Praneeth Satish

Chad clarified the multiple is on consolidated EBITDA, ~9x net of NCI; direct.

John confirmed the 11% is an update to the prior 8%/9% figures and embeds conservatism; direct answer.

Zamarin said efficiency gains continue as lessons from Socrates, Aquila, and Apollo are applied to new projects. Expects impressive efficiency gains over time.

Larsen confirmed Silver Spur is first phase of Rockies Columbia Connector. Still progressing discussions with customers in Washington and Oregon for second phase.

Satish raised the bear case that BTM power is a 5-year window with fading advantages. Zamarin pushed back firmly, describing efforts to evolve toward combined cycle, heat recovery, and grid integration to bring down LCOE over time. He argued the need for tailored power solutions will persist for decades based on the infrastructure dislocation fundamentals.

Satish asked about JV partner dilution vs keeping value in-house. Porter said they're seeing many options from traditional JVs to insurance-backed money, emphasizing they want to remain operator and retain upside. Zamarin added returns are so attractive that bringing in partners at lower cost of capital would only promote economics.

Zamarin said equipment secured almost through end of decade across multiple providers. New projects now layering into late 2027 and 2028 timeframes. More details at February event.

Larsen said scope reflects customer power generation needs finalization and design optimization. Returns unchanged with ability to go bigger if demand materializes. FERC process to start next year.

Zamarin expects commercial agreements in second half of year. Another gigawatt of capacity online by end of 2027 remains on track. Economics expected to be as attractive as Socrates. Also exploring upsizing Socrates.

Zamarin confirmed no headwinds and growth tailwinds even stronger than past 5 years. Promised more color at early 2026 Analyst Day. Emphasized discipline while demonstrating ability to exceed historical growth rates.

Zamarin confirmed similar scope and scale to Socrates, possibly a bit smaller as design efficiency improves. Expects full commercialization throughout remainder of year.

Armstrong clarified Cogentrix is about positioning for gas supply changes in Northeast power markets, not merchant power strategy. Emphasis on Quantum Energy partnership and driving core gas business.

Armstrong emphasized risk-adjusted return discipline and balance sheet preservation. Behind-the-meter project excluded from CapEx until final agreements signed.

Armstrong confirmed meaningful capital impact but declined to specify dollar amount. Noted power generation equipment as likely supply constraint but said Williams has key purchasing relationships.

Widmar acknowledged waivers would dilute the intent of 232 but could not size the impact, saying it depends on scale and duration.

Bradley laid out both paths and flagged only a couple hundred megawatts of incremental finishing capacity across the existing Ohio fleet.

Mark said India demand too strong and margins too attractive to redirect. Fixed-tilt to tracker changeover is costly and clunky. Will bring small volumes of WIP from India to U.S. for finishing. Q3 seasonal softness could create window. Of 1.7 GW bookings, 0.9 was U.S. and 0.8 was India.

Mark explained safe harbor seeding strategy: 200 MW safe harbor creates 2-3 GW follow-on opportunity due to inverter-level compatibility lock-in with CadTel technology.

Jagdfeld argued turbine and recip self-generation are bridge technologies and said TAM excludes some behind-the-meter sites, but gave no backup ratio for those deployments.

Aaron confirmed 2 hyperscaler opportunities: one with $600M NTP is closest to close, second close behind. Both offer multiyear volume. Current $1B capacity insufficient for both; need bigger boat. Accelerating Sussex to Q3 from Q4. York: 232 tariffs assumed to offset EPA tariff savings, net neutral.

Aaron clarified $1B is domestic only; additional $200M+ internationally. Next doubling to $2B would prefer hard orders but depends on signal strength. Investor Day March 25 to provide fuller capacity roadmap. Competitors at 2-year lead times; Generac's engine partner enables shorter.

Kim tied the >$3B annual CapEx to the current ~$10B backlog and laid out balance-sheet capacity ($850M per 0.1x) to fund incremental power-driven growth.

Swords said West Texas NGL pipeline has capacity up to 740,000 barrels a day with ample room for growth.