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Chair, President and CEO Lawrence Coben stated that positive developments in PJM, including data center demand and capacity market tightening, provided comfort, noting the deal is highly accretive even without significant price increases. He confirmed no customer deals are currently tied to the assets. CFO Bruce Chung added that collateral efficiencies will be realized internally by matching the new generation with the existing C&I book.

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Lawrence Coben, Chair, President and CEO, affirmed that the intention is for the 'vast majority' of the new capacity to be contracted, aligning with NRG's strategy to avoid significant merchant risk. He explained that the projects are expected to be funded through a combination of internally generated cash flow and leveraged contracts with partners, while also remaining open to accretive partner capital.

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Chair and CEO Lawrence Coben confirmed an update on the development sites is scheduled for the Q4 call, noting significant interest in both PJM and Texas. He explained that value from these deals might be incorporated into raised guidance rather than specific announcements due to potential confidentiality. Regarding the growth plan, Coben expressed high confidence in achieving the $750 million annualized EBITDA target, which requires a total investment of $1.6 billion, and stated the company sees upside potential across all initiatives.

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President and CEO James Burke explained that deal structures are dictated by unique customer needs and that Vistra's team remains highly engaged in discussions. He noted that from Vistra's perspective, colocation is still viewed as a speed advantage and it's too early to say pricing is harmonizing between different deal types. Burke stated that regulatory clarity from SB6 would unlock numerous deals across Texas, not just one, by making long-term contracting more straightforward.

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James Burke, President and CEO, stated that while the PJM auction result is a positive signal for investment, it's still early and one data point. He affirmed confidence in the 2026 outlook, noting that hedging and portfolio diversity provide resilience against softer power curves, and the PJM results position them strongly above the $6 billion+ figure. He also confirmed that data center customer conversations have not slowed, emphasizing the complexity and long-term nature of these deals.

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CEO Vincent Sorgi explained that the regulated utility model offers more stability and predictability for power prices on long-term assets compared to the competitive market's short-term signals. He affirmed PPL is ready and willing to build and own generation in Pennsylvania. CFO Joe Bergstein stated that while the ATM program is the base case for equity needs due to its efficiency, the company remains opportunistic and will assess all options to achieve the most efficient cost of capital.

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President and CEO Vincent Sorgi explained that the auction delay reinforces the need for a state-level legislative solution in Pennsylvania, which he hopes will proceed in early 2025. He noted that direct utility investment in generation would be the most impactful solution. For Kentucky, he clarified that capital needs are primarily for generation, not transmission, as new power plants can be sited opportunistically near existing infrastructure, unlike in Pennsylvania.

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Executive Michael Luhrs clarified that a special contract with a customer could be announced before the Genco structure is finalized, as it allows flexibility to meet customer needs with PPAs between Genco and NIPSCO subject to commission approval. CEO Lloyd Yates confirmed that the $2.2 billion upside plan is for regulated utility projects and any data center capital would be incremental.

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CEO Lloyd Yates declined to narrow the 2025 timeline for a data center deal but affirmed his optimism and stated that conversations are progressing very well. EVP and CFO Shawn Anderson addressed financing, stating the most efficient source is outperformance on cash from operations, which will be the first avenue. He noted the successful use of junior subordinated notes in 2024 provides another option not currently required in the base plan. Anderson confirmed he is absolutely comfortable that the current ATM, internal cash flow, and junior subordinated notes are sufficient to fund higher CapEx without needing additional equity.

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CEO Harry Sideris noted the capital plan was just updated in February. CFO Brian Savoy added that while major updates are typically annual, they would inform investors if a catalyst emerged. Regarding credit metrics, Savoy indicated that a more defined target range could be provided in the next update cycle, possibly in February.

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CFO Brian Savoy confirmed the company is alluding to earning in the top half of its 5-7% EPS growth range, particularly in 2027-2029, and will provide more specific credit metric targets as the plan progresses. President Harry Sideris added that hyperscaler customers are proceeding 'full speed ahead' with projects, as efficiency gains may increase overall AI demand, and that near-term growth is driven by cloud computing before generative AI load accelerates later in the plan.

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CFO Brian Savoy explained that while storms would temporarily impact credit in 2024, FFO to debt is projected to be in the "high 13s" and recover to 14% in 2025. He noted that without the storms, the metric would have been 14% or higher. Savoy also confirmed the tax credit monetization is on track for the upper end of its $300-$500 million target for the year. Regarding load growth, both Savoy and CEO Lynn Good indicated that while the 1.5%-2% CAGR is maintained for now, it is trending toward the high end and is expected to be revised upward in February, with acceleration in 2027-2028 due to significant economic development projects.

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William Fehrman, President and CEO, expressed optimism about the West Virginia case, highlighting that securitization could reduce the bill impact for customers by nearly 75%. He noted that while the decision rests with the commission, discussions are ongoing. Regarding hyperscalers, Fehrman stated that overall demand remains robust, with a backlog of over 500 customers requesting to connect 180 gigawatts, ensuring that any single customer's delay does not impact their strong growth outlook and capital plan.

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Trevor Mihalik, EVP and CFO, affirmed the 14% to 15% FFO to debt target, noting a potential near-term dip due to a Moody's calculation change but remaining above the 13% downgrade threshold. He explained the $2.8 billion transmission sale significantly reduces the equity need, with the remainder to be addressed via securitization, hybrids, and judicious equity issuance. President and CEO William Fehrman added that significant load growth is occurring in Ohio, Texas, and Indiana, and emphasized that new tariffs are designed to ensure incremental costs are borne by the new customers.

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President and CEO William Fehrman highlighted ongoing transformation and cost-reduction initiatives as potential upsides, noting that while the 20 GW load is in the plan, there's an additional $10 billion in uncommitted infrastructure opportunities. EVP and CFO Chuck Zebula added that 2025 funding needs would be met through a combination of equity, equity-like products, a lower dividend payout ratio over time, and potential asset monetization.

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CEO William Fehrman confirmed ongoing cost-reduction efforts and noted that while the 20 GW load is largely in the plan, there is upside potential. CFO Charles Zebula detailed that funding will come from a mix of equity-like products, a decoupled dividend growth rate, tax credit monetization, and potential asset sales, with equity support required in 2025.

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CFO Maria Rigatti explained that the company can continue executing its capital plan despite the GRC delay by adjusting spending in the later years of the four-year cycle. For incremental CapEx, she stated that financing would align with the authorized capital structure and that she does not foresee a need for capital structure waivers, as the company has significant financing capacity.

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EVP and CFO Maria Rigatti explained that the company would first consider reducing the planned $100 million annual equity issuance and would evaluate retiring hybrids closer to their reset dates. She noted the operational variance benefits come from a combination of favorable financing costs and flexibility in the timing of O&M reinvestment. President and CEO Pedro Pizarro reiterated the commitment to meeting financial targets.

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EVP and CFO Rejji Hayes confirmed about $700 million in financing remains at the parent for the year, with a focus on executing the current $3.7 billion utility CapEx plan, not pull-aheads. President and CEO Garrick Rochow stated that future capacity needs, including natural gas and carbon capture, will be detailed in the 2026 IRP. Hayes clarified that while some cost offsets are one-time, the CE Way operating system consistently delivers recurring savings, which are expected to continue.

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President and CEO Garrick Rochow confirmed that CMS Energy's service territory has the necessary electric infrastructure to serve new data centers and highlighted the attractiveness of Michigan's clean energy law. He noted that a tariff filing has already been approved to better reflect the cost to serve data centers, with further work on rate structures expected over the next 6-12 months. Regarding storm audits, Rochow stated the findings are supportive of the company's $7 billion reliability road map and will be incorporated to enhance proactive investments, which are more cost-effective than reactive repairs.

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President and CEO Garrick Rochow stated that strong economic growth is driving higher demand than forecasted in the 2021 IRP, creating upside capital opportunities that will be reflected in the REP and future financial plans. Regarding the rate case, he noted that while the company is always open to settlement, it is confident in its filing, which is focused on reliability investments.

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David Campbell, Chairman and CEO, stated that customer announcements are expected later in the year, and Evergy will update its guidance in tandem with those announcements. Regarding the Kansas GRC, Campbell explained the commission's decision on capital structure was procedural, moving the issue into the main rate case where Evergy will pursue a constructive settlement.

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Chairman and CEO David Campbell stated that the current plan, which includes only the three announced customers, provides high confidence in achieving the top half of the 4-6% range. He clarified that landing additional large loads would represent upside opportunity and "real tailwinds." Regarding the workshop, Campbell described it as a non-decisional dialogue to establish a stable framework for capital structure, with outcomes expected to influence the 2025 Kansas rate case.

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Executive Brian Tierney explained that the primary driver for the O&M change was the committed spending in the Pennsylvania rate case settlement, while O&M is being held flat elsewhere. He stated the management team would be disappointed not to reach the upper end of the 6-8% growth range. Regarding the Ohio audit, he noted the proposed 9.63% ROE is consistent with peers and the company will file its response within 30 days, maintaining its position on capital structure and a higher ROE.

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Executive Brian Tierney confirmed the large load requests, primarily from data centers, are credible and that FirstEnergy has available transmission capacity from former industrial sites. He characterized the ESP V withdrawal as a strategic risk-reduction measure to better align regulatory timelines, not a financially significant event, and noted it simplifies the general rate case.

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CFO Kevin Christie expressed confidence in achieving the midpoint of the 2025 guidance ($2.62), noting the company has proactively included an expected drag from the Energy Recovery Mechanism (ERM) and set the contribution from 'other businesses' to zero. He affirmed that 2025 serves as a new, solid base year for the 4-6% long-term growth target. Regarding the Idaho rate case, Christie stated it is in the early stages, with a potential technical hearing in late July, but the company is actively working towards a settlement, a strategy that has been successful in the past.

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CEO Jeffery Martin and CFO Karen Sedgwick explained the 2025 guidance revision was driven by several factors, including a lower-than-expected California GRC final decision, the removal of the FERC CAISO adder, the strategic decision for Oncor to file an early base rate review, the previously announced delay of ECA LNG Phase 1, and higher parent-level interest expense. Martin confirmed that Sempra expects to achieve a CAGR of 9% or higher within the 2025-2029 plan, exceeding the long-term guidance range.

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Jeffery Martin, Chairman and Chief Executive Officer, affirmed that the company feels 'very comfortable' with the $3 billion ATM size. Regarding the GRC, he stated that while some aspects are constructive, there are opportunities to improve the decision on safety and reliability, such as wildfire mitigation and integrity management. He emphasized a collaborative approach to reach a constructive outcome without suggesting a CapEx pullback.

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Chairman and CEO Jeff Martin acknowledged disappointment with the ECA schedule change but reaffirmed that the project remains on track to meet its mid-teen equity return targets and that the company is reconfirming its 2024 and 2025 EPS guidance ranges. EVP and CFO Karen Sedgwick added that mitigation levers include asset optimization and incremental growth opportunities at Sempra Texas. Regarding the GRC, Mr. Martin expressed high confidence in a final decision by year-end, noting the retroactive nature of the rates, and stated the company will be able to provide a strong guidance update on its Q4 call.

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Senior Vice President of Finance and CFO Joseph Trpik confirmed openness to an equity contribution for a wildfire fund, provided liability and conduct standards are addressed. He noted earnings would be at the lower end of the 5-7% range in years without major RFP investments and that the 2025 guidance does not assume recovery for the Seaside project. He also indicated a holding company action is likely this year.

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President & CEO Maria Pope stated that PGE is actively engaged with state and national partners and expects multiple wildfire-related bills in the next legislative session. She expressed confidence in the durability of industrial growth, citing a diverse ecosystem beyond just one company. Pope also confirmed that more work is needed to relieve transmission congestion, highlighting key partnerships and projects.

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President and CEO Lisa Barton stated that the Q1 2025 earnings release will provide a clearer line of sight on the growth outlook, incorporating the full 1.9 GW from Cedar Rapids and the new Wisconsin facility. She indicated a current capital allocation focus leaning more towards generation and less on distribution. Barton also clarified that Phase II in Iowa represents the 800 MW portion of the 1.9 GW total, involving two separate data center customers.

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CEO Jason Wells confirmed a commitment to a new 10-year capital plan update in 2024, likely after a May regulatory decision on transmission voltage standards. CFO Chris Foster stated that 2025 equity needs are covered and future needs will be met via the ATM, while also consistently evaluating asset optimization as a funding source. Wells added that a comprehensive financing update will be provided later in the year.

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CEO Jason Wells expressed high confidence in the 2025 guidance, citing an 11% rate base CAGR over the last two years and new rates in three other jurisdictions as key drivers. He stated the Houston rate case timing is not a major factor for 2025. Regarding the equity plan, Wells highlighted a track record of efficient capital raising and noted that $3 billion in upcoming cash inflows from divestitures and securitizations provides significant flexibility, suggesting pre-funding is not the immediate strategy.

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Chairman, President and CEO Joseph Nolan stated that Eversource is indifferent on the number of PURA commissioners, emphasizing the need for a fair and transparent process. Executive VP and CFO John Moreira clarified that the financing plan keeps the FFO to debt ratio 'well above the Moody's downgrade threshold of 13%' and that a significant portion of storm cost recoveries are factored into the long-term forecast.

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Chairman, President and CEO Joseph Nolan confirmed active, high-level discussions among New England states regarding clean energy assets but was not privy to specific pricing details. EVP, CFO and Treasurer John Moreira stated that Eversource's previously announced loss on the offshore wind divestiture already accounted for the known construction issues with Revolution Wind.

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CFO Kimberly Fontan confirmed the CapEx increase is predominantly for generation and distribution to support growth, which is factored into the raised outlook. Chair and CEO Andrew Marsh elaborated that Entergy is exploring all forms of new nuclear, from large-scale reactors to SMRs, with a focus on risk profile and value. He noted that while conversations are mainly at the state level, federal interest is growing.

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Executive Kimberly Fontan confirmed the growth is supported by capital for a new customer with a signed ESA, and investments are recoverable under existing mechanisms like the FRP. Executive Andrew Marsh added the new customer covers its marginal costs, benefiting all customers. They both affirmed the ~200 MW capacity transfer is manageable within Louisiana's portfolio.

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CEO Martin Lyons explained that while the company has strong growth drivers, the significant sales and rate base growth are weighted towards the middle and end of the 5-year plan. He expects to deliver near the upper end of the 6-8% range in the latter part of the plan. Lyons also clarified that the current resource plan is designed to serve 2 gigawatts of new demand by 2032, with potential for more thereafter. EVP & CFO Michael Moehn added that the 10-year capital plan has increased to over $63 billion, underscoring the long-term growth pipeline.

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CEO Patti Poppe confirmed that the issue has the attention of policymakers and noted the appointment of Ann Patterson as Senior Counsel to the Governor on wildfire issues as a positive sign. Poppe explained the data center timeline is driven by customer demand and transmission build-out, with 1.4 GW having passed preliminary engineering. She highlighted the company's proactive Rule 30 filing to facilitate this growth.

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CEO Patti Poppe confirmed the $1 billion in capital was the key driver for the increased 2025 guidance. CFO Carolyn Burke explained that the capital was funded by a $1 billion junior subordinated notes issuance, which has 50% equity content, making it a credit-neutral transaction that does not alter the company's existing equity plans or its path to an investment-grade rating.

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CFO Jeanne Jones explained that Illinois is addressing the CMC roll-off as part of broader state-level discussions on energy security, similar to efforts in their other jurisdictions. Regarding Artificial Island, Jones reiterated their position that any colocation must be treated as network load with appropriate cost allocation. Executive Michael Innocenzo added that for any large connection, they work creatively with customers to meet their timelines, depending on the specific load and location, and are almost always able to find a solution.

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CEO Calvin Butler and EVP Colette Honorable clarified the 205 filings were made to proactively seek clarity from FERC on cost responsibility for co-located load, ensuring policy isn't set by one-off contracts. On Illinois, CFO Jeanne Jones noted that conversations are starting early to find solutions for reliable generation post-2027. Regarding resource adequacy, Mr. Butler stated there is alignment with peers on the core problem of reliability, but Exelon believes multiple solutions exist beyond regulated generation and will work with stakeholders on jurisdiction-specific options.

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Chair, President & CEO Robert Blue and EVP & COO Diane Leopold responded. Blue expressed confidence in the current cost estimates, noting that while PJM network upgrade costs are not final, the company's analysis is robust. He stated it's too early to determine the impact of potential tariffs but believes many components are finished goods and may not be subject to them, also highlighting the project's contingency and cost-sharing with Stonepeak. Leopold added that with the project 50% complete, risks are naturally decreasing as permits are secured, contracts are fixed-price, and fabrication is on schedule. Blue concluded that Dominion's focus is entirely on executing the current CVOW project.

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CEO Robert Blue explained that interest in Small Modular Reactors (SMRs) is driven by demand growth, carbon-free energy goals, and national security. He stated that any partnership, including with Amazon, must mitigate first-of-a-kind development and cost overrun risks for customers and the company. Blue noted that conversations with hyperscalers have focused on SMRs, not offshore wind, as future projects are still premature. He described the Integrated Resource Plan (IRP) as aggressive, with significant additions across all generation types to meet substantial demand growth.

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EVP, COO, and acting CEO Scott Doyle explained that settlement discussions can occur at any point during the rate case process. Regarding legislation, he clarified it would not impact the current case and noted that Spire is 'fully vested' in advocating for the gas utility-specific provisions within the proposed Senate Substitute Bill 4.

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Roberto Bel, Senior Vice President and Chief Financial Officer, affirmed that the company is trending 'well in our range' for its existing fiscal 2025 NFEPS guidance. Stephen D. Westhoven, President and CEO, added that CEV's out-of-state growth is a deliberate, long-term strategy and that near-term projects are not expected to be impacted by IRA-related issues due to prior safe harbor provisions.

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CEO Jeffrey Guldner stated that if the preliminary election results hold, the new commissioners are likely to align with the current bench on key issues like the regulatory lag docket, suggesting constructive work will continue. On load growth, Guldner emphasized its "stickiness," driven by a pivot to advanced manufacturing and data centers. CFO Andrew Cooper added that the growth is diversified across residential, small business, and large C&I customers, with Taiwan Semiconductor's ramp-up contributing to the 2025 outlook.

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President and CEO Joe Dominguez highlighted that Constellation operates in markets with robust transmission, noting the ComEd zone has significant export capabilities that are expanding with new projects. Regarding the FERC timeline, Dominguez acknowledged there is "not a quick fix" but stated that many parties are interested in moving forward. He believes the issue of powering AI is of critical national importance that transcends politics and expects FERC and other bodies will have to clarify rules quickly as the energy around the issue intensifies.

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CEO Joseph Dominguez stated that while the FERC process could affect timing, deals are not contingent on its conclusion, as contracts can manage potential outcomes. He emphasized that the economic viability of projects remains strong. Regarding PJM, he expressed confidence in market-based solutions, noting that key states prefer competition over re-regulation. EVP Kathleen Barron added that the FERC conference is a constructive, educational forum and that the narrow scope of the related deficiency letter is a positive sign.

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Executive Scott Lauber stated that discussions on the Point Beach PPA are constructive and progressing well, with more details expected in the next six months. He explained the infrastructure CapEx was reduced to prioritize significant regulated investment opportunities in Wisconsin, driven by strong economic development, not due to poor returns in the infrastructure segment.

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President and CEO Scott Lauber confirmed that the company has had 'good productive conversations' with NextEra about the Point Beach PPA. However, he stated that there was nothing new to report at this time and that discussions are ongoing.

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CFO Dan Tucker stated that Southern Power has a long-term opportunity to improve returns as contracts renew, noting capacity values have roughly doubled. He confirmed this doesn't curtail growth potential but will be managed with discipline, a point echoed by CEO Chris Womack. Regarding storm costs, Tucker said it was too early for a precise split but expects it to skew more toward capital than historically due to the extensive rebuilding.

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CEO Brian Bird acknowledged the commission's workload but expressed confidence in their filing's unique aspects. CFO Crystal Lail added that the electric request is differentiated because it includes a PCCAM base reset and a bridge rate for the Yellowstone facility, resulting in a minimal total bill impact. Regarding upside opportunities, Bird stated that various initiatives are in progress and simply require more time.

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Chairman and CEO Gerardo Norcia confirmed incremental investment opportunities in generation, driven by strong demand for the voluntary renewables program and new clean energy legislation. President and COO Joi Harris added that while the audit supports their current plan, it could lead to reprioritization and some increased spending in specific areas, governed by customer affordability. EVP and CFO David Ruud stated that while the full funding plan will be updated on the Q4 call, the company does not anticipate changing its minimal equity issuance guidance of $0-$100 million through 2026.

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Executive Joi Harris indicated that while a settlement is preferred, the company is confident in a constructive outcome if the case is litigated, noting the case is straightforward and not highly contested on rate design. CEO Gerardo Norcia detailed that Vantage's focus is on greenfield RNG and custom energy solutions. He added that asset optimization would only be considered if the non-utility business mix grew beyond 10% or if DTE faced significant equity needs.

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Chairman and CEO Gerardo Norcia and EVP and CFO Dave Ruud explained that the recent $2 billion CapEx increase already reflects the IRP and legislation, with further opportunities expected beyond the current 5-year plan. Ruud affirmed that strong cash flows and IRA tax credits support the plan with minimal equity (up to $100M annually through 2026), maintaining a 15%-16% FFO-to-debt target. Norcia added that recycling capital from Vantage is an option if it creates incremental shareholder value, but it's not necessary now.

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Ralph LaRossa, Chairman, President and CEO, stated that PSEG's plans would not be held up by the protest, as each deal is unique, and reiterated the company's focus on supporting New Jersey's AI initiatives. He confirmed that other nuclear upside projects, including fuel cycle changes and upgrades at the Salem units, are progressing on schedule without any identified issues.

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