Summary of Key Points from the Conference Call Industry Overview - The focus is on the US power sector, particularly in relation to Green Capital Expenditures (Capex) and renewable energy projects, specifically solar and wind [1][8][17]. Core Insights and Arguments - **Bullish Outlook on Green Capex**: The company maintains a positive outlook on US power sector Green Capex, estimating it to reach $2.0 trillion from 2023 to 2032, despite changes in federal incentives [1][18]. - **IRS Guidance Impact**: New IRS guidance allows solar and wind projects to qualify for federal incentives if construction begins before specific deadlines, which is expected to support continued growth in utility-scale solar and onshore wind developments [1][8][10]. - **Investment Opportunities**: The company identifies attractive investment opportunities in the power and water infrastructure supply chain, particularly in companies like First Solar, GE Vernova, MasTec, Quanta Services, Xcel Energy, and Xylem [2][11]. - **Power Demand Growth**: The Utilities team projects a 2.5% annual growth in power demand through 2030, driven by factors such as aging infrastructure and the need for resiliency against extreme weather events [5][17]. - **Reliability Imperative**: There is a growing recognition of the need for reliable power and water supply, which is expected to drive investments in infrastructure to mitigate risks associated with climate change and aging systems [19][20]. Additional Important Content - **Investment Trends**: The overall Green Capex is projected to be robust at around $3 trillion from 2023 to 2032, although this is a 15% decrease from previous estimates due to shifts in focus and external factors [18][29]. - **Sector Resilience**: Despite changes in incentives, the company does not foresee a significant impact on overall power demand or sourcing, indicating resilience in the sector [17][24]. - **Long-term Energy Mix**: The company anticipates a shift towards renewables and battery storage in the near term, with natural gas playing a significant role in the medium term and nuclear energy in the long term [32][42]. - **Cost Implications**: The levelized cost of energy is expected to rise as renewable incentives expire, which may affect the economics of various energy sources [35][38]. Conclusion - The US power sector is poised for significant investment and growth in Green Capex, driven by regulatory support, rising demand, and the need for infrastructure resilience. Key players in the market are expected to benefit from these trends, despite some challenges posed by changing incentives and cost structures.

Load Growth Opportunities - Alliant Energy anticipates a greater than 30% increase in projected demand by 2030, using a 2024 base of approximately 6 GW maximum demand[7] - The company has contracted peak demand of +2.1 GW, representing potential load served through a combination of existing or new resources, short-term market purchases, and/or load flexibility[6,9] - Alliant Energy projects electric sales growth at a CAGR of 9-10% from 2025-2030[6] Tax Credits and Financing - Alliant Energy expects approximately $350 million of tax credits to be generated and transferred in 2025[26] - The company anticipates generating $1.5 billion in transferable tax credits through 2028, as projects are either already in service or safe harbored[10,13] - Alliant Energy plans to issue approximately $725 million in debt for AE Finance/Parent, $400 million for IPL, and $300 million for WPL in 2025[26] Regulatory and Financial Performance - Alliant Energy reaffirms its 2025 EPS guidance range of $3.15 - $3.25[23] - Q2 2025 earnings per share (EPS) were $0.68, compared to $0.57 ongoing earnings per share in Q2 2024[20] - The company plans approximately 800 MW of energy storage in service by 2027 and aims to safe harbor 100% of approximately 1,200 MW of new wind capacity[12]

XPLR Infrastructure, LP Second Quarter 2025 Presentation Other See Appendix for definitions of Adjusted EBITDA and Free Cash Flow Before Growth expectations. 2 ibdroot\projects\IBD-NY\xeric2025\944088_1\02. Presentation\04. NDR\XPLR_Credit NDR_DRAFT_v43.pptx Cautionary Statements and Risk Factors That May Affect Future Results This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward-looking statements. F ...

Financial Data and Key Metrics Changes - For the full year 2025, the company updated its CAFD guidance range to $400 million to $440 million, raising the bottom end to reflect contributions from recently closed project acquisitions [5][18] - Adjusted EBITDA for 2025 was reported at $343 million, with CAFD at $152 million, reflecting strategic growth initiatives and contributions from 2024 investments [17][18] Business Line Data and Key Metrics Changes - The company is advancing its fleet optimization and enhancement growth pathway, with significant projects like the repowering of Mount Storm and Goat Mountain on track for completion in 2026 and 2027 [6][9] - The recently closed Catalina solar project is performing well, contributing to the overall financial execution [7] Market Data and Key Metrics Changes - The company has a substantial pipeline of renewable projects with safe harbor qualifications through at least 2029, indicating a strong position in competitive markets [14] - The late-stage pipeline includes over $1.5 billion of potential corporate capital investments beyond already committed projects, supporting long-term growth objectives [14] Company Strategy and Development Direction - Clearway Energy has built multiple pathways for growth, including fleet optimization, sponsor-enabled dropdowns, and third-party acquisitions, all aligned with its capital allocation framework [8][12] - The company is focused on delivering clean, firm power attributes valued by customers, particularly in California and the Western States, positioning itself for a future without tax incentives [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth targets through 2027 and beyond, citing proactive planning and execution in sponsor-enabled growth [11][16] - The company is well-positioned to navigate regulatory changes and maintain its growth trajectory, with a focus on battery storage and renewable energy projects [40][43] Other Important Information - The company plans to issue equity opportunistically to fund accretive growth, with a focus on maintaining a disciplined payout ratio [20][56] - Clearway Energy has hedged the full notional amounts of its upcoming bond maturities to mitigate interest rate volatility [21][45] Q&A Session Summary Question: Wind repowering opportunity and its timeline - Management clarified that the volume of repowering opportunities is larger than previously indicated, with projects advancing on schedule [26][28] Question: Contribution of Tuolumne project to guidance - The Tuolumne project is embedded in the high end of the original guidance range and is expected to contribute positively [29] Question: Safe harboring and repowering qualifications - All identified projects have commenced construction and qualified for tax credits, ensuring alignment with growth goals [32] Question: RA market position and pricing trends - The company reported that its 2026 position is almost entirely contracted, with 75% of the 2027 position contracted, indicating strong management of market conditions [34][36] Question: Implications of recent policy changes - Management expressed confidence in their safe harbor strategy and compliance with new regulations, ensuring no disruptions to project development [40][43] Question: PPA terms with hyperscaler customers - The company highlighted that PPA terms with hyperscalers are balanced, accounting for risks and ensuring fair returns for both parties [73][74]

Financial Data and Key Metrics Changes - For the full year 2025, the company updated its CAFD guidance range to $400 million to $440 million, raising the bottom end to reflect contributions from recently closed project acquisitions [5][19] - Adjusted EBITDA for 2025 was reported at $343 million, with CAFD at $152 million, reflecting strategic growth initiatives and contributions from 2024 investments [18][19] - The company anticipates generating $270 million or more of retained CAFD from 2025 to 2027 to fund committed growth investments [20][21] Business Line Data and Key Metrics Changes - The fleet optimization and enhancement pathway is advancing, with projects like Mount Storm and Goat Mountain on track for repowering and expansion [6][10] - The company closed the Catalina solar project and is preparing for the potential repowering of the Tuolumne wind project by 2027, both contributing to long-term CAFD yields [7][19] - The battery storage pipeline now represents over 40% of all project capacity in development, indicating a significant focus on this growth area [6][14] Market Data and Key Metrics Changes - The company has a substantial pipeline of renewable projects with safe harbor qualifications through at least 2029, indicating strong market positioning [14] - The RA market for 2026 is almost entirely contracted, while the 2027 position is approximately three-quarters contracted, reflecting effective management of market conditions [35][36] Company Strategy and Development Direction - The company has built multiple pathways for growth, including fleet optimization, sponsor-enabled dropdowns, and third-party acquisitions, all aligned with its capital allocation framework [8][9] - The geographic growth strategy focuses on competitive markets like California and the Western States, aiming to deliver clean, firm power attributes valued by customers [16] - The company aims for a long-term objective of 5% to 8% CAFD per share growth, with a payout ratio at the low end of the 70% to 80% target range [7][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth outlook through 2027 and beyond, citing proactive planning and execution in sponsor-enabled growth [12][13] - The company is well-positioned to navigate regulatory changes and maintain project development momentum, with a focus on compliance with new tax credit guidelines [40][43] - Management highlighted the importance of balancing project risks and returns in PPA negotiations, ensuring favorable terms with customers [74][75] Other Important Information - The company has hedged the full notional amount of $850 million for upcoming bond maturities to mitigate interest rate volatility [23][46] - Clearway Group is advancing a large backlog of attractive battery storage projects, which are expected to play a significant role in future growth [14][65] Q&A Session Summary Question: Wind repowering opportunity and its implications - Management clarified that the volume of repowering opportunities is larger than previously indicated, with projects advancing on schedule and showing strong demand from customers [28][29] Question: Contribution of Tuolumne to CAFD guidance - The contribution from Tuolumne was embedded in the high end of the original guidance range, and it is expected to contribute to the top end of the $440 million range [30] Question: Safe harboring and repowering qualifications - All identified projects have commenced construction and qualified for tax credits, with additional repowering projects potentially qualifying through existing safe harbor investments [33][34] Question: RA market contracting and pricing trends - The company reported that the 2026 position is almost fully contracted, and the 2027 position is three-quarters contracted, with expectations for fair pricing [35][36] Question: Implications of recent policy changes - Management expressed confidence in their safe harbor strategy and compliance with new regulations, indicating no anticipated disruptions to project development [40][43] Question: PPA terms with hyperscaler customers - The company noted that PPA terms with hyperscalers are balanced and fair, accounting for various risks while ensuring satisfactory returns for both parties [74][75]

Core Insights - The company has published its factsheet detailing its investment portfolio, key events, business strategy, operating segments, and financial indicators as of June 30, 2025 [1] Financial Performance - For the year-to-date 2025, the total revenue reached 5,634 kEUR and EBITDA amounted to 3,138 kEUR [6] - The company has successfully refinanced 37.2 mEUR of outstanding green bonds due in December 2025 through a new 100 mEUR Green Bonds Programme [6] Project Developments - The construction of the PV Energy Projects portfolio, totaling 67.8 MW, is nearing completion, with 47.9 MW operational as of the reporting period [6] - In the PL SUN sp. z o.o. portfolio, with a total capacity of 113.99 MW, the first phase (66.6 MW) is largely completed, with 20 MW energized in the current quarter [6] - The Energy Production license for the Anykščiai wind farm was obtained in August 2024, while Jonava and Rokiškis wind farms received their licenses in April 2025 [6] - Construction for a 112 MW wind farm under Zala Elektriba SIA is scheduled to begin in mid-July [6] Hybrid and Wind Projects - Hybrid projects managed by UAB "Ekoelektra" and UAB "KNT Holding" are progressing, with most land lease agreements and servitudes secured [4]

Group 1 - BP plc has agreed to divest its U.S. onshore wind business to LS Power as part of a strategic reset to focus on traditional oil and gas operations [1][10] - The divestment is aimed at improving shareholder returns and addressing investor concerns due to BP's underperformance compared to rivals [2] - BP's U.S. onshore wind business, bp Wind Energy, consists of 10 operational projects across seven states with a cumulative capacity of nearly 1.7 GW, of which BP owns 1.3 GW [3][10] Group 2 - The transaction is expected to conclude by the end of this year, with bp Wind Energy becoming part of LS Power's subsidiary, Clearlight Energy, increasing LS Power's total capacity to about 4.3 GW [4] - The acquisition by LS Power is intended to expand its renewable energy capacity to meet growing energy demands in the U.S. [5] - The financial details of the deal have not been disclosed [4]

Company Overview - XPLR Infrastructure operates approximately 10 GW of clean energy assets across 31 U S states[10, 13] - The company is the 3rd largest producer of wind and solar energy in the U S [11, 13, 54], with approximately 8 0 GW of wind, 1 8 GW of solar, and 0 2 GW of storage[11] - XPLR Infrastructure's net asset book value is approximately $20 billion, and its enterprise value is approximately $15 billion as of March 31, 2025[13] - The company's portfolio is diversified by technology, with wind accounting for 79%, solar for 18%, and battery storage for 3%[15] Financial Performance and Expectations - XPLR Infrastructure's 2024A Adjusted EBITDA was approximately $2 billion, and its 2024A Free Cash Flow Before Growth (FCFBG) was approximately $0 8 billion[13] - The company reaffirms its 2025 Adjusted EBITDA expectation of $1 85 billion - $2 05 billion[42] - The company expects 2026 Adjusted EBITDA to be $1 75 billion - $1 95 billion and FCFBG to be $600 million - $700 million[42, 54] - In Q1 2025, Adjusted EBITDA was $471 million and FCFBG was $194 million[38, 39] Capital Allocation and Strategy - The company completed a $1 75 billion HoldCo financing[34] - XPLR Infrastructure completed approximately $930 million buyout of CEPF 11 and plans to refinance those assets with traditional project debt[35] - The company is targeting approximately $1 1 billion to $1 2 billion in project-level financing in 2025 to support repowering capex[36]

Core Insights - Enefit Green's electricity production in May reached 153.2 GWh, a 32% increase compared to the previous year, driven by new wind and solar farms [1][5] - Wind energy production was 122 GWh, marking a 34% increase year-over-year, while solar energy production reached 19.9 GWh, nearly 50% higher than last year [1][3][5] Production Details - The increase in wind energy production was attributed to new wind farms, specifically the Sopi-Tootsi and Kelme I wind farms, along with the Sopi solar farm [1] - Despite the overall increase, downregulations due to low electricity prices resulted in 26.5 GWh of unproduced wind energy, with 14.2 GWh from the Finnish market [2] - Weather conditions negatively impacted wind production by approximately 12.7 GWh, particularly affecting Lithuanian wind farms [2] Segment Performance - The production from new wind farms contributed significantly, with 69.9 GWh produced, a 73.2% increase from last year [5] - Solar energy production was also affected by downregulation, leading to 2.6 GWh unproduced, while weather conditions had a positive impact of +0.3 GWh [3] - The Iru cogeneration plant's electricity production decreased by 6% to 11.2 GWh, and thermal energy production fell by 4.7% to 36.1 GWh [4][5] Country-Specific Production - Estonia saw a significant increase in electricity production, rising by 92.5% to 90.2 GWh, while Lithuania's production increased by 10% to 54.2 GWh [5] - In contrast, Finland experienced a drastic decline in production, down 87.4% to 1.9 GWh [5]

Core Insights - WEC Energy Group's strategic investments enhance infrastructure and cater to rising customer demand, with a strong emphasis on clean energy driving performance [1] - The company faces competitive risks in the electric and natural gas markets, impacting its ability to retain customers [5] Factors Acting in Favor of WEC - WEC Energy is experiencing increased demand from both commercial and industrial (C&I) customers, which constitutes over 60% of its electricity sales, positively influencing performance [2] - The company anticipates a 4.5-5% increase in weather-normalized electric sales and a 0.7-1% growth in gas sales in Wisconsin from 2027 to 2029 [3] Investment Plans - WEC Energy plans to invest $28 billion from 2025 to 2029, with $9.1 billion allocated to regulated renewable projects, aiming to enhance its renewable portfolio [4][7] - The company intends to develop nearly 4.4 gigawatts (GW) of renewable energy, including 2.9 GW of solar, 565 megawatts (MW) of battery storage, and 900 MW of wind generation [4] Challenges Faced by WEC - Increased competition from retail choice and alternative electric suppliers poses a challenge to WEC Energy's customer retention [5] - The company's operations are subject to extensive governmental regulations, which may impact cost recovery from utility customers [5] Stock Performance - Over the past six months, WEC Energy's stock has increased by 10.1%, outperforming the industry average growth of 5.4% [6]