We asked Patty Poppy how they navigate a really really narrow road. >> We have a a perfect solution and it's called the simple affordable model. It allows for infrastructure investment that then is offset by operating maintenance cost reductions which we've delivered significant cost savings over the last several years.We have load growth that helps more fully utilize our assets. And then improving credit metrics results in uh lower cost financing that has allowed us to actually lower rates for customers. I ...

Financial Data and Key Metrics Changes - IDACORP's diluted earnings per share increased to $2.26 in Q3 2025 from $2.12 in Q3 2024, with year-to-date EPS rising to $5.13 from $4.82 [3][4] - Net income for Q3 2025 rose by $10.8 million compared to Q3 2024, primarily driven by higher retail revenues and customer growth [14][18] - Operating cash flows through September 2025 were $464 million, up $6 million from the previous year [19] Business Line Data and Key Metrics Changes - Customer base grew by 2.3% year-over-year, with residential customers increasing by 2.5% [5][6] - Retail revenues per megawatt hour increased operating income by $17.6 million, while customer growth added $7.8 million to operating income [14][15] - O&M expenses rose by $4.2 million due to inflationary pressures and wildfire mitigation efforts [16] Market Data and Key Metrics Changes - The company reported a modest decrease in irrigation usage per customer, attributed to higher precipitation and lower temperatures compared to the previous year [15][44] - Despite lower cooling degree days, sales growth remained strong, indicating robust customer growth and operational performance [41][42] Company Strategy and Development Direction - IDACORP is focusing on maintaining customer affordability while supporting growth, with residential rates increasing less than the national average since 2014 [7][8] - The company is advancing key projects, including the Boardman to Hemingway transmission line and the Bennett Mountain gas-fired plant expansion, to meet future load growth [9][10] - A recent settlement in the Idaho general rate case aims to increase annual revenues by $110 million, supporting the company's financial health [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational performance, raising full-year EPS guidance to a range of $5.80 to $5.90 [4][22] - The company anticipates continued customer growth, particularly in manufacturing and technology sectors, driven by significant investments in the region [5][6] - Management acknowledged potential economic softening but noted no significant trends of concern regarding customer growth [40] Other Important Information - The company filed its 2026 Idaho Wildfire Mitigation Plan, outlining methods to mitigate wildfire risk [11][12] - The Idaho Commission approved a request for additional pre-collection of Hells Canyon AFUDC, increasing cash collection by about $30 million annually [19] Q&A Session Summary Question: What was in the capital plan for Jackalope, and what are the potential solutions? - Management noted that the Jackalope Wind Project was a significant capital piece, with 600 megawatts of capacity, and they are exploring gas options as replacements [25][26] Question: Can you provide insights on customer growth trends? - Management indicated that while customer growth is steady, there may be slight softening due to economic factors, but no major concerns were noted [40][42] Question: How do you plan to address the loss of the Jackalope Wind Project? - Management stated that they will update the capital forecast in February and are considering incremental resources to replace the lost capacity [77][78] Question: What are the priorities for the next general rate case? - Management is assessing the timing and need for the next rate case, considering various elements including potential tracking mechanisms [68][69] Question: How do you see the ROE outlook with new large load customers? - Management expects that revenues from large load customers will eventually increase ROE above the minimum level of 9.12% [70][71]

Financial Data and Key Metrics Changes - American Electric Power reported third quarter 2025 operating earnings of $1.80 per share, a decrease from $1.85 per share in the same period last year, primarily due to the prior year's sale of the onsite partners' distributed resources business [24][25] - Year-to-date operating earnings totaled $4.78 per share, up from $4.38 per share in 2024, representing an increase of approximately 9% year over year [25] - The company reaffirmed its 2025 full-year operating earnings range of $5.75 to $5.95 per share, guiding to the upper half of this range [9][34] Business Line Data and Key Metrics Changes - Significant commercial and industrial load growth of nearly 8% on a rolling 12-month basis as of September 30, 2025, compared to the same period last year [25] - The generation and marketing segment's performance was impacted by the prior year sale of the distributed resources business, but favorable energy margins helped support overall results [26] Market Data and Key Metrics Changes - AEP projects a system peak demand of 65 gigawatts by 2030, with a load growth of almost 76% in the next five years, driven by data centers and reshoring of manufacturing [10][11] - The company has secured 28 gigawatts of contracted load additions, up from 24 gigawatts previously reported, backed by energy service agreements or letters of agreement [10][11] Company Strategy and Development Direction - AEP announced an increased long-term operating earnings growth rate of 7% to 9% for 2026 to 2030, with an expected 9% CAGR over the five-year period [7][27] - The company is focused on a $72 billion capital plan, with over two-thirds directed towards transmission and generation to support load growth [30][34] - AEP is actively engaging with regulators and policymakers to achieve constructive outcomes that benefit both customers and shareholders [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and team, highlighting the importance of disciplined execution and strong cash flow from operations [36][37] - The company is committed to maintaining affordability for customers, forecasting average system residential customer rates to increase by approximately 3.5% annually through 2030, below the historical average inflation rate [21][35] Other Important Information - AEP has secured commission approvals for data center tariffs in Ohio and large load tariff modifications in Indiana, Kentucky, and West Virginia [11][16] - The company is exploring generation solutions, including participation in the early site permit process for small modular reactors in Indiana and Virginia [19][20] Q&A Session Summary Question: Drivers of earnings step up in 2028 - Management indicated that the capital plan peaking in 2027 and 2028, along with positive legislative outcomes, will drive earnings growth during that period [39][40] Question: Composition of equity needs - Management discussed the anticipated equity needs and potential for minority stake sell downs, indicating a proactive approach to funding growth [42][44] Question: Earnings growth in 2028 to 2030 - Management clarified that the guidance for 2028 to 2030 reflects year-over-year growth, with expectations to be at or above the high end of the range [49][64] Question: Strategy for data center load growth - Management expressed confidence in meeting transmission capacity needs for data centers, highlighting the competitive advantage of their 765 kV transmission network [71][73] Question: Balance between renewables and gas generation - Management emphasized a balanced approach to generation planning, aligning with state energy policies and customer preferences [75][76]

Financial Performance - Q2 2025 operating earnings per share (EPS) reached $1.43, compared to $1.25 in Q2 2024, representing a 14% increase[22] - Year-to-date (YTD) 2025 operating EPS was $2.98, up from $2.52 in YTD 2024, reflecting an 18% growth[24] - The company is guiding towards the upper half of the 2025 operating earnings guidance range of $5.75-$5.95 per share[20] - Moody's FFO to Debt as of June 30, 2025, was 13.2%[46, 114] Capital Investments and Growth - AEP expects to announce a new 5-year capital plan of approximately $70 billion to meet growing energy needs[18, 20] - The company is executing a $54 billion capital plan and expects approximately 8% rate base growth through the 5-year forecast[11, 18, 51] - Approximately $34 billion, or 63%, of the $54 billion capital forecast is allocated to wires (transmission and distribution)[75, 77] - Approximately $14 billion, or 26%, of the $54 billion capital forecast is allocated to regulated new generation, including renewables[75, 79] Load Growth and Demand - AEP anticipates 24 GW of incremental load growth through 2029, supported by signed customer financial commitments[17, 25, 43, 44] - The company has approximately 190 GW of interconnect requests in various stages of development[17, 25, 44] - Peak demand in Q2 2025 reached 37.6 GW, generating $2.9 billion in revenue, compared to 33.5 GW and $2.7 billion in Q2 2024[42] Financial Strength and Strategy - The company closed a $2.82 billion minority interest transmission transaction, contributing to S&P's outlook upgrade to stable[25, 29, 51] - AEP reaffirms its long-term growth rate of 6%-8% and a FFO/Debt targeted range of 14%-15%[18, 25] - The company's balance sheet strength is reinforced by S&P's favorable outlook revision to stable[49]

Financial Data and Key Metrics Changes - The company reported diluted earnings per share (EPS) of $0.30 on a GAAP basis and $0.29 on a non-GAAP basis for Q2 2025, compared to $0.36 in Q2 2024, indicating a decline in non-GAAP EPS year-over-year [23][6][41] - The company reaffirmed its 2025 non-GAAP EPS guidance range of $1.74 to $1.76, representing an 8% growth at the midpoint from the 2024 non-GAAP EPS of $1.62 [7][41] - The company is approximately 46% of the way to the midpoint of its full-year earnings guidance range for 2025 [6] Business Line Data and Key Metrics Changes - The Houston Electric Service territory is experiencing strong load growth, with a forecasted peak load increase of 10 gigawatts by 2031, representing nearly a 50% increase in peak demand [8][10] - Year-over-year sales trends show an 8% increase in weather-normalized commercial and industrial sales for the first half of 2025 compared to the same period in 2024 [10] Market Data and Key Metrics Changes - The load interconnection queue has grown by 6 gigawatts, or more than 12%, since the first quarter call, driven by diverse economic activities including data centers and advanced manufacturing [9][10] - The company anticipates that the sale of its Ohio gas business will allow for the reprioritization of nearly $1 billion in capital expenditures to support Texas jurisdictions [13] Company Strategy and Development Direction - The company announced a $500 million increase to its capital investment plan for 2025, bringing the total capital investment plan to $5.5 billion for the year, which will be funded without issuing additional common equity [6][15] - The strategic focus is shifting more towards Texas, with the expectation that Texas will constitute over 70% of the company's portfolio after the sale of the Ohio gas business [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects, citing strong economic drivers in the Houston Electric Service territory and the need for significant investments in the electric transmission system [11][20] - The company expects to see a 5% improvement in operating cash flow beginning next year, which will help fund capital investments [39] Other Important Information - The company has identified approximately 200 projects to execute over the next ten years to support the anticipated load growth [16] - The proposed settlement in the Ohio gas rate case includes a revenue requirement increase of $59.6 million [28] Q&A Session Summary Question: Timeline and expectations for the Barrow cost recovery proceeding - Management is on track and had mediated sessions to seek a potential settlement framework, with hearings scheduled for next Thursday [50] Question: Details on the six gigawatts load growth - Approximately two-thirds of the increase relates to data center activity, with demand expected for interconnections in late 2026 to 2028 [52] Question: Duration of drag from mobile generation assets - The drag in earnings is expected to last until late 2026 or early 2027, after which these assets will become a tailwind for the company [55] Question: Capital investment plan and equity funding - Management indicated an upward bias towards capital expenditures through the remainder of the decade, with potential for funding without additional common equity [61][65] Question: Update on the Ohio gas LDC sale process - The company aims to announce progress towards the end of the calendar year, with a closing expected about a year later [91] Question: Impact of SB six on interconnection interest - There has been no change in the velocity of interconnection requests despite questions around cost allocation [74] Question: Houston revitalization project alignment with city efforts - The project involves burying the interstate system around downtown Houston, allowing for significant redevelopment opportunities [76] Question: Magnitude of future capital increases without equity - Management indicated flexibility in capital spending, with potential for increases beyond the $500 million announced [86]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.76 for the first quarter of 2025, a 22% increase compared to the first quarter of 2024, driven by top line growth across electric and gas utilities [5][14] - The company reaffirmed its 2025 earnings guidance range of $6.17 to $6.42 and a long-term EPS growth rate of 5% to 7% through 2029 [6][22] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.33 compared to last year, driven by higher sales volumes, improved weather, and new rates [14] - Gas Utilities and Infrastructure results were up $0.08 compared to last year, primarily due to new rates at Piedmont, North Carolina [14] - The Other segment experienced a decrease of $0.08, mainly due to higher interest expenses [14] Market Data and Key Metrics Changes - Weather-normalized volumes increased by 1.8% compared to last year, aligning with the full-year projection of 1.5% to 2% [15] - Residential volumes rose over 3% in the quarter, reflecting customer growth and higher usage [16] Company Strategy and Development Direction - The company is focused on meeting growing energy demands through new generation and enhancing existing generation, including extending the operating license for the Oconee nuclear station for an additional twenty years [6][7] - A strategic partnership with GE Vernova was announced to secure up to 19 natural gas turbines, aimed at timely delivery of critical infrastructure [10] - The company plans to file a merger application for its DC and DEP utilities later this year, which is expected to create significant customer savings and operational flexibility [11][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's outlook, citing strong fundamentals and visibility to growth for years to come [12][13] - The company anticipates load growth to accelerate beginning in 2027 as economic development projects come online [16] - Management noted a cautious stance among industrial customers due to economic and policy uncertainties, but no immediate changes to production schedules were observed [61] Other Important Information - The company invested over $3 billion in capital during the quarter and is on track for $15 billion for the full year [20] - The impact of tariffs on the capital plan is estimated to be about 1% to 3% over five years, with confidence in minimizing this impact [21] Q&A Session Summary Question: Incremental CapEx opportunities - Management indicated that updates on capital expenditures will be provided in February, with a stable and growing investment pipeline [28][30] Question: Specificity around credit metrics - Management plans to provide more defined targeted ranges for credit metrics in the next cycle in February [33] Question: Cadence of adding signed deals - Management confirmed that the one gigawatt signed is part of a robust pipeline and is being actively worked through the process [40] Question: Financial implications of the merger - The merger is expected to generate over a billion dollars in savings for customers, focusing on operational efficiencies and reduced regulatory proceedings [51][52] Question: Size of one gigawatt signing - The one gigawatt signing involves two customers [55] Question: Outlook on tax credits and renewables - Management emphasized the importance of nuclear tax credits and their role in reducing customer bills, while advocating for their transferability [60] Question: Impact of economic uncertainty on industrial customers - Management noted a cautious stance among industrial customers but no immediate changes to their production schedules [61]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.76 for the first quarter of 2025, a 22% increase compared to the first quarter of 2024, driven by top line growth across electric and gas utilities [5][14] - The company reaffirmed its 2025 earnings guidance range of $6.17 to $6.42 and a long-term EPS growth rate of 5% to 7% through 2029 [6][21] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.33 compared to last year, driven by higher sales volumes, improved weather, and new rates [14] - Gas Utilities and Infrastructure results were up $0.08 compared to last year, primarily due to new rates at Piedmont, North Carolina [14] - The Other segment experienced a decrease of $0.08, mainly due to higher interest expenses [14] Market Data and Key Metrics Changes - Weather-normalized volumes increased by 1.8% compared to last year, aligning with the full-year projection of 1.5% to 2% [15] - Residential volumes rose over 3% in the quarter, reflecting customer growth and higher usage [16] Company Strategy and Development Direction - The company is focused on meeting growing energy demands through new generation and enhancing existing generation, including extending the operating license for the Oconee nuclear station for an additional twenty years [6][7] - A strategic partnership with GE Vernova was announced to secure up to 19 natural gas turbines, aimed at timely delivery of critical infrastructure [10] - The company plans to file a merger application for its DC and DEP utilities, expected to create significant customer savings and operational efficiencies [11][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's outlook, citing strong fundamentals and visibility to growth for years to come [12][13] - The company anticipates load growth to accelerate beginning in 2027 as economic development projects come online [16] - Management noted a cautious stance among industrial customers due to economic and policy uncertainties, but no immediate changes in production schedules were observed [59] Other Important Information - The company invested over $3 billion in capital during the quarter and is on track for $15 billion for the full year [20] - The impact of tariffs on the capital plan is estimated to be about 1% to 3% over five years, with confidence in minimizing this impact [21] Q&A Session Summary Question: Incremental CapEx opportunities and guidance - Management indicated that updates on capital expenditures will be provided during the annual cycle in February, with a focus on a stable and growing pipeline of investment opportunities [26][28] Question: Specificity around credit metrics - Management acknowledged ongoing discussions about improving credit profiles and indicated that more defined target ranges would be provided in the next cycle in February [31][33] Question: Cadence of load growth and data center deals - Management confirmed that the pipeline remains robust, with a recent signing of one gigawatt of data center projects, which was anticipated in their plans [38][40] Question: Financial implications of the merger - Management highlighted that the merger of DC and DEP utilities could generate over a billion dollars in savings for customers, focusing on operational efficiencies and reduced regulatory proceedings [48][50] Question: Outlook on tax credits and renewables - Management emphasized the importance of nuclear tax credits in reducing customer bills and expressed support for ongoing advocacy in Washington regarding energy credits [57][58] Question: Impact of economic uncertainty on industrial customers - Management reported no immediate changes in production schedules from industrial customers but noted a cautious stance due to tariff policy uncertainties [59][60]

Financial Data and Key Metrics Changes - The company reported first quarter 2025 operating earnings of $1.54 per share, totaling $823 million, which is a 20% increase compared to the same period in 2024 [9][24] - The company reaffirmed its 2025 operating earnings guidance range of $5.75 to $5.95 per share, with a long-term operating earnings growth rate of 6% to 8% [9][39] - GAAP earnings for the first quarter were $1.50 per share, down from $1.91 per share in 2024, primarily due to a charge related to the write-off of deferred costs [22][23] Business Line Data and Key Metrics Changes - Operating earnings for vertically integrated utilities were $0.66 per share, up $0.09 from the previous year, driven by favorable weather and rate changes [25] - The transmission and distribution utilities segment earned $0.36 per share, up $0.07 from last year, supported by rate changes and higher transmission revenue [25] - Generation and marketing produced $0.14 per share, up $0.02 from last year, with favorable retail and wholesale margins [26] Market Data and Key Metrics Changes - The company experienced a 12.3% growth in commercial load in the first quarter of 2025 compared to the same period last year [10] - Total retail load growth is expected to accelerate from 3% in 2024 to nearly 9% in 2025, marking the largest growth rate since the late 1960s [28] - The company anticipates annual retail load growth of between 8% to 9% through 2027, equating to approximately 52 million incremental megawatt hours [28] Company Strategy and Development Direction - The company is committed to investing $54 billion over the next five years to meet the needs of 5.6 million customers across 11 states [5][9] - The capital plan includes customer commitments for over 20 gigawatts of incremental load by 2030, driven by data center demand and economic development [11][12] - The company is focused on reducing regulatory lag and enhancing customer affordability through proactive regulatory filings and legislative support [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth potential, citing significant demand for power and a robust pipeline of projects [16][20] - The company is well-positioned to participate in the electric infrastructure super cycle, with a focus on meeting increasing electric demand [16] - Management highlighted the importance of maintaining a strong balance sheet to support capital spending needs and future growth opportunities [9][36] Other Important Information - The company has secured approximately 80% of its rate-related revenue for 2025, indicating strong regulatory support [16][17] - A significant equity issuance of $2.3 billion was completed to address anticipated equity needs through 2029 [22][36] - The company is actively engaged in legislative efforts to improve recovery and customer affordability [20] Q&A Session Summary Question: How are conversations going in West Virginia regarding securitization? - Management reported positive discussions and is optimistic about achieving a favorable outcome in the upcoming hearings [42][44] Question: Are there any pullbacks from hyperscalers like Microsoft? - Management noted that despite Microsoft's delay, there is still robust demand from other customers, with over 500 existing and potential customers looking to connect to the system [46][48] Question: How does the company reconcile current sales trends against the 2025 forecast? - Management indicated that while near-term earnings impacts may be muted, the rapid addition of commercial and industrial load creates additional growth opportunities [52][54] Question: What is the impact of Ohio's new legislation on the company's regulatory strategy? - Management expressed that the new legislation supports capital investment growth and promotes timely recovery of investments, which is advantageous for the company [56][58] Question: How will the company finance the potential $10 billion upside in capital spending? - Management stated that they have already prefunded much of their equity needs and have various levers to pull, including potential asset sales and hybrid financing options [104][106]

Financial Data and Key Metrics Changes - The company reported first quarter 2025 operating earnings of $1.54 per share, totaling $823 million, which is a 20% increase compared to the same period last year [8][22] - The company reaffirmed its 2025 operating earnings guidance range of $5.75 to $5.95 per share and a long-term operating earnings growth rate of 6% to 8% [8][38] - GAAP earnings for the first quarter were $1.50 per share, down from $1.91 per share in 2024, primarily due to a charge related to the write-off of previously deferred costs [20][21] Business Line Data and Key Metrics Changes - Operating earnings for vertically integrated utilities were $0.66 per share, up $0.09 from a year earlier, driven by favorable weather and rate changes [22] - The transmission and distribution utilities segment earned $0.36 per share, up $0.07 from last year, benefiting from rate changes and higher transmission revenue [22] - Generation and marketing produced $0.14 per share, up $0.02 from last year, with favorable retail and wholesale margins [22] Market Data and Key Metrics Changes - AEP's total retail load growth has been favorable, with commercial load growing 12.3% compared to the first quarter of last year [9] - The company expects to see annual retail load growth of between 8% to 9% through 2027, representing a significant increase in demand [27] - The company has over 500 existing and potential customers requesting to connect nearly 80 gigawatts of load to its transmission system [30] Company Strategy and Development Direction - The company is committed to investing $54 billion over the next five years to meet the needs of 5.6 million customers across 11 states [5][8] - AEP is focusing on infrastructure investments to support increasing electric demand, including plans for new generation and transmission projects [10][12] - The company is actively managing regulatory strategies to ensure fair cost allocation and protect existing customers while attracting large loads [11][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth potential, citing significant economic development activities across its footprint [38] - The company is optimistic about achieving its 2025 commitments and maintaining a strong balance sheet to support capital spending needs [8][38] - Management highlighted the importance of regulatory developments and customer engagement in driving future growth [14][18] Other Important Information - The company has received commission approvals for large load tariffs in several states, indicating strong regulatory support for its growth initiatives [11] - AEP's first quarter earned ROE for rate-related businesses was 9.3%, up from 9.05% at year-end [15] - The company is focused on reducing regulatory lag and has made timely filings to support its financial and operational strategies [17] Q&A Session Summary Question: How are conversations going in West Virginia regarding securitization? - Management reported positive discussions and is optimistic about achieving a favorable outcome in the upcoming hearings [41][43] Question: Are there any pullbacks from hyperscalers like Microsoft? - Management noted that despite Microsoft's delay, there is still robust demand from other customers, and the overall system demand remains strong [45][46] Question: How do you reconcile current sales trends against the 2025 forecast? - Management indicated that while near-term earnings impacts may be muted, the rapid addition of commercial and industrial load creates additional growth opportunities [51][53] Question: What are the implications of shifting from ESPs to MYPs in Ohio? - Management highlighted that the new legislation supports capital investment growth and promotes timely recovery of investments, which is beneficial for the company [55][56] Question: What is the plan for financing the potential $10 billion upside? - Management stated that they have already secured equity needs through previous transactions and have various levers to pull for future financing [100][102]

Financial Data and Key Metrics Changes - Consolidated earnings for Q1 2025 were reported at $0.31 per diluted share, an increase from $0.09 per share in Q1 2024 [14] - 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 [14] - 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 Q1 2024 [14] - The company affirmed its 2025 earnings per share guidance of $2.27 within a range of $2.21 to $2.33 per share [14][21] Business Line Data and Key Metrics Changes - Customer growth was at 1% year-over-year, with demand growing by 8%, primarily driven by residential and commercial sectors [6][15] - Residential load growth was reported at 3%, while commercial load growth was at 28% [15] - Industrial and oilfield classes experienced some softness due to planned and unplanned outages [16] Market Data and Key Metrics Changes - The company noted that its rates are among the lowest in the nation, with the lowest rates in both Oklahoma and Arkansas [8] - The company is experiencing strong demand growth in Oklahoma and Arkansas, supported by economic development efforts [6][17] Company Strategy and Development Direction - The company is focused on delivering safe, reliable, and affordable electric service while investing in grid reliability and resilience [5][10] - Future investments will include regulatory filings for rate reviews and generation capacity to meet planning margin requirements [10][19] - The company is pursuing a diversified supply base to limit exposure to tariff impacts and ensure project continuity [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position and operational excellence, despite macroeconomic uncertainties [12][21] - The company is optimistic about future load growth driven by economic development and customer expansion [6][17] - Management highlighted the importance of maintaining low rates for customers to support economic development [8][21] Other Important Information - The company has secured key components like transformers and wire through 2026, ensuring minimal disruptions to planned projects [11] - The company is actively pursuing legislative and regulatory improvements to enhance credit and support future investments [19] 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 [27] 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 and maintenance, with no external impacts expected [29] Question: Are there any discussions around regulatory improvements in Oklahoma? - Management confirmed ongoing discussions about pursuing formula rate improvements, but noted that significant changes are not expected this year [32] Question: How would the generation rider impact financing plans? - The generation rider would provide cash flow during construction phases, enhancing financing capabilities for incremental CapEx [40][42] Question: Is there any impact from the Supreme Court decision on serving large load customers? - Management confirmed that the Supreme Court ruling does not affect the ability to serve large load customers [46] Question: How is the demand narrative for data centers evolving? - Management reported ongoing discussions with several data center companies, indicating strong demand remains [52] Question: What is the company's strategy regarding Moody's credit rating? - Management emphasized that while they are targeting a 17% FFO to debt ratio, they believe ongoing improvements and regulatory actions could positively influence their credit rating [56]