Julien Dumoulin-Smith

Let me just kick it off here with the 4 GW number that you guys threw out there.

there was talk about self-perform, just more of a reflection on the state of the E&C market and EPC availability

Do you think about that strategically here? And is that accretive to the plan when you talk about being near the upper end of six to eight?

on the 2.2 gigs of executed ESAs, any caveats on why not to include it here?

as you think about regulatory lag in front of you in this investment cycle, can you speak to that a little bit here and what you're facing

would love to hear your latest thoughts of how you think about just engaging in non-utility avenues

how do you think about new nuclear in the context of a GenCo, or how do you think about the new nuclear construct

You said you're committed to this greater than 9% growth rate over the five-year period.

timeline on that decision and if you would or how you participate in the backstop just to make sure I hear that right

How do you think about the cadence of the line of sight for that next $10 billion as you think about it

how do you all think about the prospects for contracted generation to effectively backstop and serve some of this 56 that you guys are talking about here

with respect to PJM, any comments on that front? As how you think about tackling it?

To what extent could you actually see positive revisions further as you convert some of the interest into more of those LOA, ESA term sheets?

if you're accelerating towards the end of the plan, naturally, you'd ask, how does that trend beyond the current plan?

what portion of that is like hyperscalers, for instance, if you can speak to that?

I just wanted to say a little bit of what's already approved here. What do you have line of sight even within that $10 billion bucket?

what is in that 5 billion generation bucket? Can you speak a little bit to how you think about that

Can you give us a little bit of a sense of how far things are advanced there? I mean you obviously take note of what happened with NiSource here recently

how would you broadly set expectations about the back half of this decade given that sort of -- whatever the timing is of that phase out given that phase out?

can you elaborate a little bit about the situation. It was a bit ambiguous as to understand the strategic development here. What actions has the board taken did you all initiate this?

is it principally that you've got a recovery from your suppliers, i.e., they are taking the risk when you guys provide this 0.3% that effectively the risk burden is effectively put on the vast majo...

How do you think about that transaction just in terms of the prospective EBITDA impact, just when you think about the financials here?

Can you just elaborate, I mean, to what extent have you gotten in front of Moody's with this plan? And just if you could elaborate a little bit on how you're thinking through 2027 on that evolution...

are you actually selling down stakes in more renewables in order to reduce that need for contributions? Or is the aggregate level of renewable investment per year slowing down here?

just given the benefits we've seen of late, can we expect it like maybe remain a discrete earnings benefit in '27?

you just commented in your remarks and in the Q here about the $35 million benefit for the quarter. Can you talk a little bit about how we should think about that ratably through the year here?

I was thinking about the just the balance sheet and the earnings impact from the winter storm in the last couple of weeks cumulatively

would you assume that that's a good run rate, at least for the purposes this year? I know it's CapEx timing driven. Any reason why you wouldn't, for the purposes of our conversation, start to do that

How do you think about the time line here inasmuch as where are you in those negotiations vis-a-vis this potential RBP

Is there a specific threshold docket you're looking for to really unlock things?

Are you guys assuming this $5 billion buyback is executed in the core EPS?

you have this 10% rolling CAGR. Can you describe a little bit about how to think about that?

are there more Limericks out there in terms of effectively providing an upgrade that's tantamount to the size of an SMR?

the uprates seem to be the next wave here of where you could really win on additionality and in contracting

I wanted to ask, how accretive is this transaction, as best you guesstimate here today?

has anything shifted in how you are thinking about NorthStar strategically, or is DIG still something you see being part of CMS Energy Corporation

given the Gaines Township tabling on April 15, can you reaffirm the "as early as 2028" online date for your final-stages prospect

is the prospect you have reached commercial agreement with the same one tied to the Gaines process or a different site

can you give us a little bit more of a sense as to where we stand on data centers in Michigan?

what's in and what's out of the plan and how you would think about the pieces here? Because you got a 10.5% against the 6% to 8%

can you elaborate a little bit on just what the timing is on the large load tariff? Just again, I suspect that this is more mundane in process than anything else

potentially maybe there's some upside even within the 6% to 8% or above the 6% to 8%?

that 9 gigawatt number on the pipeline side, how are you seeing that evolve here? I mean I think it's flat quarter-over-quarter

How about this gigawatt that you announced this morning? I just would love to get a little bit more details here. I mean, how do you think about the ramp in the load?

you lose the potential settlement. Certainly, a possibility in other states as well. Could that be paired up with a more formal commercial arrangement?

How are you thinking about what's included in the 900 megawatts of demand in the current plan? Are there puts and takes in that

Just with respect to the permitting, you guys have a lot going on the renewable front. I'd love to hear your thoughts about the ability to execute

I'm thinking about the sort of the data center avenue. And to what extent is that reflected in that 2% to 3%?

You just clarify how much of that latitude is reflected in this updated plan here?

Can you comment a little bit about the deferrals and any opportunities there? How are you leveraging that versus your peers

should we expect sort of incremental cadence in coming quarters again? Or would it rather be at some point having a bigger 765 update

Is there any risk that you perceive on timing here ultimately

how would you characterize today where you are around that and the opportunities that exist more in the longer term

how do you think about the cadence of that rolling in? When do we start to get some visibility around that

Is the scope of the contribution from that legislation fully included in the plan

How long do you expect that to remain a drag there? Just given the dynamics here on those assets over time

with Beryl, can you go back a little bit on just time line and expectations to close that out here

When you think about the $3 billion additional opportunities, can you just clarify a little bit of the various pieces

With respect to the store recoveries, you're obviously making a filing for the subsequent storm here in 2Q

I just wanted to make it very crystal clear about this. With respect to what's assumed from a cash perspective

any comments about legislative reforms or ballot efforts here if you care?

Can you talk about just the postings waterfall, if you will, just credit protection, just both in terms of any

speaking of counterparties, a new hyperscaler or is that an expansion of an existing arrangement here?

How do you think about that if you layer in the data center opportunity -- is another way to just talk about the pieces that go into the 6% to 8% here

if it's approved and comes online as planned, how does that impact the electric state here? Can you elaborate just a little bit about some of the parameters here

how do you think about the time line for its ramp? I know that you already cautioned that it wasn't entirely clear cut. But how do you think about it being accretive versus perhaps serial and an ex...

How do you think about that -- the visibility on that piece here and the IRP and the potential to have that CapEx ramp in that -- those tail end, '27 through '29 period

Is there a potential that you actually are ramping up even more, shall we say, multiple parallel data centers to achieve more than a gigawatt?

how are you thinking about 45Z and just the ongoing ability to tap some kind of credits, you know, as far as it goes to sustain or continue to grow that Vantage piece

Can you speak a little bit on the data center front just to how the timeline here?

Obviously, we're having some hearings later this week on the backdrop of affordability and implications.

can you expand a little bit on how you all see this coming together?

How do you think about any potential to settle them up here partially or otherwise here?

Can you give us a little bit of an update in South Carolina, where do we stand on the generic large load tariff docket?

you think the FFO to debt, regardless of where this lands, you're going to stick with this updated level

what's comprised within that? Is that principally just transmission and generation for new data centers?

the move up from $87 billion to -- by $10 billion could be ratable across the forecast period or it could be heavily weighted to that final year

How do you think about this positioning yourself within the EPS CAGR, right? I only see net accretive actions before us.

Around the latest Carolinas legislation, can you elaborate just a little bit further about how that shifts your plan?

it's too early to talk about, shall we say, moving within the range, but how do you think about putting more latitude

How do you think about the 19 turbine commitments? I mean, just against what you guys have in the plan

is it actually accelerating actively versus what you guys had contemplated initially?

I'd also love to hear a little bit about customer deposits and how you think about that impacting rate base

Can we talk a little bit about cost savings? Just the ability to drive more efficiencies out of the organization

we're seeing a sequentially stronger quarter in crude, I think, both from a volumetric and a per barrel margin standpoint

can you talk a little bit about the opportunities there, especially if you think about volumes ultimately landing

Can you speak to how much of that initial f 'twenty seven CapEx is spoken for

I just wanted to follow-up on that AMI filing in Connecticut. Particularly relating to the benefit cost analysis prepared

following up on the long term EPS guidance. I noticed the disclosure with the earnings report projects cumulative 5% to 7% EPS CAGR through 2030

any early indications, especially as it pertains to transmission and long lead time right time investments where you perhaps had some visibility

how would you frame expectations here from gas onto the electric PBR? Just with respect to the backdrop here

Just wanted to understand a little bit more about how you're seeing that happen because if I remember right, I think last quarter you guys were talking about this, I think it was a 45% number on im...

On the corporate drag, just to talk about that super quickly, I see the $0.16 drag and I think for full year 2024 you had about $0.16

How do you think about that fitting into the financing plan, if you can speak to it, not just in terms of what you're recognizing here with the $570 million

there's upside outside of the plan that you're alluding to, but it seems like you guys have made tangible actions

Texas is really contemplating a new nuclear fund of sorts. Any thoughts about tapping into that?

how you think about earned ROEs as you lean into this ramp in spend? Are you thinking that there could be some pressure on earned returns

how do you think about spare capacity versus transposing incremental ESAs into further generation and supply resources of various flavors?

How do you think about ATM or block? I mean just as the cumulative capital accelerates here, how do you think about funding it or prefunding it?

How do you think about the timeline to develop that associated generation? You specifically called in the slides here 2026 to 2029.

In terms of IRP, would you be going back and amending that and then subsequently going out with some sort of new procurement effort here?

you all are framing these as 80% and 50% probability. They're fairly high numbers in isolation. How do you think about the timing here and how that it perhaps is juxtaposed against the backdrop of ...

how do you think about what that timeline looks like and what that settlement process could be?

how do you think about settlement abilities here? I mean, I know there are a few different dockets few different, efforts afoot with respect to teaching policy and colocation

how do you think about these deposits here in as much as that seems like a wider industry trend and certainly as an offset to rate base growth

How do you think about the safe harbor having played into the latest quarter here?

Can you comment a little bit about just what you are seeing here of late? Separately, can you comment a little bit about what you are actually seeing in terms of sell-through on volumes out of Asia?

Can you elaborate under what conditions you would look to seek to open multiple new lines on the finishing front?

how do you think about use of cash here? Again, obviously, you've got a final decision on the finishing line

how do you think about the re-pricing risk on the balance here?

can you elaborate a little bit about the EPC dynamics in 2029, specifically in the back half of this year?

the FCF range, you got about a half billion for the two to two and a half. You talk about three to four hundred million in tax here

Can you speak a little bit more to the extent to which that might be accelerating given the availability dynamics and the supply constraints

on the approval for the almost $400 million of projects not yet in backlog, can you give color on those

Can you talk a little bit about what you're seeing actively on that front

What are you looking to move forward on that? How are you thinking about timing

Can you elaborate a little bit on how you're seeing the opportunities emerge as it pertains to the shadow backlog

does that line up with what we're seeing right now in the generation resource planning

how would you characterize the probability of conversion over time for the remaining 3 to 3.5 gigs there

are you confident that there's a possibility here post '27 into the '28 time frame, you could be considering an 8% plus EPS guide

can you elaborate a little bit more about the timeline about formalizing that

How do you think about crystallizing this into an updated plan

how you think about safe harboring and to what extent you guys have along with your partners, ensured access to the tax credits

Can you talk a little bit on the timeline here to get up to that full, I don't know, 2.9 ish

how do you think about potentially looking at the strategic nature of your business and expanding your footprint?

can you talk a little bit about what you're seeing on the ground in terms of Florida

how would you set expectations for other non-Japanese tide projects as far as the BTM effort goes

can you talk a little bit about -- is this an acquisitive strategy potentially?

what's the expectations on the cadence of announcements to hit these targets, whether the 15 or 30 gigawatts

how do you think about, say, chunkier announcements, you know, say, Google here making specific announcements around that

with respect to the gas and contracted gas strategy, can you speak a little bit to what you're expecting or what success you've had thus far

how do you think about your EPS growth and sort of the waterfall, if you will, of credits

You're talking about going to the higher end of the range here

How do you think about getting into this gas business? I know you talked about development kind of in the 2030 plus

How are you thinking about tracker recovery and multiyear rate plan risk at this point?

can you speak a little bit to the backdrop here on the 3 gigawatts

on the 3 gigawatts in strategic negotiations, what are the gating items for conversion?

how do you think about bifurcating the $0.15 to $0.18 move up in guide between rate base and owned generation versus contracts?

Should we think about announcement of the next Genco deal as contingent on receiving the first IURC approval for the special contract filing?

how should we think about the timing, you know, for the Nipsco gas rate case filing this year?

can you elaborate a little bit of what's reflected here? I mean, is it just the CapEx, the first $7 billion here through the first 5 years?

if you got the full amount of that 3 gigawatt and again, I'd love to hear your confidence on being able to pursue this full 3 gigawatt

Thoughts on the state of Indiana, your relationship. I'm sure you've talked with the governor's office

How do you think about potential to provide any kind of example transaction or something that is a little bit more tangible

Your load forecast, your '24 IRP, could you potentially view that as stale at this point?

can you speak to how that might provide a further avenue for your data center filings

how you guys are thinking about that juxtaposed against your plan. And specifically how you think about potentially extending the lives of your assets

Can you speak to just your latest updated load forecast around data center prospects

Can you speak to how you imagine and have potentially negotiated some of these risk-sharing considerations here

it seems that some of your sites have the opportunity to expand to that full 2.4 gigawatt

if you were to define the strategy in a way with your fingerprint here, how would you add or evolve what I would describe

As you think about this rollout of VPP, I mean, just any -- when would you expand that?

the 14% here. Just to break that down a little bit further here, how much latitude do you have in that

do you have a certain time frame that you need to move some of this equipment, use it or lose it, if you will?

How meaningful, right? We've seen a few announcements here with a couple of hundred megawatts here

Can you speak a little bit more broadly? Obviously, you guys have Illinois site, PJM is talking increasingly about bringing new assets

is there more to come beyond this gigawatt? Can you talk even about the specific sites that are contemplated

How do you think about the margin profile? I get it's a little bit commercially sensitive to talk about, but how do you think about this contributing to the bottom line or EBITDA? I mean is this mo...

How do you think about this enabling you? Because this kind of flips the equation from earlier to do more retail

you're assuming $50 and $47 for the PGM and ERCOT, respectively. I think that's below market forwards today

How does the latest announcement position and signal on future opportunities on data centers?

What kind of line of sight do you have on LOIs there? I mean, certainly, it's a big and specific number here

How much would you say, if any, of the mid- to high single digit is predicated on those bolt-on acquisitions

how do you think about that $5 billion and when you would be in a position to around that

Any specific milestones after April 1 that you would be looking towards

if you can speak a little bit to what transpired there with the 500-megawatt reduction

How do you think about that conversation fitting into a broader, more comprehensive focus in the state on reform of insurance

how do you think about inverse condemnation as being part of the reform conversation

How do you think about a ratable or delayed contribution here

you added some statistics on idled and abandoned line activity

How does that put your bill increase target? Right? You talked about this 2% to 4%

wanna speak to the prospects of a, quote, new fund or or or re contributing to the fund?

how do you think about the totality of the wildfire, undergrounding efforts today

is there timing on when you could follow through on contracted new generation, whether gas or more specific storage or solar?

How do you think about your participation—whether in a bilateral context or outright in some other permutation?

Tangibly, what would the next step look like to show progress if there is to be something to happen?

how do you think about what the breakdown is between the regulated utility side of that year-over-year increase versus what is reflected in power

Let us talk about the overlap between the BPU here and what next steps are from both and how they might overlap

how do you think we could look at the auction in just PJM and New Jersey's relationship going forward

what's the willingness to participate in this initial bid process that seems ongoing now of the gigawatt

what would you say specifically, you all bring to the table or would potentially bring to the table in a long-term and short-term sense here

Would that be effective here as soon as the start of next year as far as your ability to offset the full ramp

what drove the IRP move from August to the end of October? And did the scope change at all?

this meaningfully ahead of plan sales growth thus far includes a flat TSMC thus far year-to-date

How should we think about the cadence of that 200 basis points? Is a 50 basis point ROE gap by 2029 still the goal, or is there potential to move that forward?

what could we see on the August 3 IRP filing, and how do you think about that refresh cycle? What kind of clues could we get to kick off the summer ahead of any broader post–rate case update?

can you break that down a little bit? And maybe you can comment a little bit on where you stand on kind of translating further uncommitted into the committed bucket?

implications from the UNS case of late, especially the formula rate decision, being set. Any thoughts, reactions on your front in terms of readthrough

maybe speak a little bit more to the sequencing of getting this pipeline built in time and in service to align with what seems like a fairly tight time frame altogether to build out this generation.

How is that progress going on the subscription part? You talked about this 1.2 gigawatt opportunity. Where are you in sort of "filling that bucket" or that opportunity?

you've got this $0.55 bump here on transmission. That's a sustainable level, right? That's a pretty big bump.

can you talk about the opportunity to scale beyond just this RFP here for '28 through '30? I mean, obviously, you've got 2 gigawatts and change there. But the ability to potentially tap into some o...

What's the scale of the opportunity on transmission and then to marry that up with what you just talked a second ago on generation. And ultimately, when do you guys provide a reveal of longer-term ...

how are you thinking about providing a longer term view beyond the three-year period? I mean, notable the way that you responded on QIP, et cetera. Is there a longer dated view coming here in a mor...

upsizing the present RFP, you said a minimum of 2 gigs, but there's potentially a real likelihood for a meaningful expansion of that?

how do you think about CapEx trends beyond the 2027 period? I just wanna start to needle a little bit on that just given the trends we're seeing from some of your peers

How do you think about, you know, a test case here being able to be settled? Right? Do you need to fully litigate in order to see and implement formula rates

what do you think about your willingness to participate in the gas generation side of the business?

Can you speak a little bit to how you're scaling that business?

How do you think about this setting the tone for a high teens earnings growth, if you will, through the back half of the decade?

How about getting sort of inside the house? Obviously, you guys have done a couple of acquisitions here.

can you speak a little bit to your confidence in the execution on the Sun's deal project specifically, both in terms of operations and permit considerations

what's the timeline and cadence that you're expecting for some of the flow into your backlog?

how do you take this load growth and put it into rates? Again, I know you have got this rate CMP.

Is there a chance that that number gets revised higher as you see this contracted large load number head higher?

let's talk about the procurement side and try to feather that against how you would think about that increase in CapEx even through 2030

What exactly are customers doing? Are they deferring initial energization dates? Are they starting at lower utilization? Are they restructuring the ramp profiles

The $9 billion of equity you guys talked about here a second ago, in theory, if you were to get this incremental $5 billion

a lot of folks are very curious to understand what the metrics that you're looking at, whether it's operational or regulatory

any updated thoughts about where those contracts could land and/or maybe on the pipeline side, any updates there as to opportunities in terms of size and scale

Can we talk about what you're seeing? You guys have been very diligent in providing commentary about the pipeline

Can you elaborate a little bit as you think about marrying up an improving balance sheet with your comments about the rebate potentially in 2027

are you seeing any churn in the underlying composition of who, and the kind of data centers and the geography that you're seeing

How do you think about leveraging the sites themselves for co-location opportunities or supplementing not just with repowering

Is there any kind of metric you can disclose around the cumulative earnings trajectory that you guys are seeing there today

any view on timing changes on some of these Certificate of Convenience and Necessity approvals

Can you talk a bit more about the progress of securing that for the remainder of your base plan

can you talk about how you are thinking about LNG as a long-term component of your business strategy

do something of an analyst day or full look? Or you think, look, you have given us an incredible FY30 to begin with

What else really would move the deal? Right? You talked about the $9 billion. You talked about the SIP. What else would really drive you within that range here

Clearly, this wasn't contemplated when you articulated that 7% to 9% earlier. How do you think about the various pieces that go into this

at least the level that was implied from the last transaction, is that kind of a fair baseline

what are the variables that can surprise the upside to this 3 plant per year model

leading the charge on that front, whether it's in Illinois in response to both the backstop and/or the state mandates

the backup generation or adjacency opportunity here, I mean, I know we're principally talking about a nuclear contract

is there just an expectation here that you'd say, look, we're going to try to get it done before 9/1

On '27, any comments yet about where you guys are relative to what you said about '26?

Can you guys comment briefly on '27? I mean, the curve has been moving around

So you still think something could happen this year though, right after the summer for legislative session?

How do you think about the additionality? Right? And I mean that in a more complex sense

How are you thinking about potentially a third or other hyperscalers or other data center parties following the lead

And then what is the status of the VLC tariff? And what do the PCA contracts cover?

How do you think about settlement and any specific items that might stand out here in the filing

how is this enabling or catalyzing developments? And can you speak to the expansion opportunity a little bit more specifically

it seems that the other parcel here might even be bigger than the first one. Can you just elaborate a little bit about what we understand in sort of the multistage?

Can you elaborate a little bit more about the 500 megawatts that you're putting in here now? I mean, to what extent is there even more beyond that?

How are the negotiations progressing at what point do you need to make a decision about the 500 megawatts there for replacement power or what have you? For the 2030 piece.

you raised the transmission CapEx by slightly less than $1 billion. But I think the Port Washington transmission project itself with ATC was 1.3%

How should we interpret that as being incremental or not to the plan if eventually there's something folds in there?

The ramp in Illinois seems a little bit more than perhaps some were expecting. Again, it's a pretty healthy number here with the $1.5 billion

Do we have any sense of timing at all on the ramp? And similarly for Phase 3, what would be contemplated on ramp?

that staff recommendation for Option 3 at seven point, this was $1.9 billion. That was a big number

How are you thinking about the lockup here on the shares here being issued as part of the transaction?

how do you think about actually seeing the time line of some of this materialize? You talk about time to power

what about creative financing solutions here, right, for PI? Obviously, you had some latitude here on the balance sheet

if I can keep going with what Keith was, I think getting at. As you think about that 8%, right, you guys threw out base plan, 8%.

How should we interpret that removal? And then specifically, it's notable you're targeting a 20-plus percent ROIC

is it about expanding existing sites, adding more total duration and ramp? Or do you think this is more about just finding new geographies

How do you think about the ITP plan coming out this year? It seems like it could be another record outcome.

How do you think about your objectives when it comes to wildfire in Colorado, right?

what's the geographic footprint that you're contemplating here in incremental announcements? I mean, obviously, the different states have different tax regimes

I think it's still planned retirement in '26, right

is the idea that the 9% is sort of at this point in time and the 6% to 8% plus is designed to be for any eventual roll forwards

what are the more substantive pieces? I mean it seems like the SPP element could be more substantive

it does seem like a low teens rate base CAGR, which admittedly would it be all that different from your, should we say, regional peers

are you guys actually going to refresh the full suite of guidance in a more affordable way with that roll forward

How do you think about the improvement in earned returns there just a little bit again

can you provide some further elaboration on what's in this Colorado wildfire mitigation plan settlement agreement

would that suffice in most of your cases? I get everything is discrete and specific, but do you see that sort of meaningfully offsetting the equity risk scenario here

How do you think about where you're positioned on '25 and getting "back on track"