Angie Storozynski

Management confirmed the 2-year stay-out through July 1, 2028 and its intent to maximize time between cases via DSIC and cost discipline.

Bergstein said mix of both: some items remediated in rate case, others truly one-time (transmission revenue true-up). Don't expect pressures to carry forward.

Sorgi clarified LTRAA in legislation is for new generation only (not existing). Utility buys from IPPs under long-term contracts to promote new build. Second component allows utility ownership as backstop.

Sorgi explained both load and generation would participate in PJM auctions. Pressure mounting on hyperscalers to bring new gen, PJM discounts gen more than load so need more MW gen than MW load to balance.

Sorgi clarified the per-GW cost still holds but may overlap with upgrades already in the transmission plan. On JV: core strategy is new-build, not acquiring existing assets, though wouldn't preclude bridge acquisitions.

Sorgi confirmed JV selling to PPL Electric is possible but would require open RFP process due to affiliate rules.

Bergstein explained PA decline was one steel customer, KY smaller industrials flat, May 2025 significantly cooler than 2024 affected cooling load. Not broadly concerning.

Sorgi confirmed the midpoint of data center transmission range alone covers the CPCN CapEx shortfall, plus additional T&D opportunities beyond that.

Bergstein explained long duration since last cases (PA 2016, KY 2021, RI 2018 under National Grid). Sorgi added they'll move to normal cadence going forward to fund grid strengthening.

Sorgi emphatically confirmed PPL is not waiting for model tariff, actively signing ESAs covering multiple gigawatts.

Sorgi confirmed continued speed advantage, consistently hearing from data center customers that working with PPL is a different experience versus peers.

Sorgi explained data centers control their own announcement timing due to competitive positioning, confirmed signed ESAs with minimum load commitments already in place.

Joe acknowledged the gap between 9.8% rate base growth and 6-8% EPS growth, citing equity dilution and reasonable plan assumptions, while emphasizing long-term value of strong balance sheet.

Joe clarified that 2023 tax credit benefit from WPD sale was a one-time year-over-year variance, not expected to recur going forward.

Bruce confirmed some below-market hedges carry into 2027, smaller than 2026, but declined to quantify the drag until 2027 guidance next quarter.

Rob Gaudette confirmed $95 represents total capacity + variable energy value; land transactions are incremental and separate.

Management emphatically stated no project proceeds without meeting 12-15% unlevered IRR hurdle rate. No speculative merchant risk appetite.

Management deferred the sensitivity update to after LS Power close, not providing interim PJM power price impact.

Management expressed strong confidence in competitive positioning, noting many announcements by others are aspirational while NRG reports completed actions.

NRG remains open to smaller opportunistic acquisitions at the right price, though not at LS Power scale.

Bruce Chung indicated close to $1 billion or more in incremental cash savings from bonus depreciation, primarily realized 2027-2030.

Premium driven by long duration (10-20 years) giving customers price certainty for capital planning. Management declined to confirm colocation.

Management confirmed a dramatic increase in C&I customers seeking long-term contracts as they anticipate market tightening.

Rob Gaudette explained the heat rate lock structure and NRG's gas platform capability to manage fuel risk on 10-20 year contracts.

Management pushed back strongly, arguing the regulated vs competitive divide is false and NRG's speed to market is unmatched.

Bowler gave the specific 40% figure and confirmed legislation would be needed to expand eligibility; Griffith added the electric comparable is near 90%.

Griffith acknowledged economies over time but pushed back on near-term rate case cadence, since capital investment sets the filing timing.

Cheryl Norton directly dismissed profitability concerns from goodwill, stating no negative impact expected from the private asset acquisition structure.

Cheryl Norton characterized the Nexus deal as similar to typical acquisitions, dismissed concerns it signals reduced municipal deal flow, and confirmed municipal pipeline remains healthy.

David Bowler confirmed AWK has filed a motion for rehearing to challenge the California commission's partial decoupling decision.

Cheryl Norton confirmed AWK can flex organic CapEx to offset M&A lumpiness while maintaining the 2% customer growth target.

David Bowler directly rejected hybrids as more dilutive and not cost-effective for AWK.

Joe said utility return-to-build legislation hasn't gained traction. Many announced projects appear to be off-grid with limited energy/capacity market impact. Noted a lot of press release activity that may not translate to real projects.

Shane said low teens effective cash tax rate for 2026-2027. Angie pushed back that FCF looked low vs standalone estimates; Shane cited higher maintenance CapEx and ongoing CTAs as partial explanation.

Joe expressed strong confidence that CEG's offerings outcompete others, judging from customer interest levels flowing through the door.

Joe cited demand response products and uprates as BYOG equivalents. Noted PJM pulled back from BYOG requirements. Not concerned with current state of the issue.

Joe attributed the pullback to customers widening their geographic search for fastest interconnection, not any Illinois-specific regulatory issue.

Joe said 85% of expected load was always inference. Even inference data centers are now 100-150 MW. Some rationalization away from 7-10 GW super-large training facilities.

Dore pointed to Comanche Peak and Meta deals as proof of hyperscaler interest in existing asset contracting. Co-location continues to offer speed advantage vs new build. Interconnection remains a constraint requiring continued regulatory engagement.

Dore said RBA clarity expected soon will influence bilateral vs auction contracting decisions. Commercial conversations continue in parallel regardless. Vistra submitted own RBA proposal and is heavily engaged.

Burke defended cadence of guidance updates, still has open positions, auction to clear. Will return to standard schedule with formal multi-year guidance on Q3 call.

Burke explained conservative messaging style, respects customer sophistication and competitive dynamics. Interconnect queues may be 3-5x overstated. Will disclose when definitive.

Dore confirmed not waiting for full clarity but acknowledged regulatory proceedings heighten change-of-law contract discussions. Storozynski pushed back noting twelve months have passed since first deal with limited progress.

Dore clarified gas colocation deals face same regulatory uncertainty as nuclear in both PJM and Texas. Portfolio approach discussions not holding up site-specific deals.

Nolan said hearings finished well and approval is highly likely given the legislature and governor enacted the enabling law. Would cross the bridge of rejection if it came but considers it highly unlikely.

Moreira confirmed Storozynski's framing that equity needs may not decline materially given potential incremental CapEx. February refresh will incorporate Aquarion proceeds, securitization timing, and 5-year capital plan update including CT AMI clarity.

Nolan noted AG is elected official with messaging considerations but maintained good working relationship. Moreira emphasized strong case presentation addressing prior PURA concerns from other rate proceedings.

Nolan expressed confidence in approval, noting current rates include taxes for municipalities so the new authority can continue payments.