Data Center Load Growth
Q: When will data center load growth translate into earnings growth?
A: The data center opportunity will lead to earnings growth as we secure contracts that benefit all customers and invest to support these large loads. We are currently updating our sales forecast and capital plan, with a broader update expected in Q3.

Increasing Sales Forecast
Q: How is data center demand affecting your sales forecast?
A: We're seeing significant increases in customer requests, particularly in Minnesota and Colorado. Our long-term sales forecast, currently at 2%-3% growth, is expected to increase to 4%-5% when we incorporate these high-probability loads into our five-year guidance rolling out in Q3.

Regulatory Impact on Load Growth
Q: How sensitive is data center load growth to regulatory proceedings?
A: Serving our current and future customers fairly requires resource planning and regulatory processes. We need to add generation and transmission capacity, and we've proven our ability to efficiently address expanding needs through existing RFPs and resource plans over the past 7-8 years.

Colorado Legislation and ROE Improvement
Q: How will the new Colorado legislation affect your ROE over time?
A: The legislation supports state policy on electrification and allows for necessary investments in our distribution system. Our earned ROE in Colorado has been about 8%, and this will help significantly close that gap when fully implemented by 2026, alongside other renewable and transition investments.

Wildfire Risk Mitigation
Q: How is the wildfire mitigation plan reducing your wildfire risk?
A: Our operational mitigations dramatically reduce real-time wildfire risk across our enterprise daily. While we don't have a quantitative number today, our investments aim to reduce risk similar to leading utilities, allowing us to make our tools more surgical and less impactful to customers over time.

Smokehouse Fire Settlements
Q: What's the progress on the Smokehouse fire settlements?
A: We have settled 43 of 141 claims, covering a variety of losses from homes to agricultural property. The settlements and a report estimating $123 million in agricultural losses support our $250 million liability accrual, validating our assumptions as we move forward.

Colorado Gas Rate Case
Q: Can you settle the Colorado gas rate case, or will it be litigated?
A: We are open to settlement and have a deadline of August 27. We've reached settlements in past Colorado cases and are hopeful. If needed, we're prepared to proceed to hearings in mid-September, with a CPUC decision by year-end.

Financing and Equity Plans
Q: Is ATM your primary vehicle for equity needs this year?
A: Yes, the ATM program is our primary vehicle, but we may be opportunistic with potential blocks or other equity products. With a CFO to debt ratio of 17%, we have flexibility due to strong credit metrics and a strong balance sheet.

Generation Capacity for New Load
Q: Will you need more gas-fired generation to meet new load?
A: We foresee increased needs for backup generation like combustion turbines to ensure reliability with growing loads. While we have no current plans for combined cycle additions, we will evaluate resource availability and load probability, keeping options open.

Transmission and Distribution Capacity
Q: Is there enough T&D capacity to support data center growth?
A: We have some grid capacity today, but we'll need to expand transmission aggressively through initiatives like MISO LRTP and the Colorado Power Pathway. Our goal is to align transmission and generation expansion with high-probability customer needs.

Rate Design for Data Centers
Q: How are you approaching rate design for data centers?
A: We use contract-by-contract approaches ensuring revenue from data centers covers more than incremental costs, so current customers aren't harmed. This may include provisions like take-or-pay contracts. Our aim is to present arrangements beneficial to all customers to the commission.

Wildfire Mitigation Plan Feedback
Q: What feedback have you received on the Colorado wildfire plan?
A: Early feedback from first responders and the community has been positive. Our investment in technologies like Pano AI cameras has helped identify fires not started by us, aiding in proactive mitigation and protecting communities.

Minnesota Electric Rate Case Plans
Q: What's the timing for the Minnesota electric rate case?
A: We plan to file a multiyear plan on November 1. We're in year three of our current multiyear plan and will look to see if there's an opportunity to settle, as we've done on the gas side.

Process for Pipeline Load Inclusion
Q: How do you assess and include new load in forecasts?
A: We categorize loads based on probability. High-probability loads (about 80% chance) are included in our five-year forecast, often backed by contracts or land sales. Lower probability opportunities are not yet in our forecast but may be included as they become more certain.

Virtual Power Plants' Role
Q: What role do VPPs play in serving data center load?
A: VPPs are another demand-side management tool that could play a role in addressing significant load growth. We're exploring this through distribution legislation in Colorado and see potential in integrating VPPs and interruptible load provisions.

Wildfire Risk Reduction Quantification
Q: Can you quantify how much wildfire risk has been reduced?
A: While we don't have specific numbers today, our operational mitigations have dramatically reduced real-time wildfire risk. Our investments aim to match the risk reduction seen by leading utilities, enhancing our tools to be less impactful to customers over time.