Financial Data and Key Metrics Changes - Consolidated earnings for Q3 2025 were reported at $1.14 per share, an increase from $1.09 per share in the same quarter last year [3][8] - The electric company achieved net income of $243 million, or $1.20 per diluted share, compared to $225 million, or $1.20 per share last year [8][9] - The holding company reported a loss of $12 million, or $0.06 per diluted share, compared to a loss of $6 million, or $0.03 per share last year [9] Business Line Data and Key Metrics Changes - The main driver for the increase in net income was the recovery of capital investments, despite higher O&M and income taxes [9] - Year-over-year customer growth was just under 1% in Q3, with weather-normalized load growth at 6.5% [9][10] - The company expects total retail normalized load growth of approximately 7.5% in 2025 [9] Market Data and Key Metrics Changes - Oklahoma customers will see a decrease in their monthly bill due to a reduction in the fuel cost adjustment, averaging $6.75 lower per month [5] - The company has experienced load growth that surpasses national trends, particularly from data centers [5][6] Company Strategy and Development Direction - The company is focused on maintaining low rates to sustain growth and has a strong capital investment plan, including a $250 million project for the Fort Smith to Muskogee transmission line [10][11] - The company is negotiating with existing bidders and anticipates issuing more RFPs to address future generation needs [4][10] - The company aims to achieve a consolidated earnings growth rate of 5%-7% based on the midpoint of its 2025 guidance [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering results in the top half of the earnings guidance range for 2025 [8][12] - The company highlighted strong local economies and job growth in Oklahoma and Arkansas, contributing to its operational success [7][10] - Management emphasized the importance of affordability and operational excellence in driving customer demand and business growth [6][7] Other Important Information - The company has a strong balance sheet, which is considered a competitive advantage [12] - The company is in serious negotiations regarding data center load, with expectations for announcements in the near future [6][65] Q&A Session Summary Question: CapEx needs and RFP process - Management anticipates approval for the pre-approval request soon and plans to layer in additional filings and RFPs as needed [18][20] Question: Regulatory constructs and ROE lag - Management indicated that they have a good track record on minimizing ROE lag and will provide guidance for next year in February [21][22] Question: 2025 SPP ITP plan and competitive position - Management acknowledged the robust SPP plan but noted that further milestones are needed before providing a firm outlook [31] Question: Data center project negotiations - Management confirmed ongoing negotiations and the requirement to file a large load tariff as part of the pre-approval settlement [32][65] Question: Load growth outlook for 2025 - Management clarified that the load growth outlook of 7.5% for 2025 is at the low end of the prior range due to timing issues with customer ramp-up [34] Question: Meeting capacity needs by 2030 - Management confirmed that they expect to meet some capacity needs from the current RFP and will file a new RFP to address the remaining shortfall [46] Question: Dividend growth rate - Management stated that the dividend growth rate is targeted to align with investment opportunities, aiming for a payout ratio of 65%-70% [55] Question: Rate filing cadence - Management confirmed that the philosophy regarding rate filings remains unchanged, with adjustments based on settlement agreements [56]

Core Points - FirstEnergy Corp. has submitted a plan to build a new 1,200-MW natural gas-fired combined-cycle power plant in West Virginia, aiming for operational status around 2031 [1] - The Integrated Resource Plan (IRP) also includes plans to keep two major coal-fired power plants operational for at least the next decade, supporting West Virginia's energy future [1][2] - The IRP aligns with West Virginia's "50 by 50" initiative to increase power generation capacity to at least 50 GW by 2050 [1] Company Plans - The new gas-fired plant will be the largest in West Virginia, surpassing the current largest gas facility, the 519-MW Ceredo Generating Station [4] - FirstEnergy plans to add at least 70 MW of solar power generation capacity by 2028 and will purchase power in the short term to maintain grid reliability until new resources are operational [1] - The company has invested approximately $1 billion in environmental control systems for its existing coal-fired plants [2] Industry Context - Over 80% of West Virginia's electricity is generated from coal, with the state being the second-largest coal producer in the U.S. [2] - FirstEnergy operates one of the largest investor-owned electric systems in the U.S., serving over six million customers across multiple states [4] - The IRP reflects a long-term strategy to ensure reliable power delivery while supporting economic development and managing costs for customers [1]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $0.82 per share for Q2 2025, exceeding internal budget and overcoming approximately $0.09 of unfavorable weather impacts [6][26] - Year-over-year adjusted earnings decreased from $0.90 per share in Q2 2024 to $0.82 per share in Q2 2025, attributed to a 26% decrease in cooling degree days [26][27] - The company is on track for the midpoint of full-year 2025 adjusted EPS guidance of $3.92 to $4.12 per share [6][32] Business Line Data and Key Metrics Changes - The company achieved a 1.4% increase in weather-normalized demand in Q2 2025, driven by growth in residential and commercial usage [30] - The exit from the Evergy Ventures business resulted in losses of approximately $0.08 million in Q2 2025, with the remaining book value of these investments at approximately $100 million [28][29] Market Data and Key Metrics Changes - The company anticipates a peak demand of 1.1 gigawatts with 500 megawatts online by 2029, supporting an estimated demand forecast of 2% to 3% through 2029 [14][16] - The economic development pipeline includes a robust backlog of over 15 gigawatts, with significant interest from large customers in Kansas and Missouri [11][12] Company Strategy and Development Direction - The company reaffirms a long-term growth target of 4% to 6% through 2029, based on the 2025 midpoint of $4.2 per share [8][32] - The strategy focuses on affordability, reliability, and sustainability, with an emphasis on grid modernization and new generation resources [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the midpoint of adjusted EPS guidance for 2025, citing strong operational execution and favorable economic conditions [32] - The company is well-positioned to attract new customers and investments, with ongoing discussions and settlements in regulatory proceedings [20][78] Other Important Information - The Kansas Corporation Commission approved settlement agreements for new natural gas plants and solar farms, reflecting a collaborative regulatory environment [7][19] - The company is committed to investing in infrastructure to support economic development and enhance service reliability for existing and new customers [21][24] Q&A Session Summary Question: Can you expand on the timing to derisk equity needs beyond 2025? - Management indicated no planned equity raise in 2025, with approximately $600 million per year needed in 2026 and 2027, and flexibility in accessing equity markets [41][42] Question: How would a lower ramp from Panasonic impact load growth? - Management stated that the current forecast includes only 2% to 3% load growth, with additional customers potentially increasing this to 4% to 5% [43][44] Question: How does the large load customer pipeline relate to tariff proceedings? - Management noted that while tariff proceedings are important, they are not gating items for customer projects, which are advancing in parallel [76][78] Question: Are the approved solar projects subject to additional federal permitting? - Management believes the approved solar projects will qualify under current rules, but will remain flexible to adapt to any new federal guidelines [85][87]

Financial Data and Key Metrics Changes - For the first half of 2025, the company reported adjusted earnings per share of $1.73, exceeding budget expectations and aligning with full-year guidance [23] - The full-year guidance remains at $3.54 to $3.60 per share, with confidence towards the high end [24] - Adjusted net income for 2025 was $518 million, benefiting from favorable weather and constructive regulatory outcomes [25][26] Business Line Data and Key Metrics Changes - The company is experiencing strong performance in its electric service territory, with a projected long-term annual sales growth estimate of 2% to 3% [6][10] - The NorthStar business contributes approximately 5% to the earnings mix, with growth primarily from energy and capacity sales at Dearborn Industrial Generation [14] Market Data and Key Metrics Changes - Michigan has been recognized as a top state for business, with strong housing starts and job growth contributing to positive market conditions [6][19] - The company has agreements with new data centers expected to add up to one gigawatt of load, part of a nine-gigawatt pipeline [4][5] Company Strategy and Development Direction - The company is focused on customer affordability and plans to invest over $25 billion beyond its five-year plan to enhance its electric grid and renewable energy initiatives [9][10] - An integrated resource plan (IRP) is set to be filed in mid-2026, addressing capacity needs and renewable energy requirements [10][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet financial objectives and navigate a dynamic regulatory environment [23][32] - The company is well-positioned to capitalize on opportunities arising from the Big Beautiful Bill Act, which supports renewable energy projects [54] Other Important Information - The company has received regulatory approval for a storm deferral, marking a significant development in Michigan's regulatory landscape [19] - Moody's reaffirmed the company's credit ratings, indicating strong credit quality [28] Q&A Session Summary Question: Details on the new one gigawatt data center agreement - Management confirmed that the agreement is part of the nine-gigawatt pipeline and discussions are ongoing regarding the ramp-up of load, expected to begin in 2029 or 2030 [39][40] Question: Interaction between the new data center and the $5 billion CapEx upside - Management indicated that the $5 billion figure is based on current projections and would be adjusted if additional capacity is required due to the new data center [56] Question: Status of the gas case and potential for settlement - Management reported a favorable position in the gas case, with significant support for the revised ask and a willingness to settle if beneficial [59] Question: Financing plans for 2026 - Management stated that they are considering opportunities to derisk equity financing needs for 2026 and will keep options flexible [61]

Financial Data and Key Metrics Changes - For Q1 2025, adjusted earnings were reported at $0.54 per share, unchanged from Q1 2024, with total earnings of $125 million compared to $124.7 million a year ago [5][25] - Retail demand grew by 2.7%, while weather-normalized demand decreased by 3%, indicating a mixed performance influenced by weather conditions and customer outages [27][28] - The company reaffirmed its 2025 adjusted EPS guidance range of $3.92 to $4.12 per share, with a midpoint of $4.02 per share [7][35] Business Line Data and Key Metrics Changes - The recovery of regulated investments contributed $0.13 to EPS, while higher depreciation and interest expenses due to increased infrastructure investments reduced EPS by $0.10 [26] - The industrial sector experienced a decline in demand primarily due to a large customer outage caused by an unplanned maintenance shutdown [27] Market Data and Key Metrics Changes - The customer pipeline expanded to 12.2 gigawatts, with significant projects in the actively building category, including a data center project in Missouri [12][14] - The company anticipates a ramp-up in demand from large customers like Meta and Panasonic in the second half of the year, contributing to overall growth [28][34] Company Strategy and Development Direction - The long-term outlook remains strong, with a target of 4% to 6% earnings growth through 2029, supported by a robust customer pipeline and favorable regulatory frameworks [7][35] - The Integrated Resource Plan (IRP) reflects an all-of-the-above strategy for new generation development, adding approximately 2.1 gigawatts of new generation from 2025 through 2035 [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the midpoint of the EPS target for 2025, citing strong operational performance and expected demand growth [29][35] - The company is committed to maintaining reliability and affordability while advancing a balanced generation portfolio [23][24] Other Important Information - Recent legislative outcomes in Kansas and Missouri are expected to enhance regulatory frameworks and support infrastructure investments [9][10] - The company is focused on managing operational costs and leveraging various levers to meet financial targets [81][84] Q&A Session Summary Question: Clarification on quarterly performance and expectations - The first quarter came in 5 cents below expectations, with a gross number of $3.97 before mitigating actions [40][41] Question: Timing of large customer contracts - The timing for the 1.3 gigawatts is linked to finalizing large load power service tariff proceedings, expected to conclude by year-end [43][45] Question: Impact of sales growth on equity - Increased sales could significantly reduce equity needs, potentially hundreds of millions of dollars over the five-year period [52][53] Question: Coal plant retirement rationale - The timing for coal plant retirements was extended due to the need for flexibility and the age of the units, with considerations for environmental regulations [76][78] Question: Large load tariff discussions - The company is engaged in constructive dialogue with large customers regarding tariff proceedings, which are crucial for future growth [90][93]

Financial Data and Key Metrics Changes - The company reported first quarter adjusted earnings of $0.54 per share, unchanged from the previous year [5][27] - Retail demand grew by 2.7%, while heating degree days increased by 18%, but margin benefits were limited due to declining block pricing [6][28] - The company reaffirmed its 2025 adjusted EPS guidance range of $3.92 to $4.12 per share, with a midpoint of $4.02 per share [7][37] Business Line Data and Key Metrics Changes - The recovery of regulated investments contributed $0.13 to EPS, while higher depreciation and interest expenses reduced EPS by $0.10 [28] - Total demand grew by 2.7%, but weather-normalized demand decreased by 3% due to a large industrial customer outage [29][30] Market Data and Key Metrics Changes - The company has a robust customer pipeline, with a backlog of growth opportunities expanding to 12.2 gigawatts [13] - The company anticipates significant demand growth from large customers like Meta and Panasonic, contributing approximately 500 megawatts by 2029 [36] Company Strategy and Development Direction - The company aims for long-term earnings growth of 4% to 6% through 2029, supported by strong demand from new customers and regulatory frameworks [7][37] - The integrated resource plan reflects an all-of-the-above strategy for new generation development, adding approximately 2.1 gigawatts of new generation from 2025 through 2035 [17][18] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the midpoint of EPS targets despite a slower start to the year, citing strong operational performance and cost management [31][37] - The company remains committed to investing in infrastructure to support growth while ensuring reliability and affordability for customers [24][25] Other Important Information - Recent legislative outcomes in Kansas and Missouri are expected to enhance regulatory frameworks and support infrastructure investment [10][11] - The company is in advanced discussions with customers representing approximately three gigawatts of load, indicating significant interest in the region [15] Q&A Session Summary Question: Clarification on quarterly performance and expectations - Management clarified that the first quarter came in 5 cents below expectations before mitigating actions, with a base outlook for the full year at $3.97 [41][43] Question: Timing of large load contracts - Management indicated that the timing for the 1.3 gigawatts of load is likely linked to finalizing large load power service tariff proceedings, expected to conclude by year-end [45][47] Question: Impact of sales growth on equity - Management noted that increased load growth could significantly reduce equity needs, potentially saving hundreds of millions of dollars over the five-year period [55] Question: Coal plant retirement rationale - Management discussed the rationale for extending coal plant retirement timelines, emphasizing the age and maintenance needs of older units [75][77] Question: Operational and maintenance levers - Management highlighted the ability to manage operational and maintenance costs to meet guidance, ensuring reliability while maintaining flexibility [79][82] Question: Large load tariff discussions - Management confirmed the importance of constructive outcomes in tariff discussions for attracting large customers and spreading fixed costs [87][91]

Financial Performance - First Quarter 2025 GAAP EPS was $0.54, and adjusted EPS was also $0.54[19] - The company reaffirmed its 2025 adjusted EPS guidance of $3.92 - $4.12[19] - The long-term adjusted EPS target is 4% to 6% off of the 2025E midpoint of $4.02 through 2029E[19] - The company expects to be in the top half of the 4% to 6% range for long-term adjusted EPS growth[19] Economic Development and Demand - The economic development pipeline remains robust, with projects representing more than 11 gigawatts of incremental demand actively considering the service territories[25] - Actively Building projects account for 1.1 gigawatts[25] - Projects in the Finalizing Agreements stage represent approximately 1.3 gigawatts, with a potential 600 MW by 2029, which are not yet included in the 2-3% demand forecast[25] - Total retail sales growth potential is projected at 4-5% CAGR through 2029, including actively building and finalizing agreements[50] Capital Investment and Financing - The company is planning $17.5 billion of infrastructure investment from 2025E-2029E[55] - The financing plan includes $5.8 billion in incremental debt and $2.8 billion in equity & equity-like securities from 2025E-2029E[48] Regulatory and Generation - The 2025 IRP calls for over 2.1 gigawatts of new resources from 2025-2035 relative to the 2024 IRP[28] - The company is requesting a $196 million revenue increase in the Kansas Central Rate Case, representing an 8.62% increase since 2023[76]