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Chairman, President & CEO Jeffrey Martin explained that while the LOI with KKR contemplates a 15-30% stake sale, the final size depends on valuation and other factors to maximize value and strengthen the balance sheet. He confirmed the incremental $12 billion in Oncor CapEx is not yet in the base plan but expressed high confidence in it, with an official update likely in 2026 post-rate case. Oncor CEO Allen Nye detailed the robust growth drivers in Texas, including a 186 GW queue for data centers and a 38 GW high-confidence load forecast for 2031, underscoring the need for expanded capital investment.

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CFO Karen Sedgwick clarified that while some issues were known, the final California GRC decision was worse than the proposed version, the FERC CAISO adder removal was unexpected, and the decision for Oncor to file an early rate case was new. CEO Jeffery Martin explained that the growth rate is not linear and that the 2025-2026 jump reflects the lumpiness of large projects like ECA LNG coming online. He reiterated the long-term view has improved, framing 2025 as a strategic inflection point.

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President, CEO & Chairman Brian Tierney stated that the current rate case involves standard intervener topics like capital structure and ROE, and he anticipates the new forward-looking framework will be constructive. On HB6, he confirmed no new issues were raised in hearings and expects a final resolution by the end of the year, closing that chapter for the company.

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President and CEO Brian Bird clarified that transmission and interconnection capital would be deployed relatively quickly. He noted that generation-related capital would align with a 2027-2030 ramp-up for the data centers. Bird also confirmed that Quantica is backed by private equity firm EnCap Investments and that NorthWestern has been in discussions with them for approximately six months.

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Chair and CEO Drew Marsh stated the next MISO filing is this fall. He explained that intervener concerns focused on traditional issues like customer bill impacts and reliability. Marsh countered that the projects provide significant benefits, including cost-sharing and major grid resilience enhancements from new 500 kV lines. He stressed that the debate is more about 'how and where' to build, not 'if' the assets are needed.

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Executive Andrew Marsh confirmed strong interest and formal working groups for new nuclear in Texas, Mississippi, and Louisiana. Executive Roderick West declined to identify the new customer's industry or specific site, citing the need to respect customer confidentiality until a public announcement is made by them.

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EVP & CFO Trevor Mihalik explained that AEP has pre-funded its equity needs for the existing $54 billion plan, providing flexibility for the increase to $70 billion. He noted that while the new capital supports the 6-8% growth rate, the company will remain disciplined before revising it. Mihalik confirmed that new mechanisms, like the Texas UTM, are expected to increase earned ROEs by 50-100 basis points in that jurisdiction, boosting the consolidated ROE.

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Linn Evans, President and CEO, expressed confidence in eventually achieving similar wildfire legislation in Colorado and South Dakota, citing timing as the current consideration. Marne Jones, SVP and Chief Utility Officer, stated that while the current data center model is capital-light, future growth presents opportunities for investment in both transmission and generation to meet customer needs.

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President and CEO David Hutchens clarified the load will begin to ramp in 2027 to a 300 MW first phase. EVP and CFO Jocelyn Perry confirmed that credit metric forecasts remain unchanged, with FFO to debt still projected to average over 12%. She explained the FX assumption was held steady due to high volatility, with an update planned for the fall alongside the new 5-year plan.

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CEO Lloyd Yates outlined four key advantages of Genco: protecting existing customers by separating costs, providing faster speed-to-market, offering flexibility in negotiating risk and return, and preserving the core business model's integrity. Executive Shawn Anderson added that the structure provides flexibility for the lowest cost of financing.

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President and CEO Lloyd Yates described the vertically integrated model as a 'competitive advantage' for speed to market and stated that matching the build pace to demand is a key focus for 2025. EVP Michael Luhrs added that the model helps mitigate capacity price risk by keeping supply and demand in balance and that stakeholder discussions on these topics are already underway through the IRP process.

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Chairman, President and CEO Joseph Nolan deemed it premature to comment on the Massachusetts gas proposal. On the Connecticut legislation, he expressed confidence in the sale's approval, noting the same body recently passed the enabling law. Executive VP and CFO John Moreira confirmed that backing into rate increase assumptions from the provided cash flow data was a 'fair assumption.'

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EVP, CFO and Treasurer John Moreira explained that Performance-Based Ratemaking (PBR) provides rate stability through annual adjustments, mitigating the volatility of general rate cases. He praised the collaborative ESMP model in Massachusetts for balancing investment needs with stakeholder input, calling it a great model for enabling electrification.

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CEO Robert Blue stated they are not pursuing a restart of V.C. Summer but are focused on legislative efforts in South Carolina to address regulatory lag and authorize new generation. CFO Steven Ridge explained that storm costs, biased toward capital, will be deferred, and they will pursue securitization for costs exceeding $100 million. Regarding the Amazon MOU, Blue noted that while special contract rates are a possibility, he could not provide specifics beyond the guiding principles of mitigating risk for customers and the company.

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CFO Dan Tucker explained that the Georgia Public Service Commission has flexible tools at its disposal. He noted that historically, recovery periods have varied from a couple of years to as many as six years, depending on the magnitude of the storm and other rate considerations at the time.

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Chairman, President and CEO Robert Frenzel explained the 'constructive' trial structure, which separates the determination of liability from potential damages, with the first trial set for September 2025. On customer impact, he stated that bill increases are expected to be benign, referencing a Colorado filing that showed a 2.2% long-term annual increase. EVP and CFO Brian Van Abel added that over the next five years, the bill impact is projected to be a manageable 1-3% annually, aided by the company's low starting point on customer energy costs.

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CEO Calvin Butler indicated it's too early to predict 2025 legislative action but noted a growing sense of urgency. COO Michael Innocenzo and CFO Jeanne Jones explained their position on co-location covers three areas: reliability studies, fair rate design for grid costs, and resource adequacy. EVP Colette Honorable clarified the regulatory framework, where FERC has the federal mandate for reliability, PJM implements it regionally, and states handle retail rate design, creating a multi-layered process.

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