insurance plan, visit pumpkin Dot care. >> Let's give you more on the Solar Sox. Of course, we discussed the fact that they are down sharply this morning that in reaction to the Senate version of President Trump's big, beautiful bill and the spending cuts that go along with it, let's get over to Pippa Stevens, who has more for us.Pippa. >> Hey, David. Well, clean energy stocks are getting crushed as the Senate's version of the tax bill would also eliminate or scale back many of the key credits that have bee ...

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.83 per share, an increase from $0.62 per share in the same quarter of the previous year, reflecting strong performance despite adverse temperature impacts on sales [19][20] - The earnings for the first quarter represented more than 25% of the company's earnings guidance midpoint for 2025, reaffirming the guidance range of $3.15 to $3.25 per share [6][21] - The capital expenditure plan for 2025 through 2028 has been updated to reflect a nearly 26% increase from 18 months ago, translating into a forecasted investment CAGR of nearly 11% [11][24] Business Line Data and Key Metrics Changes - The company has secured energy supply agreements (ESAs) totaling 2.1 gigawatts of demand from three major data center developments, representing a greater than 30% increase in peak demand [10][12] - Retail electric sales margins improved compared to the first quarter of the previous year, driven by customer growth and increased usage per meter across all customer classes [20] Market Data and Key Metrics Changes - The company is actively participating in the MISO capacity auction, selling excess capacity to benefit customer bills, positioning itself favorably compared to competitors [80] - The company is experiencing strong interest in economic development opportunities in its service areas, particularly in Iowa and Wisconsin [11][15] Company Strategy and Development Direction - The company is focused on supporting economic development and growth in its states, with a commitment to customer needs and sustainable investor returns [6][8] - The capital plan includes investments in new natural gas resources to complement renewable energy sources, ensuring a balanced energy resource mix [12][17] - The company is taking a proactive approach to manage risks related to potential changes in tax legislation, emphasizing the importance of tax credits for economic growth [16][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 earnings objectives while advancing key strategic priorities, despite challenges in the macroeconomic environment [6][11] - The company is committed to maintaining a strong balance sheet and investment-grade credit ratings while navigating potential legislative changes [24][25] Other Important Information - The updated financing plan anticipates raising approximately $1.4 billion in new common equity through 2028, with flexibility in timing based on market conditions [74][76] - The company has completed nearly all planned safe harbor activities to preserve tax credits for future projects, significantly mitigating tariff exposure [22][25] Q&A Session Summary Question: Timeline for converting mature opportunities to contracts - Management indicated a high level of confidence in converting mature opportunities into contracts, with ongoing discussions and negotiations [35][36] Question: Impact of tax policy changes on rate case provisions - Management clarified that while there is a provision to revisit rate cases if significant legislative changes occur, the focus is on avoiding the need to do so through proactive growth strategies [40][42] Question: Long-term EPS CAGR outlook - Management reaffirmed a long-term EPS CAGR of 5% to 7%, with current plans indicating potential for growth towards the upper end of that range starting in 2027 [48][50] Question: Details on the CapEx increase - The increase in the capital expenditure plan was primarily driven by investments in natural gas generation to meet growing demand from data centers [76][77] Question: MISO capacity auction impact on consumer bills - Management noted that the company is well-positioned to leverage auction results to benefit customer bills, contrasting with competitors who may face challenges [80] Question: Regulatory filings for additional generation resources - Management provided insights into upcoming regulatory filings for new generation resources, emphasizing flexibility in their resource planning [67][69]

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.83 per share, an increase from $0.62 per share in the same quarter of the previous year, reflecting a strong start to 2025 [19] - Earnings for the first quarter accounted for more than 25% of the company's earnings guidance midpoint for 2025 [6] - The company reaffirmed its 2025 earnings guidance range of $3.15 to $3.25 per share [21] Business Line Data and Key Metrics Changes - The company has seen a 30% increase in peak demand due to three major data center developments with fully executed energy supply agreements totaling 2.1 gigawatts [10] - The capital expenditure (CapEx) plan for 2025 through 2028 has increased by approximately $600 million, reflecting a nearly 26% increase from 18 months ago [11] - The updated CapEx plan translates into a forecasted investment compound annual growth rate (CAGR) of nearly 11% from 2024 to 2028 [11] Market Data and Key Metrics Changes - The company is actively pursuing growth opportunities in Iowa and Wisconsin, with strong interest from data center customers [11][15] - The company has successfully sold existing capacity into the recent MISO capacity auction, benefiting customer bills [22][80] Company Strategy and Development Direction - The company is focused on supporting economic development and growth in its service areas, emphasizing collaboration with stakeholders [6][15] - The strategy includes a balanced approach to energy resources, incorporating wind, batteries, and natural gas to ensure reliability and sustainability [17] - The company is committed to maintaining a strong balance sheet while exploring various financing options, including equity and debt [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 earnings objectives while navigating a complex macroeconomic environment [6][11] - The company is proactively managing risks related to potential changes in tax credits and tariffs, ensuring that a significant portion of tax credits is safe harbored through 2028 [16][22] - Management highlighted the importance of regulatory support and community partnerships in driving long-term growth [15][27] Other Important Information - The company has updated its financing plans for 2025 through 2028, with anticipated financing sources including cash from operations and new debt financing [24] - The company is actively engaged in regulatory initiatives, including rate reviews and requests for new generation resources in both Iowa and Wisconsin [27][30] Q&A Session Summary Question: Timeline for converting mature opportunities to contracts - Management indicated a high level of confidence in converting mature opportunities into contracts, with ongoing discussions and negotiations [35][36] Question: Impact of safe harboring on rate case provisions - Management clarified that while there is a provision to revisit rate cases if legislation changes significantly, the focus is on avoiding the need to do so through proactive growth strategies [40][41] Question: Long-term EPS CAGR outlook - Management reaffirmed a long-term EPS CAGR of 5% to 7%, with current plans indicating potential for growth towards the top end of that range by 2027 [48][50] Question: Details on CapEx increase - The increase in CapEx was primarily associated with natural gas generation to meet the growing demand from data centers [76][77] Question: Impact of MISO capacity auction on consumer bills - Management stated that the company is well positioned to benefit from elevated capacity prices, which will help mitigate customer bills [80] Question: Regulatory filings for additional generation resources - Management confirmed ongoing regulatory filings for new generation resources, with specific megawatt details to be provided in supplemental slides [67][68]

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.83 per share, an increase from $0.62 per share in the same quarter of the previous year, reflecting a strong start to 2025 [17] - Earnings for the quarter accounted for more than 25% of the company's earnings guidance midpoint for 2025, reaffirming the guidance range of $3.15 to $3.25 per share [5][19] - The increase in earnings was driven by higher revenue requirements from capital investments, despite negative temperature impacts on electric and gas sales [17][18] Business Line Data and Key Metrics Changes - The company has secured energy supply agreements (ESAs) totaling 2.1 gigawatts of demand from three major data center developments, representing a greater than 30% increase in peak demand [8][9] - The capital expenditure (CapEx) plan has been updated to reflect a nearly 26% increase from 18 months ago, translating to a forecasted investment compound annual growth rate (CAGR) of nearly 11% from 2024 to 2028 [9][10] Market Data and Key Metrics Changes - The company is experiencing strong interest in economic development within its service areas in Iowa and Wisconsin, with ongoing efforts to support growth through new energy supply agreements [9][12] - The company has successfully sold existing capacity into the recent MISO capacity auction, which is expected to benefit customer bills [20][76] Company Strategy and Development Direction - The company is focused on an "all of the above" approach to new generation resources, including a mix of wind, batteries, and natural gas, to maintain a balanced energy resource mix [15] - The updated capital plan includes significant investments in natural gas generation to meet the growing demand from data centers, with a focus on enhancing reliability and affordability [10][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 earnings objectives while advancing key strategic priorities, emphasizing the importance of supporting economic development [5][6] - The company is proactively managing risks related to potential changes in tax credits and tariffs, with a focus on maintaining a strong balance sheet and investment-grade credit ratings [24][52] Other Important Information - The company has completed nearly all planned safe harbor activities to preserve tax credits for future energy storage and renewable projects expected to be placed into service through 2028 [20] - The company is committed to ensuring that all individual customer rates achieve a win-win for existing customers, new customers, and shareholders [11] Q&A Session Summary Question: Timeline for converting mature opportunities to contracts and breakdown of serving those opportunities - Management indicated that they have high confidence in converting mature opportunities into contracts and are using existing resources to accelerate load growth [34][35] Question: Impact of safe harboring on the ability to go back for a rate case in Iowa - Management clarified that they are focused on activities to avoid the need to go back for a rate case and are advocating for beneficial legislative provisions [38][39] Question: Long-term EPS CAGR outlook - Management reaffirmed a long-term EPS CAGR of 5% to 7%, with current plans indicating potential for growth towards the top end of that range starting in 2027 [45][46] Question: Details on the CapEx increase - The increase in CapEx was primarily associated with natural gas generation to meet the peak demand from data center opportunities [72] Question: Impact of MISO capacity auction on consumer bills - Management stated that they are well positioned to utilize proceeds from the auction to help customer bills, contrasting with other entities that may face challenges [76] Question: Regulatory initiatives and filings in Iowa and Wisconsin - Management discussed ongoing regulatory filings for new generation resources and the potential for maintaining flat base rates through growth and cost reduction [60][61]

Financial Data and Key Metrics Changes - Revenues decreased to $42.9 million from $72.6 million year-over-year, primarily due to delayed biodiesel contracts in India [4] - Operating loss was $15.6 million, reflecting a $1.6 million increase in SG&A expenses, mainly from legal and transaction costs related to the sale of investment tax credits [5] - Net loss remained flat at $24.5 million compared to Q1 last year [5] - Cash at the end of the quarter was $500,000 after $15.4 million of debt repayment and $1.8 million invested in carbon intensity reduction and dairy RNG expansion [6] Business Line Data and Key Metrics Changes - The Quays ethanol plant experienced a revenue increase of $1.7 million due to stronger ethanol pricing [5] - RNG volumes increased by 17% year-over-year [5] - The dairy RNG business is scaling gas production, expecting to reach 550,000 MMBtu capacity this year and grow to 1,000,000 MMBtu annually by the end of 2026 [8] Market Data and Key Metrics Changes - The California Low Carbon Fuel Standard (LCFS) amendments are expected to tighten credit supply and increase credit prices significantly [12] - Aemetis anticipates generating over $60 million annually from LCFS credits once provisional pathways are approved [12] Company Strategy and Development Direction - Aemetis is preparing for an IPO of its India subsidiary targeting late 2025 or early 2026, while evaluating expansion into RNG and ethanol production in India [10] - The company is focused on sustainable aviation fuel and carbon capture projects, with significant regulatory support expected [11] - Aemetis plans to monetize tax credits and advance development projects, positioning for growth and improved cash flow in the second half of 2025 and into 2026 [16] Management's Comments on Operating Environment and Future Outlook - Management expects multiple revenue streams from India, LCFS credits, and federal tax incentives to ramp up as the year progresses, leading to a stronger second half of 2025 [6] - The company is optimistic about the impact of E15 ethanol blend expansion and the potential for increased domestic demand for ethanol [15] - Management highlighted the importance of the 45Z production tax credit starting January 2025, which is expected to significantly enhance revenue and debt repayment capabilities [22] Other Important Information - Aemetis received $19 million in cash from the sale of investment tax credits in Q1 2025, with expectations for additional sales throughout the year [14] - The company is actively working on financing structures for its sustainable aviation fuel project and awaiting clarity on tax credits to support project financing [10] Q&A Session Summary Question: Impact of tariffs on RNG production for 2025 and 2026 - Management indicated that the RNG value chain is primarily domestic, with no anticipated direct impact from tariffs [18] Question: Improvement in the balance sheet and debt outlook for 2025 - Management expects to continue paying down debt, with significant increases in LCFS revenues anticipated from approved dairy pathways [21] Question: Long-term target for dairy RNG OpEx - Management expects a dramatic decrease in OpEx per MMBtu as production increases, with seasonality also affecting costs [27] Question: California ethanol segment's EBITDA outlook - Management is optimistic about the potential for an EBITDA positive quarter, driven by E15 approval and improving ethanol margins [29] Question: Opportunities for RNG and ethanol in India - Management elaborated on the strong market position in India, with plans for diversification into RNG and ethanol production [36] Question: Potential hiccups due to geopolitical issues in India - Management stated that current geopolitical tensions have had no impact on operations or supply chains [41] Question: Opportunities for cheaper debt from EB-5 financing - Management confirmed approval for $200 million in EB-5 financing, which is expected to be a cost-effective funding source [45] Question: Progress on 45Z tax credits and timing - Management provided updates on the expected timeline for final rules from Treasury regarding 45Z tax credits [51] Question: Ethanol and corn crush margins outlook - Management expressed a positive outlook for ethanol margins, especially with the potential adoption of E15 across more states [60]

Financial Data and Key Metrics Changes - The company reported first quarter 2025 earnings of $1.07 per share, an increase from adjusted earnings of $1.02 per share in the first quarter of 2024 [6][21] - The expected diluted earnings per share for 2025 is projected to be in the range of $4.85 to $5.05 [7][26] Business Line Data and Key Metrics Changes - Infrastructure investments continue to strengthen the energy grid and provide more energy resources, driving earnings growth across the company [21] - The economic outlook for service territories remains strong, with a 3% increase in total weather-normalized retail sales over the trailing twelve months ended in March [22] Market Data and Key Metrics Changes - The Missouri Public Service Commission approved a $355 million annual revenue increase, marking the fifth consecutive settlement of electric revenue requirements in the state [24] - The company expects approximately 5.5% compound annual sales growth in Missouri from 2025 through 2029, primarily driven by increasing data center demand [13] Company Strategy and Development Direction - The company remains committed to its strategic plan, focusing on delivering reliable, affordable energy while making prudent investments in energy infrastructure [5][6] - A robust pipeline of investment opportunities exceeding $63 billion is anticipated to strengthen the energy grid and support economic growth [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 guidance range and expects to deliver at the midpoint or higher [26] - The company is optimistic about the legislative environment in Missouri, which supports significant investments in utility infrastructure [10] Other Important Information - The company has successfully prevented over 114,000 customer outages through smart technology investments, equating to more than 30 million outage minutes avoided [11] - The company plans to file for approval of a proposed rate structure for large load customers in the second quarter [15] Q&A Session Summary Question: Clarification on the 2.3 gigawatts referenced - Management clarified that the incremental change is from 1.8 to 2.3 gigawatts, with an additional 500 megawatts signed under construction agreements related to data centers [39] Question: Need for new generation due to load growth - Management expressed confidence that the current generation plans would be adequate to serve the 2.3 gigawatts of load growth anticipated [44] Question: Impact of potential changes to tax credits - Management highlighted the importance of maintaining tax credits for building generation resources affordably, emphasizing that these credits are crucial for customer rates [48] Question: Exposure to tariffs in the capital plan - Management estimated that about 2% of the overall capital plan could be exposed to tariffs, primarily related to battery projects, but noted that this is manageable [86][87] Question: Cost estimate for the Castle Bluff plant - Management confirmed that the cost estimate for the Castle Bluff 800 megawatt plant remains at $900 million [92] Question: EPS growth expectations - Management affirmed expectations for EPS growth to be at or above the midpoint of the 6% to 8% CAGR range for 2025 to 2029 [100]

Financial Data and Key Metrics Changes - The company reported first quarter 2025 earnings of $1.07 per share, an increase from adjusted earnings of $1.02 per share in the first quarter of 2024 [6][20] - The expected diluted earnings per share for 2025 is projected to be in the range of $4.85 to $5.05 [7][25] Business Line Data and Key Metrics Changes - Infrastructure investments continue to strengthen the energy grid and provide more energy resources, driving earnings growth across the company [20] - The economic outlook for service territories remains strong, with a 3% increase in total weather-normalized retail sales over the trailing twelve months ended in March [21] Market Data and Key Metrics Changes - The Missouri Public Service Commission approved a $355 million annual revenue increase, marking the fifth consecutive settlement of electric revenue requirements in the state [22] - The company expects approximately 5.5% compound annual sales growth in Missouri from 2025 through 2029, driven by increasing data center demand [12] Company Strategy and Development Direction - The company remains committed to its strategic plan, focusing on reliable and affordable energy while investing in energy infrastructure [5][6] - The company is pursuing significant investments in dispatchable natural gas, renewable generation resources, and battery storage to ensure reliable service over the next decade [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute investment plans and strategies across all business segments, expecting strong long-term earnings and dividend growth [19][34] - The company is optimistic about the prospects for growth in Missouri, supported by recent legislative developments that favor utility infrastructure investment [9][11] Other Important Information - The company has a robust pipeline of investment opportunities exceeding $63 billion, aimed at enhancing the energy grid and supporting economic growth [18] - The company plans to issue approximately $600 million of common equity in 2025 to support its capital needs [28] Q&A Session Summary Question: Clarification on the $350 million referenced - Management clarified that the incremental change is from 1.8 to 2.3 gigawatts, with an additional 500 megawatts under construction agreements related to data centers [39][40] Question: Need for new generation due to load growth - Management indicated that the 2.3 gigawatts of data center load growth provides greater confidence in sales growth estimates and aligns with their resource plan [43][44] Question: Impact of potential changes to tax credits - Management discussed the importance of maintaining tax credits and transferability for affordability and energy reliability, expressing optimism about legislative outcomes [49][50] Question: Exposure to tariffs in capital plans - Management estimated that about 2% of the overall capital plan could be exposed to tariffs, primarily related to battery projects, but noted that this is manageable [84][86] Question: Cost estimate for the Castle Bluff plant - Management confirmed the cost estimate for the Castle Bluff 800 megawatt plant is approximately $900 million [91] Question: EPS growth expectations - Management affirmed expectations for EPS growth to be at or above the midpoint of the 6% to 8% CAGR range for 2025 to 2029, driven by load growth and strategic investments [100][101]

Financial Data and Key Metrics Changes - The company reported a 29% increase in annual revenue and a 38% increase in adjusted EBITDA for 2024 [7] - Fourth quarter results showed a 21% increase in revenue and a 59% increase in adjusted EBITDA [8] - Gross margin for the quarter was 12.5%, significantly lower than expected due to unanticipated cost overruns impacting gross profit by approximately $20 million [22] Business Line Data and Key Metrics Changes - Revenue from the projects business grew by 21%, while energy asset revenue increased by 31% due to a greater number of operating assets [20][21] - O&M revenue grew by 9%, and revenue from other business lines increased by 14% [21] - Total project backlog increased by 24% year-over-year to a record $4.8 billion [25] Market Data and Key Metrics Changes - The company generated over $250 million in revenue from its expanding European business in 2024 [19] - Federal projects represent approximately 20% of the company's 2024 revenue, with ongoing demand expected despite some project pauses [12][17] Company Strategy and Development Direction - The company aims to continue growing its recurring energy asset and O&M businesses, which now account for the majority of annual adjusted EBITDA [18] - The company is expanding geographically, with operations in every U.S. state, Canada, the U.K., and a growing presence in Continental Europe [19] - The company is focused on executing its project backlog and generating cash flow while navigating the transition of the federal government [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute in a dynamic environment, citing strong demand for budget-neutral solutions that provide cost savings and infrastructure improvements [42] - The company anticipates potential delays and disruptions due to changes in the federal government but believes the fundamental drivers of its federal projects remain strong [17][41] Other Important Information - The company ended the quarter with approximately $109 million in cash and reduced total corporate debt to $243 million [27] - The company expects to place approximately 100 to 120 megawatts of energy assets in service in 2025, with expected CapEx of $350 million to $400 million [34] Q&A Session Summary Question: Customer Conversations Since January - Management noted that activity remains strong, especially in the Federal sector, with several active RFPs despite some slowness in civilian projects [50] Question: Deployment of Energy Assets in 2025 - Management indicated that supply chain issues could affect deployment but overall market conditions remain favorable [52] Question: Pause in ESPC Projects - The pause is specific to GSA projects as they evaluate asset sales, but management expects continued value from ESPCs under the current administration [58] Question: Federal Revenue in 2025 Guidance - Management confirmed that federal revenue is included in the 2025 guidance, with a focus on 12-month contracted projects [98] Question: Impact of EPA Staffing Cuts on RNG - Management expressed confidence in the certification process for RNG projects, noting that the administration appears supportive of biofuels [106]