Richard Sunderland

Rochow walked through the fiduciary review process, the capital reallocation, retained light-capital assets returning cash to the parent, and asset dispositions. Emphasized simplification and that nearly 100% of earnings come from the regulated utility after 2027.

Rochow confirmed both the rate agreement and extraordinary facilities agreement are signed under the large load tariff, with local zoning still pending. Noted the customer is working multiple locations and the tariff travels with them across the service territory.

Garrick said the pipeline has grown beyond 9 GW with new companies entering and others converting to contracts. Great progress on hyperscaler contracts and zoning. On rate case cadence, emphasized importance of annual filings to pass savings to customers, keep increases near inflation, and fund reliability investments. Would consider stay-outs but focused on affordability.

Garrick declined to comment on M&A. Reiterated NorthStar positioning: DIG benefiting from rising energy and capacity prices with bilateral contracts, renewables hitting singles and doubles with utility-like returns, safe harbor through 2028-2029, and the whole segment is about 5% of earnings.

Clarified the unlock has opened multiple customer conversations rather than serving only the first named customer.

Described a specific community-first process (webinars, town halls, narrowed route sets) with routing finalized in Q1.

Foster noted smaller units already being marketed with strong receptivity at nearly double original 2021 lease rates. Larger units return from San Antonio by end of March 2027, then will be marketed as cash upside to plan.

Wells explained the study targets the capacity gap between existing capacity exhaustion (~2029) and 765 kV import lines coming online (2031-2032). Expect intra-regional investments, system stability investments, and increased import capacity. Should be a fairly significant set of new transmission projects.

Harris gave the testimony date and characterized pre-filing reception of the stay-out mechanism, while noting the case must still be reviewed in totality.

Clear three-scenario structure laid out for the Q3 IRP filing: signed contracts as base case, full pipeline as high end, and an intermediate case.

CEO confirmed stay-out depends on the new excess margin mechanism, not IRM outcome specifically. IRM targeting $800M by 2029 with 2026-2027 already approved. Aligned to DSP and Liberty audit.

CEO confirmed Oracle occupies portion of footprint with expansion potential. Hyperscalers and colocators engaging more fully with local communities, resulting in acceptance. Many pipeline projects have zoning or pathway to zoning.

CFO said Duke is opportunistic via the ATM and DRIP, locking in attractive pricing, with no large block equity planned in the 5-year plan.

Management said a study on operating and selling the Cayuga plant to a third party just came in and is being evaluated, with focus first on the new gas plant.

Savoy described 4-year amortization schedule for tax credit flowback in North Carolina. Noted this could be accelerated as a rate case lever to keep rates lower.

Sideris said ESAs require zoning and permits in place before signing, so construction starts rapidly after execution. Also exploring ways to accelerate bridge power to bring customers online earlier.

Marsh emphasized Meta's tangible tax/community benefits and Fair Share Plus principles but deferred the settlement question to the regulatory process.

Marsh said Phase 1A is about staging resilience investment to manage near-term customer affordability, not a change to the overall program.

Kimberly confirmed Meta moved through the pipeline while additional interest continues to refresh it. Full pipeline update at Investor Day.

Kimberly quantified the renewables opportunity from Meta agreements and noted projects could come into the 4-year plan or extend beyond, with potential for batteries too.

Geisler detailed TSMC's 12 committed facilities and accelerating schedule but said it was too early to quantify uncommitted-queue projects.

Geisler said current gas supply is adequate through this decade; the Desert Southwest pipeline is critical for next-decade expansion and on schedule.

Ted confirmed interest meeting original expectations. Queue still ~20 GW. Contracts are complex involving generation, transmission, rates, financing, and timing. Making progress but not yet ready to file.

Ted outlined three report findings: support for new gas infrastructure, diverse resource mix anchored by dispatchable generation, and long-term nuclear opportunity. Won't risk utility balance sheet but open if large customers support financing.

Frenzel answered directly, framing the wind and solar resource base plus EPC partnerships as a durable strategic advantage in both competitive and directly assigned work.

Van Abel acknowledged the enthusiasm but deferred any growth-rate revision to the Q3 roll-forward onto a new 2027-2031 base rather than quantifying the uplift now.

Management provided detailed regulatory update on both Colorado and Minnesota, noting constructive starting points for settlement in both states.

Both CEO and CFO provided comprehensive response on data center pipeline, NextEra JDA, and financing approach including proactive equity issuance.

Lenny reiterated a balanced debt/equity approach; 2026 needs largely met via $600M forward sales and $1.2B YTD forward equity, with a fuller update in Q3.

Management tempered expectations on fuel cells as a possibility not a commitment, noting limited options for new dispatchable generation within 5-6 years beyond current projects.

Michael Main detailed turbines under contract and delivered, EPC contracts in place, labor mobilized, and a consortium of national construction companies being assembled for the combined cycle project.

Andres confirmed strong inbounds with AES Indiana and Ohio among the fastest-growing utilities, with about 2 GW of additional data center demand signed and more expected.

Ricardo detailed that 6 GW of 7.9 GW US backlog will be in service by end-2027 and qualify by law. Remaining 1.9 GW nearly all safe harbored, no retroactive application expected. FEOC compliance ensured by domestic supply chain.

Blue noted pilot programs underway but declined to identify specific technologies or timelines. Limited disclosure given early stage.

Ridge acknowledged the question but stayed within existing messaging, monitoring catalysts to enhance or extend growth range rather than committing to higher numbers.

Womack conceded ramp rates can differ from initial projections but argued minimum bills effectively decouple revenue from that timing risk.

Poroch called conversations fruitful and reiterated the disciplined contracting model, but did not commit to a date for the Southern Power update.

Direct: disclosed reduced 2026 spending and attributed it squarely to labor availability rather than execution.

Partial: characterised the docket as slipping and expected something by year-end without specifying the outcome.

Ralph described PSEG's retained generation skill set and utility-like opportunities but declined to size them, citing ongoing PJM changes.

Jeff walked through how prior upside buckets converted into base plan and signaled a fresh large upside bucket on the February call; direct.