Financial Data and Key Metrics Changes - Consolidated earnings for the first quarter were reported at $0.31 per diluted share, an increase from $0.09 per share in the same period of 2024 [17] - The electric company achieved net income of $71 million or $0.35 per diluted share, compared to $25 million or $0.12 per share in the same period of 2024 [17] - The holding company reported a loss of $8 million or $0.04 per diluted share, compared to a loss of $7 million or $0.03 per share in the same period of 2024 [17] - The company affirmed its 2025 earnings per share guidance of $2.27 within a range of $2.21 to $2.33 per share [17][25] Business Line Data and Key Metrics Changes - Customer growth was at 1% year-over-year, with residential and commercial sectors leading the demand growth of 8% [7][18] - Residential load growth was strong at 3%, while commercial load growth was even higher at 28% [19] - Industrial and oilfield classes experienced some softness due to planned and unplanned outages [19] Market Data and Key Metrics Changes - The company reported an average reliability of 99.975% despite facing extreme weather conditions [9] - The rates for the company are among the lowest in the nation, with the lowest rates in both Oklahoma and Arkansas [10] Company Strategy and Development Direction - The company is focused on delivering safe, reliable, and affordable electric service to over 900,000 customers [6] - Future growth is anticipated from diverse industries, including defense, tribal development, and hospitality, particularly with Oklahoma City hosting events for the 2028 Olympics [8] - The company plans to request a rate review midyear in Oklahoma and a general rate review in Arkansas towards the end of the year [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position and operational excellence, which supports future growth [14] - The company is proactive in managing supply chain risks and has secured key components through 2026 [13] - Management acknowledged the uncertainty in the macroeconomic environment but remains committed to delivering on stakeholder expectations [13] Other Important Information - The company completed a planned external financing of $350 million, contributing to low refinancing risk [21] - The balance sheet is considered one of the strongest in the industry, with a forecasted FFO to debt ratio of approximately 17% [22] Q&A Session Summary Question: Are there any disruptive or inflationary impacts on the current CapEx plan? - Management feels confident about the current CapEx plan and expects little to no disruption in the coming years [30] Question: What is the outlook for industrial load growth? - Management indicated that the lower growth in the industrial segment is due to transitory events like outages, with no external factors impacting that class [32] Question: Are there discussions around utility regulatory improvements in Oklahoma? - Management confirmed ongoing discussions about pursuing formula rates but indicated that significant changes are not expected this year [36] Question: How would the generation rider and PISA recovery impact the current plan? - Management stated that the generation rider would provide cash flow during the construction phase, enhancing credit and facilitating financing [44] Question: Is there any impact from the Oklahoma Supreme Court ruling on service extensions? - Management confirmed that the ruling does not affect the ability to serve large load customers [52] Question: How is the tone in customer exchanges regarding data center electricity demand? - Management reported ongoing discussions with several data center companies, indicating strong demand [59] Question: What is the company's strategy regarding Moody's negative outlook? - Management expressed confidence in maintaining a strong balance sheet and believes that upcoming regulatory events could positively influence Moody's assessment [62]

Financial Data and Key Metrics Changes - Vistra Corp. reported a full-year adjusted EBITDA of $5.656 billion, exceeding the top end of the original guidance range, even before considering a $545 million benefit from the nuclear production tax credit recognized in Q4 [10][38] - The adjusted free cash flow before growth for 2024 was approximately $2.888 billion, implying a conversion ratio of about 57% from adjusted EBITDA [39] - The company reaffirmed its 2025 adjusted EBITDA guidance range of $5.5 billion to $6.1 billion and adjusted free cash flow before growth range of $3 billion to $3.6 billion [40] Business Line Data and Key Metrics Changes - The retail business achieved performance levels not seen in the past two decades, driven by strong customer account growth and disciplined margin management [9][18] - The generation team maintained a commercial availability of approximately 95% for gas and coal fleets, while the nuclear fleet achieved a capacity factor of 92% [16][17] Market Data and Key Metrics Changes - Actual load growth in PJM and ERCOT markets exceeded historical rates, with PJM reaching a winter peak load of 145 gigawatts and ERCOT approximately 80 gigawatts [26][27] - Load growth is expected to continue, with PJM and ERCOT revising long-term forecasts upwards, indicating a strong demand signal [27][29] Company Strategy and Development Direction - The company is focused on a diversified portfolio of generation assets, including nuclear and gas, combined with a strong retail business to navigate volatile power markets [11][20] - Vistra Corp. is developing contracted solar and battery projects and plans to convert its Toledo Creek coal plant to gas fuel by 2027 [15][21] - The company aims to return at least $1.3 billion to shareholders through dividends and share repurchases in 2025 and 2026 [45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on load growth and the evolving energy dynamics in primary markets [46] - The company is actively engaging with policymakers to address regulatory uncertainties and enhance grid reliability [34][36] Other Important Information - The company completed a unique acquisition, adding three nuclear sites and one million retail customers, and renewed a twenty-year license for the Comanche Peak nuclear power plant [9][10] - The Moss Landing site in California experienced a fire at one of its battery storage facilities, but no injuries were reported, and operations at other facilities resumed [23][24] Q&A Session Summary Question: Timeline for potential deals - Management indicated that the timing of announcements for data center deals depends on regulatory clarity and ongoing discussions with major hyperscalers [52][58] Question: Focus on Comanche Peak opportunity - Comanche Peak is currently viewed as the most attractive opportunity due to its land availability and construction timelines [62] Question: Commercial outlook and pricing levels - Management noted that while power prices have increased, they do not fully reflect the expected load growth, leading to cautious contracting strategies [65][66] Question: Additionality and load management - The company is exploring how to manage load growth from data centers while ensuring reliability for residential customers [74][75] Question: Update on gas plant colocation - Interest in gas sites is growing, with ongoing discussions about both existing and new gas plants for data centers [96][99] Question: Regulatory clarity and deal announcements - Management clarified that they are not waiting for full regulatory clarity before announcing deals, but ongoing legal proceedings raise questions about risk-sharing in contracts [138]

Financial Data and Key Metrics Changes - For the full year 2024, Evergy reported adjusted earnings of $878 million or $3.81 per share, compared to $816 million or $3.54 per share for the same period last year, reflecting a year-over-year increase in adjusted EPS driven by strong cost management and load growth [49][50][66] - The adjusted EPS growth was impacted by a 5% decrease in cooling degree days and a 4% decrease in heating degree days, leading to a $0.13 decline in EPS versus 2023 [50] - The company reaffirmed its 2025 adjusted EPS guidance range of $3.92 to $4.12 per share, with a midpoint of $4.02, representing a 5% increase over the 2024 guidance midpoint [15][66] Business Line Data and Key Metrics Changes - Retail sales trends showed a weather-normalized increase of 1.1% in 2024, driven by strong growth in both residential and commercial usage [52][53] - The company anticipates a 2.4% growth in load demand for 2025, with significant contributions expected from new large customers such as Meta and Panasonic [53][55] Market Data and Key Metrics Changes - The economic development pipeline in Kansas and Missouri has grown from approximately 6 gigawatts to over 11 gigawatts, reflecting robust demand from large customers [18][19] - The projected peak summer demand for 2025 is approximately 10.6 gigawatts, indicating a strong backlog of growth opportunities [19] Company Strategy and Development Direction - Evergy's strategic objectives focus on affordability, reliability, and sustainability, with a five-year capital investment plan totaling $17.5 billion aimed at modernizing infrastructure and supporting economic growth [9][28][45] - The company is actively pursuing regulatory and legislative initiatives to support infrastructure investment and mitigate regulatory lag, particularly in Kansas and Missouri [11][33][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges posed by weather and operational costs, reaffirming a long-term growth target of 4% to 6% through 2029 [15][66] - The management highlighted the importance of a competitive regulatory framework and successful execution of capital plans to support economic development in the region [11][12][45] Other Important Information - The company raised its dividend by 4% to an annualized $2.67, consistent with its target payout ratio [15] - Evergy's capital investment plan is expected to result in 8.5% annualized rate base growth through 2029, an increase from the prior forecast of approximately 8% [28][67] Q&A Session Summary Question: Timeline for finalizing agreements related to 1.6 gigawatts - Management indicated that discussions are advancing well and expects announcements later this year, with agreements finalized over the course of the year [72][76][78] Question: Next steps for capital structure in Kansas - Management characterized the proceeding as procedural and expressed a desire to seek a constructive settlement, similar to previous cases [79][82] Question: Timeline for developing associated generation - Management confirmed that they have a good plan to serve customers from both transmission and generation perspectives, with updates expected in the upcoming IRP filings [89][91][100] Question: Protections for existing customers in large load tariff - Management is seeking a well-balanced tariff that covers incremental costs while providing protections for existing customers, including minimum bills and contract periods [107][111] Question: Timeline for SB4 in Missouri - Management expressed confidence in the bill's passage, highlighting its transformative potential for the regulatory framework in Missouri [120][124] Question: Matching load with generation projects - Management provided clarity on the load forecast, indicating that they expect to have the necessary transmission and generation capacity to serve the anticipated load growth [126][130]