Paul Patterson

Campbell pointed to a strong settlement track record and the late-September settlement conference, describing it as a straightforward infrastructure case with a data center affordability benefit.

Campbell said the projection is based on modeling of the LLPS tariff impact, noted inflation is trending 2-3%, and clarified Missouri West is the jurisdiction expected to run above inflation near-term.

Buckler reiterated hundreds of millions in equity reduction possible from load growth but noted upside bias in capital needs provides offset.

Campbell confirmed mitigation measures are in-year actions that don't impact fundamental long-term outlook.

Campbell said Lambda could scale from 24 MW to over 100 MW within 4 to 5 years, leveraging existing building and T&D infrastructure.

Campbell expressed confidence that 3 approved solar projects qualify under OBBBA, with a robust set of alternatives for future projects.

Campbell said tariff isn't a gating factor as customers are advancing in parallel, noting $200M in financial commitments already received.

Nolan acknowledged PBR is deprioritized behind more urgent regulatory matters including the CL&P rate case and FERC proceedings.

Moreira offered speculation rather than definitive insight, suggesting FERC may be deferring to courts for final resolution.

Moreira clarified the $1.6B equity portion of Aquarion sale proceeds is the delta. Without sale, alternative financing fills the gap. With no sale, Aquarion remains a strong asset and company will file rate case to improve earnings.

Moreira explained $82M EGMA integration costs incurred at parent level per 2020 acquisition settlement. Recovery approved over 10 years from EGMA customers but benefit recorded at parent to reimburse the funding source.

Moreira noted 2024 tax rate was high teens, 2025 expected low 20%, and 2026 will normalize to sustainable level. The $210M offshore wind tax benefit was separate from recurring results, achieved by reclassifying wind losses as ordinary versus capital for 15-year carryforward.

Moreira noted Yankee Gas case already includes proposed PBR. Revised straw proposal expected mid-year. Timing interaction with October Yankee decision is uncertain.

Geisler emphasized the strategy of reliable, low-cost service resonates regardless of which commissioners sit, and the reliance on non-elected staff.

Andrew confirmed ~$200M already achieved toward future-year needs beyond 2026. Total 3-year need of $1.0-1.2B being worked down opportunistically. Rate case outcome and subscription model could further reduce needs.

Ted characterized new nuclear as medium to long-term opportunity. Needs constructive policy, supply chain capacity, and trades workforce. Actively involved but no near-term investment expected.

Ted said traditional hearing path preferred due to formula rate mechanics and high-load factor tariff design. Company has track record of successful settlements but this case has unique elements better served by hearing.

Ted clarified it's not curtailment but rather capacity value declining as solar penetration increases. Actual solar facilities performing as expected.

Andrew explained El Dorado holds legacy non-utility energy investments. The electric switchgear company showed higher profitability, triggering gain recognition. Called it small and non-core.

Direct and unequivocal: said nothing in this particular project is tied to the lawsuit outcome.

Direct: itemised the $0.04 net from impairment and insurance, $0.02 of insurance, and said some favourability reverses in Q4.

Liu confirmed the non-rate-base portion of the Illinois settlement charge flows through revenues line for accounting reasons.

Liu explained conservative forecasting approach: good customer growth offset by slight decline in usage per customer.

Confirmed WEC's own Illinois appeal pending, noted Ameren win as somewhat positive precedent. SMP decision expected next quarter.

Liu described debt extinguishment as opportunistic tool not in base plan, dependent on market conditions.

Ralph characterized the EE order as a narrow, prospective framework tied to extension assets and on-bill financing, not a broad regulatory signal.

LaRossa distinguished between merchant and rate-based battery solutions. BPU and Garden State storage currently favor merchant approach, but LaRossa sees a role for utilities as well.

LaRossa saw bipartisan momentum despite legislative recess, noting both gubernatorial candidates want more control over reliability, affordability, and environmental outcomes.

Cregg took FERC at face value on their thirty-day timeline statements, expressing confidence they will deliver on stated urgency.

LaRossa deferred on specific policy predictions, noting NJ is at a crossroads. Solutions will likely bridge administrations and PSEG is focused on educating stakeholders.

Management gave a broad read: the state remains supportive of data center development provided customers and communities are protected.

Sorgi detailed PPL's transmission advantage: upsized steel infrastructure enables sub-$150M per GW connections vs $1B+ for some peers, with hyperscalers paying over half. DLR integrated into PJM day-ahead market.

Sorgi said legislation remains in committee and the legislature likely will wait to see how PJM market dynamics shake out. PPL is not waiting, pursuing generation through JV.

Vince outlined 3-5 year timeline for generation construction and discussed capacity auction dynamics with $325/MW-day cap for next two auctions.

Joe confirmed no scheduled timeline for DSIC decision, but no concerning issues from commission perspective.