Earnings Growth Outlook
Q: Could you update on potential earnings growth upside?
A: Management indicated that continued momentum in investments and sales growth adds an upward bias to earnings, potentially leading to growth off a higher base in the future, though not necessarily changing the 5%–7% growth rate. They plan any updates for the fourth quarter call if significant developments occur. " "

Data Center Load Impact
Q: How does data center growth affect earnings and load?
A: Data centers are driving substantial load growth, with 12% sales growth from this sector. Approximately three-fourths of this growth comes from existing data centers ramping up usage, and one-fourth from new facilities. Each 1% change in overall sales equates to $20 million to $40 million in earnings impact. " "

Incremental CapEx from Georgia IRP
Q: Are there incremental capital needs from the Georgia IRP approval?
A: Yes, the Georgia Commission approved 500 megawatts of owned storage, more than double the company's initial assumption. This results in additional CapEx of above $500 million, up to nearly $1 billion, not included in the previous forecast. They'll update their forecast formally later. " "

Impact of EPA Rules on Coal Plants
Q: Will new EPA rules accelerate coal plant retirements?
A: The company is evaluating the impractical new EPA rules, which may require accelerating coal plant retirements. All options are on the table, including extending existing generation and considering new resources, while assessing the feasibility of these rules. " "

Financing and Credit Metrics
Q: How will incremental CapEx affect credit metrics?
A: The company plans to issue sufficient equity, likely via an ATM program, to maintain credit metrics as previously projected, with FFO to debt ramping from 14% to 17% over the plan period. Despite the additional CapEx, these investments are expected to be accretive to earnings. "

Customer Preference for Low-Carbon Energy
Q: Are customers requiring low-carbon resources?
A: Initially, data center customers requested 24/7 carbon-free energy, but now they primarily ask for available power. The company continues to build carbon-free resources and is transparent about its transition plans, offering customers the opportunity to align with their decarbonization efforts. "

T&D Investment Upside
Q: Is there upside for transmission and distribution investment?
A: Yes, load growth and resource additions necessitate increased T&D investments. The company's capital plan includes $5 billion of increased CapEx, with a significant portion allocated to transmission, along with potential gas infrastructure build-out to support new generation resources. "

Risk Management in Data Center Commitments
Q: How do you assess the risk of data centers not choosing you?
A: The company employs conservative forecasting, not counting on customers who are still considering multiple locations. They only include commitments where there's firm bilateral agreement, possibly adjusting for risk due to high activity levels. "

Legislative Developments in Georgia
Q: Any updates on Georgia's legislative changes affecting you?
A: A consumer advocacy group bill was not passed, but legislation providing certainty around the election cycle for commissioners was passed, ensuring the current commission will oversee key regulatory reviews through 2028. House Bill 1192, concerning sales tax exemptions for data centers, awaits the governor's decision, and could impact competitive economic development. " " "

Future Nuclear Considerations
Q: Any thoughts on more nuclear projects?
A: While acknowledging the country's need for more nuclear to support growing demand, the company plans to celebrate the completion of Vogtle Units 3 and 4 before considering additional nuclear projects. They encourage federal leadership to incentivize nuclear development. "