Neil Kalton

Neil Kalton sought confirmation on Microsoft's increased land holdings in Wisconsin and asked if the updated CapEx plan accounts for potential future phases of data center development beyond what is currently known.

Answer

Executive Scott Lauber confirmed Microsoft now owns 1,900 acres. He explained the new 5-year plan includes 1,800 megawatts of new regional demand, which incorporates Microsoft's needs and other economic growth. He noted that any further significant expansions would represent potential upside to the current plan, likely in the outer years.

Neil Kalton of Wells Fargo Securities sought clarity on the timing for when incremental capital spending related to the broader Microsoft opportunity would begin to flow into the company's financial plan.

Answer

President and CEO Scott Lauber explained that spending is already occurring in 2024 and 2025 on substations and generation to support broad economic development, not just Microsoft. He noted that additional filings for renewables to support regional needs are expected soon, with that spending likely occurring in the 2026-2027 timeframe, and that the plan will continue to grow as it is updated.