Financial Data and Key Metrics Changes - The company reported third quarter ongoing earnings of $1.12 per share, achieving over 80% of the midpoint of the 2025 earnings guidance [14] - The 2025 ongoing earnings guidance range has been narrowed to $3.17-$3.23 per share, trending towards the upper half of this range [16] - The 2026 earnings guidance is projected at $3.36-$3.46 per share, representing a 6.6% increase over the 2025 midpoint [8][16] - The annual common stock dividend target for 2026 is set at $2.14 per share, a 5.4% increase from the 2025 target of $2.03 per share [8][16] Business Line Data and Key Metrics Changes - The company completed construction of energy storage projects totaling 175 megawatts and advanced gas path projects to enhance efficiency [7] - The contracted demand from four data centers totals 3 gigawatts, leading to a projected 50% peak demand growth by 2030 [9] - The capital expenditure plan has been increased by 17% to $13.4 billion, with a projected compound annual growth rate of 12% from 2025 to 2029 [8][17] Market Data and Key Metrics Changes - The company is focusing on plug-and-ready sites to minimize transmission investments and accelerate customer service [6] - The Iowa retail construct stabilizes electric-based rates for customers through the end of the decade, benefiting existing customers [10] - The company has received regulatory support for its plans, including approvals for rate reviews and investments in renewable energy projects [11][22] Company Strategy and Development Direction - The company aims to unlock the potential of customers and communities by focusing on near-term growth opportunities and maintaining affordability [10][25] - The strategy includes proactive community engagement and investments in renewable energy and energy storage to meet growing customer demand [12][18] - The company is committed to maintaining competitive rates for both new and existing customers through economic development success and cost controls [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a compound annual growth rate of 12% in rate base and construction work in progress, reinforcing long-term growth objectives [18] - The company is optimistic about future growth opportunities, particularly in data centers, and is focused on minimizing regulatory lag [56][58] - Management highlighted the importance of timing in load growth and the potential for earnings to exceed current guidance based on new contracts [29][39] Other Important Information - The company has successfully refinanced $300 million of debt and issued $725 million in junior subordinated notes to support its financing plans [18][20] - The company plans to finance capital expenditures through a combination of cash from operations and new debt, hybrid, and common equity issuances [19][20] - Future regulatory filings are expected to enhance reliability and diversify energy resources to meet growing customer needs [24] Q&A Session Summary Question: Can you provide color on the ramp in demand and its impact on earnings trajectory? - Management indicated that the 7-8% growth is conservative and that timing is crucial for realizing load growth [29] Question: What are the assumptions regarding earned returns in Iowa? - Management confirmed that Iowa's new regulatory construct provides certainty for earning authorized returns, with potential upside for exceeding those returns [32] Question: Can you elaborate on the 2-4 gigawatts of additional load negotiations? - Management stated that these negotiations involve both expansions of existing facilities and new customers, with updates expected in the next 12 months [36][66] Question: What is the expected FFO to debt ratio by the end of 2025? - Management aims for a cushion of 50-100 basis points in the FFO to debt metrics to support growth [41] Question: How will the timing of rate cases affect future growth rates? - Management noted that Wisconsin's forward-looking test years minimize regulatory lag, while Iowa's structure allows for annual earnings growth [56][58]

Financial Data and Key Metrics Changes - The company reported third quarter ongoing earnings of $1.12 per share, achieving over 80% of the midpoint of the 2025 earnings guidance [14] - The 2025 ongoing earnings guidance range has been narrowed to $3.17-$3.23 per share, trending towards the upper half of this range [16] - The 2026 earnings guidance is projected at $3.36-$3.46 per share, representing a 6.6% increase over the 2025 midpoint [8][16] - The annual common stock dividend target for 2026 is set at $2.14 per share, a 5.4% increase from the 2025 target of $2.03 per share [8][16] Business Line Data and Key Metrics Changes - The company completed construction of energy storage projects totaling 175 MW and advanced gas path projects to enhance efficiency [7] - The contracted demand from four data centers totals 3 GW, leading to a projected 50% peak demand growth by 2030 [9] - The capital expenditure plan has been increased by 17% to $13.4 billion, with a projected compound annual growth rate of 12% from 2025-2029 [8][17] Market Data and Key Metrics Changes - The company is experiencing significant load growth opportunities, particularly from data centers, which are expected to drive earnings growth [4][5] - The Iowa retail construct stabilizes electric-based rates for customers, providing a win-win outcome for existing customers [10] - The company has received regulatory support for its plans, including approvals for rate reviews and investments in renewable energy projects [11][22] Company Strategy and Development Direction - The company is focused on customer-centric investments and maintaining affordability and reliable service [4] - The strategy includes proactive community engagement and unlocking potential for customers and communities [10][12] - The company aims to provide competitive rates for both new and existing customers through economic development success and cost controls [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings growth driven by data center expansions and load growth plans [9][25] - The company is committed to maintaining a strong balance sheet to support future growth opportunities [41] - Management highlighted the importance of timing in load growth and the potential for upside beyond current guidance [29][39] Other Important Information - The company has successfully refinanced $300 million of debt and issued $725 million in junior subordinated notes to support its financing plans [18][19] - The company is actively pursuing regulatory approvals for various projects, including wind and natural gas facilities [22][23] Q&A Session Summary Question: Demand ramp and earnings trajectory - Management indicated that the 7%-8% growth is conservative and could be higher with additional load growth [29] Question: Equity dilution impact on earnings growth - Management confirmed that equity dilution is a significant factor affecting the earnings growth forecast [30] Question: Regulatory framework in Iowa and earned returns - Management explained that Iowa's new regulatory construct provides certainty for earning authorized returns, with potential upside for outperformance [32] Question: Incremental load opportunities and updates - Management stated that they are in active negotiations for additional load and will provide updates regularly [36][67] Question: Tax credits and cash flow replacement - Management confirmed confidence in generating tax credits and maintaining cash flow through 2030 [40][42] Question: Load growth starting point for 2026 - Management indicated that the starting point for load growth in 2026 is modest, with significant ramp-up expected in subsequent years [43] Question: Probability of conversion for remaining pipeline - Management expressed high confidence in the conversion of remaining pipeline opportunities, emphasizing the company's strong position in Iowa and Wisconsin [48][52]