Michael Lonegan

Bill gave no filing date beyond later this summer and addressed the affordability investigation by citing strong state relationships and I&M being held up as a leading example.

Trevor said the tracker was not specifically contemplated and largely offsets the ROE step down from 9.5 to 9.375, declining to call the 9.5% target conservative.

Mihalik declined to discuss specific M&A plans but firmly indicated AEP prefers growth over asset sales, citing alternative financing tools.

Fehrman confirmed studying the Genco model with Indiana as precedent, citing close communication with WV governor on his 50 GW by 2050 vision.

Mihalik detailed ROE path to 9.5%: Texas UTM, Oklahoma SB998, Ohio forward test year all provide definitive improvement mechanisms. Fehrman emphasized no plugs in the plan, all backed by detailed execution plans.

Mihalik maintained the full 2026 range, noting it is still early in the year. Incremental CapEx opportunity may not manifest for several months. Emphasized underpromise and overdeliver approach.

Harris described the earlier-stage cohort as co-locators needing a hyperscaler customer plus zoning and site plans, but did not quantify incremental investment.

Harris quantified the IRM lever at roughly six additional months near $1 billion and pointed to incremental data center load as the other extension driver.

CEO deferred timing to after final order. Staff supported IRM increase and large transmission investments in current gas case. Filing cadence to be determined post-order.

CEO confirmed filing at 10.25% ROE and 51% equity layer. IRM aligned with DSP and Liberty audit directive. Staff testimony expected in coming months. Rate case order will determine final parameters for stay-out.

CEO stated moratorium communities not suitable for large-load data centers anyway. Pipeline counterparties have land positions, some already through zoning and working on site plans.

CEO highlighted staff testimony supporting IRM expansion and pull-forward. ALJ recommended 9.9% ROE in DTE's case. Commission Chair stated ROEs are appropriate. Final decision awaited on Feb 19.

Management directly stated bilateral contracting is independent of the PJM process, having negotiated ahead of it.

Management deferred on sizing, saying it depends on which agreements close first and would be announced with signing.

Sorgi declined to provide any additional detail on JV return expectations beyond prior high-level commentary about above-utility returns.

Sorgi identified batteries and potentially fuel cells as near-term options, with hyperscaler preference driving the mix between early generation and waiting for larger CCGTs.

Sorgi said engaged with GE, Siemens, and Mitsubishi on turbines. Land parcels in PA can support multiple GW. Alternative gen supply chains look good for 2028-2029 timeframe.

Bergstein declined to quantify upside but offered rule of thumb: ~$1B equity for each $3B incremental capital. Sorgi added most upsides don't drive customer bills higher and some could lower them.

SVP Powell noted grid hardening fundamentals driving risk reduction haven't changed. Model is comprehensive across distribution and transmission. Will continue evaluating maturing models.

CEO expressed confidence in policymaker engagement but acknowledged it's early days. No guarantees on timing but encouraged by level of diligence across legislature and governor's office.

CFO noted GRC is far along with 20% O&M and 8% capital items settled, expected PD first half. Woolsey proceeding has agreed schedule with interveners.

CEO expressed confidence in prudency showing, noted risk-prioritized approach to system hardening. SVP Powell added continuous learning and doubling down on inspection practices.

Tierney confirmed no change to long-term CapEx outlook despite hyperscaler pullback elsewhere, citing Meta's continued investment.

Tierney described discussions as productive and constructive, focused on cap structure and ROE, expects expeditious outcome.

Tierney quantified the WV generation opportunity at $4-6B over 12-15 years, with spend starting in years 4-5 of the current plan.

Taylor confirmed the ROE target is embedded in the growth rate forecast, with Ohio assumed close to allowed return of 9.5-10.5%.

Andrew confirmed 4 GW committed with a large portion coming online this year. At least 10 GW in additional queue being actively assessed for timing and capacity.

Ted discussed formula rate design intent to earn close to allowed ROE with dead band structure, but did not provide specific 2026 lag percentage estimate.

Ted prioritized earnings smoothness over growth rate acceleration, noting conservative forecasting of top-line growth with long runway of data center customers.

Ted said it's too early to anticipate conclusions but noted broad support from firefighter associations, unions, and other utilities.