Dave Arcaro

What does the equity financing need look like proportionally to that

looking at other strategies to or potentially expanding like pursuing on-site power anywhere else across your system

are there physical constraints in the grid to consider with all that load coming on by 2030, or labor constraints?

is that also heavily weighted toward ERCOT? Or how is that split where you are seeing the incremental progress

how do you manage the balance between how you're thinking about renewables, serving this new load versus gas?

are you able to keep up with the transmission capacity needs for data centers to handle all of this load growth? What's the wait time to connect that you're having to discuss with these customers?

I mean, with such a rush of activity, like what is the wait time? How long does it take at this point to connect new data center load into your system?

is this the new normal? Is there a limit in terms of what you're seeing around CapEx opportunities?

whether you've seen an acceleration in demand following the treasury guidance a couple of months ago and generally what you're seeing from both the data center industry

what are you seeing on the ground in terms of storage demand? How big an opportunity could that be for on-site storage development on your end and potentially at data centers?

I was wondering if there's any inflection in those data center -- in that data center renewables demand, anything that might have kind of sparked the industry recently?

what has the bookings trajectory been in July post the OBBB. I'm just wondering if there's any evidence of a pickup in activity now that the level of clarity has improved

You sold a minority stake. I'm just wondering, is there any strategic reason that you want to retain control in the remaining stake there?

Has there been any pull forward ahead of potential IRA changes here or any just general change in customer demand levels that you're seeing?

it seems like you're increasing the asset sales target overall, but you're keeping coal in the plan for a bit longer than originally planned. Could you maybe talk about what the profile is of the a...

it seems like you're pulling back somewhat on the renewable CapEx in the forecast. Wondering from a high-level kind of strategic perspective, Andres, do you see this as a kind of a pause in, I gues...

I wanted to check in to see whether you're seeing any inflection or meaningful projects on the gas power side of things, either major power plants moving forward or what we're seeing is on-site pow...

I was wondering if you could maybe touch on what you're hearing maybe on the ground and in some of your regulatory proceedings going on with regard to affordability pressures

are any of those eleven new industrial customers power plants? And then maybe more broadly, are you seeing more opportunities on the customer side of things from power generation?

Just wondering if there's any anticipated areas of focus in terms of challenges or any issues that you think with getting the grip re-upped

comment on the current level of state support in Pennsylvania, just a direction around favorability towards data center activity

your latest views on the power market, maybe ERCOT, in particular. Just curious your interpretation and viewpoint here as to the weakness in the forwards

what's the status of discussions you're having with other hyperscalers?

Is flexibility and/or additionality, is that really the path forward here?

Could you maybe also reflect on your demand response efforts and the initiative that you're pursuing there?

One of your peers suggested that margins in PJM might be somewhat more competitive

How are you seeing the balance between front of the meter virtual versus co-located on-site data centers?

What are you seeing in terms of some of these most recent discussions with regard to pricing versus previous?

is that diminishing here? Are you seeing those conversations shift and kind of move over to front-of-the-meter?

what is your view on power prices from here, looking at the market?

has there been support from data centers on the large load tariff, just in terms of continued interest in coming to Michigan

how do you plan to insulate customers from large loads of the strategy that you'd take beyond the large load tariffs

did you see a big change in interest after the state approved the tax exemptions late last year?

the strategy going forward to get it approved? Is there any specific changes you plan to make to address the pushbacks?

is there excess capacity as you see it in Michigan or in your own fleet of on the generation side

going back to the rate case. I know it's late in the process, but are there opportunities here to still settle broadly or individual pieces

Was that something that was already done and reflecting the 765 kV line that you added to the plan here? Or is that yet to come

does that could that potentially formally reduce the equity needs in the plan versus what you've got baked in there

could give some color maybe around what gives you confidence in the load growth forecast

Is that going to be directly applicable to you, in terms of potentially weaving it in and updating that

could you frame the status of the projects and the customer requests in that 61 gigawatt load growth level

how much of a data center pipeline that you're seeing, any refresh numbers versus the 8-gigawatts

When might the next iteration be of your generation outlook in Virginia in terms of the next slice at the IRP

Is that crowding out any other customer activity, whether it would be, you know, large industrial or commercial projects

what you're seeing in terms of data center demand. You mentioned that it has kind of continued from last quarter

is there any progress or any further clarity around the Millstone and the potential contracting opportunities there

the PJM forecast for the 2034 forecast, they've only gone up a little bit. Do those numbers have to rise from here

I was just wondering your interpretation and a few points on what that could mean for existing leases like CVOW

how do you interpret the latest recommendation, the 8.2% ROE that we saw recently

I was just curious if you could give any other details around how big of a potential data center project Vantage is going after here?

I was just wondering if you might be able to elaborate on maybe how big of a project that might be, what kind of power generation technology you're using?

Is there any rough timing for when you'd expect the potential to finalize those deals and bring them forward or advance other projects

could you just frame any impacts on the renewable plans, any risk that you see from the executive order and continued uncertainty there?

where do you stand in terms of how much flex you have here to absorb any volatility maybe in weather for the rest of 2025?

how much you embed in your plan currently and how might you manage the financing outlook if transferability were to change or go away

learnings from the recent electric rate case in terms of what the commission you think wants to see in terms of affordability, you know, ROE, storm tracker, IRM

would you be able to quantify how much of a pipeline, you know, in terms of gigawatts of data centers you might be seeing out there

have you seen any acceleration in that activity in terms of top of the funnel interest in your service territory?

Are you evaluating or flexibility as kind of one of the characteristics, you know, as a way to speed up interconnection?

is the top end possible in 2027? Specifically? Or how are you thinking about it? Just do it within the specifics of the five-year plan

could you speak to just how much of a pipeline of data center activity that you're kind of seeing and working on in the background

would there be any considerations from like a balance sheet perspective from either the CPC or credit rating agencies

are you seeing third-party estimates of potential damages that suggested that the entire fund or something close to the size of the current fund

Do you think it would make sense to pivot incremental CapEx back toward fire risk reduction?

What do you think is the solution here? What are you advocating for, I'm thinking in the legislative backdrop?

what's the latest feedback that you're getting from the political and regulatory standpoint related to data center activity

what updates should we expect at the Investor Day coming up in June? Is that a natural time when you might expect more data center contracting clarity

What's the time frame for the 4.5 gigawatts of the power equipment that you secured

any reaction or impacts to your thinking from the recent Westinghouse and U.S. government announces -- I mean, announcements

Would you anticipate major changes at this point in terms of what you'd be requesting for the next kind of iteration of formula rate plans

I was wondering if you could elaborate on what boosted the cash flow -- the operating cash flow outlook cumulatively through 2028

Would you consider -- I guess, do you think of the tariff exposure as being earnings exposure

how quickly can you offer them service to connect in -- time to power has been a focus among that cohort

any other color you would be able to provide on the availability of production slots for gas turbines and how the pricing has trended

would you be able to frame kind of the time to market that you’re able to offer for new data center customers as you look at that pipeline

what is the time to connect that you're seeing for new data center projects that are kind of getting into that 47 gigawatt

I was just wondering if you could just maybe characterize how you probability weight that 47 gigawatt pipeline

we've obviously seen some of your peers express a willingness to build regulated like or contracted generation. So I'm wondering your current thoughts on whether that might kind of fit into your mo...

wondering if you could elaborate on how data center discussions have been progressing recently. How quickly do you anticipate firming up more megawatts

Could you give a sense as to the timing of when that load looks to be ramping up within your forecast period?

wondering how you're kind of approaching that, getting ahead of that and managing affordability challenges and concerns broadly across your portfolio

looks like you are you are assuming, you know, basically flattish, kinda holding ROEs steady throughout the plan

Wondering if you could touch on New Jersey and the backdrop there, kind of expectations, you know, for, timing of your next rate case

is there a way to give any rule of thumb for how much increased transmission CapEx you could see going forward, like on a per gigawatt basis

How does that impact the earnings growth outlook and the range that you've got as you consider out closer to the end of the decade

could there be further opportunities for upside as you get closer to your roll-forward period could that CapEx outlook rise further

I was just wondering if there's been any progression with the discussions around what the framework might be

Are you thinking about the potential solutions? Or how has that conversation evolved, whether it's contracted generation, utility-owned generation

I was wondering if you could give a perspective on New Jersey and the recent commission efforts to look at cost efficiencies

I was just wondering if you could give a little color on your confidence level in the 54.5 gigawatts backlog now

your progress and the customer appetite for framework agreements around turbine orders

Wondering if you could talk to your project opportunities. Have things accelerated? Could there be opportunities for more SMR deals to come?

I was wondering if you could maybe just elaborate a little bit more on how you think about modular power, this behind the meter power that we're seeing, things like your aero derivatives, but also ...

I was wondering if you could talk about how renewables are interacting with data centers, especially over the next couple of years

I'm curious if you're booking 2029 volumes at this point

what the contingency plan might be if there were changes or restrictions on the use of tax credit transfers

how has activity in PJM been impacted by the whole backstop auction process and the general policy uncertainty

your outlook for retail margins from here? Can they remain strong looking out at your forecast?

What's that reflecting? Is that a reflection of where market prices have gone?

Could you clarify, is the margin fixed over the cost of supply for this agreement such that it's indexed to the market?

can I bug you for just your current outlook for power prices in Texas?

How does your, how does the overall NRG portfolio look in your view right now? There have been, it seems like a bunch of transformations

are you able to give, if you were to mark to market just what the EBITDA and cash flow output would be on the current forward curves

Do those have transmission access in place? You know, can they offer the speed to market for large loads

are you detecting any hesitation maybe around, you know, the legislative session in Texas or concerns with the supply-demand backdrop

When might you expect to refill that bucket of application and preliminary engineering within a pipeline

could you just help with a sense of when those data centers are coming online and when customers would end up seeing some of that bill reduction

is the undergrounding decision still on track for this year

would you expect the policy reform recommendations next April to be prescreened with like the legislature and kind of have buy in

Edison had an ALJ proposed decision that had recommended lower wildfire mitigation CapEx. I was just wondering if you think that has any read across to you

whether shareholder contributions would be a part of the future discussion around the AB 1054 framework

where does the conversation with rating agencies stand at this point in terms of the path and timing

How are you weaving in just considerations around affordability

I was just wondering what the level of mature applications would be in that data center activity

an update on data center conversations there, what is the interest level that you're seeing in the site most recently and then thoughts on timing

I was just wondering if you could give a sense of where conversations stand with regard to the future of generation build in New Jersey

are you discussions and negotiations contingent on the FERC process and figuring out behind-the-meter co-location arrangements

if you could elaborate on your strategy or approach to managing affordability just given some of the concerns I think stemming from PJM capacity pricing

I was wondering if you could comment on how you're thinking about the outlook for the PJM market, you know, what could change?

is the uncertainty a deterrent broadly looking at the market?

what might that mean for generation resources? Timing of when you would need new generation, and whether it is peak or baseload

Curious about your reaction to the contents of the governor's letter—different approaches proposed around ROE, debt and equity ratios

as you look out to another 1% kind of inflationary rate, wondering if you could just talk to levers to manage that and look for more cost-cutting opportunities

does it go above the top end of the annual kind of growth rate at some point looking out through the forecast? And how does that shaping look?

When would new generation be needed as you sign more large load contracts? How do we think about the next round of an all-source RFP?

Wondering if you could speak to the supply chain and where you stand currently in terms of access to some of the tight areas like turbines and labor

could you characterize just maybe the plan for the next set of RFPs? Just looking forward for future generation needs

I was just wondering if there's still a further opportunity to add on more gigawatts there to bring on more large load by the 2029 time frame

I was just wondering if there had been any changes following the modifications of the rate structure that you've now implemented in Georgia

could you talk about the trajectory when you'd be aiming for that 17% FFO to debt level and kind of describe the path to get there

I was wondering if you could touch on what you're seeing in terms of the availability of gas turbines and what the pricing backdrop is looking like

what you are seeing on the ground, physical progress, and any limiting factors that you see realistically

Any preview of your priorities and how you are positioning the GRC filings

have you seen slippages, challenges in all of those data centers just physically getting built and online

how your credit metrics maybe trend through the plan here through 2030? Are there peaks and troughs

curious if you could comment how that positions you in terms of achieving the 2025 guidance? And maybe as you look forward to 2026, are you seeing opportunities for expenses to be pulled forward

what is the maximum amount of new load that you could connect, if we're thinking about kind of the 2030 time frame

that pipeline has increased a lot, but the high confidence numbers seem to be consistent versus last quarter. So I'm wondering what the dynamic is there

Wondering if you could give an update on the LNG market and contracting opportunities that you're seeing for Port Arthur

just what are the gigawatts of the LC&I pipeline currently and how much of that is data centers

Would you be able to touch on your thoughts around potential impact or changes to the financial profile of Texas utilities

Is there a point in the plan where you expect that crossover to meet kind of when you catch back up

are you kind of intentionally moving more toward a new build strategy or looking more at hybrid offerings

where is the conversation on contracting your remaining nuclear fleet versus potentially making more progress

any color on timing as to what we might expect for the next iteration of data center contracting activity

what the -- maybe timing or milestones as to what would drive the uprate opportunity there?

any comments as to whether that time frame is still looking possible for certain opportunities?

What are the prospects for contracting the second unit there?

how is the potential deal at Comanche Peak progressing and latest thoughts on timing there and any gating factors

is there anything else that's needed from a maybe Texas policy standpoint to move forward?

how much time are you spending in DC. recently, just given all the political gyrations going on?

elaborate on your outlook for market prices, I guess, as you talk about better utilizing your existing fleet

wondering if you could give an update on the prospects for potential gas plant colocation

are you able to discuss or give a rough range of kind of what pricing levels that you might be thinking

Does that consider all of the renewables investment as well? And like specifically the AD CVD ruling

what's the cadence of how you would update that more firm pipeline forecast