Financial Data and Key Metrics Changes - The company reported ongoing earnings of $0.68 per share for Q2 2025, an increase from $0.57 per share in Q2 2024, driven by successful capital investment programs and higher electric and gas sales due to temperature changes [15][18] - The increase in electric and gas margins was attributed to favorable temperatures in 2025, which contributed an additional $0.02 per share compared to the previous year [16] Business Line Data and Key Metrics Changes - The company is experiencing growth in its capital investment programs, which have supported new electric and gas rates effective from October 1 and January 1 respectively [15] - The company has seen consistent retail electric sales compared to 2024, indicating stability in its core business despite external factors [16] Market Data and Key Metrics Changes - The company is actively engaging in advanced discussions to convert prospective customer opportunities into concrete growth, reinforcing its long-term pipeline [8] - The recent budget bill has provisions that promote customer affordability and support for ongoing renewable projects, which is expected to positively impact the company's operations [9] Company Strategy and Development Direction - The company is committed to supporting economic growth in Iowa and Wisconsin by meeting evolving energy needs, with a focus on sustainable economic development [4][5] - The partnership with QTS Centers for a $10 billion investment in Cedar Rapids is a significant step towards transformational growth in the communities served [6] - The company aims to maintain a flexible resource planning process to adapt to changing market conditions and customer needs [11][12] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed the 2025 earnings guidance range of $3.15 to $3.25 per share and a long-term annual earnings growth target of 5% to 7% [18] - The company is optimistic about its ability to navigate potential changes in regulatory guidance and is focused on delivering cost-effective energy resources [10][11] Other Important Information - The company has successfully issued $575 million in convertible senior notes and $600 million in senior debentures, reflecting strong investor interest [18][19] - The company is actively pursuing regulatory approvals for various projects, including energy storage and new natural gas facilities, which are crucial for meeting future energy demands [20][21] Q&A Session Summary Question: Can you elaborate on the timeline for formalizing the QTS project? - Management indicated that they are focused on providing a clear line of sight for investors and expect to update on signed energy supply agreements and associated capital expenditures in Q3 [28][32] Question: Is the $10 billion investment included in the mature opportunities? - Management clarified that the investment is part of the existing plan and that they are in active negotiations for additional projects [40][41] Question: How will incremental load be supplied? - Management stated that new generation resources will be required to support the incremental load, with a blend of resources being planned [42][57] Question: What factors influence the equity ratio range? - The equity ratio will depend on the strength of the funds from operations to debt metrics, allowing flexibility to maintain credit ratings [66][67] Question: How should investors assess the company's mature opportunities compared to others? - Management emphasized that their mature opportunities are characterized by high confidence in closing deals, with an estimated 85% probability of success [70][71]