Financial Data and Key Metrics Changes - The company reported diluted earnings per share (EPS) of $0.45 on a GAAP basis and $0.50 on a non-GAAP basis for Q3 2025, representing a 60% increase compared to $0.31 in Q3 2024 [2][7][13]. - The company reiterated its full-year 2025 non-GAAP EPS guidance range of $1.75-$1.77, indicating a 9% growth over 2024 results of $1.62 per share [8][22]. Business Line Data and Key Metrics Changes - Throughput in the Houston Electric business increased by 9% year to date, with industrial customer class throughput up over 17% quarter over quarter and over 11% year to date [6]. - The company filed for interim capital recovery trackers at Houston Electric, with a $15 million annual revenue requirement increase approved and a $55 million increase pending approval [15]. Market Data and Key Metrics Changes - The greater Houston area is experiencing significant growth, with peak load demand forecasted to increase by 10 GW by 2031, representing a nearly 50% increase over the next six years [5]. - The company anticipates that electric load demand will double to approximately 42 GW by the middle of the next decade, supporting a strong investment profile [5]. Company Strategy and Development Direction - The company introduced a 10-year financial plan with a capital investment plan of at least $65 billion, focusing on economic development, operational efficiency, and value for investors [4]. - The recent sale of the Ohio Gas LDC is expected to generate approximately $2.6 billion in gross proceeds, allowing for redeployment into higher growth jurisdictions, particularly in Texas [9][10]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving non-GAAP EPS growth at the mid to high end of the 7%-9% annual growth guidance from 2026 through 2028 and 7%-9% annually through 2035 [6][23]. - The company highlighted the importance of a diverse set of growth drivers in the Houston area, which is not reliant on any single industry [6]. Other Important Information - The company expects to close the Ohio Gas LDC transaction in Q4 2026, with after-tax net cash proceeds of approximately $2.4 billion to be redeployed into capital investments [10][18]. - The company is focused on maintaining a strong balance sheet and has derisked over a billion dollars of equity needs through forward sales [21][22]. Q&A Session Summary Question: Balance sheet capacity from the Ohio transaction - Management indicated that the transaction would improve the FFO-to-debt ratio and allow for additional capital expenditures [29][31]. Question: Local feedback on the Ohio transaction - Management reported positive reception and support from local leadership regarding the transaction [32]. Question: Sales growth in Texas and driving sectors - Management noted strong throughput growth driven by diverse sectors, including data centers and energy refining [35][36]. Question: Data center activity in Indiana - Management expressed optimism about data center opportunities in Indiana, highlighting excess capacity and regulatory support [37][39]. Question: Accretive nature of the Ohio asset sale - Management confirmed that the sale would be beneficial for financing and earnings, with plans to redeploy funds into Texas projects [44][46]. Question: Seller's note and its impact - Management described the seller's note as a straightforward instrument that would support earnings in 2027 [48]. Question: AMI rollout timeline - Management indicated that AMI investments would begin in 2026, with a pilot program planned for that year [54][56]. Question: Mobile generation asset opportunities - Management discussed strong market conditions for medium-sized units and plans to remarket larger units in 2027 [58][60]. Question: Impact of HB 4384 legislation - Management confirmed that the benefits of the legislation are included in the current investment plan, with potential for further enhancements [62].