Q2 2024 Ameren Corp Earnings Call

Operator: Greetings and welcome to Ameren Corporation's second quarter 2024 earnings. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Andrew Kirk, Director of Investor Relations and Corporate Modeling for Ameren Corporation. Thank you, Mr. Kirk. You may begin.

Greetings and welcome to Ameren Corporation's second quarter 2024 earnings call. At this time all participants are in a listen only mode. A brief question and answer session will follow the formal presentation.

Speaker Change: One sure fire operator assistance during the conference. Please press Star zero on your telephone keypad.

As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Andrew Kirk Director of Investor Relations and corporate modeling for Ameren Corporation. Thank you Mr. Kirk you may begin.

Andrew Kirk: Thank you and good morning. On the call with me today are Marty Lyons, our Chairman, President, and Chief Executive Officer, and Michael Moehn, our Senior Executive Vice President and Chief Financial Officer, as well as other members of the Ameren Management team. This call contains time-sensitive data that is accurate only as of the date of today's live broadcast, and redistribution of this broadcast is prohibited. We have posted a presentation on the Amereninvestors.com homepage that will be referenced by our speakers.

Speaker Change: Thank you and good morning on the call with me today are Marty Lyons, our chairman President and Chief Executive Officer, and Michael Main our senior Executive Vice President and Chief Financial Officer, as well as other members of the Ameren management team. This call contains time sensitive data that is accurate only as of the date of today's live broadcast and redistribution of this broadcast is.

Prohibited we have posted a presentation on the ameren investors dot com homepage that will be referenced by our speakers as noted on page two of the presentation comments made during this conference call may contain statements about future expectations plans projections financial performance and similar matters, which are commonly referred to as forward looking.

Andrew Kirk: As noted on page two of the presentation, comments made during this conference call may contain statements about future expectations, plans, projections, financial performance, and similar matters, which are commonly referred to as forward-looking statements. Please refer to the forward-looking statements section in the news release we issued yesterday, as well as in our SEC filings, for more information about the various factors that could cause actual results to differ materially from those anticipated. Now here's Marty, who will start on page four.

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Martie: Please refer to the forward looking statements section in the news release, we issued yesterday as well as our SEC filings for more information about the various factors that could cause actual results to differ materially from those anticipated Here's martie, who will start on page four.

Martin Lyons: Thanks, Andrew. Good morning, everyone.

Martie: Thanks, Andrew Good morning, everyone.

Martin Lyons: We're pleased to have you joining us today as we cover our second quarter 2024 earnings results and recent developments across our business segment. Overall, it was a very productive and positive quarter. As always, our dedicated and experienced management team remained laser-focused on executing our strategic plan, positioning us well to take advantage of future opportunities to drive significant value for our customers and shareholders. Speaking of opportunities, I'm tremendously excited about the investment opportunities ahead for us in this dynamic period for the utility industry.

Martie: We're pleased to have you joining us today as we cover our second quarter 2024 earnings results and recent developments across our business segments. Overall, it was a very productive and positive quarter as always our dedicated and experienced management team remained laser focused on executing our strategic plan positioning us well to take advantage of future.

<unk> to drive significant value for our customers and shareholders.

Speaking of opportunities I'm tremendously excited about the investment opportunities ahead for us in this dynamic period for the utility industry.

Martin Lyons: In my 20-plus years with the company, our economic development and sales growth pipeline is the most robust I've seen, which I'll touch on more in a moment. But first, let me cover our earnings and operations results for the second quarter. Yesterday, we announced second quarter 2024 earnings of $0.97 per share compared to earnings of $0.90 per share in the second quarter of 2023.

Speaker Change: In my 20, plus years with the company, our economic development and sales growth pipeline is the most robust I had seen which I'll touch on more in a moment.

Speaker Change: First let me cover our earnings and operations results for the second quarter.

Speaker Change: Yesterday, we announced second quarter 2024 earnings of 97 per share compared to earnings of <unk> 90 per share in the second quarter of 2023.

Martin Lyons: Key drivers of these strong results are highlighted on this page. And for the first six months of the year, our results have been solid, driven by infrastructure investments made for the benefit of our customers, encouraging weather-normalized retail sales, and disciplined cost control. We remain on track to deliver earnings within our guidance range of $4.52 per share and $4.72 per share.

Speaker Change: Key drivers of these strong results are highlighted on this page.

Speaker Change: And for the first six months of the year. Our results have been solid driven by infrastructure investments made for the benefit of our customers encouraging weather normalized retail sales and disciplined cost control.

Speaker Change: We remain on track to deliver earnings within our guidance range of $4 52 per share and $4 72 per share.

Martin Lyons: Turning to page five, our strategic plan is designed to deliver on our steadfast commitment to providing safe and reliable energy in a sustainable manner. We do this by investing in rate-regulated infrastructure, enhancing regulatory frameworks, and advocating for responsible energy policies, while optimizing operating performance through ongoing continuous improvement in order to keep rates affordable. I'd like to express appreciation for my Ameren co-workers' unwavering commitment to our strategy.

Speaker Change: Turning to page five our strategic plan is designed to deliver on our steadfast commitment to providing safe and reliable energy in a sustainable manner.

Speaker Change: We do this by investing in rate regulated infrastructure, enhancing regulatory frameworks and advocating for responsible energy policies, while optimizing operating performance through our ongoing continuous improvement in order to keep rates affordable.

Speaker Change: I'd like to express appreciation for my Ameren coworkers unwavering commitment to our strategy.

Martin Lyons: On page 6, we highlight our key accomplishments in the second quarter as we execute our strategy to deliver on our 2024 objectives. The strategic infrastructure investments we have made in the first six months of the year are designed to maintain the safety and reliability of the energy grid, to modernize the grid, and to harden it against more frequent severe weather events. Over the Memorial Day weekend, severe thunderstorms swept through Missouri and Illinois, bringing strong winds, flooding, and golf ball-sized hail.

Speaker Change: On page six we highlight our key accomplishments in the second quarter as we execute our strategy to deliver on our 2024 objectives there.

Speaker Change: The strategic infrastructure investments, we have made in the first six months of the year are designed to maintain the safety and reliability of the energy grid to modernize the grid and to a hardened against more frequent and severe weather events.

Speaker Change: Over Memorial day weekend, severe thunderstorms swept through Missouri, and Illinois, bringing strong wins flooding and golf ball sized hail as.

Martin Lyons: As always, our teams quickly and safely assessed the damage, cleared trees, and worked long hours to make repairs to restore power as quickly as possible, allowing critical infrastructure to continue operations, businesses to remain open, and homes to stay cool and safe. But even better, during the first half of 2024, over 22,000 Missouri and 11,000 Illinois customer outages were prevented during storms due to rapid detection, rerouting, and restoration of power by automated switches across our system. Additionally, over 6.4 million minutes of customer outages across both states were avoided due to investments to modernize the grid.

Speaker Change: As always our teams quickly and safely assess the damage cleared trees and worked long hours to make repairs to restore power as quickly as possible, allowing critical infrastructure to continue operations businesses to remain open and homes to stay cool and safe.

Speaker Change: But even better during the first half of 2020 for over 22000, Missouri, and 11000, Illinois customer outages were prevented during storms due to rapid detection rerouting and restoration of power by automated switches across our system and over $6 4 million minutes of customer outages across both.

Speaker Change: States, where avoided due to investments to modernize the grid.

Martin Lyons: As we look ahead to future investment for the benefit of our customers, it's important to operate under constructive regulatory jurisdiction and legislative policy. This quarter, we've made significant regulatory progress, which Michael and I will cover in more depth on the coming slides. At Ameren Missouri, our largest business segment, we continue to make regulatory progress with the Missouri Public Service Commission for new solar and natural gas generation, which supports our integrated resource plan.

Speaker Change: As we look ahead to future investment for the benefit of our customers, it's important to operate under constructive regulatory jurisdiction and legislative policies.

Speaker Change: This quarter, we've made significant regulatory advancements, which Michael and I will cover in more depth on the coming slides.

Michael: At Ameren, Missouri, our largest business segment, we continue to make regulatory progress with the Missouri Public Service Commission for new solar and natural gas generation, which supports our integrated resource plan.

Martin Lyons: Our Cass County solar project was approved in June and is expected to be one of three solar projects placed in service this year, which collectively, along with Huck Finn and Boomtown, represents an investment of approximately $1 billion. The Commission also approved a constructive order for the securitization of costs associated with our Rush Island Energy Center in connection with its retirement in October of this year.

Michael: Our cast County Solar project was approved in June and is expected to be one of three solar projects placed in service this year, which collectively along with Huck Finn and boomtown, representing an investment of approximately $1 billion.

Speaker Change: The Commission also approved a constructive order for the securitization of cost associated with our Rush Island Energy Center in connection with its retirement in October of this year.

Martin Lyons: And finally, regarding generation updates, in June, we filed a CCN with the Missouri PSC for our dispatchable Castle Bluff energy... Overall, we continue to make significant progress on our smart energy plan in Missouri, a combination of distribution, transmission, and generation projects to bolster reliability and empower our customers. In late June, Emory, MO, filed its electric rate review request with the commission, which is substantially driven by infrastructure improvements made under this plan.

Speaker Change: And finally regarding generation updates in June we filed the CCN with the Missouri PSC for our dispatch will Castle Bluff Energy Center.

Speaker Change: Overall, we continue to make significant progress on our smart energy plan in Missouri, a combination of distribution transmission and generation projects to bolster reliability and empower our customers.

Speaker Change: In late June Ameren, Missouri filed its electric rate review request with the commission, which is substantially driven by infrastructure improvements made under this plan.

Martin Lyons: If approved, Ameren Missouri customer rates would still remain well below the national and Midwest average. Turning to transmission, the Mid-Continent Independent System Operator, or MISO's Long-Range Transmission Plan, continues to evolve. In April, MISO concluded the bid evaluation process for the Tranche 1 competitive projects in our Service Territory, ultimately awarding all three competitive projects to Ameren.

Speaker Change: If approved Ameren, Missouri customer rates would still remain well below national and Midwest averages.

Speaker Change: Turning to transmission.

Speaker Change: The Midcontinent independent system, operator, or MISO is long range transmission plan continues to evolve.

Speaker Change: In April MISO concluded the bid evaluation process for the tranche one competitive projects in our service territory ultimately awarding all three competitive projects to Ameren.

Martin Lyons: And they continue to develop the $23 billion to $27 billion Trunch 2.1 project portfolio, which promises meaningful brownfield and greenfield investment opportunities within our service territory. Finally, in Illinois, the Illinois Commerce Commission issued an order on the rehearing of Ameren Illinois' multi-year rate plan for 2024 through 2027. Importantly, the order supports our planned base level of grid reliability investment that is reflected in our 2024 earnings guidance. Further, the ICC order reflects 94% of the rate base in our ongoing multi-year rate plan proceedings.

Speaker Change: And they continue to develop the $23 billion to $27 billion tranche to one project portfolio, which promises meaningful brownfield and greenfield investment opportunities within our service territory.

Speaker Change: Finally in Illinois, The Illinois Commerce Commission issued an order on the rehearing of Ameren, Illinois multiyear rate plan for 24 through 2027.

Speaker Change: Importantly, the order supports our planned base level of grid reliability investment that it was reflected in our 2020 for earnings guidance.

Speaker Change: Further the ICC order reflects 94% of the rate base in our ongoing multi year rate plan proceeding.

Martin Lyons: We look forward to an ICC decision on the multi-year grid investment and rate plans by the end of this year. In addition to these significant regulatory advancements, we have seen strong operational performance across the business with a focus on delivering safe, reliable, affordable energy services through enhanced automation, optimization, and standardization, which Michael will cover in more detail. Moving now to page seven for an update on our expanding customer growth opportunity. On the first quarter call, we touched on economic development opportunities in our service territory.

Speaker Change: We look forward to an ICC decision on the multiyear grid investment and rate plans by the end of this year.

Speaker Change: In addition to these significant regulatory advancements we've seen strong operational performance across the business with a focus on delivering safe reliable affordable energy service through enhanced automation optimization.

Speaker Change: And standardization, which Michael will cover in more detail.

Michael: Moving now to page seven for an update on our expanding customer growth opportunities.

Michael: On the first quarter call, we touched on economic development opportunities in our service territory. Since then collectively across Ameren, Missouri, and Illinois, we have seen a significant increase in the number of datacenter inquiries and formal engineering reviews underway, which combined would represent thousands of megawatts of additional demand.

Martin Lyons: Since then, collectively, across Amherst, Missouri, and Illinois, we have seen a significant increase in the number of data center inquiries and formal engineering reviews underway, which combined would represent thousands of megawatts of additional demand. Our teams, along with a variety of state and local stakeholders, are working aggressively to attract these and manufacturing and other economic development opportunities to our service territories. Of course, Ameren has a strong track record of reliable infrastructure development, and we have the people, resources, expertise, and partnerships needed to go after these opportunities. In addition, our Missouri and Illinois territories offer an attractive value proposition for commercial and industrial customers. This includes sites with transmission, fiber, and water access, coupled with competitive rates and tax incentives.

Speaker Change: Our teams along with a variety of state and local stakeholders are working aggressively to attract these and manufacturing and other economic development opportunities to our service territories.

Speaker Change: Of course, Ameren has a strong track record of reliable infrastructure development and we have the people resources expertise and partnerships needed to go after these opportunities first.

Speaker Change: Further, our Missouri, and Illinois territories offer an attractive value proposition for commercial and industrial customers. This.

Speaker Change: This includes sites with transmission fiber and water access coupled with competitive rates and tax incentives.

Martin Lyons: In Missouri, we also have reliable generation with a growing portfolio of clean and dispatchable assets and the ability to expand in order to serve these economic development opportunities. So far this year, a construction agreement has been executed for a 250-megawatt data center, which would represent an approximate 40% and 5% annualized increase to Amherst's industrial megawatt-hour sales and total megawatt-hour sales, respectively, upon completion and full ramp-up. Our construction to extend transmission and distribution services to support this data center is expected to be completed in December of 2025, with the customer ramping up operations from 2026 through 2028.

Speaker Change: In Missouri, we also have reliable generation with a growing portfolio of clean and dispatch will assets and the ability to expand in order to serve these economic development opportunities.

Speaker Change: So far this year, our construction agreement has been executed for a 250 megawatt data center, which would represent an approximate 40% and 5% annualized increase to Ameren Missouri's industrial megawatt hour sales and total megawatt hour sales, respectively. Upon completion and full ramp up.

Speaker Change: Our construction to extend transmission and distribution services to support this data center is expected to be completed in December of 2025, with a customer ramping up operations from 2026 through 2028.

Martin Lyons: In addition, we've received expansion commitments or executed new contracts for over 85 megawatts of additional load for manufacturing, smaller data centers, and other industries across both states. We would expect these new and expanding customers to be fully ramped up by 2028 with sufficient generation to serve them, creating value for all customers over time. We're excited about these opportunities, which will bring jobs and an additional tax base to benefit our state and local communities.

Speaker Change: In addition, we have received expansion commitments or executed new contracts for over 85 megawatts of additional load for manufacturing smaller data centers and other industries across both states.

Speaker Change: We would expect these new and expanding customers to be fully ramped up by 2028 with sufficient generation to serve them, creating value for all customers over time.

Speaker Change: We're excited about these opportunities, which will bring jobs and additional tax base to benefit our state and local communities.

Martin Lyons: Importantly, the new data center and other customer commitments were not reflected in the weather normalized sales expectations included in our five-year earnings per share growth guidance issued in February. Of course, the ultimate net impact of any incremental load will be dependent upon a variety of factors, including customer ramp-up time, additional generation investment needs, timing of rate reviews, and tariff structure. To that end, we currently expect to update our Ameren Missouri Integrated Resource Plan, or IRP, by February 2025, following a careful evaluation of potential load growth and our plan generation portfolio, and we will work with all stakeholders to bring the economic benefits of these customer expansion opportunities to all customers, our communities, and shareholders. Turning to page 8.

Speaker Change: Importantly, the new data center.

Speaker Change: And other customer commitments were not reflected in the weather normalized sales expectations included in our five year earnings per share growth guidance issued in February.

Speaker Change: Of course, the ultimate net impact of any incremental load will be dependent upon a variety of factors, including customer ramp up time additional generation investment needs timing of rate reviews in tariff structures to that end. We currently expect to update our Ameren, Missouri integrated resource plan or <unk> by February 2025.

Speaker Change: Following a careful evaluation of potential load growth and our planned generation portfolio.

Speaker Change: And we will work with all stakeholders to bring the economic benefits of these customer expansion opportunities to all customers our communities and shareholders.

Speaker Change: Turning to page eight.

Martin Lyons: We continue to execute our Missouri IRP, which focuses on maintaining and building a diverse generation portfolio to ensure a reliable, low-cost, and cleaner mix of energy resources to serve our customer needs. We had two key developments this quarter. First, in June, the Missouri PSC approved the CCN for the 150-megawatt Cass County Solar Facility, which is expected to begin serving customers in the fourth quarter of this year.

Speaker Change: We continue to execute our Missouri, AARP, which focuses on maintaining and building a diverse generation portfolio to ensure a reliable low cost and cleaner mix of energy resources to serve our customer needs.

Speaker Change: We had two key developments this quarter first in June the Missouri PSC approved the CCN for the 150 megawatt Cass County solar facility, which is expected to begin serving customers in the fourth quarter of this year.

Martin Lyons: This facility will serve business customers who subscribe through our Renewable Energy Solutions Program to receive all or part of their energy needs from renewables. The Missouri PSC approval followed a successful auction held in May where customers across Missouri signed up to take part in the Renewable Energy Solutions Program expansion. Demand remains strong for programs that bring businesses ready-made solutions to help them reach their sustainability goals.

Speaker Change: This facility will serve business customers, who subscribe through our renewable energy solutions program to receive all or part of their energy needs from renewables.

Speaker Change: The Missouri PSC approval, followed a successful auction held in may where customers across Missouri signed up to take part in the renewable energy solutions program expansion.

Speaker Change: Demand remains strong for programs that bring businesses readymade solutions to help them reach their sustainability goals.

Martin Lyons: Second, in June, we also filed a CCN with the Missouri PSC for our Castle Bluff Energy Center, an on-demand 800-megawatt natural gas simple cycle facility to serve as a reliable backup source of energy, ready to operate on the most extreme winter nights and summer days. Kessel Bluff, subject to commission approval, represents an approximately $900 million investment and is expected to be in service by the end of 2027. Moving now to page 9 for an update on the MISO Long-Range Transmission Project.

Speaker Change: Second in June we also filed the CCN with the Missouri PSC for our Castle Bluff Energy Center.

Speaker Change: And on demand 800 megawatt natural gas simple cycle facility to serve as a reliable backup source of energy ready to operate on the most extreme winter nights and summer days.

Speaker Change: Castle Bluff subject to commission approval represents an approximately $900 million investment and is expected to be in service by the end of 2027.

Speaker Change: Moving now to page nine for an update on the MISO long range transmission projects.

Martin Lyons: MISO and its transmission owners continue to engage in economic analysis of the proposed Tranche 2 set of projects. In June, an initial set of Tranche 2 projects, now referred to as Tranche 2.1, were proposed with a cost estimate of $23 billion to $27 billion.

Speaker Change: MISO and its transmission owners continue to engage an economic analysis of the tranche two proposed set of projects.

Speaker Change: In June an initial set of tranche two projects now referred to as tranche 2.1 were proposed with a cost estimate of $23 billion to $27 billion.

Martin Lyons: The portfolio identifies a need for a mix of brownfield and greenfield transmission lines of varying voltage levels and new or improved substations in both our Missouri and Illinois Service Territories. Ultimately, we won 100% of the Tranche 1 projects in our service territories, reflecting our ability to deliver timely, cost-effective, high-value projects to our communities. We expect we'll be able to compete for Tranche 2 Greenfield projects in a similarly competitive manner to better serve our customers.

Speaker Change: The portfolio identifies a need for a mix of brownfield and Greenfield transmission lines are varying voltage levels and new or improved substations in both our Missouri, and Illinois service territories.

Speaker Change: Ultimately, we won 100% of the tranche one projects in our service territories, reflecting our ability to deliver timely cost effective high value projects to our communities.

Speaker Change: We expect we'll be able to compete for tranche two greenfield projects in a similarly competitive manner to better serve our customers.

Martin Lyons: MISO expects to approve the TRANCH 2.1 projects by the end of the year. Once approved, MISO plans to propose a second set of TRANCH 2 projects, or TRANCH 2.2, in 2025 to address further transmission needs in the North and Midwest regions. Turning to page 10.

Speaker Change: MISO expects to approve the tranche two one projects by the end of the year once approved MISO plans to propose a second set of tranche two projects or tranche two two in 2025 to address further transmission needs in the north and Midwest regions.

Speaker Change: Turning to page 10.

Martin Lyons: Looking ahead over the next decade, we have a robust pipeline of investment opportunities of well over $55 billion that will deliver significant value to our stakeholders and create thousands of jobs for our local economies. In addition, we see several tailwinds forming across our business segments. Specifically, we are seeing significant sales growth potential, which I discussed a few moments ago, and this may require us to reassess our Ameren Missouri IRP and further expand our generation investment pipeline.

Speaker Change: Looking ahead over the next decade, we have a robust pipeline of investment opportunities are well over $55 billion that will deliver significant value to our stakeholders and create thousands of jobs for our local economies. In addition, we see several tailwind forming across our business segments spin.

Speaker Change: Specifically, we're seeing significant sales growth potential, which I discussed a few moments ago and this may require us to reassess our ameren, Missouri, AARP and further expand our generation investment pipeline.

Martin Lyons: We're seeing a growing focus among Missouri stakeholders on generation planning and reliability, and we see a strong need to embrace enhanced reliability-focused policies in legislative sessions to come. Further, MISO's analysis of transmission needs in the Midwest region will likely identify additional opportunities to improve the ability to move electricity across the region. Moving to page 11. Maintaining constructive energy policies that support robust investment in energy infrastructure and maintain reliability while transitioning to a cleaner energy future in a responsible fashion will be critical to meeting our country's growing energy needs and delivering on our customers' expectations.

Speaker Change: We're seeing a growing focus amongst missouri stakeholders on generation planning and reliability and we see a strong need to embrace enhanced reliability focused policies and legislative sessions to come first.

Speaker Change: Further <unk> analysis of transmission needs in the Midwest region will likely identify additional opportunities to improve the ability to move electricity across the region.

Speaker Change: Maintaining constructive energy policies that support robust investment in energy infrastructure and to maintain reliability, while transitioning to a cleaner energy future in a responsible fashion will be critical to meeting our countries growing energy needs and delivering on our customers' expectations.

Speaker Change: Moving to page 11.

Martin Lyons: In February, we updated our five-year growth plan, which included our expectation of a six to eight percent compound annual earnings growth rate from 2024 through 2028. This earnings growth is primarily driven by strong compound annual rate-based growth of 8.2%, supported by a strategic allocation of infrastructure investment to each of our business segments based on their regulatory framework. Investment in Ameren presents an attractive opportunity for those seeking a high-quality utility growth story. Combined, our strong long-term 6 to 8 percent earnings growth plan and an attractive and growing dividend, which today yields 3.4 percent, result in a compelling total return story.

Speaker Change: In February we updated our five year growth plan, which included our expectation of a 6% to 8% compound annual earnings growth rate from 2024 through 2028.

Speaker Change: This earnings growth is primarily driven by strong compound annual rate base growth of eight 2% supported by strategic allocation of infrastructure investment to each of our business segments based on their regulatory frameworks.

Speaker Change: Investment in Amarin presents an attractive opportunity for those seeking a high quality utility growth story combined our strong long term, 6% to 8% earnings growth plan, and an attractive and growing dividend, which today yields three 4% result in a compelling total return story.

Martin Lyons: We have a strong track record of execution, a strong balance sheet, and an experienced management team. I'm confident in our ability to execute our investment plans and strategies across all four of our business segments. Again, thank you all for joining us today, and I'll now turn the call over to Michael. Thanks, Marty. And good morning, everyone.

Speaker Change: We have a strong track record of execution strong balance sheet and an experienced management team I am confident in our ability to execute our investment plans and strategies across all four of our business segments again. Thank you all for joining us today and I'll now turn the call over to Michael.

Michael Moehn: I'll begin on page 13 of our presentation. Yesterday, we reported second quarter 2024 earnings of $0.97 per share, compared to $0.90 per share for the year ago quarter. We delivered strong earnings performance during the quarter, driven primarily by strategic infrastructure investments and Discipline Cost. While earnings saw a strong benefit from favorable weather, we also continue to see encouraging levels of customer growth and energy usage. Further, through disciplined cost controls, operations and maintenance expenses were flat for the quarter when excluding the impacts from non-reoccurring items as part of the 2023 AMRA Zuri rate order.

Michael: Thanks, Marty and good morning, everyone I'll begin on page 13 of our presentation.

Michael: Yesterday, we reported second quarter 2024 earnings of 97 per share compared to <unk> 90 per share for the year ago quarter. We delivered strong earnings performance during the quarter, driven primarily by strategic infrastructure investments and disciplined cost management.

Michael: While earnings saw a strong benefit from favorable weather. We also continue to see encouraging levels of customer growth and energy usage.

Michael: Further through disciplined cost controls operations and maintenance expenses companywide were flat for the quarter when excluding the impacts from non reoccurring items as part of the 2023, Ameren, Missouri rate order.

Michael: Additional factors that contributed to the overall <unk> <unk> per share increase are highlighted on this page.

Michael Moehn: Additional factors that contribute to the overall $0.07 per share increase are highlighted on this page. Year-to-date results are outlined on page 24 of today's presentation. Notably, year to date, 2024, we've experienced strong weather-normalized industrial sales growth of 3% as compared to the prior year period. This has been driven primarily by significant growth from our existing large primary service customers in the digital and data analytics industry. We expect to see continued growth as we bring on new customers and support existing customers' expansions in the coming years.

Michael: Year to date results are outlined on page 24 of today's presentation.

Michael: Notably year to date 2024, we've experienced strong weather normalized industrial sales growth of 3% as compared to the prior year period.

Michael: This has been driven primarily by significant growth from our existing large primary service customers in the digital and data analytics industry.

Michael: We expect to see continued growth as we bring on new customers and support existing customers expansions in the coming years.

Michael: Further we continue to see strong weather normalized kilowatt hour sales growth across all rate classes in Missouri.

Michael Moehn: Further, we continue to see strong weather-normalized kilowatt hour sales growth across all rate classes in Missouri. Moving to page 14, as we think about the remainder of the year, we remain confident in our 2024 earnings guidance range and continue to expect earnings to be in the range of $4.52 to $4.72 per share. The warmer spring and early summer temperatures experienced this quarter offset the mild first quarter, as we are flat year-to-date for weather.

Michael: Moving to page 14, as we think about the remainder of the year.

Michael: We remain confident in our 2024 earnings guidance range and continue to expect earnings to be in the range of $4 52 to $4 72 per share.

Michael: The warmer spring and early summer temperatures experienced this quarter offset the mild first quarter as we are flat year to date for weather.

Michael Moehn: In addition, as we outline in our first quarter call, we expect to see meaningful year-over-year O&M reductions in the second half of the year. Reflecting several cost savings initiatives implemented in 2024, the benefits of which continue to build throughout, I encourage you to take these and other supplemental earnings drivers noted on the slide into consideration as you develop your expectations for quarterly earnings results for the remainder of the year. Moving to page 15 in Amarillo, Missouri Regulatory, In June, the Missouri PSE approved the securitization of approximately $470 million in costs associated with the scheduled retirement of our Rush Island Energy Center on October 15. We expect the difference between our original ask of $519 million and the final order to be reflected in future rate proceedings. Turning to page 6.

Michael: In addition, as we outlined in our first quarter call, we expect to see meaningful year over year O&M reductions in the second half of the year.

Michael: Reflecting several cost savings initiatives implemented in 2020 for the benefits of which continued to build throughout the year.

Michael: I encourage you to take these and other settlement our earnings drivers noted on the slide into consideration as you develop your expectations for quarterly earnings results for the remainder of the year.

Michael: Moving to page 15, and Ameren, Missouri regulatory matters.

Michael: In June the Missouri, PSC approved the securitization of approximately $470 million of costs associated with the scheduled retirement of our Rush Island Energy Center on October 15th.

Michael: We expect the difference between our original ask of $519 million in the final order to be reflected in future rate proceedings.

Michael: Turning to page 16.

Michael Moehn: In late June, AMER Missouri filed for a $446 million electric revenue increase with the Missouri PSC. Ninety percent of this request is driven by increased capital investment under Air Missouri's Smart Energy Plan to recover investments in major upgrades to the electrical system and investments in generation. The request includes a 10.25% return on equity, a 52% equity ratio, and a December 31st, 2024 estimated rate base of $14 billion. We expect a decision from the Missouri PSC by May 2025, with new rates effected by June. Turning to Ameren, Illinois, on page 17, under the Illinois Formula Rate Mix.

Michael: In late June Ameren, Missouri filed for a $446 million electric revenue increase with the Missouri PSC nine.

Michael: 90% of this request is driven by increased capital investment under Ameren, Missouri's Smart energy plan to recover investments and major upgrades to the electrical system and investments in generation.

Michael: The request includes a 10, 5% return on equity a.

Michael: A 52% equity ratio.

Michael: And a December 31, 2020 for estimated rate base of $14 billion.

Michael: We expect a decision from the Missouri PSC by May 2025, with new rates effective by June of next year.

Michael: Turning to Ameren, Illinois on page 17.

Michael: Under Illinois, Formula Ratemaking, which expired at the end of 2023.

Michael Moehn: Aiming at the end of 2023, Ameren Illinois was required to file annual rate updates to systematically adjust cash flows over time for changes in cost of service and to true up any prior period over or under recovery of such costs. For the final electric distribution reconciliation of 2023's revenue requirement, in July, the ICC staff recommended a $157 million base rate increase compared to our updated request of $158 million. The full amount would be collected from customers in 2025, replacing the prior reconciliation adjustment of $110 million that is being collected during 2024. This will result in a net customer impact of $48 million, or an approximately 1.5% increase in the total average residential customer bill.

Michael: Ameren, Illinois was required to file annual rate updates to systematically adjust cash flows overtime for changes in cost of service and a true up any prior period over or under recovery of such cost.

Michael: For the final electric distribution reconciliation of 2020 threes revenue requirement in July the ICC staff recommended a $157 million.

Michael: Base rate increase compared to our updated request of $158 million.

Michael: The full amount would be collected from customers in 2025, replacing the prior reconciliation adjustment of $110 million that is being collected during 2024.

Michael: This will result in a net customer impact of $48 million.

Michael: And approximately one 5% increase in the total average residential customer bill.

Michael Moehn: The ITC will review this matter in the months ahead, with a decision expected by December of this year and new rates effective early next year. Turning to page 18 for an update on the multi-year rate plan covering 2024 through 2027, we are pleased to receive a constructive decision from the ICC in the re-hearing of our multi-year rate bill.

Michael: The ICC will review this matter in the months ahead with a decision expected by December of this year and new rates effective early next year.

Michael: Turning to page 18 for an update on the multiyear rate plan covering 2024 through 2027.

Michael: We are pleased to receive a constructive decision from the ICC in the rehearing of our multiyear rate plan.

Michael Moehn: Recall, in January, the ICC, upon approving our rehearing request, had ordered that we identify a base-level investment needed to adequately operate the grid system. In June, after extensive stakeholder engagement and additional analysis provided by our team, the ICC approved a $285 million cumulative revenue increase from 2023, representing approximately 94% of our rehearing requests and a 1% average residential bill increase for 2024. Excluding OPEB, the order represents approximately 99% of our rehearing rate-based requests and also 96% of the rate base included in the revised multi-year rate, which will be reviewed by the commission later this year.

Michael: Recall in January the ICC upon improving our rehearing request had order that we identify a base level of investment needed to adequately operate the grid safely.

Michael: In June <unk>.

Michael: After extensive stakeholder engagement and the additional analysis provided by our team.

Michael: The ICC approved a $285 million cumulative revenue increase from 2023 reps.

Michael: Representing approximately 94% of our rehearing request and a 1% average residential bill increase for 2024.

Michael: Excluding OPEC the order represents approximately 99% of our rehearing rate base request and also 96% of the rate base included in the revised multiyear rate plan.

Michael: Which will be reviewed by the commission later this year.

Michael Moehn: Interim rates for this order were effective in late June and will remain in effect until superseded by a revised MYRP order. The rehearing was a positive first step in getting a base-level grid investment approved. However, there is still much work to be done in the state of Illinois to achieve the objectives laid out in the Climate and Equitable Jobs Act passed in 2021.

Michael: Interim rates for this order were effective in late June and will remain in effect until superseded by a revised <unk> order.

Michael: The return was a positive first step in getting on base level grid investment approved.

Speaker Change: However, there is still much work to be done in the state of Illinois to achieve the objectives laid out in the climate and equitable jobs Act passed in 2021.

Michael Moehn: Approval of our revised multi-year grid plan and rate plan will allow us to appropriately invest more in the energy grid to preserve the safety, reliability, and day-to-day operations of our system and make progress towards an affordable, equitable, clean energy transition. In July, the ITC staff recommended a cumulative revenue increase of $302 million versus our July 2024 updated request of $334 million, with the variance driven primarily by the removal of OPEB and certain capital projects from rate payers.

Michael: Approval of our revised multiyear grid plan and rate plan will allow us to appropriately invest more in the energy grid preserve safety reliability and day to day operations of our system.

Michael: And make progress toward an affordable equitable clean energy transition.

Speaker Change: In July the ICC staff recommended a cumulative revenue increase of $302 million versus our July 2024 updated request of $334 million.

Michael: With the variance driven primarily by the removal of OPEC.

Michael: And certain capital projects from rate base.

Michael Moehn: Annual revenues will be based on actual recoverable costs, year and rate base, and a return on equity adjusted for any performance incentives or penalties, provided they do not exceed 105% of the approved revenue requirement. Lastly, with the narrowing of remaining issues, cross-examination was waived for hearings earlier this week, and we expect an ICC decision by December, with rates effective January 1, 2020.

Speaker Change: Annual revenues will be based on actual recoverable costs year end rate base and a return on equity adjusted for any performance incentives or penalties provided they do not exceed 105% of the approved revenue requirement.

Michael: Lastly, with the narrowing of the remaining issues Cross examination was way for hearings earlier this week.

Michael: We expect an ICC decision by December with rates effective January one 2025.

Michael Moehn: Moving to page 19, we provide a finance, We continue to feel very good about our financial... Our Ameren Parent Credit Ratings of BAA1 and AAAA+, and Moody's and S&P, respectively, compare favorably to the peer average, providing us with financial flexibility to maintain our credit ratings and strong balance sheet while we fund our robust infrastructure. We expect to issue approximately $300 million of common equity in 2024. By the end of 2023, we had sold approximately $230 million of this $300 million through the At-The-Market, or ATM, program, consisting of approximately 2.9 million shares, which we expect to issue by the end of this. Together with the issuance under our 401k and DRIP plus programs, our ATM equity program is expected to support our equity needs in 2024. Turning to page 20.

Michael: Moving to page 19, we provide a financing update we continue to feel very good about our financial position.

Michael: Ameren parent credit ratings of <unk>, and Triple B, plus at Moody's and S&P, respectively compare favorably to the peer average providing us with financial flexibility.

Michael: To maintain our credit ratings and strong balance sheet, while we fund our robust infrastructure plan, we expect to issue approximately $300 million of common equity in 2024.

Michael: By the end of 2023, we had sold forward approximately $230 million of the $300 million through the at the market or ATM program, consisting of approximately $2 9 million shares, which we expect to issue by the end of this year.

Michael: Together with the issuance under our 401, K and drip plus programs. Our ATM equity program is expected to support our equity needs in 2024.

Michael Moehn: Ameren continuously strives to find ways to work more efficiently to reduce costs for our customers. At the start of the year, we instituted several cost savings initiatives, including a detailed review of all hiring with a focus on spans and layers, reducing some of our contractor and consultant work, and deferring or eliminating discretionary spending while we identified further opportunities for sustainable cost reduction. Since then, we have enhanced our continuous improvement and disciplined cost management efforts through numerous customer affordability initiatives that will provide greater collaboration and coordination across our business. For example, company-wide automation, standardization, and optimization.

Michael: Turning to page 20, ameren continuously strives to find ways to work more efficiently to reduce cost for our customers at.

Michael: At the start of year, we instituted several cost savings initiatives, including a detailed review of all hiring with a focus on spans and layers, reducing some of our contractor and consultant workforce and deferring or eliminating discretionary spending while we identified further opportunities for sustainable cost reductions.

Michael: Since then we've enhanced our continuous improvement and disciplined cost management efforts through numerous customer affordability initiatives that will provide greater collaboration and coordination across our business.

Michael: Company wide automation standardization and optimization, we are streamlining processes, leveraging shared capabilities and eliminating redundant work to provide sustainable cost savings.

Michael Moehn: We are streamlining processes, leveraging shared capabilities, and eliminating redundant work to provide sustainable costs. Our leadership team is committed to prudently managing costs on behalf of our country while providing quality service in real life. Turn to page 21.

Michael: Our leadership team is committed to prudently managing costs on behalf of our customers, while providing quality service and reliability.

Michael: Turning to page 21.

Michael Moehn: We're off to a solid start in the first half of the year and expect to deliver strong earnings growth in 2024 as we continue to successfully execute our comprehensive business strategy. We continue to expect strong earnings per share growth driven by robust rate-based growth and discipline costs. As Marty mentioned, we see several tailwinds forming in the months and years ahead. We have the right strategy, team, and opportunities to create value for our customers and our shareholders.

Michael: We're off to a solid start in the first half of the year and expect to deliver strong earnings growth in 2024, as we continue to successfully execute our comprehensive business strategy.

Michael: We continue to expect strong earnings per share growth driven by robust rate base growth and disciplined cost management.

Michael: As Marty mentioned, we see several tailwind forming in the months and years ahead, we have the right strategy team and opportunities to create value for our customers and our shareholders. We believe this growth will compare favorably with the growth of our peers.

Michael Moehn: We believe this growth will compare favorably with the growth of our peers. Scherer has continued to offer investors an attractive dividend. In total, we have an attractive total shareholder return. That concludes our prepared remarks. We now invite your questions. Thank you.

Speaker Change: <unk> continued offers investors an attractive dividend.

Michael: In total we have an attractive total shareholder return story.

Speaker Change: That concludes our prepared remarks, we now invite your questions.

Speaker Change: Oh.

Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Speaker Change: Thank you we will now be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue you May press.

Speaker Change: <unk>, if you'd like to remove your question from the queue for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys, one moment, please while we poll for questions.

Operator: One moment, please, while we call for questions. Thank you. Our first question is from Shahriar Pourreza with Guggenheim Partners. Please proceed with your question.

Shar Arena: Thank you. Our first question is from sharp arena with Guggenheim Partners. Please proceed with your question.

sharp arena: Hey, guys good morning good.

Shahriar Pourreza: Good morning, Marty. So just real quick on Rush Island, kind of a bid-ask. I saw you guys got a third-party mediator, you know, a few days ago. Any sort of read-through from that to timing or where the process could land within that hundred million dollar range?

Shar Arena: Good morning Shar.

Shar: Good morning, So just real quick on Rush Island kind of a bid ask so you guys got a third party mediator a few days ago any sort of read through from that to timing or where the process could land within that $100 million range.

Martin Lyons: Yeah, thanks, Shahriar. You know, we posted a slide in the appendix, slide 27, that just gives anybody listening a little bit of background on the case. But we were pleased that the judge ordered mediation, you know, which hopefully will lead to some constructive settlement negotiations between the parties. We expect mediation to take place this summer. You know, in the event that mediation isn't successful in reaching a settlement between the parties, we would expect that the judge would likely have evidentiary hearings in September and, you know, we'd still get a resolution of the case this year. So, you know, I don't think there's any read through on exactly where we'll end up in that bid-ask spread, but nonetheless, we think it's a positive step forward.

Shar Arena: Yes, Thanks Shar.

Speaker Change: Posted a slide in the appendix slide 27 provides anybody listening a little bit of background on the case, but.

Speaker Change: We were pleased that the judge ordered mediation.

Speaker Change: Which hopefully will lead to some constructive settlement negotiations between the parties and we expect that mediation to take place this summer.

Speaker Change: In the event that mediation isn't successful in reaching a.

Speaker Change: A settlement between the party, we would expect that the judge would likely have evidentiary hearings in September and we'd still get resolution of the case this year. So.

Speaker Change: I don't think any read through on exactly where we'll end up between in that bid ask spread but nonetheless, we think.

Speaker Change: A positive step forward.

Shahriar Pourreza: Okay, perfect. And then just on the transmission side, and obviously it was a little topical, it was part of the repairs on Tronch 2.0 and 2.1.

Speaker Change: Okay, Perfect and then just on the transmission side and obviously it was a little topical and it was part of the repairs on tranche 2.2 dollars one any color at this point on how to think about the competitive allocation within that is it line by line Greenfield versus brownfield and just remind us on potential <unk>.

Martin Lyons: Any color at this point on how to think about the competitive allocation within that? Is it line by line, greenfield versus brownfield? And just remind us of the potential timing of spend associated with these; what are the in-service dates? Thanks.

Speaker Change: <unk> of spend associated with these what are what our in service dates.

Martin Lyons: Yes, Shahriar. All good questions. You know, when you look at Tranche 2.1 and you look at the map that we provided on page 9, you see a breakdown between the 765 KV lines and the 345 KV lines, and you see some of those in Missouri and Illinois. And we're pretty excited about the way this is shaping up overall. You know, with respect to the red lines, we see those as being more likely brownfields. The green dotted lines, more likely greenfields. And so you see a mix of those things there.

Speaker Change: Yes sure all good questions. So when you look at tranche two one and you look at the map that we provided on page nine you see a breakdown between the 765 kv lines and the $3 45 kv lines and you see some of those in Missouri, and Illinois, and we're pretty excited about the way. This is shaping up overall.

Speaker Change: With respect to the Red lines, we see those as being more likely brownfield.

Speaker Change: The green dotted lines more likely greenfield and so youll see a mix of those those things there.

Speaker Change: At this point no specific cost estimates for those lines that run in our service territory.

Martin Lyons: At this point, no specific cost estimates for those lines that run in our service territory. You know, the 23 to 27 billion numbers we give overall are MISO's estimates for the total portfolio, but, you know, I can't give you a breakdown right now on those that are in our footprint. And, you know, of course, with the brownfields, we would expect them to be allocated to us. With the greenfields, we would expect to, you know, compete for those.

Speaker Change: <unk> 23 to 27 billion numbers, we give overall our MISO as estimates for the total portfolio, but.

Speaker Change: Can't give you a breakdown right now on those that are in our footprint and.

Speaker Change: Of course, if the brownfield, we would expect them to be allocated to us if they are greenfield, we would expect to compete.

Speaker Change: Compete for those.

Speaker Change: We were very pleased with our ability to compete for the tranche one projects as we noted on our in our prepared remarks really winning all three that were in our service territory and sharp.

Martin Lyons: And, you know, we were very pleased with our ability to compete for the Tranche 1 projects, as we noted in our prepared remarks, really winning all three that were in our service territory. And, you know, Shahriar, at the end of the day, we think it speaks to our ability to deliver these projects in a timely way, in a cost-effective way. You know, again, we feel like we are good at constructing them and great at operating them, and we've done a great job partnering with munis, co-ops, contractors, and others to make sure we can deliver.

Speaker Change: Sure at the end of the day, we think it speaks to our ability to deliver these projects in a timely way in a cost effective way.

Speaker Change: Again, we feel like we are good in constructing these in greater operating them and we've done a great job partnering with munis co ops contractors and others to make sure. We can we can deliver that with respect to the.

Martin Lyons: Now, with respect to the, you know, timeline on the Tranche 1 projects, we really expect the construction of those to extend from 2026 to 2030. I think we have about a billion six or so in our five-year plan for those Tranche 1 projects. And then, with respect to the You know, I think largely that spend is probably outside of our five-year plan. However, there's really no reason that these have to happen sequentially to the extent that any of these TRANCH 2.1 projects can be started and overlap with some of the work on TRANCH 1, no problem there.

Speaker Change: Timeline on the tranche one projects.

Speaker Change: Really expect the construction of those to extend from 2026 to 2030.

Speaker Change: I think we have about $1 six or so in our five year plan for those tranche one projects and then with response to with respect to the tranche two one projects.

Speaker Change: I think largely that spend is probably outside of our five year plan. However, theres really no reason that these have to happen sequentially to the extent that any of these tranche two one projects can be started and overlap with some of the work on tranche tranche.

Speaker Change: Tranche one.

Speaker Change: No problem there and.

Martin Lyons: And again, excited about this TRANCH 2.1, but also expect in TRANCH 2.2 that we'll see even more projects in our Missouri and Illinois footprints. So overall, again, just very pleased with the work MISO is doing here and the responsiveness to stakeholders in the process. Fantastic.

Speaker Change: And again excited about this tranche $2, one but also expect in tranche two two.

Speaker Change: See even more projects in our Missouri, and Illinois footprints and so overall again, just very pleased with.

Speaker Change: The work MISO is doing here and the responsiveness to stakeholders in the process.

Shahriar Pourreza: Fantastic. Thank you guys so much. Appreciate the disclosures. I'll pass them on to someone else. See you soon.

Speaker Change: Fantastic. Thank you guys. So much appreciate the disclosures I'll pass it to someone else see you soon.

Speaker Change: <unk>.

Operator: Thank you. Our next question is from Nick Campanella with Barclays. Please proceed with your question.

Speaker Change: Thank you our next our next question is from Nick Campanella with Barclays. Please proceed with your question.

Nick Campanella: Hey, good morning. Hello, Nick. Good morning.

Nick Campanella: Hey, good morning.

Nick Campanella: Good morning.

Nick Campanella: Hey, so, um... So yeah, just I wanted to ask on the data center construction slide, it just seems that you're really only kind of focusing on things where dirt is turning. You know, but you have.

Nick Campanella: Hey, so.

Speaker Change: Just I wanted to ask on the on the datacenter construction slide it just means that you really only kind of focusing on things where third attorney.

Speaker Change: <unk>.

Speaker Change: But you have.

Nick Campanella: You know, it looks like gigawatts of opportunity. The Missouri system seems to have capacity to supplement this 85-plus megawatts, if I'm right. But, you know, what do you think the tipping point is to really accelerate procurements in this next IRP, and I guess how many more megawatts do you think you'll realistically have clarity on by the time you get to that filing? Thank you.

Speaker Change: Looks like Gigawatts of opportunity.

Speaker Change: The Missouri system seems to have capacity to supplement this 85 plus megawatts, if I'm right, but what do you think the tipping point is to really accelerate.

Speaker Change: Procurements in this next <unk> and I guess, how many more megawatts do you think youll have realistically kind of have clarity by the time you get to that filing.

Martin Lyons: Yeah, Nick, those are all good observations and takeaways from the information we provided on slide seven. You know, when you look at that graph on the right, there, we talk about the economic development pipeline. We have thousands of megawatts or gigawatts of opportunity, and, in fact, that is true. You know, so we've got just a number of parties that are doing engineering reviews and interconnection studies, and all of that is great. Those are initial processes. What we call that on the left, however, is the dirt turning you mentioned.

Speaker Change: Yes, Nick those are all good observations and takeaways from the information we provided on slide seven when you look at that graph on the right there.

Speaker Change: There we talk about the economic development pipeline, we have thousands of megawatts or gigawatts of opportunity and in fact that that is true.

Speaker Change: Just a number of parties that.

Speaker Change: Are doing engineering reviews, and interconnection studies and all of that's great. Those are initial processes, what we called out on the left however is.

Speaker Change: You mentioned churn and I would say when we have construction agreements and that means we have an executed agreement between ourselves and a data center, which confirms transmission capacity cost to extend service and timelines et cetera, and importantly, obligates the customer to pay for.

Martin Lyons: I would say, you know, when we have construction agreements, that means we have an executed agreement between ourselves and a data center, which confirms transmission capacity, cost to extend service and timelines, et cetera, and importantly, obligates the customer to pay for, you know, that extension of service with down payments for equipment. So you're right. You know, things have begun to, you know, to take shape. And so, you know, that's when we felt like, you know, we can move it into the category of really kind of talking about what we see in terms of the timeline, how that would ramp up its overall size, and so, you know, pretty excited there to have a 250-megawatt data center that, you know, we see is starting to use service in 2026 and ramping up through 2028, and of course, that's a nice tailwind as we think about, you know, that usage over that period of time.

Speaker Change: That extension of service with down payments for equipment. So you are right.

Speaker Change: Things have begun to.

Speaker Change: To take shape and so.

Speaker Change: When we felt like we can move it into the category of really kind of talking about what we see in terms of the timeline, how that would ramp up its overall size and so pretty excited there to have a 250 megawatt data center that we see.

Speaker Change: <unk> two <unk> service in 2026, and ramping up through 2028 and of course, that's a nice tailwind as we think about.

Speaker Change: That usage over that period of time and then you mentioned this other 85 megawatts, we're not just going after data centers from an economic development standpoint, really going after manufacturing and others.

Martin Lyons: And then, you know, mention this other 85 megawatts. You know, we're not just going after data centers from an economic development standpoint. We're really going after manufacturing and others, and that 85 megawatts that you mentioned is really a mix of manufacturing, smaller data centers, et cetera.

Speaker Change: That 85 megawatts that you mentioned is really a mix of manufacturing smaller data centers etcetera. So.

Martin Lyons: So, you know, look, we're pretty excited. There's certainly, I think you mentioned, there's a concentration of interest in Missouri, and, you know, to the extent that, you know, this load grows, that very well may require that we provide an update to our IRP. So, again, we expect that over the coming, you know, six months or so, we'll see the emergence of some of these other economic development opportunities, and as we further assess that load and what it means to our sales, and we give thought to what that means to our generation portfolio, that's where we expect that we would need to update our IRP with, you know, in mind right now we're thinking, you know, February of next year. Hey Nick, I'm Michael here.

Speaker Change: No look we're pretty excited.

Speaker Change: Certainly I think you mentioned there is a concentration of interest in Missouri and.

Speaker Change: To the extent that this slowed grows.

Speaker Change: That very well may require that we would provide an update to our ERP. So again, we expect that over the coming six months or so that we'll see a firming of some of these other economic development opportunities.

Speaker Change: And as we further assess that load and what it means to our sales.

Speaker Change: And we give thought to what that means to our generation portfolio Thats, where we expect that we would need to update our ERP with.

Speaker Change: In mind right now we're thinking February of next year.

Michael Moehn: I might just add, that's a great update from Marty. And just from an overall macro perspective, I mean, I think the backdrop in the St. Louis region is positive, though, you know, even putting aside this data center opportunity. And we noted this, you know, on the slide, year-to-date sales, residential up two and a half percent, commercial 1.6%, industrial 3.1. So, you know, a little bit over 2% year-to-date, which is a marked change from where we've been in the past.

Michael: Hey, Nick Michael here I might just add.

Nick Michael: Great update for Marty just from an overall macro perspective, I think the backdrop in the St. Louis region is positive, though even putting aside the data center opportunity and we noted this in the slide year to date sales residential up two 5% commercial and one 6% industrial three one so a little bit over 2% year.

Speaker Change: To date, which is a marked change since we're where we've been in the past and so there are some really positive things happening 25000 jobs created in the past year on the St. Louis region, one of a kind of harder job markets here unemployment rates running below the national average so all of those things I think bode well with respect to all the things.

Michael Moehn: And so there are some really positive things happening. About 25,000 jobs created in the past year in the St. Louis region, you know, one of the kind of hotter job markets here, unemployment rates running below the national average. So all of those things, I think, bode well with respect to all the things that Marty talked about as well.

Speaker Change: Martin you talked about as well.

Nick Campanella: Absolutely. Yeah, thanks. Thanks for the additional color there.

Martin: Absolutely yeah. Thanks, Thanks for the additional color there and.

Nick Campanella: I guess just to count a few things that have changed since the fourth quarter when you kind of set this guidance of the six to eight, you know, the IRP is coming. You have this tranche of visibility that might. So, you know, I understand that that's a little bit longer dated. Obviously, we have more kind of clarity on Illinois with the rehearing process. But, you know, your stock's also up here to date.

Martin: I guess just account a few things that have changed since the fourth quarter. When you kind of said this.

Martin: Guidance of the six to eight.

Speaker Change: The ERP is coming you had this tranche to visibility that myself I understand that that's a little bit more longer dated obviously, we have more clarity on on Illinois with the rehearing process, but your stocks are also up year to date and that should also help you're kind of financing accretion if youre still doing that $600 million a year.

Nick Campanella: And that should also help your kind of, you know, financing accretion if you're still doing that 600 million a year through the plan. And in the fourth quarter, you kind of talked about tracking towards 6.2 percent. You said 6.2 percent when kind of discussing the six to eight. Just how do you feel about your position within the six to eight now? Has that improved a bit with some of these tailwinds? How should we think about that? Thanks. Yeah, yeah, yeah. I got it.

Speaker Change: Through the plan.

Speaker Change: And in the fourth quarter, you kind of talked about tracking towards the six 2% you said six 2% when kind of discussing the six to eight just how do you feel about your position within the six to eight now has that improved a bit.

Speaker Change: With some of the tailwind how should we think about that thanks.

Martin Lyons: Yeah, yeah, Nick. I tell you, that was a great question-slash-statement, and I think you got it right. You know, if you look back at our track record over the past 10-plus years, you know, we've been growing EPS north of 7 percent, and that's our goal, which is to deliver at or above the midpoint of our earnings-per-share growth range. And as I sit here today versus where we were six months ago, I agree with you that there are a number of tailwinds that have been forming. You know, inflation's been cooling, interest rates have been moderating, and stock prices have been improving. You're all right on all those things.

Speaker Change: Yes, yes, Nick I would tell you that was a great question Slash statement I think you got it right. If you look back at our track record over the past 10 plus years, we've been growing EPS at north of 7%.

Speaker Change: And Thats, our goal, which is to deliver at or above the midpoint of our earnings per share growth range and as I sit here today versus where we were six months ago I agree with you that there are a number of <unk> that have been have been forming.

Speaker Change: Inflation has been cooling interest rates have been moderating stock prices have been improving youre all right on all those things are demand outlooks been improving with data centers and other Michael just talked about some of the job growth that we're seeing in the greater St. Louis region. We're really excited about these transmission investment prospects, we have with <unk>.

Martin Lyons: Our demand outlook's been improving with data centers and other-Michael just talked about some of the job growth that we're seeing in the greater St. Louis region. We're really excited about these transmission investment prospects we have with, you know, Tranche 1, Tranche 2.1, Tranche 2.2, all very exciting. We still have a tremendous amount of investment needed for grid modernization and the clean energy transition, and we've got a, you know, really strong balance sheet to be able to get it done.

Speaker Change: Tranche, one tranche two one tranche two point to all very exciting we still have a tremendous amount of investment needed for grid modernization in the clean energy transition and we've got a really strong balance sheet to be able to get it done so.

Martin Lyons: So, you know, very excited about those prospects, and, you know, again, when we look back just in terms of what our team was able to accomplish in the second quarter, I'm very proud of that, overall. We continue to make great investments for the benefit of our customers, and, you know, on page six, we list out a half-dozen things that we completed during the second quarter that really positioned us for success in the years ahead. And I have to say this was all accomplished by a team that, you know, is also really focused on customer affordability.

Speaker Change: Very excited about those prospects and again when we look back just in terms of what our team was able to accomplish in the second quarter I'm very proud of that overall, we continue to make great investments for the benefit of our customers and on page six.

Speaker Change: Fit out half dozen things that.

Speaker Change: We completed during the second quarter that really position us for success in the years ahead and I have to say this was all accomplished by a team that.

Speaker Change: Is also at the same time really focused on customer affordability, we put a lot of.

Martin Lyons: We put a lot of cost-savings initiatives in place this year, and the team overcame that and, you know, delivered a really strong quarter from an operations and earnings standpoint. And, you know, again, I think you're right. We're set up very well for the future given some of the tailwinds we have.

Speaker Change: Cost savings initiatives in place this year and and the team overcame that and delivered a really strong quarter from an operations and earnings standpoint.

Speaker Change: Again, I think Youre right were setup very well for the future given some of the tailwind we have.

Speaker Change: Yeah.

Nick Campanella: All right. Well, thanks a lot. Have a great, great weekend. Thanks, you too.

Speaker Change: Alright, well, thanks, a lot and have a great weekend.

Speaker Change: Thanks, you too.

Operator: Thank you. Our next question is from Jeremy Tonet with J.P. Morgan. Please proceed with your question.

Speaker Change: Thank you. Our next question is from Jeremy Tonet with Jpmorgan. Please proceed with your question.

Jeremy Tonet: Hi, good morning.

Jeremy Tonet: Hey Jeremy, good to hear from you.

Speaker Change: Hey, Jeremy good to hear from you.

Martin Lyons: You guys as well. I guess I'm going to pick up, I guess, on the Chevron doctrine here in the recent changes. Does that impact your thought process going forward or any thoughts you could share there?

Speaker Change: You guys as well.

Jeremy Tonet: Just wanted to pick up I guess to start with the Chevron doctrine here and recent changes.

Speaker Change: Does that impact your thought process going forward or any thoughts you could share there.

Speaker Change: Yes, Nick I don't know that it really changes our thought process going forward.

Martin Lyons: Yeah, Nick, I don't know that it really changes our thought process going forward. You know, obviously, Chevron is going to probably have far-reaching implications for, you know, federal agencies and, you know, court proceedings going forward. You know, of course, it doesn't affect any prior cases. I mean, I think when the Supreme Court ruled on Chevron, they basically said, hey, this doesn't call into question any prior cases. But, you know, my sense is it will impact ongoing rulemakings and court reviews as it relates to, you know, things coming out of FERC or things coming out of EPA, etc. So, again, I think there'll be far-reaching impacts. But, you know, I'll leave it to the lawyers that are working through all those matters to assess how it may impact things.

Speaker Change: Obviously, chevron is going to probably have far reaching implications for.

Martin: Federal agencies and.

Martin: Court proceedings going forward.

Speaker Change: Of course, it doesn't affect any prior cases, I mean, I think when the Supreme Court ruled on Chevron.

Speaker Change: They basically said hey, this doesn't call into question any prior cases, but my sense is it will impact ongoing rule makings in court reviews.

Speaker Change: As it relates to things coming out of FERC or things coming out of EPA et cetera. So I again, I think it'll be far reaching impacts, but I'll leave it to the lawyers that are working through all those matters to assess how it may impact things.

Jeremy Tonet: Got it. This is Jeremy, but Nick's a friend, so we're all good here.

Speaker Change: Got it this is Jeremy but Nixon brands. So we're all good here, but maybe to follow on.

Martin Lyons: But maybe to follow up on Nick's question, just as far as, you know, just seems like a vast opportunity to set up with the multiple gigs you're talking about. And, you know, how you think about, I guess, the conversion rate there still seems like a sizable opportunity. But, you know, just wondering if there are thoughts about double counting out there. So just wondering how you, I guess, think about that whole process.

Speaker Change: The next question.

Speaker Change: Just as far as that just seems like a vast opportunity set with the multiple case, you're talking about and how you think about I guess a conversion rate there still seems like a sizeable opportunity but.

Speaker Change: Just wondering just thoughts about double counting out there. So just wondering how you I guess think about that whole process.

Martin Lyons: Yeah, Jeremy, hey, I don't think I called you Nick, but if I did, I apologize, but in any event, you know, Jeremy, it's a good question. I think, again, when I did respond to Nick earlier, I think that, again, we're going to be, you know, conservative, I would say, in how we bring these things into our guidance. Obviously, when we gave our guidance at the beginning of the year, none of this was in our load growth projections, and, you know, so we're going to be thoughtful about it.

Martin: Yes, Jeremy I don't think I called you, Nick but if I did I apologize, but in any event.

Martin: Jeremy its a good question I think again when they did respond to Nick earlier.

Martin: I think that again, we're going to be.

Martin: Conservative I would say and how we bring these things into our guidance obviously, when we gave our guidance at the beginning of the year.

Speaker Change: None of this was in our load growth projections.

Speaker Change: And.

Speaker Change: So we're going to be thoughtful about it as I as I said earlier.

Martin Lyons: As I said earlier, you know, we thought it would be good to share with you all the economic development pipeline that we have, and it's robust, but again, a large amount of this is still in the process of engineering reviews and interconnection studies, and so we're really excited about that, and as I said in my prepared remarks, our team, as well as, you know, state and local stakeholders, are working hard to bring these to fruition. We think that both of our states, Missouri and Illinois, should be very competitive with respect to these opportunities, again, access to transmission, fiber, workforce, water, all those things.

Speaker Change: We thought it would be good to share with you all the economic development pipeline that we have and it's robust.

Speaker Change: But again, a large amount of this is still in the process of engineering reviews and interconnection studies.

Speaker Change: And so we're really excited about that and I said and as I said in the prepared remarks, our team as well as.

Speaker Change: State and local stakeholders are working hard to bring these fruition we.

Speaker Change: We think that our both of our states, Missouri, and Illinois should be very competitive with respect to these opportunities again access to transmission and fiber workforce water all of those things both of our states have very good.

Martin Lyons: You know, both of our states have very good sales and use tax incentives. I think we're two of just 26 states that have these, and our incentives are very competitive with those that do, so we feel like we're positioned very well to convert these and bring these to fruition, but to your point, Jeremy, it's hard to know with some of these folks. They're looking at our sites. They're potentially looking at sites in other states, and so we're going to be conservative about how we, you know, bring those into our guidance.

Speaker Change: Sales and use tax incentives I think were two of just 26 states that have these in our incentives are very competitive with those to do so we feel like we're positioned very well to convert these and bring these to fruition, but to your point Jeremy it's hard to know with some of these folks are looking at our sites. They are looking potentially at sites in other stay.

Speaker Change: And so we're going to be conservative about how we bring those into our guidance again, just repeating it we felt comfortable talking about this 250 megawatt data center, because we have a construction agreement, we think thats a firmer.

Martin Lyons: Again, just repeating, we felt comfortable talking about this 250-megawatt data center because we have a construction agreement. We think that's a firmer, you know, a firmer position to be in, and then as we update our, you know, sales guidance again in February, we'll incorporate, you know, those opportunities that we believe are firmer, like this one that has a construction agreement.

Speaker Change: Firmer position to be in and then as we update our sales guidance again in February we'll incorporate.

Speaker Change: Those opportunities that we believe are firmer like this one that has a construction agreement.

Martin Lyons: Got it. That's helpful there. Maybe just picking up real quick with stakeholders in the state, our conversations with stakeholders in Missouri seem to indicate a view of, you know, constructive commentary, I guess, coming out of the commission there. And we've seen, you know, some kind of changes over time with the composition. And just wondering any updated thoughts you could share on Missouri, any changes you see there.

Speaker Change: Got it that's helpful. There and maybe just pick it up real quick with the stakeholders in the state our conversations with stakeholders in Missouri.

Speaker Change: To indicate a view.

Speaker Change: Uh huh.

Speaker Change: Constructive commentary I guess coming out of the commission there and we've seen some kind of changes over time with the composition and just wondering any updated thoughts.

Speaker Change: You could share on Missouri any changes you see there.

Martin Lyons: Well, I would just say that, you know, I'd refer you back to this past quarter, Jeremy, and some of the things that we accomplished from a regulatory standpoint. You know, the approval of the Cass County project, we filed the CCN for the 800-megawatt Castle Bluff Natural Gas Energy Center, you know, some of the commentary coming out of the commission suggests a desire for more dispatchable resources and an understanding that we need that for reliability. So we're excited to make that filing. And then we got the approval of the securitization.

Speaker Change: Well I would just say that I would refer you back just to even this past.

Jeremy Tonet: Quarter, Jeremy and some of the things that we accomplished from a regulatory standpoint.

Speaker Change: Missouri, which is back on page six.

Jeremy Tonet: The approval of the cast County project.

Jeremy Tonet: We filed the.

Speaker Change: CCN for the 800 megawatt Castle Bluff natural gas Energy Center.

Speaker Change: The commentary coming out of the Commission suggests.

Speaker Change: A desire for more dispatch more resources and an understanding that we need that for reliability. So we're excited to make that filing and then we got the approval of the securitization. So I think that what we're seeing is a continuation of constructive regulatory results in Missouri.

Martin Lyons: So, you know, I think that what we're seeing is a continuation of constructive regulatory results in Missouri. The commission is going to have to talk about reliability for the state looking forward, and we think that's a constructive thing. You know, we're seeing these exciting economic development opportunities, and we need to make sure that Missouri has the resources to serve its existing customers and those additional economic development opportunities. And so, you know, we think, again, that's a good constructive forum for setting up for the future.

Speaker Change: The commission is going to have.

Speaker Change: For him to talk about reliability for the state looking forward and we think Thats a constructive thing we're seeing these exciting economic development opportunities and we need to make sure that Missouri has the resources to serve our existing customers and those additional economic development opportunities.

Martin Lyons: Got it. Very helpful. Thank you.

Speaker Change: And so we think again, that's a good constructive forum.

Speaker Change: Setting up for the future.

Speaker Change: Got it very helpful. Thank you.

Speaker Change: Okay.

Operator: Thank you. Our next question is from Carly Davenport with Goldman Sachs. Please proceed.

Speaker Change: Thank you. Our next question is from Carly Davenport with Goldman Sachs. Please proceed with your question.

Carly Davenport: Hey, good morning. Thanks so much for taking my question. You bet, Carly. Good to hear from you. Yeah, no. Thanks for having me on.

Carly Davenport: Hey, good morning, Thanks, so much for taking my question.

Speaker Change: You bet garlic, good to hear from you.

Carly Davenport: Maybe just start to go quickly back to the IRP update that you guys expect to file early next year. I recognize you've got the low growth element that could have an impact there, but could you also talk a little bit about the expectations around resource mix as you sort of have some more time to work through the EPA regulation?

Speaker Change: Yes, no. Thanks for having me on maybe just to start to go quickly back to the IRB update that you guys expect to file early next year.

Speaker Change: <unk> got the load growth element that could have an impact there, but could you also talk a little bit about the expectations around resource mix that you sort of had some more time to work through the EPA regulation.

Martin Lyons: Yeah, you know, Carly, it's a good question. And, you know, look, it's something we'll file, you know, in February. A lot of work to be done, as I mentioned, really trying to assess the load growth, you know, get our arms around, you know, what will come to fruition. How do we want to serve it? You know, I think when you look at the IRP that we filed back in September 2023, it was a good mix of resources, maintaining our existing dispatchable assets, thinking about bringing in a mix of renewables, dispatchable resources like simple cycle gas, combined cycle gas, as well as battery storage technologies.

Speaker Change: Yes currently it's a good question.

Speaker Change: Look it's something we'll file.

Speaker Change: In February a lot of work to be done as I mentioned really trying to assess the load growth.

Speaker Change: Get our arms around what of this will come to fruition and how do we want to serve it yes, I think when you look at the ERP that we filed back in September 2023 is a good mix of resources, maintaining our existing dispatch full assets thinking about bringing in a mix of renewables dispatch will resources like <unk>.

Speaker Change: Cycled gas combined cycle gas as well as battery storage technologies and my sense is that if we see load growth.

Martin Lyons: And, you know, my sense is that if we see load growth, which we're going to build into, you know, our plans going forward, it probably means, in the short term, an acceleration of some of the renewables, the batteries, and very possibly additional simple cycle natural gas. You know, when you look longer term, you know, we will have to give some thought as we file that as to your point about how we think about, you know, the EPA's proposed greenhouse gas rules, you know, and that may be impacted by, you know, whether the Supreme Court issues a stay of those later this year.

Speaker Change: We're going to build into.

Speaker Change: Our plans going forward.

Speaker Change: It probably means in the short term and acceleration of some of the renewables the batteries and very possibly additional simple cycle natural gas.

Speaker Change: When you look longer term, we will have to give some thought as we file that is and to your point about how we think about the.

Speaker Change: The EPA EPA has proposed greenhouse gas rules.

Speaker Change: And that may be impacted by whether the Supreme Court issues. The stay of those later this year, but again I would just say the things we have to think about as I mentioned on one of our prior calls as the implications of those rules for.

Martin Lyons: But again, I would just say the things we have to think about, as I mentioned on one of our prior calls, the implications of those rules for, you know, carbon capture at our planned combined cycle facility, as well as, you know, co-firing, you know, with gas at our Labadee Energy Center. And so, you know, those are some of the things we'll be thinking about. And given the uncertainty of whether that, you know, greenhouse gas rule will ultimately come into effect, we'll have to think about how we do or don't reflect that in our plans going forward.

Speaker Change: Carbon capture at our planned combined cycle facility as well as co firing.

Speaker Change: With gas at our Labadie Energy Center and so those are some of the things, we'll be thinking about and given the uncertainty of whether that.

Speaker Change: Greenhouse gas rule will ultimately come into effect, we will have to think about how we do or don't reflect that in our plans going forward. So a lot to think about so I. Appreciate you teed. It up don't have any firm answer for you today, but those are some of the considerations.

Martin Lyons: So, a lot to think about. So I appreciate you tying it up. I don't have any firm answer for you today, but, you know, those are some of the considerations. Yeah, the only... Hey, Carly, it's Michael.

Michael Moehn: The only thing I might add to that is, you know, with respect to some of these environmental rules, there probably are some no regrets moves that we'll continue to look at. You know, Marty mentioned this co-firing issue, trying to make sure we have access to gas at some of these facilities that we don't have today. So we are taking some steps there that we think probably are prudent just to give us some additional flexibility, not knowing exactly where these rules will ultimately end up.

Michael: Currently it's Michael the only thing I might add to that with respect to some of these environmental rule. There probably are some no regrets moves that will continue to look at Marty mentioned this co firing issue trying to make sure we have access to gas.

Speaker Change: Some of these facilities that we don't have today. So we're taking some steps there that we think probably are prudent just to give us some additional flexibility not knowing exactly where these rules will ultimately end up.

Carly Davenport: Okay, that context is super helpful, and we'll stay tuned there. The follow-up was just on MISO tranche 2. I know you guys addressed kind of tranche 2.1 a bit earlier, but could you talk a little bit about, you know, 2.2, kind of how that split of the tranches came about, and ultimately, if you have any views on what that could look like from a sizing perspective relative to tranche 2.1 and also tranche 1.

Speaker Change: Got it okay that that context is super helpful and we'll stay tuned there.

Speaker Change: The follow up was just on on MISO tranche, two and you guys addressed kind of tranche two one a bit earlier, but could you talk a little bit about two point to kind of how that split of the tranches came about and ultimately if you have any views on what that could look like from a sizing perspective relative to tranche two.

Speaker Change: One and also the tranche one.

Martin Lyons: Yeah, this is Marty again. Carly, I'll start.

Michael: Yes.

Marty: Marty again currently I'll start I think.

Speaker Change: MISO looked at these projects and heard from stakeholders.

Martin Lyons: I think, you know, as MISO looked at these projects and heard from stakeholders, there was some, you know, logical order in terms of how you might want to build out some of the infrastructure that we believe is ultimately going to be required in the Midwest region, given all of the region's goals with respect to the clean energy transition and, you know, what MISO sees in terms of, you know, the potential relocation of intergeneration facilities and load, e So, yeah, I think it was more or less, you know, what's a logical order to build some of these things out and then step back and use, you know, the expectation of these investments in the consideration and planning for the next set of projects.

Speaker Change: Yes.

Speaker Change: Logical order in terms of how you might want to build out some of the infrastructure that we believe is ultimately going to be required.

Speaker Change: Midwest region, given all of the region's goals with respect to clean energy transition and what MISO sees in terms of.

Speaker Change: The potential relocation of.

Speaker Change: Generation facilities and load et cetera, So I think it was more or less what's a logical order to build some of these things out and then to step back and use.

Speaker Change: The expectation of these investments.

Speaker Change: In the consideration and planning for.

Speaker Change: The next set of projects now with that said I'd mentioned for example, we have this $3 45 line that Theyre planning in Missouri.

Martin Lyons: Now, you know, with that said, I mentioned, for example, we have this 345 line that they're planning in Missouri. It may or may not preclude the need for a 765 line, which was the last presentation presented. We also don't see a whole lot of investment on the current map in, you know, the southern part of Illinois and extending Indiana, so we may see some more investment there.

Speaker Change: It may or may not.

Speaker Change: Preclude the need for.

Speaker Change: 765 line, which was in the last.

Speaker Change: Last presentation presented.

Speaker Change: We also don't see a whole lot of investment on the current map in the southern part of the.

Speaker Change: Illinois, and extending Indiana, Indiana, So we may see some more investment there, but again, it's premature again, we will get these finalized by by MISO expecting this year.

Martin Lyons: But, you know, again, it's premature. Again, we'll get these finalized by MISO this year. You know, in talking to MISO while they've been working on the potential for 2.2, there's still a lot of more work to be done, which is why they really don't expect to get those approved until sometime into 2025. So, look, I just think it's really premature to talk about what those might be and what their size is going to be. I don't think it'll be insignificant in terms of the additional investment, but it's probably premature to specifically speculate.

Speaker Change: And talking to MISO, while they have been.

Speaker Change: At it working on potential for 2.2, Theres still a lot of more work to be done which is why they really don't expect to get those approved until sometime into 2025. So look I just think it's really premature to talk about what those might be.

Speaker Change: And what the size of its going to be.

Speaker Change: Don't think I don't think it will be insignificant in terms of the additional investment there probably premature to specifically speculate.

Carly Davenport: Got it. Great. Thank you so much for that color.

Speaker Change: Got it great. Thank you so much for that color.

Operator: Thank you. Our next question is from Paul Patterson with Glenrock Associates. Please proceed with your question.

Speaker Change: Thank you. Our next question is from Paul Patterson with Glenmark Therapeutics.

Speaker Change: Question.

Paul: Good morning, Hey, Paul.

Paul Patterson: Just to follow up on the weather and the sales growth and what have you, am I reading this correctly that absent MIA, you would be up 2%? And with me, it's flat.

Speaker Change: Just.

Paul: Follow up on the.

Speaker Change: The weather and the sales growth and what have you.

Speaker Change: Correct.

Speaker Change: Absolutely.

Speaker Change: B.

Speaker Change: Up 2%.

Speaker Change: And.

Michael Moehn: Is that pretty much right? Or if you could just elaborate a little bit on that? I apologize for not being completely clear.

Speaker Change: And we view it.

Speaker Change: Is that pretty much right or if you could just elaborate a little bit on that I apologize for not being completely clear.

Paul Patterson: Hey, Paul. This is Michael.

Speaker Change: Hey, Paul This is Michael from a year to date standpoint, again residential is up two 5% one 6% on the commercial side and three one on the industrial side. So about two 2% overall with EMEA impact I mean, it is a little bit less than that I don't have it right here in front of me, but.

Michael Moehn: From a year-to-date standpoint, residential is up 2.5%, 1.6% on the commercial side, and 3.1% on the industrial side, so about 2.2% overall. But with the MIA impact, it is a little bit less than that. I don't have it right here in front of me, but overall, it's just been much stronger than it has historically been. I hear you. I apologize. I'm just looking at slide 24, and if I looked at it, it seemed to say versus normal, it was zero.

Speaker Change: Overall, I mean, it looks like it's just it's been much stronger than it has historically been so.

Paul: I apologize I was just looking at slide 24.

Speaker Change: If I looked at it it seems like.

Speaker Change: Versus normal zero, so in terms of from.

Michael Moehn: All these end up on the EPS impact, so I'm just sort of, if I, so if I'm looking at it, I just wanted to say, it just sounds like you guys have, it's really working in terms of.

Speaker Change: At least.

Speaker Change: EPS impact so I'm just sort of play.

Speaker Change: Im looking at it.

Speaker Change: Sounds like you guys are.

Speaker Change: Working in terms of.

Paul Patterson: It's impact on keeping, you know, for efficiency. Am I right about that?

Speaker Change: Its impact on.

Speaker Change: Keeping for efficiency.

Speaker Change: Right about that are.

Michael Moehn: Well, I mean, there certainly is some impact from an energy efficiency standpoint, although I think it's less than that.

Speaker Change: There certainly is some impact from an energy efficiency standpoint, although I think it's less than it's less than that I mean, the one thing that you are not seeing in here a little bit is a bit of price variance. So as you're switching from between summer and winter rates you get some different price variances in the block sales and so when you strip that out that's masking of law.

Speaker Change: A little bit of the growth there and that that will should should like it typically does will flip around as you kind of move through time, so but I mean, he does have an impact yes, I think I think Paul if youre looking at that zero versus normal.

Michael Moehn: I mean, the one thing that you're not seeing here a little bit is a bit of price variance. So, as you're switching kind of between summer and winter rates, you get some different price variances in the block sales. And so, when you strip that out, that's masking a little bit of the growth there. And that will, should, like it typically does, will flip around, you know, as you kind of move through time. So, but I mean, EE does have an impact.

Martin Lyons: Yeah, I think, Paul, if you're looking at that zero versus normal, what that's really just meant to say is that, you know, the weather to date has been normal. So, you know, in the first quarter, you know, in the first quarter, weather was weak. Second quarter, weather was strong. What we're saying here is, year to date, there's been no weather impact versus normal conditions.

Paul: But that's really just meant to say is that the weather to date has been normal.

Paul Patterson: Okay, thanks so much. Sorry about that. OK.

Speaker Change: In the first quarter and the first quarter weather was weak.

Speaker Change: Quarter weather was strong what we're saying here is year to date.

Speaker Change: Theres been no no weather impact versus normal conditions.

Speaker Change: Thanks, so much sorry about that okay.

Speaker Change: Ed.

Speaker Change: With respect to them.

Paul Patterson: And then with respect to your load forecast and the IRP that's going to be refreshed, I was wondering if you could give us maybe just a little bit of a sense as to... You know, it sounds obviously like you've got a lot of positive things happening here. What kind of, maybe, range we might be looking at in terms of... When the IRP, when it's refreshed, like how much it might go up?

Ed: With respect to your load forecast ERP, that's going to be refreshed.

Speaker Change: Refreshed.

Speaker Change: Can you just give us maybe just a little bit of a sense as to.

Speaker Change: It sounds obviously like you've got a lot of positive things happening here.

Speaker Change: Kind of maybe range, we might be looking at in terms of.

Speaker Change: Women.

Speaker Change: When it's refreshed like how much it might go up.

Michael Moehn: Yeah, Paul, and Michael here again. It's a bit premature, I think, to get into that conversation again. I mean, as we came out in February, and I probably recall this, we've been seeing historically kind of flat to up, maybe a half percent in terms of growth. And then I think there's, you know, been some positive updates as we've kind of moved through the year here, and I just went through the year-to-date statistics.

Speaker Change: Yeah, Paul Michael here again.

Speaker Change: Bit premature I think to get into that conversation again, I mean, as we as we came out in February probably recall. This I mean, we've been seeing historically kind of flat to up maybe <unk>, 5% in terms of growth.

Speaker Change: And then I think there's been some positive updates as we've kind of move through the year here and I just went through the year to date statistics I mean, we will absolutely do that I think we're just wanting to make sure we feel good about the confidence level around as Marty mentioned around a number of these data centers et cetera and.

Michael Moehn: I mean, we will absolutely do that. I think we're just, you know, wanting to make sure we feel good about, you know, the confidence level around, as Marty mentioned, around a number of these data centers, etc. And as we, I think, kind of march through time, we're going through our typical update and planning processes that we always do right now, and so we'll do that here into the fall. And then I think we'd be in a much better position as we, you know, refresh that IRP and refresh that sales forecast, to give you a sense.

Speaker Change: And as we I think kind of March through time that we're going through our typical update and planning processes that we always do right now and so we'll do that here into the fall and then I think we'd be in a much better position as we refresh that ERP and refresh that sales forecast to give you a sense.

Michael Moehn: You know, again, just to give you a sense of it. I mean, just from an industrial perspective, that 250-megawatt project that Marty referenced would represent about a 40% increase in our industrial sales and about an overall 5% increase in Missouri's retail sales, just to give you a sense of it. Yeah, and I think, Paul, following up on Michael's comment there, we have the ability to serve that data center today with our existing mix of resources and the planned additions that we've got.

Speaker Change: Again, just I think we've used a little bit of a statistic in the past I mean, just from an industrial perspective too.

Speaker Change: 250 megawatt project that Marty referenced I mean that would represent about a 40% increase in our industrial sales and about an overall, 5% increase in Missouri as retail sales just to give you a sense of it.

Paul Michael: Yes, I think Paul.

Paul Michael: Following up on Michael's comment there I mean, we have the ability to serve that data center today with our existing mix of resources in the planned additions that we've got so.

Michael Moehn: So, you know, as we think about that IRP update, it's really about, you know, thinking about those thousands of megawatts that are in the queue today, looking, you know, doing engineering studies, interconnection studies, and really, you know, working with them and giving more thought to what some of that is going to come to fruition and, you know, what changes to the IRP might need to be made in light of those.

Speaker Change: We think about that IRB update it's really about thinking about those thousands of megawatts that are in the queue. Today looking doing engineering studies, and interconnection studies, and really working with them and giving more thought to what what of that is going to come to fruition and what what changes to the AARP might need to be made in light of.

Speaker Change: Those.

Martin Lyons: Okay, and then, just, should we think of this as sort of a, considering that the existing resources can serve all this, is this basically going to be something that, in the near term, would help customers or, at least, in terms of, you know, just more cost being spread over more megawatt hours? Or is there an economic development issue, you know, that's happening here that I guess I'm trying to say is, how should we think about this impacting rates? These are the earnings, if you follow what I'm saying, at least in the near term.

Speaker Change: Okay and then just.

Speaker Change: Should we think of this as sort of a.

Speaker Change: Considering that the existing resources.

Speaker Change: This is basically going to be something that.

Speaker Change: Would help customers or.

Speaker Change: At least in terms of.

Speaker Change: Is this more cost being spread over more megawatt hours or is there an economic development issue.

Speaker Change: That's happening here, but I guess, what I'm trying to say with or.

Speaker Change: How should we think about this impacting.

Speaker Change: <unk>.

Speaker Change: The earnings if you follow what I'm, saying at least in the near term.

Paul Patterson: Yeah, well, the customers that are signing on today, the 250 megawatts as well as the 85 plus megawatts, are really utilizing existing tariffs that we have in place today that, you know, obviously have been vetted by the commission and put in place. And, you know, the goal of any of these tariffs is to make sure that, you know, costs are allocated appropriately and, you know, spread appropriately amongst customer classes.

Speaker Change: Yes.

Speaker Change: The customers that are signing on today, the 250 megawatts as well as the 85 plus megawatts are really utilizing existing tariffs that we have in place today that obviously have been vetted by the commission and put in place.

Speaker Change: <unk>.

Speaker Change: The goal of any of these tariffs just to make sure the costs are allocated appropriately.

Speaker Change: Spread appropriately amongst customer classes.

Paul Patterson: You know, I think, as we sit here today, I think we're fine. You know, as we move through time, if we have thousands of megawatts that come to fruition and we start to think about the different resources we may need to put in place to serve them, we're going to have to be thoughtful about what the appropriate tariffs are for those customers to make sure that, you know, they pay a fair price, and that, you know, value again accrues to all of our customers and communities. It was awesome. Thanks so much.

Speaker Change: I think as we sit here today I think we're fine.

Speaker Change: As we move through time, if we have thousands of megawatts that come to fruition.

Speaker Change: And we start to think about the different resources, we may need to put in place to serve them, we're going to have to be thoughtful about what the appropriate tariffs are for those customers to make sure that.

Speaker Change: They pay a fair price in that value again, accrues to all of our customers and communities.

Paul Patterson: Awesome. Thanks so much. I really appreciate it. Have an awesome weekend.

Speaker Change: Awesome. Thanks, so much really appreciate having also weakened.

Speaker Change: Thank you you too.

Operator: Thank you. Our next question is from Anthony Caldwell, with Mizzou Hope. Please proceed with your question.

Speaker Change: Thank you. Our next question is from Anthony Caldwell.

Speaker Change: With Mizuho. Please proceed with your question.

Anthony Caldwell: Hey, good morning team. I hope all is well out there in Missouri.

Anthony Caldwell: Hey, good morning team hope all is well out there to Missouri.

Martin Lyons: Good morning. It's a beautiful day here. Yeah, things are good.

Anthony Caldwell: Good morning, it's a beautiful day here, yes things are good.

Anthony Caldwell: Just one quick one, kind of like a follow-up, and it may be challenging to answer. I mean, if I think back to, and I know you guys don't have exposure to the PGM capacity auction, but if I think back, you know, 10, 15 years ago, when we started to see some real bullish prices on capacity, I think the utilities in that part of the country really responded with higher capex, and the regulators really supported it.

Anthony Caldwell: Just one quick one kind of like a follow up on it and may be challenging to answer I mean, if I think back to I know you guys don't have the exposure to the PJM capacity auction.

Speaker Change: Think back 10, 15 years ago, when we started to see some real bullish prices on capacity I think the utilities kind of in.

Anthony Caldwell: That part of the country really responded with higher Capex and the regulators really supported it if we fast forward maybe last December, Illinois, really I think sent the message maybe slow down the capex spend in the state.

Anthony Caldwell: If we fast forward, maybe last December, Illinois really, I think, sent a message of maybe slowing down the capex spend in the state. I know you're not exposed to BGM capacity prices, but do you think the Illinois regulators might maybe change their view and maybe realize the value of the added infrastructure maybe to help out customer bills as, you know, more ways to get power to them?

Speaker Change: I know youre not exposed to the PJM capacity prices.

Speaker Change: Do you think the Illinois regulators may be changed their view and maybe realize the value of the added infrastructure maybe to help out customer bills as.

Speaker Change: More ways to get power to them.

Martin Lyons: Yeah, look, I think, you know, in both states, I mentioned Missouri earlier, and the commission having a forum on, you know, reliability and resource adequacy. And, you know, the same concerns I know exist in Illinois.

Speaker Change: Yeah look I think.

Speaker Change: In both states I mentioned misery earlier.

Speaker Change: The Commission you have in a forum on.

Speaker Change: Reliability and resource adequacy in the same concerns I know exist in Illinois, and so we will see how policies.

Speaker Change: And change over time, but look I think at the end of the day.

Speaker Change: All stakeholders in both states and.

Speaker Change: Certainly us as utility and other service providers were all.

Martin Lyons: And so, you know, we'll see, you know, how policies shift and change over time. But But Look, I think at the end of the day, all stakeholders in both states, and, you know, certainly us as a utility and other service providers, we're all concerned and mindful of resource adequacy, reliability, affordability, and a clean energy transition. And so I think your intuition is right, that is, you see cost pressures grow because of, you know, things like capacity prices.

Speaker Change: Concerned and mindful of resource adequacy reliability affordability.

Speaker Change: And the clean energy transition and so I think I think your intuition is right that as you see cost pressures grow because of <unk>.

Speaker Change: Things like capacity prices.

Speaker Change: Or you see the need to support economic development and growth.

Speaker Change: Logically you would have to start to think about the policies that support support those things.

Speaker Change: And resource adequacy, So I think your intuition is correct.

Speaker Change: Have a wonderful weekend guys you too thanks.

Speaker Change: Oh.

David <unk>: Thank you. Our next question is from David <unk> with Wolfe Research. Please proceed with your question.

Martin Lyons: Or, you know, you see the need to support economic development and growth. Logically, you should start to think about the policies that support those things and, and, and resource adequacy. So I think your intuition is correct.

David: Good morning, Thanks Joel.

Speaker Change: Good morning, David you bet David Thanks.

Anthony Caldwell: Great, have a wonderful weekend guys. You too, thanks.

Operator: Thank you. Our next question is from David Paz with Wolf Research. Please proceed with your question.

David Paz: Good morning. Thanks for... Sweeney, and your popular call boy. Morning, David. You bet, David. Thanks. Yeah. So, one thing that just popped up as I listened to your response is just, have you provided what is just a simple rule of thumb, sensitivity on EPS for every 1% increase in industrial sales? Yeah, we...

Speaker Change: So I just one thing just popped up on the news.

Speaker Change: Just have you provided would've just a simple rule.

Speaker Change: On EPS for every 1% increase in industrial so.

Michael Moehn: Yeah, we have historically, David, for every 1% on the industrial side, it's about a half a penny. It's a good way to think about it. Now, you know, that changes, it will change over time as you kind of move through, and you have to change the generation mix, etc. But I mean, I think it's probably a decent rule of thumb today.

Speaker Change: Yes, we have historically David for every 1% on the industrial side, it's about a half a penny.

Speaker Change: It's a good way to think about it now that change it will change over time as you kind of move through and you've got to change the generation mix et cetera, but I mean, I think it's probably a decent rule.

Speaker Change: The rule of thumb today.

David Paz: Thank you. And just on the discussions, and I know there's been plenty of questions here on tracking large loads and efforts you're making, but just what have you told rates, you know, these stakeholders and leaders that would need from a rate-making standpoint? Could we see, you know, efforts to add trackers or riders? [inaudible]

Speaker Change: Thank you.

Speaker Change: And just on the discussions and I know, there's been plenty of questions here.

Speaker Change: Attracting large load efforts you're making.

Speaker Change: But just what have you tube right.

Speaker Change: These stakeholders.

Speaker Change: What about.

Speaker Change: From a standpoint.

Speaker Change: <unk>.

Speaker Change: In efforts to add trackers and riders.

Speaker Change: Expedite the amortization.

Speaker Change: Large load or or maybe an expansion of pizza or just what are you calling them.

Speaker Change: And sorry in Missouri.

Martin Lyons: Yeah, I think, you know, David, all things to consider. You know, as I mentioned a few moments ago, with respect to the data center that, you know, we show on page seven, this 250 megawatt data center and the other 85 megawatts of load, again, they're able to use our, you know, current industrial tariffs. And, you know, we're able to serve them with our current generation and planned generation. So, you know, there is no need for any special tariff there.

Speaker Change: Yes, I think.

Speaker Change: David David all things for consideration as I mentioned, a few moments ago with respect to the.

David Paz: Over time, you know, as I said, to the extent that these other opportunities come to fruition, we may need to think about, you know, special tariffs. One thing to point out is that we just had that Cass County solar project approved. And, you know, there we put a special sort of tariff arrangement into place to ensure that there was an appropriate apportionment of cost between our customer base and those industrial customers that are going to take power from Cass County.

David: The data center that.

Speaker Change: We show on page seven this 250 megawatt data center and the other 85 megawatts of load again, theyre able to use our.

Speaker Change: Current industrial tariffs and we're able to serve them with.

David: Our current generation planned generation, so no need for any special tariff there over time as I said to the extent that these other opportunities come to fruition and we may need to think about.

David: Special tariffs.

Speaker Change: One thing to point to as you know, we just had that.

Speaker Change: Cass County Solar project approved and there we did put a special sort of tariff arrangement into place.

Speaker Change: To ensure that there was a.

Speaker Change:

Speaker Change: Inappropriate apportionment of costs between our.

Speaker Change: Our customer base as well as those industrial customers that are going to take power from from cache County. So we do have some experience working with the commission to put special tariffs in place and we will be giving thought to that as we move forward with.

David Paz: So we do have some experience of working with the Commission to put special tariffs in place, and we'll be giving thought to that as we move forward with additional data centers that we may be able to serve. And then, you know, to your point on PISA, you know, certainly one of the things we pursued legislatively last spring that had, you know, very good support was the extension of PISA to dispatchable generation, such as the Simple Cycle assets that were put in place.

Speaker Change: Additional.

Speaker Change: Data centers.

Speaker Change: We may be able to serve.

Speaker Change: And then to your point on I think it was.

Speaker Change: On Pizza certainly one of the things we pursued legislatively last spring that had very good support was the extension of Pisa to dispatch able generation.

Speaker Change: Such as the simple cycle assets that we're planning and combined cycle assets that we're planning.

David Paz: And then the Combined Cycle assets that we're planning and the Combined Cycle asset that we're planning. And, you know, so again, we had very good support for that. Again, the legislative session ended with that not getting across the finish line, but certainly expect that it will be strong support as we go into next year. Thank you.

Speaker Change: So again, we had very good support for that again.

Speaker Change: Legislative session ended.

Speaker Change: With.

Speaker Change: That not getting across the finish line, but.

Speaker Change: Certainly expect that.

Speaker Change: Strong support as we go into next year.

David Paz: Great. Thank you so much. You bet.

Speaker Change: Great. Thank you so much you bet.

Operator: Thank you. Our next question is from Julien Dumoulin Smith with Jeffries. Please proceed with your question.

Speaker Change: Thank you. Our next question is from Julien Dumoulin Smith with Jefferies. Please proceed with your question.

Julien Dumoulin: Hey, good morning team. I'll make it quick. Good to chat with you guys again.

Speaker Change: Hey, good morning, Jamie I'll make you quite good to chat with you guys again.

Martin Lyons: Yeah, it's good to hear from you, Julien.

Jamie: Yes, good to hear from you Julien.

Julien Dumoulin: Yeah, likewise. Hey, just following up on this, right, so just on the process behind the, shall we say, shorter-term procurement potential here, right? You alluded to it earlier. Obviously, you have enough resources to deal with the 250 here initially. But perhaps that's not it, as you alluded to.

Speaker Change: Yes, Likewise, hey, just following up on this right. So just on the process behind the shall we say shorter term procurement potential here you alluded to it earlier, obviously you have enough resources to deal with the $2 50 here initially, perhaps thats not as you allude to.

Julien Dumoulin: How do you think about the process itself, right? You typically do these IRPs at relatively consistent periods, interims, as well as, you know, there's a construction cycle behind that. There's a PSC process behind that. You know, you mentioned kind of the shorter-term potential need or medium-term potential need. How do you think about expediting that? We've seen that potentially in some of your adjacent jurisdictions. How do you think about that, A? And then, B, going back to the point raised, would you expect some of these tariff dynamics to just play out in, like, shall we say, a subsequent rate case process beyond the current instance?

Speaker Change: Do you think about the process itself right you do typically these <unk> relative relatively consistent.

Speaker Change: <unk>.

Speaker Change: Periods in terms as well as there is a construction cycle behind that theres. The PSC process behind that you mentioned kind of the shorter term potential need your medium term potentially how do you think about expediting that we've seen that potentially in some of your adjacent jurisdictions. How do you think about that a and then b.

Speaker Change: Going back to the points raised would you expect some of these tariff dynamics play out in that shall we say a subsequent rate case process beyond the current instance.

Martin Lyons: Yeah, all good questions, Julien. So, first of all, as I mentioned, with respect to these opportunities, we're certainly not waiting. We and other stakeholders around the states are aggressively interacting with these folks that are doing these engineering reviews, interconnection studies, and doing everything we can to be able to support them and locate these facilities either in Missouri or Illinois, as appropriate.

Speaker Change: Yeah, all good questions Julien So first of all as I mentioned with respect to these opportunities, we're certainly not waiting we and other stakeholders around the.

Martin Lyons: And so, you know, we're aggressively doing that. You know, when you look at some of this opportunity, think about this 250-megawatt one that we talked about specifically, you know, they're, you know, going to be in service in 2026, ramping up usage through 2028. And, you know, that's what we're hearing from many of these is, you know, really a desire to ramp up over time. And so, you know, the idea is that that would sort of dovetail with an update to the IRP, where we would potentially accelerate some of the planned additions, perhaps add some additional resources that we would get in place in time to be able to serve this load as it grows.

Speaker Change: The states are.

Speaker Change: Aggressively interacting with these.

Speaker Change: Folks that are doing these engineering reviews interconnection studies and doing everything we can to be able to support them in locating these.

Speaker Change: Facilities, either in Missouri or Illinois.

Speaker Change: As is appropriate.

Speaker Change: So we're aggressively doing that when you look at some of this opportunity I think to think about this 250 megawatt one that we've talked about specifically they're they're.

Speaker Change: You're going to be in service in 2026 ramping up usage through 2028.

Speaker Change: And that's what we're hearing from many of these as really a desire to ramp up over time and so the idea is that that would sort of dovetail with an update to the ERP, where we would.

Speaker Change: Potentially.

Speaker Change: Accelerate some of the planned additions, perhaps add some additional resources.

Speaker Change: That we would get in place in time to be able to serve this load as it grows.

Martin Lyons: You know, when you think about, you know, that, you know, certainly there are, you know, some limitations, but, you know, when you think about that 800-megawatt simple cycle that we're putting in, you know, in our plans today, the capsule bluff, you know, about four years to get that in service, you know, between, you know, turbines, transformers, construction timeline, et cetera So, you know, we feel like, you know, we'll be able to work with some of these data center opportunities, get the IRP updated and filed, and, you know, hopefully, be able to sort of have all these things dovetail and be brought together at the right pace and speed.

Speaker Change: When you think about that certainly there are some limitations, but when you think about that 800 megawatt simple cycle that we're putting in.

Speaker Change: And our plans today the capsule Bluff.

Speaker Change: About four years to get that in service between.

Speaker Change: Turbines transformers construction timeline et cetera, so we feel like.

Speaker Change: We will be able to work with some of these data center opportunities get the AARP updated and filed in.

Speaker Change: Hopefully be able to sort of have all these things dovetail and brought together.

Speaker Change: Right right pace and speed and yes in terms of the.

Martin Lyons: And yes, in terms of any kind of change in tariffs, you know, we think those can happen both inside the context of a rate review or outside of a rate review. So we think we have flexibility there.

Speaker Change: Any kind of changes in tariffs.

Speaker Change: We think those can happen both inside the context of a rate review or outside of a rate review. So we think we have flexibility there.

Julien Dumoulin: Okay, even outside of the rearview. Nice. Sounds like you've got something in mind already. All right. And then separately, quickly, just, um, coal ash new rags here in the last few months. I'm just curious about AROs accumulating and just thoughts about some of the twists here.

Speaker Change: Okay, even outside of rate nice it sounds like you have got it got something in mind already alright, and then separately quickly just coal ash new rigs here in the last few months I'm just curious on arrow's accumulating and just thoughts about some of the twist here.

Julien Dumoulin: Hey Julien, Michael here. It's really not a significant issue for us. I mean, we did go through and freshen up a couple of AROs, but it's really immaterial now. If you think about our exposure from a coal ash standpoint, and we really got in front of this issue probably seven or eight years ago, all of our ponds are closed or in the process of being finalized here, and so just not a lot of additional exposure, just a little bit of stuff around the edges.

Julien Michael: Hey, Julien Michael here.

Julien Michael: It's really not a significant issue for us I mean, we did go through and freshen up a couple of arrows.

Speaker Change: It's really immaterial amount if you think about our exposure from a coal ash standpoint, I mean, we really got in front of this issue probably seven or eight years ago. All of our ponds are closed or in the process of being finalized here and so just not a lot of additional exposure just a little bit of stuff around the edges.

Speaker Change: Got it okay excellent. Thank you guys have a great day.

Michael Moehn: Okay, excellent. Thank you guys. Have a great day. Cheers.

Julien Dumoulin: You too, Julien. Have a good weekend.

Julien Michael: Julian have a good weekend.

Julien Michael: Okay.

Martin Lyons: Thank you. There are no further questions at this time. I'd like to hand the floor back over to Marty Lyons for any closing comments.

Speaker Change: Thank you there are no further questions at this time I'd like to hand, the floor back over to Marty Lyons for any closing comments.

Operator: Yeah, hey, thanks everybody for joining us today. Some great questions, and I appreciated the dialogue. Look, overall, we are really pleased to share our updates with you today, and we remain absolutely focused on strong execution for the remainder of this year, and we look forward to seeing many of you in the coming months. So with that, thanks, have a great day, have a great weekend.

Marty Lyons: Yeah, Hey, thanks, everybody.

Marty Lyons: For joining us today, some great questions I appreciated the dialogue look overall, we're really pleased to share our updates with you today and we remain absolutely focused on strong execution for the remainder of this year and we look.

Marty Lyons: Look forward to seeing many of you in the coming months, so with that thanks have a great day and have a great weekend.

Marty Lyons: Okay.

Operator: This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Speaker Change: This concludes today's conference you may disconnect your lines at this time. Thank you for your participation.