Aidan Kelly

Moss quantified the RAMP request, framed it as slightly more than a third of the GRC ask, and tied it to the published 2029 capital forecast.

Pizarro had no update and no visibility into timing, but gave the historical 12 to 18 month benchmark and acknowledged this fire has already run past it.

CEO pushed back firmly on LA Times article characterization. Explained privileged information exists on both sides in litigation. Confidentiality orders protect grid topology (federal security), customer data, and other sensitive information unrelated to the case itself.

CEO confirmed line was grounded at both ends but acknowledged photographic evidence of anomalies at far end grounding. Noted no common industry standard for grounding idle lines. SCE proactively changed protocols to require grounding every two miles or shorter depending on topography.

CEO acknowledged investigations are expected at this scale but noted limited visibility into timing. Reinforced confidence that SCE can show its actions were those of a reasonable utility operator.

SVP Powell broke down load growth: ~1/3 from transportation electrification (29% of Q3 new car purchases were ZEVs), residential new homes, and balanced C&I growth across defense, manufacturing, logistics. Data centers moderate, not a primary driver.

Trevor attributed the $0.10 raise to first half outperformance, a historically strong Q3, and regulatory uplift in AEP Ohio, SWEPCO Texas and PSO rather than generation and marketing.

Trevor scoped the $16 billion to vertically integrated utilities under ESAs without giving an annual bill figure; Kate Dixon pointed to rate decreases already filed in Ohio and planned in Indiana.

Mihalik explained near-term earnings impact is muted by lower C&I margins vs residential. The rapid load addition creates headroom and enhances customer affordability over time.

Fehrman called HB15 highly constructive: multi-year forward test year with true-up, seamless ESP transition, Bloom contracts grandfathered. OVEC impact manageable at ~$10M earnings.

CEO clarified growth is guided off midpoint with 45Z credits providing flexibility to reach high end each year through 2029.

CEO outlined threshold: ~1 GW of new load requires CCGT; smaller loads can be served with combination of smaller CCGT, renewables, and batteries. Resource mix to be determined in next year's IRP.

COO confirmed active negotiations with hyperscaler principals, exchanging terms with feedback, feeling fairly confident about closing before year-end.

COO quantified storage at ~$1B/GW, construction starting 2026, online in 2027 increments; combined cycle plant needed toward tail end of plan.

John Griffith confirmed all 7 state PUC approvals are required. Kentucky approved, Virginia and Illinois decisions expected this year.

John Griffith expressed confidence in PA case fundamentals citing PFAS, lead and copper investment needs, and broad stakeholder understanding of required water infrastructure investment.

Garrick said CMS meets with all gubernatorial candidates as a solution provider. Three leading candidates support data centers thoughtfully. Affordability remains a key governor in financial planning. Rejji added CMS self-funds two-thirds to three-quarters of rate base growth, keeping bills in low single-digit growth.

Rejji said low end ($2B) assumes storage, simple-cycle gas, and basic infrastructure. High end ($5B) includes combined-cycle gas for higher conversion success, additional substations and wires, plus incremental clean energy law compliance as sales grow.

CEO pointed to pattern of conservative planning and consistent delivery through choppy year. Confident in delivering under variety of cost of capital scenarios.

CEO confirmed other communities being prepared for similar microgrid installations. Goal is to make PSPS outages invisible to customers while maintaining safety.