Financial Data and Key Metrics Changes - The adjusted earnings per share (EPS) for Q2 2025 was reported at $0.92, which is $0.07 above the estimate and $0.18 lower than Q2 2024 [9] - Year-to-date retail electricity sales were 1.3% higher than 2024, with a 3% increase in sales growth in Q2 compared to the previous year [10] - Adjusted EPS estimate for Q3 2025 is projected at $1.50 per share [9] Business Line Data and Key Metrics Changes - Increased earnings from state-regulated utilities contributed positively, alongside higher usage and customer growth, adding $0.06 year-over-year compared to 2024 [9] - Weather-normal residential sales increased by 2.8%, supported by the addition of over 15,000 new electric customers in the quarter [10] - Data center usage was notably up by 13% compared to 2024, with industrial sales to major customer segments like transportation and primary metals increasing by 6% year-over-year [11] Market Data and Key Metrics Changes - Economic development activities in the Southeast resulted in nearly $2 billion of capital investment and over 6,000 new jobs announced in the service territories [12] - The large load pipeline across Alabama, Georgia, and Mississippi remains above 50 gigawatts of potential incremental load by the mid-2030s [13] - The Georgia Public Service Commission approved a stipulated agreement that extends Georgia Power's 2022 alternate rate plan, stabilizing base rates through 2028 [14] Company Strategy and Development Direction - The company is focused on building for growth in the Southeast, leveraging its vertically integrated market and constructive regulatory processes [23] - The 2025 Integrated Resource Plan (IRP) approval allows for continued investment in existing fleet upgrades and new generation resources to meet increasing demand [16] - The company is committed to maintaining customer affordability while capturing the benefits of projected economic growth [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment in the Southeast, with unemployment rates and population growth better than national averages [12] - The company is encouraged by the momentum with large load customers and is focused on sustainable growth patterns [29] - Management emphasized the importance of new nuclear energy as part of the solution to meet future demand [72] Other Important Information - The company announced a $76 billion five-year capital plan, increasing from $63 billion, with potential upside of approximately $5 billion still pending [20] - The transition of CFO Daniel Tucker, who is retiring after nearly three decades, was highlighted as a significant leadership change [24] Q&A Session Summary Question: Capital plan update and rate base growth - Management confirmed that they will continue with annual updates and are encouraged by the marketplace momentum [28][29] Question: RFP update and procurement status - Management assured that they have made reservations and payments for turbines and are well-positioned for efficient execution [30] Question: FFO to debt improvement timeline - Management expects to reach approximately 17% FFO to debt near the end of the planning horizon, with proactive measures being taken [40] Question: Asset sales and rumors - Management stated that they are always evaluating opportunities but would not comment on specific rumors [44] Question: Load update and pipeline growth - Management indicated that the large load pipeline continues to grow, with advanced discussions ongoing [52] Question: Returns on Southern Power investments - Management noted that returns from Southern Power are generally higher than state-regulated returns, with stringent risk-return parameters in place [68] Question: New nuclear discussions - Management reiterated the need for new nuclear energy and ongoing discussions with various stakeholders [72] Question: Large load update filing - Management confirmed that an update filing is expected in mid-August, with anticipation of higher load forecasts [74][77]