Financial Data and Key Metrics Changes - The company is reaffirming its 2025 earnings guidance range of $4 to $4.2, representing a 5% growth rate at the midpoint over 2024 EPS [7][9] - Year-over-year earnings drivers for Q1 2025 included $0.29 per share of new margins, with $0.26 from new rates and rider recovery, and $0.03 from customer growth and usage [12][13] - O&M expenses increased by $0.24 per share, primarily due to higher employee costs, outside services, and insurance costs [13][14] Business Line Data and Key Metrics Changes - The company has successfully implemented new rates through five rate reviews since early 2024, recovering over $1.3 billion in new system investments [5][6] - The data center demand is expected to contribute more than 10% of total EPS by 2028, with a forecast of approximately 500 megawatts of data center demand by the end of 2029 [11][19] Market Data and Key Metrics Changes - The company is experiencing strong customer growth, with record peaks in demand, including a nearly 10% increase over the previous all-time peak in January 2024 [5][6] - The company’s multistate footprint provides valuable regulatory, weather, and customer diversification, supporting EPS stability and growth [9] Company Strategy and Development Direction - Key objectives for the year include achieving 5% year-over-year earnings growth, executing regulatory initiatives, and a $1 billion capital plan [4] - The company is strategically expanding its infrastructure to serve growing customer demands, particularly in data centers and blockchain operations [6][11] - The capital plan includes investing $4.7 billion over five years, prioritizing safety, system integrity, and infrastructure expansion [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 guidance and long-term EPS growth target of 4% to 6%, driven by strong customer demand and a robust pipeline of growth opportunities [9][28] - The company is well-positioned to mitigate risks and capitalize on opportunities due to favorable business and regulatory climates [6][9] Other Important Information - The company has a strong liquidity position with nearly $700 million available under its revolving credit facility [15] - The company has a history of 55 consecutive years of dividend payments, targeting a payout ratio of 55% to 65% [16] Q&A Session Summary Question: Can you discuss the electric rate case and the request for rehearing? - Management confirmed an increase in new annual revenue of about half a million and is reviewing the decision for potential next steps [31][32] Question: What is the outlook for the franchise agreement in Pueblo? - The franchise agreement was voted to be kept in place, and management is focused on maintaining affordability and economic development in the area [34][36] Question: Can you elaborate on the equity raised this quarter? - The company raised approximately $46 million in equity, with plans to meet the $215 million to $235 million guidance for the year [38][40] Question: What is the status of wildfire mitigation efforts in Colorado and South Dakota? - Management anticipates similar outcomes in Colorado and South Dakota as seen in Wyoming, with ongoing legislative efforts [44][45] Question: Is there interest in capital light strategies in South Dakota? - There is significant interest from large customers in Colorado and South Dakota, and the tariff structure will be tailored to customer needs [52][53]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.76 for the first quarter of 2025, a 22% increase compared to the first quarter of 2024, driven by top line growth across electric and gas utilities [5][14] - The company reaffirmed its 2025 earnings guidance range of $6.17 to $6.42 and a long-term EPS growth rate of 5% to 7% through 2029 [6][22] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.33 compared to last year, driven by higher sales volumes, improved weather, and new rates [14] - Gas Utilities and Infrastructure results were up $0.08 compared to last year, primarily due to new rates at Piedmont, North Carolina [14] - The Other segment experienced a decrease of $0.08, mainly due to higher interest expenses [14] Market Data and Key Metrics Changes - Weather-normalized volumes increased by 1.8% compared to last year, aligning with the full-year projection of 1.5% to 2% [15] - Residential volumes rose over 3% in the quarter, reflecting customer growth and higher usage [16] Company Strategy and Development Direction - The company is focused on meeting growing energy demands through new generation and enhancing existing generation, including extending the operating license for the Oconee nuclear station for an additional twenty years [6][7] - A strategic partnership with GE Vernova was announced to secure up to 19 natural gas turbines, aimed at timely delivery of critical infrastructure [10] - The company plans to file a merger application for its DC and DEP utilities later this year, which is expected to create significant customer savings and operational flexibility [11][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's outlook, citing strong fundamentals and visibility to growth for years to come [12][13] - The company anticipates load growth to accelerate beginning in 2027 as economic development projects come online [16] - Management noted a cautious stance among industrial customers due to economic and policy uncertainties, but no immediate changes to production schedules were observed [61] Other Important Information - The company invested over $3 billion in capital during the quarter and is on track for $15 billion for the full year [20] - The impact of tariffs on the capital plan is estimated to be about 1% to 3% over five years, with confidence in minimizing this impact [21] Q&A Session Summary Question: Incremental CapEx opportunities - Management indicated that updates on capital expenditures will be provided in February, with a stable and growing investment pipeline [28][30] Question: Specificity around credit metrics - Management plans to provide more defined targeted ranges for credit metrics in the next cycle in February [33] Question: Cadence of adding signed deals - Management confirmed that the one gigawatt signed is part of a robust pipeline and is being actively worked through the process [40] Question: Financial implications of the merger - The merger is expected to generate over a billion dollars in savings for customers, focusing on operational efficiencies and reduced regulatory proceedings [51][52] Question: Size of one gigawatt signing - The one gigawatt signing involves two customers [55] Question: Outlook on tax credits and renewables - Management emphasized the importance of nuclear tax credits and their role in reducing customer bills, while advocating for their transferability [60] Question: Impact of economic uncertainty on industrial customers - Management noted a cautious stance among industrial customers but no immediate changes to their production schedules [61]