Financial Data and Key Metrics Changes - The company reported GAAP earnings of $0.38 per share and adjusted operating earnings of $2.14 per share for the first quarter, which is $0.32 per share higher than the previous year [7][48]. - The company reaffirmed its full-year operating EPS guidance range of $8.9 to $9.6 per share [49]. Business Line Data and Key Metrics Changes - Nuclear performance was strong, producing over 41 million megawatt hours with a capacity factor of 94.1% [51]. - The renewables and natural gas fleet achieved a 96.2% renewable energy capture and a 99.2% power dispatch match [51]. Market Data and Key Metrics Changes - The company noted that the cost of new entry for combined cycle machines and solar with storage has increased significantly, with estimates for new build CCGTs exceeding $2,000 per KW [31][32]. - The company highlighted that the demand from data centers is expected to rise, driven by the importance of AI technology and the U.S. government's focus on winning the AI race [21][22]. Company Strategy and Development Direction - The company is focused on leveraging its nuclear energy assets to meet the growing demand for clean and reliable energy, emphasizing the strategic advantage of its existing fleet [9][35]. - The acquisition of Calpine is seen as a significant opportunity, with the company believing it was worth twice what was paid due to the rising costs of new generation assets [17][19]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the favorable market environment and the ability to meet demand through existing assets, despite some skepticism about overstated demand forecasts [8][24]. - The company is optimistic about the integration of Calpine and the potential for enhanced capabilities and customer service [44][60]. Other Important Information - The company has about $1 billion left in its buyback authorization and plans to resume its buyback program when market conditions allow [20]. - The company is actively working on regulatory processes and has made all required filings for the Calpine transaction, expecting to close by the end of the year [45][46]. Q&A Session Summary Question: Can you provide more details on the progress towards long-term customer agreements? - Management indicated that while policy clarity would be beneficial, customers are adapting and seeking on-grid solutions due to delays in regulatory clarity [67][71]. Question: What is the expected path and timing to resolve the FERC proceeding? - Management believes there is sufficient information for FERC to provide clarity and expects a resolution within a few months [72][75]. Question: Is the pricing seen an indicator of future pricing? - Management stated that while they cannot disclose specific pricing details due to competitive sensitivities, they believe their pricing should align with market levels [80][84]. Question: How does the company view the behind-the-meter opportunity? - Management noted that while there is still interest in behind-the-meter solutions, current discussions are primarily focused on front-of-the-meter connections due to regulatory uncertainties [96][100].