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is the increased sales forecast a net benefit to cash flow and thus should equity needs to be lower?
what's your view on just what puts you lower in that 6% range now? And could that be up for kind of consideration as we look towards fourth quarter?
does this plan and this CapEx plan create that capacity for you? I just wanted to understand that
is there a point in which you would kind of like reevaluate the growth rate or do these opportunities kind of extend that premium 6% to 8%
just on the earned ROE improvement, '26 through 2030, just what are you kind of holding your team to in terms of improvement year-by-year?
in '28, should we be growing that 9% plus off of '27? Or should we look at that as a CAGR from '26 and what 9% would imply for '28?
I believe, Chris, correct me if I'm wrong, is lower. So I was just hoping you could address that as well
is there just a percentage of equity that's required that we should be thinking about, whether it's 20 or 40
Is there just any quantifiable exposure if transferability did go away? Would that impact your plans whatsoever?
do you have additional levers to pull on the asset sales side or could the securitization that's pending in West Virginia impact the company's overall equity needs
is this transaction lengthening to six to eight, or do you expect kind of a step higher, you know, and at the 1.7% level?
do you guys still see opportunity to kind of prune things in the portfolio if it's accretive to your plan?
are you trying to communicate that you're going to be above this range as we look out to '27 and then more within the range as we look to '26?
what's balance sheet capacity at this point -- look like at this point? How should we think about the need for additional equity in any new plan
just the Cochrane buyout that you disclosed in the 10-Q. Can you just give us a sense of what you're purchasing? And how much you paid for it
I know you kind of disclosed the Class B dividends are like $145 million to $198 million. Is that like a yearly number or is that a cumulative number?
just on the cost savings, you know, you have $150 million, ramping to $300 million over time. I heard you, Steve, say that these are run rates
You previously talked about a 12% to 15% IRR on renewables. What's the IRR of these higher quality projects that you're now targeting? And is the cost cuts just making up for the rest of that delta?
I just wanted to ask just the $0.21 Texas benefit in the quarter. Is that something that we can annualize? Or just how would you kind of frame that against the $0.40 guide that you originally point...
you kind of brought up the strength in spreads. Is there a way to explicitly quantify what the margin benefit was from Waha spread this quarter?
could you maybe just talk a little bit about the cash conversion between EBITDA and free cash through '29?
how does that kind of compare to where you were in the March 31 update? I know you spoke about some idle turbines then
strategically, is there appetite to do something like that again
I am trying to understand more granularity on what is needed for the permit and your expectation to have that done by summer
how are you thinking about being proactive to de-risk 2027 and 2028?
when you would wrap in the 1 to 2 gigs, do you see it as truly incremental to the 10.5% CAGR
the PSD, I would say, is just quite concerning from seeing an [ 8% ] and change ROE significantly below the national average
Just how are you kind of thinking about '26 and whether there's an opportunity to kind of derisk the equity in '26?
I wanted to pick up where you left off there and just be a little bit more clear on how the 1 gigawatt of new data center customer interacts with the $5 billion of CapEx upside in the IRP
how do you feel about the gas case at this point and the ability to potentially settle that?
I just wanted to ask just a follow-up to Jeremy's question a little bit further on, like, NorthStar and the big opportunities
on the REP, like, I know it's early, but just is this something that you expect to take a full distance, or is there a settlement potential
what is the ability to bring more into the 5-year plan? Or is that kind of fully baked at this point
How are you kind of viewing it on like an FFO to debt improvement basis versus the plan
any update on how local feedback has been on the ground and reception to the deal from state leadership
a lot of other tailwinds that are not in the plan. And is this going to be more skewed towards the 10-year kind of plan
the agencies are still on negative outlook. And just is there anything else that they're kind of communicating to you
your kind of philosophy and how that's changing? Can you just give us an idea if you are, I guess, reassessing the CAGR
where your head is at financing these new opportunities and just recognize that you kind of trade at a more healthy multiple
the PJM upgrade costs—are they included or not in the figures you are putting out there today, or is that still downward pressure
Can you just talk about what is embedded in the plan currently for battery storage, what your recovery mechanisms would be
How many how many turbines do you need to install per quarter to make the July 2027 timeline that you laid out
If the timeline is going past July '27, is the overall COD, you think, still kind of intact then
What's the balance sheet capacity to kind of absorb higher CapEx at this point
there's no other approvals needed across offshore wind supply chain, the boat or with federal government
where do you kind of stand within the fiscal '25 range? And then are you trending at or above the midpoint at this point
Can you just maybe talk about and expand on where you have slack in the time line, I guess, if the ship does see further hiccups
any update on whether you would be kind of kicking that off immediately
can you -- is there anything that you can kind of shed light on in terms of your conversation with them
how do you kind of think about the time line to kind of wrap some of that into the plan in the current decade
there seems to be a lot of focus on additionality if it comes with colocation in any form
what is the current capacity on the system to absorb that 3 gigawatts? And I guess just what is the kind of tipping point for you to have to pull forward the '26 IRP
how are you kind of thinking about it beyond that through 2029?
can you give us some color on when we can maybe see an uptick to that 2.1 gigawatt number?
give us a flavor of how you see this maybe impacting the auto sector, what your exposure is there?
as it rolls into the plan, just generally how do you think about the impact to your load growth CAGR
could you discuss your rate filing cadence and how those different rate case outcomes or just different scenarios could drive 2025 execution
Do you need to kind of go full distance here, or do you think that you can constructively get to an agreement to settle it
Just any costs or impacts from that that you could disclose? And is that already kind of embedded in the midpoint view of the $6.68?
what would kind of put you in the lower end of that range?
can you just clarify what year you expect to get to that 15% range? Is it '27?
Just how are you kind of thinking about any additional opportunities across the portfolio to just knock out that remaining $4.5 billion?
legislation in South Carolina has been a discussion point for many investors, and just curious I assume none of that's kind of your plan
if you were to do kind of junior sub or hybrid, or any type of, like, equity content-like instrument, does that change the equity means
what is Edison kind of advocating for in the 3 paths? Where is the threshold in your mind for shareholder contribution just kind of keeping in mind what played out last year?
what are kind of the consideration the nonlinearity to think about for '28 and '29? Do you kind of plan to be at the high end in those years in the 5% to 7% range?
when do you think you would potentially have the low end of losses for the total event? And what is kind of the complicating factor at this point?
when do you think that we'll have a low-range estimate for what the liability against the fund would be?
is the $0.10 just a charge for both the '26 and '27 maturities? Or is that still kind of up for debate?
Should we be expecting that to be more kind of one-off, as you know, you're going to communicate to the market?
how would you kind of define what is or what is not an acceptable structure and whether you're open to shareholder debt or equity contributions
how you're thinking about how you would reflect any liabilities from the Eaton fire? Like how that -- would that go into the financing considerations
what drove you to kind of put that out there now versus in the fourth quarter update?
how would you kind of frame the current policy environment and the conversations you've had with people and whether those conversations have been constructive
do you have any indication about what the number would be for damages from a starting point? Or you don't -- when do you expect to know?
can you kind of talk about where the company stands on committing to large-scale NUC at this point? What the industry still needs to move forward
what is the equipment outlook look like for you now
just has the conversation pulled back a little? Or where would you kind of put that now or frame that now
Have you already started the regulatory approval process for the upsizing of Hyperion to the 5 gigs like they've been talking about
is there any potential for effort by the parties to want to settle issues in the proceeding
It just seems like you're off to a good start. Are you trending higher in the fiscal '25 plan just given the weather tailwinds
How would you kind of simplistically frame every 1 gigawatt affecting growth? Is it – if you get another gig into the plan
there’s an adjacent service territory that’s also kind of running a sale process. And can you just address what your appetite is for anything inorganic
Just on the new role, how are you thinking about that communication around equity in 2030?
Could you just expand on how many customers that's made up of?
So it just seems like you could be well above 9% here. Is there anything that you would kind of flag that's an offset to kind of that basic walk?
what are we missing in the math or, like, the offset that we should kinda be contemplating on why you wouldn't be kind of above the 6% growth rate here
if you were just to bring one hundred megawatt customer online, you know, how does that impact the equity needs? Is that, like, hundreds of millions off that figure?
a proposal around the return that would point to a lower ROE and potentially lower equity cap, depending on the mechanics
What feedback are you getting from the agencies through what has transpired in Pennsylvania?
How much is sustainable versus one-time and can be recaptured through a rate case proceeding?
the rate base growth is near 8%. You do have financing lag against that, you know, which maybe would be greater than 1% financing lag between equity needs and debt funding
how you are thinking about regulatory strategy for 2026? Whether you would file in 2026 or wait until 2027
how do you see that process shaping up? Do you expect it to still be on time for, you know, a September auction?
the ACE rate case has been going on for a long time. And you're still saying that you're on track to settle this case
is this something that you think you kind of get clarity on by year-end and potentially consideration for the financing outlook
you have this new Maryland legislation that's out there. It does prohibit reconciliations after Jan 1, 2025. And I'm just wondering if you can maybe kind of talk about how you think that could impact
just curious what your response would be as a T&D, do you think or are you open to resolving this colocation issue via settlement perhaps
I know legislation has been kind of a priority in Maryland from stakeholders, and I was wondering if you can kind of comment on what you would kind of expect there
Slide eighteen, just when we think about the growth into twenty-seven, that just year over year of prior year twenty-six midpoint?
what are kind of the frameworks that we should be thinking about to facilitate the next phase of load growth in the state
as we layer in some of the additional capital to the plan, just how you're thinking about the funding and financing mix
West Virginia could be another $1,200,000,000.0 incremental to the plan and that would bring your wrap CAGR to 11%
how is the increase CapEx impacting your earned returns in the state? Just relative to that 10 that you show on the slides
how you're thinking about rate case strategy for '26, mostly asking on Maryland, West Virginia, New Jersey, where the ROEs are trending a little lower than authorized
you kind of talked about build and transfer versus self-build. Can you maybe kind of talk about how you've recovered the capital in either scenario
What are your views on pursuing a [ Genco ] similar to some of what your peers in PJM announced
the 20% increase that you have visibility to in the plan, is that net or gross of the minority interest ownership
how are you kind of thinking about balance sheet capacity at this point and when you would have to start to lean on equity
Do you still kind of expect, regardless of the outcome, do you expect to be able to offset that be within the range, and be able to kind of grow linearly here at the '26
Is there just any chance that you could deal with ESP in that discussion or is that gonna be more up to commission interpretation
what are your thoughts on just being able to maybe settle some of these issues with staff? And is that possible? Or are you just going to be taking this a full distance to an order
If you're going to be higher in the range, just I guess why isn't this a 7% to 8% CAGR? And what's kind of -- what are you kind of handicapping
could it be increased and could that customer do more? And does that represent part of the 2 to 4, or is the 370 largely locked and loaded today
What is the right dollar-per-kilowatt cost that you are seeing for those types of investments right now
is there anything else that you can kind of give us around your goals for timing when you could bring in another deal
what is required there from a, you know, permitting, zoning, approval process
what's the starting point that's embedded in '26, so we have a base to work off of
that would then kind of put this growth rate above 8%. Is that the right way to think about it
Can you just give a little bit more color on what stages of those incremental opportunities are
What is your FFO to debt going to be at the end of '25
Is there a percentage that you're targeting for incremental capital now
how you're thinking about like the competition for capital in your 5-year plan
Do you still see this as a five to 7% long-term EPS CAGR? And any kind of comments on how you're trending in that plan now
if you lost a dollar of transferability, like, how much equity do you think you'd actually have to do
where do you kinda see yourself today against those metrics
Maybe you can just kinda talk about what's different in this case versus prior cases
if we were to add a dollar of CapEx like, what's the associated equity needs with that going forward
how would you kind of view the return of that opportunity to like the 13% to 20% plus equity IRR
Is that kind of the new run rate we should expect going forward for FPL
you talked about having secured supply for four gigs. Just when would you kind of secure the additional four
What is the kind of gating item more on the customer side? Like, what are your customers telling you
There's a lot of momentum right now for AP1000. And just curious what your appetite would be in participating in something like that
is the settlement still on the table in any way? Or are you expecting this to go right to hearings
where do you think returns are from an IRR perspective or an ROE perspective?
2% change to customers for FPL in this upcoming rate case definitely stands out in a positive way
talk about what investors should be looking for to know you are making kind of further progress? As it relates to that figure?
Can you just give us an idea of how you are thinking through your Pennsylvania strategy and what the considerations there?
maybe you can just kind of talk a little bit about the $0.25 versus the $0.45 range and what puts you at the high end or low end of that contribution?
what is the contribution then from the NiSource side from an equity perspective? Is it just 50% of that remaining $5 billion?
You have the counterparty contract process. You also have a third quarter update where I think you're going to be refreshing the long-term plan
when we think about where you could be in that target on the base plan today, '26 and '27, should we be basing that off of 188 today
do you see that truly impacting your long-term procurement strategy at this point just to supplement the generation needs
as you think about getting to commercial agreement with any customer, that that is not explicitly tied to the timeline of the proceedings
what's kind of underpinning the $2.5 billion. I think in prior decks, you had this target price for signings above
I assume they're going to be project financed. So just what would your kind of targeted equity contribution be?
Can you talk about the capacity auction and just the prospects and timing for the collar to potentially be extended
your conversation with policymakers at the states you operate in, how does that look in terms of BYOP?
now that you've had a little bit more time after you've announced this transaction on the first quarter, how do you think the PJM opportunity is shaping up?
what is your line of sight to kind of convert some of the 4 gigawatts to actual ESAs?
where are you kind of drawing the line? And what is sufficient?
how high grade is the plan if we were to kind of go that way with some of the more draconian things that are being piched right now
if you were to kind of reflect on the CEA process, what is most encouraging to you
can you just give us a sense of some of the items or just how you would kind of rank what takes priority in capital allocation
how are you thinking about the palatability to fund anything upfront at this point
Can you just kind of remind us on where you kind of stand today on balance sheet capacity
just maybe you can kinda talk about what you see as kinda the key differentiator in your upcoming case
can you maybe expand on why you're you're confident that that's indeed happening this year just given the various things in front of the state legislature
the cost of capital in the state has changed. In the last month, and just wondering if you can kinda talk about how that impacts your upcoming filing
what's the risk of this being, like, a multiyear legislative effort rather than something that gets done at the end of August?
what is the latest thoughts on that at this point? I know the prior state administration was very focused on bringing data centers
just maybe you can talk to whether this CAGR is linear or not
there are discussions around extending the RPM collar for another two years
is it fair to say that any deal at this point would now have to come with additionality commitments
what are some of the negatives that we should be thinking about that kind of put you back within the 5% to 7% range
how do you kind of see that impacting your ability to move forward with a multiyear contract by the end of this year
how are you kind of framing where you are on a gross receipt basis? And I guess my question is, are you now higher in the range
do you still see executing on nuclear deal in 2025 as still on the table before the governor leaves office
remind us on like the quantum of megawatt it could potentially be part of a commercial agreement? Would you be open to doing more than a third of it
if a large load customer was to be able to connect to the facility, what's the timeline for ramp?
if we kind of continue to clear near the $270 level, how does that kind of impact your gross receipts calculation
the Southwest pipeline, you have 2 gigs of committed in the queue right now. And just this pipeline unlocks how much capacity that you could actually serve into the early 2030s
Can you just kind of talk about how you expect that lag to evolve '26, '27 and then '28 as we get through the GRC as well as the formula rate plan?
the El Dorado gain, just was that expected in guidance when you set guidance? Or is that kind of incremental through this year?
you have this 3% to 5% large load C&I forecast in your long-term outlook. Can you just kind of remind us how many fabs are in that outlook or if you were to kind of decomp that, adding another plan...
you have a new disclosure on your QIP balance, which definitely seems material at $3 billion to $3.5 billion. Can you just kind of confirm, can you get retail rate return on that and how exactly th...
As we think about wrapping in additional capital, you have given that sensitivity for incremental equity, but what are your thoughts on portfolio rotation at this time?
How is that creating or changing your philosophy around regulatory strategy—when you would actually go in and file again after these next stay-outs?
would that be served entirely with gas and -- can we do the math on what that CapEx would be if it's all new build
Maybe just wondering how you're kind of trending in the beyond '28 time frame at the base level
you still expect a large load update filing in August and that would be higher than kind of the 52 that we talked about in the past
how would you frame the returns compared to your core regulated business? And then I know it's just a -- much smaller part of the business
Have those discussions picked up with the recent momentum we've seen in the industry and the executive orders
do you anticipate kind of being at the higher end of your 5% to 7% through 2027, and that would kind of equate to like a new higher base
are you guys still on track to kind of find that at the end of June or by July 1? And has anything kind of changed there in your rate case strategy
is that kind of offset that is not really, like, accelerating you beyond that $7.50 high end
thoughts on the remaining 25% in terms of maybe using something to fund the $9 billion or other strategic actions to limit common equity
with the proceeds that are kind of coming in on a staggered basis, '26 and '27, just how are you kind of viewing balance sheet capacity for this increase? And is it fair to say there should be no e...
since we're past testimonies now, is settlement less likely? Is this something that you're kind of still actively working towards
any high-level thoughts on your kind of participation in a potential AB 1054 solution this year as well as maybe just on some of the status of the affordability bills
Just is there a point at which this ROFR extension expires
is there any scenario in which you think you can kind of go beyond the 30%
What year do you kind of think that you'd be, above that 7% to 9% range
a 1% increase in the rate base CAGR for, you know, roughly a 10% or more cut in EPS expectations just seems somewhat counterintuitive
Is that going to be would you consider a block? And then you kind of talked about buying back stock
Is it the base idea that you're going to bring in the full replacement? Or could you just be kind of targeting half of that to start
can you just kind of talk about your ability to execute on that from a supply chain and equipment standpoint
is this something that you expect to go fully litigated? Or do you think there could be an opportunity to settle
any thoughts on further derisking the plan past that? Or could there be any downside to this number if you guys were to lean on some additional hybrids
how do you feel about the potential to kinda settle this if that's important at all and if the window is open to do so? And then I'm also just wondering the timing on the GRC filing
Just wondering what the appetite is to recycle capital to replace common equity needs
what's just the state of urgency from state stakeholders to kind of further lock up this capacity through the end of the decade
Do you have the turbines or maybe the renewable agreements to kind of execute on that?
would you have clarity on that ahead of the third quarter call? Like I guess, could you settle that proceeding?
I was just wondering if you can maybe talk about the 3.5 gigs of demand and how you're thinking about procuring generation for that?
the CAGR, we all love the precision, but it is probably one of the thinner ones out there across the sector
the MISO capacity print. I mean, I know it came down a little bit earlier this past week. And do you see that as a tailwind at all to the territories
at what point would you kind of revisit the 40% equity financing assumption? And then secondly, just any thoughts on defending the Baa1 outlook here with Moody's
give us some clarity on the shaping of that spend and as you roll forward the plan, I believe, to 2031, just how much of that is going to get encapsulated
clarify what's kind of embedded in the low end of this $10 billion plus incremental bucket
the six gigawatts now is pressured higher. On on the 5% long-term low growth factor. Is is that correct
when we kinda look at the earned returns just for 2025 actuals, they are pretty significantly, you know, under authorized
I know you talked about $1.3 billion already priced forward. Is that kind of net against that $7 billion
Does that start beyond '26? Or is that how you're kind of viewing this year
is settlement of that fully off the table for now? Or is there still an opportunity to do that into trial
if the window for safe harbor is shortened, just how do you kind of see that affecting your plan
How should EPS growth kind of track against rate base growth? Should we be kind of expecting similar types of equity issuance
the broader kind of tariff outlook and how it's affecting economic development in your service territory
If there's any kind of outcome where the tax credits get sunsetted sooner within your five-year plan, how do you kind of think about the offsets to cash flow
are any of your projects kind of in scope from either federal, or private permitting halt perspective
at which point, do you think you would reevaluate that sales CAGR? Is that more of an EEI later in the year item