Julien Dumoulin-Smith • Jefferies

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President and CEO Julian Nebreda and CFO Ahmed Pasha reiterated that the 80-90% coverage target is a more conservative approach to guidance but declined to provide a specific 2026 forecast. On FEOC, Nebreda stated that Fluence's goal is to meet the actual deadlines in the act, regardless of safe harbor flexibility, to maintain its first-mover advantage by ensuring its supply chain is compliant as soon as possible.

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CFO Ahmed Pasha confirmed the year-end cash balance should be in a similar ballpark, as most of the year's working capital use occurred in Q1. President and CEO Julian Nebreda agreed the U.S. market will see more domestic competition by 2027, emphasizing that Fluence's strategy is to win through continued technology leadership.

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President and CEO Julian Nebreda responded that the primary driver between the low and high end of the range is the speed of converting pipeline opportunities into firm backlog between now and March. He noted that once projects are in the backlog, the risk of significant delays is minor, so the focus is on securing new orders.

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President and CEO Lisa Barton clarified that the QTS Madison project was in the 'mature opportunities' bucket, while the announced Cedar Rapids project was already in the existing plan. She provided a load ramp-up schedule for Cedar Rapids and stated a full capital expenditure plan update would occur in Q3. Executive VP and CFO Robert Durian added that the company has a flexible resource plan and is confident in its ability to safe harbor the remaining wind projects, with the option to pivot to other resources if necessary.

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EVP and CFO Robert Durian expressed high confidence, stating the company took significant action in late 2024 and early 2025 to safe harbor a 'substantial majority' of its planned renewable and storage projects. President and CEO Lisa Barton added that the company is very experienced with the safe-harboring process. Regarding the data center pipeline, Barton described the upside portion as representing active discussions and emphasized an 'all of the above' resource strategy to remain competitive, promising that 'all will be revealed in Q1'.

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President and CEO Lisa Barton stated that the company is focused on economic development and will provide updates on post-2028 growth once there is a clearer line of sight on the timing and certainty of new load. CFO Robert Durian explained that significant load growth, especially from future phases, would likely push the company into earnings sharing mechanisms towards the back half of the plan, around 2028-2029, but noted it could occur sooner if other data center contracts are secured.

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President & CEO Jim Burke responded that the deal's timing is not driven by the September 1 deadline and that he is confident their project structure would work pre- or post-SB6 implementation. On backup generation, he noted that whether Vistra develops it depends on the customer. Regarding 2027, Burke and EVP & CFO Kris Moldovan stated that while forward curves are down slightly, their view that 2027 will be in line with or trend better than 2026 still holds.

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President and CEO James Burke confirmed that Vistra sees the earnings strength from 2026 holding into 2027 and even 2028. He noted that despite some anticipated coal retirements, the value of the existing asset base is increasing, and the forward earnings profile looks very consistent and strong from the company's current viewpoint.

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James Burke, President and CEO, explained that data center customers understand and are willing to pay for the value of reliable, carbon-free power, a value reinforced by the recent PJM auction results. On M&A, he noted Vistra's history of acquisitive growth and acknowledged that existing assets typically trade at a discount to newbuild costs. While Vistra is always evaluating opportunities, he stated a significant value gap still exists between M&A targets and new construction.

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President, CEO & Chairman Ted Geisler described the pipeline as a critical, foundational milestone for long-term reliability, enabling the company to pursue new generation to serve both committed and uncommitted customer queues. CFO Andrew Cooper added context on the transmission capital plan, noting the current run rate has more than doubled and that larger, strategic projects will become operational in the latter part of the decade, accelerating investment.

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CFO Andrew Cooper acknowledged the company is evaluating a longer-term view, especially as large projects extend further out, but noted clarity from the formula rate case is a key step. CEO Ted Geisler added that the current all-source RFP for 2,000+ MW is actively being evaluated, with the potential to procure more than the minimum to meet accelerating demand from TSMC and others.

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President Ted Geisler and Chairman and CEO Jeff Guldner explained that while they are open to settlements, they are preparing for a fully litigated case to properly establish the new formula rate mechanism. CFO Andrew Cooper added that CapEx is expected to remain robust beyond 2027 due to long-lead-time projects and that the capital plan will be re-evaluated after the formula rate is implemented.

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CFO Andrew Cooper explained that a rate case is needed to true-up lagging costs like O&M and interest expense. He reiterated that resolving the lag docket would smooth the 5-7% EPS growth rather than being a prerequisite. The 2024 O&M increase was a deliberate pull-forward of projects to take advantage of weather benefits. The lower 2025 tax rate is primarily due to lower expected pretax income, not a structural change.

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Chairman, CEO and President Larry Coben explained that the data center agreement is structured like a long-term C&I contract but with premium, protected margins. He noted that while this is just the beginning of their data center strategy, specific client and site details remain confidential. Regarding the 4 GW pipeline, he expressed excitement but cautioned that not all letters of intent will convert to final deals due to their complexity.

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Lawrence Coben, Chair, President and CEO, explained that the company used conservative, consistent pricing assumptions for an 'apples-to-apples' comparison and confirmed that zero synergies or incremental growth from C-Power or retail were included in the accretive projections. He emphasized that the deal provides enormous optionality and any synergies would be an additional benefit.

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Lawrence Coben, NRG's Chair, President and CEO, clarified that while development timelines are complex and won't receive step-by-step quarterly updates, the 2026-2029 in-service dates imply news will not be years away. He also noted NRG may now issue announcements between quarters. Regarding TEF, Coben confirmed two of three shovel-ready projects are already participating. For the GE Vernova pipeline, he highlighted the two secured turbine slots as the most concrete line of sight for near-term development.

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Chair and CEO Lawrence Coben clarified that the company is focused on both its 21 development sites and the two Texas shovel-ready projects, noting the latter became available for new opportunities after the TEF's 'one loan per developer' rule. He highlighted the high interest in these projects due to their rare 'shovel-ready additionality.' Coben added that while they would consider a potential TEF 2, they are proceeding as if it won't occur and do not believe 'double-dipping' would be necessary to make the projects attractive.

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President & CEO Lloyd Yates emphasized a thoughtful and disciplined approach to the data center opportunity, guided by four principles, and reiterated that it remains a 2025 event. He clarified that the Genco declination process and counterparty negotiations are separate and distinct processes. EVP & CFO Shawn Anderson added that NiSource is seeing demand for on-site generation for data centers across its gas footprint in Ohio and Virginia.

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CEO Lloyd Yates stated that NiSource is assessing the impact of extending coal plant lives but the current plan still assumes retirements in 2025 and 2028. Regarding legislation, Yates and Executive Melody Birmingham explained that Senate Bill 1007 provides an additional path for serving large load customers but does not change their current strategy, with the Genco declination filing remaining the preferred approach.

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CEO Lloyd Yates reiterated that data centers are a 2025 event and emphasized the company's four guiding principles: protecting existing customers, serving new customers with speed, maintaining NIPSCO's financial integrity, and preserving business flexibility. EVP Michael Luhrs explained the GENCO declination filing creates a regulated entity to encapsulate large load customer costs, protecting existing ratepayers while allowing for flexible negotiations. EVP and CFO Shawn Anderson added that this structure allows for ratemaking at the speed necessary to serve these customers, better aligning cash flows with project deployment and positioning NiSource to afford the construction. Regarding load, Luhrs noted the IRP includes a 2,600 MW reference case and an 8,000 MW upside case, stating that discussions remain very positive and accretive.

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EVP and CFO Shawn Anderson stated that upside CapEx would begin to materialize in 2026-2027 and that the IRP and data center strategies would be discussed on the Q4 call. EVP Michael Luhrs directed investors to the IRP filing for details on implied generation assets but confirmed, along with CEO Lloyd Yates, that no decisions on ownership percentages have been made.

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Chair, President & CEO Ralph LaRossa positioned energy storage as part of an 'all of the above' solution, contingent on affordability, and noted PSEG had proposed a utility battery solution years ago. Regarding PJM, he identified its governance structure as the core problem, stating that the member voting process is a significant hurdle to reform and that there is no 'overnight silver bullet' solution.

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Ralph LaRossa, Chairman, President and CEO, detailed that co-located hyperscale data centers signal strong infrastructure for AI companies, creating local construction jobs and trickle-down opportunities. He noted that PSEG is seeing several hundred megawatts of data center demand moving past the engineering phase, with varied infrastructure needs. LaRossa affirmed PSEG's commitment to supporting New Jersey's economic development goals, stating the FERC protest does not shift their strategy, though he expressed broader concern about the implications for all co-located load, not just data centers.

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President & CEO Harry Sideris stated that the recent actions increase confidence in achieving the 5-7% EPS growth rate, particularly positioning Duke for the top half of the range in 2028-2029. He explained that the new North Carolina law enhances the state's growth attractiveness and supports the company's 'all of the above' strategy by providing credit support and helping manage customer affordability.

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CEO Harry Sideris confirmed the 1 GW in deals was contemplated in their plans and that the GE agreement provides supply chain flexibility to meet growing demand. CFO Brian Savoy stated that the strong start to 2025 supports the company's 5-7% long-term growth outlook and positions them well for future years.

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CFO Brian Savoy stated that Duke Energy targets a low ~1% O&M growth CAGR by leveraging technology and scale. President Harry Sideris highlighted their continuous improvement culture and supply chain advantages. CEO Lynn Good explained that creative tariff structures for large customers are 'a little bit of noise' and not a major factor in the rate base calculation, emphasizing the strength of the overall capital plan.

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CFO Brian Savoy stated that the tax credit market is deepening, with attractive discounts in the "mid-90s or slightly above." He confirmed Duke is trending toward the upper end of its $300-$500 million monetization target for 2024, which equates to a 40-60 basis point improvement in FFO to debt. CEO Lynn Good added that the amortization plan is memorialized in North Carolina and that this method is a good planning assumption for the Carolinas overall.

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CEO Brandon Moss confirmed a strong market backdrop driven by high energy demand, highlighting a record backlog and awarded orders (BLAO) of $671.3 million. He noted that the BESS opportunity is significant, with strong interest for their combiner and recombiner products in data center and AI applications, leading to a surge in quoting activity.

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CEO Andrés Gluski declined to comment on market rumors or potential transactions, per company policy. He noted that technologies like their Maximo robotics could become more valuable under tighter construction deadlines. Gluski stated that AES expects strong growth to continue post-2027, with the U.S. business potentially resembling its higher-margin international business, which operates without tax credits and includes gas generation.

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CFO Steve Coughlin stated the AGIC transaction has a $25-30 million EBITDA impact and is highly accretive, calling it a low-cost equity financing. COO Ricardo Falu explained that tariff exposure is minimal due to a proactive supply chain strategy of accelerating imports and supporting U.S. manufacturing, with the risk largely mitigated. CEO Andres Ricardo Gluski Weilert clarified that the quarter's PPA signings are not indicative of a future run-rate, as the company focuses on fewer, larger, and more financially attractive projects, which are inherently 'lumpy'.

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CFO Stephen Coughlin noted the plan was discussed with Moody's and is on track to improve metrics, driven by higher cash flow and accelerated cost savings. CEO Andrés Gluski and COO Ricardo Manuel Falu clarified that post-2027, there will be less growth in megawatts, and the retained coal assets, representing less than half of the current fleet, will continue to provide critical capacity and financial benefits.

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CFO Stephen Coughlin stated that parent-level credit metrics remain strong and that recent transactions are credit accretive. He confirmed the rate base growth at the U.S. utilities will be 'much higher' than the previously guided double-digit rate, driven by data center demand, and that an updated long-term plan will be provided in February. CEO Andres Gluski added that AES has a strong record of exceeding asset sale targets at good value.

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EVP & CFO Daniel Schuller confirmed that GAAP EPS is expected to finish above the $2.07-$2.11 guidance range, citing strong gas revenue, tax benefits, and insurance proceeds, which offset headwinds like wet weather. Schuller added that the company targets an FFO to debt ratio above 12.2% and anticipates receiving $45-46 million in PFAS settlement proceeds in 2025, with $7.1 million already collected.

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CFO Daniel Schuller and CEO Christopher Franklin responded. Schuller confirmed the $350 million equity plan for 2024-2025, stating they are in sync with rating agencies and that the plan supports their credit profile. He clarified the $1 billion ATM was a multi-year program providing optionality for future acquisitions and not a change in strategy. Franklin added that while the DELCORA closing is delayed, the larger ATM gives them flexibility for when it does proceed. Schuller affirmed that the updated rate base growth guidance reflects the exclusion of DELCORA and its associated capital from the current plan.

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CEO José R. Mas explained that the company is trying to get ahead of demand with its investments and that much of the cost will be absorbed in 2025, allowing for better execution on future work. He affirmed MasTec's position as the largest and best pipeline builder, expecting to win a significant share of upcoming projects. Regarding renewables, he stated that a pull-forward is speculative and depends on executive orders, but is not currently factored into their plans.

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CFO Alex Bradley outlined the capital allocation priorities as: running the core business, funding expansion (like finishing lines), investing in R&D (including perovskite and potential M&A), and finally, considering shareholder returns. He stated that major long-term capital decisions are pending further clarity on the tariff regime and the recent executive order, with updates likely toward the end of the year.

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CEO Mark Widmar confirmed there is no repricing risk on the remaining ~54 gigawatts of backlog, as it is almost entirely domestic U.S. product. He explained that the outcome for the 12 GW of international volume is entirely dependent on customer negotiations. He stressed that he is prepared to idle facilities if tariffs are too high to maintain negotiating leverage, and any decision on strategies like U.S. finishing lines would be made in partnership with customers and contingent on the final policy environment.

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Executive Mark Widmar provided a detailed explanation of the Series 7 warranty issue, confirming it was not a fundamental device defect but two specific manufacturing start-up problems that have since been fully remediated in current production. These were a glass cleaning issue and an error in calculating the engineering performance margin. Regarding the India strategy, he noted that blending domestic and international Series 7 panels is straightforward, allowing the company to optimize its global fleet while helping customers qualify for the domestic content bonus.

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CEO Chris Womack confirmed the 50 GW large load pipeline continues to grow with advanced discussions underway with major hyperscalers, emphasizing disciplined pricing. David Poroch, SVP & incoming CFO, added that while Southern Power presents opportunities, projects must meet stringent risk-return parameters and are not included as placeholders in the capital plan. He also highlighted the potential to reprice several Southern Power contracts in the early 2030s.

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Chairman, President and CEO Chris Womack emphasized the diversity of data center interest, including hyperscalers and developers, stating the momentum is broad-based. Chief Financial Officer Dan Tucker explained that achieving the 17% FFO to debt target is about having a clear 'line of sight,' not necessarily reaching the number by 2027. He noted that while debt reduction from recovering costs will help, incremental capital could adjust the timeline, but confidence in the trajectory is the key factor for any potential rebase.

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CFO Dan Tucker stated that Southern Power adds "durability" to the long-term growth profile, with recontracting and new build opportunities primarily benefiting the next decade. He clarified that while direct co-location isn't their model, Southern Power has significant opportunities to build new brownfield gas plants and upgrade its existing fleet to serve load-serving entities that supply data centers. An executive added that these complementary businesses enhance the company's overall durability.

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CEO Chris Womack confirmed that their direct experience with the Vogtle project makes them acutely aware of the inherent risks. He stated unequivocally that before the company moves down the path of new nuclear, solutions must be found to mitigate risks for both shareholders and customers, making the current stance cautious despite ongoing analysis and discussions.

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CEO Lisa Grow confirmed the Micron expansion represents an upside to the current plan but could not yet share a specific timeline. SVP & COO Adam Richins explained that the RFP process is dynamic, with project selection based on current needs at the time of decision, not a simple subtraction from the IRP. He also confirmed that shifting to gas-fired generation is 'absolutely one option' if the Jackalope Wind project does not move forward due to permitting or other issues.

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CEO Patti Poppe explained that long-term, spread-out payments align with the fund's liquidity needs. Regarding inverse condemnation, she advocated for a broader, holistic solution for California's wildfire risk, similar to the state's approach to earthquakes, which would include insurance market reform, updated building codes, and improved forest management, rather than focusing solely on utility liability.

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CEO Patti Poppe detailed a robust program for removing or securing de-energized lines and noted continuous learning from every incident. She then directly linked data centers to affordability, stating that for every gigawatt of new demand, PG&E can spend up to $1.6 billion and still reduce every customer's rates by about 1%, a benefit not yet factored into the 2-4% bill target.

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CEO Patti Poppe stated the company will advocate strongly against shareholder contributions to the fund, as it's contrary to the principles of inverse condemnation and attracting capital. She mentioned options range from extending customer payments to more complex solutions. Poppe reiterated that PG&E's focus is on reducing ignition risk through its industry-leading mitigation plan, which is a prudency, not perfection, standard, and involves deploying advanced technologies like down conductor devices.

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CEO Patti Poppe distinguished PG&E's situation by noting their upcoming filing is a dedicated 10-year plan under new legislation, not part of a GRC, and reiterated the long-term cost-effectiveness of undergrounding. Regarding data centers, she clarified the 3.5 GW was from an initial cluster study with multiple customers and that demand continues to grow, placing PG&E in a 'Goldilocks' position to serve this new load.

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Chairman, President, & CEO Robert Frenzel confirmed the Q3 call will feature a comprehensive roll-forward of all financial guidance. EVP & CFO Brian Van Abel addressed the Colorado ROE, expecting improvement driven by a distribution rider that becomes fully effective next year. Mr. Frenzel added that future capital is largely electric, which should help ROEs. Mr. Van Abel also confirmed the math on a low-teens rate base CAGR was correct, highlighting the company's strong growth prospects.

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CFO Brian Van Abel reiterated that while they don't expect transferability to be eliminated, the alternative flowback mechanism would significantly reduce equity impact and is a viable solution they would discuss with regulators. He also explained that the constructive Colorado wildfire settlement includes a $1.9 billion plan, an extension of the insurance deferral, and a plan to securitize $1.2 billion of spending by 2029 to manage customer bill impacts.

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CFO Brian Van Abel explained that while there were some negative drivers, offsetting factors give them comfort in their 2025 guidance and they expect to target the midpoint, viewing 2024 as an anomaly. He reiterated confidence in the 5% long-term sales growth forecast, stating its omission from a slide was not significant and that data center demand remains robust.

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Chairman, President and CEO Robert Frenzel stated that confidence stems from their mitigation actions and legal position, not a change in litigation outlook. He clarified the 6-8% target is for ongoing earnings and that accruals remain within insurance limits. He explained that while the company can implement EPSS and PSPS today, future investment is focused on improving granularity to be more targeted, moving from a 'sledgehammer' to a 'scalpel' approach.

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Garrick Rochow, President & CEO, explained that the data center load is expected to begin ramping up in the 2029-2030 timeframe, which provides flexibility for resource planning. He noted this new load will be served by a mix of existing capacity, new renewables, storage, and planned gas capacity. Rochow added that the 9-gigawatt pipeline figure is conservative and continues to fill, with further conversions expected after a new data center tariff is finalized.

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President and CEO Garrick Rochow characterized the 900 MW load growth plan as conservative, with project accelerations offsetting any pauses. He confirmed the data center pipeline grew to 9 gigawatts post-legislation. Rochow emphasized that finalizing the data center tariff with the commission is the 'next logical step' for these projects to move forward, as the company avoids special contracts in favor of a standardized tariff.

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EVP and CFO Rejji Hayes clarified that the variance is not a pull-forward of 2025 costs. Instead, the company is using contingency built up from countermeasures and favorable Q3 weather to fund certain 2024 cost categories that have been trending above budget. He specified these include insurance premiums, IT-related expenses, and amortization of certain regulatory assets. This is an update to the full-year forecast to reflect the actual economic reality of these costs incurred in 2024.

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Chair and CEO Drew Marsh confirmed the additional 7 GW of turbines are slated for commercial operation between 2029-2031, hinting at future capital plan upside. CFO Kimberly Fontan added that the company manages its equity needs through diverse sources, including incremental operating cash flow and customer support, to maintain its target 10-15% equity financing run rate for new capital.

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CFO Kimberly Fontan reiterated the expectation for ROEs to improve to a 9% to 9.5% range over the forecast period, consistent with prior guidance. CEO Andrew Marsh commented that a Texas nuclear fund would be an interesting risk management tool but is just one of many options being considered to de-risk potential new nuclear investments, alongside partnerships and customer agreements.

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Executive Andrew Marsh indicated that direct ownership of new nuclear assets is the likely structure due to the scale and credit implications, though it presents challenges. He confirmed that more large customer deals are possible, noting that the multi-gigawatt opportunities discussed at Analyst Day were based on actual, ongoing customer conversations.

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President & CEO William J. Fehrman detailed the 24 GW breakdown by RTO, noting 13 GW in ERCOT (heavy on crypto), 9 GW in PJM (mostly data centers), and 2.5 GW in SPP. EVP & CFO Trevor Mihalik added that legislative wins in Texas and Oklahoma are expected to close the gap between authorized and earned ROEs, which will help improve the consolidated ROE from its current levels.

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Trevor Mihalik, EVP and CFO, explained that AEP will provide a formal update on its growth plan annually around the third quarter. He noted the recently awarded 765 kV lines in Texas, worth $1-2 billion, are not yet in the base plan. He broke down the $10 billion upside as roughly half transmission and half generation. William Fehrman, President and CEO, added that the generation bucket is tied to RFPs, potential wind and renewable projects, and some combined cycle plants to meet capacity needs. He also confirmed that two previously announced natural gas plant acquisitions are included in the current base plan.

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EVP and CFO Chuck Zebula stated the G&M business is expected to support the 2025 earnings level going forward. President and CEO William Fehrman highlighted significant 765 kV opportunities as upside to the plan and explained the 9.1% ROE reflects the need to improve regulatory relationships and customer service to earn higher returns.

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CFO Charles Zebula indicated the 2025 G&M earnings level is sustainable. CEO William Fehrman highlighted significant 765kV opportunities as upside and explained that ROEs must be earned through improved customer service and regulatory relationships, referencing past issues in West Virginia.

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President Howard Wenger highlighted Nextracker's robust U.S. supply chain with over 25 facilities, providing flex capacity to meet potential changes in safe harbor rules. CEO Dan Shugar added that long-term demand is strong and detailed the diversification strategy, which includes software (TrueCapture), foundations, EVOS, and the newly acquired robotics platforms, which will be rolled out over time.

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CEO Dan Shugar confirmed they have made other unannounced acquisitions and will detail the non-tracker growth strategy at a future Analyst Day. CFO Chuck Boynton highlighted the company's strong financial position, expecting over $1 billion in cash by year-end after funding current deals. He stated that while organic investment is the priority, they will continue to evaluate M&A opportunities.

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Howard Wenger, President, stated that framework agreements have been primarily focused on the U.S. but there is interest from multinational customers for a global approach. He noted that the international business currently operates more on a project-by-project basis, but since repeat business is also high internationally (~80%), a strong partnering approach already exists. He deferred more detailed commentary to the next call.

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President Howard Wenger stated the 100% U.S. tracker can enable a customer to qualify for 24.7 points, which is more than half the points needed to reach the 40-45% threshold for the 10% bonus ITC. CFO Chuck Boynton reiterated that it's too early to provide an outlook for next year's margins, but the structural high-20s to low-30s gross margin would translate to a ~20% EBITDA margin, deferring a detailed outlook to a future date.

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CEO Roy Jakobs explained that only a limited portion of the multi-year Indonesia deal was included in Q2 order intake, as per their stringent policy, and that order growth was broad-based. He reiterated that China was negative in H1 but will turn positive in H2, though the full-year plan still depends mainly on other regions. CFO Charlotte Hanneman stated that the 'Other' segment's Q2 benefit was due to royalty income phasing and that she does not see meaningful shifts in its overall performance in the years beyond 2025.

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CEO Roy Jakobs explained the multi-year Indonesia deal had a limited impact on Q2 order intake, with growth being broad-based and led by North America. He confirmed the China outlook remains consistent, with a negative first half turning positive in the second. CFO Charlotte Hanneman stated that the 'Other' segment's Q2 result was due to royalty income phasing and she does not foresee a meaningful shift toward structural profitability in the coming years.

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EVP & CFO Christopher Foster stated that mediated sessions for Hurricane Beryl cost recovery were underway, with hearings scheduled for the following week. CEO Jason Wells detailed that the 6 GW load growth is approximately two-thirds data centers and one-third advanced manufacturing and energy exports, with interconnections expected in late 2026 through 2028. Wells also clarified the mobile generation asset drag will persist until at least fall 2026, after which they will become a tailwind.

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CFO Chris Foster stated that mediated sessions for Beryl cost recovery are underway, with hearings scheduled for late July. CEO Jason Wells detailed that the 6 GW load growth is two-thirds data centers and one-third advanced manufacturing, with interconnections sought for 2026-2028. Wells also clarified the mobile gen earnings drag will persist until at least fall 2026 but no later than spring 2027, after which the assets will be remarketed and become a tailwind.

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CEO Jason Wells clarified that at least $2 billion in electric transmission upside remains through 2030, plus a ~$1 billion gas network project. He also identified other drivers, including system resiliency spending in 2029-30 and MISO projects in Indiana. He confirmed many of these opportunities are back-end weighted and extend into the next decade, with full quantification to come in the new 10-year plan.

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CEO Jason Wells stated the mobile generation deal should be a net cash flow tailwind over its life due to the equipment's doubled market value. If the ERCOT deal fails, the units will be marketed to third parties. CFO Chris Foster said he does not expect a meaningfully different outcome for the Hurricane Beryl cost recovery, as the cost drivers are similar to the previous storm.

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CEO Jason Wells addressed the mobile generation question by suggesting options like subleasing the equipment to keep it available within Texas, emphasizing the state's need for dispatchable power. On data centers, he confirmed the 8 GW queue reflects a fundamental shift driven by AI that is not yet fully captured in ERCOT's current forecast. He expects ERCOT's early 2025 update to incorporate this significant new demand, likely driving the need for more transmission.

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President and CEO Scott W. Seu explained that SB 897 directs the PUC to establish a cap via a rulemaking process. Hawaiian Electric President and CEO Shelee Kimura added that past legislative discussions included figures from $500 million to $1 billion. Scott Seu reiterated that financing for future payments will be a combination of debt and equity, with specifics determined closer to the payment dates. CFO Scott DeGhetto outlined the remaining court approval steps, projecting a final hearing in Q1 2026. Scott Seu also clarified that securitization is for utility CapEx, not settlement funding.

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President and CEO Scott W. Seu highlighted positive momentum in legislative discussions compared to the prior year, citing increased clarity from the settlement agreement. He noted a good understanding among lawmakers of securitization's benefits for customers. CFO Scott DeGhetto added that a legislative backstop fund would be credit positive but that it was too early to speculate on the outcome. DeGhetto also expressed strong confidence in capital markets access and explicitly stated that the company has no anticipated equity raises or use of its ATM facility planned.

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CEO John Akers stated that while the company monitors all legislation, he would not comment on specific bills until they complete the legislative and regulatory processes. CFO Christopher Forsythe confirmed that using the new, higher fiscal 2025 EPS guidance midpoint as a base for the 5-year CAGR is a 'pretty fair assumption.'

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Chairman and CEO David Campbell explained that extending coal plant life is a flexible approach to meet rising demand but carries risks due to plant age, parts availability, and potential retrofits. On O&M, he stated the company has a range of discretionary spending levers to mitigate the $0.05 earnings variance without impacting system reliability or long-term growth plans.

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Chairman and CEO David Campbell explained that Evergy has a plan to serve announced customers and is developing plans for prospective ones, noting that about 1,000 MW of gas generation from the 2024 IRP is not yet in the capital plan. He added that the IRP is a dynamic process, with updates scheduled for March and April that will reflect the latest expectations.

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CEO John Kousinioris and EVP Blain van Melle detailed a proactive hedging strategy focused on locking in prices well above the forward curve, particularly through their C&I business, noting they are already significantly hedged for 2026 at approximately $68/MWh. Kousinioris affirmed confidence in meeting the full-year free cash flow guidance, citing the strong hedge book, cost controls, and expectations for more normal weather after a mild Q1.

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CFO Christopher Sighinolfi explained that while Q1 O&M performance was strong due to front-loaded in-sourcing benefits, the company maintains its 4% CAGR guidance, noting that 60% of O&M is labor-related. COO Curtis Dinan added that while the proposed Texas legislation would be a positive for cost recovery, it would not be significant enough to alter their disciplined capital allocation strategy.

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EVP and CFO John Moreira explained that improved cash flows are the primary driver for the FFO to debt enhancement, which is expected to be 'well over' 100 basis points above thresholds. Regarding corporate drag, he noted Q1 was higher due to the cessation of capitalized interest for offshore wind and new debt, but the year-over-year impact will lessen. He guided to a full-year effective tax rate of 22.5% to 23.5%.

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EVP, CFO and Treasurer John Moreira stated that FFO to debt has improved significantly from 2023 but declined to give a specific figure. Chairman, President and CEO Joseph Nolan explained the Cambridge substation is a predominantly FERC-regulated transmission asset with a clear line of sight for timely cost recovery.

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CFO Jeanne Jones clarified that the entire data center pipeline is 'front of the meter' and not dependent on the FERC 206 co-location outcome, noting no slowdown in customer interest. She broke down the initial 16 GW opportunity into phases with high confidence. Colette Honorable, EVP and Chief External Affairs Officer, added that there is significant consensus in the FERC docket and that Exelon desires a quick decision for clarity, but remains open to participating constructively in any settlement discussions if directed by the commission.

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CEO Calvin Butler and CFO Jeanne Jones responded that while they actively partner with stakeholders, the FERC 205 filings are primarily about seeking clarity and certainty on cost allocation for network load. Regarding data centers, Jones explained that customer deposits do reduce the near-term rate base (by about $400 million in 2024) but serve as a crucial signal of committed future load growth and investment needs, which are then incorporated into the long-range plan.

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CEO Calvin Butler explained that while Exelon prefers the transparency of multi-year plans, the company is prepared to operate under traditional ratemaking in Maryland and would reallocate capital accordingly. CFO Jeanne Jones elaborated on the significant and growing need for transmission investment, driven by core reliability work, the changing generation mix including offshore wind, and substantial new load from data centers. She noted that potential opportunities from PJM and MISO are not yet included in the current plan.

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Chairman, President and CEO R. Trauschke explained that options for serving new data centers include short-term bridge solutions or utilizing the robust list of bids from the RFP, noting that data centers have a natural ramp-up period. CFO and Treasurer Charles Walworth clarified that their position with Moody's is that qualitative factors, like new legislation, should be considered in setting credit thresholds. He characterized the quarter as being 'on plan' but with a 'positive tone.'

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Chairman, President and CEO R. Trauschke avoided specifying a maximum RFP size to protect ongoing negotiations but noted they are managing capacity through efficiency programs, crypto load control, and existing facility upgrades. He acknowledged a new IRP and subsequent RFP is a 'very real situation' if load growth changes significantly. On legislation, he stated the educational objective for formula rates was met and the company will now pursue a filing directly with the commission.

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President and CEO Maria Pope detailed the legislative progress, noting that while a safety certificate process has gained traction, a catastrophic fund requires more work and may take another session. She affirmed that the company continually reassesses its plans based on its ability to recover costs and deliver competitive returns. Regarding the RFPs, she expressed satisfaction with the negotiation progress, targeting project in-service dates for 2027.

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President and CEO Maria Pope outlined a three-part legislative strategy focused on a standard of care, a backstop fund with liability limitations, and federal reforms. Senior Vice President of Finance and CFO Joseph Trpik added that the company is focused on long-term cost compression to reduce structural lag and is realigning its cost structure to the latest rate case outcome.

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CEO Scott Strazik addressed wind, stating that while the long-term potential is clear from the large project queue, near-term progress depends on permitting reform and tax incentive clarity. CFO Ken Parks explained that FCF and profitability are typically back-half weighted due to the timing of Power service outages, Wind turbine deliveries, and G&A savings.

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CEO Scott Strazik confirmed the premise, noting that mature turbines like the F-Class are easier to manufacture and the supply base can ramp them faster. While this diversification provides more flexibility, he reiterated that the overall capacity outlook remains around 20 gigawatts annually by 2027, as the company must balance production with supply base capabilities.

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CEO Scott Strazik prioritized the near-term opportunity of upgrading the existing nuclear fleet. For SMRs, he noted accelerating commercial activity, particularly around adding them to existing nuclear sites. However, he clarified that SMRs will not become a financially meaningful part of the income statement until the first unit is commissioned in 2029, with significant revenue growth expected in the early 2030s.

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President and CEO Badri Kothandaraman acknowledged a weak Q1 but expects a recovery driven by normal seasonality and installers adapting to new financing options. He anticipates growth through the year fueled by new products like the 4th-gen battery and IQ9. Regarding safe harbor, he confirmed the $40M for Q2 and stated there are no current plans for H2, but this could change based on customer requests.

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President and CEO Badrinarayanan Kothandaraman explained that Enphase's pricing is based on value-add, supported by a strong cost-reduction program. He attributed the Q1 margin guidance fluctuation to normal product mix. He anticipates long-term margin improvement driven by intrinsic cost reductions in new products, such as GaN technology in the IQ9 and high integration in the fourth-gen battery. He also revealed a fifth-generation battery is planned for Q1 2026 with a 'drastic' cost reduction, ensuring a steady cadence of innovation and cost efficiency.

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President and CEO Badri Kothandaraman reported that the domestic content mix was near zero in Q3, is estimated to be around 10-15% in Q4, and is expected to continue a steady ramp from that point into the new year.

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CFO Assaf Ginzburg explained that reaching the high end of the 2025 EBITDA range depends on lower-than-anticipated curtailments in the U.S. and Kenya and favorable weather, rather than contributions from new projects which are slated for late in the year. CEO Doron Blachar confirmed significant recontracting upside, citing the Mammoth G2 PPA repricing from below $70 to over $100/MWh and noting a willingness from hyperscalers to discuss price indexation.

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President & CEO Earl Austin expressed high confidence in the SunZia project, stating it is past permitting hurdles and that its future revenue contribution has already been replaced by new work in the backlog. He asserted that the company is not concerned about a renewables slowdown, seeing growth in 2025 and beyond, driven by the urgent need for all forms of generation. CFO Jayshree Desai confirmed the resegmentation would be effective in the first quarter.

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President and CEO Earl "Duke" Austin highlighted Quanta's long-term investments in craft-skilled labor training, which he sees as a key differentiator. He stated that labor inflation of 4-6% is typically passed through to customers contractually. He noted the inside electrical labor market for data centers is particularly constrained, and Quanta is leveraging the Cupertino acquisition to expand training and recruitment for that workforce.

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CFO Ariel Porat indicated that Q1 is not representative and pointed to the year-end non-GAAP OpEx target of $85M-$90M as a better indicator. Regarding inventory, he explained that the company will continue manufacturing for the U.S. while consuming existing stock for Europe, aiming for normalized balance sheet levels by year-end.

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Interim CEO Ronen Faier detailed a thorough evaluation process based on a market's current and future profitability, as well as the resource drain (e.g., R&D) it requires. The company is analyzing markets, product lines, and even SKU complexity to rationalize costs. The goal is to focus on fewer, but larger and more profitable, markets and to discontinue products that are not profitable or are too complex to manage.

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EVP & CFO Michael Moehn addressed regulatory lag by highlighting prudent project timing and strong O&M cost management, noting O&M was down $12 million year-over-year in Missouri. CEO Martin Lyons added that pending legislation, such as the PISA extension and Missouri First Transmission Act, is constructively supportive of investment and would help the company earn closer to its allowed return, creating a 'win-win' for customers and shareholders.

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President and CEO Robert Flexon explained that the intercompany loan from UGI International to AmeriGas was an 'elegant' solution for the 2025 maturity, allowing the company to focus on the 2026 maturities. He highlighted strong operational execution in the natural gas business and early positive signs from AmeriGas's new 'pod' structure. CFO Sean O’Brien added that this move aids in deleveraging AmeriGas towards its 5.0x debt-to-EBITDA target and provides timing optionality for refinancing the 2026 notes. Regarding UGI International, Flexon stated the focus is on optimizing its storage capabilities and evaluating the portfolio for potential asset sales to support deleveraging.

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SVP, Utilities Marne Jones detailed that while no bill has been introduced in Colorado, the company is actively working with peers on mitigating risk and establishing a standard of care, noting more aggressive legislative progress in South Dakota and Wyoming. President & CEO Linn Evans confirmed that the 1 gigawatt forecast is primarily for Wyoming, with other opportunities being explored in South Dakota and Colorado.

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CFO Danny Abajian confirmed a 'strong focus on debt paydown,' stating that after paying down the remaining convertible notes, the company will increasingly target its recourse corporate revolver to lower leverage. Executive Patrick Jobin addressed the competitive landscape, noting that while some 'irrational' competitors have corrected their pricing, new entrants have emerged with even more aggressive terms. He emphasized Sunrun is gaining market share by focusing on differentiated value, not by matching prices.

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CEO Kevin Hostetler confirmed the backlog realization timeline remains consistent with prior commentary, with about 80% expected to convert by the end of 2025. He noted that after an acute period of pushouts mid-year, the cadence has returned to a normalized level. Hostetler expressed confidence in strong 2025 growth, as it's largely supported by the existing backlog rather than relying on significant new "go-get" orders.

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Allen Nye, Chief Executive Officer of Oncor, detailed the growth drivers, including strong premise growth, a 38% increase in new transmission interconnection requests, and a massive 103 GW queue for large load customers, of which 82 GW is data center-related. Jeffery Martin, Chairman and CEO of Sempra, added that the PUCT will decide on a 345 kV or 765 kV build-out in May 2025, which is not yet fully determined in the current range.

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Chairman and CEO Jeff Martin characterized the growth in Texas as an unprecedented capital opportunity and stated that state public policy favors reliability investments. Oncor CEO Alan Nye outlined the procedural next steps for the SRP settlement, targeting a definitive filing by August 16. Regarding Port Arthur, Mr. Martin confirmed there is no impact from ECA, citing a different labor market and a fully wrapped EPC contract with Bechtel. Sempra Infrastructure CEO Justin Bird highlighted positive momentum for Port Arthur Phase 2, including a fixed-price EPC contract and a significant HOA with Saudi Aramco.

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Executive Scott Lauber confirmed that their 5-year plan for Peoples Gas is conservative, including only about $90 million a year for emergency and relocation work. He noted that if 'Option 3' is approved, it could represent an annual upside of $100 million to $200 million, though it would take time to ramp spending back up.

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President and CEO Scott Lauber stated that the company sees significant opportunities in generation, distribution, and transmission to support regional growth, including data centers, with related projects being factored into the new 5-year plan. Regarding the AFUDC denial, Lauber indicated no major strategic read-through, explaining the company will likely seek reconsideration by providing the commission with additional information on the customer value of early project planning.

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Chairman and CEO Gerardo Norcia clarified that DTE has hundreds of megawatts of available capacity it aims to secure in the near term, with longer-term opportunities requiring new generation builds. President and COO Joi Harris explained that while the IRM may not see significant expansion in this case, the supportive audit results will help make the case for growing it over time to reduce rate case frequency. Norcia added it will likely take several more rate cases to achieve this goal.

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