Jeremy Tonet

your preliminary thoughts on line of sight to exceeding those ramp schedules, and when the potential for incremental capital coming into the plan might materialize

wondering if we could talk a bit more about your conversations with large load and data centers here

has Ameren look to derisk turbine slots needed here for any growth beyond the preferred resource plan?

as far as access to gas needed for the plans, as you outlined here, have you signed up for a sufficient gas transmission today

We've seen a number peers lift their pipeline this quarter I was just wondering if you could talk a bit more about what Ameren sees here

I just want to make sure that’s separate from the 2.3 gigawatt referenced? Or I just wanted to kind of clarify that point in the outlook there

there’s a lot of attention on transferability if there were any changes there if that was taken away, I guess, the impacts that might have on your plan

the $4.4 billion of increase in CapEx, yet only $300 million of incremental equity, I haven't seen that from all your peers out there

do these items represent upside to your plan? Any way to size the magnitude of earnings and cash flow benefits from possible legislation

When you're referring to the high end of 28% to 30%, is that year-over-year or CAGR? So basically, is this a CAGR of '26? Or is this year-over-year from '27 into '28?

I was just wondering if you could talk a bit more specifically on what you see the DPS CAGR over that time period being, particularly in the back part of the plan

how maybe gets in reconductoring, quick factoring and help for speed-to-market solutions here given data center needs

how you might prioritize funding or how you see asset sales potentially fitting into, I guess, the pecking order there

what it means from the AEP side potentially. Just if we could frame what that could look like from CapEx or any other way to kind of think about that

if you could provide any incremental color on stakeholder conversations in just the state of, I guess, stakeholder relationships in the state

Looking at the white paper last week out of PJM, Powering Reliability Through Market Design, wondering if you were able to provide any initial reactions to paths A, B and C

We've seen energy prices moving up recently and just wondering thoughts you have on these moves where it could go

if you could provide a little bit of color on Three Mile Island, it seems like progress is going well there

thoughts on the level that materialized in this past auction trends there and how you see this trending in the future

what you're expecting in terms of state-level action on PJM changes going forward here

what is the expected path and timing to resolve the FERC 206 proceeding here

provide more details on the progress towards long-term customer agreements as you talked about in the slides

we've seen in other states utilities kind of featured in some of the commentary here. And wondering if you had any expectations

just want to pick up, I guess, with the gas plant, as you mentioned there, the potential for that. Would that be simple or combined?

that $20 billion of CapEx knocking on the door. Just wondering how quickly could the door be opened here?

Just want to pick up with the gas case. In you know, given what's come out so far, the appetite for settlement

the deferral that's baked into the guide right now. Just want to be clear on the treatment there.

if I could pivot to DIG for a second here. It seems like I think you mentioned outage. I'm just wondering, how much of a headwind

how you feel about the regulatory environment in Michigan. There's been, you know, some concern in the marketplace with recent orders

I was just wondering if you might be able to expand a bit more on the timing of the trajectory of the credit metrics here

if you could talk a bit more on traditional large load drivers in the Gulf Coast and Houston area

Just wondering if you might be able to provide a little bit more detail on what the time line can look there and what the size of the opportunity

how deep do you see that well at this point, given how much has been accomplished

the seller's note as you guys are receiving in the deal as far as how you think about how that helps facilitate the plan

whether you see this being accretive to the earnings over time or any thoughts on that side

Has the finalization of [ SV6 ] impacted inbound interconnection interest in any fashion at this point

all this CapEx coming into plan without equity, it seems like that will drive upward pressure to the CAGR here

you talked a little bit about Houston revitalization work. And just wondering if you could expand a bit more

tariff concerns and recession risk. It seems like Texas is in a very good position, you know, regarding economic activity

kind of thinking about the proposed SB 6 regarding large load and transmission charges

Any guardrails you could put on the transmission opportunity depending on ERCOT's 765 decision?

how conversations have evolved with regulators, with other stakeholders in the state

7% of the capital plan is focused on nuclear. I see the relicensing in there. So just wondering if you could help us unpack a little bit more

When you say early 2027, does that mean, like, a January, or does it mean a first quarter

if you would be able to update us on how CVOW potentially faces, you know, potentially facing reduced energy deliverability

just wondering if there's anything out there that you would be looking for that you think could materially, I guess, change views on the potential for nuclear's role going forward

equipment availability that stands right now, transformers, transmission, equipment, everything for CCGT

transferability has been a big focus in the market whether it's repealed and has impact on plans

with regards to thinking about the ATM with regards to de-risking 2026 equity needs possibly earlier in 2025

if you could provide any updates on the outlook for PJM finalizing network cost upgrades

I want to continue with the biannual, if we could, just wondering on overall engagement with stakeholders there

dive into the Virginia data center opportunity a little bit more in quite the step-up as you outlined there

how would you frame the ramp in sales growth as these projects come online?

how those contracts compare if there's any differences to think about there?

energy trading. Just wondering if you could spend a bit there and if results in the quarter were in line with your expectations

any updated thoughts, I guess on the business outlook there, the business mix, any changes in the strategy in light of potential IRA changes

can you walk through those and maybe the cash flow drivers behind sizing minimal equity in 2025 versus the kind of uptick in later years

Could you speak a little bit more to the opportunities that you're now most focused on? Just curious how you expect this high grading to play out

as it relates to the legislative session, if there's anything that you're watching there?

share a bit more of the view of the larger pipeline, as you said, the 15 and change

Are there any direct offsets here from the savings that you announced with the merger of the Carolinas

as far as current load trends are progressing through the quarter, I was wondering if you could provide us just maybe a little bit more detail

could you share any high-level thoughts coming into the filing here beyond nuclear?

we've heard other care utilities talk about, you know, improvements in the Midwest as well. And just wondering if you could touch on what you see

if there's anything out of DC, you know, particularly as it relates to, I guess, NewQ at this point

what you think the industry would need to see in the market to pick up activity, and do you expect us to get there

how much of that could be allocated to projects that have not taken FID yet

could we see the potential for sizable uplift as as you know, optimization opportunities might have been greater than what you typically see

Is there any kind of formula that you think about or other methodology when when you think about the buybacks

has seen departure recently. And so when might we hear more, I guess on the COO role or any other changes in management

how recent market price volatility might have impacted your view on the near term there and thoughts, I guess moving forward in '26

Where are the current, I guess, operating run rates and where do you see them going over the course of '25

in the Trump administration, imagine permitting might be easier, also talking about energy emergency and how that could impact permitting overall

I was just wondering if you could share updated metrics for the second quarter for Moody's and S&P and how you stand against those thresholds at this point

If there's any other, I guess, process takeaways that you have from the outcome there and views, I guess, on settlements versus full litigation

Just wondering if you had thoughts you could share with regards to where you think you'd land in 2026 FFO to debt

Just wanna dive into 2025 EPS a little bit more if I could and just headwinds and tailwinds there

how would you describe the tone or pace of discussions here? Is there more or less urgency to sign up incremental load

given some of the load shed events due to storm activity earlier in the year, wondering how you think about the opportunity to deploy more transmission

I think some of the commentary might have highlighted the capital shifting out closer to plant COD and maybe that kind of spills over into past the plan period

if you could comment a little bit more, I guess, on the ramp for Google there, the project there

A lot of interest in this new Arkansas customer and appreciate somewhat limited what you can say at this point, but just wondering if there's any color

I think you referenced 7 gigawatts of gas generation available for new load. Is this after the Arkansas project

your weather normalized sales, if I'm seeing this right, residential went up about 4.5%. Just wondering if you could talk a bit more about drivers

I wonder if you could provide more color what it looks like, I guess, on conversations with data centers or other large industrial users

it seems like there's a degree of macro uncertainty out there that might be weighing on industrial activity a bit

any thoughts on the economic development working group in efforts to expand the existing, I guess, data center incentives there

Just want to pivot a little bit here, if we could, towards the Amazon TSA. It seems like there's been some developments there

any thoughts, I guess, on the $10 billion to $15 billion of transmission CapEx and thinking about probability weighting all this

any incremental thoughts you might be able to share on what the scope of the opportunity set is for you

just wondering how that resonates with local stakeholders there and particularly thinking about New Jersey

where you see the biggest gap versus allowed in, I guess, key focus going forward, which which jurisdictions have, you know, the earn returns

As far as the components there. There is 50% DOE loan and then remaining 50% what what are the components there

if you could expand a bit more there, I guess, on the appetite to build new generation elsewhere across PJM

I was just wondering if you could expand any more there on the backdrop and talking about filing as soon as practical there

Could you speak to the scope for incremental generation needs there? And what level of low growth do you see in the state

Just want to kind of understand what drives the pace of negotiations there? Are there any blocking items to getting capacity online sooner

is there any other color you could provide to frame, I guess, what you'd be looking to solve for if things kind of progress

which parties are involved in the settlement conversations such as staff or just who's more receptive, who's less receptive

Just want to come back to the no equity issuance in the message here. I just wanted to see kind of like the boundaries of what could possibly change that

I just want to come back to bill headroom, if you could. And your latest thoughts there post PJM and post the recent New Jersey auction

do you see any demand for that? Or is that kind of completely gone away at this point?

how much of that is kind of like onetime in nature versus recurring?

I'm just wondering if you could talk about what that could mean for Kinder -- for NGPL

what opportunities it could present to you down the road just if we think about Waha egress

it seems like it's a little bit less at this point. Just wondering what other, I guess, changes in the backdrop you see versus the 2Q

how you think about the landscape given Kinder's competitive positioning

post the Georgia Power IRP filing here, does this impact, I think, the opportunity set as you see it in the Southeast

We've seen recent reports of hyperscaler activity there and I want to double click on your Texas, Arkansas Power project

any change in tone there such as if WTI does step down into the 50s

the natural gas infrastructure and storage docket that Vice Chair opened, are you expecting anything specific

those risks going forward and with ENCs you see out there that you think can best protect you

tracking anything on the federal side that maybe would change, I guess, the permitting process or laws otherwise

Just want to start off with wind additions if I could. It looked like a little uptick there

whether you might look to partner with one technology here to go for it as everyone tries to go from a full to NOAC

the dynamics in the power markets at that point in time, particularly renewable PPA pricing

with the PJM capacity auction results yesterday. How do you think about the current price backdrop now as enough to incent generators

on the GEV partnership and if there's any update that you can provide to us

regarding your conversations with hyperscalers at this point, just wondering if you're seeing any kind of changes in the tone

as we think about the uplift in the '26 guide, how much of that do you see recurring in '27?

if you could just help us think about shaping of the year, EBITDA by quarter, if that's going to vary from your pattern before? Or is there kind of conservatism built into your guidance

just wondering if you could expand a bit more on which ones are hitting expectations or really which ones might be coming in a little bit below, such as EnLink

I was wondering if you could provide a bit more color on economics there and synergies as well. And will you be consolidating BridgeTex?

I was wondering if you could provide a bit more color on specific opportunities and how that, I guess, feeds into confidence in the guidance range

I'm just wondering if you could elaborate a bit more maybe on what you see there, synergy capture that gives you the confidence to stick with that

Could you provide some color bifurcating between the states as far as interest or type of activity and conversations?

Where does the total count stand versus last quarter? I think it was 11.8 as of December.

any updated thoughts you might be able to provide on how likely that is to, I guess, come to fruition

is there any discernible difference, I guess, in the tone of those conversations

what type of constructs Pega be interest in, be it regulated generation, unregulated generation

any thoughts as far as recent frictions offshore wind that we're seeing today? And how you think that impacts maybe the transmission planning opportunity set

How do you think about the potential capacity price outcome in the next auction as it relates to customer bill growth

Can you help frame the timeline for when this could come together? Is this weeks, months, or quarters?

How much of the data center growth on Slide 7 is incremental to the current earnings and capital plan?

on the RBA, any thoughts on the impact if it goes through as proposed for PPL Corporation

when you are talking about the alternative generation solutions that could come online more commensurate with ramping requirements of data centers, if you could share a little bit more color

is this something that you would wait for an earnings call to announce, or could something be communicated earlier than that if the deal comes together?

would the JV look to bid into the base residual auction? Or just wondering your thoughts around that.

just to clarify, if I could, with regards to Mill Creek 2, the O&M number you quoted before, if that was an annualized number?

any incremental thoughts with regards to when we could see news flow, more developments on that side?

I was wondering if you might be able to peel back a little bit more, I guess, what that looks like sizing there? And really just wanted to get a better feeling for how you think the cadence could c...

any thoughts as far as future equity needs in using forwards to derisk the plan like some of the peers -- some of your peers have done?

how power risk could be, I guess, allocated within what the JV does, if PPO wants to keep that type of a similar type of risk profile?

how do you think about is there a preference for the JV or regulated generation there? Or any thoughts on market share in general that PPL could capture?

Just wanted to come back, if I could, towards the guidance and what are some of the parameters that drive the high and the low end

Just wondering how that could impact build trajectory going forward, possible downward pressure there

is it just, as I said, preliminary discussions? Or is it -- you wouldn't be the first one seemingly given what's happening in South Carolina

I was just wondering if you could speak to when these tailwinds could possibly translate into incremental investment opportunities there

I just wanted to pivot to the FERC gas pipeline expansion potential there. Just wondering what visibility you have there

just curious on your outlook for the IRA and any potential changes there, how that could impact Southern particularly as it relates to transferability

any thoughts you could share there with levers that you could potentially pull to manage customer bills there

just wondering I guess, if you could provide a bit more color on what you're seeing there, what could the upside be there over time

how you see the interplay between GCX and other pipes coming online over the balance of this year, how the basis trends

is it fair to say, I guess, the guidance bakes in optimization kind of only what's visible right now

Just wondering how much upside that could bring here and particularly as it relates to, I guess, the butane side

I'm just wondering if you could walk us through a bit more what's driving Targa resiliency and the growth outlook in '26 and versus others? And I guess, what do you see post '26 that gives you conf...

It's higher than before and has another plant, I think, than where you were before? And just wondering if you could bridge us through what the drivers are there?

some of your key producers have put out kind of long-dated looks into what the growth would look like in the Permian. And so just wondering what sense that provides for you as far as kind of more a...

Just wondering how things have unfolded versus original expectations. Is this more wells coming on to the system? Or is this better productivity per well? Or what factors would you say are driving ...

you could share more data points you're seeing that provide the confidence there

if you might be able to elaborate a bit more on the direction of CapEx 2026 relative to 2025. I'm just wondering on the potential interplay with buybacks

how Targa differs from others as far as your customers who you're levered to versus maybe others, your position in the Permian relative to others

any high-level thoughts you could share, I guess, on how the trajectory of EBITDA could grow across the year

is there any reason to think that some optimization does not materialize again in 2025

why not include the Meta opportunity here? And also post the near-term potential of $16 per share

how would you characterize the level of discussion now versus any point in the past?

conversations related to gas power generation relative to nuclear, wondering if you could provide any more color

Just wondering if you might look to quantify that in some sense for the market in the future

As it relates to '27 hedging price levels, are you able to provide any color there?

Do you feel more confident in your full opportunity set across the portfolio now versus last quarter

Any thoughts you could share on the relative attractiveness of long-term contracting across the markets you're in

when you're looking to sign new contracts for data centers, does that ever interfere with the ability to conduct buybacks

with PJM and the auction collar now approved, just how you think that sets up new build incentives, PJM, next few years

Just wondering any updated thoughts you can provide here if transferability or other products to the IRA were to be repealed

how you think that impacts Wisconsin. And how does -- Wisconsin stand relative to other states and trying to win this business

Do you think your experience with RICE units, be it at the utility or WECKY would offer you kind of the ability to give a differentiated service

any thoughts on OpenAI CFO mentioning Wisconsin, as a possible data center site, and beyond Microsoft?

With all this hitting in the back end of the plan, how do you think this might impact the CAGR?

on the relative level of appetite that you're seeing now versus where you were before

as you talk to your local state senators, what do they say about the prospects for this in D.C. right now

how you see the opportunity set at this point across your footprint? And what would -- how would you describe, I guess, the pace of conversations

if you might be able to expand a bit more, I guess, on the strategy -- industrial logic to this deal

do you see FIDs on the pipeline side more likely stemming from another Transco type of expansion? Or do you see the possibility for an FID on something stemming from the Northwest system

I was just wondering if you could talk a bit about your experience at EQT and what your bringing to Williams here

what has enabled Williams to do this, versus others? What do you see as your competitive advantage here

how you see the gas market unfolding here, given these dynamics, and what it means for your systems

how you think about the opportunities across your footprint, be it in Pennsylvania or Texas or Wyoming

it seems like on the electric transmission side there's not the same constraints as we see on the gas side

what you think that means more broadly if Google is willing to pay for newer technologies and such like form here. What do you see this as a trend

After seeing the ALJ just now, any thoughts on the prospects for settling given this very early time of review

your ability to win more data center load here kind of stands out maybe versus others in the industry. I'm just wondering if you could speak to what do you think is some of the key tier offerings

if you might be able to align that a little bit more with the demand growth

such as transformers, transmission, 2 CGPs and components there. Just wondering if you could frame for us how long the queues are

How do you think about incorporating them into your plan? Do you probability weight the chance of winning contracts

If you could speak a bit more on the gain on debt repurchases there? And was this contemplated or the plan

What is your contracting progress on the base data center assumption here

do you see any periods of relatively elevated bill inflation as investments come in ahead of load

could you elaborate on potential regulatory treatment of wildfire related O&M expense

how you see things developing across other service territories, especially Colorado. Could there be kind of a broadening of this

your thoughts on adding incremental gas fired generation, to meet higher-than-expected load growth

does transferability go through the federal government? Or is it bilateral

developments in other states might have impacted Xcel trading recently. I'm just wondering what thoughts you could provide here incremental