Ryan Levine

CFO declined quarterly breakdown, preferring full-year view. Provided YoY figure of $16M/$0.08 and forward estimate of $0.08-$0.12 for H2 but no monthly detail.

CFO confirmed the H2 guidance of $0.08-$0.12 already incorporates April activity, effectively answering the trend question within the guidance range.

CEO described the post-winter storage review process including third-party engineering overlays with customer growth projections. Noted 15 storage fields across 4 states plus third-party contract storage.

CEO confirmed the NVQ review is ongoing and any adjustments would be finalized before the next heating season.

CEO described multi-factor growth modeling process using city population forecasts, LDC demand requirements, and post-winter NVQ resets to drive expansion decisions.

CEO confirmed any data center load would likely connect to APT system under the 75/25 sharing mechanism on interruptible basis.

CEO confirmed annual rate mechanisms in most jurisdictions and traditional rate cases in Kentucky, Virginia, and Kansas for cost recovery.

CEO indicated tariff impacts would likely be minimal, noted tariffs were recently put on pause, and company is working with vendors to assess potential exposure.

CEO confirmed 4% O&M growth is expected to be fairly level year-over-year with potential quarterly variations.

CFO stated growth assumptions are based on recent trends continuing but did not provide specific population or customer count figures.

CEO confirmed bad debt normalizing to pre-pandemic levels and expected to be fairly flat year-over-year in the five-year plan.

Powell laid out the benefit-cost methodology, the 1.0 threshold, feasibility and terrain constraints, and flagged that the RAMP base case may change before the GRC filing.

Pizarro contrasted SB 901, AB 1054 and SB 254 cycles and identified the CEA report as the differentiating platform this session, while noting legislators start from varied baselines.

SVP Powell noted AI spans entire business from customer ops to grid to procurement but still early to fully size. New CFO Moss highlighted AMI 2.0 benefits quantified in application with benefit/cost ratio well above 1 for incremental costs. CEO noted all supportive of 5-7% EPS growth.

SVP Powell detailed layered approach: 7,100+ miles covered conductor, nearly 100 miles undergrounding as foundation, plus seasonal inspections, vegetation management, and PSPS improvements. Weather had early rain but drier recently; winds notoriously difficult to forecast.

CEO detailed two program changes: tenant compensation adjusted to higher of actual rent or fair market value for 3 months, and attorney fee support increased from 10% to 20% of net damages. Both applied retroactively. Advisors highlight importance of program stability, so further changes unlikely.

CFO noted CEA monitoring subrogation claims carefully but doesn't believe fund administrator intends to put utilities at risk of accessing the fund.

CEO framed program as doing the right thing for impacted community given probable loss. Faster claims resolution also mitigates construction cost escalation, legal expenses, and is good stewardship of wildfire fund.

SVP Powell noted core programs unchanged but more undergrounding in burn scar areas. Inspection and vegetation management programs continuously refined based on learnings.

CFO noted very premature to estimate timing. Would first use $1B customer-funded self-insurance, then access fund through streamlined administrator process.

SVP Powell noted 800 miles of covered conductor installed last year is an order of magnitude more than fire-related rebuild needs. Supply chain impact expected to be minimal.

CEO confirmed court-supervised process with a judge overseeing protocol discussions, next hearing in about a week.

Poppe said interim Rule 30 implementation is already reflected in the current pipeline and that AI is used extensively for wildfire meteorology.

CEO emphasized readiness over prediction. Continuous monitoring enabling shift from reactive to proactive grid operations. Confident heading into wildfire season.

CEO declined to prioritize alternatives. First priority is solid SB 254 outcome. CFO confirmed plan built on no equity, maintaining dividend, modest parent debt below 10%, IG metrics.

CEO declined specifics, saying CEA process will produce a bundle of options and improvements. Key goal is making downside risk knowable and affordable for customers and investors.

CEO outlined study areas: insurance market viability, building codes, community hardening, forest clearing, claims limitations. Advocated for collective California approach like earthquake.

CFO noted PD allows up to $2.4B for 2025-2026. New capital could make plan bigger, better for affordability, or extend 9% growth duration. Final decision expected end of August.

CEO declined to get ahead of policymakers on specifics but confirmed many ideas under discussion. Maintained confidence in constructive outcome this year.

CEO clarified 90% refers to final engineering expected online by end of 2030 based on completed cluster study with agreed timing and signed customer agreements.

Ted tied Cholla analysis timeline to IRP filing (summer 2026). IRP will include wholesale generation mix review including potential gas conversion or new generation at the Cholla site.

Ted said Cholla conversion analysis is ongoing. New gas generation cost increases make conversion more attractive. IRP filing will include latest generation mix analysis including Cholla site evaluation.

Ted described repeatable process: identify infrastructure, offer 1+ GW tranches to queue, negotiate agreements, file with commission. First subscription offer made late 2025, actively in discussions to finalize in 2026.

Andrew confirmed evaluating all alternatives including federal grants and customer financing. Subscription model upfront capital helps balance sheet. Base plan uses traditional funding but open to off-balance-sheet options during construction.

Ted confirmed contractual flex-up rights are secured, though did not specify whether at prenegotiated tariff rates.

Ted argued pipeline is prudent regardless of uncommitted growth materializing because it's needed for existing committed load and reliability.

Ted confirmed Cholla retirement remains on track due to both federal law and economics. Exploring site repurposing for new nuclear or gas generation.

Tierney cited deep contractor/supplier relationships since 2014. Supplier tightness easing vs COVID era; making advance equipment orders.

Tierney focused affordability efforts on generation costs which drive 60% of bills; supportive of capacity auction caps and second auction for new generation.

Tierney emphasized the 30% is driven by incremental work not inflation, broadly distributed across all five states.

Tierney outlined multi-factor criteria (land control, permits, plans, public announcements) giving confidence in pipeline quality.

Campbell said current plan uses traditional financing but is open to creative approaches for the next 10 GW tier, including customer-supplied capacity.

Campbell noted proximity to Black & Veatch and Burns & McDonnell, expressed confidence in COD dates but kept contractual terms confidential.

Campbell expressed confidence in contractual protections but did not disclose specific terms, noting the EPC provider is experienced.