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CEO & President Nicole Kivisto explained that the Baker storage project and the Bakken East pipeline are considered separate, and a successful Bakken East project could create new storage expansion opportunities. CFO Jason Vollmer attributed the narrowed EPS guidance to Q2 weather impacts and higher operating costs, noting these factors are not expected to represent a long-term trend but made the high end of the previous range unlikely.

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Executive Jason Vollmer stated the next step for Bakken East involves formalizing agreements with interested parties rather than a new open season, and that potential tariffs are a manageable cost. President and CEO Nicole Kivisto explained that new wildfire legislation formalizes existing mitigation plans and provides liability limitation. Vollmer clarified the ATM program size is undetermined but is for future needs starting in 2026, and confirmed the 6-8% long-term EPS growth rate can be based on either adjusted 2024 results or the 2025 guidance.

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Nicole Kivisto, President & CEO, stated that MDU's primary focus is on its significant organic growth opportunities but affirmed the company will continue to evaluate acquisitions that create value for shareholders, customers, and employees, consistent with its historical approach. Both Kivisto and Rob Johnson, President of WBI Energy, confirmed this applies to the pipeline business, which has numerous organic projects but remains open to strategic acquisitions. Regarding gas storage, Kivisto explained that the company does not break out the specific financial contribution but acknowledged it was 'outsized' relative to expectations and that strong demand for storage services is expected to continue, with formal 2025 guidance to be provided in February.

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Jeffrey Thiede, President and CEO of Everus, attributed revenue delays to a misalignment between new project starts and large project completions, particularly in the Las Vegas commercial market, but expressed confidence in future quarters. He credited the higher margin profile to strong project execution. On the Ohio data centers, he stated there has been no impact from PJM workshops. Jason Vollmer, an MDU executive, addressed the spin-off, confirming a late 2024 timeline and stating that while no final decision on retaining an equity stake has been made, the goal is to ensure both companies are well-capitalized post-spin.

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CEO David Campbell expressed high confidence, noting Evergy is working with a leading, seasoned EPC provider using proven technology. He highlighted the region's access to a skilled workforce and major EPC headquarters. Campbell confirmed that the contractual agreements provide strong commitments and protections, making him feel good about achieving the planned commercial operation dates.

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Chairman and CEO David Campbell responded that speed is a primary interest for these customers, involving both generation and T&D availability. He expressed confidence that for the customers in advanced discussions (500-1,000 MW), Evergy can line up opportunities to meet their load needs and timelines, even if customers would always prefer to move faster.

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President, CEO & Chairman Ted Geisler stated that the pipeline was necessary to ensure long-term, affordable reliability for existing customers and the already committed queue, even without any new uncommitted growth. He asserted that the investment is easily demonstrated as prudent and necessary for the current customer base. He also confirmed the company has commercially secured rights to flex up its capacity procurement on the pipeline if needed.

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CEO Ted Geisler clarified that the comments referred to the Cholla Power Plant, which was retired earlier in the year due to federal requirements and unfavorable economics. He confirmed the plant is expected to remain retired, with replacement generation already procured. The company is now exploring repurposing the site for new technologies like nuclear or gas generation.

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President & CEO Lloyd Yates clarified that Genco declination and counterparty negotiations are separate processes and a Genco approval is a tool for speed, not the only option, citing House Bill 1007 as an alternative. EVP & Chief Commercial Officer Michael Luhrs added they are working on multiple parallel streams. Regarding Schaeffer, Yates stated that conversations with state and federal regulators about cost recovery are ongoing.

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A NiSource executive stated that major labor contracts, including NIPSCO and Pennsylvania, are set for renegotiation in 2026. CEO Lloyd Yates noted that load from the EV supply chain is 'extremely minimal.' Executive Shawn Anderson clarified that EV battery manufacturers are primarily large natural gas customers, driving infrastructure expansion.

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EVP Michael Luhrs stated that while not providing commercial specifics, NiSource has been 'appropriately planning' and 'positioning ourselves effectively' for generation needs. EVP and CFO Shawn Anderson clarified that the CapEx increase is thematically driven by 'additional work, not the cost of the same work,' citing rising compliance and regulatory requirements from bodies like the EPA, MISO, and PHMSA.

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Chair, President & CEO Ralph LaRossa explained that any future bill deferral would be a discussion with the new state administration. He characterized the load growth as numerous smaller projects rather than hyperscale facilities and confirmed a portion of the Core Weave development is in their projections. EVP & CFO Daniel Cregg added that the next capacity price impact on bills is not expected to be as significant as the last one.

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Ralph LaRossa, Chairman, President and CEO, explained that the ongoing settlement discussions for the EE2 filing are the primary policy response to offsetting future load growth. He defined feasibility studies as the engineering analysis phase before a formal new business request is made. Daniel Cregg, EVP and CFO, added that at this stage, the focus is more operational than legal or regulatory.

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Executive Vice President and CFO Daniel Cregg suggested that contracts would be long-term, reflecting the significant, long-life nature of data center investments, and expressed confidence in the region's transmission capacity. Chair, President and CEO Ralph LaRossa added that he believes New Jersey already has sufficient tools and economic development initiatives to attract new businesses without requiring new legislation.

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EVP and CFO Dan Craig suggested that contracts would be long-term, given the significant investment required to build a data center. He also expressed confidence in the region's transmission preparedness. Chair, President and CEO Ralph LaRossa stated that he believes New Jersey already has sufficient tools and economic development programs to attract new businesses and does not foresee the need for additional legislative changes.

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EVP, CFO & Treasurer John Moreira explained the key clarification was that regulators cannot apply hindsight in rate recovery; prudency must be judged based on facts known at the time of the decision. CEO Joseph Nolan added this improves his confidence in making large investments, as it reduces the risk that 'the rules could change down the road.'

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John Moreira, CFO, explained the court's key finding was that regulators cannot apply hindsight; prudency must be judged based on facts known when an investment is made. Joseph Nolan, CEO, added that this ruling improves his confidence in making future capital investments like AMI, as it reduces the risk of rules changing after the fact.

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CEO Andrés Gluski clarified that there is currently no cash flow from Maximo in the financial plan, as it's being used internally before potential commercialization around 2027. He explained that AES has continuously built gas plants (e.g., in Panama, Indiana) and is ready to do more if customers demand it. Gluski also agreed that policy uncertainty could create consolidation opportunities, noting AES has a history of acquiring smaller developers.

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CFO Stephen Coughlin stated that conditions in Colombia are already improving, with Q4 expected to be higher than last year and a return to normal or better hydrology in 2025 due to La Nina. Regarding Southland, he explained that for 2025, the company has already hedged over 95% of the energy at values exceeding the PPA's put option, and the decision for 2026 will be made later based on market conditions.

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President and CEO Pedro Pizarro stated the program is 'totally decoupled' from legislation and is designed to support the community and expedite claims, which can lower overall costs. EVP & CFO Maria Riccardi added it represents good stewardship of the wildfire fund. Regarding subrogation, she noted that while the fund administrator (CEA) is monitoring the issue, she does not believe their intent is to jeopardize utility access to the fund.

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President and CEO Pedro Pizarro asserted that the program's timing is unrelated to the legislative session and is driven by the desire to support the community, given the company has disclosed a probable loss. Executive VP & CFO Maria Riccardi added that expediting claims is beneficial for victims and is also good stewardship of the wildfire fund, as it can mitigate legal fees and cost escalation. Regarding subrogation, she stated that while the fund administrator (CEA) is monitoring the issue, she does not believe their intent is to put utilities at risk of accessing the fund.

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Executive Steven Powell explained that while the core strategy of grid hardening remains, the plan is always evolving, with more undergrounding now planned for the burn-scarred areas. CFO Maria Rigatti noted it is premature to provide a timetable for accessing the fund, as the investigation and potential settlement processes must come first. She also reiterated that a $1 billion self-insurance layer must be used before drawing from the fund.

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Executive Steven Powell stated that the scale of the rebuild, while massive for the community, is not significant enough to meaningfully impact the company's overall annual plans or broader supply chains, noting the 800 miles of covered conductor installed last year is an order of magnitude larger. CEO Pedro Pizarro added that the rebuild will be a gradual process. He also clarified that the investigation protocols are being determined through a court process, with a judge overseeing discussions among the parties.

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EVP and CFO Maria Rigatti explained the decommissioning trust update is a standard triennial process and has no impact on the financing plan. Regarding 2025 offsets, she cited better-than-assumed financing costs managed over the past four years and flexibility in the timing of O&M reinvestments, such as pulling forward inspection and maintenance projects.

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CEO Patti Poppe described the holistic study as a partnership with the state to address the insurance market, building codes, and community hardening. EVP & CFO Carolyn Burke explained that while the SB 410 PD allows for more funding, any new capital might not be additive but could instead make the plan 'better' by prioritizing affordability projects or 'longer' by extending the growth runway.

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CEO Patti Poppe noted that 'lots of ideas are on the table' for the wildfire fund but was hesitant to get ahead of policymakers. She clarified the 90% figure applies specifically to the 1.4 GW of projects in final engineering, which have already completed cluster studies and have signed agreements, providing a strong basis for their expected completion by 2030.

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CEO Sam Pollock explained that collaborations between Brookfield entities are common, allowing them to pursue complex energy deals. He highlighted the growing need to combine conventional fuels like gas with renewables to power data centers as a key opportunity. He declined to comment on market speculation regarding AES, citing the company's policy not to comment on transactions.

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Roberto Marcogliese, Head of Telecom North America, stated that the impact from Stargate is limited as their Texas campus is fully leased long-term, and that development will not slow as capacity is largely sold out for the next 3-4 years. CEO Sam Pollock and Mr. Marcogliese both confirmed that risk is mitigated through take-or-pay contracts that explicitly do not include 'cancel for convenience' clauses for tenants.

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President and CEO Karen Haller confirmed the commitment to separating Centuri, noting that an S-3 filing is now possible, which will speed up market execution. She also stated the earnings delay was a Centuri issue and did not result in any changes to Southwest Gas's internal controls. Justin Brown, President of Southwest Gas Corporation, explained that guidance does not yet include impacts from the SIM, pending its final approval. CFO Rob Stefani clarified that while a faster PGA refund is possible with cash on hand, any need for ATM issuance is primarily dependent on the form and timing of the Centuri separation transaction.

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CFO Robert Stefani attributed the financing plan change to strong cash balances resulting from the full collection of the Purchased Gas Adjustment (PGA), obviating the need for equity this year. He clarified that O&M guidance is on a per-customer basis and that the company's optimization program supports its net income goals. Justin Brown, President of Southwest Gas Corporation, stated that the company does not expect the election results to impact the timing or outcome of its rate case, as the results were largely anticipated.

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CEO John Akers described expansion planning as a continuous process driven by city growth models, population forecasts, and anticipated demand. He clarified that the review of demand from local distribution companies is currently ongoing and will be finalized before the next heating season to determine if any adjustments to the plan are required.

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John Akers, President and CEO, responded that the company is monitoring the tariff situation but currently anticipates a low impact, and confirmed that annual recovery mechanisms exist in nearly all jurisdictions. Regarding potential growth in Abilene, Akers explained that a new customer on the APT system would likely be served on an interruptible basis, with any upside shared with existing customers via the 75/25 sharing mechanism.

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SVP and CFO Christopher Forsythe stated that bad debt expense is expected to be relatively flat year-over-year as it normalizes to pre-pandemic levels. He noted that customer growth assumptions are in line with recent strong trends. Regarding O&M, Forsythe anticipates a gradual 4% increase each year, though some quarterly lumpiness could occur due to the timing of operational work.

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CFO Kimberly Fontan explained that traditional industrial customers and data centers are planned for separately; traditional customers are in a probability-weighted forecast, while data centers are treated as binary additions, so they are not mutually exclusive. CEO Drew Marsh added that large customers like data centers make long-term, multi-decade investment decisions that look past near-term macro effects like recessions or tariffs.

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CEO Robert Frenzel explained that they support the proposed Texas legislation, which includes state-wide pole inspection programs and an affirmative defense for utilities with approved wildfire plans, but do not see it leading to significant new investment beyond their existing System Resiliency Plan. CFO Brian Van Abel added that they have not had specific discussions with rating agencies on transferability scenarios, viewing the elimination of the provision as a low-likelihood event, and their annual meetings are in September.

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CEO Doron Blachar explained that Ormat is pursuing a dual strategy, negotiating with hyperscalers both directly and through utilities to maximize profitability. He clarified that the 'north of $100/MWh' PPA pricing includes all attributes of the renewable energy, such as RECs, for the full term of the contract. He suggested this comprehensive structure, along with geothermal's emission-free profile, may differentiate it from pricing cited by others.

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CEO Chris Womack stated he was not aware of any specific legislative efforts in Alabama for data centers beyond general economic development incentives. CFO Dan Tucker added that Alabama Power already has 'tremendous flexibility' in how it contracts with large load customers, and no tariff changes are considered necessary to attract and appropriately price for that growth.

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President and CEO William Fehrman expressed high confidence in the load forecast, noting it is backed by signed customer contracts. EVP and CFO Chuck Zebula stated that the company would need time to evaluate the potential impacts of any changes in federal policy after the election.

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CEO William Fehrman expressed high confidence in the load forecast, noting it is backed by signed customer contracts. CFO Charles Zebula deferred comment on potential tax and tariff impacts, stating they would be evaluated as future administration policies become clearer.

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