Steven Fleishman

Steven Fleishman asked about potential solutions in ERCOT to ensure co-located generation remains available to the grid during peak times, the potential impact of the recent election on new gas builds and the coal fleet, and for clarification on the 2026 EBITDA outlook being 'meaningfully higher' than $6 billion.

Answer

President and CEO James Burke confirmed Vistra sees solutions for grid availability, such as customer load response. Regarding the election, he highlighted Vistra's diversified business model as a hedge against policy shifts but noted a revised GHG rule could impact gas and coal assets. EVP and CFO Kristopher Moldovan explained the 'meaningfully higher' 2026 outlook reflects upside potential from open hedge positions and the pending PJM capacity auction results.

Steven Fleishman asked about the decision timeline for TEF-related projects, sought clarification on whether the nuclear PTC provides 'downside support' for 2025 because prices are above the floor, and questioned why the PJM auction upside for 2025 was only $200 million.

Answer

James Burke, President and CEO, explained that a go/no-go decision on the new peaker projects is expected around early summer 2025. He clarified that for the 2025 nuclear PTC, power prices are fluctuating right around the floor, making it valuable downside protection. Regarding the $200 million PJM upside, he noted it's an incremental increase over their prior assumptions and is muted by forward capacity sales within the retail business.

Steven Fleishman inquired about the extent of M&A opportunities Clearway is currently seeing, both from its developer parent and the broader market. He also asked how the company plans to fund potential billions in incremental investments, specifically if the current capital allocation framework can accommodate such upside opportunities.

Answer

Craig Cornelius, President and CEO, stated that Clearway is mindful of demonstrating sustainable growth using financing sources within its means. He emphasized that M&A investments must be meaningfully accretive, offer significant synergistic value, and be of a manageable size. Mr. Cornelius highlighted that incremental cash flow from acquisitions would primarily be directed towards reducing the payout ratio and increasing the self-funding nature of the business model, aligning with the company's declining payout ratio strategy.

Steven Fleishman asked about the extent of additional M&A opportunities Clearway is seeing and how the company plans to fund these potential upside investments, specifically whether the current funding framework can accommodate billions more in investment.

Answer

President and CEO Craig Cornelius stated that Clearway is mindful of demonstrating sustainable growth using financing sources within its means. He noted that M&A investments must be materially accretive, offer significant synergistic value, and be funded demonstrably within the company's ability and manageable bite size. He indicated that any further acquisitions would primarily aim to reduce the payout ratio and increase the self-funding nature of the business model.

Steven Fleishman of Wolfe Research sought confirmation on the terms of the shares issued to LS Power, asked for details on the deleveraging timeline, and questioned if the company remains bullish on its new-build generation strategy despite rising construction costs.

Answer

Chair, President and CEO Lawrence Coben confirmed the share issuance is a fixed amount with no collars. He outlined a deleveraging plan to reach ~3.5x leverage in year one post-closing and 3.0x within 2-3 years, funded by internal cash flow. He also reaffirmed the company's bullish stance on its new-build strategy, emphasizing the importance of 'additionality' for data center customers.

Asked about the pending unified tracker (UTM) bill in Texas and its interaction with the upcoming rate case, and also requested an update on potential changes to California's AB 1054 wildfire fund.

Answer

The Texas UTM bill is viewed as a separate, impactful initiative to reduce regulatory lag, while the rate case will proceed in Q2 to address cost structure. Regarding California, management is constructive and confident that stakeholders will extend and enhance the AB 1054 wildfire fund framework this year, noting SDG&E's lower risk profile.

Steven Fleishman from Wolfe Research, LLC inquired about data center development opportunities beyond Indiana, specifically in Ohio and Virginia, and asked for the company's perspective on the recent MISO capacity auction results.

Answer

Executive Melody Birmingham confirmed that NiSource is seeing data center activity in Ohio and is working with state and local entities. CEO Lloyd Yates added these opportunities primarily involve investing in natural gas infrastructure. Regarding the MISO auction, Executive Michael Luhrs stated the company is evaluating the results but feels well-positioned with its current IRP-based plans.

Steven Fleishman asked for details on the declination filing process, including the positions of other parties and the procedural schedule. He also questioned if FERC approval would be needed and if customer tone had changed recently regarding their desire to move forward.

Answer

EVP Michael Luhrs explained that they are working through questions from other parties and expect a ruling on the declination in Q3 2025, following the normal IURC process. EVP Melody Birmingham added it's a standard procedural filing and the team did significant upfront work with stakeholders. Luhrs clarified that while some administrative FERC filings may be needed later, FERC approval is not required to set up the entity or sign contracts. He also stated there has been no change in tone from customers; if anything, demand and opportunity continue to increase.

Steven Fleishman asked if recent pricing on power agreements is indicative of future deals, who bears transmission costs for front-of-the-meter contracts, and about the company's ability to sell power beyond the local zones of its plants. He also questioned the potential impact if IRA tax credit transferability were disallowed.

Answer

President and CEO Joe Dominguez confirmed customers bear transmission costs and that Constellation has long served customers across entire RTOs, not just locally. He suggested pricing will be consistent with new entry costs but declined to give specifics. Regarding the IRA, both Dominguez and CFO Dan Eggers stated the impact would be 'de minimis,' as Constellation expects to have sufficient tax capacity, especially post-Calpine, and might even become a buyer of credits.

Steven Fleishman of Wolfe Research requested more detail on the proposal for co-located nuclear power to be switched to the grid during emergencies and how it would be compensated. He also asked about the demand response potential from data centers and the potential timeline delay if shifting to front-of-the-meter structures.

Answer

President and CEO Joe Dominguez explained that during a grid crisis, the co-located nuclear unit would cut power to the data center and return to supporting the grid, a commitment understood by customers. He noted that for this to work, the capacity market needs to provide robust price signals to incentivize participation. Regarding a shift to front-of-the-meter, Dominguez acknowledged it might be a "bit of a longer solution" requiring more study, but believes it could be staged cooperatively without significant time loss.

Steven Fleishman sought more clarity on the colocation deal timeline given the FERC process and asked if the public and 'noisy' nature of the regulatory discussions was impacting customers' willingness to finalize agreements.

Answer

CEO Joseph Dominguez reiterated that deal timelines are not strictly bound by the FERC process, as contracts can be structured to handle regulatory outcomes. He acknowledged the process is noisy but stated it has not yet deterred customers, emphasizing that the significant economic development at stake has strong support from policymakers and labor unions, which encourages resolution. He framed colocation as a competitive advantage for states, not a zero-sum game.

Steven Fleishman questioned how CVOW contracts handle tariff risk, whether the project has become a political issue in the Virginia governor's race, and sought confirmation on the cost of the Chesterfield gas plant.

Answer

Robert Blue, Chair, President and CEO, confirmed that the contracts generally shift tariff cost risk to Dominion. He stated that CVOW has not been a topic in the gubernatorial race and noted that both party nominees have previously shown support for offshore wind. He also affirmed that the $1.5 billion cost for the 1-gigawatt Chesterfield plant is a solid number.

Steven Fleishman asked for an explanation for the slight reduction in the 2025 sales growth guidance, an update on the second unnamed Mississippi customer, and commentary on resolving staff opposition to new Texas generation plants.

Answer

CFO Kimberly Fontan attributed the sales guide adjustment to gaining more clarity on the timing and ramp-up of new industrial loads, while affirming overall sales remain strong. CEO Drew Marsh confirmed progress with the unnamed Mississippi customer is on track. Regarding the Texas plants, he stated there is no disagreement on the need for generation and believes the record supports moving forward quickly despite staff's preference for a full RFP.

Steven Fleishman asked if the nuclear production tax credits (PTCs) are included in the company's credit metrics, sought details on legislative efforts in Texas and Arkansas, and clarified if the updated plan includes a new Mississippi customer and the Meta expansion.

Answer

CFO Kimberly Fontan confirmed nuclear PTCs are not yet in their metrics pending Treasury guidance. CEO Andrew Marsh noted legislative efforts are focused on supporting growth and risk management, like accelerated cost recovery. Both executives confirmed the new customers are in the plan, but the sales impact from the Meta expansion is mostly beyond the forecast period, while investment impacts like AFUDC are included now.

Steven Fleishman sought to clarify if the updated guidance was solely due to one new customer, the cost basis for new gas plants, the reason for modest incremental equity needs, the status of credit metrics, and the company's risk approach to new nuclear development.

Answer

Executive Andrew Marsh clarified the capital plan includes other solar and transmission projects beyond the one customer. Executive Kimberly Fontan explained that strong incremental cash flow, partly from green tariffs, mitigates the need for higher equity. She confirmed credit metrics are comfortably above 14% and do not yet include a potential uplift from nuclear PTCs.

Steven Fleishman from Wolfe Research requested framing of the capital plan scenarios related to the upcoming 765 kV transmission decision and asked for an updated data center backlog number.

Answer

CEO Jason Wells explained that a 765 kV mandate would significantly increase costs and that the current CapEx plan is conservative pending the PUCT's decision. He then provided an update on the data center backlog, stating the total interconnection queue grew from 40 GW to 47 GW in just over two months, with 6 GW of that increase from data centers, bringing the data center-specific queue to approximately 20 GW.

Steven Fleishman asked for a comparison of CenterPoint's new 10 GW load growth forecast to what ERCOT previously used, how much of this growth represents upside to the current capital plan, and for an update on rating agency views.

Answer

CEO Jason Wells explained that the 10 GW forecast for the Houston area is a new addition to ERCOT's projections and represents at least a $3 billion CapEx tailwind not yet in the plan. CFO Chris Foster added that rating agencies are focused on the constructive Texas regulatory environment, the Houston Electric rate case settlement, and progress on storm cost securitizations, noting the company is ahead of schedule on some recoveries.

Steven Fleishman inquired if the forecasted 30% peak load growth through 2030 includes all planned updates for ERCOT and asked for an update on the company's standing with credit rating agencies.

Answer

CEO Jason Wells clarified that the 30% growth forecast is a confident baseline and that the full update to ERCOT could reflect even higher potential load. CFO Christopher Foster added that rating agencies are focused on both metrics and process execution. He noted the current FFO to Debt is 13.8%, above the 13% downgrade threshold, and that agencies are watching for the successful execution of securitizations and capital tracker filings.

Steven Fleishman asked about the domestic content qualifications for U.S.-assembled batteries, the financial health of suppliers absorbing tariffs, and how future legislation might affect the IRA's tax credit transferability provisions.

Answer

John Ketchum, Chairman, President and CEO, confirmed that NextEra's domestic battery contracts qualify for domestic content and include contractual protections against tariff exposure on imported components, backstopped by substantial credit. He expressed high confidence in suppliers' ability to meet commitments due to NextEra's significant buying power and strong contractual incentives. Ketchum also argued that tax credits and transferability are intrinsically linked and essential for monetizing credits for utility, nuclear, and manufacturing projects, expressing optimism that Washington understands this and will preserve the mechanism.

Steven Fleishman of Wolfe Research inquired about the structure of the new framework agreement with GE Vernova, asking about co-ownership and contract types, and also questioned the potential impact of the new administration's policies on wind energy and the Inflation Reduction Act (IRA).

Answer

CEO John Ketchum explained that the GE Vernova agreement involves a 50-50 joint venture for developing long-term contracted gas-fired generation assets, which could also include build-on-transfer options. Regarding policy, Ketchum stated that the administration's 'energy dominance' agenda requires all forms of energy, with renewables being immediately deployable. He expressed confidence in navigating potential challenges, noting that nearly all of NextEra's onshore wind projects are on private land and that the significant job creation and investment from the IRA, particularly in Republican states, makes a repeal unlikely.

Asked about the sustainability of the Inflation Reduction Act (IRA) under a potential Republican government, the company's data center strategy amid explosive demand, and their perspective on the hydrogen market following new draft guidance.

Answer

A repeal of the IRA is seen as unlikely due to historical precedent, the difficulty of overturning existing law, and the significant benefits the IRA provides to Republican states. On data centers, demand is explosive, and NextEra is deepening relationships with tech companies, with over 3 GW in the backlog for these customers. On hydrogen, the current draft guidance is viewed as too restrictive and costly; the company is advocating for a more relaxed, phased-in approach to kick-start the hydrogen economy.

Steven Fleishman asked for an update on the rating agencies' perspective following the recent wildfires and the potential impact of a downgrade on financing costs. He also sought more detail on the complexities of arranging the equipment investigation.

Answer

CFO Maria Rigatti acknowledged that rating agencies are focused on climate risk and that S&P has EIX on a negative outlook, but stated this is about the business environment, not credit metrics. She noted that any increased cost of debt for SCE would be captured in its upcoming cost of capital proceeding, and the company can manage current rate and spread changes within its existing EPS guidance range. CEO Pedro Pizarro explained the investigation delay is due to the legal process, requiring agreement on detailed protocols with multiple plaintiffs' attorneys to preserve evidence integrity.

Steven Fleishman asked for more color on the GRC decision timing, questioning the confidence in a first-half 2025 resolution, and inquired about the timeline for the next three-year cost of capital proceeding.

Answer

EVP and CFO Maria Rigatti expressed confidence in the first-half 2025 GRC timeline, noting that all parties have met deadlines and all documents are submitted. She stated that the next cost of capital proceeding for 2026-2028 will be filed in March 2025, with a decision expected by year-end, consistent with past commission track records. She also reiterated confidence in the 5-7% CAGR through 2028 regardless of the ROE environment.

Steven Fleishman asked for an update on the pension's funded status, the procedural schedule for the Ohio rate case, and the potential impact of pending Ohio legislation that could affect the Electric Security Plan (ESP) mechanism.

Answer

Executive K. Taylor reported the pension was approximately 84% funded at year-end. Executive Brian Tierney stated there is no procedural schedule yet for the Ohio rate case but expects an order by year-end. Regarding legislation, he stressed the importance of cost recovery trackers, whether in an ESP or not, to incentivize the company's $1 billion in annual Ohio investments and maintain the state's competitiveness.

Steven Fleishman sought clarification on the baseline for the 6-8% growth rate, whether 2025 earnings would fall within that range, and if proposed state-level generation solutions would require new legislation.

Answer

Executive Jon Taylor confirmed the 6-8% growth rate is based on the original 2024 midpoint and that 2025 is expected to be within that range, supported by the Pennsylvania rate case and formula-rate investments. Executive Brian Tierney explained that state-agency-led auctions would likely need legislation, while utility-owned generation might not in certain states, though the company is not pursuing competitive generation.

Steven Fleishman asked for Sempra's FFO-to-debt metrics for 2024 and 2025 and whether the new capital plan had been reviewed by rating agencies. He also inquired about the trajectory of earned ROEs in Texas and the timeline for them to align more closely with the allowed returns.

Answer

CEO Jeffery Martin and CFO Karen Sedgwick confirmed ongoing discussions with rating agencies. Sedgwick acknowledged that 2024 FFO-to-debt was below agency targets but stated the financing plan is designed to meet those metrics in 2025. Martin explained that Texas earned ROEs are impacted by regulatory lag from a backward-looking test year but are expected to be in the 8-9% range during the plan, improving toward the end with the help of the System Resiliency Plan (SRP) and more frequent rate cases.

Steven Fleishman asked for more detail on the tax-related benefits that could offset customer costs in the California GRC case and the potential impact of Sempra's proposed attrition adjustments. He also questioned if the announced Oncor capital growth is entirely incremental to Sempra's existing $48 billion plan.

Answer

Jeffery Martin, Chairman and Chief Executive Officer, explained that they are proposing tax benefits to lessen the rate impact of necessary safety investments but declined to quantify the effect to avoid front-running the regulatory process. He confirmed that the growth at Oncor is incremental to the current $48 billion plan, though the final capital plan is subject to a rigorous internal review process.

Steven Fleishman questioned why 2027 is a key year for a potential earnings rebasing and asked how the new data center contracting rules in Georgia differ from past practices.

Answer

CFO Dan Tucker explained that 2027 is a target for a potential rebasing because revenue growth from new large loads is back-end loaded, and by then, the headwind from refinancing low-cost parent debt at higher rates will have moderated. CEO Chris Womack noted that while many data center contracting practices were already in use, the new rules codify them, providing certainty. Tucker added that new collateral requirements will help filter out more speculative projects.

Steven Fleishman sought clarification on the FFO to debt target, the specific metric for year-end 2024, the timeline for the Revolution Wind project, and the status of the company's lawsuit against Connecticut's PURA.

Answer

Executive VP and CFO John Moreira stated the year-end 2024 FFO to debt was in the 'low double digits' and the goal is to remain 'solidly above' the 13% Moody's downgrade threshold. Chairman, President and CEO Joseph Nolan confirmed the Revolution Wind project is progressing on schedule and that there is no set timeline for a court decision on the PURA lawsuit.

Steven Fleishman sought to confirm that higher vessel costs for the Revolution Wind project were included in Eversource's impairment charge and asked for the primary reason behind the slight reduction in the full-year 2024 EPS guidance.

Answer

EVP, CFO and Treasurer John Moreira confirmed that vessel cost issues were known and factored into their charge when the sale was finalized. He attributed the 2024 guidance adjustment primarily to higher-than-planned interest expense, as anticipated Fed rate cuts occurred later than assumed.

Steven Fleishman sought confirmation that renewable energy tailwinds remain strong despite political changes and tariffs. He also asked if the increased focus on natural gas could drive more growth in Quanta's undergrounding business.

Answer

President & CEO Earl Austin confirmed that while the company monitors policy changes like Production Tax Credits (PTCs), the fundamental demand for all forms of generation will prevail over short-term political noise, as evidenced by long-term backlog growth. Regarding natural gas, he reiterated that Quanta will avoid risk on large combined-cycle plants but sees opportunities in supporting infrastructure and smaller single-cycle projects, which could benefit the underground business.

Steven Fleishman from Wolfe Research asked about the company's organic growth rate, noting the impact of recent acquisitions. He also sought clarity on the timeline for when data center-driven demand will begin appearing in utility capital plans and Quanta's backlog.

Answer

President and CEO Earl "Duke" Austin clarified that the traditional T&D business saw 5% organic growth in Q3 and is forecasted for double-digit organic growth for the full year. On data centers, he emphasized that the work must begin now due to long lead times for transmission and transformers, stating that the industry is in the very early stages of this multi-year build-out.

Steven Fleishman of Wolfe Research questioned if potential PJM transmission joint venture projects represent upside to the current capital plan. He also asked about the funding strategy for such incremental capital, the current sentiment from data center customers, and progress toward the full 1-gigawatt Bloom Energy partnership.

Answer

EVP and CFO Trevor Mihalik and President and CEO William Fehrman confirmed that potential PJM transmission awards would be upside to the $54 billion plan. Mihalik stated that incremental capital would be funded through internal allocation, cost discipline, and, if necessary, judicious equity issuance. Fehrman assured that data center customers remain 'full speed ahead' and that the initial 100 MW Bloom Energy project has proven to be a viable solution, with its capital outlay being part of the $10 billion incremental opportunity.

Steven Fleishman inquired about the expected earned returns on equity (ROEs) across AEP's utilities during the forecast period and sought clarification on the balance sheet outlook, particularly the FFO-to-debt metric following a planned methodology change by Moody's.

Answer

President and CEO William Fehrman stated the plan assumes a 9.1% ROE for regulated utilities and emphasized that improving customer service and regulatory relationships is key to increasing returns. He also confirmed that while the FFO/debt metric might dip below the 14-15% target, it will stay above the 13% downgrade threshold, and Moody's overall view of AEP's credit remains stable.

Steven Fleishman inquired about the outlook for earned returns on equity (ROEs) across AEP's utilities and sought clarification on the impact of a Moody's accounting change for deferred fuel on FFO metrics.

Answer

CEO William Fehrman stated the plan assumes a 9.1% ROE for regulated utilities and that improving customer service is key to better regulatory outcomes. He also confirmed that despite the Moody's accounting change, AEP's FFO will remain above its downgrade threshold and its overall credit view is stable.

Steven Fleishman followed up on the AB 1054 framework, asking about the legislative timeline for potential changes and the sense of urgency. He also questioned the relevance of PG&E's transmission wildfire mitigation efforts in light of recent events.

Answer

CEO Patti Poppe expressed optimism for legislative improvements before year-end, emphasizing the state's track record of constructive action like SB 901 and AB 1054. Regarding transmission safety, she stated that transmission has long been part of their mitigation plans, noting that 4 of 6 PSPS events in 2024 included transmission lines. Poppe reinforced that while they will learn from any investigation, the AB 1054 construct is designed for events where risk isn't zero and is working as intended.

Steven Fleishman asked for PG&E's perspective on Governor Newsom's executive order regarding energy affordability and how potential Department of Energy (DOE) loans might be affected by election outcomes.

Answer

CEO Patti Poppe stated that PG&E's 'simple affordable model,' which focuses on cost reduction and load growth, directly aligns with the governor's affordability goals. Regarding DOE loans, she noted the process is confidential but confirmed that any such funding would represent upside to the current financial plan and provide savings for customers, as it is not currently factored into their guidance.

Steven Fleishman from Wolfe Research asked for specifics on the capital allocated for large loads in the Illinois grid plan and inquired which of the pending FERC cases is most likely to provide clarity on the colocation policy.

Answer

CFO Jeanne Jones detailed that while over $400 million in distribution capital for large loads was not approved in the initial Illinois grid plan, the order allows for full recovery through annual reconciliation as the load materializes. She also noted a $1 billion increase in ComEd's transmission plan driven by this load. Chief Legal Officer Colette Honorable added that they are pleased with the new FERC Chair's focus on the issue and hope for clarity soon, potentially through a decision in their 205 docket expected by February 24.

Steven Fleishman from Wolfe Research inquired about the stance of the governors of Pennsylvania and Illinois on the co-location debate, particularly given public support for certain projects. He also sought clarification on the scale of incremental transmission opportunities within PJM.

Answer

CEO Calvin Butler stated that while he cannot speak for the governors, their primary concerns are reliability and affordability, and Exelon's position is that all grid users must pay their fair share, which aligns with economic development goals. COO Michael Innocenzo reinforced this. CFO Jeanne Jones confirmed the 'couple of hundred million' in opportunities relates to PJM's recent window and noted that Exelon always evaluates partnerships that deliver customer value.

Steven Fleishman asked if the 8,900-megawatt data center pipeline had changed and about the tone of recent discussions with hyperscalers. He also inquired why earnings for the SPS segment were flat year-over-year.

Answer

CFO Brian Van Abel confirmed the 8,900 MW pipeline figure is unchanged and that discussions with hyperscalers remain positive, with no change in tone or slowdown in demand. He explained that the flat SPS earnings were primarily due to the annualization of a wholesale customer's load rolling off.

Steven Fleishman asked for a reconciliation of the $6 billion CapEx increase with a smaller-than-proportional $0.5 billion equity increase. He also requested an update on wildfire mitigation actions, their effectiveness, and clarification on the accounting for increased insurance costs in 2025 guidance.

Answer

EVP and CFO Brian Van Abel explained that the financing mix was optimized due to benefits from a lower dividend growth rate and the timing of cash flows, while still maintaining stable credit metrics. Chairman, President and CEO Robert Frenzel detailed comprehensive wildfire mitigation efforts, including enhanced power line safety settings (EPSS), system hardening, and AI-powered situational awareness. Brian Van Abel added that constructive regulatory outcomes for the recovery of higher insurance premiums are assumed in the 2025 guidance.

Steve Fleishman asked for the rationale behind funding new CapEx with less than 40% equity, sought details on potential "alternative financings," and inquired about the future accounting treatment of the nuclear PTC.

Answer

CFO Andrew Cooper explained that incremental retained earnings and strong sales growth supported credit metrics, allowing for a more judicious equity need. On alternative financing, he mentioned they are open to options like DOE loan programs but prefer a straightforward capital structure. Regarding the nuclear PTC, management stated they are awaiting final guidance but emphasized the credit ultimately belongs to customers to manage affordability.

Steven Fleishman asked whether the various opportunities at the nuclear site—such as hydrogen, an offshore wind port, and data centers—are mutually exclusive or can be pursued simultaneously, and also inquired about New Jersey's grid reliability.

Answer

Chair, President and CEO Ralph LaRossa confirmed these are 'all of the above' opportunities, with the final mix determined by an optimization strategy aligned with state policy. CFO Daniel Cregg noted that nuclear uprates would meet hydrogen tax credit rules. On reliability, LaRossa expressed high confidence in New Jersey's grid, citing significant transmission and substation upgrades made after the 2003 blackout and Hurricane Sandy.

Steven Fleishman of Wolfe Research asked if the various development opportunities at the nuclear site—hydrogen, data centers, and the offshore wind port—are mutually exclusive or can be pursued concurrently.

Answer

Chair, President and CEO Ralph LaRossa confirmed that PSEG views these as "all of the above" opportunities and is pursuing an optimization strategy. He noted the port is already substantially built, and there is land for a data center or hydrogen facility, with the final mix depending on state policy and IRA rules. EVP and CFO Dan Craig added that a potential thermal uprate would meet key hydrogen tax credit requirements.