David Paz

Sorgi confirmed PPL building at ~$2,200/kW on existing sites in KY. Pure greenfield elsewhere can reach $2,500+. Existing infrastructure provides economies of scale.

Sorgi explained battery was traded for Mill Creek 2 life extension in settlement negotiations. Filed without prejudice so can refile if load materializes, more a deferral than cancellation.

Bergstein clarified no change: 'at least midpoint' has always been the 2025 language; 'upper half' refers to long-term 6-8% growth rate through 2028.

Sorgi confirmed socialized grid upgrades earn the FERC formula rate ROE of approximately 10%.

Sorgi clarified the snowball effect comment was more Kentucky-specific; PA already has massive interest (50-60GW) driven by speed-to-market, land, water, and transmission capacity.

Vince deferred to CPCN filing but indicated costs similar to Mill Creek 5.

Joe declined specific ROE assumptions but confirmed reasonable estimates with some regulatory lag expected between rate cases.

Joe and Vince clarified: 7% in 2025 (last stay-out year), then upper half once normal rate case cycle resumes.

Management confirmed some sales growth from the remaining 1.2 GW could occur within the five-year period after ESA conversion and data center construction, but ramp rates are confidential.

Management indicated wind timing is adjustable within the portfolio mix, with solar potentially substituting for wind in the five-year period while maintaining long-term interest in wind resources.

Management expects incremental generation spend to be additive to the $32 billion plan, with costs for large-load generation borne by those customers through Senate Bill 4 tariff.

Lyons acknowledged community concerns around water, noise, and rates, but emphasized the tariff is designed per SB4 to ensure data center customers pay fair cost of service.

Moehn said the increase reflects multiple drivers: generation firming (back-end loaded), grid reliability, and technology investments. More detail coming in February.

Lyons reaffirmed upper-end growth expectation in back half of plan, citing Q1 progress on data centers, SB4, rate settlement, and financings.

Lyons pushed back directly, saying no specific headwinds exist for 2026, clarifying his earlier comments were about timing of acceleration not underperformance.

Harry confirmed top-half growth achievable on minimum takes alone. Existing tariffs protect signed ESAs from any future large-load tariff changes in North Carolina.

Harry confirmed top-half growth is expected to be durable into the 2030s as economic development projects come online and system investment continues.

Harry declined to quantify advanced-stage pipeline specifics but said Duke's is as big or bigger than any peer. Focus is on converting prospects into signed ESAs from credible counterparties.

Fehrman confirmed 23% commercial growth target remains on track. Load additions are steady, supported by take-or-pay contracts with firm payment terms.

Two Ohio projects (100MW) will proceed as planned. Remaining 900MW is optional and being marketed to customers in other states. No obligation to purchase.

Ridge detailed DEV earning near allowed returns via riders but disclosed South Carolina under-earning of 100-200 basis points during rate case cycles. Declined to share specific assumptions.

Ridge definitively confirmed Dominion is not participating in V.C. Summer and no capital in the plan is related to it.

CFO confirmed post-2028 spending timing to be determined with next GRC filing. Will clearly delineate rate base vs non-rate base components when available.

CFO clarified $500-700M of SB 254 capital in current CapEx plan but excluded from rate base. Remainder to be spent after 2029 in next GRC cycle.