Q1 2026 Xcel Energy Inc Earnings Call

April 30, 2026

Speaker #1: Today's event. Please note this conference is being recorded and for the duration of the call your lines will be in a listen-only mode. A question-and-answer session will follow the prepared remarks and questions will only be taken from institutional investors and analysts.

Operator: For today's event. Please note this conference is being recorded, and for the duration of the call, your lines will be in a listen-only mode. A question and answer session will follow the prepared remarks, and questions will only be taken from institutional investors and analysts. Reporters can contact Media Relations with inquiries, and individual investors and others can reach out to Investor Relations. I will now turn the call over to your host today, Mr. Roopesh Aggarwal, Vice President, Investor Relations, to begin the conference. Please go ahead, sir.

Speaker #1: Reporters can contact media relations with inquiries and individual investors and others can reach out to investor relations. I'll now turn the call over to your host today, Mr. Roopesh Aggarwal, Vice President Investor Relations.

Operator: Reporters can contact Media Relations with inquiries, and individual investors and others can reach out to Investor Relations. I will now turn the call over to your host today, Mr. Roopesh Aggarwal, Vice President, Investor Relations, to begin the conference. Please go ahead, sir.

Operator: Hello and welcome to the Xcel Energy 2026 Q1 Earnings Conference Call. My name is Jordan. I'll be your coordinator for today's event. Please note this conference is being recorded. For the duration of the call, your lines will be in a listen-only mode. A question-and-answer session will follow the prepared remarks. Questions will only be taken from institutional investors and analysts. Reporters can contact media relations with inquiries. Individual investors and others can reach out to investor relations. I will now turn the call over to your host today, Mr. Roopesh Aggarwal, Vice President, Investor Relations, to begin the conference. Please go ahead, sir.

Speaker #3: Please note this conference is being recorded, and for the duration of the call, your lines will be in a listen-only mode. A question-and-answer session will follow the prepared remarks, and questions will only be taken from institutional investors and analysts.

Speaker #1: To begin the conference, please go ahead, sir.

Speaker #2: Thank you, Jordan. Good morning and welcome to XCEL ENERGY's 2026 first quarter earnings call. Joining me today are Bob Frenzel, Chairman, President, and Chief Executive Officer; and Brian Van Abel, Executive Vice President and Chief Financial Officer.

Roopesh Aggarwal: Thank you, Jordan. Good morning, and welcome to Xcel Energy's 2026 Q1 earnings call. Joining me today are Bob Frenzel, Chairman, President, and Chief Executive Officer, and Brian Van Abel, Executive Vice President and Chief Financial Officer. In addition, we have other members of the management team in the room to answer your questions if needed. This morning, we will review our 2026 Q1 results and highlights, provide updated 2026 assumptions, and share recent business and regulatory updates. Slides that accompany today's call are available on our website. Some comments during today's call may contain forward-looking information. Significant factors that could cause results to differ from those anticipated are described in our earnings release and SEC filings. Today, we will discuss certain metrics that are non-GAAP measures. Information on the comparable GAAP measures and reconciliations are included in our earnings release.

Roopesh Aggarwal: Thank you, Jordan. Good morning, and welcome to Xcel Energy's 2026 Q1 Earnings Call. Joining me today are Bob Frenzel, Chairman, President, and Chief Executive Officer, and Brian Van Abel, Executive Vice President and Chief Financial Officer. In addition, we have other members of the management team in the room to answer your questions if needed.

Speaker #3: relations with inquiries and individual investors and others can reach out to investor relations. I'll now turn the call over to your host today, Mr. Roopesh Aggarwal. Investor Relations. conference, please go ahead, sir.

Speaker #2: In addition, we have other members of the management team in the room to answer your questions if needed. This morning, we will review our 2026 first quarter results and highlights, provide updated 2026 assumptions, and share recent business and regulatory updates.

Roopesh Aggarwal: This morning, we will review our 2026 Q1 results and highlights, provide updated 2026 assumptions, and share recent business and regulatory updates. Slides that accompany today's call are available on our website. Some comments during today's call may contain forward-looking information.

Speaker #2: Thank you, Jordan. Good morning and welcome to XCEL ENERGY's 2026 first quarter earnings call. Joining me today are Bob Frenzel, Chairman, President, and Chief Executive Officer; and Brian Abel, Executive Vice President and Chief Financial Officer.

Roopesh Aggarwal: Thank you, Jordan. Good morning and welcome to Xcel Energy's 2026 Q1 Earnings Call. Joining me today are Bob Frenzel, Chairman, President, and Chief Executive Officer, and Brian Van Abel, Executive Vice President and Chief Financial Officer. In addition, we have other members of the management team in the room to answer your questions if needed. This morning, we will review our 2026 Q1 results and highlights, provide updated 2026 assumptions, and share recent business and regulatory updates. Slides that accompany today's call are available on our website. Some comments during today's call may contain forward-looking information. Significant factors that could cause results to differ from those anticipated are described in our earnings release and SEC filings. Today, we will discuss certain metrics that are non-GAAP measures. Information on the comparable GAAP measures and reconciliations are included in our earnings release.

Speaker #2: Slides that accompany today's call are available on our website. Some comments during today's call may contain forward-looking information. Significant factors that could cause results to differ from those anticipated are described in our earnings release and SEC filings.

Roopesh Aggarwal: Significant factors that could cause results to differ from those anticipated are described in our earnings release and SEC filings. Today, we will discuss certain metrics that are non-GAAP measures. Information on the comparable GAAP measures and reconciliations are included in our earnings release.

Speaker #2: Today we will discuss certain metrics that are non-GAAP measures. Information on the comparable GAAP measures and reconciliations are included in our earnings release. In the first quarter of 2026, the AOJ for the Prairie Island Outage case recommended an additional $41 million disallowance of replacement power costs.

Roopesh Aggarwal: In Q1 2026, the ALJ for the Prairie Island outage case recommended an additional $41 million disallowance of replacement power costs for power procured in 2024 associated with an extended outage at the plant starting late 2023. As a result, Xcel Energy recorded a charge of $37 million or $0.04 per share in Q1. Additionally, in Q1 2026, Xcel Energy recognized $22 million or $0.03 per share due to an increase in estimated insurance proceeds for the Marshall Fire litigation. Given the non-recurring nature of these items, they have been excluded from Q1 ongoing earnings. As a result, our GAAP earnings for Q1 2026 were $0.89 per share, while our ongoing earnings, which exclude these non-recurring charges, were $0.91 per share.

Speaker #2: For power procured in 2024, associated with an extended outage at the plant starting late 2023. As a result, XCEL ENERGY recorded a charge of $37 million or 4 cents per share in the first quarter.

Speaker #2: Today, we will discuss certain metrics that are non-gap measures, information on the comparable gap measures, and reconciliations are included in our earnings release. In the first quarter of 2026, the AOJ for the Prairie Island Outage case recommended an additional $41 million disallowance of replacement power costs.

Roopesh Aggarwal: In Q1 2026, the ALJ for the Prairie Island outage case recommended an additional $41 million disallowance of replacement power costs for power procured in 2024 associated with an extended outage at the plant starting late 2023. As a result, Xcel Energy recorded a charge of $37 million or $0.04 per share in Q1. Additionally, in Q1 2026, Xcel Energy recognized $22 million or $0.03 per share due to an increase in estimated insurance proceeds for the Marshall Wildfire litigation. Given the non-recurring nature of these items, they have been excluded from Q1 ongoing earnings. As a result, our GAAP earnings for Q1 2026 were $0.89 per share, while our ongoing earnings, which exclude these non-recurring charges, were $0.91 per share.

Speaker #2: Additionally, in the first quarter of 2026, XCEL ENERGY recognized $22 million or 3 cents per share due to an increase in estimated insurance proceeds for the Marshall Wildfire litigation.

Roopesh Aggarwal: Additionally, in Q1 2026, Xcel Energy recognized $22 million or $0.03 per share due to an increase in estimated insurance proceeds for the Marshall Fire litigation. Given the non-recurring nature of these items, they have been excluded from Q1 ongoing earnings. As a result, our GAAP earnings for Q1 2026 were $0.89 per share, while our ongoing earnings, which exclude these non-recurring charges, were $0.91 per share.

Speaker #2: Given the non-recurring nature of these items, they have been excluded from first quarter ongoing earnings. As a result, our GAAP earnings for the first quarter of 2026 were $89 cents per share.

Speaker #2: Additionally, in the first quarter of 2026, XCEL ENERGY recognized $22 million

Speaker #2: While our ongoing earnings, which exclude these non-recurring charges, were $91 cents per share. All further references to earnings, drivers, and variances in our discussion today will refer to ongoing earnings.

Speaker #1: Million dollars , or $0.03 per share , due to an increase in estimated insurance proceeds for the Marshall Wildfire Litigation Given the non-recurring nature of these items , they have been excluded from first quarter ongoing earnings .

Roopesh Aggarwal: All further references to earnings, drivers, and variances in our discussion today will refer to ongoing earnings. For more information on this, please see the disclosures in our earnings release. I will now turn the call over to Bob.

Speaker #2: For more information on this, please see the disclosures in our earnings release. I will now turn the call over to Bob.

Speaker #1: As a result , our GAAP earnings for the first quarter of 2026 were $0.89 per share , while our ongoing earnings , which exclude these non-recurring charges , were $0.91 per share .

Speaker #3: Thank you, Roopesh, and good morning, everybody. At XCEL ENERGY, our mission is to make energy work better for our customers, helping them thrive. Our past quarter showcased our commitment to this mission through focused, execution, and delivering on our plans to strengthen and modernize the grid to expand our energy sources and to deploy innovative technologies to ensure that the energy that we provide our customers remains reliable, affordable, and safe both now and well into the future.

Bob Frenzel: Thank you, Roopesh, and good morning, everybody. At Xcel Energy, our mission is to make energy work better for our customers, helping them thrive. Our past quarter showcased our commitment to this mission through focus, execution, and delivering on our plans to strengthen and modernize the grid, to expand our energy sources, and to deploy innovative technologies to ensure that the energy that we provide our customers remains reliable, affordable, and safe, both now and well into the future. On these fronts, we are off to a great start this year. In Q1, Xcel Energy invested over $3 billion in new infrastructure to support our customers' and states' growing energy needs for increased resilience and cleaner energy. We're on track to deliver our most extensive capital investment plan in the company's history this year.

Speaker #1: All further references to earnings drivers and variances in our discussion today will refer to ongoing earnings . For more information on this , please see the disclosures in our earnings release .

Speaker #1: I will now turn the call over to Bob .

Speaker #2: Thank you and good morning , everybody At Xcel Energy , our mission is to make energy work better for our customers , helping them thrive .

Bob Frenzel: Thank you, Roopesh, and good morning, everybody. At Xcel Energy, our mission is to make energy work better for our customers, helping them thrive. Our past quarter showcased our commitment to this mission through focused execution and delivering on our plans to strengthen and modernize the grid, to expand our energy sources, and to deploy innovative technologies to ensure that the energy that we provide our customers remains reliable, affordable, and safe, both now and well into the future. On these fronts, we are off to a great start this year. In the Q1, Xcel Energy invested over $3 billion in new infrastructure to support our customers' and state's growing energy needs for increased resilience and cleaner energy, and we're on track to deliver our most extensive capital investment plan in the company's history this year.

Speaker #3: And on these fronts, we are off to a great start this year. In the first quarter, XCEL ENERGY invested over $3 billion in new infrastructure to support our customers and state's growing energy needs.

Bob Frenzel: On these fronts, we are off to a great start this year. In Q1, Xcel Energy invested over $3 billion in new infrastructure to support our customers' and states' growing energy needs for increased resilience and cleaner energy. We're on track to deliver our most extensive capital investment plan in the company's history this year.

Speaker #2: Our past quarter showcased our commitment to this mission through focused execution and delivering on our plans to strengthen and modernize the grid , to expand our energy sources , and to deploy innovative technologies to ensure that the energy that we provide our customers remains reliable , affordable , and safe both now and well into the future .

Speaker #3: For increased resilience, cleaner energy, and we're on track to deliver our most extensive capital investment plan in the company's history this year. We identified additional transmission and generation needs in our state, delivering on our expectation of incremental investment above our base plan.

Bob Frenzel: We identified additional transmission and generation needs in our states, delivering on our expectation of incremental investment above our base plan. We announced details of our contract with Google for a new data center in the upper Midwest that we believe is a model for large load development that benefits customers and communities. We filed that contract with the Minnesota PUC. Continued to use our scale and our balance sheet to ensure that we have the right partnerships with critical suppliers, tier 1 EPC firms, and developers to execute on budget, on time, and on scope on our growing portfolio of projects. We delivered strong ongoing earnings of $0.91 per share. We remain confident in our ability to deliver on our annual investment plans and our earnings guidance for the 22nd year in a row, one of the best track records in the industry.

Speaker #2: And on these fronts , we are off to a great start this year In the first quarter , Xcel Energy invested over $3 billion in new infrastructure to support our customers in states growing energy needs for increased resilience and cleaner energy .

Speaker #3: We announced the tales of our contract with Google for a new data center in the Upper Midwest that we believe is a model for large load development that benefits customers and communities.

Speaker #2: And we're on track to deliver our most extensive capital investment plan in the company's history . This year We identified additional transmission and generation needs in our states , delivering on our expectation of incremental investment above our base plan .

Speaker #3: We filed that contract with the Minnesota PUC. We continue to use our scale and our balance sheet to ensure that we have the right partnerships with critical suppliers: Tier 1 EPC firms and developers to execute on our growing portfolio of projects.

Bob Frenzel: We filed that contract with the Minnesota PUC. Continued to use our scale and our balance sheet to ensure that we have the right partnerships with critical suppliers, tier 1 EPC firms, and developers to execute on budget, on time, and on scope on our growing portfolio of projects.

Bob Frenzel: We identified additional transmission and generation needs in our states, delivering on our expectation of incremental investment above our base plan. We announced details of our contract with Google for a new data center in the upper Midwest that we believe is a model for large load development that benefits customers and communities. We filed that contract with the Minnesota PUC. We continued to use our scale and our balance sheet to ensure that we have the right partnerships with critical suppliers, tier one EPC firms, and developers to execute on budget, on time, and on scope on our growing portfolio of projects.

Speaker #2: We announced details of our contract with Google for a new data center in the Upper Midwest that we believe is a model for large load development that benefits customers and communities .

Speaker #3: We delivered strong ongoing earnings of $91 cents per share, and we remain confident in our ability to deliver on our annual investment plans and our earnings guides for the 22nd year in a row, one of the best track records in the industry.

Bob Frenzel: We delivered strong ongoing earnings of $0.91 per share. We remain confident in our ability to deliver on our annual investment plans and our earnings guidance for the 22nd year in a row, one of the best track records in the industry.

Speaker #2: We filed that contract with the Minnesota PUC Continued to use our scale and our balance sheet to ensure that we have the right partnerships with critical suppliers .

Speaker #3: On our fourth quarter call, we announced progress on our data center pipeline with assigned ESA for a large data center in the Upper Midwest.

Speaker #2: Tier one EPC firms and developers to execute on budget , on time and on scope on our growing portfolio of projects . We delivered strong ongoing earnings of $0.91 per share , and we remain confident in our ability to deliver on our annual investment plans and our earnings guidance for the 22nd year in a row , one of the best track records in the On our fourth quarter call , we announced progress on our data center pipeline with assigned essay for a large data center in the Upper Midwest And during the first quarter , we provided further details about this groundbreaking agreement with Google As demand for electricity accelerates across the country , we believe that utilities have a responsibility to lead with solutions that balance innovation , reliability , sustainability , and affordability .

Bob Frenzel: On our Q4 call, we announced progress on our data center pipeline with assigned ESA for a large data center in the upper Midwest. During the Q1, we provided further details about this groundbreaking agreement with Google. As demand for electricity accelerates across the country, we believe that utilities have a responsibility to lead with solutions that balance innovation, reliability, sustainability, and affordability. Xcel Energy's customers already have some of the lowest energy bills in the country. In fact, when you adjust for inflation, the typical Xcel Energy residential energy bill is almost 25% lower today than it was 10 years ago. In nominal terms, Xcel Energy residential electric bills are approximately 30% below the national average.

Speaker #3: And during the first quarter, we provided further details about this groundbreaking agreement with Google. As demand for electricity accelerates across the country, we believe that utilities have a responsibility to lead with solutions that balance innovation and reliability, sustainability, and affordability.

Bob Frenzel: We delivered strong ongoing earnings of $0.91 per share, we remain confident in our ability to deliver on our annual investment plans and our earnings guidance for the 22nd year in a row, one of the best track records in the industry. On our Q4 call, we announced progress on our data center pipeline with assigned ESA for a large data center in the upper Midwest. During the Q1, we provided further details about this groundbreaking agreement with Google. As demand for electricity accelerates across the country, we believe that utilities have a responsibility to lead with solutions that balance innovation, reliability, sustainability, and affordability. Xcel Energy's customers already have some of the lowest energy bills in the country. In fact, when you adjust for inflation, the typical Xcel Energy residential energy bill is almost 25% lower today than it was 10 years ago.

Speaker #3: XCEL ENERGY's customers already have some of the lowest energy bills in the country. In fact, when you adjust for inflation, the typical XCEL ENERGY residential energy bill is almost 25% lower today than it was 10 years ago.

Bob Frenzel: Xcel Energy's customers already have some of the lowest energy bills in the country. In fact, when you adjust for inflation, the typical Xcel Energy residential energy bill is almost 25% lower today than it was 10 years ago. In nominal terms, Xcel Energy residential electric bills are approximately 30% below the national average.

Speaker #3: And in nominal terms, XCEL ENERGY residential electric bills are approximately 30% below the national average. Under a 15-year agreement, Google will cover the entire cost of its service and infrastructure requirements to power its new data center including 1,900 megawatts of new wind and solar generation and long-duration storage using Form Energy's innovative 100-hour iron-air battery.

Bob Frenzel: Under a 15-year agreement, Google will cover the entire cost of its service and infrastructure requirements to power its new data center, including 1,900 MW of new wind and solar generation and long-duration storage using Form Energy's innovative 100-hour iron-air battery. With credit protections in place, we estimate that this new data center will save customers $1 to 1.5 billion over the term of the ESA, helping keep customer bills low long into the future. In addition, as part of our shared sustainability goals, water needs for the data center will be limited through Google's use of air-cooled technology in lieu of water-cooled. In April, we also reached a definitive, non-exclusive agreement on our previously announced MOU with NextEra Energy to co-develop generation, storage, and interconnections to accelerate data center development across our operating companies.

Speaker #2: Xcel Energy's customers already have some of the lowest energy bills in the country . In fact , when you adjust for inflation , the typical Xcel Energy residential energy bill is almost 25% lower today than it was ten years ago .

Speaker #2: And in nominal terms , Xcel Energy Residential electric bills are approximately 30% below the national average under a 15 year agreement , Google will cover the entire cost of its service and infrastructure requirements to power its new data center , including 1300MW of new wind and solar generation and long duration storage .

Bob Frenzel: In nominal terms, Xcel Energy residential electric bills are approximately 30% below the national average. Under a 15-year agreement, Google will cover the entire cost of its service and infrastructure requirements to power its new data center, including 1,900 MW of new wind and solar generation and long-duration storage using Form Energy's innovative 100-hour iron air battery. With credit protections in place, we estimate that this new data center will save customers one to one and a half billion dollars over the term of the ESA, helping keep customer bills low long into the future. In addition, as part of our shared sustainability goals, water needs for the data center will be limited through Google's use of air-cooled technology in lieu of water-cooled.

Speaker #3: With credit protections in place, we estimate that this new data center will save customers $1 to $1.5 billion over the term of the ESA.

Speaker #3: Helping keep customer bills low long into the future. In addition, and as part of our shared sustainability goals, water needs for the data center will be limited through Google's use of air-cooled technology in lieu of water-cooled.

Bob Frenzel: In addition, as part of our shared sustainability goals, water needs for the data center will be limited through Google's use of air-cooled technology in lieu of water-cooled. In April, we also reached a definitive, non-exclusive agreement on our previously announced MOU with NextEra Energy to co-develop generation, storage, and interconnections to accelerate data center development across our operating companies.

Speaker #2: Using Form Energy's innovative 100 hour iron Air battery with credit protections in place , we estimate that this new data center will save customers 1 to $1.5 billion over the term of the essay , helping keep customer bills low long into the future In addition , and as part of our shared sustainability goals , water needs for the data center will be limited through Google's use of air cooled technology .

Speaker #3: In April, we also reached a definitive non-exclusive agreement on our previously announced MOU with NextEra Energy. To co-develop generation. Storage and interconnections to accelerate data center development across our operating companies.

Speaker #3: We expect this joint development agreement will balance, will deliver a balance of company-owned resources and purchased power agreements with NextEra across all forms of generation, including wind, solar, battery, storage, and natural gas.

Bob Frenzel: We expect this joint development agreement will deliver a balance of company-owned resources and purchase power agreements with NextEra across all forms of generation, including wind, solar, battery, storage, and natural gas. We are already underway developing solutions for 2 GW of new data center capacity with plans to expand in the near future. In April, we also followed our large load tariff in Colorado with proposed terms that are similar in scope to our Google ESA and the Minnesota large load tariff filing. Data centers will commit to long-term contracts with minimum bills, termination fees, credit requirements, and incremental cost tests to ensure that our existing customers are protected from new large load customer needs. In the coming months, we plan to make similar filings in Texas, New Mexico, and Wisconsin.

Speaker #2: In lieu of water cooled . In April , we also reached a definitive , non-exclusive agreement on our previously announced MOU with NextEra energy to co-develop generation , storage and interconnections to accelerate to accelerate data center development across our operating companies We expect this joint development agreement will balance will deliver a balance of company owned resources and purchase power agreements with NextEra across all forms of generation , including wind , solar , battery , storage and natural gas We are already underway developing solutions for two gigawatts of new data center capacity , with plans to expand in the near future In April , we also followed our large low tariff in Colorado with proposed terms that are similar in scope for our Google essay and the Minnesota Large low tariff filing data centers will commit to long term contracts with minimum bills , termination fees , credit requirements and incremental cost tests to ensure that our existing customers are protected from new large load customer needs in the coming months , we plan to make similar filings in Texas , New Mexico and Wisconsin .

Bob Frenzel: In April, we also reached a definitive, non-exclusive agreement with, on our previously announced MOU with NextEra Energy to co-develop generation, storage and interconnections to accelerate data center development across our operating companies. We expect this joint development agreement will deliver a balance of company-owned resources and purchase power agreements with NextEra across all forms of generation, including wind, solar, battery, storage and natural gas. We are already underway developing solutions for 2 GW of new data center capacity with plans to expand in the near future. In April, we also followed our large load tariff in Colorado with proposed terms that are similar in scope to our Google ESA and the Minnesota large load tariff filing.

Speaker #3: We are already underway developing solutions for two gigawatts of new data center capacity with plans to expand in the near future. In April, we also followed our large load tariff in Colorado.

Bob Frenzel: In April, we also followed our large load tariff in Colorado with proposed terms that are similar in scope to our Google ESA and the Minnesota large load tariff filing. Data centers will commit to long-term contracts with minimum bills, termination fees, credit requirements, and incremental cost tests to ensure that our existing customers are protected from new large load customer needs. In the coming months, we plan to make similar filings in Texas, New Mexico, and Wisconsin.

Speaker #3: With proposed terms that are similar in scope, our Google ESA and the Minnesota large load tariff filing. Data centers will commit to long-term contracts with minimum bills, termination fees, credit requirements, and incremental cost tests to ensure that our existing customers are protected from new large load customer needs.

Speaker #3: In the coming months, we plan to make similar filings in Texas, New Mexico, and Wisconsin. We believe our partnerships with hyperscalers, regulators, communities, and developers set a high bar for responsible large load development.

Bob Frenzel: We believe our partnerships with hyperscalers, regulators, communities, and developers set a high bar for responsible large load development. We're partnering to ensure large load growth strengthens our overall system, benefits our local communities, and maintains our state's clean energy goals, and doesn't increase costs for our existing customers. These collective actions give us confidence in our ability to deliver on our forecast to secure 6 GW of data center load by year-end 2027 with in-service dates into the early 2030s. In October of last year, we outlined our plan to meet the growing infrastructure needs of our customers. We detailed a $60 billion base investment plan to continue our energy transition and to make needed investments to strengthen our transmission and distribution systems.

Bob Frenzel: Data centers will commit to long-term contracts with minimum bills, termination fees, credit requirements and incremental cost tests to ensure that our existing customers are protected from new large load customer needs. In the coming months, we plan to make similar filings in Texas, New Mexico and Wisconsin. We believe our partnerships with hyperscalers, regulators, communities and developers set a high bar for responsible large load development. We're partnering to ensure large load growth strengthens our overall system, benefits our local communities, and maintains our state's clean energy goals, and doesn't increase costs for our existing customers. These collective actions give us confidence in our ability to deliver on our forecast to secure 6 gigawatts of data center load by year-end 2027, with in-service dates into the early 2030s. In October of last year, we outlined our plan to meet the growing infrastructure needs of our customers.

Speaker #3: We are partnering to ensure large load growth strengthens our overall system, benefits our local communities, and maintains our state's clean energy goals. And doesn't increase costs for our existing customers.

Speaker #3: These collective actions give us confidence in our ability to deliver on our forecasts to secure six gigawatts of data center load by year-end 2027 with in-service dates into the early 2030s.

Bob Frenzel: These collective actions give us confidence in our ability to deliver on our forecast to secure 6 GW of data center load by year-end 2027 with in-service dates into the early 2030s. In October of last year, we outlined our plan to meet the growing infrastructure needs of our customers. We detailed a $60 billion base investment plan to continue our energy transition and to make needed investments to strengthen our transmission and distribution systems.

Speaker #2: We believe our partnerships with hyperscalers , regulators , communities and developers set a high bar for responsible , large load development We're partnering to ensure large load growth strengthens our system , benefits our local communities , and maintains our state's clean energy goals and doesn't increase costs for our existing customers .

Speaker #3: In October of last year, we outlined our plan to meet the growing infrastructure needs of our customers. We detailed a $60 billion base investment plan to continue our energy transition and to make needed investments to strengthen our transmission and distribution systems.

Speaker #2: These collective actions give us confidence in our ability to deliver on our forecasts , to secure six gigawatts of data center load by year end 2027 , with in-service dates into the early 2030s .

Speaker #3: At that time, we also expected that our base plan would likely need to be augmented based on anticipated but unimproved transmission and generation needs.

Bob Frenzel: At that time, we also expected that our base plan would likely need to be augmented based on anticipated but unapproved transition and generation needs. Through Q1, we now believe we have line of sight to at least $7+ billion of the $10+ billion opportunity that we highlighted last year. This incremental investment includes the 765 kV Crawfish Draw to Phantom transmission line in our SPS company that was allocated by SPP in February. Two-thirds or over 1,200 MW of the generation and storage needed for the Google data center project and 800 MW of generation approved by the Colorado Commission in February and April as part of the near-term procurement portfolio.

Speaker #2: In October of last year , we outlined our plan to meet the growing infrastructure needs of our customers . We detailed a $60 billion base investment plan to continue our energy transition and to make needed investments to strengthen our transmission and distribution systems .

Speaker #3: Through the first quarter, we now believe we have line of sight to at least seven-plus billion of the 10-plus billion opportunity that we highlighted last year.

Bob Frenzel: We detailed a $60 billion base investment plan to continue our energy transition and to make needed investments to strengthen our transmission and distribution systems. At that time, we also expected that our base plan would likely need to be augmented based on anticipated but unimproved transmission and generation needs. Through Q1, we now believe we have line of sight to at least $7+ billion of the $10+ billion opportunity that we highlighted last year. This incremental investment includes the 765 kV Crawfish Draw to Phantom transmission line in our SPS Company that was allocated by SPP in February. Two-thirds are over 1,200 MW of the generation and storage needed for the Google data center project and 800 MW of generation approved by the Colorado Commission in February and April as part of the near-term procurement portfolio.

Speaker #3: This incremental investment includes the $765 kV crawfish draw to phantom transmission line and our SPS company that was allocated by SPP in February. Two-thirds or over 1,200 megawatts of the generation and storage needed for the Google data center project and 800 megawatts of generation approved by the Colorado Commission in February and April as part of the near-term procurement portfolio.

Bob Frenzel: This incremental investment includes the 765 kV Crawfish Draw to Phantom transmission line in our SPS company that was allocated by SPP in February. Two-thirds or over 1,200 MW of the generation and storage needed for the Google data center project and 800 MW of generation approved by the Colorado Commission in February and April as part of the near-term procurement portfolio.

Speaker #2: At that time , we also expected that our base plan would likely need to be augmented based on anticipated , but unimproved transmission and generation needs Through the first quarter , we now believe we have line of sight to at least seven plus billion of the ten plus billion opportunity that highlighted last year This incremental investment includes the 765 kV crawfish draw to phantom transmission line , and our SPS company that was allocated by SP in February Two thirds are over 1200MW of the generation storage needed for the Google Data Center project , and 800MW of generation approved by the Colorado Commission in February and April .

Speaker #3: From here, we continue to see additional infrastructure investment needed to serve our growing customer needs, including active generation RFPs and PSCO, NSP, and SPS, additional regional transmission investments in SPP and MISO, and the generation to support the three gigawatts of data center demand that we added to our target plan on the Q4 earnings call.

Bob Frenzel: From here, we continue to see additional infrastructure investment needed to serve our growing customer needs, including active generation RFPs in PSCO, NSP, and SPS, additional regional transmission investments in SPP and MISO, and the generation to support the 3 GW of data center demand that we added to our target plan on the Q4 earnings call. As these opportunities materialize, they will drive additional growth and investment both within and beyond our 5-year capital plan. As we continue to add to capital backlog, it's also important to execute on the projects that are in the queue. In the Q1, Xcel Energy invested over $3 billion in new infrastructure for our customers. We brought online nearly 500 MW of new solar generation and utility-scale battery storage in SPS and in Colorado.

Speaker #2: As part of the near-term procurement portfolio . From here , we continue to see additional infrastructure investment needed to serve our growing customer needs , including active generation RFPs and NSP and SPS .

Speaker #3: As these opportunities materialize, they will drive additional growth and investment both within and beyond our five-year capital plan. As we continue to add to capital backlog, it's also important to execute on the projects that are in the queue.

Bob Frenzel: As these opportunities materialize, they will drive additional growth and investment both within and beyond our 5-year capital plan. As we continue to add to capital backlog, it's also important to execute on the projects that are in the queue. In the Q1, Xcel Energy invested over $3 billion in new infrastructure for our customers. We brought online nearly 500 MW of new solar generation and utility-scale battery storage in SPS and in Colorado.

Bob Frenzel: From here, we continue to see additional infrastructure investment needed to serve our growing customer needs, including active generation RFPs in PSCO, NSP, and SPS, additional regional transmission investments in SPP and MISO, and the generation to support the 3 GW of data center demand that we added to our target plan on the Q4 earnings call. As these opportunities materialize, they will drive additional growth and investment, both within and beyond our 5-year capital plan. As we continue to add to capital backlog, it's also important to execute on the projects that are in the queue. In Q1, Xcel Energy invested over $3 billion in new infrastructure for our customers. We brought online nearly 500 MW of new solar generation and utility-scale battery storage in SPS and in Colorado.

Speaker #2: Additional regional transmission investments in SP and MISO in the generation to support the three gigawatts of data center demand that we added to our target plan on the Q4 earnings call. As these opportunities materialize, they will drive additional growth and investment both within and beyond our five-year capital plan. As we continue to add to capital backlog, it's also important to execute on the projects that are in the queue.

Speaker #3: And in the first quarter, XCEL ENERGY invested over $3 billion in new infrastructure for our customers. We brought online nearly 500 megawatts of new solar generation and utility-scale battery storage in SPS and in Colorado.

Speaker #3: In total, these projects will deliver system resiliency and reliability as well as over 425 million dollars of tax credit benefits to our customers over the life of the projects.

Bob Frenzel: In total, these projects will deliver system resiliency and reliability as well as over $425 million of tax credit benefits to our customers over the life of the projects. Across our entire portfolio of projects from 2026 to 2030, we expect customers will see more than $7 billion in aggregate benefits from PTCs and ITCs associated with various generation and storage projects, helping keep our customer bills amongst the lowest in the country. With continued growth across our industry, we also recognize that supply chains and qualified labor for generation, transmission, and distribution projects will become more constrained.

Speaker #2: And in the first quarter , Xcel Energy invested over $3 billion in new infrastructure for our customers . We brought online nearly 500MW of new solar generation and utility scale battery storage , and SPS , and in Colorado In total , these projects will deliver system resiliency and reliability , as well as over $425 million of tax credit benefits to our customers over the life of the projects and across our entire portfolio of projects for 2026 to 2030 , we expect customers will see more than $7 billion in aggregate benefits from Ptcs and Itcs associated with various generation and storage projects , helping keep our customer bills amongst the lowest in the country .

Speaker #3: And across our entire portfolio projects, for 2026 to 2030, we expect customers will see more than $7 billion in aggregate benefits from PTCs and ITCs associated with various generation and storage projects.

Bob Frenzel: In total, these projects will deliver system resiliency and reliability, as well as over $425 million of tax credit benefits to our customers over the life of the projects. Across our entire portfolio of projects from 2026 to 2030, we expect customers will see more than $7 billion in aggregate benefits from PTCs and ITCs associated with various generation and storage projects, helping keep our customer bills amongst the lowest in the country.

Speaker #3: Helping keep our customer bills amongst the lowest in the country. And with continued growth across our industry, we also recognize that supply chains and qualified labor for generation, transmission, and distribution projects will become more constrained.

Speaker #3: That's why our recently announced alliances with GE Vernova and NextEra and strategic agreements with Tier 1 EPC firms across our portfolio of renewable and gas generation transmission and distribution projects are critical to delivering on our growing investment pipeline well into the 2030s.

Bob Frenzel: That's why our recently announced alliances with GE Vernova and NextEra and strategic agreements with tier 1 EPC firms across our portfolio of renewable and gas generation, transmission, and distribution projects are critical to delivering on our growing investment pipeline well into the 2030s. Finally, our field teams continue to operate at the highest levels and were recently recognized by EEI with an Emergency Recovery Award for outstanding effort to restore service quickly and safely following severe thunderstorms that came through our upper Midwest service territory in 2025. For the seventh year in a row, Xcel Energy was named the World's Most Ethical Companies honoree by Ethisphere, which measures the company's corporate governance, culture of ethics, and environmental and societal impact. As we look forward to the rest of 2026, Xcel Energy will continue our focus to deliver customers safe, clean, reliable, and affordable energy.

Speaker #2: And with continued growth across our industry , we also recognize that supply chains and qualified labor for generation , transmission and distribution projects will become more constrained That's why our recently announced alliances with GE Nova .

Bob Frenzel: With continued growth across our industry, we also recognize that supply chains and qualified labor for generation, transmission, and distribution projects will become more constrained. That's why our recently announced alliances with GE Vernova and NextEra, and strategic agreements with tier 1 EPC firms across our portfolio of renewable and gas generation, transmission, and distribution projects are critical to delivering on our growing investment pipeline well into the 2030s. Finally, our field teams continue to operate at the highest levels and were recently recognized by EEI with an emergency recovery award for outstanding effort to restore service quickly and safely following severe thunderstorms that came through our upper Midwest service territory in 2025. For the 7th year in a row, Xcel Energy was named the world's most ethical company honoree by Ethisphere, which measures the company's corporate governance, culture of ethics, and environmental and societal impact.

Speaker #3: Finally, our field teams continue to operate at the highest levels and were recently recognized by EEI with an emergency recovery award for outstanding efforts to restore service quickly and safely following severe thunderstorms that came through our upper Midwest service territory in 2025.

Bob Frenzel: Finally, our field teams continue to operate at the highest levels and were recently recognized by EEI with an Emergency Recovery Award for outstanding effort to restore service quickly and safely following severe thunderstorms that came through our upper Midwest service territory in 2025.

Speaker #2: And NextEra, and strategic agreements with tier one EPC firms across our portfolio of renewable and gas generation, transmission, and distribution projects, are critical to delivering on our growing investment pipeline well into the 2030s.

Speaker #3: And for the seventh year in a row, XCEL ENERGY was named the world's most ethical company honorary by Ethosphere, which measures the company's corporate governance, culture of ethics, and environmental and societal impact.

Bob Frenzel: For the seventh year in a row, Xcel Energy was named the World's Most Ethical Companies honoree by Ethisphere, which measures the company's corporate governance, culture of ethics, and environmental and societal impact. As we look forward to the rest of 2026, Xcel Energy will continue our focus to deliver customers safe, clean, reliable, and affordable energy.

Speaker #2: Finally , our field teams continue to operate at the highest levels and were recently recognized by EA with an Emergency Recovery Award for outstanding effort to restore service quickly and safely following severe thunderstorms that came through our Upper Midwest service territory in 2025 .

Speaker #3: As we look forward to the rest of 2026, XCEL ENERGY will continue our focus to deliver customers safe, clean, reliable, and affordable energy. To execute with excellence on our 2026 14 billion capital investment plan, our most extensive in the company's history.

Bob Frenzel: To execute with excellence on our 2026 $14 billion capital investment plan, our most extensive in the company's history. To realize the unprecedented opportunities for growth that we laid out in our base and incremental investment plans. Secure incremental large customer loads that can benefit all customers and meet this moment in our country's growing demand for energy. To reach constructive outcomes on multiple rate cases and resource solicitations, make operational and system hardening investments to protect our communities from the risks of extreme weather, and to deliver on our earnings guidance for the 22nd year in a row. With that, I'll turn it over to Brian.

Speaker #2: And for the seventh year in a row , Xcel Energy was named a World's Most ethical company honoree by Ethisphere , which measures the company's corporate governance culture of ethics and environmental and societal impact .

Speaker #3: To realize the unprecedented opportunities for growth that we laid out in our base and incremental investment plans, to secure incremental large customer loads that can benefit all customers and meet this moment in our country's growing demand for energy, to reach constructive outcomes on multiple rate cases and resource solicitations, to make operational and system hardening investments to protect our communities from the risks of extreme weather, and to deliver on our earnings guidance for the 22nd year in a row.

Speaker #2: As we look forward to the rest of 2026 , Xcel Energy will continue our focus to deliver customers safe , clean , reliable and affordable energy .

Bob Frenzel: As we look forward to the rest of 2026, Xcel Energy will continue our focus to deliver customers safe, clean, reliable, and affordable energy. To execute with excellence on our 2026 $14 billion capital investment plan, our most extensive in the company's history. To realize the unprecedented opportunities for growth that we laid out in our base and incremental investment plans. To secure incremental large customer loads that can benefit all customers and meet this moment in our country's growing demand for energy. To reach constructive outcomes on multiple rate cases and resource solicitations. To make operational and system hardening investments to protect our communities from the risks of extreme weather, and to deliver on our earnings guidance for the 22nd year in a row. With that, I'll turn it over to Brian.

Bob Frenzel: To reach constructive outcomes on multiple rate cases and resource solicitations, make operational and system hardening investments to protect our communities from the risks of extreme weather, and to deliver on our earnings guidance for the 22nd year in a row. With that, I'll turn it over to Brian.

Speaker #2: Execute with excellence on our 2026 $14 billion capital investment plan . Our most extensive in the company's history . To realize the unprecedented opportunities for growth that we laid out in our base and incremental investment plans , the incremental , large customer loads that can benefit all customers and meet this moment in our country's growing demand for energy .

Speaker #3: And with that, I'll turn it over to Brian.

Speaker #2: Thanks, Bob. Good morning, everyone. Starting with our financial results, XCEL ENERGY had ongoing earnings of $91 per share for the first quarter of 2026 compared to earnings of $84 per share in 2025.

Brian Van Abel: Thanks, Bob. Good morning, everyone. Starting with our financial results, Xcel Energy had ongoing earnings of $0.91 per share for Q1 2026, compared to earnings of $0.84 per share in 2025. The most significant earnings drivers for the quarter include the following. Higher electric revenues due to rate case outcomes, non-fuel riders, and sales growth, partially offset by weather, increased earnings by $0.23 per share. Higher APDC increased earnings by $0.10 per share. Offsetting these positive drivers, higher interest charges and common equity financing decreased earnings by $0.18 per share, reflecting funding of our infrastructure investments and discipline to maintain a strong balance sheet. Higher depreciation and amortization decreased earnings by $0.05 per share, reflecting our capital investment programs.

Speaker #2: For each constructive outcomes on multiple rate cases and resource solicitations like operational and system hardening investments to protect our communities from the risks of extreme weather and to deliver on our earnings guidance for the 22nd year in a row .

Speaker #2: The most significant earnings drivers for the quarter include the following: higher electric revenues due to rate case outcomes, non-fuel riders, and sales growth partially offset by weather, increased earnings by 23 cents per share.

Speaker #2: With that , I'll turn it over to Brian . Thanks , Bob .

Brian Van Abel: Thanks, Bob. Good morning, everyone. Starting with our financial results, Xcel Energy had ongoing earnings of $0.91 per share for Q1 2026, compared to earnings of $0.84 per share in 2025. The most significant earnings drivers for the quarter include the following: Higher electric revenues due to rate case outcomes, non-fuel riders, and sales growth, partially offset by weather, increased earnings by $0.23 per share, and higher AFDC increased earnings by $0.10 per share. Offsetting these positive drivers, higher interest charges and common equity financing decreased earnings by $0.18 per share, reflecting funding of our infrastructure investments and discipline to maintain a strong balance sheet.

Speaker #3: Good morning, everyone. Starting with our financial results, Xcel Energy had ongoing earnings of $0.91 per share for the first quarter of 2026, compared to earnings of $0.84 per share in 2025.

Speaker #2: And higher AVDC increased earnings by 10 cents per share. Offsetting these positive drivers, higher interest charges and common equity financing decreased earnings by 18 cents per share reflecting funding of our infrastructure investments and discipline to maintain a strong balance sheet.

Brian Van Abel: Higher APDC increased earnings by $0.10 per share. Offsetting these positive drivers, higher interest charges and common equity financing decreased earnings by $0.18 per share, reflecting funding of our infrastructure investments and discipline to maintain a strong balance sheet. Higher depreciation and amortization decreased earnings by $0.05 per share, reflecting our capital investment programs.

Speaker #3: The most significant earnings drivers for the quarter include the following higher electric revenues due to rate case outcomes , Non-fuel riders and sales growth , partially offset by weather increased earnings by $0.23 per share in higher aCDC .

Speaker #2: Higher depreciation and amortization decreased earnings by 5 cents per share reflecting our capital investment programs. And lower natural gas revenues due to weather partially offset by rate case outcomes decreased earnings by 3 cents per share.

Brian Van Abel: Lower natural gas revenues due to weather, partially offset by rate case outcomes, decreased earnings by $0.03 per share. Turning to weather and sales. Colorado overall experienced its warmest winter on record during Q1. As a result, impacts from weather to electric and natural gas sales reduced earnings by $0.09 per share. On a weather-adjusted basis, Q1 electric sales increased by 2.8%, driven by continued oil and gas growth in SPS and broader C&I growth across jurisdictions. For 2026, we continue to expect full-year weather-adjusted electric sales to increase 3%. Moving to recent regulatory activity. In our North Dakota electric rate case, the commission approved our previously announced settlement authorizing a $27 million revenue increase.

Speaker #3: Increased earnings by $0.10 per share. Offsetting these positive drivers, higher interest charges and common equity financing decreased earnings by $0.18 per share, reflecting funding of our infrastructure investments and disciplined efforts to maintain a strong balance sheet.

Speaker #2: Turning to weather and sales, Colorado overall experienced its warmest winter on record during the first quarter. As a result, impacts from weather to electric and natural gas sales reduced earnings by 9 cents per share.

Speaker #3: Higher depreciation and amortization . Decreased earnings by $0.05 per share , reflecting our capital investment programs and lower natural gas revenues due to weather partially offset by outcomes .

Brian Van Abel: Higher depreciation and amortization decreased earnings by $0.05 per share, reflecting our capital investment programs, and lower natural gas revenues due to weather, partially offset by rate case outcomes, decreased earnings by $0.03 per share. Turning to weather and sales. Colorado overall experienced its warmest winter on record during the Q1. As a result, impacts from weather to electric and natural gas sales reduced earnings by $0.09 per share. On a weather-adjusted basis, Q1 electric sales increased by 2.8%, driven by continued oil and gas growth in SPS and broader C&I growth across jurisdictions. For 2026, we continue to expect full-year weather-adjusted electric sales to increase 3%. Moving to recent regulatory activity. In our North Dakota electric rate case, the commission approved our previously announced settlement authorizing a $27 million revenue increase.

Speaker #2: On a weather-adjusted basis, first quarter electric sales increased by 2.8% driven by continued oil and gas growth in SPS and broader CNI growth across jurisdictions.

Brian Van Abel: On a weather-adjusted basis, Q1 electric sales increased by 2.8%, driven by continued oil and gas growth in SPS and broader C&I growth across jurisdictions. For 2026, we continue to expect full-year weather-adjusted electric sales to increase 3%. Moving to recent regulatory activity. In our North Dakota electric rate case, the commission approved our previously announced settlement authorizing a $27 million revenue increase.

Speaker #3: Decreased earnings by $0.03 per share Turning to weather and sales . Colorado overall experienced its warmest winter on record during the first quarter .

Speaker #2: For 2026, we continue to expect full-year weather-adjusted electric sales to increase 3%. Moving to recent regulatory activity, in our North Dakota electric rate case, the Commission approved our previously announced settlement authorizing a $27 million revenue increase.

Speaker #3: As a result , impacts from weather to electric and natural gas sales reduced earnings by $0.09 per share on the weather adjusted basis , first quarter electric sales increased by 2.8% , driven by continued oil and gas growth in ESPs and broader CNI growth across jurisdictions For 2026 , we continue to expect full year weather adjusted electric sales to increase 3% .

Speaker #2: And in our South Dakota electric rate case, we reached a constructive black box settlement with staff for a net revenue increase of $26 million.

Brian Van Abel: In our South Dakota electric rate case, we reached a constructive black box settlement with staff for a net revenue increase of $26 million. A commission decision is expected in Q2. This Tuesday, we received intervener testimony in our Colorado electric rate case, which we believe provides a starting point for ongoing settlement discussions over the next month. Late yesterday, we received the ALJ report in our Minnesota electric rate case, recommending a 9.8% ROE and a 52.5% equity ratio, with a final commission decision early in Q3. In New Mexico electric rate case, intervener testimony is due on 1 May, and we expect a commission decision in Q4.

Speaker #2: A Commission decision is expected in the second quarter. This Tuesday, we received intervenor testimony in our Colorado electric rate case which we believe provides a starting point for ongoing settlement discussions over the next month.

Speaker #3: Moving to recent regulatory activity in our North Dakota electric rate case , the commission approved our previously announced settlement authorizing a $27 million revenue increase .

Speaker #2: Late yesterday, we received the ALJ report in our Minnesota electric rate case recommending a 9.8% ROE and a 52.5% equity ratio with a final Commission decision early in the third quarter.

Brian Van Abel: Late yesterday, we received the ALJ report in our Minnesota electric rate case, recommending a 9.8% ROE and a 52.5% equity ratio, with a final commission decision early in Q3. In New Mexico electric rate case, intervener testimony is due on 1 May, and we expect a commission decision in Q4.

Speaker #3: And in our South Dakota electric rate case , we reached a constructive black box settlement with staff for a net revenue increase of $26 million .

Brian Van Abel: In our South Dakota electric rate case, we reached a constructive black box settlement with staff for a net revenue increase of $26 million. A commission decision is expected in Q2. This Tuesday, we received intervener testimony in our Colorado electric rate case, which we believe provides a starting point for ongoing settlement discussions over the next month. Late yesterday, we received the ALJ report in our Minnesota electric rate case recommending a 9.8% ROE and a 52.5% equity ratio, with a final commission decision early in Q3. In New Mexico electric rate case, intervener testimony is due on 1 May, and we expect the commission decision in Q4.

Speaker #3: A commission decision is expected in the second quarter. This Tuesday, we received intervenor testimony in our Colorado electric rate case, which we believe provides a starting point for ongoing settlement discussions over the next month.

Speaker #2: And in New Mexico electric rate case, intervenor testimony is due on May 1st and we expect the Commission decision in the fourth quarter. As we look to our financing plan, XCEL ENERGY continues our commitment to maintain a strong balance sheet to fund accretive growth with a balance of equity and debt.

Brian Van Abel: As we look to our financing plan, Xcel Energy continues our commitment to maintain a strong balance sheet to fund accretive growth with a balance of equity and debt. In Q1, we issued forward contracts for over $1 billion of equity from our ATM program. We issued an $800 million junior subordinated note at the holding company, which receives 50% equity credit with the rating agencies. This, combined with our unsettled forwards and collared forward contracts from 2025, addresses over half of our $7 billion of equity need in our 5-year base plan. We also continue to make strong progress on the Smokehouse Creek wildfire claims process. We've resolved 231 of the 304 submitted claims.

Speaker #3: Late yesterday , we received the ALJ report on our Minnesota electric rate case , recommending a 9.8% ROE and a 52.5% equity ratio , with a final commission decision early in the third quarter and in New Mexico , electric rate case intervenor testimony is due on May 1st , and we expect the commission decision in the fourth quarter As we look to our financing plan , Xcel Energy continues continues our commitment to maintain a strong balance sheet to fund accretive growth with a balance of equity and debt .

Speaker #2: In the first quarter, we issued Ford contracts for over $1 billion of equity from our ATM program. Additionally, we issued an $800 million junior subordinated note at the holding company which receives 50% equity credit with the rating agencies.

Speaker #2: This, combined with our unsettled forwards and collared forward contracts from 2025, addresses over half of our $7 billion of equity need in our five-year base plan.

Brian Van Abel: This, combined with our unsettled forwards and collared forward contracts from 2025, addresses over half of our $7 billion of equity need in our 5-year base plan. We also continue to make strong progress on the Smokehouse Creek wildfire claims process. We've resolved 231 of the 304 submitted claims.

Speaker #3: In the first quarter , we issued forward contracts for over $1 billion of equity from our ATM program Additionally , we issued an $800 million junior subordinated note at the holding company , which receives 50% equity credit with the rating agencies This , combined with our unsettled forwards and collared forward contracts from 2025 , addresses , over half of our $7 billion of equity need in our five year base plan We also continue to make strong progress on the Smokehouse Creek wildfire , claims process .

Speaker #2: We also continue to make strong progress on the Smokehouse Creek wildfire claims process. We've resolved 231 of the 304 submitted claims. We've reached settlements with 79 of 107 potential claims presented for mediation by parties represented by attorneys.

Brian Van Abel: We've reached settlements with 79 of 107 potential claims presented for mediation by part-parties represented by attorneys. Finally, 26 of 73 complaints have been settled or dismissed and have reached the statute of limitations for property loss claims. We've updated the low end of our estimated liability to $460 million. We have committed $397 million in settlement agreements, including agreements with the subrogated insurance plaintiffs in the three largest claims by acreage. In total, we have $525 million of insurance coverage. Moving to guidance, we are reaffirming our 2026 ongoing EPS guidance range of $4.04 to $4.16 per share.

Speaker #2: And finally, 26 of 73 complaints have been settled or dismissed and have reached the statute of limitations for property loss claims. We've updated the low end of our estimated liability to $460 million.

Speaker #3: We've resolved 231 of the 304 submitted claims . We've reached settlements with 79 of 107 potential claims presented for mediation by parties represented by attorneys .

Speaker #2: We have committed $397 million in settlement agreements. Including agreements with the subrogated insurance plaintiffs in the three largest claims by acreage. In total, we have $525 million in insurance coverage.

Brian Van Abel: We have committed $397 million in settlement agreements, including agreements with the subrogated insurance plaintiffs in the three largest claims by acreage. In total, we have $525 million of insurance coverage. Moving to guidance, we are reaffirming our 2026 ongoing EPS guidance range of $4.04 to $4.16 per share.

Brian Van Abel: We've reached settlements with 79 of 107 potential claims presented for mediation by part-parties represented by attorneys. Finally, 26 of 73 complaints have been settled or dismissed and have reached the statute of limitations for property loss claims. We've updated the low end of our estimated liability to $460 million. We have committed $397 million in settlement agreements, including agreements with the subrogated insurance plaintiffs in the 3 largest claims by acreage. In total, we have $525 million of insurance coverage. Moving to guidance, we are reaffirming our 2026 ongoing EPS guidance range of $4.04 to $4.16 per share.

Speaker #3: And finally , 26 of 73 complaints have been settled or dismissed and have reached and have reached a statute of limitations for property loss claims .

Speaker #2: Moving to guidance, we are reaffirming our 2026 ongoing EPS guidance range of $4.04 to $4.16 per share. We remain confident in our ability to deliver six to eight-plus percent long-term earnings growth and expect to deliver 9% EPS growth on average through 2030.

Speaker #3: We updated the low end of our estimated liability to $460 million . We have committed $397 million in settlement agreements , including agreements with the segregated insurance plaintiffs in the three largest claims by acreage .

Brian Van Abel: We remain confident in our ability to deliver 6% to 8%+ long-term earnings growth and expect to deliver 9% EPS growth on average through 2030. Updates to key assumptions are included in our slides and earnings release. With that, I'll wrap up with a quick summary. Xcel Energy posted strong ongoing Q1 2026 earnings of $0.91 per share. We continue to lead a clean energy transition while ensuring safe, clean, and reliable service and keeping customer bills as low as possible. We have line of sight to $7+ billion of opportunities in our incremental $10+ billion investment plan. We've announced details of our data center agreement with Google, which we believe is a model for driving large load growth while protecting and providing benefits to our other customers and communities.

Speaker #3: In total , we have $525 million of insurance coverage Moving to guidance , we are reaffirming our 2026 ongoing EPS guidance range of $4.04 to $4.16 per share .

Speaker #2: Updates to key assumptions are included in our slides and earnings release. With that, I'll wrap up with a quick summary. XCEL ENERGY posted strong ongoing first-quarter 2026 earnings of $91 per share.

Speaker #3: We remain confident in our ability to deliver 6 to 8 plus percent long term earnings growth and expect to deliver 9% EPS growth on average through 2030 .

Brian Van Abel: We remain confident in our ability to deliver 6% to 8%+ long-term earnings growth and expect to deliver 9% EPS growth on average through 2030. Updates to key assumptions are included in our slides and earnings release. With that, I'll wrap up with a quick summary. Xcel Energy posted strong ongoing Q1 2026 earnings of $0.91 per share. We continue to lead a clean energy transition while ensuring safe, clean, and reliable service and keeping customer bills as low as possible. We have line of sight to $7-plus billion of opportunities in our incremental $10-plus billion investment plan. We've announced details of our data center agreement with Google, which we believe is a model for driving large load growth while protecting and providing benefits to our other customers and communities.

Speaker #2: We continue to lead a clean energy transition while ensuring safe, clean, and reliable service and keeping customer bills as low as possible. We have line of sight to seven-plus billion dollars of opportunities in our incremental 10-plus billion dollar investment plan.

Brian Van Abel: We continue to lead a clean energy transition while ensuring safe, clean, and reliable service and keeping customer bills as low as possible. We have line of sight to $7+ billion of opportunities in our incremental $10+ billion investment plan. We've announced details of our data center agreement with Google, which we believe is a model for driving large load growth while protecting and providing benefits to our other customers and communities.

Speaker #3: Updates to key assumptions are included in our slides and earnings release . With that , I'll wrap up with a quick summary . Xcel Energy posted strong ongoing first quarter 2020 earnings of $0.91 per share .

Speaker #2: We've announced details of our data center agreement with Google which we believe is a model for driving large low growth while protecting and providing benefits to our other customers and communities.

Speaker #3: We continue to lead a clean energy transition Onshoring safe , clean and reliable service and keeping customer bills as low as possible . We have line of sight to seven plus billion dollars of opportunities in our incremental ten plus billion dollar investment plan .

Speaker #2: We partnered with multiple tier-one one EPC firms, critical suppliers, and developers to ensure we have the resources needed to execute on a growing portfolio of investment opportunities on budget, on time, and on scope.

Brian Van Abel: We've partnered with multiple tier 1 EPC firms, critical suppliers, and developers to ensure we have the resources needed to execute on a growing portfolio of investment opportunities on budget, on time, and on scope. We continue to work to reach constructive outcomes, including settlements in our active rate cases. We maintain a strong balance sheet and credit metrics and have addressed over half of our $7 billion 5-year base equity need. We are reaffirming our 2026 ongoing EPS guidance of $4.04 to $4.16 per share. Finally, we remain confident in our ability to deliver 6% to 8%+ long-term earnings growth and expect to deliver 9% EPS growth on average through 2030. This concludes our prepared remarks. Operator, we'll now take questions.

Speaker #2: We continue to work to reach constructive outcomes including settlements in our active rate cases. We maintain a strong balance sheet and credit metrics and have addressed over half of our $7 billion five-year base equity need.

Speaker #3: We've announced details of our data center agreement with Google , which we believe is a model for driving large , low growth . While protecting and providing benefits to our other customers and communities .

Brian Van Abel: We maintain a strong balance sheet and credit metrics and have addressed over half of our $7 billion 5-year base equity need. We are reaffirming our 2026 ongoing EPS guidance of $4.04 to $4.16 per share. Finally, we remain confident in our ability to deliver 6% to 8%+ long-term earnings growth and expect to deliver 9% EPS growth on average through 2030. This concludes our prepared remarks. Operator, we'll now take questions.

Speaker #3: We partnered with multiple tier one EPC firms , critical suppliers , and developers to ensure we have the resources needed to execute on a growing portfolio of investment opportunities and budget , on time and on scope .

Speaker #2: We are reaffirming our 2026 ongoing EPS guidance of $4.04 to $4.16 per share. And finally, we remain confident in our ability to deliver six to eight-plus percent long-term earnings growth and expect to deliver 9% EPS growth on average through 2030.

Speaker #3: We continue to work to reach constructive outcomes , including settlements and our active rate cases We maintained a strong balance sheet and credit metrics and have addressed over half of our $7 billion five year base equity need .

Speaker #2: This concludes our prepared remarks, operator. We will now take questions.

Speaker #1: It is now the question and answer session. If you'd like to ask a question, simply press star plus one on your telephone keypad. Your first question comes from the line of Richard Sunderland from Truist Securities.

Speaker #3: We are reaffirming our 2026 ongoing EPS guidance of $4.04 to $4.16 per share . And finally , we remain confident in our ability to deliver 6 to 8 plus percent long term earnings growth and expect to deliver 9% EPS growth on average through 2030 .

Operator: It is now the question and answer session. If you'd like to ask a question, simply press star plus one on your telephone keypad. Your first question comes from the line of Richard Sunderland from Truist Securities. Your line is live.

Speaker #1: Your line is live.

Speaker #3: Hey, good morning, everyone.

Richard Sunderland: Hey, good morning, everyone.

Speaker #3: This concludes our prepared remarks . Operator . We will now take questions

Speaker #2: Good morning.

Brian Van Abel: Good morning.

Richard Sunderland: Thank you. Starting with some of the regulatory progress, this week, you know, I guess Colorado with the intervener testimony, could you expand a little bit more on the sort of settlement potential over the next month that you referenced in the script? I guess just curious about any other takeaways you'd highlight there. Then similarly on Minnesota with the ALJ rec, just, you know, any other thoughts you could offer would be helpful. Thank you.

Speaker #3: Starting with some of the thank you. Starting with some of the regulatory progress this week, I guess Colorado with the intervenor testimony, could you expand a little bit more on the sort of settlement potential over the next month that you referenced in the script?

Speaker #4: It is now the question and answer session . If you'd like to ask a question , simply press star one on your telephone keypad Your first question comes from the line of Richard Sunderland from Truist Securities .

Speaker #3: And I guess just curious about any other takeaways you'd highlight there. And then similarly on Minnesota with the ALJ wreck, just any other thoughts you could offer would be helpful.

Speaker #4: Your line is live .

Speaker #5: Hey , good morning everyone .

Richard Sunderland: Hey, good morning, everyone.

Speaker #3: Thank you.

Speaker #3: Good morning .

Brian Van Abel: Good morning, Richard.

Speaker #2: Yeah. Yeah, absolutely. And good morning. I think I'll start with Colorado electric. I think maybe we take a step back a little bit. From a macro view, we have the lowest bills in the country in Colorado at 1% share of wallet.

Speaker #5: Starting with some of the . Thank you . Starting with some of the regulatory progress this week . I guess Colorado with the intervenor testimony .

Richard Sunderland: Thank you. Starting with some of the regulatory progress this week, you know, I guess Colorado with the intervener testimony, could you expand a little bit more on the sort of settlement potential over the next month that you referenced in the script? I guess just curious about any other takeaways you'd highlight there. Then similarly on Minnesota with the ALJ rec, just, you know, any other thoughts you could offer would be helpful. Thank you.

Brian Van Abel: Yeah. Yeah, absolutely. Good morning. You know, I think I will start with Colorado Electric. I think maybe we take a step back a little bit from a macro view. We have the lowest bills in the country. In Colorado, a 1% share of wallet. We have one of the fastest transitioning clean energy systems, generation fleets in the country. We are achieving state policy, and hopefully that is recognized by our policymakers in the state. Now, specifically about the rate case, I think we look at the intervener direct testimony, and it's relatively consistent with what we saw in the last case. If you look at our last case in Colorado, we had a near unanimous settlement, and we've settled three of the past four electric cases. We think we have a decent starting point.

Speaker #5: Could you expand a little bit more on the sort of settlement potential over the next month that you referenced in the script? And I guess just curious about any other takeaways you'd highlight there. And then similarly, on Minnesota with the ALJ rec, just any other thoughts you can offer?

Speaker #2: We have one of the fastest transitioning clean energy systems, generation fleets in the country. And so we're achieving state policy. And hopefully that is recognized by our policymakers in the state.

Brian Van Abel: We are achieving state policy, and hopefully that is recognized by our policymakers in the state. Now, specifically about the rate case, I think we look at the intervener direct testimony, and it's relatively consistent with what we saw in the last case. If you look at our last case in Colorado, we had a near unanimous settlement, and we've settled three of the past four electric cases. We think we have a decent starting point.

Speaker #5: Be helpful . Thank you

Speaker #3: Yeah . Yeah , absolutely . And good morning . You know , I think I'll start with Colorado Electric . I think maybe we take a step back a little bit from a macro view .

Brian Van Abel: Yeah. Yeah, absolutely. Good morning. You know, I think, I'll start with Colorado electric. I think maybe we take a step back a little bit from a macro view. We have the lowest bills in the country. In Colorado, a 1% share of wallet. We have one of the fastest transitioning clean energy systems, generation fleets in the country. We're achieving state policy, and hopefully that is recognized by our policymakers in the state. Now, specifically about the rate case, we look at the intervener direct testimony, and it's relatively consistent with what we saw in the last case. If you look at our last case in Colorado, we had a near unanimous settlement, and we've settled three of the past four electric cases. We think we have a decent starting point.

Speaker #2: Now, specifically about the rate case, I think the we look at the intervenor direct testimony and it's relatively consistent with what we saw in the last case.

Speaker #3: We have the lowest bills in the country in Colorado , 1% share of wallet . We have one of the fastest transitioning clean energy systems generation fleets in the country And so we're achieving state policy and hopefully that that is recognized .

Speaker #2: And if you look at our last case in Colorado, we had a near unanimous settlement. And we've settled three of the past four electric cases.

Speaker #2: So we think we have a decent starting point. If you look at the procedural schedule, the settlement deadline is on May 28th. So we'll start settlement discussions.

Brian Van Abel: If you look at the procedural schedule, the settlement deadline is on 28 May. We'll start settlement discussions, look forward to working with the parties early in May, and hopefully we can reach a constructive settlement like we have in the last few rate cases. That's kind of on the Colorado side. On the Minnesota side, for those of you who didn't catch it, we had the Minnesota ALJ report late yesterday. It was after we had already shipped off our ER, so it's not referenced in our earnings release. You will see details in it in our 10-Q that we file later today. Look for a full disclosure in our 10-Q as we work through it. You know, we think it's a generally a balanced overall recommendation.

Speaker #3: Recognized by our policymakers in the state . No , seriously , about the rate case . I think the we look at the intervener direct testimony and it's relatively consistent with what we saw in the last case .

Speaker #2: Look forward to working with the parties early in May. And hopefully we can reach a constructive settlement like we have in the last few rate cases.

Speaker #3: And if you look at our last case in Colorado , we had a near unanimous settlement . And we've settled three of the last four electric cases .

Speaker #2: So that's kind of on the Colorado side. On the Minnesota side, for those of you who didn't catch it, we have the Minnesota ALJ report late yesterday.

Brian Van Abel: On the Minnesota side, for those of you who didn't catch it, we had the Minnesota ALJ report late yesterday. It was after we had already shipped off our ER, so it's not referenced in our earnings release. You will see details in it in our 10-Q that we file later today. Look for a full disclosure in our 10-Q as we work through it. You know, we think it's a generally a balanced overall recommendation.

Speaker #3: So we think we have a decent starting point . If you look at the procedural schedule , the settlement deadline is on May 28th .

Brian Van Abel: If you look at the procedural schedule, the settlement deadline is on 28 May. We'll start settlement discussions, look forward to working with the parties, early in May, and hopefully we can reach a constructive settlement like we have in the last few rate cases. That's kind of on the Colorado side. On the Minnesota side, for those of you who didn't catch it, we had the Minnesota ALJ report late yesterday. It was after we had already shipped off our ER, it's not referenced in our earnings release. You will see details in it in our 10-Q that we file later today. Look for a full disclosure in our 10-Q as we work through it. You know, we think it's generally a balanced overall recommendation.

Speaker #2: It was after we had already shipped off our So it's not referenced in our earnings release. You will see details in it in our 10-Q that we file later today.

Speaker #3: So we'll start settlement discussions , look forward to working with the parties early in May , and hopefully we can reach a constructive settlement like we have in the last few rate cases .

Speaker #2: So look for a full disclosure in our 10-Q as we work through it. No, we think it's generally a balanced overall recommendation. It's constructive to see a 9.8% ROE, a 52.5% equity ratio.

Speaker #3: So that's kind of on the Colorado side , on the Minnesota side , for those of you who didn't catch it , we have the Minnesota ALJ report late yesterday .

Brian Van Abel: It's constructive to see a 9.8% ROE, a 52.5% equity ratio. We're digesting a few of the other kind of trackers and other pieces in it, but overall, we think it's a constructive recommendation. Procedurally, we'll see an MPUC deliberations in June and then an MPUC order in July. As we talked about, you know, we're working through a lot of rate cases and looking to reach some constructive outcomes this year and deliver for both our customers and our shareholders.

Speaker #2: We're digesting a few of the other kind of trackers and other pieces in it. But overall, we think it's a constructive recommendation. And procedurally, we'll see an MPUC deliberations in June and then an MPUC order in July.

Speaker #3: It was after we had already shipped off our air . So it's not referenced in our earnings release . You will see details in it in our 10-q that we filed later today .

Speaker #3: So look for a full disclosure in our 10-q as we as we work through it . You know , we think it's generally a balanced overall recommendation .

Speaker #2: So as we talked about, we're working through a lot of rate cases and looking to reach some constructive outcomes this year and deliver for both our customers and our shareholders.

Speaker #3: It's constructive to see a 9.8% ROE, a 52.5% equity ratio. We're digesting a few of the other kind of trackers and other pieces in it.

Speaker #3: Great. Thanks for running through all of that. And then turning to some of the data center activity, obviously you had a lot of commentary around the Google agreement and the landmark effort there.

Richard Sunderland: Great. Thanks for running through all of that. Turning to some of the data center activity, you know, obviously, you had a lot of commentary around the Google agreement and the landmark effort there. I'm curious, I guess it's slide 14, I think the 4 GW contracted by year-end 2027. You know, any thoughts on sort of the gating factors to signing the, you know, $6 to 8 billion incremental CapEx framework you called out elsewhere in the deck? Is that applicable there? I guess just anything you can highlight on the financing side of those advances as well, you know, any unique ways to finance that.

Speaker #3: But overall , we think it's a constructive recommendation . And procedurally , we'll see an MP deliberations in June and then an MPC order in July .

Speaker #3: But I'm curious, I guess this slide 14, I think the four gigawatts contracted by year-end 27, just any thoughts on sort of the gating factors to signing, the six to eight billion incremental CapEx framework?

Speaker #3: So as we talked about , you know , we're working through a lot of rate cases and looking to reach some constructive outcomes this year .

Richard Sunderland: You know, any thoughts on sort of the gating factors to signing the, you know, $6 to 8 billion incremental CapEx framework you called out elsewhere in the deck? Is that applicable there? I guess just anything you can highlight on the financing side of those advances as well, you know, any unique ways to finance that.

Speaker #3: And deliver for both our customers and our shareholders.

Speaker #5: Great . Thanks . Thanks for running through all of that . And then turning to some of the data center activity . You know , obviously at a lot of commentary around the Google agreement and the landmark effort there .

Speaker #3: You called out elsewhere in the deck. Is that applicable there? And I guess just anything you can highlight on the financing side if those advance as well, any unique ways to finance that?

Richard Sunderland: Great. Thanks for running through all of that. Turning to some of the data center activity, you know, obviously, you had a lot of commentary around the Google agreement and the landmark effort there. I'm curious, I guess it's slide 14, I think the 4 gigawatts contracted by year-end 2027. Just, you know, any thoughts on sort of the gating factors to signing the, you know, $6 to 8 billion incremental CapEx framework you called out elsewhere in the deck? Is that applicable there? I guess just anything you can highlight on the financing side of those advances as well, you know, any unique ways to finance that?

Speaker #2: Yeah. It's Bob. Let me kick it off and then I'll ask Brian to weigh in with anything extra. Not surprisingly, yesterday's hyperscaler announcements continue to show high interest in data center development.

Bob Frenzel: You know, it's Bob, let me kick it off, and then I'll ask Brian to weigh in with anything extra. You know, not surprisingly, yesterday's hyperscaler announcements continue to show high interest in data center developments, and we're seeing a lot of interest across all eight of our states in terms of activity and backlog. At the top of the slide you mentioned, Richard, is a 20 GW backlog, a greater than 20 GW backlog, and that just continues. The interest level continues to grow in our service territories.

Speaker #5: But I'm curious , I guess this . Slide 14 . I think the four gigawatts contracted by year end . 27 , just , you know , any thoughts on sort of the gating factors to signing the , you know , 6 to 8 billion incremental CapEx framework .

Speaker #2: And we're seeing a lot of interest across all eight of our states in terms of activity and backlog. So at the top of the slide, you mentioned Richard is a 20-gigawatt backlog.

Speaker #5: You called out elsewhere in the deck ? Is that applicable there ? And I guess just anything you can highlight on the financing side , if those advance as well .

Speaker #5: Any—any unique ways to finance that?

Speaker #2: And that continues to greater than 20-gigawatt backlog. And that just continues the interest level continues to grow. And our service territories we've got a gig under either built or under construction, another one that we're in front of the commissions with approvals on, particularly this Google transaction.

Speaker #2: Yeah , hey , it's Bob . Let me kick it off and then I'll ask Brian to weigh in with anything extra . You know , not surprisingly , yesterday's Hyperscaler announcements continue to show high interest in data center development .

Bob Frenzel: Yeah. It's Bob. Let me kick it off, and then I'll ask Brian to weigh in with anything extra. You know, not surprisingly, yesterday's hyperscaler announcements continue to show high interest in data center developments, and we're seeing a lot of interest across all 8 of our states in terms of activity and backlog. At the top of the slide, you mentioned, Richard, is a 20 gigawatt backlog, and that continues to a greater than 20 gigawatt backlog, and that just continues, the interest level continues to grow in our service territories.

Bob Frenzel: You know, we've got 1 gig under either built or under construction, another one that we're in front of the commissions with approvals on, particularly this Google transaction, and expect, as we said in our Q4 call, to execute on enough ESAs this year that we get to a 3 gig target, another 3 gigs next year. We're actively engaged with our customers. These are long and deliberate discussions to make sure that we can reach innovative and constructive outcomes like we did with the Google. I think we've proven that we can do, you know, competitive, highly renewable, low carbon data center development in our regions.

Speaker #2: And we're seeing a lot of interest across all eight of our states in terms of of activity and backlog . So at the top of the slide , you mentioned , Richard , is a 20 gigawatt backlog .

Speaker #2: And expect, as we said in our fourth quarter call, to execute on enough ESAs this year that we get to a three-gig target, another three gigs next year.

Speaker #2: And that continues to a greater than 20 gigawatt backlog . And that just continues the interest level continues to grow in our service territories .

Speaker #2: So we're actively engaged with our customers. These are long and deliberate discussions to make sure that we can reach innovative and constructive outcomes like we did with the Google.

Bob Frenzel: These are long and deliberate discussions to make sure that we can reach innovative and constructive outcomes like we did with the Google. I think we've proven that we can do, you know, competitive, highly renewable, low carbon data center development in our regions.

Speaker #2: You know , we've got a gig under either built or under construction . Another one that we're in front of the commissions with approvals on , particularly this Google transaction .

Bob Frenzel: You know, we've got 1 gig either built or under construction, another 1 that we're in front of the commissions with approvals on, particularly this Google transaction, and expect, as we said in our Q4 call, to execute on enough ESAs this year that we get to a 3 gig target, another 3 gigs next year. We're actively engaged with our customers. These are long and deliberate discussions to make sure that we can reach innovative and constructive outcomes like we did with the Google. I think we've proven that we can do. You know, competitive, highly renewable, low carbon data center development in our regions.

Speaker #2: I think we've proven that we can do competitive, highly renewable, low-carbon data center development in our regions that say we have the most length in our company in the upper Midwest.

Speaker #2: And expect , as we said in our fourth quarter call to execute on on enough ESAs this year that we get to a three gig target and another three gigs next year .

Bob Frenzel: I'd say we have the most length in our company in the upper Midwest, and that's been a focus area for us and a focus area with our JDA with NextEra. As we think about the large load tariff filing in Colorado and the abilities that it allows us to bring the generation, the transmission, and the load all together in a package to the Colorado Commission. We have those capabilities as well through both SPP and SPS processes in Texas and New Mexico. We do expect to file a large load tariff in Texas as well this year to help expedite that, but it doesn't preclude us from coming forward with contracts in the near term.

Speaker #2: So we're actively engaged with our customers . These are these are long and deliberate discussions to make sure that we can reach innovative and constructive outcomes , like we did with the Google .

Speaker #2: And that's been a focus area for us and a focus area with our JDA with Nextera. But as we think about the large load tariff filing in Colorado and the abilities that it allows us to bring the generation, the transmission, and the load all together in a package to the Colorado Commission.

Speaker #2: I think we've proven that we can do , you know , competitive , highly renewable , low carbon data center development in our regions .

Speaker #2: And then we have those capabilities as well through both SPP and SPS processes in Texas and New Mexico. And we do expect to file a large load tariff in Texas as well this year to help expedite that.

Bob Frenzel: We have those capabilities as well through both SPP and SPS processes in Texas and New Mexico. We do expect to file a large load tariff in Texas as well this year to help expedite that, but it doesn't preclude us from coming forward with contracts in the near term.

Speaker #2: I'd say we have the most length in our company in the upper Midwest. And that's been a focus area for us and a focus area with our Jada, with NextEra.

Bob Frenzel: I'd say we have the most length in our company in the upper Midwest, and that's been a focus area for us and a focus area with our JDA with NextEra. As we think about the large load tariff filing in Colorado and the abilities that it allows us to bring, the generation, the transmission, and the load all together in a package to the Colorado Commission, we have those capabilities as well through both SPP and SPS processes in Texas and New Mexico. We do expect to file a large load tariff in Texas as well this year to help expedite that, but it doesn't preclude us from coming forward with contracts in the near term.

Speaker #2: But it doesn't preclude us from coming forward with contracts in the near term. So we're active on the engagement front with all the hyperscalers and all the large data center developers.

Speaker #2: But as we think about the large low tariff filing in Colorado and the abilities that it allows us to bring the generation of the transmission and the load all together in a package to the Colorado Commission .

Bob Frenzel: We're active on the engagement front with all the hyperscalers and all the large data center developers, and just a lot of interest in the footprint that our company provides in terms of high penetrations of low cost renewables that our existing customers have benefited from, and we think these large load customers can benefit from as well.

Speaker #2: And just a lot of interest in the footprint that our company provides in terms of high penetrations of low-cost renewables that our existing customers have benefited from.

Speaker #2: And then we have those capabilities as well, through both SP and SPS processes in Texas and New Mexico. And we do expect to file a large load tariff in Texas as well this year to help expedite that.

Speaker #2: And we think these large load customers can benefit from as well.

Speaker #3: Yeah. Just a couple of things. Make sure we get all parts of your question there.

Brian Van Abel: Just a couple of things, make sure we get all parts of your question there. You know, as we think about, you referenced the $68 billion number. That's something we've had in our slides before in terms of for, you know, that's what we view the incremental investment opportunity to serve every gigawatt of data center. If you look at Google being a model, it's served with a lot of renewables, long-duration storage, very different than if you're serving it with just a CCGT. When we think about moving forward our clean energy policies and priorities and meeting our state objectives, that gives us a really good investment opportunity when we think about how we're gonna serve these.

Speaker #2: But it doesn't preclude us from coming forward with contracts in the near term . So we're active on the on the engagement front with all the hyperscalers and all the large data center developers , and just a lot of interest in the footprint that our company provides in terms of high penetrations of low cost renewables that are existing customers have benefited from .

Speaker #2: No, as we think about you reference a $68 billion number, that's something that we've had in our slides before in terms of that's what we view the incremental investment opportunity to serve every gigawatt of data centers.

Bob Frenzel: We're active on the engagement front with all the hyperscalers and all the large data center developers, and just a lot of interest in the footprint that our company provides in terms of high penetrations of low-cost renewables that our existing customers have benefited from, and we think these large load customers can benefit from as well.

Brian Van Abel: If you look at Google being a model, it's served with a lot of renewables, long-duration storage, very different than if you're serving it with just a CCGT. When we think about moving forward our clean energy policies and priorities and meeting our state objectives, that gives us a really good investment opportunity when we think about how we're gonna serve these.

Speaker #2: If you look at Google being a model, it's served with a lot of renewables and long-duration storage, very different than if you're serving it with just a CCGT.

Speaker #2: And we think these large load customers can benefit from as well .

Speaker #3: Yeah , just a couple of things . Make sure we get all parts of your question there . You know , as we think about you referenced a $68 billion number .

Brian Van Abel: Yeah, just a couple of things to make sure we get all parts of your question there. You know, as we think about, you referenced the $68 billion number, that's something we've had in our slides before in terms of for, you know, that's what we view the incremental investment opportunity to serve every gigawatt of data center. If you look at Google being a model, it's served with a lot of renewables and long-duration storage, very different than if you are serving it with just a CCGT. When we think about moving forward our clean energy policies and priorities and meeting our state objectives, that gives us a really good investment opportunity when we think about how we're going to serve these.

Speaker #2: So when we think about moving forward, our clean energy policies and priorities in meeting our state objectives, that gives us a really good investment opportunity.

Speaker #3: That's something we've had in our slides before in terms of for , you know , that's what we view the incremental investment opportunity to serve every gigawatt of data center .

Speaker #2: And we think about how we're going to serve these. And you think about if you look at the slide when we talk about our 10 plus billion dollar investment pipeline, that slide we talk about the RFPs 10 to 12 gigawatts of RFPs in flight.

Brian Van Abel: If you look at the slide, when we talk about our 10-plus billion dollar investment pipeline, that slide, we talk about the RFPs, 10 to 12 gigawatts of RFPs in flight, and then it's the 3 additional gigawatts of data centers that we expect to contract. Those 3 gigawatts of data centers are going to be another, you know, 6, 9, 10 gigawatts of generation that we need. A huge long-term opportunity to kind of fill in the back end of this 5-year, but also just deliver transparency and growth visibility into the early 2030s. Not only about, you know, filling in our investment pipeline here in the back half of this decade, but really driving investment, driving the investment pipeline in the early 2030s.

Speaker #3: If you look at Google being a model , it's served with a lot of renewables and long duration storage , very different than if you're serving it with just a Ccgt .

Speaker #2: And then it's the three additional gigawatts of data centers that we expect to contract. Those three gigawatts of data centers are going to be another 6, 9, 10 gigawatts of generation that we need.

Speaker #3: So when we think about moving forward , our clean energy policies and priorities and meeting our state objectives , that gives us a really good investment opportunity .

Speaker #3: When we think about how we're going to serve these . And you think about if you look at the slide when we talk about our ten plus billion dollar investment pipeline , that slide , we talk about RFPs , 10 to 12GW of RFPs in flight .

Speaker #2: So a huge long-term opportunity to kind of fill in the back end of this five-year, but also just deliver transparency and growth visibility into the early 2030s.

Brian Van Abel: A huge long-term opportunity to kind of fill in the back end of this 5-year, but also just deliver transparency and growth visibility into the early 2030s. Not only about, you know, filling in our investment pipeline here in the back half of this decade, but really driving investment, driving the investment pipeline in the early 2030s.

Brian Van Abel: And you think about if you look at the slide, when we talk about our $10+ billion investment pipeline, that slide, we talk about the RFPs, 10 to 12 GW of RFPs in flight. Then it's the 3 additional GW of data centers that we expect to contract. Those 3 GW of data centers are going to be another 6, 9, 10 GW of generation that we need. A huge long-term opportunity to kind of fill in the back end of this 5-year, but also just deliver transparency and growth visibility into the early 2030. Not only about filling in our investment pipeline here in the back half of this decade, but really driving investment, driving the investment pipeline in the early 2030s.

Speaker #2: So not only about filling in our investment pipeline here in the back half of this decade, but really driving investment, driving the investment pipeline in the early 2030s.

Speaker #3: And then it's the three additional gigawatts of data centers that we expect to contract those three gigawatts of data centers are going to be another , you know , six , nine , ten gigawatts of generation that we need .

Speaker #2: And then it's have to mention just the customer affordability opportunity that this drives. And we think about we bring forward the clean energy opportunity with the resources and the resource advantage we have in the middle of the country, paired with the affordability benefits for our current customers.

Brian Van Abel: That is, you know, have to mention just the customer affordability opportunity that this drives. We think about we bring forward the clean energy opportunity with the resources and the resources advantage we have in the middle of the country, paired with the affordability benefits for our current customers. We're super excited about this opportunity. You asked about a kind of alternative financing, and we're certainly looking at all those alternative financings, just like we know our peers are. Right now, our base plan to beat is how we've talked about it, you know, funding incremental CapEx with incremental equity of roughly 40%. We're already ahead of our, you know, we're 1 quarter into our 5-year plan, and we have 50% of our equity taken down for our base 5-year plan.

Speaker #3: So a huge long term opportunity to kind of fill in the back end of this five year , but also just deliver transparency and growth visibility into the early 2030s .

Speaker #3: So not only about , you know , filling in our investment pipeline here in the back half of this decade , but really driving investment , driving the investment pipeline in the early 2030s .

Speaker #2: So we're super excited about this opportunity. You asked about a kind of alternative financing. We're certainly looking at all of those alternative financings, just like we know our peers are.

Brian Van Abel: We're super excited about this opportunity. You asked about a kind of alternative financing, and we're certainly looking at all those alternative financings, just like we know our peers are. Right now, our base plan to beat is how we've talked about it, you know, funding incremental CapEx with incremental equity of roughly 40%. We're already ahead of our, you know, we're 1 quarter into our 5-year plan, and we have 50% of our equity taken down for our base 5-year plan.

Speaker #3: And then , as you know , have to have to mention just the customer affordability opportunity that this drives . And we think about , we , we bring forth a clean energy opportunity with the resources and the resources advantage we have in the middle of the country , paired with the ability benefits for our current customers .

Brian Van Abel: That is, you know, have to mention just the customer affordability opportunity that this drives. We think about we bring forward the clean energy opportunity with the resources and the resources advantage we have in the middle of the country, paired with the affordability benefits for our current customers. We're super excited about this opportunity. You asked about a kind of alternative financing, we're certainly looking at all those alternative financings, just like we know our peers are. Right now, our base plan to beat is how we've talked about it, you know, funding incremental CapEx with incremental equity of roughly 40%. We're already ahead of our. You know, we're 1 quarter into our 5-year plan, we have 50% of our equity taken down for our base 5-year plan.

Speaker #2: Right now, our base plan to beat is how we've talked about it, funding incremental CapEx x with incremental equity of roughly 40%. We're already ahead of our we're one quarter into our five-year plan.

Speaker #3: So we're super excited about this opportunity . You asked about a kind of alternative financing . We're certainly looking at all of those alternative financings , just like we know our peers are right now .

Speaker #2: And we have 50% of our equity taken down for our base five-year plan. So I think we're really staying ahead of it. And we'll continue to deliver growth in happy to fund a creative growth with equity and maintain that strong balance sheet because we think it's really important as you go through this cycle of long-term extended growth.

Brian Van Abel: I think, we're really staying ahead of it, and we'll continue to deliver growth and happy to fund accretive growth with equity and maintain that strong balance sheet because we think it's really important as you go through this cycle of long-term extended growth. Sorry, long-winded answer, but you asked, like, three or four questions there.

Speaker #3: Our base plan to beat is , is how we've talked about it . You know , funding incremental CapEx with incremental equity of roughly 40% .

Speaker #2: So sorry, long-winded answer, but yes, like three or four questions there.

Speaker #3: We're already ahead of our , you know , we're one quarter into our five year plan . And we have 50% of our equity taken down for our base five year plan .

Richard Sunderland: I appreciate the comprehensive response. Thank you.

Speaker #3: Appreciate the comprehensive response. Thank you.

Richard Sunderland: I appreciate the comprehensive response. Thank you.

Speaker #3: So I think we're really staying ahead of it . And we'll continue to deliver growth in happy to fund accretive growth with equity and maintain that strong balance sheet , because we think it's really important as you go through this cycle of long term extended growth .

Speaker #4: The next question comes from the line of Nicholas Campanella from Barclays. Your line is live.

Operator: Your next question comes from the line of Nicholas Campanella from Barclays. Your line is live.

Speaker #2: Hey, good morning. Thanks for taking my questions.

Nicholas Campanella: Hey, good morning. Thanks for taking my questions.

Speaker #5: Morning, Nick.

Brian Van Abel: Morning, Nick.

Nicholas Campanella: Appreciate all the, all the regulatory follow-up. Hey, how are you? You have line of sight now to the $7 billion of incremental versus I think, $10 billion of upside. Just maybe give us some clarity on the shaping of that spend, and as you roll forward the plan, I believe, to 2031, just how much of that is gonna get encapsulated? Thanks.

Speaker #2: And appreciate all the regulatory follow-up. Hey, how are you? Maybe just on the you have line of sight now to the 7 billion of incremental versus I think 10 billion of upside.

Speaker #3: So sorry , long , long winded answer , but yes , like 3 or 4 questions there

Richard Sunderland: Appreciate the comprehensive response. Thank you.

Speaker #5: Appreciate the comprehensive response. Thank you.

Speaker #2: And just maybe give us some and as you roll forward the plan, I believe, to 2031, just how much of that is going to get encapsulated.

Speaker #4: Your next question comes from the line of Nicholas Campanella from Barclays . Your line is live

Operator: Your next question comes from the line of Nicholas Campanella from Barclays. Your line is live.

Speaker #2: Thanks.

Speaker #6: Hey . Good morning . Thanks for taking my questions .

Nicholas Campanella: Hey, good morning. Thanks for taking my questions.

Speaker #5: Yeah. Hey, Nick. Good morning. I can take that one. And we kind of in that slide, slide eight in our earnings deck, we kind of highlight the different pieces of that 7 plus billion dollars.

Brian Van Abel: Yeah. Hey, Nick. Good morning. I can take that one. You know, in that slide 8 in our earnings deck, we kind of highlight the different pieces of that $7+ billion. Think about that 765 transmission line in SPS. You know, that should be in service by the goal is by 2031, so a lot of that will be captured in our current five-year plan, I think kind of the back part of that five-year plan. The Colorado generation, 800 MW, some gas and 600 MW of wind. Again, that should be, you know, in service by around 2030, particularly the wind, when your goal is to capture the production tax credits. Then we haven't specified the in-service dates on the assets to serve Google.

Speaker #2: Good morning .

Brian Van Abel: Morning, Nick.

Speaker #6: Nick , and appreciate all the all the regulatory follow up . Hey , how are you ? Maybe just on the you have line of sight now to the 7 billion of incremental versus I think 10 billion of upside .

Nicholas Campanella: Appreciate all the, all the regulatory follow-up. Hey, how are you? You have line of sight now to the $7 billion of incremental versus I think $10 billion of upside, and just maybe give us some clarity on the shaping of that spend and as you roll forward the plan, I believe to 2031, just how much of that is going to get encapsulated? Thanks.

Speaker #5: Think about that 765 transmission line in SPS, that should be in service by the goal is by 2031. So a lot of that will be captured in our current five-year plan.

Speaker #6: And just maybe give us some some clarity on the shaping of that spend . And as you roll forward the plan , I believe , to 2031 , just how much of that is going to get encapsulated ?

Speaker #6: Thanks

Speaker #5: You think kind of the back part of that five-year plan, the Colorado generation, 800 megawatts some gas and 600 megawatts of wind. Again, that should be in service by around 2030, particularly the wind when you're goal is to capture the production tax credits.

Speaker #3: Yeah . Hey , Nick . Good morning . I can take that one . And we kind of , you know , in that slide .

Brian Van Abel: Yeah. Nick, good morning. I can take that one. We kinda highlight the different pieces of that $7+ billion. Think about that 765 transmission line in SPS. You know, that should be in service by, the goal is by 2031, so a lot of that will be captured in our current 5-year plan, I think kind of the back part of that 5-year plan. The Colorado generation, 800 MW, some gas and 600 MW of wind. Again, that should be, you know, in service by around 2030, particularly the wind, when your goal is to capture the Production Tax Credits. Then we haven't specified the in-service dates on the assets to serve Google.

Brian Van Abel: The Colorado generation, 800 MW, some gas and 600 MW of wind. Again, that should be, you know, in service by around 2030, particularly the wind, when your goal is to capture the production tax credits. Then we haven't specified the in-service dates on the assets to serve Google.

Speaker #3: Slide eight in our earnings deck , we kind of highlight the different pieces of that seven plus billion dollars . Think of all that , that that 765 transmission line .

Speaker #3: And in SPS know that should be in service by the goal is by 2031 . So a lot of that will be captured in our current five year plan , I think kind of the back part of that five year plan , the Colorado generation , 800MW , some gas and 600MW of wind .

Speaker #5: And then we haven't specified the in-service dates on the assets to serve Google. That's still not public. But if you think about it, if it's wind and solar, the goal is to get those into capture the tax credits to ensure that you have low-cost renewables.

Brian Van Abel: That's still not public. If you think about it, if it's wind and solar, the goal is to get those in to capture the tax credits, to ensure that you have, you know, low-cost renewables. You know, the long-duration storage has a longer potential runway in terms of tax credits. That's the best way to think about it. You know, as we roll forward, we always provide our comprehensive update in Q3, but that's a good way to think about kind of how this stuff rolls into this front five with a little bit flowing into kind of early 2030s.

Speaker #3: Again , that should be , you know , in service by around 2030 , particularly the wind when your goal is to capture the production tax credits and then we haven't specified the in-service dates on the assets to serve Google .

Speaker #5: And then the long-duration storage has a longer potential runway in terms of tax credits. So that's the best way to think about it. As we roll forward, we always provide our comprehensive update in Q3.

Speaker #3: That's still a not public . But if you think about it , if it's wind and solar , the goal is to get those in to capture the tax credits , to ensure that you have , you know , low cost renewables .

Brian Van Abel: That's still not public. If you think about it, if it's wind and solar, the goal is to get those in to capture the tax credits, to ensure that you have, you know, low-cost renewables. Then, you know, the long-duration storage has a longer potential runway in terms of tax credits. That's the best way to think about it. You know, as we roll forward, we always provide our comprehensive update in Q3, but that's a good way to think about kind of how this stuff rolls into this front five with a little bit flowing into kind of early 2030s.

Speaker #5: But that's a good way to think about kind of how this stuff rolls into this front five with a little bit flowing into kind of early 2030s.

Speaker #3: And so and then , you know , the long duration storage has a longer potential runway in terms of tax credits . So that's the best way to think about it .

Speaker #2: Okay. That's great. I really appreciate that. And then maybe just to follow up is as you get to the back end of that plan, the large loads are going to be ramping hopefully and at what point would you kind of revisit the 40% equity financing assumption?

Nicholas Campanella: Okay, that's great. I really appreciate that. Maybe just the follow-up is, you know, as you get to the back end of that plan, the large loads are gonna be ramping, hopefully. You know, on what point would you kind of revisit the 40% equity financing assumption? Secondly, just, you know, just any thoughts on just sending the Baa1 outlook here with Moody's? Thanks.

Speaker #3: You know , as we roll forward , we always provide our comprehensive update in Q3 . But that's a good way to think about kind of how this stuff rolls into this , this front five with a little bit flowing into kind of early 2030s .

Speaker #2: And then secondly, just any thoughts on defending the BAA1 outlook here with Moody's? Thanks.

Speaker #6: Okay . That's great . I really appreciate that . And then maybe just to follow up is , you know , as you get to the back end of that plan , the large loads are going to be ramping .

Nicholas Campanella: Okay, that's great. I really appreciate that. Maybe just the follow-up is, you know, as you get to the back end of that plan, the large loads are gonna be ramping, hopefully. You know, at what point would you kind of revisit the 40% equity financing assumption? Secondly, just any thoughts on defending the Baa1 outlook here with Moody's? Thanks.

Speaker #5: Hey, we think about it longer-term. It's important to maintain a strong balance sheet, good credit metrics. We certainly understand where we are with Moody's.

Brian Van Abel: It, you know, we think about it longer term. It's important to maintain a strong balance sheet, good credit metrics. Now, we certainly understand where we are with Moody's, and we think about over the long term is that 17% CFO to debt type of metric. Obviously, in a large build cycle, that gets pressured a little bit. We do believe, and I've always said it, anyone who's listened to me for the past 6 years as CFO, is that it's important to maintain a strong balance sheet over the long term.

Speaker #6: Hopefully . And You know , at what point would you kind of revisit the 40% equity financing assumption and then secondly , just , you know , any thoughts on defending the bar ?

Speaker #5: And we think about it over the long term is that 17% CFO to debt type of metric. Obviously, in a large build cycle, that gets pressured a little bit.

Speaker #6: Outlook here with Moody's ? Thanks

Speaker #5: But we do believe and I've always said it, anyone who's listened to me for the past 60 years as CFO, is that it's important to maintain a strong balance sheet over the long term.

Speaker #3: Hey , you know , we think about it longer term . It's important to maintain a a strong balance sheet . Good credit metrics , you know , we certainly understand where we are with Moody's .

Brian Van Abel: It, you know, we think about it longer term, it's important to maintain a strong balance sheet, good credit metrics. Now we certainly understand where we are with Moody's, we think about over the long term is that 17% CFO to debt type of metric. Obviously, in a large build cycle, that gets pressured a little bit, but we do believe, and I've always said it, anyone who's listened to me for the past 6 years as CFO, is that it's important to maintain a strong balance sheet over the long term.

Brian Van Abel: In terms of that equity financing, you know, that's generally been our rule of thumb, but every time we roll forward a new 5-year plan, depending on the cash generation, cash profile, timing of a project's in service, tax benefits, you know, we incorporate all that. Forty percent is a rule of thumb, but, you know, we'll continue to be consistent with what really maintains our metrics. Like I said, we think in this type of build cycle, this type of capital investment, volatility in the market, it's important to have a good balance sheet to weather through things.

Speaker #5: In terms of that equity financing, that's generally been our rule of thumb. But every time we roll forward a new five-year plan, depending on the tax cash generation, cash profile, time of a project's in service, tax benefits, we incorporate all that.

Speaker #3: And we think about it over the long term . Is that 17% CFO to debt type of metric . Obviously , in a large build cycle that gets pressured a little bit .

Speaker #3: But we do believe, and I've always said it—anyone who's listened to me for the past six years as CFO knows this—is to maintain a strong balance sheet over the long term.

Speaker #5: So 40% is a rule of thumb. But we'll continue to be consistent with what really maintains our metrics. But like I said, it's we think in this type of build cycle, this type of capital investment, a volatility in the market is important to have a good balance sheet to weather through things.

Brian Van Abel: Forty percent is a rule of thumb, but, you know, we'll continue to be consistent with what really maintains our metrics. Like I said, we think in this type of build cycle, this type of capital investment, volatility in the market, it's important to have a good balance sheet to weather through things.

Brian Van Abel: In terms of that equity financing, you know, that's generally been our rule of thumb, but every time we roll forward a new five-year plan, depending on the cash generation, cash profile, timing of a project's in service, tax benefits, you know, we incorporate all that. 40% is a rule of thumb, but, you know, we'll continue to be consistent with what really maintains our metrics. Like I said, We think in this type of build cycle, this type of capital investment, of volatility in the market, it's important to have a good balance sheet to weather through things.

Speaker #3: In terms of that equity financing , you know , that's generally been our rule of thumb . But every time we roll forward a new five year plan , depending on the tax rate , depending on the cash generation , cash profile , timing of the projects and service tax benefits , you know , we incorporate all that .

Speaker #2: Great. And then just one more that I had that we were curious on is just the micellar capacity print. I mean, I know it came down a little bit.

Nicholas Campanella: Great. Just one more that I had that we were curious on is just the MISO capacity print. I mean, I know it came down a little bit earlier this past week, do you see that as a tailwind at all to the territories that you're operating in? As you kind of think about capacity planning and, you know, where you're doing data center development, how is that maybe changing thoughts there? Thanks.

Speaker #3: So, 40% is a rule of thumb. But, you know, we'll continue to be consistent with what really maintains our metrics.

Speaker #2: Earlier this past week, and do you see that as a tailwind at all to the territories that you're operating in? And then as you kind of think about capacity planning and where you're doing data center development, how is that maybe changing thoughts there?

Speaker #3: But like I said , it's we think in this type of build cycle , this type of capital investment of volatility in the market is important to have a good balance sheet to weather through things

Speaker #2: Thanks.

Speaker #6: Great. And then just one more that I had that we were curious on is just the micelle capacity print. I mean, I know it came down a little bit earlier this past week, and do you see that as a tailwind at all to territories that you're operating in?

Nicholas Campanella: Great. Just one more that I had that we were curious on is just the MISO capacity print. I mean, I know it came down a little bit earlier this past week and do you see that as a tailwind at all to the territories that you're operating in? As you kind of think about capacity planning and, you know, where you're doing data center development, how is that maybe changing thoughts there? Thanks.

Speaker #5: Yeah. Hey, Nick, it's Bob. Thanks for the question. One of the interesting things about the micellar market and the capacity auction itself, it's been much more volatile and less predictable than maybe some of the other regions given the large bilateral nature of the micellar market.

Bob Frenzel: Yeah. Hey, Nick, it's Bob. Thanks for the question. You know, one of the interesting things about the MISO market and the capacity auction itself, it's been much more volatile and less predictable than maybe some of the other regions, given the large bilateral nature of the MISO market. The print itself isn't, you know, something we look at in the near term because we have a bit of length here in the upper Midwest, and we've been able to sell into that market. Over time, it's not the signal that we use to drive new capacity additions and new load forecasting. Relatively, you know, uninteresting in the short term for the capacity auction in MISO, and we'll keep an eye on it.

Speaker #6: And then as you kind of think about capacity planning and , you know , where you're doing data center development , how is how is that maybe changing thoughts there ?

Speaker #5: The print itself isn't something we look at in the near term because we have a bit of length here in the upper Midwest. And we've been able to sell into that market.

Bob Frenzel: The print itself isn't, you know, something we look at in the near term because we have a bit of length here in the upper Midwest, and we've been able to sell into that market. Over time, it's not the signal that we use to drive new capacity additions and new load forecasting. Relatively, you know, uninteresting in the short term for the capacity auction in MISO, and we'll keep an eye on it.

Speaker #6: Thanks .

Speaker #2: Yeah . Hey , Nick , it's Bob . Thanks for the question . You know , one of the interesting things about the micelle market and the capacity auction itself , it's been much more volatile and less predictable than maybe some of the other regions , given the large bilateral nature of the miso market , the print itself isn't , you know , something we look at in the near term because we have a bit of length here in the upper Midwest , and we've been able to sell into that market .

Speaker #5: But over time, it's not the signal that we use to drive new capacity additions and new load forecasting. So relatively uninteresting in the short term for the capacity auction and micellar.

Speaker #5: And we'll keep an eye on it. But our long-term forecast is in partnership with micellar where we see asset additions, asset reductions, and load growth still leads to a really exciting region and an area that data centers definitely want to show up and be energized by.

Bob Frenzel: Our long-term forecast is in partnership with MISO, where we see, you know, asset additions, asset reductions, and load growth still leads to a really, really exciting region and an area that data centers definitely want to show up and be energized by. You know, not much to the auction itself.

Speaker #2: But over time , it's not the signal that we use to drive new capacity additions and new load forecasting . So relatively , you know , uninteresting in the short term for the capacity auction in Miso .

Speaker #5: So not much to the auction itself.

Speaker #2: And we'll keep an eye on it . But our long term forecast is in partnership with Miso , where we see , you know , asset additions , asset reductions and load growth still leads to a really , really exciting region in an area that data centers definitely want to , to , to show up and , and be energized by .

Speaker #2: Thank you.

Nicholas Campanella: Thank you.

Speaker #4: And next question comes from the line of Julien Dumoulin Smith from Jefferies. Your line is live.

Operator: Our next question comes from the line of Julien Dumoulin-Smith from Jefferies. Your line is live.

Speaker #5: Hey, good morning, team. Thank you guys very much. Let me nitpick on a few things you guys have already said here. So just taking it from the top, on Colorado, the interviewer testimony, obviously hearing some decent confidence on settlement.

Julien Dumoulin-Smith: Hey, good morning, team. Thank you guys very much. Let me nitpick on a few things you guys have already said here. Just taking it from the top on Colorado intervener testimony. Obviously hearing some decent confidence on settlement. Again, I never say it's never done till it's done. How do you think about the prior guidance of this 50, 60 basis points of lag here? How do you think about that being attainable? What are the permutations? Also given in parallel here, the comprehensive capital riders here, now available, how do you think about the future cadence of cases, how you might, you know, come together around any settlement and trying to establish a longer duration here?

Speaker #2: So , you know , not much to the auction itself

Speaker #6: Thank you

Nicholas Campanella: Thank you.

Speaker #5: Again, I never say it's never done until it's done. But how do you think about the prior guidance of this 50/60 basis points of lag here?

Operator: Our next question comes from the line of Julien Dumoulin-Smith from Jefferies. Your line is live.

Speaker #4: Next question comes from the line of Julien Dumoulin-smith from Jefferies . Your line is live .

Speaker #5: How do you think about that being attainable? What are the permutations? And then also given in parallel here, the comprehensive capital riders here, now available, how do you think about the future cadence of cases, how you might come together around any settlement and trying to establish a longer duration here?

Julien Dumoulin-Smith: How do you think about that being attainable? What are the permutations? Also given in parallel here, the comprehensive capital riders here, now available, how do you think about the future cadence of cases, how you might, you know, come together around any settlement and trying to establish a longer duration here?

Speaker #7: Hey , good morning team . Thank you guys very much . Let me let me nitpick on a few things . You guys have already said here .

Julien Dumoulin-Smith: Hey, good morning, team. Thank you guys very much. Let me, let me nitpick on a few things you guys have already said here. Just taking it from the top on Colorado intervener testimony, obviously hearing some decent confidence on settlement. Again, I never say it's never done till it's done. How do you think about the prior guidance of this 50, 60 basis points of lag here? How do you think about that being attainable? What are the permutations? Also given in parallel here, the comprehensive capital riders here, now available, how do you think about the future cadence of cases, how you might, you know, come together around any settlement and trying to establish a longer duration here?

Speaker #7: So just take it from the top on on Colorado Intervenor testimony . Obviously hearing some decent confidence on settlement again a never say it's never done until it's done .

Speaker #7: But how do you think about the prior guidance of this 5060 basis points of lag here ? How do you think about that being attainable ?

Speaker #5: Hey, Julien, good morning. I can take that one. I think really certainly if we can reach a constructive settlement, the prior guidance remains intact.

Brian Van Abel: Hey, Julien, good morning. I can take that one. You know, I think really it, you know, certainly if we can reach a constructive settlement, that prior guidance remains intact. I think, you know, when you look at kind of where staff and UCA are at a 9.0% kind of midpoint for staff and 9.2% ROE for UCA, it's like I said, it's a decent starting point for settlement negotiations. And certainly our equity ratio is important in Colorado. Like I was talking about overall, it's really important to maintain credit quality in Colorado too. The equity ratio is a significant point of that. Like I said, we've had a good history, a good track record of settling on the electric side.

Speaker #7: What are the permutations ? And then also , given in parallel here , the comprehensive capital riders here now available . How do you think about the future cadence of cases , how you might , you know , come together around , around any settlement and trying to establish a longer duration here .

Speaker #5: I think when you look at kind of where staff and UCAR at a 9.0 kind of midpoint for staff and 9.2 ROE for UCA, it's like I said, it's a decent starting point for settlement negotiations.

Speaker #5: And certainly, our equity ratios in Portland, Colorado, like I was talking about overall, it's really important to maintain credit quality in Colorado too. So the equity ratio is a significant point of that.

Brian Van Abel: And certainly our equity ratio is important in Colorado. Like I was talking about overall, it's really important to maintain credit quality in Colorado too. The equity ratio is a significant point of that. Like I said, we've had a good history, a good track record of settling on the electric side.

Speaker #3: Hey , Julian . Good morning . I can take that one . You know , I think really , you know , certainly if we can reach a constructive settlement that prior guidance remains intact , I think , you know , when you look at kind of where staff and you see are at a nine zero kind of midpoint for staff and 9.2 ROE for UK , it's like I said , it's a decent starting point for settlement negotiations and certainly our equity ratios important in Colorado .

Brian Van Abel: Hey, Julien, good morning. I can take that one. You know, I think really it, you know, certainly if we can reach a constructive settlement, that prior guidance remains intact. I think, you know, when you look at kind of where staff and UCA are at a 9.0 kind of midpoint for staff and 9.2 ROE for UCA, it's like I said, it's a decent starting point for settlement negotiations. Certainly our equity ratio is important in Colorado. Like I was talking about overall, it's really important to maintain credit quality in Colorado too. The equity ratio is a significant point of that. Like I said, we've had a good history, a good track record of settling on the electric side.

Speaker #5: But like I said, we've had a good history, a good track record of settling on the electric side. Do you think about the riders and the opportunity?

Brian Van Abel: As you think about, you know, the riders and the opportunity, I think, you know, there is an opportunity to have a longer-term path to not filing rate cases maybe every year that we have been. Certainly it does depend on the constructive settlement here in the electric case to kind of set that base framework. Obviously, absolutely something we're thinking about and look forward to engaging the parties here over the next month to see if we can reach something constructive.

Speaker #5: I think there is an opportunity to have a longer-term path to not filing rate cases maybe every year that we have been. But certainly, it does depend on the constructive settlement here on the electric in the electric case to kind of set that base framework.

Speaker #3: Like I was talking about , overall , it's important to maintain credit quality in Colorado too . So the equity ratio is a significant point of that .

Speaker #5: So obviously, something we're thinking about and look forward to engaging the parties here over the next months to see if we can reach something constructive.

Speaker #3: But like I said , we've had a good history , good track record of settling on the electric side . So you think about , you know , the riders and the opportunity .

Speaker #4: Awesome. Excellent. And then to go back and take a little bit on the next question around the data center large loads, a couple of pieces here.

Julien Dumoulin-Smith: Awesome. Excellent. Then to go back and nitpick a little bit on the next question around the data center, large loads, a couple pieces here. Just what's the geographic footprint that you're contemplating here in incremental announcements? I mean, obviously the different states have different tax regimes. You alluded here to Texas filing something here. You know, how disproportionate might that geography be relative to your others here? How might that impact, again, the comments you just made about Colorado? Then to nitpick further, this NextEra partnership, you throw 2 gigawatts out in that pipeline. Is that separate and distinct from what you're talking about in this 3 gigawatts by 2027? Sorry, I know you're throwing a few different numbers, but I wanna try to tie them out here.

Speaker #3: I think , you know , there is an opportunity to have a longer term path to to not filing rate cases . Maybe every year that we have been .

Speaker #4: Just what's the geographic footprint that you're contemplating here in incremental announcements? I mean, obviously, the different states have different tax regimes. You alluded here to Texas, filing something here.

Speaker #3: But certainly it does depend on the constructive settlement here on the electric in the electric case to kind of set that base framework .

Speaker #3: So obviously , absolutely something we're thinking about and engaging the parties here over the next month to see if we can reach something constructive

Speaker #4: How disproportionate might that geography be relative to your others here? How might that impact, again, the comments that you just made about Colorado? And then to nitpick further, this next era partnership, you throw two gigawatts out in that pipeline.

Julien Dumoulin-Smith: You know, how disproportionate might that geography be relative to your others here? How might that impact, again, the comments you just made about Colorado? Then to nitpick further, this NextEra partnership, you throw 2 gigawatts out in that pipeline. Is that separate and distinct from what you're talking about in this 3 gigawatts by 2027? Sorry, I know you're throwing a few different numbers, but I wanna try to tie them out here.

Speaker #7: Awesome . Excellent . And then to go back and take a little bit on next question around the the data center , large loads a couple of pieces here .

Julien Dumoulin-Smith: Awesome. Excellent. Then to go back and nitpick a little bit on the next question around the data center, large loads. A couple pieces here. Just what's the geographic footprint that you're contemplating here in incremental announcements? I mean, obviously the different states have different tax regimes. You alluded here to Texas filing something here. You know, how disproportionate might that geography be relative to your others here? How might that impact, again, the comments you just made about Colorado? Then to nitpick further, this NextEra partnership, you throw 2 GW out in that pipeline. Is that separate and distinct from what you're talking about in this 3 GW by 2027? Sorry, I know you're throwing a few different numbers, but I wanna try to tie them out here.

Speaker #7: Just what's the geographic footprint that you're contemplating here in incremental announcements ? I mean , obviously the different states have different tax regimes .

Speaker #4: Is that separate and distinct from what you're talking about in this three gigawatts by '27? Sorry, I know you're throwing a few different numbers, but I want to try to tie them out here.

Speaker #7: You alluded here to Texas filing something here . You know , how disproportionate might that geography be relative to your others here ? How might that impact , again , the comments that you just made about Colorado ?

Speaker #5: Hey, Julien, it's Bob. Thanks for the question. And let me see if I can't clarify a little bit. First of all, like I said, we started with generation length and transmission capabilities.

Bob Frenzel: Hey, Julien, it's Bob. Thanks for the question. Let me see if I can't clarify a little bit. First of all, like I said, we started with generation length and transmission capabilities, and that's led people to be most interested in the upper Midwest. The Minnesota, the Wisconsin, and the Dakotas are really interesting to our data center developers in the near term where we have more length. In the longer term, you know, working on a large load tariff in Colorado, there's active legislation in Colorado around, you know, trying to, you know, work on making Colorado a place where we can have a framework, legislative framework to bring data centers there and attract them. Then in the Southwest, you know, a hugely popular region given the price of electricity down there and the attractiveness down there.

Speaker #7: And then to nitpick further , this next era partnership , you throw two gigawatts out in that pipeline . Is that separate and distinct from what you're talking about in this three gigawatts by 27 ?

Speaker #5: And that's led people to be most interested in the upper Midwest. The Minnesota, the Wisconsin, and the Dakotas are really interesting to our data center developers in the near term where we have more length.

Speaker #7: Sorry , I know you're throwing a few different numbers , but I want to try to tie them out here .

Speaker #5: In the longer term, working on a large load tariff in Colorado, there's active legislation in Colorado around trying to work on making Colorado a place where we can have a framework legislative framework to bring data centers there and attract them.

Bob Frenzel: In the longer term, you know, working on a large load tariff in Colorado, there's active legislation in Colorado around, you know, trying to, you know, work on making Colorado a place where we can have a framework, legislative framework to bring data centers there and attract them. Then in the Southwest, you know, a hugely popular region given the price of electricity down there and the attractiveness down there.

Speaker #2: Hey , Julian , it's Bob . Thanks for the question . And let me see if I can't clarify a little bit . First of all , like I said , we started with generation length and transmission capabilities , and that's led people to be most interested in the upper Midwest .

Bob Frenzel: Hey, Julien, it's Bob. Thanks for the question. Let me see if I can't clarify a little bit. First of all, like I said, we started with generation length and transmission capabilities, that's led people to be most interested in the upper Midwest. The Minnesota, the Wisconsin, the Dakotas are really interesting to our data center developers in the near term where we have more length. In the longer term, you know, working on a large load tariff in Colorado, there's active legislation in Colorado around, you know, trying to, you know, work on making Colorado a place where we can have a framework, legislative framework to bring data centers there and attract them. In the South-West, you know, a hugely popular region given the price of electricity down there and the attractiveness down there.

Speaker #2: The Minnesota , the Wisconsin , and the Dakotas are really interesting to our data center developers in the near term , where we have more length in the longer term , you know , working on a large load tariff in Colorado , there's active legislation in Colorado around , you know , trying to , you know , work on , on making Colorado a place where we can have a framework , legislative framework to bring data centers .

Speaker #5: And then in the Southwest, a hugely popular region given the price of electricity down there, and the attractiveness down there. So I think when we talk to developers, first of all, I think when you're talking to the large hyperscalers and the developers, they like working with us because we have multiple regions of the country, and we can deliver solutions in different parts of the country that help them meet their portfolio of needs across a large swath of the United States.

Bob Frenzel: I think when we talk to developers, First of all, I think when you're talking to the large hyperscalers and the developers, they like working with us because we have multiple regions of the country, and we can deliver solutions in different parts of the country that help them meet their portfolio of needs across a large swath of the United States. When we talk about the high probability pipeline or the high probability projects, we expect 4 more GW to be contracted by the end of 2027. That's inclusive of the 2 we threw out there with NextEra, and the NextEra partnership could be larger than that. I was just commenting on the fact that we're actively engaged in 2. It could be bigger to serve all 4, but we're working on that. If that's helpful.

Speaker #2: There and attract them . And then in the South West , you know , hugely popular region , given the price of electricity down there in the attractiveness down there .

Speaker #5: When we talk about the high probability pipeline or the high probability projects, we expect four more gigawatts to be contracted by the end of 2027.

Bob Frenzel: When we talk about the high probability pipeline or the high probability projects, we expect 4 more GW to be contracted by the end of 2027. That's inclusive of the 2 we threw out there with NextEra, and the NextEra partnership could be larger than that. I was just commenting on the fact that we're actively engaged in 2. It could be bigger to serve all 4, but we're working on that. If that's helpful.

Speaker #2: So I think when we talk to developers , they first of all , I think when you're talking to the large hyperscalers and the developers , they like working with us because we have multiple regions of the country and we can deliver solutions in different parts of the country that help them meet their portfolio of needs across a large swath of the United States .

Speaker #5: That's inclusive of the two we threw out there with NextEra. And the NextEra partnership could be larger than that. I would just comment on the fact that we're actively engaged in two.

Speaker #5: It could be bigger to serve all four. But we're working on that. That's helpful.

Speaker #2: When we talk about the high probability pipeline or the high probability projects we expect for more gigawatts to be contracted by the end of 2027 , that's inclusive of the two we threw out there with NextEra and the next ERA partnership could be larger than that .

Speaker #4: Awesome. All right. Excellent. And then just inasmuch as just nitpicking on cost, obviously, starting the year out well, any updates on Sherco here and timeline there?

Julien Dumoulin-Smith: Awesome. All right, excellent. Then just in as much as, just nitpicking on cost, obviously starting the year out well. Any updates on Sherco here and timeline there?

Speaker #2: I would just commenting on the fact that we're actively engaged in two . It could be bigger to serve all four , but we're working on that .

Brian Van Abel: Julien, do you mean Comanche?

Speaker #5: Julien, do you mean Comanche?

Julien Dumoulin-Smith: Well, I was thinking Sherco in as much as I think it's still planned retirement in 2026, right?

Speaker #4: Well, I was thinking Sherco inasmuch as I think it's still planned retirement in '26, right?

Julien Dumoulin-Smith: Well, I was thinking Sherco in as much as I think it's still planned retirement in 2026, right?

Speaker #2: That's helpful

Speaker #5: Yes. Our plans are to continue to retire Sherco at the end of this year. And we have both the transmission and generation needed to serve that interconnection on a go-forward basis in the upper Midwest.

Bob Frenzel: Yes. Our plans are to continue to retire Sherco at the end of this year. We have both the transmission and generation needed to serve that interconnection on a go-forward basis in the upper Midwest. Part of our long-term resource plans in the upper Midwest. Those plans are still intact.

Speaker #7: Awesome . All right . Excellent . And then just inasmuch as just nitpicking on cost , obviously starting the year out , well , any updates on Sherco here and timeline there

Julien Dumoulin-Smith: Awesome. All right, excellent. Just in as much as, just nitpicking on cost, obviously, starting the year out well, any updates on Sherco here and timeline there?

Speaker #5: And it's a part of our long-term resource plan in the upper Midwest. Those plans are still intact. We've not heard anything that would lead us to do anything differently at this point.

Bob Frenzel: Julien, do you mean Comanche?

Speaker #3: Julie . Do you mean Comanche ?

Julien Dumoulin-Smith: Well, I was thinking Sherco as much as I think it's still planned retirement in 2026, right?

Speaker #7: Well , I was thinking sure . Going as much as I think it's still planned retirement in 26 , right ?

Julien Dumoulin-Smith: Okay.

Bob Frenzel: We've not heard anything that would lead us to do anything differently at this point.

Speaker #2: Yes . Our plans , our plans are to continue to to retire . Sherco at the end of this year . And we have both the transmission and generation needed to serve that interconnection on a go forward basis in the Upper Midwest .

Bob Frenzel: Yes. Our plans are to continue to retire Sherco at the end of this year, and we have both the transmission and generation needed to serve that interconnection on a go-forward basis in the Upper Midwest, and it's a part of our long-term resource plans in the Upper Midwest. Those plans are still intact.

Speaker #4: Awesome. Sorry. I know lots of things going on. Best of luck. You guys got a lot cooking. We'll talk soon.

Julien Dumoulin-Smith: Awesome. Sorry, I know lots of things going on. Best of luck. You guys got a lot cooking. We'll talk soon.

Speaker #5: Thanks, Julien.

Bob Frenzel: Thanks, Julien.

Speaker #4: Your next question comes from the line of Carly Davenport from Goldman Sachs. Your line is live.

Operator: Your next question comes from the line of Carly Davenport from Goldman Sachs. Your line is live.

Speaker #2: And it's a part of our long term resource plans in the Upper Midwest . Those plans are still intact .

Speaker #6: Hey, good morning. Thanks for taking my question.

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

Speaker #7: Okay .

Julien Dumoulin-Smith: Okay.

Speaker #2: We've not we've not heard anything that would lead us to do anything differently at this point .

Bob Frenzel: We've not heard anything that would lead us to do anything differently at this point.

Speaker #5: Hey, good morning, Carly.

Bob Frenzel: Hey, good morning, Carly.

Speaker #6: Good morning. Maybe just a couple of quick ones on Colorado first. I think the PUC Sunset bill came out of committee last week, just maybe your latest views there on some of the provisions around securitization.

Carly Davenport: Good morning. Maybe just a couple quick ones on Colorado first. I think the PUC Sunset Bill came out of committee last week. Just maybe your latest views there on some of the provisions around securitization, and maybe views on potential for changes like expanding the size of the PUC and just kind of your thoughts around that.

Speaker #7: Awesome . Sorry . I know lots of things going on . Best of luck . You guys got a lot cooking . We'll talk .

Julien Dumoulin-Smith: Awesome. Sorry, I know lots of things going on. Best of luck. You guys got a lot cooking. We'll talk soon.

Speaker #3: Soon

Bob Frenzel: Thanks, Julien.

Speaker #6: And maybe views on potential for changes like expanding the size of the PUC and just kind of your thoughts around that.

Speaker #4: Your next question comes from the line of Carly Davenport from Goldman Sachs . Your line is live .

Operator: Your next question comes from the line of Carly Davenport from Goldman Sachs. Your line is live.

Speaker #5: Sure. I'm happy to comment. You're accurate. Each of the agencies in the state undergo Sunset review, the PUC was up this year. It's usually somewhere in a 7 to 10-year cycle.

Bob Frenzel: Sure. I'm happy to comment. You're accurate. You know, each of the agencies in the state undergo sunset review. The PUC was up this year. It's usually somewhere in a 7 to 10-year cycle. The goal is to look at the effectiveness and the efficiency of the agency and the necessity of the functions for the future of the state. One of the provisions in the legislation itself was the expansion of the use of securitization as a tool. I think we've been really thoughtful as a company in proposing securitization in the cases where it makes a lot of sense. If you look back, we have permission to securitize the remaining balance of Comanche 3 when that plant retires at the end of 2030.

Speaker #8: Hey , good morning . Thanks for taking my question

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

Speaker #3: Hey , good morning Carly .

Bob Frenzel: Hey, good morning, Carly.

Speaker #8: Good morning . Maybe just a couple quick ones on on Colorado . First . I think the PUC sunset bill came out of committee last week .

Carly Davenport: Good morning. Maybe just a couple quick ones on Colorado. First, I think the PUC Sunset Bill came out of committee last week. Just maybe your latest views there on some of the provisions around securitization, and maybe views on potential for changes like expanding the size of the PUC and just kind of your thoughts around that.

Speaker #8: Just maybe your latest views there on some of the provisions around securitization and maybe views on potential for changes like expanding the size of the PUC and just kind of your thoughts around that

Speaker #5: And the goal is to look at the effectiveness and the efficiency of the agency and the necessity of the functions for the future of the state.

Speaker #5: So one of the provisions in the legislation itself was the expansion of the use of securitization as a tool I think we've been really thoughtful as a company in proposing securitization in the cases where it makes a lot of sense.

Bob Frenzel: One of the provisions in the legislation itself was the expansion of the use of securitization as a tool. I think we've been really thoughtful as a company in proposing securitization in the cases where it makes a lot of sense. If you look back, we have permission to securitize the remaining balance of Comanche 3 when that plant retires at the end of 2030.

Speaker #2: Sure . Happy to comment your accurate , you know , each of the agencies in the state undergo sunset review . The PUC was up this year .

Bob Frenzel: Sure. I'm happy to comment. You're accurate. You know, each of the agencies in the state undergo sunset review. The PUC was up this year. It's usually somewhere in a 7 to 10-year cycle. The goal is to look at the effectiveness and the efficiency of the agency and the necessity of the functions for the future of the state. You know, one of the provisions in the legislation itself was the expansion of the use of securitization as a tool. I think we've been really thoughtful as a company in proposing securitization in the cases where it makes a lot of sense. If you look back, we have permission to securitize the remaining balance of Comanche III when that plant retires at the end of 2030.

Speaker #2: It's usually somewhere in the 7 to 10 year cycle . And the goal is to look at the effectiveness and the efficiency of the agency and the necessity of the functions for the future of the state .

Speaker #5: If you look back, we have permission to securitize the remaining balance of Comanche 3 when that plant retires at the end of 2030. We've looked at securitization for portions of our wildfire investment in the state.

Speaker #2: So one of the provisions in the the legislation itself was the expansion of the use of of , of securitization as a tool .

Bob Frenzel: We've looked at securitization for portions of our wildfire investment in the state. We've proposed and not executed on securitization around, you know, fuel costs, particularly around Winter Storm Uri. That's a good tool to have in the tool chest. I just think we want to make sure that it's used for the right things as we go forward, and we're talking about securitization. We're very engaged in the legislation as drafted. There's a little bit of time between now and the end of session. We continue to talk with all parties about how to make sure that we can bring efficiency and effectiveness to the state, you know, whether it's speed of filings, decision-making on resource plans.

Speaker #5: We've proposed and not executed on securitization around fuel costs, particularly around winter storm Uri. So there's sort of that's a good tool to have in the tool chest.

Speaker #2: We've I think we've been really thoughtful as a company in proposing securitization in the cases where it makes a lot of sense . If you look back , we have permission to securitize the remaining balance of Comanche .

Speaker #5: I just think we want to make sure that it's used for the right things as we go forward. And we're talking about securitization we're very engaged in the legislation as drafted there's a little bit of time between now and the end of session.

Speaker #2: Three . When that plant retires at the end of 2030 , we've looked at securitization for portions of our wildfire investment in the state .

Bob Frenzel: We're very engaged in the legislation as drafted. There's a little bit of time between now and the end of session. We continue to talk with all parties about how to make sure that we can bring efficiency and effectiveness to the state, you know, whether it's speed of filings, decision-making on resource plans.

Bob Frenzel: We've looked at securitization for portions of our wildfire investment in the state. We've proposed and not executed on securitization around, you know, fuel costs, particularly around Winter Storm Uri. That's a good tool to have in the tool chest. I just think we want to make sure that it's used for the right things as we go forward, and we're talking about securitization. We're very engaged in the legislation as drafted. There's a little bit of time between now and the end of session, and we continue to talk with all parties about how to make sure that we can bring efficiency and effectiveness to the state.

Speaker #2: We've proposed . And not executed on securitization around , you know , fuel costs , particularly around winter Storm URI . So there's there's sort of that's a good tool to have in the tool chest .

Speaker #5: And we continue to talk with all parties about how to make sure that we can bring efficiency and effectiveness to the state whether it's speed of filings, decision-making on resource plans.

Speaker #2: I just think we want to make sure that it's used for the right things as we go forward. And we're talking about securitization, we're very engaged in the legislation as drafted.

Speaker #5: There's a lot of things that we think that in this era of energy growth that we'd like to see be able to do and to partner with the PUC as we move forward and working with all the stakeholders to do that.

Bob Frenzel: There's a lot of things that we think that in this era of energy growth, that we'd like to see be able to do and to partner with the PUC as we move forward and working with all the stakeholders to do that.

Speaker #2: There's a little bit of time between now and the end of session , and we continue to talk with all parties about how to make sure that we can bring efficiency and effectiveness to the state .

Speaker #6: Got it. That's really helpful. Thank you. And then maybe just as we move more sort of into the core of wildfire season, in Colorado over the next couple of months here, maybe can you just talk a little bit about sort of expectations going in based on current sort of weather forecasts and the mild winter that you had in Colorado?

Carly Davenport: Got it. That's really helpful. Thank you. Maybe just as we move more sort of into the core of wildfire season in Colorado over the next couple of months here, maybe can you just talk a little bit about sort of expectations going in based on current sort of weather forecasts and the mild winter that you had in Colorado? Just maybe touch on some of the risk reduction work that you've done in the last couple of years to get ahead of that risk.

Speaker #2: You know , whether it's speed of filings , decision making on resource plans , there's a lot of things that that we think that in this era of , of energy growth that we'd like to see be able to do and to partner with the PUC as we move forward and working with all the stakeholders to do that .

Bob Frenzel: You know, whether it's speed of filings, decision-making on resource plans, there's a lot of things that we think that in this era of energy growth that we'd like to see be able to do and to partner with the PUC as we move forward and working with all the stakeholders to do that.

Speaker #6: And then just maybe touch on some of the risk reduction work that you've done in the last couple of years to get ahead of that risk.

Speaker #5: Yeah. Thank you. I appreciate you recognizing all the great work. The team has done over the last number of years. It still goes in a number of buckets.

Bob Frenzel: Yeah, thank you. I appreciate you recognizing all the great work the team has done over the last number of years. You know, it still goes in a number of buckets. We talk about situational awareness and our ability to understand weather patterns and take action on them more discreetly, more accurately with less customer impact is really grown over the last wash and plan. We've been more auto situational awareness than at what opportunity to give actions, EPSS or in limited cases, yes, there are moderately ground and our ability to shorten them to make it safer, come to back in on the best we can. Underneath situational awareness is some poles, connectors, that are in the prone area is sufficiently vulnerable as I might see it as well forward.

Speaker #8: Got it . That's really helpful . Thank you . And then maybe just as we move more sort of into the core of , of wildfire season in Colorado over the next couple of months here , maybe , can you just talk a little bit about sort of expectations going in based on current sort of weather forecasts and the mild winter that you had in Colorado ?

Speaker #5: We talk about situational awareness. And our ability to understand weather patterns and take action on them more discreetly, more accurately, with less customer impact is really grown over the last Washington plan we've been working.

Speaker #8: And then just maybe touch on some of the risk reduction work that you've done in the last couple of years to get ahead of that risk ?

Speaker #2: Yeah . Thank you . I appreciate you recognizing all the great work that the team has done over the last number of years .

Bob Frenzel: Yeah, thank you. I appreciate you recognizing all the great work that the team has done over the last number of years. You know, it still goes in a number of buckets. We talk about situational awareness and our ability to understand weather patterns and take action on them more discreetly, more accurately with less customer impact is really grown over the last 2 years of this wildfire mitigation plan we've been working through in Colorado. So situational awareness is way higher than it was on our opportunity to implement both protective actions under EPSS or even in limited cases, PSPS.

Bob Frenzel: We've been more auto situational awareness than at what opportunity to give actions, EPSS or in limited cases, yes, there are moderately ground and our ability to shorten them to make it safer, come to back in on the best we can. Underneath situational awareness is some poles, connectors, that are in the prone area is sufficiently vulnerable as I might see it as well forward.

Speaker #5: Colorado situational awareness in higher than it was. Opportunity to take actions or in limited cases. Yes. There are moderately grown in our ability to shorten them and make it safe for.

Speaker #2: You know , it still goes in a number of buckets . We talk about situational awareness and our ability to understand weather patterns and take action on them more discreetly , more accurately , with less customer impact .

Speaker #2: It's really grown over the last two years of this wildfire mitigation plan we've been working through in Colorado. So situational awareness is way higher than it was, and our opportunity to implement both protective actions is under way.

Speaker #5: Part in the back end on the best we can. Underneath the wasting awareness and some polls. Connectors, artists in the prone areas, sufficiently volatile weather might see it as well forward.

Speaker #2: E , P s , or even in limited cases , PSPs . Our skill set there and our muscle has really , really grown .

Bob Frenzel: Our skill set there and our muscle has really grown, and it shows in our ability to, you know, shorten the front end and make it safe for customers and then shorten the back end on recovery as best we can. We're hardening underneath the situational awareness, so we've invested $ billions into poles, wires, connectors, insulators, making sure that our equipment that sits in the more prone areas is sufficient to handle the volatile weather that we might see as we roll forward through time. Then there's a lot on the communication side, making sure our customers know exactly what we're doing, new outage management systems, new customer notification systems, more engagement on the community side. Yes, we are at a low snowpack in Colorado this year in drier conditions.

Speaker #2: And it shows in our ability to , you know , shorten the front end and make it safe for customers and shorten the back end on recovery as best we can .

Speaker #2: We're hardening underneath the situational awareness . So we've invested billions into poles , wires , connectors , insulators , making sure that our equipment that sits in the more prone areas is sufficient to handle the volatile weather that we might see as we roll through , roll forward through time .

Bob Frenzel: On the communication, sure our customers know we're doing new outage management systems, new customer notification systems, more engagement on the community sites. Yes, we are at a low snowpack in Colorado this year in a drier condition. We think with all the things we've done under the operational side, the situational awareness side, and the community engagement side, is going to lead us to have a high, safe summer in Colorado.

Speaker #5: And the communication share our customers who are doing new outage management systems, new customer notification systems, more engagement in the community side. So yes, we are at a we had a low snowpack in the Colorado this year and a drier condition.

Speaker #5: We think with all the things we've done under the operational side, the situational awareness side, and the community engagement side, is going to lead us to have a high, safe summer in Colorado.

Speaker #2: And then there's a lot on the communication side , making sure our customers know exactly what we're doing . New outage management systems , new customer notification systems , more engagement on the community side .

Speaker #6: Great. Thank you for all that color.

Carly Davenport: Great. Thank you for all that color.

Speaker #2: So yes , we are in a at a low snowpack in the in Colorado this year in a drier conditions . We think with all the things we've done under the operational side , the situational awareness side and the community engagement side is going to lead us to have a high safe summer in in Colorado .

Speaker #4: Your next question comes from the line of Jeremy Tonet from JP Morgan. Your line is live.

Operator: Your next question comes from the line of Jeremy Tonet from JP Morgan. Your line is live.

Speaker #7: Hi. Good morning.

Brian Van Abel: We think with all the things we've done under the operational side, the situational awareness side, and the community engagement side, is gonna lead us to have a high safe summer in Colorado.

Jeremy Tonet: Hi. Good morning.

Speaker #5: Hey, Jeremy.

Bob Frenzel: Hey, Jeremy.

Speaker #7: Just wanted to come back to the Google agreement here and just wondering what you think that means more broadly. If Google is willing to pay for newer technologies as such, like Form here, what do you see this as a trend?

Jeremy Tonet: Just wanted to come back to the Google agreement here and just wondering what you think that means, you know, more broadly. If Google is willing to pay for newer technologies as such, like Form Energy here, you know, what do you see this as a trend? What do you see these, you know, these threads in your other conversations at this point as far as appetite?

Speaker #8: Great. Thank you for all that color.

Bob Frenzel: Great. Thank you for all that color.

Speaker #4: Your next question comes from the line of Jeremy Tonet from J.P. Morgan. Your line is live.

Operator: Your next question comes from the line of Jeremy Tonet from JP Morgan. Your line is live.

Speaker #7: What do you see these threads in your other conversations at this point as far as appetite?

Speaker #5: Yeah. I think that it's a great question in the sense of if we think about what our kind of our alignment with state policies and how we move this forward, I think one good example is in Colorado, in the legislative session, there's an advanced geothermal bill moving through the legislature.

Speaker #9: Hi . Good morning .

Bob Frenzel: I think it's a great question in the sense of, you know, we think about what our kind of our alignment with state policies and how we move this forward. I think one good example is in Colorado, in the legislative session, there's a advanced geothermal bill moving through the legislature. That could be another place where you could see maybe a hyperscaler could help fund advanced geothermal project in Colorado, given Colorado's focus on the clean energy transition. I think this is a

Jeremy Tonet: Hi. Good morning.

Speaker #2: Hey , Jeremy .

Brian Van Abel: Hey, Jeremy.

Speaker #9: Just wanted to come back to the Google agreement here and just wondering what you think that means , you know , more broadly , if Google is willing to pay for newer technologies as such , like , like form here , you know , what do you see this as a trend ?

Jeremy Tonet: Just wanted to come back to the Google agreement here and just wondering what you think that means, you know, more broadly. If Google is willing to pay for newer technologies as such, like Form here, you know, what do you see this as a trend? What do you see these, you know, these threads in your other conversations at this point as far as appetite?

Speaker #9: What do you see these , you know , these threads near other conversations at this point as far as appetite ?

Speaker #5: And that could be another place where you could see maybe a hyperscaler could help fund advanced geothermal project in Colorado given Colorado's focus on the clean energy transition.

Speaker #3: Yeah , I think that's it's a great question in the sense of , you know , if we think about what our kind of our alignment with state policies and how we move this forward , I think one good example is in Colorado , in the legislative session , there's an advanced geothermal bill moving through the legislature , and that could be another place where you could see maybe we a hyperscaler , could help fund advanced geothermal project in Colorado , given Colorado's focus on the clean energy transition .

Brian Van Abel: Yeah, I think that's it's a great question in the sense of, you know, if we think about what are kind of our alignment with state policies and how we move this forward. I think one good example is in Colorado, in the legislative session, there's a advanced geothermal bill moving through the legislature. That could be another place where you could see maybe a hyperscaler could help fund advanced geothermal project in Colorado, given Colorado's focus on the clean energy transition. I think this is a really great theme as we think kind of how do we align the data center opportunity, the hyperscaler opportunity with our state policies objectives from a clean energy perspective, right? New technology is generally more expensive. You know, it takes investment to commercialize it.

Speaker #5: So I think this is a really great theme as we think kind of how do we align the data center opportunity, hyperscaler opportunity with our state policies objectives from a clean energy perspective, right?

Brian Van Abel: Really great themes. We think kind of how do we align the data center opportunity, hyperscaler opportunity with our state policies objectives from a clean energy perspective, right? New technology is generally more expensive. You know, it takes investment to commercialize it. We think this is a great kind of blueprint as we think about longer term opportunities in not only, again, in Minnesota, but other parts of our service territory.

Speaker #5: New technology is generally more expensive. It takes investment to commercialize it. And so we think this is a great kind of blueprint as we think about longer-term opportunities in not only, again, in Minnesota, but other parts of our service territory.

Speaker #3: So I think this is a really great theme as we think kind of how do we align the data center opportunity ? Hyperscaler opportunity with our state policies ?

Speaker #5: And I'll come back to Jeremy. The idea that we believe that these large customers are absolutely committed to long-term sustainability of their own product and because of that, they're highly interested in our regions of the country where I always say the wind blows and the sun shines.

Bob Frenzel: I'll come back to you, Jeremy. The idea that we believe that these large customers are absolutely committed to long-term sustainability of their own product. Because of that, they're highly interested in our regions of the country where, you know, I always say the wind blows and the sun shines. We can deliver both renewable energy as well as innovative technologies, and we've seen real receptivity at our commission levels to do that, particularly when it's protecting existing customers. We're gonna continue to be innovative. We're gonna continue to be sustainable. I think that we're working with a customer set that is aligned with us.

Speaker #3: Objectives from a clean energy perspective , right ? New technology is generally more expensive . You know , it takes investment to commercialize it .

Speaker #3: And so we think this is a great kind of blueprint as we think about longer term opportunities in not only , again , in Minnesota , but other parts of our service territory .

Brian Van Abel: We think this is a great kind of blueprint as we think about longer term opportunities in not only, again, in Minnesota, but other parts of our service territory.

Speaker #5: And we can deliver both renewable energy as well as innovative technologies. And we've seen real receptivity at our commission levels. To do that, particularly when it's protecting existing customers.

Bob Frenzel: We can deliver both renewable energy as well as innovative technologies, and we've seen real receptivity at our commission levels to do that, particularly when it's protecting existing customers. We're gonna continue to be innovative. We're gonna continue to be sustainable. I think that we're working with a customer set that is aligned with us.

Speaker #2: And I'll come back to Jeremy , the idea that we believe that these large customers are absolutely committed to long term sustainability of their own product .

Bob Frenzel: I'll come back to you, Jeremy. The idea that we believe that these large customers are absolutely committed to long-term sustainability of their own product, and because of that, they're highly interested in our regions of the country where, you know, I always say the wind blows and the sun shines, and we can deliver both renewable energy as well as innovative technologies, and we've seen real receptivity at our commission levels to do that, particularly when it's protecting existing customers. We're gonna continue to be innovative. We're gonna continue to be sustainable, and I think that we're working with a customer set that is aligned with us.

Speaker #5: So we're going to continue to be innovative. We're going to continue to be sustainable. And I think that we're working with the customer set that is aligned with us.

Speaker #2: And because of that, they're highly interested in our regions of the country where, you know, I always say the wind blows and the sun shines, and we can deliver both renewable energy as well as innovative technologies.

Speaker #7: Got it. Thank you for that. And I was just wondering, maybe if we take a step back, if we just think about, I guess, your ability to win more data center load here kind of stands out maybe versus others in the industry.

Jeremy Tonet: Got it. Thank you for that. I was just wondering, you know, maybe if we take a step back, if we just think about, I guess, you know, your ability to win more data center load here, you know, kind of stands out, maybe versus others in the industry. Just wondering if you could speak to what do you think is some of the keys to your offerings, if it's speed to market or if it's the type of solutions or otherwise. Just wondering what you see as, you know, kind of key to the rate of wins as you guys are posting.

Speaker #2: And we've seen real receptivity at our commission levels to , to do that , particularly when it's protecting existing customers . So we're going to continue to be innovative .

Speaker #7: And just wondering if you could speak to what do you think is some of the key tier offerings if it's beach market or if it's the type of solutions or otherwise.

Speaker #2: We're continue to be sustainable . And I think that we're working with the customer set that that is aligned with us

Speaker #7: Just wondering what you see as kind of key to the rate of wins as you guys are posting.

Speaker #9: Got it . Thank you for that . And I was just wondering , you know , maybe if we take a step back , if we just think about , I guess , you know , your ability to win more data center load here , you know , kind of stands out maybe versus others in the industry .

Jeremy Tonet: Got it. Thank you for that. I was just wondering, you know, maybe if we take a step back, if we just think about, I guess, you know, your ability to win more data center load here, you know, kinda stands out, maybe versus others in the industry. Just wondering if you could speak to what do you think is some of the keys to your offerings, if it's speed to market or if it's the type of solutions or otherwise? Just wondering what you see is, you know, kinda key to the rate of wins as you guys have posted?

Speaker #5: Yeah. Great question. We think and I've been saying this for years, that the diversity of our company, the diversity of our regions, the ability to deliver various fuel sources and types to deliver speed to power to these customers is really important.

Bob Frenzel: Great question. We think, and I've been saying this for years, that the diversity of our company, the diversity of our regions, the ability to deliver various fuel sources and types to deliver speed to power to these customers is really important. Speed is very important to these folks today. As we roll through time, I'm convinced that sustainability is gonna be very important to them. You know, just take how we handled the water situation. You know, even in the land of 10,000 lakes in Minnesota, water is still a real key topic. The ability for us to partner with a large data center owner and operator and come up with an innovative, creative air-cooled versus water-cooled solution can be a template, a blueprint for development going forward.

Speaker #9: And just wondering if you could speak to what do you think is some of the keys to your offerings ? If it's to market or if it's the type of solutions or otherwise ?

Speaker #5: Speed is very, very important to these folks today. And as we roll through time, I'm convinced that sustainability is going to be very important to them.

Speaker #9: Just wondering what you see as you know , kind of key to the rate of wins as you guys are posting .

Speaker #2: Yeah . Great question . We think , and I've been saying this for years , that the diversity of our company , the diversity of our regions , the ability to deliver various fuel sources and types to deliver speed to power to these customers is really important .

Brian Van Abel: Great question. We think, and I've been saying this for years, that the diversity of our company, the diversity of our regions, the ability to deliver various fuel sources and types to deliver speed to power to these customers is really important. Speed is very, very important to these folks today. As we roll through time, I'm convinced that sustainability is gonna be very important to them. You know, just take how we handled the water situation. You know, even in the land of 10,000 lakes in Minnesota, water is still a real key topic. The ability for us to partner with a large data center owner and operator and come up with an innovative, creative air-cooled versus water-cooled solution can be a template, a blueprint for development going forward.

Bob Frenzel: You know, just take how we handled the water situation. You know, even in the land of 10,000 lakes in Minnesota, water is still a real key topic. The ability for us to partner with a large data center owner and operator and come up with an innovative, creative air-cooled versus water-cooled solution can be a template, a blueprint for development going forward.

Speaker #5: Just take how we handle the water situation. Even in the land of 10,000 lakes in Minnesota, water is still a real key topic. And the ability for us to partner with a large data center owner and operator and come up with an innovative creative air-cooled versus water-cooled solution can be a template, a blueprint for development going forward.

Speaker #2: Speed is very, very important to these folks today. And as we roll through time, I'm convinced that sustainability is going to be very important to them.

Speaker #5: So as you can imagine, we are talking with all the hyperscaler developers, hyperscalers as well as all the data center developers. And depending on their customer mix and their perspectives, they're going to find value across the portfolio of states that we serve.

Bob Frenzel: As you can imagine, we are talking with all the hyperscalers as well as all the data center developers. Depending on their customer mix and their perspectives, they're gonna find value across the portfolio of states that we serve, and we're here to meet that moment for them.

Speaker #2: You know , just take how we handled the water situation . You know , even in the land of 10,000 lakes in Minnesota , water is still a real key topic .

Speaker #2: And the ability for us to partner with a large data center owner and operator and come up with an innovative , creative , air cooled versus water cooled solution can be a template , a blueprint for development going forward .

Speaker #5: And we're here to meet that moment for them. Yeah. And I would just add a little bit on the execution side. We're sitting in the middle of the country.

Brian Van Abel: Yeah. I would just add a little bit on the execution side. We're sitting in the middle of the country. If we're gonna deliver a portfolio of clean energy resources, that takes a development team. That takes scale. If you look at in just our base plan, we're developing 10 GW of generation and storage, 7 GW out of renewables. It takes a platform, and that's really gets to our partnership on the EPC side, our OEM side. Cause, when you think about what's next, another 1 GW this year, 3 more GW next year, that takes a significant pipeline of clean energy resources for us to execute on. I think, you know, the hyperscalers having the confidence, seeing what we're doing already and having that track record of delivering these projects on the renewable side is also really important.

Speaker #5: If we're going to deliver a portfolio of clean energy resources, that takes a development team. That takes scale. If you look at it in just our base plan, we're developing 10 gigawatts of generation and storage, 7 gigawatts that is renewables, so it takes a platform.

Speaker #2: So as you can imagine , we are talking with all the Hyperscaler developers , hyperscalers , as well as all the data center developers .

Brian Van Abel: As you can imagine, we are talking with all the hyperscaler developers, hyperscalers as well as all the data center developers. Depending on their customer mix and their perspectives, they're gonna find value across the portfolio of states that we serve, and we're here to meet that moment for them. Yeah. I would just add a little bit on the execution side. We're sitting in the middle of the country. If we're gonna deliver a portfolio of clean energy resources, that takes a development team. That takes scale. If you look at in just our base plan, we're developing 10 GW of generation and storage, 7 GW out of renewables. It takes a platform, and that's really gets to our partnership on the EPC side, our OEM side.

Speaker #2: And depending on their customer mix and their perspectives , they're going to find value across the portfolio of states that we serve . And we're here to meet that moment for them .

Speaker #5: And that's really gets to our partnership on the EPC side, our OEM side. Because when you think about what's next, another gigawatt this year, three more gigawatts next year, that takes a significant pipeline of clean energy resources for us to execute on.

Speaker #3: Yeah . And I would just add a little bit on the execution side . We're sitting in the middle of the country . If we're going to deliver a portfolio of clean energy resources that takes a development team , that takes scale .

Brian Van Abel: Cause, when you think about what's next, another 1 GW this year, 3 more GW next year, that takes a significant pipeline of clean energy resources for us to execute on. I think, you know, the hyperscalers having the confidence, seeing what we're doing already and having that track record of delivering these projects on the renewable side is also really important.

Speaker #5: So I think the hyperscalers having the confidence seeing what we're doing already and having that track record of delivering these projects on the renewable side is also really important.

Speaker #3: If you look at it in just our base plan , we're developing ten gigawatts of generation in storage , seven gigawatts . That is renewables .

Speaker #3: So it takes a platform . And that's really gets to our partnership on the EPC side , our OEM side , because when you think about what's next , another gigawatt this year , three more gigawatts next year , that takes a significant pipeline of clean energy resources for us to execute on .

Speaker #7: Got it. That's very helpful. Thank you there. And just a real quick last one, if I could recognize this is probably premature, but figure try anyways.

Jeremy Tonet: Got it. That's very helpful. Thank you there. Just a real quick last one, if I could. I recognize this is probably premature, but figure I'd try anyways. If after seeing the ALJ just now, any thoughts on, you know, the prospects for settling, you know, given this very early time of review?

Brian Van Abel: When you think about what's next, 1 gigawatt this year, 3 more gigawatts next year, that takes a significant pipeline of clean energy resources for us to execute on. I think, you know, the hyperscalers having the confidence, seeing what we're doing already and having that track record of delivering these projects on the renewable side is also really important.

Speaker #7: After seeing the ALJ just just now, any thoughts on the prospects for settling given this very early time of review?

Speaker #3: So I think , you know , the hyperscalers have having the confidence , seeing what we're doing already and having that track record of delivering these projects on the renewable side is also really important

Speaker #5: Yeah. Just on the electric side, I think generally the most likely time to settle is leading into hearings. And we've had the hearings certainly we'd be willing to discuss settlement, but really the impetus is leading into hearings, which happened already.

Brian Van Abel: Yeah, just on the electric side, I think generally, the most likely time to settle is leading into hearings. We've had the hearings. You know, certainly, you know, we'd be willing to discuss settlement, but, you know, really the impetus is leading into hearings, which happened already. You know, we're looking forward to the MPUC deliberations in June and seeing the order in July.

Speaker #9: Got it . That's that's very helpful . Thank you . They're just a real quick last one . If I could . And I recognize this is probably premature , but figured I'd try anyways after seeing the ALJ just just now .

Speaker #9: Any thoughts on , you know , the prospects for settling , you know , given this very early time of review ?

Speaker #5: So we're looking forward to the MPUC deliberations in June and seeing the order in July.

Speaker #7: Understood. Thank you.

Jeremy Tonet: Understood. Thank you.

Speaker #3: Yeah , just on the electric side , I think generally the most likely time to settle is leading into hearings . And we've had the hearings .

Brian Van Abel: Yeah. Just on the electric side, I think generally, the most likely time to settle is leading into hearings. We've had the hearings. You know, certainly, you know, we'd be willing to discuss settlement, but, you know, really the impetus is leading into hearings, which happened already. You know, we're looking forward to the MPUC deliberations in June and seeing the order in July.

Speaker #6: Your next question comes from the line of Ross Fowler from Bank of America. Your line is live.

Operator: Your next question comes from the line of Ross Fowler from Bank of America. Your line is live.

Speaker #3: You know , certainly , you know , we'd be willing to discuss settlement , but , you know , really the impetus is leading into hearings , which happened already .

Speaker #8: Morning, Bob. Morning, Brian. How are you?

Ross Fowler: Morning, Bob. Morning, Brian. How are you?

Speaker #5: I'm doing great, Ross. Thanks.

Bob Frenzel: Doing great, Ross. Thanks.

Speaker #3: So , you know , we're looking forward to the PUC deliberations in June and seeing the order in July .

Speaker #8: Yeah. So just a couple of specific questions and then one general question. This morning, so for the JDA with Next Era, is there do you see potential to expand that beyond two gigawatts?

Ross Fowler: Yeah. Just a couple of specific questions and one general question this morning. For the JDA with NextEra, do you see potential to expand that beyond 2 GW? How are you thinking about expanding that?

Speaker #9: Understood . Thank you

Jeremy Tonet: Understood. Thank you.

Speaker #4: Your next question comes from the line of Ross Fowler from Bank of America . Your line is live .

Operator: Your next question comes from the line of Ross Fowler from Bank of America. Your line is live.

Speaker #8: How are you thinking about expanding that?

Speaker #5: Yeah. Thanks. Look, the JDA itself is unbounded as far as I'm concerned. We partnered with a national development platform to pair nicely with, as Brian mentioned earlier, our very strong strengths in generation and transmission development itself.

Bob Frenzel: Yeah, thanks. Look, the JDA itself is unbounded as far as I'm concerned. You know, we partnered with, you know, a national development platform to pair nicely with, as Brian mentioned earlier, our very strong strengths in generation and transmission development itself. That partnership, that JDA could be, you know, we did this for speed to power and expand the pie and to deliver on this moment and the country's needs. You know, it could be the partnership that we go through all of our generation needs for large loads. It's not exclusive, though, and it doesn't have to be, and we still can have great relationships with all the other generation developers and data center developers out there, so but there's no limit on it.

Speaker #10: Morning , Bob . Morning , Brian . How are you doing ?

Ross Fowler: Morning, Bob. Morning, Brian. How are you?

Brian Van Abel: Doing great, Ross. Thanks.

Speaker #2: Great, Ross. Thanks.

Speaker #10: Yeah . So just just a couple specific questions . And then one general question this morning . So for the Jada with NextEra , is there do you see potential to expand that beyond two gigawatts ?

Ross Fowler: Yeah. Just a couple specific questions and then one general question this morning. For the JDA with NextEra, do you see potential to expand that beyond 2 GW? How are you thinking about expanding that?

Speaker #5: And so that partnership, that JDA could be we did this for speed to power and expand the pie and to deliver on this moment in the country's needs.

Speaker #10: How are you thinking about expanding , expanding that ?

Speaker #2: Yeah , thanks . Look , the the Jada itself is , is unbounded as far as I'm concerned . You know , we we partnered with , you know , a national development platform to , to pair nicely with , as Brian mentioned earlier , our very strong strengths in generation and transmission development itself .

Bob Frenzel: Yeah. Thanks. Look, the JDA itself is unbounded as far as I'm concerned. You know, we partnered with, you know, a national development platform to pair nicely with, as Brian mentioned earlier, our very strong strengths in generation and transmission development itself. That partnership, that JDA could be, you know, we did this for speed to power and expand the pie and to deliver on this moment in the country's needs. You know, it could be the partnership that we go through all of our generation needs for large loads. It's not exclusive though, and it doesn't have to be, and we still can have great relationships with all the other generation developers and data center developers out there, so but there's no limit on it.

Speaker #5: So it could be the partnership that we go through all of our generation needs for large loads. It's not exclusive, though. It doesn't have to be.

Bob Frenzel: You know, it could be the partnership that we go through all of our generation needs for large loads. It's not exclusive, though, and it doesn't have to be, and we still can have great relationships with all the other generation developers and data center developers out there, so but there's no limit on it.

Speaker #5: And we still have great relationships with all the other generation developers and data center developers out there. But there's no limit on it.

Speaker #2: And so that partnership that Jada could be, you know, we did this for speed to power and expand the pie, and to deliver on this moment in the country's needs.

Speaker #8: Okay. Thanks, Bob. That's very helpful. And then we've touched on it. Jeremy's question touched on it a little bit. You touched on it, Bob, at the beginning.

Ross Fowler: Okay. Thanks, Bob. That's very helpful. You know, we've touched on it. Jeremy's question touched on it a little bit. You touched on it, Bob, at the beginning. One of the things that maybe the market isn't thinking about because we're all focused on growth and more growth is sort of the layer of execution risk behind that. You have the GE Vernova strategic alliance. Just on those 5 natural gas turbines, is that just in the queue or priced? That's the specific question. The general question, right, can you point to some things? Because I think you guys have a different sort of execution risk profile than most.

Speaker #2: So , you know , it could it could be the partnership that we go through all of our generation needs for large loads .

Speaker #8: One of the things that maybe the market isn't thinking about because we're all focused on growth, growth, growth, and more growth is sort of the layer of execution risk behind that.

Speaker #2: It's not exclusive , though , and it doesn't have to be . And we still can have great relationships with all all the other generation developers and data center developers out there .

Speaker #8: So you have the GEV Renova. Strategic Alliance. Just on those five natural gas turbines, is that just in the queue or priced? So that's the specific question.

Ross Fowler: You have the GE Vernova strategic alliance. Just on those 5 natural gas turbines, is that just in the queue or priced? That's the specific question. The general question, right, can you point to some things? Because I think you guys have a different sort of execution risk profile than most.

Speaker #2: So but there's no limit on it .

Speaker #10: Okay . Thanks , Bob . That's very helpful . And then , you know , we've touched on it . Jeremy's question touched on it a little bit .

Ross Fowler: Okay. Thanks, Bob. That's very helpful. You know, we've touched on it, Jeremy's question touched on it a little bit. You touched on it, Bob, at the beginning. One of the things that maybe the market isn't thinking about because we're all focused on growth, growth, and more growth is sort of the layer of execution risk behind that. You have the GE Vernova strategic alliance. Just on those 5 natural gas turbines, is that just in the queue or priced? That's the specific question. Then the general question, right, can you point to some things? Because I think you guys have a different sort of execution risk profile than most.

Speaker #8: And then the general question, right, can you point to some things? Because I think you guys have a different sort of execution risk profile than most.

Speaker #10: You touched on it , Bob , at the beginning , one of the things that maybe the market isn't thinking about because we're all focused on growth , growth , growth , and more growth is sort of the layer of execution risk behind that .

Bob Frenzel: Well, let me start with the immediate question. We have 24 gas turbines through Siemens and General Electric that are slotted and in various stages of production and delivery over the next 5 years. I feel very comfortable where we sit on access to gas turbines and ability to meet our base and our upside case. With respect to risk profile, I think we sit in a great spot, and I don't know if you were trying to compliment us there or not, but I'm really excited about where we sit with our key vendors and suppliers, GE Vernova being just one of them, NextEra being just one of them.

Speaker #5: Well, so let me start with the immediate question. We have 24 gas turbines through Siemens and General Electric that are slotted and in various stages of production and delivery.

Speaker #10: So you have the GSV Renova Strategic Alliance just on those five natural gas turbines. Is that just in the queue, or priced?

Speaker #10: So that's the specific question . And then the general question can you can you point to some things because I think you guys have a different sort of execution risk profile than , than than most

Speaker #5: Over the next five years. So I feel very comfortable where we sit. On access to gas turbines, the ability to meet our base and our upside case.

Speaker #5: With respect to risk profile, I think we sit in a great spot. And I don't know if you were trying to compliment us there or not, but I'm really excited about where we sit with our key vendors and suppliers.

Bob Frenzel: With respect to risk profile, I think we sit in a great spot, and I don't know if you were trying to compliment us there or not, but I'm really excited about where we sit with our key vendors and suppliers, GE Vernova being just one of them, NextEra being just one of them.

Bob Frenzel: Well, let me start with the immediate question. We have 24 gas turbines through Siemens and General Electric that are slotted and in various stages of production and delivery over the next 5 years. I feel very comfortable where we sit on access to gas turbines and ability to meet our base and our upside case. With respect to risk profile, I think we sit in a great spot, and I don't know if you were trying to compliment us there or not, but I'm really excited about where we sit with our key vendors and suppliers. GE Vernova being just one of them. NextEra just being one of them.

Speaker #2: Well , so let me start with the , the immediate question We have 24 gas turbines through Siemens and General Electric that are slotted and in various stages of production .

Speaker #5: GE Renova being just one of them. Next Era just being one of them. But we've got negotiated and framework agreements with a handful of both EPC vendors and equipment vendors across both our transmission, our distribution, and our gas businesses we've got wind turbines available.

Speaker #2: And delivery over the next five years . So I feel very comfortable where we sit on access to gas turbines , the ability to meet our base and our upside case with respect to risk profile .

Bob Frenzel: We've got negotiated and framework agreements with handfuls of both EPC vendors and equipment vendors across both our transmission, our distribution, and our gas businesses. We've got, you know, wind turbines available. We've got solar, we've got breakers, high voltage transformers. We've got a lot of equipment and access to people through our partnerships, and we feel very confident in our ability to meet our base and our upside capital plans.

Speaker #2: I think we sit in a great spot and I don't know if you were trying to compliment us there or not , but I'm really excited about where we sit with our our key vendors and suppliers .

Speaker #5: We've got solar. We've got breakers, high-voltage transformers we've got a lot of equipment and access to people through our partnerships. And we feel very confident in our ability to meet our base and our upside capital plans.

Speaker #2: GE Nova being just one of them . NextEra just being one of them . But we've got negotiated and framework agreements with handfuls of , of both EPC vendors and equipment vendors across both our transmission , our distribution and our gas businesses .

Bob Frenzel: We've got negotiated and framework agreements with handfuls of both EPC vendors and equipment vendors across both our transmission, our distribution, and our gas businesses. We've got, you know, wind turbines available. We've got solar. We've got breakers, high voltage, transformers. We've got a lot of equipment and access to people through our partnerships, and we feel very confident in our ability to meet our base and our upside capital plans.

Speaker #5: Yeah. And I think, Ross, that's one of the reasons why you see that slide in there about the generation or our base generation we're executing over the next five years, right?

Brian Van Abel: Yeah. I think, Ross, that's one of the reasons why you see that slide in there about our base generation we're executing over the next 5 years, right? The EPCs, our OEMs see that we have a long pipeline, and scale matters, and that's how we get these partnerships with the tier 1s. Really, it's not just through 2030. It's long-term partnerships. You know, if you move from site to site to drive crew efficiencies, you don't have demold costs. There's a lot of efficiencies we can drive scale in terms of ordering multiple gigawatts of Bob said CTs or wind turbines. Huge benefits to scale here. I think that helps de-risk us from an execution perspective.

Speaker #2: We've got , you know , wind turbines available . We've got solar , we've got breakers , high voltage transformers , we've got a lot of equipment and access to people through our partnerships .

Speaker #5: The EPCs, our OEMC that we have a long pipeline and it's scale matters. And that's how we get these partnerships with the tier ones and really it's not just through 2030.

Speaker #2: And we feel very confident in our ability to meet our base and our upside capital plans .

Speaker #5: It's long-term partnerships if you move from site to site to drive crew efficiencies. You don't have demold costs. So there's a lot of efficiencies we can drive, scale in terms of ordering, multiple gigawatts of Bob's said CTs or wind turbines.

Brian Van Abel: You know, if you move from site to site to drive crew efficiencies, you don't have demold costs. There's a lot of efficiencies we can drive scale in terms of ordering multiple gigawatts of Bob said CTs or wind turbines. Huge benefits to scale here. I think that helps de-risk us from an execution perspective.

Speaker #3: Yeah . And I think that's one of the reasons why you see that slide in there about the generation , our base generation , we're executing over the next five years , right ?

Brian Van Abel: Yeah. I think, Ross, that's one of the reasons why you see that slide in there about the generation or our base generation risk over the next 5 years, right? The EPCs, our OEMs see that we have a long pipeline, and it's how scale matters, and that's how we get these partnerships with the tier 1s. Really, it's not just through 2030, it's long-term partnerships. You know, if you move from site to site to drive crew efficiencies, you don't have demold costs. There's a lot of efficiencies we can drive scale in terms of ordering multiple gigawatts of Bob said CTs or wind turbines. Huge benefits to scale here. I think that helps de-risk us from that execution perspective. Ultimately.

Speaker #3: The the EPCs are OEMs see that we have a long pipeline . And it's , it's how scale matters . And that's how we get these partnerships with , with the tier ones .

Speaker #5: So huge, huge benefits to scale here. And I think that helps de-risk us from execution perspective. And ultimately, when you think about it, it gets to how are we competitive in RFPs?

Speaker #3: And really , it's not just through 2030 , it's long term partnerships . You know , if you move from site to site to drive through efficiencies , you don't have mold de mode costs .

Ross Fowler: Yeah. Absolutely.

Brian Van Abel: When you think about it gets to how are we competitive in RFPs? How do we deliver the most competitive projects for the benefit of our customers ultimately is what it gets down to.

Speaker #5: How do we deliver the most competitive projects for the benefit of our customers? Ultimately, is what it gets down to.

Speaker #3: So there's a lot of efficiencies we can drive scale in terms of ordering multiple gigawatts of , Bob said . CTS or wind turbines .

Speaker #8: Yeah. No, it's definitely meant to be complimentary, Bob. You guys have walked a lot of this down in thought through it in a very specific and old navy guy way.

Ross Fowler: Yeah. No, I was definitely meant to be complimentary, Bob. You guys have locked a lot of this down and thought through it in a very, you know.

Brian Van Abel: Oh, we appreciate that.

Speaker #3: So huge , huge benefits to scale here . And I think that helps de-risk us from execution perspective and ultimately , we think about it .

Ross Fowler: ... specific and, you know, old Navy guy way. Very definitely meant to be complimentary. Have a great day, guys. Thank you.

Speaker #8: So very definitely meant to be complimentary. Have a great day, guys. Thank you.

Ross Fowler: Yeah. Absolutely.

Speaker #5: Yeah, you too.

Brian Van Abel: Yeah. You too.

Brian Van Abel: ... when you think about it gets to how are we competitive in RFPs? How do we deliver the most competitive projects for the benefit of our customers ultimately is what it gets down to.

Speaker #3: It gets to, how are we competitive in RFPs? How do we deliver the most competitive projects for the benefit of our customers?

Speaker #6: Your next question comes from the line of Steve Fleischman from Wolf Research. Your line is live.

Operator: Your next question comes from the line of Steve Fleishman from Wolfe Research. Your line is live.

Speaker #3: Ultimately , is what it gets down to ?

Speaker #10: Yeah , no , it's definitely to be complimentary . Bob , you guys have locked a lot of this down and thought through it in a very , you know .

Ross Fowler: Yeah. No, I was definitely meant to be complimentary, Bob. You guys have locked a lot of this down and thought through it.

Speaker #9: Hey, good morning.

Steve Fleishman: Hey, good morning.

Brian Van Abel: Hi, Steve.

Speaker #5: Hey, Steve.

Steve Fleishman: Slide 8, just the famous slide 8. Can you spend a quick minute just on the non-checkmarked items and when we'll have visibility on them? Then also just, like, how much of the CapEx would show up by 2030 on some of those?

Speaker #3: We .

Brian Van Abel: Oh, we appreciate that.

Speaker #9: So slide eight, just the famous slide eight. Can you spend a quick minute just on the non-check marked items and when we'll have visibility on them?

Speaker #10: Appreciate it . And , you know , old Navy guy way . So very definitely meant to be complimentary . Have a great day guys .

Ross Fowler: specific and, you know, old Navy guy way. Very definitely meant to be complimentary. Have a great day, guys. Thank you.

Speaker #10: Thank you .

Speaker #3: Yeah . You too

Brian Van Abel: Yeah, you too.

Speaker #4: Your next question comes from the line of Steve Fleishman from Wolfe Research. Your line is live.

Operator: Your next question comes from the line of Steve Fleishman from Wolfe Research. Your line is live.

Speaker #9: And then also just how much of the CapEx would show up by 2030 on some of those? Yeah.

Speaker #11: Hey , good morning So slide eight . Just the the famous slide eight . Can you spend a quick minute just on the non market items and when we'll have visibility on them ?

Steve Fleishman: Hey, good morning.

Bob Frenzel: Hi, Steve.

Steve Fleishman: Slide 8, just the famous slide 8. Can you spend a quick minute just on the non-checkmarked items and when we will have visibility on them? Then also just, like, how much of the CapEx would show up by 2030 on some of those? Yeah.

Speaker #5: Yep. Steve, happy to take that. Yeah. If we just start kind of the most near term, is the SPS RFP. We received the bids in January.

Brian Van Abel: Yep. Steve, happy to take that. Yeah. We just started kind of the most near term is the SPS RFP. We received the bids in January, going through the evaluation. You'll see, we'll make a filing with the New Mexico Commission here later in Q2. That's 1,500 to 3,000 MW in nameplate capacity. A lot of kind of renewables in that as part of that is to meet the New Mexico Renewable Portfolio Standard. Expect renewables related to that would come in prior to the end of 2030. A good opportunity there in terms of what filters into that back part of our five-year plan. That's the nearest term catalyst.

Speaker #5: Going through the evaluation, you'll see a we'll make a filing with the New Mexico Commission here later in Q2. And that's $1,500 to $3,000 megawatts in nameplate capacity.

Speaker #11: And then also just like how much of the CapEx would show up by 2030 on some of those ? Yeah .

Speaker #3: Yep . Steve . Happy to take that . Yeah , we just start kind of the most near-term is the PSPs RFP . We received the bids in January going through the evaluation .

Brian Van Abel: Yep. Steve, happy to take that. Yeah. If we just start kind of the most near term is the SPS RFP. We received the bids in January. Going through the evaluation. You'll see a, we'll make a filing with the New Mexico Commission here, later in Q2. That's 1,500 to 3,000MW in nameplate capacity. A lot of kind of renewables in that as part of that is to meet the New Mexico Renewable Portfolio Standard. Expect renewables related to that would come in prior to the end of 2030. A good opportunity there in terms of what filters into that back part of our five-year plan. That's the nearest term catalyst.

Speaker #5: A lot of kind of renewables in that as part of that is to meet the New Mexico Renewable Energy Standards. So to expect renewables related to that would come in prior to the end of 2030.

Brian Van Abel: A lot of kind of renewables in that as part of that is to meet the New Mexico Renewable Portfolio Standard. Expect renewables related to that would come in prior to the end of 2030. A good opportunity there in terms of what filters into that back part of our five-year plan. That's the nearest term catalyst.

Speaker #3: You'll see a, we'll make a filing with the New Mexico Commission here later in Q2. And that's 1,500 to 3,000 MW in nameplate capacity.

Speaker #5: So the good opportunity there in terms of what filters into that back part of our five-year plan. So that's the nearest term catalyst. The NSP RFP, we received the just recently received the bids working through the evaluation process and expect a filing with the Minnesota Commission later this year.

Brian Van Abel: The NSP RFP, we just recently received the bids, working through the evaluation process and expect a filing with the Minnesota Commission later this year. Again, that was one of those, the acceleration of a resource acquisition to secure renewable resources for the benefit of our customers, make sure we capture the tax credits. That's again, you know, looking 4,000+ megawatts renewable generation and storage by 2030. Obviously, that'd filter into our base five-year plan. Really great opportunities on top of the $7+ billion that we've basically given line of sight to through this Q1. The next one is Colorado. We're working through the Colorado JTS, and we'll file a RFP later this year. That is something we'll play out into next year.

Speaker #3: A lot of kind of renewables in that as part of that is to meet the the New Mexico renewable energy standard . So expect renewables related to that would come in prior to the end of 2030 .

Speaker #5: Again, that was one of those acceleration of a resource acquisition for the secure renewable resources for the benefit of our customers. Make sure we capture the tax credits.

Speaker #3: So the good opportunity there in terms of what filters into that back , back part of our five year plan . So that's the nearest nearest term catalyst .

Speaker #5: So that's again looking 4,000-plus megawatts renewable generation and storage by 2030. Obviously, that'd filter into our base five-year plan. So really great opportunities on top of the seven-plus billion dollars that we've basically given line of sight to through this first quarter.

Brian Van Abel: The NSP RFP, we just recently received the bids, working through the evaluation process and expect a filing with the Minnesota Commission later this year. That was one of those, the acceleration of a resource acquisition to secure renewable resources for the benefit of our customers and make sure we capture the tax credits. That's again, you know, looking 4,000 plus megawatts of renewable generation and storage by 2030. Obviously, that'd filter into our base five-year plan. Really great opportunities on top of the $7+ billion that we've basically given line of sight to through this Q1. The next one is Colorado. We're working through the Colorado JTS, and we'll file a RFP later this year. That is something that will play out into next year.

Speaker #3: The NSP RFP—we just recently received the bids, are working through the evaluation process, and expect a filing with the Minnesota Commission later this year.

Brian Van Abel: That's again, you know, looking 4,000+ megawatts renewable generation and storage by 2030. Obviously, that'd filter into our base five-year plan. Really great opportunities on top of the $7+ billion that we've basically given line of sight to through this Q1. The next one is Colorado. We're working through the Colorado JTS, and we'll file a RFP later this year. That is something we'll play out into next year.

Speaker #3: Again , that was one of those . The acceleration of a resource acquisition for the secure renewable resources for the benefit of our customers and make sure we capture the tax credits .

Speaker #5: Then the next one is Colorado. We're working through the Colorado JTS. And we'll file a RFP later this year. So that is something we'll play out into next year and if there are renewable resources, the goal we'll get them in by 2030.

Speaker #3: So that's again , you know , looking for thousand megawatts , renewable generation storage by 2030 . Obviously , that filter into our base five year plan .

Brian Van Abel: If they're renewable resources, the goal is we'll get them in by 2030, but there's likely some base load and thermal generation coming with that. That could slip a little bit into the 2030s on that, just depending on when we need the resources. On the 765 transmission lines in SPP, that's a competitive bid that we'll bid into later this year. We likely won't get a decision on that until next year. On the data centers, obviously, we talked about we're going to, you know, execute on 1 GW this year, and the 3 GW really will be a significant opportunity next year and kind of depends on what those resources are. I view that as really how do we deliver this longer-term growth visibility post-2030.

Speaker #3: So really great opportunities on top of the seven plus billion dollars that we've basically given line of sight to through this first quarter , then the one is Colorado , we're working through the Colorado JTS and will file a , a RFP later this year .

Speaker #5: But there's likely some baseload and thermal generation coming with that. So that could slip a little bit into the 2030s on that just depending on when we need the resources.

Speaker #5: Then on the 765 transmission lines in SPP, that's a competitive bid that we'll bid into later this year. We likely won't get a decision on that until next year.

Speaker #3: So that is something we'll play out into next year. And if the renewable resources, the goal was to get them in by 2030.

Brian Van Abel: If they're renewable resources, the goal will be able to get them in by 2030, but there's likely some base load and thermal generation coming with that, so that could slip a little bit into the 2030s on that, just depending on when we need the resources. On the 765 transmission lines in SPP, that's a competitive bid that we'll bid into later this year. We likely won't get a decision on that until next year. On the data centers, obviously, we talked about we're going to, you know, execute on 1 GW this year, and the 3 GW really will be a significant opportunity next year. It kind of depends on what those resources are, but I view that as really how do we deliver this longer-term growth visibility post-2030.

Brian Van Abel: We likely won't get a decision on that until next year. On the data centers, obviously, we talked about we're going to, you know, execute on 1 GW this year, and the 3 GW really will be a significant opportunity next year and kind of depends on what those resources are. I view that as really how do we deliver this longer-term growth visibility post-2030. I mean, we have great line of sight into 2030, into early 2030s. How do we continue to extend that and give our shareholders visibility into executing our long-term growth objectives?

Speaker #3: But there's likely some generate some base load and thermal generation coming with that . So that could slip a little bit into the 2030s on that , just depending on when we need the resources Then on the 765 transmission lines in SBP , that's a competitive bid that will bid into later this year .

Speaker #5: And then on the data centers, obviously, we talked about we're going to execute on one gigawatt this year. And then the three gigawatts really would be significant opportunity next year and kind of depends on what those resources are.

Speaker #5: But I view that as really how do we deliver this longer-term growth visibility post-2030. I mean, we have great line of sight into 2030 in the early 2030s.

Speaker #3: We likely won't get a decision on that until next year . And then on the data centers , obviously , we talked about we're going to , you know , execute on one gigawatt this year .

Brian Van Abel: I mean, we have great line of sight into 2030, into early 2030s. How do we continue to extend that and give our shareholders visibility into executing our long-term growth objectives?

Speaker #5: How do we continue to extend that and give our shareholders visibility into a long-term executing on our long-term growth objectives?

Speaker #3: And then the three gigawatts really will be a significant opportunity next year and kind of depends on what those resources are. But I view that as really, how do we deliver this longer-term growth visibility post-2030?

Speaker #9: Okay. Just one quick follow-up on the NSP and SPS. Renewables RFPs. Just do you expect most of that to be company-owned or some will some of this be PPAs or how should we think about that?

Steve Fleishman: Okay. Just one quick follow-up on the NSP and SPS renewables RFPs. Just do you expect most of that to be company-owned or will some of this be PPAs or how should we think about that?

Speaker #3: I mean , we have great line of sight into 2030 , in the early 2030s . How do we continue to extend that and give our shareholders visibility into a long term , executing our long term growth objectives ?

Brian Van Abel: I mean, we have great line of sight into 2030, into early 2030s. How do we continue to extend that and give our shareholders, visibility into executing our long-term growth objectives?

Speaker #5: Yeah. Look, I think it's a balance. I mean, we haven't disclosed any of the details. And we always say publicly 50/50. We've done better in some RFPs in the last SPS RFP we did north of 75%.

Brian Van Abel: Yeah. Look, I think it's.

Steve Fleishman: You just don't know yet?

Brian Van Abel: ... it's a balance. I mean, we haven't disclosed any of the details, and we always say publicly 50/50. We've done better in some RFPs. In the last SPS RFP, we did north of 75%. Minnesota, we have some opportunities in terms of you think about reusing transmission interconnections. You know, I think our, you know, always our guide is 50/50. Important that, you know, we have competitive projects. This goes to our regulated development team in terms of bringing forward competitive projects for the benefit of our customers. You know, we always guide 50/50, and our goal is to do better because we think we have really competitive projects.

Speaker #11: Okay , just one quick follow up on the on the NSP and SPS renewables RFPs , just do you do you expect most of that to be company owned or some .

Steve Fleishman: Okay. Just one quick follow-up on the, on the NSP and SPS renewables RFPs. Just, do you expect most of that to be company-owned or will some of this be PPAs or how should we think about that?

Speaker #5: Minnesota, we have some opportunities in terms of you think about reusing transmission interconnections. But I think always our guide is 50/50. Important that we have competitive projects.

Speaker #11: Will some of this be PPAs or how should we think about that ?

Speaker #3: Yeah , look , I .

Brian Van Abel: Yeah, look, I think it's.

Speaker #11: Think it's .

Brian Van Abel: Important that, you know, we have competitive projects. This goes to our regulated development team in terms of bringing forward competitive projects for the benefit of our customers. You know, we always guide 50/50, and our goal is to do better because we think we have really competitive projects.

Speaker #3: A it's a balance . I mean , we haven't disclosed any of the details . And we always say publicly , 50 , 50 , we've done better in some RFPs in the last SPS RFP , we did north of 75% Minnesota .

Steve Fleishman: You just don't know yet.

Brian Van Abel: ...it's a balance. I mean, we haven't disclosed any of the details, and we always say publicly 50/50. We've done better in some RFPs. In the last SPS RFP, we did north of 75%. Minnesota, we have some opportunities in terms of you think about reusing transmission interconnections. You know, I think our, you know, always our guide is 50/50. Important that, you know, we have competitive projects. This goes to our regulated development team in terms of bringing forward competitive projects for the benefit of our customers. You know, we always guide 50/50, and our goal is to do better because we think we have really competitive projects.

Speaker #5: This goes to our regulated development team in terms of bringing forth competitive projects for the benefit of our customers. But we always guide 50/50.

Speaker #5: And our goal is to do better because we think we have really competitive projects.

Speaker #3: We have some opportunities in terms of if you think about reusing transmission interconnections . So . But , you know , I think our , you know , always our guide is 50 , 50 .

Speaker #9: Great. Thank you.

Operator: Great. Thank you. Your next question comes from the line of Sophie Karp from KeyBank.

Speaker #6: Your next question comes from the line of Sophie Karp from KeyBank. Your line is live.

Speaker #3: Important that , you know , we have competitive projects . This goes to our regulated development team in terms of bringing forth competitive projects for the benefit of our customers .

Speaker #10: Hi. And good morning, guys. Congrats on a good update here. Is there a way for you to quantify customer benefits from incremental data center load as it materializes?

Sophie Karp: Hi, good morning, guys. Congrats on a good update here. Is there a way for you to quantify customer benefits from incremental data center load, as it materializes, like some of your peers are doing? I'm just kind of thinking through the potential kind of community relations, issues and things like that arise sometimes, and if that could be helpful for you to kind of show that benefit more directly. Is it possible?

Speaker #3: But, you know, we always guide 50/50 and our goal is to do better because we think we have really competitive projects.

Speaker #11: Great . Thank you

Steve Fleishman: Great. Thank you.

Speaker #10: Like some of your peers are doing. I'm just kind of thinking through the potential kind of community relations issues and things like that that arise sometimes.

Speaker #4: Your next question comes from the line of Sophie Karp from KeyBanc . Your line is live .

Operator: The next question comes from the line of Sophie Karp from KeyBank. Your line is live.

Speaker #12: Hi and good morning, guys. I want to congratulate you on a good update here. Is there a way for you to quantify customer benefits from incremental data center load as it materializes, like some of your peers are doing?

Sophie Karp: Hi, and good morning, guys. Congrats on a good update here. Is there a way for you to quantify customer benefits from incremental data center load as it materializes, like some of your peers are doing? I'm just kind of thinking through the potential kind of community relations issues and things like that that arise sometimes and if that could be helpful for you to kind of show that benefit more directly. Is it possible?

Speaker #10: And if that could be helpful for you to kind of show that benefit more directly. Is it possible?

Speaker #5: Yeah. Hey, Sophie, it's Bob. It's a great question. On the Google data center itself was close to a gigawatt led to one to one and a half billion dollars of customer savings, all customer savings.

Bob Frenzel: Yeah. Hey, Sophie Karp, it's Bob Frenzel. It's a great question. You know, on the Google data center itself was close to a gigawatt. It led to $1 to 1.5 billion of customer savings, all customer savings. That translates to about 1% to 2% of residential electric customer net benefit. Probably not a bad thumb rule, but we haven't given any guidance on that. Let us think back through, you know, as we look at our other jurisdictions, a lot of that benefit comes from sharing the fixed cost of the grid. The transmission rate and the investment in transmission in any of our particular regions is a big driver of that when you add a large load to the transmission grid and the ability to share that cost more broadly amongst more megawatt hours.

Speaker #12: I'm just kind of thinking through the potential kind of community relations issues and things like that, that arise sometimes. And if that could be helpful for you to kind of show that benefit more directly, is it possible?

Speaker #5: That translates to about 1 to 2 percent of residential electric customer net benefit. Probably not a bad. Thumb rule. But we haven't given any guidance on that.

Speaker #2: Yeah . Sophie , it's it's a great question . You know , on the Google Data center itself was close to a gigawatt led to 1 to 1 and a half billion dollars of customer savings .

Brian Van Abel: Yeah. Hey, Sophie, it's Bob. It's a great question. You know, on the Google data center itself was close to 1 GW. It led to $1 to 1.5 billion of customer savings, all customer savings. That translates to about 1% to 2% of residential electric customer net benefit. Probably not a bad thumb rule, we haven't given any guidance on that. Let us think back through, you know, as we look at our other jurisdictions, a lot of that benefit comes from sharing the fixed costs of the grid. The transmission rate and the investment in transmission in any of our particular regions is a big driver of that when you add a large load to the transmission grid and the ability to share that cost more broadly amongst more MWh.

Speaker #5: And so let us think back through as we look at our other jurisdictions, a lot of that benefit comes from sharing the fixed costs of the grid.

Bob Frenzel: Let us think back through, you know, as we look at our other jurisdictions, a lot of that benefit comes from sharing the fixed cost of the grid. The transmission rate and the investment in transmission in any of our particular regions is a big driver of that when you add a large load to the transmission grid and the ability to share that cost more broadly amongst more megawatt hours.

Speaker #5: And so the transmission rate and the investment in transmission and any of our particular regions is a big driver of that when you add a large load to the transmission grid and the ability to share that cost more broadly amongst more megawatt hours.

Speaker #2: All customer savings . That translates to about 1 to 2% of residential electric customer net benefit . Probably not a bad thumb rule , but we haven't given any guidance on that .

Speaker #2: And so let us think back through , you know , as we look at our other jurisdictions , a lot of that benefit comes from sharing the fixed cost , fixed costs of the grid .

Speaker #5: In particular, on the Google side, the addition of 1,900 megawatts of wind, solar, and storage is also beneficial as we think about dispatch priority in the upper Midwest.

Brian Van Abel: In particular, on the Google side, the addition of 1,900 megawatts of wind, solar, and storage is also beneficial as we think about dispatch priority in the upper Midwest. That's a knock-on effect that's also beneficial for our customers. Certainly the carbon neutrality of those assets is also beneficial. We haven't given any firm guidance, but it's probably in that zip code, and we can probably work on something like that in the future.

Speaker #2: And so the rate and the investment in transmission and any of our particular regions is a big driver of that . When you add a large load to the transmission grid and the ability to share that cost more broadly amongst more megawatt hours , in particular , on the Google side , the addition of of , you know , 1900MW of wind , solar and storage is also beneficial as we think about dispatch priority in the upper Midwest .

Speaker #5: And so that's a knock-on effect that's also beneficial for our customers and certainly the carbon neutrality of those assets is also beneficial. We haven't given any firm guidance.

Speaker #5: But it's probably in that zip code. And we can probably work on something like that in the future.

Brian Van Abel: In particular, on the Google side, the addition of, you know, 1,900 MW of wind, solar and storage is also beneficial as we think about dispatch priority in the upper Midwest. That's a knock-on effect that's also beneficial for our customers. Certainly the carbon neutrality of those assets is also beneficial. We haven't given any firm guidance, but it's probably in that zip code, and we can probably work on something like that in the future.

Speaker #10: Thank you. That's all for me. Appreciate it.

Sophie Karp: Thank you. That's all for me. Appreciate it.

Speaker #6: Our final question will come from the line of Anthony Crowdell. Mizzou Securities, your line is live.

Operator: Our final question will come from the line of Anthony Crowdell, Mizuho Securities. Your line is live.

Speaker #2: And so that's a knock on effect . That's also beneficial for our customers . And certainly the , the carbon neutrality of those assets is also beneficial .

Speaker #5: Hey, thanks for squeezing me in, guys. Hopefully, two quick ones. You guys very aggressive in doing, I guess, what, 50% of your equity over five years just in the first quarter.

Anthony Crowdell: Hey, thanks for squeezing me in, guys. Hopefully two quick ones. You guys very aggressive in doing, I guess, what, 50% of your equity over 5 years just in Q1. Any cadence on the remaining half? Are you looking to take care of it all in 2026 or any color you give on that? I have 1 follow-up.

Speaker #2: We haven't given any firm guidance , but it's probably in that zip code . And we can probably work on something like that for the future .

Speaker #12: Thank you . That's all for me . Appreciate it

Sophie Karp: Thank you. That's all for me. Appreciate it.

Speaker #5: Any cadence on the remaining half? Are you looking to take care of it all in '26? Or any colors you give on that and have one follow-up?

Speaker #4: Our final question will come from the line of Anthony Crowdell Mizuho Securities . Your line is live

Operator: Our final question will come from the line of Anthony Crowdell, Mizuho Securities. Your line is live.

Speaker #5: Hey, Anthony. Generally, we don't give specific time. Again, equity issuance is what we're going to say as we've been very proactive. And if you look at the forward component, the ATM Forwards can be pushed out a couple of years.

Brian Van Abel: Hey, Anthony. You know, generally, we don't give specific timing on equity issuance. All I can say is, you know, we've been very proactive. If you look at the forward component, you know, the ATM forward is going to be pushed out a couple of years. It gives you a lot of flexibility in terms of when do you issue and when you actually draw down the equity proceeds. It can really help kind of how do we time it with the capital investment needs. We'll continue to be proactive on this and get out ahead. We're, you know, pretty proud of having half of our equity need locked down with one quarter into a, you know, call it 3 months into a 60-month plan.

Speaker #13: Hey , thanks for squeezing me in , guys . Hopefully two quick ones . You guys very aggressive doing . I guess what 50% of your equity over just in the first quarter .

Speaker #5: So it gives you a lot of flexibility in terms of when do you issue and when you actually draw down the equity proceeds. So it can really help kind of how do we time it with the capital investment needs?

Speaker #13: Any cadence on the remaining half you're you're looking to take care of it all in 26 or any color you give on that .

Brian Van Abel: It can really help kind of how do we time it with the capital investment needs. We'll continue to be proactive on this and get out ahead. We're, you know, pretty proud of having half of our equity need locked down with one quarter into a, you know, call it 3 months into a 60-month plan.

Speaker #13: And I have one follow up .

Speaker #3: Hey , Anthony , you know , generally we don't give specific timing on equity issuances , all I can say is , you know , we've been very proactive .

Brian Van Abel: Hey, Anthony. You know, generally, we don't give specific timing on equity issuance. What I can say is, you know, we've been very proactive. And if you look at the forward component, you know, the ATM forwards can be pushed out a couple of years. It gives you a lot of flexibility in terms of when do you issue and when you actually draw down the equity proceeds. It can really help kind of how do we time it with the capital investment needs. We'll continue to be proactive on this and get out ahead. We're, you know, pretty proud of having half of our equity need locked down with one quarter into a, you know, call it 3 months into a 60-month plan.

Speaker #5: So we'll continue to be proactive on this and get out ahead. We're pretty proud of having half of our equity need locked down with one quarter into a call it three months into a 60-month plan.

Speaker #3: And if you look at the forward component , you know , that the the ATM forwards can be pushed out a couple of years .

Speaker #3: So it gives you a lot of flexibility in terms of when you issue and when you actually draw down the equity proceeds . So it can really help kind of how do we time it with the capital investment needs .

Speaker #8: Great. And then just quickly, on Smokehouse Creek, you guys give a lot of detail on the slot. I appreciate it. You're still under the insurance cap, I think, $525 million.

Anthony Crowdell: Great. Just quickly on Smokehouse Creek. You guys give a lot of detail on the slide. I appreciate it. You're still under the insurance cap, I think $525 million. You've been, I guess, aggressive on working through settlements. Just any color there you have on maybe resolving all of it or, you know, out of the 107 potential claims, just any color you'd give on that.

Speaker #3: So we'll continue to be proactive on this and get out ahead . We're , you know , pretty proud of having half of our equity need locked down with one quarter into a , you know , call it three months into a 60 month plan

Speaker #8: You've been, I guess, aggressive on working through settlements. Just any color there you have on maybe resolving all of it or out of the 107 potential claims, just any colors you give on that?

Speaker #5: Yeah. We just, like I said, the statute of limitations is up on the property claims happened at the end of February. When we hit the two-year mark.

Speaker #13: Great. And then just quickly on Smokehouse Creek, you guys give a lot of detail on the slide. I appreciate it.

Brian Van Abel: Yeah. We, you know, we just, like I said, the statute of limitations is up on the property claims, happened at the end of February when it hit the 2-year mark. Those that have come in, we don't have a lot of information. We're early in the process, but our goal is to work expeditiously through them like we have through our settlement process. I think we've been very successful with over 300 plus claims and lawsuits settled. The way to think about it, Anthony, is we have a low-end accrual of $460 million. We've finalized settlements of approximately $400 million. It's really that $60 million delta there that we're kind of the low-end estimate.

Anthony Crowdell: Great. Then just quickly on Smokehouse Creek. You guys give a lot of detail on the slide. I appreciate it. You're still under the insurance cap, I think $525 million. You've been, I guess, aggressive on working through settlements. Just any color there you have on maybe resolving all of it or, you know, out of the 107 potential claims, just any color you'd give on that.

Speaker #13: You're still under the insurance cap , I think 525 million . You've been , I guess , aggressive on working through settlements . Just any color there you have on maybe resolving all of it or , you know , out of 107 potential claims , just any color you could give on that

Speaker #5: And so those that have come in, we don't have a lot of information. We're early in the process. But our goal is to work expeditiously through them like we have through our settlement process.

Speaker #5: I think we've been very successful with over 300-plus claims and lawsuits settled. And the way to think about it, Anthony, is we have a low and accrual of 460 million dollars.

Brian Van Abel: I think we've been very successful with over 300 plus claims and lawsuits settled. The way to think about it, Anthony, is we have a low-end accrual of $460 million. We've finalized settlements of approximately $400 million. It's really that $60 million delta there that we're kind of the low-end estimate. We'll continue to provide updates on a quarterly basis, but we feel really good about what we've done so far.

Speaker #3: Yeah . You know , we just like I said , the statute of limitations is up on the property claims happened at the end of February when we hit the two year mark .

Brian Van Abel: Yeah. We, you know, we just, like I said, the statute of limitations is up on the property claims, happened at the end of February when we hit the 2-year mark. So those that have come in, we don't have a lot of information. We're early in the process, but our goal is to work expeditiously through them like we have through our settlement process. I think we've been very successful with over 300 plus claims and lawsuits settled. The way to think about it, Anthony, is we have a loan accrual of $460 million. We've finalized settlements of approximately $400 million. It's really that $60 million delta there that we're kind of the low end estimate.

Speaker #5: We've finalized settlements of approximately 400 million dollars. So it's really that 60 million dollar delta there that we're kind of the low-end end estimate.

Speaker #3: And so those that have come in , we don't have a lot of information . We're early in the process . But our goal is to work expeditiously through them like we have through our settlement process .

Brian Van Abel: We'll continue to provide updates on a quarterly basis, but we feel really good about what we've done so far.

Speaker #5: And we'll continue to provide updates on the quarterly basis. But we feel really good about what we've done so far.

Speaker #3: I think we've had we've been very successful with over 300 plus claims and lawsuits settled . And the way to think about it , Anthony , is we have a low end accrual of $460 million .

Speaker #8: Hey, thanks so much. Congrats on a good quarter. Appreciate you squeezing me in.

Anthony Crowdell: Hey, thanks so much. Congrats on a good quarter. Appreciate you squeezing me in.

Speaker #5: Yeah. Thank you.

Brian Van Abel: Yeah, thank you.

Speaker #6: Our final question will come from Steve D'Ambrisse from RBC Capital Markets. Your line is live.

Operator: Our final question will come from Stephen D'Ambrisi from RBC Capital Markets. Your line is live.

Speaker #3: We've finalized settlements of approximately $400 million . So it's really that $60 million delta there that we're kind of is the low end estimate .

Speaker #11: Hey, Bob and Brian. Thanks for fitting me in. Hopefully, I can bring it home strong. Just quickly, on what are these what do you think the large loads do for earned returns or structural under-earning that you have at any of your jurisdictions as they come online?

Stephen D'Ambrisi: Hey, Bob and Brian. Thanks for fitting me in. Hopefully, I can bring it home strong. Just quickly on, you know, what do you think that large loads do for earned returns or structural underearning that you have at any of your jurisdictions as they come online? The reason I ask is just clearly, you have a 9% EPS CAGR out there, but rate base growth is very front-end loaded and the capital plan is back-end loaded. We've talked a lot about adding incremental capital to the plan, mostly in the tail. So I just want to understand kind of, you know, what the shape of earned returns looks like as you see rate base growth accelerating.

Brian Van Abel: We'll continue to provide updates on a quarterly basis, but we feel really good about what we've done so far.

Speaker #3: And we'll continue to provide updates on a quarterly basis . But we feel really good about what we've done so far .

Speaker #13: Hey, thanks so much. Congrats on a good quarter. Appreciate you squeezing me in.

Anthony Crowdell: Hey, thanks so much. Congrats on a good quarter. Appreciate you squeezing me in.

Speaker #3: Yeah . Thank you

Brian Van Abel: Yeah, thank you.

Speaker #4: Our final question will come from Steve D'ambrosi from RBC Capital Markets . Your line is live .

Operator: Our final question will come from Steve Fleishman from RBC Capital Markets. Your line is live.

Speaker #11: The reason I ask is just clearly, you have a 9% EPS figure out there. But rate-based growth is very front-end loaded in the capital plan.

Stephen D'Ambrisi: The reason I ask is just clearly, you have a 9% EPS CAGR out there, but rate base growth is very front-end loaded and the capital plan is back-end loaded. We've talked a lot about adding incremental capital to the plan, mostly in the tail. So I just want to understand kind of, you know, what the shape of earned returns looks like as you see rate base growth accelerating.

Speaker #14: Hey , Bob and Brian , thanks for fitting me and hopefully I can bring it home strong . Just just quickly on , you know , what are these ?

[Analyst]: Hey, Bob and Brian. Thanks for fitting me in. Hopefully I can bring it home strong. Just quickly on, you know, what do you think that large loads do for earned returns or structural underearning that you have at any of your jurisdictions as they come online? The reason I ask is just clearly, you have a 9% EPS CAGR out there, but rate base growth is very front-end loaded and the capital plan is back-end loaded, and we've talked a lot about adding incremental capital to the plan, mostly in the tail end. I just wanna understand kind of, you know, what the shape of earned returns looks like as you see rate base growth accelerating.

Speaker #11: It's back-end loaded. And we've talked a lot about adding incremental capital to the plan, mostly in the tail. And so I just want to understand kind of what the shape of earned returns looks like as you see rate-based growth accelerating.

Speaker #14: What do you think that large loads do for earned returns or structural underpinning that you have at any of your jurisdictions as they come online ?

Speaker #14: The reason I ask is just clearly you have a 9% EPS kegger out there , but rate base growth is very front end loaded in the capital .

Speaker #5: Yeah. I mean, I think our shape of earned returns we always talk a little bit about closing the gap, particularly in Colorado when we were working through some stuff.

Brian Van Abel: Yeah. I mean, I think as our shape of earned returns, we always talk a little bit about, you know, closing the gap, particularly, you know, in Colorado when we're working through some stuff and filed rate cases that will go into effect next year in terms of full annualization of the rate cases. We've always talked about structurally, there's, you know, 50 plus basis points of just structural lag. We'll continue to work on that. In terms of, you know, you say data centers, I think just about overall sales growth, whether it's oil and gas growth that we have down in SPS, you know, we have really diversified growth.

Speaker #14: Plan is back end loaded . And we've talked a lot about adding incremental capital to the plan , mostly in the tail end .

Speaker #5: And filed rate cases that will go into effect next year in terms of full annualization of the rate cases. We've always talked about structurally.

Speaker #14: So I just want to understand kind of , you know , what , what the shape of , of earned returns looks like as you see rate based growth accelerating

Brian Van Abel: We've always talked about structurally, there's, you know, 50 plus basis points of just structural lag. We'll continue to work on that. In terms of, you know, you say data centers, I think just about overall sales growth, whether it's oil and gas growth that we have down in SPS, you know, we have really diversified growth.

Speaker #5: There's 50-plus basis points of just structural lag. So we'll continue to work on that. In terms of you say data centers, I think just about overall sales growth, whether it's oil and gas growth that we have down in SPS.

Speaker #3: Yeah . I mean , I think as our shape of our returns , you always talk a little bit about , you know , closing the gap , particularly , you know , in Colorado , when we were working through some stuff and , and filed rate cases that will go into effect next year in terms of full annualization of the rate cases , we've always talked about structural structurally , there's , you know , 50 plus basis points of structural lag .

Brian Van Abel: Yeah, I mean, I think as our shape of earned returns, we always talk a little bit about, you know, closing the gap, particularly, you know, in Colorado when we were working through some stuff and filed rate cases, that will go into effect next year in terms of full annualization of the rate cases. We've always talked about structurally, there's, you know, 50 plus basis points of just structural lag. We'll continue to work on that. In terms of, you know, you say data centers, I think just about overall sales growth, whether it's oil and gas growth that we have down in SPS, you know, we have really diversified growth.

Speaker #5: We have really diversified growth. It starts to give that opportunity whether it's driving better returns in between rate cases or really just staying out of rate cases, longer term, as you start to see the sale and growth materialize.

Brian Van Abel: It starts to give that opportunity, whether it's, you know, driving better returns in between rate cases or really just staying out of rate cases longer term as you start to see the sale of growth materialize. I think that's a really great opportunity. You know, not only can you bring affordability benefits with these data center loads, but, you know, how does it help you stay out of rate cases over long term? Now, we still have a while in terms of those data centers need to start to ramp up late in this period, but I do think that's a great long-term opportunity on both sides, affordability and driving earned returns.

Speaker #5: And I think that's a really great opportunity not only can you bring affordability benefits with these data center loads, but how does it help you stay out of rate cases over the long term?

Speaker #3: So we'll continue to work on that . In terms of , you know , you see data centers , I think just about overall sales growth , whether it's oil and gas growth that we have down in space .

Brian Van Abel: You know, not only can you bring affordability benefits with these data center loads, but, you know, how does it help you stay out of rate cases over long term? Now, we still have a while in terms of those data centers need to start to ramp up late in this period, but I do think that's a great long-term opportunity on both sides, affordability and driving earned returns.

Speaker #3: You know , we have really diversified growth . It starts to give that opportunity , whether it's , you know , driving better returns in between rate cases or really just staying out of rate cases longer term , as you start to see the sales growth materialize .

Speaker #5: Now, we still have a while in terms of those data centers need to start to ramp up late in this period. But I do think that's a great long-term opportunity on both sides, affordability and driving earned returns.

Brian Van Abel: It starts to give that opportunity, whether it's, you know, driving better returns in between rate cases or really just staying out of rate cases longer term as you start to see the sale and growth materialize. I think that's a really great opportunity. You know, not only can you bring affordability benefits with these data center loads, but, you know, how does it help you stay out of rate cases over long term? We still have a while in terms of those data centers need to start to ramp up late in this period, but I do think that's a great long-term opportunity on both sides, affordability and driving earned returns.

Speaker #3: And I think that's a really great opportunity , you know , not only can you bring affordability benefits with these data center loads , but , you know , how does it help you stay out of rate cases over the long term ?

Speaker #11: Appreciate it, guys. Thanks very much.

Stephen D'Ambrisi: Appreciate it, guys. Thanks very much.

Speaker #6: That concludes the question and answer session. I'll now turn the call over to Brian Danabo for closing remarks.

Operator: That concludes the question-and-answer session. I'll now turn the call over to Brian Van Abel for closing remarks.

Speaker #3: Now we still have a while in terms of those data centers need to start to ramp up late in this period . But I do think that's a great long term opportunity on both sides .

Speaker #5: Thank you all for participating in our earnings call this morning. Please contact our investor relations team with any follow-up questions. Have a great day.

Brian Van Abel: Thank you all for participating in our earnings call this morning. Please contact our investor relations team with any follow-up questions. Have a great day.

Speaker #3: Affordability and driving earned returns

Operator: That concludes today's meeting. You may now.

Speaker #14: Appreciate it, guys. Thanks very much.

[Analyst]: Appreciate it, guys. Thanks very much.

Speaker #4: That concludes the question and answer session . I'll now turn the call over to Brian Venable for closing remarks .

Operator: That concludes the question and answer session. I'll now turn the call over to Brian Van Abel for closing remarks.

Speaker #3: Thank you all for participating in our earnings call this morning . Please contact our Investor Relations team with any follow up questions . Have a great day .

Brian Van Abel: Thank you all for participating in our earnings call this morning. Please contact our investor relations team with any follow-up questions. Have a great day.

Operator: That concludes today's meeting. You may now disconnect.

Q1 2026 Xcel Energy Inc Earnings Call

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