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CEO David Campbell stated that while the large load tariff proceedings are an important input for customers, they are not a gating item, as evidenced by significant financial commitments already received. He expects announcements by year-end. On renewables, Campbell expressed confidence that the three approved solar projects will qualify under existing OBBA rules, and for future projects, the company has a robust set of flexible options to adapt to any new federal guidance.

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EVP and CFO Bryan Buckler confirmed no plans for common equity in 2025 but noted the company will evaluate options like junior subordinated notes. Chairman and CEO David Campbell is targeting a conclusion to new customer negotiations in the next few months. He reiterated the goal is to keep the customer rate trajectory in line with inflation and confirmed the new gas plants use proven, highly efficient modern technology, but do not include CCS in the baseline plan.

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President, CEO & Chairman Ted Geisler explained that the metric reflects the diminishing capacity value of solar as more is installed on the system, not a decline in the operational performance or curtailment of the solar facilities themselves. He confirmed the plants are performing as expected.

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CFO Andrew Cooper explained that El Dorado is a long-standing entity holding non-utility investments. The gain was recognized on a minority stake in an electric switchgear company that has recently shown a higher degree of profitability, prompting a revaluation. He emphasized that the El Dorado business is very small and consists mainly of legacy investments.

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CEO Jeffrey Guldner estimated that around 120,000 votes were still to be counted out of approximately 2 million total votes. He suggested that the count would get much closer to completion by the end of the day as late early ballots are processed ahead of the final certification.

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Chair, President & CEO Ralph LaRossa suggested legislative action is possible late in the year, noting consistent desire for more state control from the current administration and gubernatorial candidates. On batteries, he acknowledged the revenue opportunity but noted the state currently views it as a merchant solution, and PSEG's past rate-based proposal has not been acted upon.

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Chair, President and CEO Ralph LaRossa stated that PSEG is monitoring the FERC agenda closely but expects a balanced outcome without "wild swings." Regarding GETs, he explained that PSEG has piloted some technologies, like advanced conductors, and views them as part of a cost-benefit analysis for consumers. He noted these technologies are another tool for PJM to consider in solving future grid gaps driven by electrification.

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Chair, President and CEO Ralph LaRossa conveyed that PSEG is monitoring the FERC agenda but anticipates a balanced approach with no 'wild swings' in policy. Regarding GETs, he said PSEG has piloted some technologies and views them as another tool for PJM to use, to be evaluated on a cost-benefit basis for consumers rather than proactively deploying them ahead of need.

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President, CEO, & Chairman Martin Lyons expressed disappointment with the FERC filing but reiterated support for MISO's process and the need for the transmission investments. Regarding tax credits, Lyons stated confidence that the legislative intent of the OBBBA was to rely on a decade of Treasury precedent. Senior EVP & CFO Michael Moehn detailed that the company's $1.5 billion in expected credits are well-positioned, with a significant portion from projects already in service or being safe-harbored under the well-established physical work test.

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Martin Lyons, Chairman, President and CEO, and Michael Moehn, Senior Executive VP and CFO, characterized the oral arguments as a normal procedural step, expressing confidence based on the constructive ALJ proposed order. Lyons explained that transmission projects have a positive benefit-to-cost ratio as calculated by MISO, leading to lower long-term costs for customers. He also clarified that while currently announced projects are 90% in Missouri, the development pipeline has significant interest in both Missouri (65%) and Illinois (35%), and the initial split is merely a result of which agreements were finalized first.

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EVP, CFO & Treasurer John Moreira clarified that while a large equity issuance is not expected, they will monitor liquidity needs pending the Aquarion closing, and he does not anticipate a large amount, if any, in 2026. He attributed the first-half corporate drag to interest cost headwinds from the offshore wind sale, which he expects to be less significant in the second half.

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EVP and CFO John Moreira stated that the timing for PBR implementation in the Yankee Gas case is uncertain, as the final PBR framework decision is expected mid-year, close to the case's October decision date. Chairman, President and CEO Joseph Nolan commented that the Massachusetts administration is highly collaborative on affordability, and while all options are on the table, it's too early to predict specific outcomes.

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EVP, CFO and Treasurer John Moreira deferred the detailed AMI question to Investor Relations for an offline discussion. Chairman, President and CEO Joseph Nolan reiterated his confidence in the collaborative approach among New England governors to find a regional clean energy solution that benefits all customers, describing it as a 'potluck' where each state brings assets to the table.

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CFO Kimberly Fontan stated that while Entergy is engaged with industry partners, there is no specific insight yet on the executive order's final outcome. She confirmed the company has been working to safe harbor its renewable projects under the current rules and will adapt if the framework changes, but is proceeding as planned for now.

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CFO Kimberly Fontan stated that while the forward gas curve adds pressure, the non-fuel rate increase is expected to be around 3.5%, with moderation expected as new customer sales ramp up. CEO Andrew Marsh advised that a new nuclear announcement is not imminent and should not be expected in the current year, although active discussions with customers are ongoing.

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President and CEO Vince Sorgi explained that while legislation for utility-owned generation could pass this year, the process of rulemaking and construction would take 3-5 years before new assets could impact PJM auction prices. CFO Joe Bergstein confirmed that PPL is still awaiting a decision from the commission on the DSIC waiver and has no specific timeline to share.

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Executive Scott Lauber projected that customer rate increases should remain in line with inflation, possibly 1% above, because a large portion of the capital spending is driven by economic development. Regarding the Q3 gas sales, he advised not to read into it, as Q3 is a very low-volume quarter where small changes can cause large percentage swings, and suggested focusing on year-to-date trends.

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President and CEO Scott Lauber provided a direct estimate, stating that he anticipates the appeal process will take one to two years to reach a resolution.

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CFO Dan Tucker confirmed the upside to sales and CapEx but reiterated that any impact on the EPS growth outlook would be long-term, as the load materializes in the back half of the forecast period ('28 and beyond). Regarding the deferral, he stated the return has typically been the company's cost of capital, but the commission retains flexibility to adjust it.

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EVP and CFO Brian Van Abel clarified the 2.2% was a 20-year projection for Colorado and that a 1-3% annual bill impact is a better estimate across all jurisdictions for the next five years. He explained the 9,000 MW pipeline represents all inbound requests, which are then vetted into a smaller, high-probability forecast based on signed contracts or land acquisitions. Chairman, President and CEO Robert Frenzel added that meeting this national demand will ultimately lower per-unit costs for all customers by increasing system load factor.

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Executive Brian Tierney confirmed that state laws in West Virginia, Ohio, and Maryland allow for utility-owned generation but stressed the company would be very thoughtful before re-entering the generation business and is not interested in competitive generation. He also stated the ESP V withdrawal should not be controversial, as it follows established precedent and is codified in Ohio law.

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