Travis Miller

Travis Miller from Morningstar questioned whether the 8.5% rate base growth forecast includes all new generation projects, the reason for the gap between rate base and EPS growth, and the timeline for achieving system balance between supply and demand.

Answer

CEO David Campbell clarified that the current capital plan and 8.5% rate base growth include some, but not all, of the generation projects from the IRP, with an update expected in February. He explained the EPS/rate base growth gap is due to the timing of capital deployment, which is weighted toward the later years of the plan. Campbell stated that balancing the system is a dynamic process, but the company has a robust plan to serve new customers and will provide a more balanced outlook at year-end.

Travis Miller of Morningstar asked for clarification on the construction and ramp-up timeline for data center projects and requested more detail on the drivers behind the Q1 weather-adjusted decline in residential demand.

Answer

Chairman and CEO David Campbell and EVP and CFO W. Buckler described the multi-year ramp-up for large loads as typical, noting some projects could begin impacting demand as early as late 2027. Regarding residential demand, Campbell attributed the Q1 anomaly to the difficulty of weather-normalizing extreme snow events and the impact of declining block pricing. Buckler added that on a rolling 12-month basis, residential demand showed healthy growth of 1.2%.

Travis Miller of Morningstar sought clarification on the 800 MW of 'actively building' load and inquired about Evergy's thoughts on alternative corporate structures, such as a Genco, to manage large investments.

Answer

David Campbell, Chairman and CEO, confirmed the 800 MW of actively building load corresponds to the projects on Slide 6, with 500 MW of that load expected by 2029. Regarding corporate structure, he acknowledged industry creativity but stated Evergy has not announced any plans for a Genco-type entity, though creative solutions could be considered for future projects.

Travis Miller of Morningstar asked for a breakdown of the incremental capital spending between generation and T&D. He also sought clarification on which gas plants are included in the current plan and inquired about the equipment procurement timeline relative to regulatory approvals.

Answer

Chairman and CEO David Campbell clarified that of the $3.7B incremental CapEx, about $2.4B is for generation and $1.3B is for distribution. He confirmed the gas plants through 2030 are in the plan, but a CCGT and CT for 2031-32 are not yet included. Regarding procurement, he stated that while some steps are being taken to secure slots, the bulk of spending will occur after receiving regulatory predetermination.

Travis Miller from Morningstar sought confirmation that Pinnacle West's 2026 guidance excludes any contribution from the pending rate case, and if so, what a potential dollar increase might look like in the latter part of the year. He also asked for elaboration on the 4.5 gigawatts of committed customers, including their identity, the breakdown between system-wide base (residential/small commercial) and industrial, and whether these would primarily go into the rate base or be managed through the subscription model.

Answer

Chairman, President, and CEO Ted Geisler confirmed that 2026 guidance makes no assumptions for the rate case conclusion, expected in Q4, and that reevaluation would occur post-conclusion. He explained the 4.5 gigawatts represents a diversified blend of incremental industrial growth (chip manufacturing, data centers) and robust residential/small business growth, underscoring Maricopa County's broad economic development. Geisler clarified that all investments, including those under the subscription model, enter the rate base, with the model primarily influencing cost recovery and financing.

Travis Miller from Morningstar asked for confirmation on whether Pinnacle West's 2026 guidance includes any contribution from the pending rate case and inquired about potential dollar increases. He also sought details on the 4.5 GW of committed customers, including their breakdown and whether these investments would go into the rate base or be part of the subscription model.

Answer

Chairman, President, and CEO Ted Geisler confirmed that 2026 guidance does not assume a rate case conclusion, which is anticipated in Q4 2026. He stated that the 4.5 GW of committed customers represents a diversified blend of industrial growth (chip manufacturing, data centers) and robust residential/small business growth, highlighting Maricopa County's economic development. Mr. Geisler clarified that all investments, including those under the subscription model, go into the rate base, with the subscription model serving as a special rate agreement to ensure growth pays for growth and aligns financing.

Travis Miller inquired about potential upside for capital investment in the distribution system due to peak demand and growth, and also asked which elements of the current rate case filing might be the most contentious.

Answer

President, CEO & Chairman Ted Geisler confirmed that distribution investment is directly tied to growth and resiliency needs across their large service territory, representing a continued growth opportunity. Regarding the rate case, he highlighted two unique components beyond standard recovery: the proposal for a formula rate mechanism and a new rate design for large customers to prevent cost-shifting, stating these are key focus areas for discussion with stakeholders.

Travis Miller of Morningstar sought technical clarification on the upcoming rate case filing structure and asked about underlying O&M expense trends for the quarter, excluding major outages.

Answer

CEO Ted Geisler explained the filing will be a traditional rate case based on a 2024 test year, which will also include a proposal for a forward-looking formula rate mechanism. CFO Andrew Cooper confirmed that core O&M is trending consistently with the annual plan, with Q1 lumpiness from planned outages and an IT project being anticipated and expected to balance out over the year.

Travis Miller from Morningstar sought clarity on the implementation timeline for formula rates, how ROE would be determined within that framework, and whether it could lead to a shift in capital allocation strategy.

Answer

President Ted Geisler outlined a potential timeline where formula rates would be implemented a year after the 2025 rate case concludes, with the ROE being set within that case. CFO Andrew Cooper added that a successful formula rate plan would likely lead to a re-evaluation of capital allocation, potentially increasing investment in distribution and maintenance.

Travis Miller asked about the timing and mix of self-build versus Power Purchase Agreements (PPAs) for the Renewable Energy Plan, and for a characterization of the new manufacturing growth, including whether it's from existing expansions, new customers, or onshoring.

Answer

Garrick Rochow, President and CEO, explained that the Renewable Energy Plan (8 GW solar, 2.8 GW wind) would see more investments in the first five years due to safe harboring provisions. He noted a mix of self-build (often won through competitive bids) and PPAs, viewing PPAs as a capital-light way to earn. Rejji Hayes, Executive Vice President and CFO, clarified that the $10 billion estimate assumes a 50/50 owned/PPA split for solar and a higher owned percentage for wind. Garrick added that manufacturing growth is 'all the above,' citing examples like the aerospace and defense industry and food processing, driven by both existing expansions and new customers.

Travis Miller of Morningstar, Inc. asked about the timing and mix of self-build versus Power Purchase Agreements (PPAs) for the recently approved Renewable Energy Plan, specifically how the 8 GW of solar and 2.8 GW of wind would be integrated. He also requested a characterization of the manufacturing growth, including whether it represents expansion of existing customers, new customers, or onshoring/reshoring trends across various industries.

Answer

President and CEO Garrick Rochow explained that the plan would prioritize safe-harbored assets in the first five years, with a mix of self-build (often won through competitive bids due to Michigan familiarity) and capital-light PPAs (earning roughly 9%). Executive Vice President and CFO Rejji Hayes clarified that the $10 billion renewable investment opportunity assumes a 50/50 owned vs. PPA split for solar and a higher ownership for wind, offering financial flexibility. Mr. Rochow characterized manufacturing growth as "all the above," citing expansions and new customers in aerospace and defense, advanced manufacturing, and food processing, driven by Michigan's diverse agricultural base and a trend towards proximity to farms.

Travis Miller asked about key lessons learned from the recent electric rate case and the expected next steps following the Renewable Energy Plan (REP) ruling in September.

Answer

President and CEO Garrick Rochow highlighted improving the mix of capital and O&M as a key lesson, noting the next rate case will feature more vegetation management. EVP and CFO Rejji Hayes added they will continue to propose a wildfire mitigation plan. Regarding the REP, Rochow explained its approval is a critical input for the more comprehensive Integrated Resource Plan (IRP) to be filed in 2026, providing clarity on clean energy investments.

Travis Miller asked if the upcoming Renewable Energy Plan (REP) filing will have enough visibility on sales growth from data centers and manufacturing to incorporate technologies like storage. He also inquired if the Liberty audit could lead to regulators imposing performance metrics before approving related capital expenditures.

Answer

President and CEO Garrick Rochow confirmed the REP will reflect updated sales growth from signed contracts, driving the need for additional renewable assets. He noted that while the REP deals with energy, the 2026 IRP will more fully address capacity and storage. EVP and CFO Rejji Hayes pointed to slide 6, showing numerous new projects not yet in the 5-year plan. Regarding the audit, Rochow anticipates weaving its findings into the reliability plan to justify investments and noted that the commission has already initiated performance-based ratemaking focused on reliability, which he expects to be part of the process without holding up necessary work.

Travis Miller asked how current electric demand is trending versus the 2021 IRP and inquired about the status of the Palisades nuclear plant and any potential company interest in a PPA.

Answer

President and CEO Garrick Rochow confirmed that demand is trending higher than the 2021 IRP due to economic development, which will be reflected in the upcoming renewable energy plan. Regarding Palisades, he stated that while the plant is moving forward, its output is already fully contracted with two cooperatives, and CMS sees no adverse impact from its return.

Travis Miller from Morningstar questioned the cash flow profile, asking if there would be cash inflow from the customer before ramping and if financing could be short-term to cover initial CapEx. He also asked for the rationale behind including battery storage in the Genco project.

Answer

CFO Shawn Anderson confirmed that the contract is structured to prioritize cash flow during construction, with some cash inflow before the customer fully ramps. He added that NiSource would evaluate debt options for the lowest long-term cost. EVP Michael Luhrs explained that batteries provide capacity and quick response, contributing to system reliability and requiring a diversity of assets.

Travis Miller from Morningstar asked about the cash flow profile of GenCo, specifically if there would be cash inflows from the customer before they start ramping, and if financing could be short-term. He also questioned the rationale for including battery storage.

Answer

Shawn Anderson, EVP and CFO, confirmed that the contract is structured to prioritize cash flow to aid construction timelines, with some cash flow coming in before the customer fully ramps. Michael Luhrs, EVP of Technology and Customer and Chief Commercial Officer, explained that batteries provide capacity and quick response, contributing to system reliability and grid strength, as part of a diverse asset portfolio.

Travis Miller of Morningstar, Inc. asked if any parties are strictly opposed to the Genco structure and what specific milestones are required before adding more MISO transmission projects to the capital plan.

Answer

CEO Lloyd Yates stated he could not comment on the positions of specific parties due to active settlement discussions. Executive Shawn Anderson explained that for transmission projects, milestones include gaining certainty on construction costs and the associated regulatory recovery mechanisms. He noted MISO Tranche 2 projects are mostly beyond the current plan horizon.

Travis Miller requested a status update on the LaPorte, Indiana data center project and asked if NiSource sees an opportunity to serve data centers directly with natural gas for on-site generation, bypassing the electric system.

Answer

EVP Michael Luhrs stated that while discussions with multiple counterparties are progressing well, there is no 'steel going into the ground' at LaPorte yet. Regarding gas service, Luhrs confirmed they absolutely see a benefit and have seen increased demand across the gas system for serving these customers. CEO Lloyd Yates added that serving data centers from their gas infrastructure, particularly in Virginia and possibly Ohio, represents another upside capital opportunity for the company.

Travis Miller asked for technical clarification on whether new infrastructure is required for the first data centers to come online and inquired about gas demand trends assumed in the new capital plan.

Answer

President and CEO Lloyd Yates confirmed that new generation and transmission infrastructure would be required to serve the anticipated large-scale load. EVP and CFO Shawn Anderson noted continued gas customer growth of nearly 1%, driven by onshoring and economic development in Ohio and Virginia, and mentioned that forecasts for customer additions remain conservative.

Travis Miller of Morningstar asked whether the primary energy concern in New Jersey is a physical lack of generation or the economic impact on customer bills. He also questioned if a state-directed regulated generation option would require FERC approval.

Answer

Chair, President & CEO Ralph LaRossa explained that while the immediate focus is on affordability, the state's concerns have historically cycled through reliability, environmental issues, and affordability. He emphasized the need for a holistic policy solution. He also stated his belief that a state-directed regulated build would not require FERC approval.

Travis Miller of Morningstar asked how performance risk might be allocated in a potential data center contract and questioned the dependency of PSEG's transmission bids on future offshore wind development.

Answer

Chair, President and CEO Ralph LaRossa stated it was too early for contract specifics but reiterated PSEG's strategy to avoid commodity risk, suggesting a simple offtake model. EVP and CFO Dan Craig highlighted the inherent reliability of a three-unit site. Regarding transmission, LaRossa clarified that the pre-build infrastructure (PBI) bids are not dependent on a second offshore wind round, but the scope of the next major solicitation will be.

Travis Miller asked how a potential contract for a co-located data center might handle performance risk and whether PSEG's transmission bid proposals are dependent on a second round of offshore wind projects.

Answer

Chair, President and CEO Ralph LaRossa stated it was too early for contract specifics but reiterated PSEG's strategy to avoid commodity risk, likely favoring a simple offtake model. CFO Daniel Cregg noted the 3-unit site offers inherent redundancy. Regarding transmission, LaRossa clarified that the current prebuilt infrastructure bids are not dependent on future offshore wind projects, though the scope of the next solicitation will be.

Travis Miller of Morningstar, Inc. requested details on the next steps for the Leaf River expansion, the timeline for disclosing its associated CapEx, and how the board approaches the dividend policy, particularly considering the year's strong earnings performance versus the base earnings.

Answer

CEO Stephen Westhoven outlined the Leaf River process, from customer alignment and FERC filing to construction, and noted that a CapEx figure would likely be available by the November guidance update. On dividends, he stated that the policy is tied to the company's long-term growth rate, not single years of outperformance, and pointed to the consistent history of increases as the best guide for future actions.

Travis Miller of Morningstar posed two follow-up questions on Leaf River, asking about necessary equipment orders and the associated supply chain or tariff risks. He also asked a higher-level question about the fundamental drivers behind the utility's consistent customer growth.

Answer

President and CEO Stephen D. Westhoven confirmed that equipment like compressors and piping would need to be ordered for Leaf River, but said it was too early to determine supply chain risks, noting the advantage of it being a brownfield site. In response to the customer growth question, executive Patrick Migliaccio attributed the steady increase to the attractive service territory, including favorable demographics and development space in Monmouth, Ocean, and Morris Counties, as well as the company's SAVEGREEN energy efficiency programs.

Travis Miller of Morningstar, Inc. asked for clarification on the regulatory treatment and capital recovery mechanism for the SAVEGREEN program and inquired about potential supply chain impacts from tariffs on both utility operations and solar projects.

Answer

Executive Patrick Migliaccio explained that SAVEGREEN investments are recovered annually through a separate rider, not in base rates, providing near real-time returns. CEO Stephen D. Westhoven stated that the company does not anticipate significant impacts from tariffs on its solar business due to safe harbor provisions or on its utility operations, where labor is a primary cost driver.

Travis Miller questioned the strategic rationale and timing of the Sunlight Advantage sale, the planned allocation of the proceeds, and the regulatory approval risk for the increased system integrity CapEx planned for 2026.

Answer

President and CEO Steve Westhoven positioned the sale as a strategic opportunity to simplify the business, focus on the wholesale solar market, and recycle capital, which will be allocated to the highest-return projects across the portfolio. Executive Patrick Migliaccio addressed the regulatory question, stating that while the system integrity spending requires rate case filings, similar investments have historically been approved without issue.

Travis Miller of Morningstar asked how significant industrial demand growth affects power costs, whether new contracting opportunities would reduce earnings volatility from power costs, and for clarification on the timing of the next base rate case.

Answer

CEO Maria Pope explained that long-term contracting with data centers, enabled by the Power Act, should reduce power cost pressures for all customers. She noted that addressing net variable power cost volatility will require improvements to the PCAM mechanism. CFO Joe Trpik confirmed the rate case timing (not before Q2 2026) is an agreed-upon term in the MOU.

Travis Miller inquired about federal wildfire mitigation initiatives, asking if there has been a change in tone from the new administration. He also asked about the outlook for power costs considering updated demand forecasts and the integration of low-cost renewables.

Answer

President and CEO Maria Pope noted that while it's too early to tell on the administration's specific actions, there is broad concern on Capitol Hill about wildfire risk and a recognition of the need to manage federal lands. She also explained that near-term power costs are moderating due to battery storage deployment across the West and the addition of low-cost renewable energy, supported by tax credits.

Travis Miller asked what makes the current rate case settlement negotiations different from past successful ones and what factors are attracting new industrial customers to PGE's service territory.

Answer

President & CEO Maria Pope suggested that a key difference in the current rate case is some parties' focus on public pressure related to the broader inflationary environment. For attracting industrial customers, Pope highlighted factors like high power quality, a strong local talent ecosystem, strategic infrastructure like subsea cables, and PGE's leadership in providing clean energy solutions.

Travis Miller from Morningstar followed up on the PFAS discussion, asking for the net capital spend allocated to Pennsylvania after accounting for low-interest loans and grants. He also inquired about the nature of the data center opportunities, questioning if it was primarily for increased gas distribution volume or involved direct contracts for on-site generation.

Answer

CEO Christopher Franklin explained that the majority of the PFAS-related capital spend in Pennsylvania is still forthcoming due to the planning required for larger plants, and confirmed the company continues to apply for additional loans and grants. On data centers, President of Gas Business Michael Huwar clarified that the opportunity is diverse, including behind-the-meter generation, increased system utilization, and potential direct investments with partners, driven by a projected power shortfall in the PJM grid.

Travis Miller asked for a high-level perspective on how a potential Republican administration might affect PFAS regulations, implementation timelines, and federal aid. He also inquired about the state of the water utility acquisition market, noting a perceived slowdown, and asked if this represented a fundamental or structural shift.

Answer

CEO Christopher Franklin responded that he does not expect a change to the 4 parts per trillion PFAS limit regardless of the election outcome and that the company will maintain its remediation pace. On acquisitions, Franklin acknowledged a 'temporary lull' in Pennsylvania as the market adjusts to new regulations but characterized it as temporary, not structural. He expressed continued optimism about the acquisition pipeline in other states like Ohio and Illinois.

Travis Miller from Morningstar requested details on regulatory under-recoveries realized in Q1 and expected in the near term, and asked for an update on the $1.5B to $2B of potential CapEx opportunities.

Answer

EVP and CFO John Moreira identified the Connecticut RAM docket as the most significant recovery, contributing to a 300 basis point improvement in FFO to debt. He noted that recoveries in Massachusetts and New Hampshire are timely with smaller balances. He also stated there were no significant changes to the bucket of potential CapEx opportunities, which includes the Connecticut AMI project.

Travis Miller asked how much progress the $600 million ESMP investment represents towards Massachusetts's clean energy goals and what other major projects in Connecticut, besides AMI, are on hold pending a better regulatory environment.

Answer

EVP, CFO and Treasurer John Moreira described the ESMP as a 'starting point' and a 'second wave' of investment, following a prior $1 billion program, with more to come. He stressed that in Connecticut, all investments require a timely cash recovery mechanism, and the company must work collaboratively with the state to ensure the system remains reliable and safe.

Travis Miller asked if midstream gas infrastructure is a constraint for generation expansion and if it's part of the upside CapEx opportunity. He also questioned the dividend policy and what might cause the Board to deviate from the recent pace of increases.

Answer

Chief Financial Officer Dan Tucker responded that gas supply is a focus but not a constraint, as they are securing capacity and their investment opportunities are primarily brownfield expansions of existing pipelines. Chairman, President and CEO Chris Womack added that there is broad policy consensus on the need for more pipelines. Regarding the dividend, Dan Tucker explained the modest growth helps fund capital needs and lower the payout ratio. He suggested the Board could reevaluate the pace once the payout ratio reaches the low 60% range, depending on future capital needs.

Travis Miller questioned the dynamic between low planned generation CapEx and high transmission CapEx in later years, and asked about the supply chain for transmission equipment.

Answer

CFO Dan Tucker explained the discrepancy by noting that transmission investments have a clearer line of sight, whereas generation is subject to regulatory approvals and RFP processes. The potential $10-15 billion in upside capital largely consists of this future generation spending. CEO Chris Womack described the transmission supply chain as 'challenging' but less difficult than generation, stating the company is in a 'pretty good place' due to its scale and supplier relationships.

Travis Miller asked about the pre-existing storm cost reserve balance, the current supply chain timeline for building a new gas power plant, and whether T&D equipment faces similar supply chain timing issues as generation.

Answer

CFO Dan Tucker clarified there was no storm reserve; the new $1.1B cost is additive to a small pre-existing balance. On timelines, he and CEO Chris Womack stated a new gas plant takes roughly 3-5 years, citing the recent Barry 8 project as an example. Tucker confirmed that while lead times for T&D equipment like transformers are longer, they are manageable and being planned for accordingly.

Travis Miller asked about the stability of RNG tax credits, whether the IRM expansion represented new capital, and if DTE Vantage could participate in data center development.

Answer

EVP and CFO David Ruud expressed confidence in the RNG tax credits. President and COO Joi Harris clarified the IRM capital is already included in the existing plan, not incremental. Chairman and CEO Gerardo Norcia mentioned that Vantage is in very early discussions about providing backup generation for data centers.

Travis Miller from Morningstar asked about the next steps for the electric distribution audit after DTE files its response and whether its findings could be linked to the separate performance-based rates (PBR) docket. He also inquired about the status of the supply chain for the company's renewable energy projects.

Answer

President and COO Joi Harris explained there is no formal end to the audit process, but findings will be incorporated into future regulatory proceedings via collaborative discussions with staff. Chairman and CEO Gerardo Norcia added that while the PBR docket is separate and not in scope for the audit, the company is comfortable with the PBR metrics and direction. He also confirmed that DTE has secured its solar panel supply for the next three years and sees no significant supply chain issues for its renewable projects.

Travis Miller asked about the nature of new intervenors in the current rate cases, whether reliability performance is viewed as a positive or negative factor in regulatory discussions, and if the pending audit results could be incorporated into the current rate case.

Answer

Executive Joi Harris noted new intervenors in both gas and electric cases, and CEO Gerardo Norcia attributed the increase to a legislative change that boosted intervenor funding. Both executives believe the focus on reliability is a positive that supports the need for investment. Harris clarified the audit results will come too late to be formally entered into the current case record but may still influence the outcome.

Travis Miller asked for color on the observed increase in residential and commercial electric demand during the quarter and whether it was a notable trend relative to the company's plan.

Answer

EVP and CFO Dave Ruud acknowledged that residential demand was up quarter-over-quarter. However, he stated that for the full year, demand is expected to be on plan and relatively flat compared to the prior year, as load growth is largely offset by the company's energy efficiency programs.

Travis Miller asked if Entergy's strategy for contracting with large load customers has changed and if there is a precedent for the type of decision being sought in the Louisiana new customer filing.

Answer

CEO Drew Marsh explained that the company's contracting strategy has not fundamentally changed, as they are adapting existing frameworks used for traditional industrial customers, which include provisions like fixed demand charges and termination features. He noted that the components of the Louisiana filing—standard generation and transmission investments—are not new for the commission to consider, and the ability to serve new customers under existing tariffs, like the high-factor load-serving tariff, provides a clear precedent.

Travis Miller requested a progress update on the Amazon facility in Mississippi and asked about the competitive landscape Entergy faces when pursuing large load customers like data centers.

Answer

CEO Andrew Marsh confirmed that construction on the Amazon facility is underway, with the first substation already live and serving the customer. He described the competition as global, highlighting Entergy's value proposition: extensive experience, a complete technical solution as a vertically integrated utility, and deep, established relationships with local community stakeholders.

Travis Miller from Morningstar asked if power generation uncertainty in ERCOT creates any advantages or impacts for Xcel's territory in Texas. He also inquired about any other impactful state legislation, particularly regarding generation.

Answer

CFO Brian Van Abel stated that their Texas territory (in SPP) already has robust demand, evidenced by a 5,000-10,000 MW generation RFP, so they are focused on serving their existing and potential load. CEO Robert Frenzel added that there is minimal operational contagion risk as the interconnection between ERCOT and SPP is limited. Frenzel also highlighted a national trend of support for nuclear power, noting positive legislative changes in Wisconsin, North Dakota, and Colorado that recognize nuclear as a clean energy resource.

Travis Miller asked about labor availability as a potential constraint on executing the company's large capital plan and inquired if specific regulatory filings would be needed for new data center customers.

Answer

CEO Robert Frenzel acknowledged that securing human capital is a key focus and detailed the company's active partnerships with trade organizations, vendors, and educational institutions to build a talent pipeline. CFO Brian Van Abel added that they would likely seek regulatory approval for new data center deals to demonstrate the benefits to all customers and the community.

Travis Miller asked for an update on Xcel Energy's green hydrogen initiatives, questioning if any related investments are included in the new capital plan or current resource plans.

Answer

Chairman, President and CEO Robert Frenzel stated that green hydrogen is currently on the 'back burner' for the company, pending final Treasury regulations for the 45Q tax credit. While he views it as a promising long-term technology for firming renewables, he confirmed there is nothing related to hydrogen included in the current capital forecast or resource plans.

Travis Miller asked about OGE's approach to contract structures for large-load customers like data centers to ensure proper cost allocation. He also requested more detail on the specific drivers behind the strong growth in the commercial customer class.

Answer

Chairman, President and CEO R. Trauschke explained that the focus is on proper cost allocation to ensure new loads are accretive and don't burden existing customers, which can be achieved via special contracts or specific rate tariffs. Interim CFO Charles Walworth identified crypto mining as a key driver of the broad-based growth in the commercial sector.