Load Growth Opportunities - Alliant Energy anticipates a greater than 30% increase in projected demand by 2030, using a 2024 base of approximately 6 GW maximum demand[7] - The company has contracted peak demand of +2.1 GW, representing potential load served through a combination of existing or new resources, short-term market purchases, and/or load flexibility[6,9] - Alliant Energy projects electric sales growth at a CAGR of 9-10% from 2025-2030[6] Tax Credits and Financing - Alliant Energy expects approximately $350 million of tax credits to be generated and transferred in 2025[26] - The company anticipates generating $1.5 billion in transferable tax credits through 2028, as projects are either already in service or safe harbored[10,13] - Alliant Energy plans to issue approximately $725 million in debt for AE Finance/Parent, $400 million for IPL, and $300 million for WPL in 2025[26] Regulatory and Financial Performance - Alliant Energy reaffirms its 2025 EPS guidance range of $3.15 - $3.25[23] - Q2 2025 earnings per share (EPS) were $0.68, compared to $0.57 ongoing earnings per share in Q2 2024[20] - The company plans approximately 800 MW of energy storage in service by 2027 and aims to safe harbor 100% of approximately 1,200 MW of new wind capacity[12]

Financial Data and Key Metrics Changes - The company reported second quarter 2025 earnings of $1.01 per share, an increase from $0.97 per share in 2024, with expectations for 2025 diluted earnings per share to be in the range of $4.85 to $5.05 [8][19] - Total normalized retail sales in Missouri increased approximately 1% over the trailing twelve months through June, with industrial sales up more than 2.5% [20][21] Business Line Data and Key Metrics Changes - The company invested over $2 billion in critical infrastructure during the first half of the year, focusing on strengthening the energy grid and enhancing operational performance [5][17] - The company has signed construction agreements with data center developers representing approximately 2.3 gigawatts of future demand, expected to ramp up in late 2026 and beyond [9][42] Market Data and Key Metrics Changes - The company anticipates approximately 5.5% compound annual sales growth in Missouri from 2025 through 2029, primarily driven by increased data center demand [8][9] - The industrial sector's growth is supported by ongoing manufacturing expansions and the growth of new digital and communication services firms [21] Company Strategy and Development Direction - The company's strategy is built on three pillars: prudent investments in rate-regulated energy infrastructure, advocating for responsible energy policies, and optimizing operations for long-term sustainable value [4] - The company has a robust pipeline of investment opportunities exceeding $63 billion, aimed at strengthening the energy grid and powering economic growth [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute the investment plan and strategy across all business segments, expecting strong long-term earnings and dividend growth [17][29] - The company remains focused on building a resilient energy grid, with ongoing investments in upgraded substations and smart technologies to enhance outage detection and recovery [7][12] Other Important Information - The company plans to issue approximately $600 million of common equity each year through 2029 to support its investment plan [24] - Federal energy-related tax credits are expected to provide approximately $1.5 billion in cost savings for customers from 2025 through 2029 [25][26] Q&A Session Summary Question: Data center load and economic development outlook - Management highlighted strong interest and momentum from data center developers, with a robust pipeline of signed construction agreements totaling 2.3 gigawatts [34][36] Question: Turbine slot queue and growth derisking - Management confirmed they are actively securing turbine slots and are confident in meeting service dates for upcoming projects [44][46] Question: Access to gas for plans - Management stated they feel good about their current gas transmission position and the ability to meet future needs with existing infrastructure [49][51] Question: MISO awards and regulatory challenges - Management acknowledged the recent complaint regarding MISO's tranche 2.1 projects but expressed support for the need for transmission investments [68][70] Question: Impact of potential changes in federal renewable policies - Management emphasized their advocacy for business certainty regarding tax credits and expressed confidence in the current legislative framework [74][76]

Solar Energy Growth in Florida - Florida is experiencing a solar energy boom, catching up with Texas in utility-scale solar capacity [3][7] - Florida overtook California in new utility-scale solar capacity in 2024, adding over 3 gigawatts, enough to power around 600,000 homes [8] - Solar makes up roughly 9% of Florida's electricity mix [3] - From 2019 through 2024, Florida ranked number two behind California for the most rooftop residential solar panels installed each year [18][23] Factors Driving Solar Growth - The economics of solar are favorable, making it a cost-effective energy source [3][4][17][18] - A special rule in Florida allows solar farms under 75MW to skip lengthy state-level reviews, speeding up projects and lowering costs [10][24] - Florida Power and Light built over 70% of the state's new solar capacity in 2024 [10] - The Inflation Reduction Act offered a 30% tax credit for large-scale solar [13] Challenges and Risks - Florida still relies on natural gas for 74% of its power [5][19] - The "One Big Beautiful Bill" is phasing out federal tax credits for rooftop and utility-scale solar earlier than planned, raising costs [5][20][21][27] - There is high anti-renewables or anti-climate change sentiment, potentially leading to community opposition [6][24] - The early expiration of tax credits reduces the tax credits available for solar and wind assets [21]

Core Insights - Enphase Energy is adapting to changes in the solar energy market driven by evolving incentive structures, particularly the 48E tax credit, which is set to last until 2027 [1][2] - The company anticipates a significant decline in traditional cash and loan sales, projecting a drop from approximately 2.5GW in 2025 to just 1GW in 2026, with leasing and power purchase agreements (PPAs) becoming the primary sales channels [2] - Enphase's CEO expects the total addressable market (TAM) to decrease by 20% in 2026 due to the expiration of the 25D tax credit [2] Company Strategies - Enphase plans to implement three key initiatives to mitigate the anticipated market reduction without leveraging its balance sheet [3] - Expanding lease financing through third-party owner (TPO) partnerships [5] - Driving down installation costs, particularly for batteries [5] - Lowering customer acquisition costs using advanced lead-generation platforms [5] Market Outlook - The U.S. solar market is showing signs of improvement, with increasing battery attach rates and seasonal demand contributing to positive momentum [4] - The company expects a surge in orders later this year as consumers aim to secure the 25D homeowner tax credit before its expiration [3]

Clean Energy Projects - NextEra has started construction on new clean energy projects [1] - The projects are expected to qualify NextEra for tax credits [1] - These tax credits are being phased out under President Donald Trump's new tax-and-spending bill [1]

Market Outlook - Enphase Energy 预计美国住宅太阳能市场明年将萎缩 20% [1] Policy Impact - 特朗普的经济立法将导致房主税收抵免结束 [1]

Government Policy - The federal government will subsidize private-school tuition through tax credits for donations to nonprofits [1] - Governors will decide whether to opt into the program [1]

Group 1 - The S&P 500 and Nasdaq reached record highs on the back of a strong jobs report [2] - Companies such as Nextracker, ServiceNow, and Uber are approaching buy points [2]

Investment Rating - The overall industry investment rating is "In-Line" [8]. Core Insights - The reconciliation bill passed by Congress is viewed as better than expected for most subsectors within the renewables space, removing a major overhang for the industry [2][3]. - Incremental buying is recommended for companies such as NEE, AES, BE, and FSLR due to the supportive provisions of the legislation [2]. - Strong industry growth is anticipated at least until 2028, with leading developers expected to continue strong growth and gain market share into 2030 [3]. Summary by Relevant Sections Large Scale Renewables - Full tax credits are available through mid-2030 for projects that started construction previously and for those starting through mid-2026 [3]. - The final version of the bill is slightly worse than initial expectations, but storage provisions remain favorable [3]. Manufacturing - Manufacturing tax credits remain unchanged, providing relief for FSLR [4]. Battery Storage - Tax credits for battery storage are significantly better than expected, available through 2033 before phasing down, positively impacting FLNC, NEE, and AES [4]. Residential Solar - The outcome for residential solar is challenging but better than bearish expectations for RUN, while ENPH and SEDG face more difficulties [5]. Fuel Cells - A new 30% tax credit for fuel cells through 2033 is a positive development for BE, enhancing the economic attractiveness of its products [6]. Nuclear - The nuclear sector remains neutral, with no significant changes for CEG, TLN, VST, and PEG [6]. Hydrogen - Clean hydrogen tax credits are better than expected, with elimination pushed to 2028, which is later than initially anticipated, providing modest positivity for PLUG [11]. Clean Fuel Production - Clean fuel production credits are extended through 2029, benefiting companies like DTE Energy and Dominion [20]. Foreign Entity of Concern (FEOC) Regulations - New restrictions on tax credits for projects involving prohibited foreign entities will begin in 2026, impacting eligibility based on material assistance thresholds [21][22]. Stock Ratings - Specific company ratings include Overweight for Bloom Energy Corp. (BE), First Solar Inc. (FSLR), and GE Vernova (GEV), while companies like Enphase Energy Inc. (ENPH) and Plug Power Inc. (PLUG) are rated Underweight [74].

Policy Impact - The One Big Beautiful Bill is projected to eliminate tax credits for wind and solar power [1] Resource Competition - The bill may create competition between humans and AI for limited electricity resources [1]