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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.

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President and CEO James Burke stated his confidence in data center demand has increased over the last few months, driven by hyperscalers' rising CapEx commitments. An executive, likely CFO Kris Moldovan, estimated there is approximately $1.5 billion to $2 billion in unallocated cash for 2025-2026. Regarding coal plants, Burke noted that a potential executive order could delay compliance for the Martin Lake and Oak Grove sites, but retirements in Illinois and Ohio are governed by other rules and remain on their current timeline.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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