Sophie Karp

John declined to add an explicit target, pointing to existing disclosure and a rate base that has grown slightly over 8% CAGR.

John described a five-year journey, sought an expedited Connecticut decision this fall to lock in vendor pricing, and noted some of the $1B spend falls beyond the forecast period.

Nolan provided comprehensive response on new generation additions, data center resistance policy, and Enbridge gas pipeline partnership.

Moreira reiterated $800M-$1.1B equity need through 2030, noted the 5x oversubscribed junior subordinated notes offering and $2B incoming from securitization proceeds.

Moreira confirmed COD targeted H2 2026. Schedule pulled in significantly and continues to improve. Only weather is a risk factor. Orsted has disclosure lead on first power timing. Will provide market updates as clarity develops.

Nolan confirmed COD (commercial operation date) is the trigger for Eversource obligations to end. COD means full operation, turnover of all documents, and PPA in full force, following same protocol as South Fork.

Nolan acknowledged the 1,000 MW Millstone contract expiring in 2029 is important but said it is too early to discuss future terms. Needs collaborative work with administration.

Drew expressed confidence in regulatory support, citing Louisiana Lightning Initiative as evidence of constructive regulatory adaptation. No fatigue expected given customer benefits.

Drew noted geopolitical dynamics have generally benefited Gulf Coast industrial customers through wider oil-gas spreads and increased on-shoring interest.

CFO clarified 7-12 GW is entirely pipeline opportunity, not signed ESAs. All incremental to signed ESAs already in plan. CEO added total pipeline goes well beyond 12 GW.

CEO detailed jurisdiction-specific mechanisms: Mississippi has economic development fast-track, Arkansas has new Jobs Act rider, Louisiana has expedited processes. All somewhat accelerated.

CEO explained data centers locate inland (Meta in NE Louisiana, Amazon north of Jackson). New generation and 500kV transmission also built further from coast to modern hardened standards.

CEO outlined nuclear path including Mississippi early site permit. Key constraint is construction risk management and customer willingness to pay. Gas plant queue positions support 2028-2029 builds.

CFO confirmed Arkansas legislation enables faster build and lower customer costs through CWIP recovery. Specific financial quantification pending. Texas securitization acceleration to 150 days reduces carrying costs.

Frenzel drew a clear line between personal advocacy for national nuclear policy and Xcel's own plan, stating flatly the company will not be an early adopter of new nuclear.

Van Abel addressed the risk head-on, noting hyperscaler involvement in drafting the Minnesota tariff and conceding some Xcel provisions are stricter than peers'.

CEO provided Google-specific quantification (1% to 2% residential benefit per GW) and noted fixed cost sharing on transmission grid is key driver.

Delaware Basin is lowest-cost globally; electrification trend provides second growth driver independent of commodity prices.

4.5 GW gas and 5+ GW storage coming alongside renewables; geographic advantage makes wind/solar highly competitive.

Management not interested in minority interest sales; views all assets as core; comfortable with ATM equity program.

No aggregate damage estimate disclosed; insurance companies paid approximately $2 billion in property damage claims.

Direct: named the primary field and the August 11 date, and described a decades-long record of working with both parties.

Lauber said no surprising feedback from customers on VLC modifications; everyone awaiting written order for clarity.

Lauber declined to speculate on NextEra's options, directing analyst to ask them directly.

In plan: 2.1 GW SE Wisconsin (Microsoft + others) and 1.3 GW Vantage/Oracle. Not in plan: additional 2+ GW at Port Washington and 700+ acres Microsoft.

Confirmed remaining rate base assumes current authorized returns. VLC customers pay fair share with no subsidy or impact on other customers.

Maddipati said the peakers are contracted similarly to DIG and retained solar is on long-term contract, generating cash flow that helps the parent even without significant earnings past 2027. Rate-basing them was called too early.

Rochow gave the explicit rule of thumb of roughly $7.50 per month of bill benefit per gigawatt, flowing back to customers through the rate case process. Maddipati added that fixed costs spread over a bigger base under the tariff.

Garrick said data centers remain a key part of the growth story alongside diverse manufacturing, defense, agriculture, and food processing. Rejji added about 15% of the 9 GW backlog is non-data-center (over 1 GW), and non-data-center opportunities bring higher-margin residential and commercial spillover effects.

Garrick cited strong indicators: permits and housing starts rising in Grand Rapids, customer-requested relocations above pre-pandemic levels, diversified economy including 4,000 defense businesses.

COO noted case in audit/discovery, staff testimony August 22, proposed final decision December, final order February. IRM expansion and Liberty audit alignment central to case.

COO framed data centers as 40% load increase providing headroom on rates; CFO noted data centers operate at 90% load factor vs system's 50%, providing substantial affordability benefit.

COO confirmed physical panel inventory warehoused through 2027, providers on-shoring production, and tariff risk being shifted to panel suppliers.

COO indicated settlement discussions remain open; staff testimony expected in August, worst-case order in February timeframe.