant supply deficit to fill even if some Russian gas returns. EVP and CFO Zach Davis explained that Cheniere's strong cash flow and balance sheet allow it to simultaneously fund over $2 billion in 2025 CapEx for growth while continuing its significant share repurchase program, dividend growth, and debt reduction, noting the previous year's $2.25 billion buyback shouldn't be an anomaly.

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EVP and CFO Zach Davis explained that approximately 1 million tonnes of commissioning volumes are expected to offset Stage 3 CapEx by 'hundreds of millions of dollars' rather than contributing to EBITDA. EVP and CCO Anatol Feygin added that for the SPL expansion, Cheniere is well-positioned with counterparties and will maintain its target of being over 90% contracted with a 7x CapEx to EBITDA ratio, likely pursuing a phased approach.

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CEO Matthew Meloy provided concrete volume data, stating that after a strong ramp in Q2, volumes in July alone increased by another processing plant's worth of gas. He noted this momentum continued into August and that the new Pembroke II plant would provide further relief to their highly utilized Midland system, strengthening their exit rate for the year.

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CEO Matthew Meloy highlighted a significant volume ramp late in Q2 that accelerated in July, with volumes increasing by a 'processing plant worth of gas.' He explained this momentum, combined with the new Pembroke II plant coming online to relieve system constraints, provides a strong exit rate for 2025 and a robust start to 2026.

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President Jennifer Kneale explained that Targa feels differentiated due to its premier G&P footprint in the best areas of the Midland and Delaware basins, serving well-capitalized producers with multi-year drilling programs. She noted this resilience was proven in 2020. Regarding 2026 CapEx, Kneale emphasized that a strong balance sheet is paramount, allowing for opportunistic buybacks as seen in Q1. Future spending will be driven by activity levels, particularly the need for gathering and compression, but the company is well-positioned with its current project slate.

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CEO Matt Meloy confirmed a stronger multiyear growth outlook, attributing the 2025 back-half weighting to producer forecasts and the timing of new commercial deals, and noted that 2026 could see even stronger growth than 2025. President Jen Kneale added that while optimization opportunities are not formally baked into guidance, they represent potential upside, similar to what materialized in 2024.

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Executive Matt Meloy noted that while producer activity is mixed, gas volumes are broadly exceeding expectations due to higher well productivity. He credited the 2022 Lucid acquisition for providing a best-in-class Delaware footprint. Executive Patrick McDonie reinforced this, citing commercial success from the integrated system. Executive Robert Muraro stated Targa supports all new egress projects and expects the need for new pipes to accelerate.

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President & CEO Joseph Dominguez explained that a low ELCC (electric load carrying capacity) value limited demand response in the last auction, but this value will increase to over 90% for the next auction, which should boost participation. Regarding state actions, he suggested states might rethink fossil fuel retirement dates and emphasized that recent PJM price increases were due to fixing a flawed market design, not a market failure.

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President & CEO Joseph Dominguez explained that an upcoming increase in the ELCC (electric load carrying capacity) value for demand response from under 70% to over 90% will significantly improve its economics in future auctions. He also suggested that states may need to rethink fossil fuel retirement deadlines to ensure reliability and noted that while the market design was flawed, competitive markets remain the best solution for attracting investment.

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President and CEO Joe Dominguez stated that while FERC clarity is welcome, it is not a roadblock, as customers are pivoting to on-grid deals to maintain momentum. He noted that utilities have accelerated interconnection processes, making on-grid sales attractive. Executive David Dardis added that FERC has sufficient information for a ruling and expects a resolution, either via settlement or a direct order, within a "handful of months."

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President & CEO Jim Burke noted that while conversations ebb and flow, the overall activity level this quarter appears even greater than the last. He described colocation deals as complex, long-term partnerships. Burke reiterated his view that carbon-free resources like nuclear and co-located deals command a premium. He explained that the price spectrum depends on factors like speed-to-market, land use, and expansion potential, with different customers having different preferences.

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President and CEO James Burke explained that the PJM collar provides a stable investment signal, whereas Texas has not yet sent the same clear price signals for new dispatchable generation. He believes ERCOT can serve the initial 8-10 GW of data center load with existing assets. An executive, Stacey Dore, added that Texas and Ohio are actively working on supportive policies. Burke also confirmed that data center negotiations do not affect their 10b5-1 share repurchase program, which has run continuously without pause.

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President and CEO James Burke argued that PJM's capacity market structure provides a clearer investment signal than ERCOT's energy-only market, making the opportunities distinct. Head of Wholesale and Generation Stephen Muscato added that he believes the curves do not yet reflect the full extent of forecasted load growth, citing recency bias from a mild summer and uncertainty around the Texas Energy Fund (TEF) as contributing factors.

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CEO Jamie Welch explained that the ramp to the $1.2 billion run rate is driven by the full contribution from the King's Landing project, incremental volumes from other systems, and the fact that significant operating cost impacts have already been absorbed. Regarding buybacks, Welch stated the pace is a function of the stock price, noting that the company views its shares as "incredibly compelling" in the low $40s.

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CEO Jamie Welch confirmed Kinetik is able to 'actively engage' in the buyback program immediately, noting that with 65% of 2025 CapEx soon to be spent, a free cash flow inflection is imminent. Welch and CFO Trevor Howard stated that investment hurdles are now even higher, requiring 'ironclad certain' conviction, but emphasized that the organic growth opportunity set has not diminished.

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CEO Jamie Welch stated the outlook is part of a transparent communication strategy, similar to their previous $1 billion target, and is driven by organic opportunities like Kings Landing II and OpEx initiatives. Welch and Kris Kindrick, an executive, noted that while 2024's negative Waha prices were an 'eye-opener' for producers, activity remains robust, particularly in New Mexico. Kindrick added that Kinetik's ability to offer Gulf Coast pricing helps insulate customers and supports their drilling programs.

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CFO Trevor Howard and CEO Jamie Welch clarified that the 170 MMcf/d was a gross number for price-related curtailments in the Delaware South, while the 100 MMcf/d refers to volumes shut-in at the northern Durango system due to a lack of processing capacity. On consolidation, Welch commented that Kinetik's destiny is 'not necessarily for ours to control.'

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CFO Terry Nutt and CEO Mac McFarland described the PJM capacity market as constructive and working as intended, sending signals for new supply. McFarland emphasized Talen's advantage in acquiring existing assets at a discount to new-build costs. He and CCO Chris Morice noted that while they see constructive signs, their long-term financial outlook does not underwrite the recent high auction clearing prices.

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CFO Terry Nutt and CEO Mac McFarland described the PJM auction as constructive, noting that while there was a supply response, the market is working as intended to signal the need for more generation. McFarland emphasized that acquiring existing assets at a discount to new-build costs is advantageous. He stated that while their outlook for 2027-2028 will be constructive, it will not underwrite the recent high clearing prices long-term, reflecting a disciplined approach to valuation.

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Co-CEO Marshall "Mackie" McCrea stated that the EPC contract costs for Lake Charles LNG are in line with expectations and that the company is pushing to reach FID in the next couple of months. For the Desert Southwest Pipeline, McCrea noted they expect to have zero right-of-way across tribal lands and that ET will manage cost risk traditionally, with contingencies built into the project's budget.

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Executive Mackie McCrea highlighted Energy Transfer's diversified business model as a key mitigator of cyclical volatility. While acknowledging a recent slowdown in drilling, he conveyed long-term bullishness on natural gas demand from LNG and data centers. He described the data center opportunity as a 'gold mine,' noting their assets are ideally located, requiring low capital for connections, and that significant announcements are expected within weeks.

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Executive Marshall "Mackie" McCrea highlighted ET's favorable position to serve data centers due to its extensive infrastructure. He expressed strong optimism that the new administration's pro-energy stance would streamline regulations, significantly benefiting projects like Lake Charles LNG. He added that ET is actively negotiating over 20 million tons for the project and is targeting a Final Investment Decision (FID) in Q4 2025.

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Executive Mackie McCrea expressed significant optimism about the demand pull from data centers and power plants, noting many are being sited near Energy Transfer's existing pipelines. He confirmed a "tremendous response" to the South Mississippi Pipeline open season due to strong East Coast demand. Regarding the Warrior pipeline, McCrea stated an FID is likely "within weeks," as the company has already secured an option to purchase steel for the project, which he described as crucial for connecting Permian supply to new demand centers.

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President & CEO Joseph Kim stated that post-closing, the top priorities are integration, achieving synergies, and deleveraging to their 4x target. He affirmed that future growth opportunities will be evaluated using their consistent criteria of stable cash flow, growth potential, synergies, and attractive valuation, highlighting flexibility across segments and geographies. Treasurer & SVP - Finance Scott Grischow noted that all regulatory processes are 'proceeding as expected' for a Q4 close but did not provide a specific filing date.

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EVP & CCO Sheridan Swords detailed synergies from connecting Mont Belvieu NGL assets to refined products infrastructure, which will boost blending volumes and reduce costs, with similar plans for the Mid-Continent in 2026. President and CEO Pierce Norton described the BridgeTex deal as an opportunistic acquisition to increase ONEOK's stake to 60% at an attractive multiple, but confirmed it will not be consolidated due to a fifty-fifty governance structure.

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President and CEO Pierce Norton affirmed the outlook, citing long-term drivers like LNG and AI data center demand. Chief Commercial Officer Sheridan Swords added that many synergies, such as liquids blending and operational efficiencies, are not dependent on production volume growth. Regarding producer talks, management described them as constructive, focusing on creating win-win bundling opportunities across the newly integrated value chain.

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President & CEO Harry Sideris described the upcoming IRP as an 'all of the above' plan focused on reliability and affordability, including gas, batteries, and solar. EVP & CFO Brian Savoy explained that while large customers are currently cautious due to macro uncertainties, this is seen as transitory, and the company remains on track for its 1.5% to 2% volume growth target for the year.

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President Harry Sideris confirmed strong growth in Indiana, led by advanced manufacturing. CEO Lynn Good stated that Duke Energy's long-term strategy aligns with federal and state goals for reliability and affordability. She affirmed their commitment to nuclear for the 2030s and beyond, noting their participation in a DOE grant consortium to advance new nuclear technologies.

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CFO Brian Savoy explained the 2 GW of data center agreements are confidential but represent customers with secured land, with formal energy service agreements to be negotiated over the next year. He noted the Carolinas' carbon-free energy mix is a major draw. CEO Lynn Good stated the company looks forward to working with the new federal and state administrations, emphasizing that their focus on affordable, reliable energy aligns with government priorities. Savoy reiterated that tax credit sales are expected to be $300-$500 million annually for the next several years.

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President & CEO Chad Zamarin highlighted the significance of the NESE and Power Express projects. EVP & COO Larry Larsen added that an open season for the Rockies Columbia Connector project was closing with strong interest. EVP Rob Wingo stated his goal is to execute the existing successful strategy, leveraging his upstream and midstream experience to capture the robust opportunity set.

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President & CEO Chad Zamarin highlighted momentum on Transco with projects like Power Express and NESE. EVP & COO Larry Larsen added that the Rockies Columbia Connector project in the Northwest is seeing strong interest in its open season. EVP Robert Wingo stated his focus is on executing the company's existing successful strategy while leveraging his upstream and midstream experience.

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EVP Chad Zamarin credited the company's success to strong internal collaboration and the ability to offer integrated solutions, including gas supply and pipeline expertise. CEO Alan Armstrong added that strong, long-term supplier relationships are a key differentiator. Regarding the gas market, Armstrong noted a strong call on dry gas basins, positioning Williams' assets favorably despite potential market choppiness.

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CEO Alan Armstrong noted that areas with friendly state politics and available energy resources, like Wyoming and the Salt Lake market, are attractive for new data center campuses, representing a "chapter 2" of development. EVP Chad Zamarin added that in core areas like Virginia, Pennsylvania, and Ohio, Williams can offer a direct natural gas solution to new power loads that is cost-effective, low-emission, and potentially more competitive than grid power, representing a key strategic theme.

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CEO Alan Armstrong highlighted that while major pipelines are mostly full, expansion opportunities exist through interconnects. COO Micheal Dunn noted there is significant latent capacity in gathering systems, with about 4 Bcf/day of shut-in or drilled but uncompleted (DUC) wells in the Marcellus and Haynesville, creating a "loaded spring" for growth. Regarding M&A, Armstrong stated that while they evaluate all options, the high hurdle of their strong organic growth makes bolt-on acquisitions that are strategically aligned, like recent storage assets, the more likely path.

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EVP & COO Gregory Floerke described the acquisition as a strategic move into an area with some of the best crude oil rock in the basin, which requires the specialized sour gas treating capabilities Northwind provides. He noted the system is perfectly adjacent and complementary to MPLX's existing assets. President & CEO Maryann Mannen added that the deal accelerates what would have been an organic growth plan and represents a near-perfect strategic and geographic fit, though they always evaluate other opportunities.

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EVP & COO Gregory Floerke explained that the acquisition accelerates their organic growth into Lea County, New Mexico, an area with attractive crude rock that produces sour gas. He noted the Northwind assets augment MPLX's treating capabilities and offer blending opportunities. President and CEO Maryann Mannen added that while they always look for opportunities, this deal was a perfect strategic fit that they might have built organically otherwise.

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SVP David Heppner confirmed the contracts with parent MPC are structured as term agreements that shield MPLX from commodity exposure. EVP and COO Gregory Floerke explained that Permian assets will connect via the BANGL pipeline and that other basins' NGLs could also be directed to the new facilities. Regarding data centers, both Maryann Mannen and Gregory Floerke highlighted MPLX's position to supply processed natural gas for the sector's growing power needs.

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Maryann Mannen, President and CEO, emphasized that the primary focus is on organic growth opportunities to achieve mid-single-digit growth, citing the recent Utica Summit bolt-on as an example of opportunistic acquisitions. Regarding the Rio Bravo pipeline, she stated the project is proceeding on schedule and that a request for a rehearing has been filed, which she characterized as a normal part of the process.

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EVP & CFO Steven Ridge responded that the company is pleased with the OBB's outcome and is confident in preserving all forecasted tax credits. He noted that projects like CVOW are not impacted and only 20-25% of total credits require active mitigation, for which plans are in place. Ridge clarified that these mitigation plans, such as safe harboring, are part of the normal course of business and would not likely require pulling forward project in-service dates.

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Robert Blue, Chair, President and CEO, said there was no new information on PJM upgrades, with a final number expected in July. Steven Ridge, EVP and CFO, explained that tax equity would be an effective mitigant if transferability rules change. He also confirmed Dominion would opportunistically use its ATM program to de-risk future financing needs, including for 2026.

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Chair, President & CEO Robert Blue explained that Virginia policymakers are supportive of data center growth due to its economic benefits, such as increased tax revenue. He noted that spreading system costs over more megawatt-hours can benefit all customers and expects the 'fair share' cost allocation debate to be addressed in the upcoming biennial review. Blue described the upcoming rate case as 'straightforward,' stating that with strong reliability and below-average rates, Dominion is in a constructive position and does not anticipate any 'exotic' issues.

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CFO Steven Ridge attributed the lower LCOE for CVOW to higher expected REC prices, driven by rising RPS demand and a new Virginia-sourcing requirement. CEO Robert Blue described the joint PJM transmission proposal as a significant opportunity, with project selections expected in Q1 2025. Blue also stated that due to load growth, the IRP includes no fossil retirements in its 15-year horizon and that the plan accounts for EPA rules by adjusting capacity factors, not by adding CCS technology.

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President, CEO, & Chairman Martin Lyons stated that the data center pipeline remains robust with strong momentum and that developers are now requesting studies for expansions beyond the current 2.3 GW of signed agreements. Senior EVP & CFO Michael Moehn added that the broader regional economy is also strong, with notable manufacturing growth. Moehn confirmed Ameren has secured near-term turbine needs through 2028, is actively negotiating for its 2031 plant, and feels confident about gas transmission access for all planned projects.

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Michael Moehn, Senior Executive VP and CFO, clarified that the company signed an additional 500 MW of data center construction agreements, bringing the total to 2.3 GW. Marty Lyons, Chairman, President and CEO, added that this reinforces their confidence in sales growth estimates and that the current Integrated Resource Plan (IRP) can serve this demand. Regarding the IRA, Mr. Lyons emphasized the credits' importance for customer affordability, while Mr. Moehn stated that any impact would be manageable due to a strong balance sheet and financial flexibility, even without issuing additional equity.

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EVP & CFO Michael Moehn explained that the minimal need for incremental equity is a direct result of the company's historical practice of proactively managing and protecting its strong balance sheet, which provided capacity to absorb the new investments. CEO Martin Lyons characterized the potential legislative benefits as enablers that would help the company earn closer to its allowed return on deployed capital, rather than direct, quantifiable upside.

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EVP, CFO & Treasurer John Moreira confirmed continued progress on the FFO to debt metric, expecting to reach the '13 handle' in coming quarters. President, CEO & Chairman Joseph Nolan described the New Hampshire rate case as a 'fantastic' and constructive process, viewing the outcome as fair and a positive example for other jurisdictions. Moreira also highlighted the successful inclusion of a PBR structure.

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John Moreira, Executive VP, CFO & Treasurer, stated that FFO to debt momentum from Q1 continued and he expects to reach the 13% range in coming quarters. Joseph Nolan, President, CEO & Chairman, described the New Hampshire rate case outcome as "fantastic" and constructive, highlighting the fair process, the 9.5% ROE, and the establishment of a PBR structure as positive developments.

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EVP and CFO John Moreira indicated that FFO to debt will continue to improve into 2026, aided by debt reduction from the Aquarion sale and better alignment of rates with costs. He also confirmed that the cost estimation process for Revolution Wind is collaborative, with routine forecast updates shared between Eversource, Orsted, and GIP to ensure alignment.

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Executive VP and CFO John Moreira clarified that for 2025, Aquarion's earnings are included up to the expected closing date, mitigating the impact for that year. He explained that the transaction is accretive, and starting in 2026, the reduction in interest expense from using the $1.6 billion in sale proceeds to pay down debt will more than replace the lost earnings.

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Chairman, President and CEO Joseph Nolan reported that interest in Aquarion exceeded expectations and the process is now in its second phase with a shortlist of bidders. He anticipates announcing a buyer by Q1 and closing the sale in 2025. EVP, CFO and Treasurer John Moreira confirmed the equity was not issued on a forward basis and the cash has been received.

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President & CEO Vincent Sorgi clarified the $17-19 billion is an estimate for PPL's service territory alone, contingent on 14.5 GW of data center projects materializing. He stated the need would likely be met by a combination of the JV, IPPs, and potentially PPL Electric Utilities. Sorgi emphasized the JV's focus on regulated-like, long-term contracts to maintain PPL's risk profile. EVP & CFO Joseph Bergstein added that the ATM program has been an effective means for issuing equity and they are nearing their 2025 target.

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President & CEO Vincent Sorgi explained the $17-19 billion CapEx estimate is for PPL's service territory alone, driven by 14.5 GW of advanced-stage data center projects. He stated that a combination of the JV, IPPs, and PPL Electric Utilities would likely meet this need. Sorgi emphasized the JV's regulated-like, long-term contracted model to avoid merchant risk, a structure supported by Blackstone. EVP & CFO Joseph Bergstein added that the At-The-Market (ATM) program remains a cost-effective way to issue equity and that PPL is approaching its full-year target.

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CFO Joe Bergstein addressed the tariff question, noting that for the two battery projects, one is already under construction where they are working to minimize impacts, and for the second, there is time to work with vendors and potentially benefit from increased U.S. production. CEO Vincent Sorgi commented on the Oldham County project, confirming it is part of the 6 GW of interest in the queue and that PPL is working with the developer, viewing it as a positive indicator of continued demand.

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President and CEO Vince Sorgi reiterated a focus on affordability, stating that O&M savings help fund capital investments and that bill increases are expected to stay within the rate of inflation. He characterized the upcoming Kentucky CPCN filing as straightforward and anticipates linear EPS growth, with the 2025 forecast representing a 7% increase from the 2024 base.

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President and CEO Vincent Sorgi projected that the first major data center announcement could happen by the end of 2024, potentially triggering more announcements. He described the relationship with the KPSC as 'incredibly constructive' and expects this to continue, attributing it to the company's thorough and well-supported regulatory filings.

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President & CEO Gregory Ebel and EVP & President of Gas Transmission Cynthia Hansen detailed a broad set of opportunities across the U.S. footprint, highlighting projects like Line 31 and connections to facilities like Homer City. For Woodfibre, Ebel explained the cost increase was due to factors like code changes and permitting delays, but emphasized that the contract structure protects their low double-digit return.

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President and CEO Greg Ebel highlighted that Enbridge has already secured projects to serve 5 GW of power generation. Cynthia Hansen, EVP of Gas Transmission, detailed a $14 billion opportunity set, with $1-2 billion in projects expected to be announced in the next 6-18 months. CFO Pat Murray reaffirmed 2025 guidance, noting the strong Q1 start and explaining that the addition of U.S. utilities enhances the typical Q1/Q4 earnings seasonality.

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President & CEO Greg Ebel and EVP, Liquids Pipelines Colin Gruending explained that Enbridge is focusing on low-capital, brownfield projects to meet rising production and demand, with more details to come at Investor Day. Ebel added that the company's diverse 'all of the above' energy portfolio provides resilience against political shifts and that he anticipates a more rational approach to permitting, downplaying concerns over potential tariffs due to the highly integrated North American energy system.

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Michele Harradence, EVP of Gas Distribution and Storage, confirmed significant data center inquiries in Ontario, especially in the Greater Toronto Area, creating opportunities for behind-the-meter gas support. Greg Ebel, President and CEO, added this is analogous to the historical growth of the greenhouse business in the region. Colin Gruending, EVP of Liquids Pipelines, stated the company is designing and socializing a capital-efficient, 150,000 bpd Mainline expansion for the late 2026-2027 period to meet industry demand.

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CEO Chris Womack noted advanced discussions for projects in Alabama and Mississippi are ongoing, while CFO Dan Tucker added that investments are already occurring to serve over 1,000 MW of data centers. Tucker also explained that gas pipeline expansion potential is tied to new generation builds and load growth in the region. David Poroch, SVP & incoming CFO, stated that the ATM program functions as a forward, locking in prices for future delivery, and affirmed they will continue to use flexible tools to meet equity needs.

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Chairman, President and CEO Chris Womack acknowledged that factors like large load pricing, fuel cost recovery roll-offs, and storm cost recovery are all considerations for the rate filing, but it's too early for specifics. Chief Financial Officer Dan Tucker stated that the company is not heavily reliant on tax credit transferability, estimating a potential impact of only 10-20 basis points to FFO to debt if it were unavailable. Chris Womack added that they continue to advocate for the value of these credits to policymakers.

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CEO Chris Womack confirmed significant data center activity is migrating westward, citing the Meta project in Alabama and the Compass project in Mississippi. On nuclear, he stated emphatically, 'This country needs more nuclear,' and stressed that risks must be mitigated, whether through federal action or private participation, to enable future development. He highlighted the value and efficiency gains demonstrated by the Vogtle project.

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CFO Dan Tucker noted that while historically uneconomic, IRA benefits make uprates at their six legacy nuclear units more viable, though still a significant investment. CEO Chris Womack stated EPA rules will inform coal retirements and that the company's research has shifted to carbon capture for natural gas, which he sees as essential. Regarding the pipeline, Tucker confirmed it's a late-decade project where Southern would be a large participant.

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EVP & CFO Brian Van Abel clarified that competitive transmission projects are not included in the capital plan unless they are won, emphasizing a disciplined focus on their own service territories. Chairman, President, & CEO Robert Frenzel detailed that 1.1 GW of data centers are under contract, with a goal to contract another 1 GW by year-end, and a robust pipeline of 7 GW behind that. Mr. Van Abel added that the gain on debt repurchase was an opportunistic move to offset mark-to-market losses in venture capital investments and was not a core earnings driver.

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CFO Brian Van Abel explained that their guidance assumes constructive regulatory outcomes, citing the Colorado settlement which includes concurrent O&M recovery and deferral filings in other states. On data centers, he confirmed expansion with projects in Colorado and Wisconsin, and growing interest in the Dakotas. Regarding Colorado, he noted bills are currently low, and they are focused on affordability through mechanisms like securitization and leveraging low-cost renewables, as highlighted by CEO Robert Frenzel, to attract economic development which benefits all customers.

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CEO Robert Frenzel acknowledged active dialogues at federal and state levels on wildfire risk, suggesting federal action is more likely in the second half of the year. He also affirmed that natural gas has a key role as a dispatchable resource to support their 80% carbon reduction goal, noting plans for new peaking gas resources. CFO Brian Van Abel added that the core tenets of the IRA, including transferability, are expected to remain intact.

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EVP and CFO Brian Van Abel attributed the increased guidance to the strong 9.4% rate base growth from the base plan, combined with a massive generation opportunity of 15,000-30,000 MW needed to replace coal plants and serve over 5% load growth. He listed key near-term milestones, including decisions on MISO Tranche 2.1, SPP projects, the SPS RFP, and the Minnesota resource plan. Chairman, President and CEO Robert Frenzel added that the company's proven transmission development capabilities are a key asset in executing this plan.

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President & CEO David Slater confirmed a positive shift in New York, noting strong power demand and a growing recognition of the need for gas infrastructure, but emphasized that state support is a critical gating item for a Millennium expansion FID. On the Haynesville, Slater explained that private producers have been quicker to increase activity, boosting volumes on DTM's system, and he expects public producers to follow suit as market conditions and pricing improve.

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President and CEO David Slater described the Millennium open season as a response to strong inbound interest and a market realization of a material capacity shortage in New York and New England. He confirmed this project is not yet in the backlog, indicating the unadjusted backlog is growing. Slater affirmed a positive shift in sentiment due to renewable project delays, reliability concerns, and a public recognition of the need for affordable domestic energy. He also noted the Woodside FID is very positive, as the associated header system is designed to connect directly into DTM's LEAP pipeline.

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David Slater, President and CEO, explained that the portfolio's durability drove the 2024 guidance increase. He noted that the new LEAP Phase 4 expansion signals renewed growth interest in the Haynesville for 2025. Slater emphasized that DTM's highly interconnected 'wellhead to water' system is designed to meet customer demand for access to Gulf Coast and LNG markets, addressing concerns about hub connectivity.

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Brendan Krueger, CFO of Antero Midstream, highlighted West Virginia's microgrid bill as a key catalyst for data center demand. He noted AM could benefit either from increased volumes for its sponsor, Antero Resources, or by directly building and owning new supply infrastructure. On the lawsuit, Krueger stated there was no new update, as they are awaiting a decision from the Colorado Supreme Court on whether it will hear the appeal.

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Brendan Krueger, CFO of Antero Midstream, noted that while discussions around in-basin power demand are in early stages, there is significant momentum and Antero Midstream is well-positioned with its existing infrastructure. Executive David Cannelongo expressed long-term confidence in the LPG market, highlighting its necessity in residential/commercial markets and its unique role in petrochemical production. Mr. Krueger added that the JV frac facility has room to increase throughput beyond its current rate, which is already over nameplate capacity, but the current focus is on maintenance capital.

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President, CEO & Chairman Brian Tierney explained that the pace of data center development is dictated by customer demand from developers who have secured land and are ready to sign contracts. Regarding West Virginia, Tierney indicated the IRP will likely highlight the need for new dispatchable generation, potentially over 1,000 megawatts of gas-fired capacity over the next decade to support reliability and economic growth.

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Brian Tierney, Chair, President and CEO, emphasized that the investment period in question is limited and manageable. Jon Taylor, SVP and CFO, added that they have significant flexibility to redeploy capital, citing opportunities in Grid Mod II, the PA LTIP, and transmission projects in Maryland and West Virginia. Regarding settlement, Tierney declined to name specific parties but reiterated that discussions were productive and involved all key parties initially.

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Executive K. Taylor explained that the company targets a 100-basis-point cushion in its credit metrics and that significant incremental capital, such as for new data centers, could be funded with a portion of equity. Executive Brian Tierney addressed bill headroom by stating that FirstEnergy's customer bills are at or below peers and represent less than 5% of the customer's share of wallet, providing a relative position of strength.

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President & CEO François Poirier and EVP & COO Tina Faraca highlighted the strong demand backdrop, noting over 30 active discussions with data center developers and a focus on high-grading projects. Poirier attributed strong project execution to disciplined preparation and a focus on smaller, brownfield expansions, which improves returns and capital efficiency without needing large greenfield projects.

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CEO Francois Poirier, President of U.S. Natural Gas Pipelines Tina Faraca, and EVP of Strategy and Corporate Development Greg Grant addressed the Alberta data center opportunity. They noted a significant 12 GW development queue and active discussions, but emphasized a selective approach, leveraging existing assets without starting a new IPP. CFO Sean O'Donnell and CEO Francois Poirier clarified that 2025 leverage will be elevated, with deleveraging in 2026. They stated that project savings were already factored into the guidance, and the company may add short-cycle projects, so spending will not necessarily be at the low end of the range.

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EVP and CFO Sean O'Donnell highlighted potential upside from continued strong performance at Bruce Power, favorable FX rates, and successful rate case outcomes. President and CEO Francois Poirier outlined a strategy to fill the remaining ~$8 billion in capital capacity by the end of 2026 through a regular cadence of smaller, low-risk projects, potentially bringing some 2027-2028 capital forward to create more capacity.

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Executive Stanley Chapman detailed significant data center growth opportunities across North America, including in Canada and Mexico, beyond the primary U.S. market. He also confirmed the company is on track to meet its $750 million synergy savings target by 2025, having already realized approximately $410 million.

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Chair and CEO Drew Marsh explained that specifics about the new Arkansas customer would be disclosed in regulatory filings within a few weeks. He clarified that the 7 GW of gas generation capacity is reserved for future, unannounced customer growth projects with commercial operation dates between 2029 and 2031, and is not yet included in the current capital plan.

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CFO Kimberly Fontan stated that while quarterly residential numbers can be volatile, the full-year expectation is about 1% growth. She noted that industrial customers make 30-year decisions, making them resilient to short-term volatility, and highlighted a strong pipeline. CEO Drew Marsh added that a 1% change in annual industrial sales has only a ~$0.01 EPS impact due to high demand charges, de-risking the outlook.

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CEO Andrew Marsh confirmed significant customer interest in Arkansas for data centers and other industries, with Entergy actively working with state stakeholders. CFO Kimberly Fontan detailed the financing strategy, which relies on optimizing operating cash flow, benefits from a fully funded pension, and financial contributions from new customers through mechanisms like minimum bills, which helps maintain a 10-15% equity financing ratio over the forecast period.

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Executive Kimberly Fontan confirmed the framework, where new customers pay their fair share and support the broader system, is replicable. Executive Andrew Marsh explained that the timeline for nuclear uprates varies by project, with some already underway and more complex ones requiring dedicated customer support. Most opportunities are in Arkansas and Louisiana.

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President & CEO William J. Fehrman responded that his focus is on growth, not selling assets as a primary strategy. He stated that while GETs offer small benefits, the scale of demand requires major 765kV backbone additions. Regarding nuclear, he noted the current focus is on site permitting, but customers lean toward SMRs for their operational diversity.

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Trevor Mihalik, EVP and CFO, explained that while near-term earnings from new C&I load are muted due to lower margins compared to residential, the rapid growth creates headroom and enhances affordability, supporting long-term capital deployment. William Fehrman, President and CEO, described HB 15 as highly constructive, noting it introduces a multi-year forward-looking test year with a true-up, which promotes timely recovery. He added that the bill grandfathers two existing behind-the-meter fuel cell projects. Mihalik clarified the OVEC impact from the bill would be manageable at less than $10 million annually.

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President and CEO William Fehrman clarified that all costs for the fuel cell projects are covered by the large customers under stand-alone contracts requiring state commission approval. EVP and CFO Trevor Mihalik added that the capital impact is part of the $10 billion upside opportunity. Regarding West Virginia, Fehrman stated he has been actively engaging with stakeholders and offered an innovative securitization option in the current rate case to support customer affordability.

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President and CEO William Fehrman explained the Ohio tariff aims to protect existing customers from new load costs and expressed confidence in the transmission JV's competitive strength. He also noted the G&M segment's contribution is expected to be lower by approximately $0.24 per share from 2024 to 2025 due to reduced scope and lower margins.

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CEO William Fehrman explained the Ohio tariff aims to protect existing customers and highlighted the transmission JV's strength in bidding for PJM projects. He confirmed a $0.24 per share lower contribution from G&M in 2025 but did not comment on specific asset sales, stating all options are being considered.

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President & COO John Gatling stated that the current four-rig program is performing well and any updates to the development plan with Chevron will be incorporated into guidance issued in January. CFO Michael Chadwick and CEO Jonathan Stein reaffirmed the existing capital return strategy, including the ~$1.25 billion financial flexibility through 2027 for repurchases, with no change to the general cadence of approximately $100 million per quarter.

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CEO Jason Wells stated that SB 6 has not changed the velocity of interconnection requests. He described the Houston revitalization as a multi-decade project for the region, with CenterPoint's work being front-end loaded over the next five to six years to modernize the underground network. Regarding EPS, Wells acknowledged more tailwinds than headwinds and confirmed a comprehensive update on earnings guidance would come with the new ten-year plan.

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CEO Jason Wells stated that SB6 has not changed the velocity of interconnection requests. He described the Houston revitalization as a multi-decade project where CenterPoint will play a key role in upgrading the downtown underground network. Regarding EPS, Wells acknowledged more tailwinds than headwinds, citing constructive regulatory outcomes, and confirmed an earnings guidance update would be provided later in the quarter.

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CEO Jason Wells stated that tariff risk is low due to primarily domestic sourcing. He described the Houston economy as diversified and potentially benefiting from onshoring, insulating it from recessionary pressures. CFO Christopher Foster added that as a wires-focused company and a cash taxpayer, CenterPoint is well-positioned against potential federal tax policy changes and has minimal exposure to transferability risks.

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CEO Jason Wells stated that dialogue on the mobile generation solution is constructive, with a resolution expected in the coming month. Regarding SB 6, he noted it's a cost allocation issue and the company is working with all parties for a fair outcome. He clarified that the $3B+ transmission CapEx estimate is based on a 345kV standard, and a 765kV standard would push that figure "well north" of $3B.

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CEO Jason Wells reported that stakeholder conversations are improving, with appreciation for the progress on grid resiliency and communications. CFO Christopher Foster explained the 2024 guidance is supported by consistent benefits from capital recovery trackers, a Q4 benefit from O&M work being accelerated into Q3, and a favorable year-over-year comparison to Q4 2023, which had elevated O&M.

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John Ketchum, President, CEO & Chairman, asserted that NextEra has a significant pricing advantage due to its large project inventory and speed of execution. He noted the PJM auction results reflect the need for new generation, where NextEra's development skills are a key advantage. On SMRs, he confirmed a dedicated team is actively evaluating the technology as part of their long-term 'all of the above' energy strategy.

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John Ketchum, Chairman, President and CEO, confirmed that the framework agreement with GIP is advancing, highlighting a recent joint customer event. Regarding hyperscalers, he noted a strong preference for front-of-the-meter grid solutions but acknowledged their consideration of gas power. He emphasized that NextEra is uniquely positioned to offer hybrid solutions that pair gas-fired generation with renewable PPAs to create a large-scale, carbon-neutral power source, which is highly attractive to these customers.

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President & CEO of NextEra Energy Resources Rebecca Kujawa responded that hyperscalers' primary concerns remain speed to market and cost. They view natural gas pragmatically as a way to provide capacity value that enables more low-cost renewables. She noted that while behind-the-meter gas is discussed, it is not likely to be the prevalent solution due to the complexity and the inherent value of the existing electric grid. CEO John Ketchum deferred questions on XPLR's strategic fit to a later call.

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Hyperscalers prioritize speed and cost, which favors renewables, but they are increasingly interested in gas for capacity to support those renewables. Behind-the-meter gas is discussed but is not seen as a primary solution for large-scale needs due to reliability challenges. Questions about XPLR's strategy were deferred to a future call.

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Capital allocation is prioritized for renewables and transmission due to strong returns, funded via traditional methods like tax equity, project finance, and transferability. Recent backlog removals were project-specific, mainly due to higher interconnection costs, and are considered de minimis in the context of the large portfolio. These megawatts are likely to return to the backlog later.

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Sital Mody, President of Natural Gas Pipelines, confirmed the Arkansas project supports power demand and that KMI sees a robust pipeline of opportunities across the Midwest corridor. CEO Kimberly Dang added that they don't always have visibility into the ultimate end-user (e.g., data centers). Regarding the Southeast, Mr. Mody stated that the fundamentals look sound and KMI is well-positioned to pursue ancillary expansion opportunities.

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An unnamed executive acknowledged the Arizona docket and customer conversations point to a need for incremental capacity, including for longer-term LNG projects, but kept details broad due to competition. CEO Kimberly Dang reiterated the strong demand drivers in Arizona from population growth, Mexican power plants, and potential West Coast LNG. On producer activity, she stated it's too early to see changes, noting that while the Bakken is oil-based, the Haynesville is seeing more bullish producer sentiment due to strong natural gas fundamentals.

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Kimberly Dang (Executive) stated that the primary hurdles in the Northeast are state-level permits and commercial structures, neither of which are expected to change, so the outlook remains the same. Regarding cost inflation, she confirmed that KMI is already actively engaged in procurement for its major pipeline projects, including securing agreements for pipe and compression to mitigate risk.

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President Kimberly Dang explained that while some gathering systems have spare capacity, transmission pipes are largely full, meaning upside will come more from contract renewals and ancillary services rather than volume growth. She also confirmed KMI can serve power plants regardless of meter location and is exploring concepts like co-locating power plants with storage facilities for enhanced reliability, though no concrete plans exist yet.

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President and CEO Bevin Wirzba emphasized that the company's outlook is stable as 90% of EBITDA is contracted, insulating the base business from risk. He stated that while the root cause analysis is ongoing and will inform future maintenance, potential scenarios have already been modeled into the updated guidance. Wirzba also highlighted significant historical investments in pipeline integrity and plans for more in-line inspections to ensure future safety and reliability.

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Executive Kristen Shults stated that WES has reaffirmed its guidance, as conversations with producer customers have not indicated any material changes to forecasts for the year. She emphasized that in a downturn, the first lever WES would pull is reducing capital expenditures. Shults also highlighted the company's strong position, with leverage below 3x and significant operational efficiencies implemented since the COVID era, making WES resilient for a potential cyclical turn.

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CEO Oscar Brown confirmed that the commercial team is in real-time contact with customers and that while producers are running scenarios, WES has not seen changes significant enough to alter its guidance. In a lower-growth scenario, Brown explained that WES's cash flows are protected by its contract structures. A pullback in growth projects would reduce CapEx, freeing up capital for other opportunities like M&A or buybacks, positioning the company to operate from a position of strength.

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CEO Oscar Brown assured that conversations with customers are happening in real-time and that, to date, their customers' plans have not changed enough to alter WES's guidance. In a hypothetical low-price, flat-growth scenario, Brown explained that the impact would be more on the growth outlook than on free cash flow, potentially freeing up capital for M&A or buybacks and allowing WES to leverage its strong financial position.

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CEO Mickey McKee confirmed that Kodiak is 'absolutely' in the market for opportunistic bolt-on acquisitions, particularly if customers seek to monetize their compression assets. He noted that the CSI integration is substantially complete and the ERP implementation is progressing well, positioning the company to actively evaluate future M&A opportunities.

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President and CEO Amanda Brock addressed competitive pipeline announcements, stating that projects like Western's Pathfinder are south of Aris's operations and do not impact them. She emphasized that Aris's geographic position and future plans for the McNeil Ranch keep them well-positioned. On beneficial reuse, Brock confirmed they can treat water for datacenters but see it as an early-stage market. She highlighted progress in reducing desalination costs for other uses and noted the site for the first iodine facility has been selected.

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CFO Stephan Tompsett affirmed that margin improvements from electrification and other operational efforts are sustainable, reiterating a long-term target of $0.43 per barrel, which will increase with contractual CPI escalators. He noted recent outperformance was aided by one-time items. On shareholder returns, Tompsett stated that while they intend to provide long-term, consistent dividend growth, increases should not be expected every quarter. Founder and Executive Chairman Bill Zartler added that the company maintains a long-term view, prioritizing a strong balance sheet while evaluating all opportunities.

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Executive Scott Lauber and CFO Xia Liu clarified that they are actively safe-harboring projects to secure PTCs through 2029. They noted that since nearly 80% of planned PTC transfers are from projects already in service, the impact of a potential repeal on future projects would be limited. Scott Lauber emphasized the VLC tariff was co-developed with large customers to be fair and prevent cross-subsidization, making it a clean and competitive offering.

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Executive Scott Lauber explained that new gas generation is critical for dispatchable power and that new LNG facilities ensure fuel supply reliability. He stated the generation plan is designed to stay ahead of MISO's reserve margin requirements. He confirmed coal retirement plans are unchanged, as adding CCS would be cost-prohibitive for customers due to the lack of local storage options.

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President and CEO Scott Lauber advised against over-reading the situation, suggesting it was too early to tell. He believes the commission was simply seeking additional information on the economics and benefits of the proposal. He stated the company will review the final order, gather the requested information, and likely ask for reconsideration, expressing no major concern.

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EVP and CFO David Ruud reported a strong quarter for Energy Trading ($34 million) and noted potential for continued favorability. He also confirmed DTE Vantage's strategy is unchanged by federal discussions, as its projects are safe-harbored and the focus is shifting to utility-like investments. Chairman and CEO Gerardo Norcia added that overall business strength is being used to bolster plans for 2026 and 2027.

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EVP and CFO David Ruud highlighted a strong pipeline for Vantage, mentioning an RNG project coming online this year, opportunities in custom energy solutions supported by the IRA like the Ford project, and smaller, advancing on-site CCS projects. Chairman and CEO Gerardo Norcia confirmed that as utility capital opportunities increase, the company will manage Vantage's investment levels and earnings expectations, placing a greater emphasis on utility capital in the future.

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CEO Gerardo Norcia stated that hyperscale interest remains strong pending the expected passage of tax legislation in the fall. CFO David Ruud explained the Q2 tax favorability in the Corporate & Other segment was a timing issue that will reverse by year-end. Ruud also attributed the Energy Trading strength to contracted and hedged positions in the power and gas portfolios, with Norcia adding that these are multiyear contracts.

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Chairman and CEO Gerardo Norcia clarified that while DTE likes its Vantage assets for their high returns, they constantly evaluate market value. He stated that currently, a sale would not create incremental value over their long-term plan, but they would act if such an opportunity arose. Regarding renewables, Norcia highlighted the success of the voluntary program, which is nearing its 2,500 MW goal, suggesting an update is forthcoming. He also noted the IRP could drive further investment beyond the current 5-year plan.

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Co-CEO W. Fowler addressed buybacks, stating that for 2026, lower growth CapEx could leave approximately $1.5 billion in excess distributable cash flow available for debt paydown and buybacks. On succession, Co-CEO A. Teague emphasized the company's deep bench of talent and long-term focus but did not provide specific details on future management changes.

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Co-CEO Jim Teague expressed skepticism about meaningful permit reform but noted that the lack of it makes existing assets more valuable. Executive Graham Bacon stated that while the PDH plants have not met expectations due to mechanical and design issues, the long-term target remains upper 90% utilization for both facilities.

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Executive Tony Chovanec noted that Permian production growth is on track, with a notable shift by producers toward gassier basins. Executive Justin Kleiderer attributed the Bahia pipeline's delay to Q3 2025 to minor permit issues and stated that updated forecasts show industry NGL pipeline utilization reaching over 90% by 2028, reinforcing the project's necessity.

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President and CEO Garrick Rochow described the gas case staff testimony as a 'constructive starting position' and affirmed he is open to a settlement but confident in going the full distance. EVP and CFO Rejji Hayes confirmed that approval for the deferred accounting order is not presupposed in guidance. Hayes also detailed that NorthStar is guided to contribute $0.18-$0.22 to 2025 EPS, with about 75% from two solar projects due to a planned outage at the DIG facility.

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President and CEO Garrick Rochow stated that the NorthStar business, including DIG, continues to perform well operationally and financially, with bilateral contracts being secured at prices above plan. EVP and CFO Rejji Hayes added that with 25-30% open margin in outer years, they are seeing reverse inquiries at significantly higher capacity prices ($5-6/kW-month vs. historical $3-3.50). Regarding EPS growth, both executives expressed high confidence in strengthening and lengthening the 6-8% CAGR, citing decades of investment opportunities in renewables, grid resiliency, and gas system hardening, but reiterated their focus on delivering consistent, compounded growth off actuals rather than raising the formal range at this time.

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President and CEO Garrick Rochow confirmed that upward pressure in energy markets creates strong recontracting opportunities. CFO Rejji Hayes noted that while the Q3 weather outlook is fair, it is too early to consider pulling forward 2025 cost savings. Garrick Rochow added that data center interest remains strong, independent of state legislation, and the company is conservative in its sales forecasts.

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President and CEO Brad Childers stated that in the current strong market, Archrock can achieve both favorable pricing and longer contract terms, especially for new build deployments. He noted that while about 30% of 2025 capital will be deployed outside the Permian, significant new investment in dry gas plays is not expected to match the scale of the Permian in the near term.

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CFO Chris Paulsen noted that customers are favoring longer-term contracts to lock in pricing and that it's too early to determine the impact of potential steel tariffs. He reiterated that new builds are expected to pay back within their contract term. President and CEO Micah Green explained that standard compressors are not suited for power generation, but their dual-drive technology offers grid-unloading benefits, which is a key opportunity.

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CFO Chris Paulsen noted that customers are favoring longer-term contracts, suggesting they anticipate future price pressure, and stated it's too early to determine the impact of steel tariffs. He reiterated that new builds are expected to pay back within their contract term. President and CEO Micah Green explained that while compressors are purpose-built, their dual-drive units offer flexibility to unload the power grid, but bespoke power solutions are not a focus.

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Jeremy Goebel, an executive, used the Stroud and CVR deals as examples of Mid-Con acquisitions that create long-term platforms and stable cash flow. Willie Chiang, Chairman and CEO, highlighted the system's flexibility. On the macro outlook, Goebel described it as constructive, with policy and tight inventories supporting prices. He identified the Permian, Canada, and pockets in the Rockies and Eagle Ford as key growth areas where Plains is well-positioned.

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Chairman & CEO Willie Chiang stated that while Plains is not currently in the water business, it would evaluate any opportunity that offers clear synergies with its existing asset base. For the Canadian platform, Chiang highlighted the strategic focus on core areas and completing the Fort Saskatchewan expansion, which is key to enhancing the durability of fee-based cash flows. He noted they remain open to synergistic bolt-ons in Canada.

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CEO Willie Chiang described the bolt-on M&A environment as "target-rich" due to Plains' unique ability to capture synergies, and noted they will remain disciplined on any larger-scale consolidation. Executive Jeremy Goebel characterized customer dialogues on Permian egress as "constructive," stating that Plains is being patient and retaining some capacity to capture value as the market tightens.

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Backlog additions will fluctuate quarterly but reflect strong underlying demand, and the company is comfortable with its long-term development targets. A market share of around 20% is achievable, with a focus on balancing share and margin. Solar and storage opportunities are very strong due to economics and capacity needs, while wind remains a complementary part of the portfolio.

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The CCS market development timeline is uncertain and depends on emitters, but EnLink feels well-positioned long-term. The company has minimal commodity exposure (~10% and hedged). Lighter margins were attributed to some POP exposure in the Permian and, more significantly, the full quarterly impact of a contract reset in North Texas.

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The Louisiana strategy includes quick debottlenecking projects and longer-term storage/pipeline expansions, with a potential storage FID in the coming quarters. The company remains confident in its Oklahoma and North Texas guidance despite Q1 headwinds.

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President and CEO Dai-Chung Yu stated a long-term goal of being approximately 60% tolled, with lumpy but high-return growth expected from Midstream projects. EVP and CFO D. James Harbilas noted the current ROE gap is around 140 basis points, with cost-saving initiatives expected to reduce it by 50-60 basis points. President of Utilities Donald Jenkins added that rate cases in DC and Maryland are the primary tools for recouping capital investments.

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Ralph LaRossa, Chairman, President and CEO, indicated that the capital plan would be updated at year-end and that investment needs for data centers vary significantly by site. He described EV growth as "slow but steady" and aligned with existing plans. Daniel Cregg, EVP and CFO, highlighted that competitive PJM transmission solicitations related to data centers represent an additional opportunity not currently in their base plan.

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Chair, President and CEO Ralph LaRossa advised stakeholders to closely watch the PJM RTEP process for insights into grid evolution. He clarified that for behind-the-meter solutions, ratepayers are shielded from new infrastructure costs, as cost allocation is managed through PJM interconnection agreements. For front-of-the-meter developments, individual state tariffs and economic development policies would govern the process.

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Chair, President and CEO Ralph LaRossa advised monitoring the PJM RTEP process, which will incorporate new load forecasts. He noted that new interconnections and generation sources will impact grid topology, creating opportunities across the PJM footprint. LaRossa also explained that behind-the-meter solutions would not burden ratepayers with new infrastructure costs, and in-front-of-the-meter projects are handled by existing state tariffs.

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EVP and CFO Zach Davis attributed the strong performance to an extra cargo, higher subchartering revenue, and proactive selling before the market softened. EVP and CCO Anatol Feygin stated that while Europe is adding regasification capacity, refilling storage next winter will be very challenging and potentially more difficult than in 2022, as this year benefited from Russian gas flows in the first half.

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President and CEO Jack Fusco detailed significant brownfield expansion opportunities at both Corpus Christi and Sabine Pass, highlighting a clear path to expand Corpus Christi's capacity to over 30 million tonnes. EVP and CFO Zach Davis explained that due to accelerated cash flow, the company will issue a revised capital allocation plan, likely recalibrating the ratio of debt paydown to shareholder returns and pursuing opportunistic share buybacks.

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President & CEO Jack Fusco and EVP & CCO Anatol Feygin confirmed a new agreement with Foran Energy, viewing it as a positive sign of China's market reforms and growing demand. SVP & CFO Zach Davis addressed capital allocation, stating that while a dividend is an eventuality, the current priority is debt paydown and share buybacks are more attractive at the current stock price.

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President & CEO Jack Fusco affirmed that the organization has performed exceptionally with no surprises, highlighting strong internal coordination. EVP & CCO Anatol Feygin added that customers value the contractual flexibility to cancel cargoes. Jack Fusco reiterated the company's conservative risk management strategy, noting they were materially hedged for the year.

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