Paul Zimbardo

Moss stated plainly that neither reference was intended as breaking news, separating prior IOU rating reports from the newer economy-wide Moody's and S&P California reports.

Pizarro gave a clear rationale, citing Edison's narrowed focus and a better-fit owner for Trio's ongoing needs, and reiterated the business was never material to EIX.

CFO emphasized conservative planning across many scenarios. Not seeing anything other than rate base growth as driver. Will continue focusing on efficient financing and operational excellence.

CFO explained these are level shifts not recurring drags: asset mix differences create depreciation/property tax variances built into base, tax law changes on charitable contributions, and higher wildfire debt outstanding. All now embedded in run-rate.

CFO confirmed comfort in the 15-17% range but didn't specify positioning within it. Noted financing options still being evaluated.

CFO deferred specific linearity answer to Q4 call. Emphasized detailed planning process just started with GRC in hand. Various factors including resources, operational priorities, and timing will inform annual guidance.

CFO confirmed the refresh will replicate the current 2025-2028 format.

CFO confirmed alignment with range case for both rate base and earnings. More granularity on additional capital opportunities to come after final decision.

CFO explained accounting requires showing gross liability and offsetting receivables separately. Not a signal on prudency positioning. CEO reinforced confidence in reasonable operator showing.

CEO noted fire investigations are case-by-case, difficult to extrapolate timing. Core investigation from fire authorities typically takes 12-18 months.

CFO confirmed financing plan consistent with prior disclosures, SCE financed at authorized capital structure, EIX managing within 15-17% FFO-to-debt range.

CFO clearly distinguished post-AB 1054 financing from pre-1054 approach, noting fund provides liquidity so utility would not need to issue debt like for 2017-18 fires.

Management confirmed it would break out JV earnings separately from the base utility, including impact on the CAGR.

Management committed to the two-year stay-out and signaled intent to extend beyond it through AI-driven efficiency, system consolidation, and continued cost discipline.

Sorgi declined specifics citing competitive sensitivity but confirmed all queue submissions are backed by land under PPL's control and turbine reservations are sufficient to support them.

Bergstein said not front-end loaded due to continuous capital investment through formula rates and riders. Sorgi added PA rates come in midyear.

Bergstein said they're still assessing probability and will determine how much to put in plan. Sorgi added the deferred battery project would likely be first to come back if additional gen is needed.

Sorgi explained Mill Creek 2 life extension roughly replaces the withdrawn battery capacity. If 700MW additional load materializes, would need to refile CPCN for battery or more generation.

Sorgi said taking disciplined approach, no material financial commitments yet, won't commit turbine deposits until ESAs more advanced. Could be 2025 or 2026, wouldn't concern him either way.

Sorgi confirmed comfort with the capital plan, noting environmental CapEx is less than $400M of the $20B total and not material.

Sorgi said EO won't immediately change plans, but if data center demand materializes they may delay Mill Creek 2 retirement until Mill Creek 6 (2031) comes online.

Vince explained current reserve margins and that Mill Creek 5 accommodates the announced 400MW data center but not much more without new generation.

Joe confirmed hybrids with 50% equity treatment are being considered alongside ATM as opportunistic financing tools.

Khouzami did not size incremental investment, framing transmission and storage as complements; Jones noted it is already contemplated in the $12 billion to $17 billion range.

Butler rejected the framing, citing the PECO rate case withdrawal and the 2023 ComEd grid plan disallowance as cases where results were still met without lowering capital.

Butler confirmed proactive steps including competitive transmission bids and generation partnerships, but said details will be disclosed when finalized.

Jones confirmed the rebalancing restores the plan rather than building additional contingency, describing it as a different plan for the current moment.

Jeanne confirmed 40% equity financing rule maintained. Total $3.4B over four years implying $850M annually, less than 2% of market cap, with $700M already priced.

Jeanne cited increasing financing costs as offset but noted transmission investment and strong earned ROEs provide confidence. Committed to defensible and executable targets.

Calvin detailed legislation targeting 3GW storage by 2030, expanded energy efficiency budget, distributed generation rebates, virtual power plans, and mandated integrated resource plans.

Jeanne confirmed constructive trajectory for 2029 driven by transmission, noted competitive opportunities active in PJM open window with clarity expected by year-end.

Calvin outlined three tenets: certainty, state control, and customer benefits. Mike Innocenzo noted Maryland's 3GW procurement with October decision timeline as nearest catalyst.

Jeanne noted more clarity expected next year. Calvin emphasized Exelon's deliberate approach to not speculate but provide transparent updates.

Marsh said interest is significant and the actual queue exceeds the probability-weighted 7-12 GW, but characterized it as early-stage indications of interest.

Marsh defended Cottonwood as the most economic option for existing customers and industrial load, while noting work with stakeholders to mitigate upfront/timing bill impacts.

Kimberly noted minimum bills on hyperscalers are significantly higher than traditional customers but declined to give specific figures. Near-term opportunity if customers ramp faster.

Kimberly pointed to visible earnings shaping through 2027-2029 in the materials and previewed similar 12% YoY growth continuing into 2030.

CFO explained savings come from spreading fixed costs over more kWh but no rule of thumb available. CEO added $5 figure is conservative, excludes fuel efficiency, reliability, resilience, and community benefits.

CEO confirmed no customer migration between jurisdictions. Existing customers comfortable with current rules. Lightning Initiative may help attract incremental customers to Louisiana.

CFO confirmed capital plan increase is largely Cottonwood plus some 2025 capital rolling into 2026. No other major changes beyond what was presented at EEI.

CFO provided clear reconciliation: 15→19.5 GW total. Some of the increase went into forecast or capital closing outside period. Net result: 8 GW for incremental growth.

CEO noted each hyperscaler deal includes renewables: AWS 600 MW solar, Google similarly, Meta 1,500 MW solar. Potential for PPA or self-build capital deployment.

Bowler declined to size the benefit but offered prior filed cases as a rough, admittedly not apples-to-apples, proxy.

Bowler answered both parts, confirming the affordability process is electric-focused and calling the legislation beneficial but not overly material.

David Bowler disclosed $84M refund expected this year plus approximately $100M per year in future CAMT savings, calling it a meaningful cash benefit with potential to reduce equity needs.

John Griffith described strong alignment with the Governor's office on affordability and investment needs, emphasizing the state's constructive stance on growth and infrastructure.

David Bowler and John Griffith attributed guidance raise to strong customer usage trends and consistent regulatory execution across the diversified platform.

David Bowler acknowledged the legislative wins will incrementally help earned returns but declined to quantify the specific financial impact.

John Griffith confirmed no strategy change, just language updates. ESG remains business-driven.

Cheryl Norton explained AWK has added BD staffing, strengthened corporate support for consistency in integration and due diligence, driving growth across entire footprint.

Management said the rare fault was handled well and did not see a need for significant incremental transmission investment beyond ongoing work.

Ridge pointed to $2 billion in the 5-year plan and upcoming milestones (a fall technical conference and the IRP) but gave no firm deployment timeline.

Blue clearly differentiated Dominion's vertically integrated model from the PJM backstop target audience. Confirmed no change to existing plan regardless of PJM process outcome.

Ridge acknowledged limited visibility on exact cadence but noted upward bias in five-year plan with higher run rate in 2030s. Directed to upcoming IRP for modeling.

Blue and Ridge confirmed no supply chain issues and de minimis financial impact. Ridge explained turbines energized in strings throughout 2026 creating continuous revenue collection rather than lumpy in-service date.

Ridge cited faster data center ramp and higher residential usage per customer as primary sales tailwinds, plus rider true-ups from faster capital deployment.