Duke Energy (DUK) 7 Nov 242024 Q3 Earnings call transcript

Hello, everyone, and welcome to the Duke Energy Third Quarter 2024 Earnings Call. My name is Felicia, and I'll be your operator today. [Operator Instructions].

I will now hand you over to your host today, Abby Motsinger, Vice President of Investor Relations at Duke Energy. Abby, please go ahead.

good and Felicia, you, morning, everyone. Thank Duke Business Update. to Energy's Third and Review Earnings 'XX Quarter Welcome Leading today Savoy, with Harry our CEO, Sideris, and call President; is Lynn and Brian CFO. Chair Good, along use Today's discussion information. non-GAAP measures and of will forward-looking financial the include forward-looking may to due and differ today's factors SEC Duke Energy's Actual filings. in materials statements results disclosed in appendix today's presentation the financial non-GAAP of of includes with The measures. reconciliation supplemental information along

over call With that, Lynn. turn let to the me

Abby, and thank good you, everyone. morning,

are wanted year. catastrophic into to the cost Debby, plans further provide and get a those Before by X loved Brian of the impacted cost lost parts who our will each and of in storms, and that in those results, on homes all I which consecutive Milton, or a third recognize for out Harry of take these ones, I communities. share extraordinary moment we've recovery quarter call. moment responded operation We've hurricanes: later efforts season to who my the hurricane businesses. And and especially goes devastated to detail will Helene this directly had estimates heart

to employees partners, of the and are commend I many by first remarkable devastation personally utility affected response. their But whom for want our

representatives, Our give care to as corporate to clock policymakers tirelessly responders, safely state field the relationships offices And the and outages worked customer teams community rose to informed. and possible. restore challenge around working our quickly president customers as and

of to coordination. for for teammates and officials and and partners I their our Governor and and DeSantis our partnership customers I'd in more not our unwavering also be and Cooper, like centers operation Governor to local commitment communities. proud could leaders, Governor our state our including thank emergency McMaster their

we extraordinary will feet done. our We them get important for company and will of take been received some our responding with of note is and our on the the to of recognize not efforts our step It that be work positive. their recognize regulators in to that to way. the have communities policymakers events has every feedback and It's overwhelmingly time back

X. last Turning adjusted will quarter $X.XX Brian to share Today, in discuss we to -- third of on things detail compared results results for a $X.XX per year. to the highlight this influencing by quarterly earnings Slide few comparison. announced more

you early in year and As XXXX historically half weather in positively the quarter third impacted mitigation efforts the was know, XXXX Significant year. results. weak by of negation second impacted the

mobilization Helene. are full we're quarter includes we XXXX Helene which the resources for Hurricane for by largely year-end. impact fourth estimates, or both deferred Hurricane and the costs Third of and Hurricane cost with the preliminary capitalized. Milton Debby of finalize And working will storms, impact will of quarter.

lost are recovery revenues. for there exceptions, no there's mechanism a and However, few

As know a we based half. reaffirming are lower we the range our today, result on and guidance to XXXX what trending

look to pursuing actively through the the will for through occur without to are our which every mitigation the and measures, trigger our storms, will safety the We others, will controlled some year, and devoted on to because naturally spending of and compromising customers. we resources balance opportunity of commitment we of

that, jurisdictions. we recent As robust the growth over strong our our regulatory our as we I'll These of EPS X% X% in have long-term by third to well we IRP XXXX as of including XXXX, reaffirming are tailwinds through hand driven beyond, Carolinas Harry. look our momentum growth outcomes, XXXX range. ahead constructive the to confidence our And our in outlook, with call in give midpoint rate and of and attractive to approvals us the our

Lynn. you, Thank

hometown of Slide to faced months. over of including devastation we the Carolina last and Ashville, historic X on parts my North our unlike the The anything Let we've before. few experienced service season response me begin with storm was territories, our

restored more million Over U.S. assembled hurricanes, from than the across and Canada and X the we outages resources X.X harshest in conditions. approximately XX,XXX the some of

Hurricane more Big then system made as winds, bringing outages storm. a were region heavy prepared XX Florida the territories hours. and within of Ben In north territories, August, customers. category XX% our our X entered near of service rain XXX,XXX high customers and its Debby through service our The way We for Carolina causing restored than

every service a The storm X from with Helene, led hurricane to total, Florida islands category Helene out and territories to landslides outages infrastructure XX hit record-breaking one South the later, and Carolina landfall impacted washed brought towns. rainfall roads month areas North our significant September made of on flooding One Carolina, million created requiring and Indiana. of hardest approximately Florida Upstate X.X and rebuild. the In Western of barrier and

to experienced Sarasota, rainfall worst areas over the storm, Petersburg of St. Bay Tampa X XX% Less customers XX after X Helene, restored damage. X The up Category a X the near outages. The Florida. of in than and led extensive affected hours all and our million nearly made state days. of with weeks Hurricane storm in inches Milton, customers XX within hurricane in XXX,XXX the majority landfall and to We of wind comers the

matter magnitude the XX,XXX storms most this power in customers Duke our I hands and employees is on want the crews those and response importantly, to of who to a recognize and how work has work truly our front on partners. success line, and ahead effort constant hard. tireless Energy employees the deck. our Our night the all specifically due restore responding with to no role preparation near day storms utility Each to is of strategic communication of and stakeholders of our

power is workers through of to the difficult Helene. response. hiked miles of rain throughout And example, For to Energy Veterans hundreds Duke following restore just Ashville example Hospital heroic X line one our this

Our state and with make local, coordination than federal team's dedication we us close agencies to commitment, along expected. and with faster progress allowed

saving more the to billion modernize was harden investments targeted successful alone, Last avoid hardening upgrades we've grid all XXX,XXX than customer steel nearly storms. deployed and we areas outages to $X hours system. and our and X across This investments the to call These included the total response key self-healing across in Another invested grid. year X time in helped of undergrounding, million outage coastal concrete technology.

infrastructure grid plan. invest we'll Going for X-year investments to forward, capital assets half accounting in billion with continue of our $XX

issued plan Turning receive progress I'll priorities. Carolinas we this on strategic are on share our the parties portfolio. our IRP November the South Monday, to constructive Commission And The entirety. and pleased near- directive accepting order Slide X. our North with Carolinas, and long-term in X, Public an a public approving its Carolina recommended resource our and Utilities Commission on of month. to other Carolina In earlier staff issued settlement Service approvals

timely meet allows growing commission for while us We order to our as maintaining near-term share demand to commitment affordability investments an XX. our power. by advance state's expect and These we preserving our approvals November reliability

week, extensive last IRP after filed an Indiana, In process. stakeholder we updated engagement an

and preferred Our reliability resources also natural scenario is designed add battery state. Plans assets, in the customer balance diversity and affordability. renewables storage service to gas to of for our generation

planned all jurisdictions, review of all resource in a additions. be robust there As will

early file expanded gas XXXX. convenience to certificate and and at in for new We Station generation Tioga public expect necessity of a

battery The Shifting multiyear unanimous to settlement agreement investments. recovery plan Florida. support. allows approved with rate August, In X-year commission our solar of timely for the and grid,

be New in January. effective rates will

in resolving will Piedmont service. our matters proceeding. the on customer a settlement We Natural September, in experience rate comprehensive regulations, North Gas, reached all Carolina federal reliable in enhancing focus and gas providing also safety safe, the case Investments natural

January an XXXX. order in We of expect

the approval start or for across settled With these rate approximately received XXXX. we've of outcomes, investments base billion cases of rate since $XX X

cost We sight outcomes jurisdictions with rate essential to end provide growth. These clean infrastructure in multiyear through support through allow critical plans rising ROEs us impacts customers' rate reliable to now of in energy the our and into customers smooth future. higher place for of to our investments, and have and line and the increasingly acknowledge largest demand affordable of meet the XXXX, capital

With to call over Brian. that, turn me let the

good morning, everyone. and Harry, Thanks,

Slide reported X, earnings and and of and third This year. As our share and adjusted $X.XX respectively. per per earnings $X.XX quarter compares shown reported $X.XX, to share on were last adjusted $X.XX

$X.XX. restoration outages to largely Within the were revenue Infrastructure and Results lost Helene. O&M segments, higher Utilities the was hurricane by and Debby due down evacuations. storm-related from from quarter, was impacted Electric unplanned costs also & in

expected, interest expense. As and rate growth depreciation from increases were partially in higher by offset riders

down Utilities to expense were tax interest Moving & Gas tax down to depreciation and due asset higher was effective rate primarily a last base. Infrastructure. reflects to $X.XX growing realized $X.XX, to due the XXXX. in compared efforts segment which efficiency Results year, other a higher And finally, planned on mainly

XX% in line with our tax year effective XX%. is XXXX to guidance Our rate of full

Turning to storms.

for future the million or to third and of will to portions estimate is cost total these of between billion recognized $X.X to billion Most hurricanes recovery approximately the in Our projects X preliminary be system. $X.X capital rebuild either we the for the deferred for quarter. costs relate $XXX year,

receipt advancing Carolinas in of are in recovery and Florida targeting XXXX through beginning outcomes. record year. mechanisms cost proceeds next strategies We securitization a long the We're rider end have established in of recovery of constructive early by track and the

of remainder XXXX. Looking to ahead the

higher And We our to fourth lower we gas in quarter which segments increases EPS drivers quarter last compared as have adjusted rate in to appendix higher the mentioned, fourth reduce We've will due sales in last cost electric be to of spending, agility Lynn presentation. year. quarter growth the volumes. than from initiatives outlined underway O&M expect and the year the and fourth to drive

outages. we we half are of due range, we costs With $X.XX impacts, mind, reaffirming these range lost XXXX primarily drivers in customer Based from to the today, what our revenues turning know including record and restoration guidance $X.XX. of to the to on storm are lower

Moving to Slide X.

customers XX,XXX increased in strong and normal commercial last than residential added added approximately XX,XXX the roughly driven volumes year. by customer nearly And Third quarter Carolinas, weather period XX,XXX we've In same volumes last year. year-to-date, also outpacing growth. year. versus residential Florida, residential X.X% the we've customers more last

in development We we and robust of letter continued customers the are continue having for represent And territories of month all service with around our signed are X large pipeline. centers. economic agreements conversations past gigawatts These data agreements in have to see our emblematic activity. projects of advancement

hour incremental increased development to represents since economic a quarter X,XXX we've to of XX,XXX update. end As gigawatt our high XXXX a the increase second of This forecast result, gigawatt our hours load. up

As a forecast. in we a as to opportunities we evaluate reminder, approach development which take economic include our risk-adjusted

sectors. near slower industrial rebound we see continue a in term, the In certain to

the We largest are shifted in but frequent expectations signal and into customers, with a has recovery, timing XXXX. to for dialogue our they continue

top the our in our rolling any improvement Additionally, quarter XX-month the loan to at impact of growth load weather as see XXXX, through our load come CAGR economic likely large from and we term, growth target normal XXXX major with X.X% in seeing end growth of annual trending as long some 'XX storms. extreme the over reflect steady accelerating development volumes we're toward third And period, online. volumes X%. X% XXXX and with projects are Overall,

Slide to Turning XX.

updated the for year has a we new yielded in Carolina regulatory implement the year January. have the and drivers the Carolina key rate multiyear to case. expect into DEC executed plan full segment. We the with XXXX. head constructive in Carolinas, outcomes the as second year. us an ROE provided Indiana effective an electric North that In XX.X% the past plans rate be well calendar Florida, in Beginning South we of In March. growth over case impact Midwest, see years from next multiyear positioned And rate a with implement active X We've and the we'll rate we'll

increases we'll rider to addition migration see growth development Finally, population economic retail in revenues. from and in sales

from the North the Piedmont, growth integrity additions. management customer In case intents rate we'll gas Carolina and segment, see

earnings and will We plans. along XXXX growth capital provide load guidance with and updated our refreshed February in financing expectations

increase into signaled, as capital the energy further we we expect transition. As to plan move our we

of ramp also increase additions capital in term generation of remainder as a in pace investments the a to expect and decade. the the We up result customer that higher refresh of near for --

to will take are sheet unprecedented positioned well we rate balanced by approach growth, opportunities funding our and the supporting a growth for the demand incremental capital, this presented We strength. and balance

time. increasing progress in flow. Moving driven $XXX to we with credits recovery will ROEs benefit We've achieved our investments of And over initiatives. nearly Slide have million supported operating outcomes on improvement tax XX. timely made in and that The considerable credit efficiently October, energy constructive significant cash monetized of regulatory customers we've

of issuances deferred also We be having expect XX% the transactions in We've since of the on over collected year-end. We've ATM track over equity fuels quarter. XXXX year-to-date. through $XXX and million at $XXX billion normal fourth level and programs our planned are million the completed our by priced to $X DRIP

the recovery mentioned including storm our As securitization pursue states, in will storm in mechanisms Florida. and our cost we rider in earlier, through established I Carolinas

and FFO reports the We credit downgrade in and our expect S&P concurred XXXX temporary XXXX, in that any above not Moody's a points in XX% from targeting credit basis are issued impact to threshold. implications. XXX October, Moody's debt have And the will storm long-term impacts both

our strong be sheet many a ratings balance commitment as we growth to execute our continue current and As over credit to our years, top demonstrated will priority we objectives. our

Turning Slide our jurisdictions business growing constructive, strong. the We of XX. to operate in remain fundamentals and

shareholders. target attractive record track execution has regulatory dividend X% well positioned long-term combined provide compelling to of XXXX, with to yield, a us our for X% risk-adjusted our growth Our achieve return through which

the line your will questions. we that, With for open

Instructions]. [Operator

from Pourreza from Guggenheim The Shahriar first question Partners. comes

then guys $XXX just tax million. a obviously are monetization start now? you above million for this the around monetization 'XX. And side, downgrade guess, still, storms? figure it's to is guided your the overall $XXX year me key are you have And for the you source right a to guys Post-storms, credit FFO you, I on impact of from Let Where credit. threshold what on

expect I slower the develop? Is it's to [ great. think recognized kind you range? X market you overall about be of within where the and to do credit range ] the would question an hit So

don't you Brian, that? why take

Certainly.

from XXXX, on some XXXX. that storm mechanisms these 'XX the now I'd we're credit we billion has where view the think $X.X credit, XXs I through And established that cost resolved. temporarily that in us mentioned is where tracking recover in incurred impacts of impact we to XXXX. are costs And the And expect we we in costs storm landing. the on high as that we our as plan financing On of about we in going

in credit year. so to we plan the month that top monetization, completed get that to And on signaled $XXX the we the this On we we have million closing tax place in earlier far. contracts range half next

we're credits. at going tax say line fuel tracking All targets really, monetizing that above I'd the all expectations. rate year. positive our in credit underway, into So initiatives tracking those the for we effect And right recovery, had or with our cases are

confidence we we So a in look. really and have where stand that's about we lot XXXX good feel our why on credit credit, of

in with was agencies. course been would, and they just Shahriar, in you as say, we've completely strong of Carolinas. costs -- would the expect, plan. Florida only success, thing I conversation -- going as yes, And in to Yes. collecting know, been also had We comfortable and I both the demonstrated we've conversation the you with are

execute are we'll So with track it as on said, as we would you element, Brian and to. every expect

range where Brian, if versus Got storms would it. didn't just, now? be your happen, high And the XX% the metrics are you

XX%, at we'd storms XX% happen plus. didn't be Yes,

just environment. a been running X% year-end sense guys on you with doesn't jive going I update Okay. of But around call. load obviously, And the the country. I to the typical which still are want mean the to heading then sort bigger the really X.X% I into know, on we're figure, on what's get

peers lot jumped and actually their revise quantifying a of low So numbers. ahead growth hitting figures, their the your have impacts and they're it's

to Duke. from development just it around we you maybe and accretive you trends the of You do a numbers? Are expect we're a to little jurisdictions expect be your economic bit should it similar the as did highlighted, slightly, figures. potentially what perspective, of what I you guess uptick seeing trend seeing from

quarter. signed we shore that look X.X% the Because to they're CAGR top and growth. down. as the X term And sizable. opportunities not And it February. example year, that the We to move question. in range, to economic and And conversations think slowing pipeline expect gigawatts expand that we are are our on in end trending we've mentioned this Shar. update on an long and up of we'll X% top, trending we it. great kept I next going Shahriar, signal our at of of are and many load to just when it's a very range the that That's development

plan growth in with should we will a load so up roll expect that And we update. to February the you the forward, as up bring and go fulsome

CAGR, growth think -- at annual compound as it's Sure, chart, I rate. acceleration. depicted important seeing we as So right? are you on look talked and the 'XX, But 'XX we

away. some of these on to watch shift They right. step include the And conservative, and, we'll this to that can continue recognizing in visibility also discounts every tend to to these we're course, provide them so trying projects because be of

as So update. that we're continue well, of introducing to a and we'll bit

do sorry, another... have you So

it. Got

a kind So current message? was is on Is No, range is of just no, I accretive potentially. your so just said follow-up the Lynn, opportunities, above there guess, it what some you that

I you can see in 'XX, of you chart, think 'XX. that's look right, if it Shar. And sitting kind at the

would I customers 'XX, add in the of late show about and today just up balance we're ramp to the 'XX decade. talking we'll that projects Yes. in the

you're kind will load acceleration that signing 'XX, see contracts that activity we So to come this to reality growth. 'XX will 'XX, of see of of when burst going be in

Jefferies. comes question Dumoulin-Smith next The Julien from from

the been that month Instead, Jamieson basis points tax in got to last looking impact first people like to hit, the $XXX got are or seeing I here think A monetization. Julien. I'd million you of will talked about this October. hurricane the question ask talk We're Ward quick weekend. you addressing. How about there either debt. of you? negatives credit kind to on about forward you've for FFO monetized you Obviously, You've when XX

How next monetization could it impactful And that about you're do And just as XXXX. of end question. my follow-on, the size, should the and potential by into comparability you think to just more seeing terms of debt? by monetize sort discount how year-end to for FFO And to that's purposes? in a then we year. expecting the mentioned You think of

very good, This that. Julien. That's is I'll Brian. take

in that what our seeing being credit So attractive. on the discounts very credits market tax the is were realized we're And deepening. are

even about slightly or mid-XXs above. So think

credit that So in targeting bill to And right? from we we're hesitation FFO I has and think of basis And a tax to high-quality equates deepening right? credits, geared is next we've by part to more PTCs we'll that are buyers. to have inside that to the of big market So both, $XXX growing there's we've coming that up Julien, a year, more And reduce of been points that did right? get the million And upper sellers, to range, the lining size chunk to million solar the million we this there's tax their as seen not good and past and credits debt, XX what they're $XXX lot look the taxpayers right, is about also we and looking any in close year our some $XXX up process nuclear were more into figure. trending to to the of the of month. And and rest was around solar. that nuclear, year, quality XX

being for you so a to it few years FFO accretive see come. And the to

for follow-up be -- the them as there, get a PTCs. solar all should we Should you. as Got being for treat to Then monetized. nuclear XX the assuming the But I XX well. just as quick we

we're in assumption modeling the year. whatever So next for that is

the works. you're and you get not that the And math benefit so way as the XXXX getting in well. I reversal anymore, Obviously, just get

it for As for few the back customers. you next X X. amortize But years, to be should them

think way there You them. it, is Or the Is less get another that nuance? right solar? them monetize to about

it, right Julien, that's to Yes. No, way about the think

set for amortizing method you period may over of creative them retaining of pretty then period. and forth these time a X-year credits have a to customers a recall, Julien, we

'XX path very XX% And forward. modest about as is so and then And a 'XX. 'XX generated that and amortization in get of amortizing on in them we'll of

customers incredible is plan all our really X-year a plans. in but lowers credit, our product in contemplated strengthens of of of is opportunities that growth it's that those way helpful and to I think to not in So credit our only price that one

Definitely sure, for Absolutely. if DC. settlement of Can a makes the via But for remind South where then that point formalized. on And in a us does being grained kind DC, the for final Carolina and second for terms that amortization. -- of sense. it's just you stand it's

assumption been second case we're and the that guess? further made concrete, think that X-year from settlement. using I all I initial Has

Carolina an Yes. South And in you us In let Carolina, update consideration deferring the we're North provide But is future. with memorialized. on credits the that.

and be method, details is good Carolinas, assumption can the I you those full. get planning more think would we if a on though North specifics, the Julien, Carolina that for

from The Nick from Campanella next Barclays. comes question

know as storm. higher coming constituents think on billing the in there's supportive at term, as check thinking And in into forward that. here. I preview I one do if you're with the constructive near to equity, you just Brian, been about and wondering Moody's confident I any pull prepared just capital that I 'XX to to your on really on local with year-over-year but guess the remarks, there's need seem be wanted going all, the well, ground effort how did the you

million with February, much per because our will XXXX. we'll larger new the in higher. some be $XXX plan plan. in of term there'll is XXXX be and be going the And financing which come some have And our plan signal we today X-year near up capital year in our than and in equity to capital plan, Nick,

at would financing provide that plan right full any not to point that our have in signal going equity. we're plan additional and how I We'll fund now,

yes, we way. What I expand as equity is, the would will we a capital, in suggest finance it balanced on

related to and capital. equity a XX% XX% I think new we've given to of range incremental of

that's appropriate. planning So I that would be assumption a think

announced frameworks, Duke And earnings is it's more had helpful. this just few come That's bit talk exploratory then that it's kind be of and season that nuclear, up how something know whether end you that nuclear, I new ago. on has would about scale some quarters decade, or scale a the see SMR of new otherwise great. call you whether large the Could small you or in into maybe a participating just for

Yes, Harry. lot see very supportive I'll Nick, the a in take We promise this customers and stakeholders question. of SMRs, that it. is our of are

that companies great economic the appreciate tech in that our states nuclear. showing large provides communities of are for Our it development interest recently, serve. we new And the some

At approved, the same move and to in it's we make we South both But time, decision our Carolina their investors current the early forward. follow a will decision X key that to as to North it's move best approved that and the continue lead of we'll to And customers continue In Carolina as we forward, IRP sure plans closely our we interest our items. any as move development activities. evaluate just have got forward. address we

is that supply first-of-the-kind of our for sheet that chain, third to we is then can investors the investments. cost The the exists, the overrun the balance making really one is around our protect make and technology, And sure first second to these the item customers. protect maturity risk our protection our

So we'll continue we to position there. to forward look work with commissions as in our

Chopra Evercore Next from question have Durgesh ISI. we comes from

morning can the that earnings giving tea. clarify XXXX? in of and the you what is just good the combination X what time. restoration hurricanes, for lost impact, Thanks Hey, Brian, impact revenues from is I to me costs ask

the X past a we as that restoration costs plan We the it. And X.X of about think we the million plan a months. the that experienced could you in year, well Durgesh, season in a cents storms the had O&M as for historic for and few but don't P&L, of we would days. just few out customers revenues for storm multiple to because Yes, lead cents

storm each kind about of the would costs be few level I So O&M on normal what of out that's a bounds were our how for cents revenues. that lost the think and

'XX. quarter, to, Helene the storm And of of with at well fourth amount then all Durgesh, for the O&M than and drivers of Milton we if large I for restoration us look third you look That's And largely of fourth the greater -- expense. you in by third see the as would at impacted quarter, quarter them. if point a majority as the quarter

outage as -- And revenue well. expected the quarter impact so the fourth from revenue will impact

we here look target everything posture us these But are times, driving degree we when in we seen mitigate you've will it's the below hurricane in do should have fourth many to be of can the of it range. things us a to at we're for really So do you know, both constrain we will high as that confidence to quarter assuming and this. that that impact XXXX. the total,

And the growth company that unchanged. investors so 'XX optimism remains our around to offers and this

that on QX I And think the helpful. just reaffirmed growth maybe you and very That's the be to talking want line. obviously, to just call, I X% X% clear. mean, in today, earlier call, QX I to the

Is that way sort growth perhaps end of back plan. to You talked still about of to getting end the that of to the X% EPS on you're growth the higher trend? that projecting X% the to

a and consistent growth. good really just we that's had it's question, Durgesh, load conversation with Shar the around with

sort we're have we it, into to of the 'XX the to us at potential slope to capital, transition a 'XX increasing and of when you deeper with has pointing the what that's that look in a So bit you get see and that energy higher in is range. chart

So the that really we've again we're regulatory working underpin hard in got direction and constructive time the potential. that and And confidence. our delivering time we've been believe outcomes

Next Anthony Crowdell Mizuho. question comes from from

enhanced maybe towards to load maybe And credit the points the on higher wider these just working the the EPS you're have question, followed making a day, and widening you the at loan beyond maybe Shar's CAGR. quickly, end at that leaning about also growth question, which basis and maybe storms using Any you on of just guess when cushion I growth? end talked the XXX, up thoughts I of think Durgesh's XXX growth with the historic you now? the earnings look of and cushion guys the

will good a planning question and also annual around for direction. spend part a more about, and working it's that. time planning some Andy, thinking be also contingency of that we'll be a and storms in we Thinking something lot of our

events expect every So these one do, as exception. of XXXX no would you to will learned from we've and be us

follow-up. one you've have just if And it. And don't quantified know I

Just you're quantified quarter. additional they pull company the for out talking run fourth rate measures quarter? maybe of A expect to fourth about what a mitigation normal from

And ton quantified we're that on. something Milton. of invite X there's a going you Hurricane about I only Anthony. weeks haven't But know to We work past specifically,

us So keep we -- believe than that the could and we've year, in given where that to and any more for the than the we're get are 'XX. don't quantification going. implies in full our talk mitigation that when But lower O&M specific we we are range going a actually position the I to set about process. is And of working the that expectation put want or we

next comes from Jeremy question JPMorgan. from The Tonet

Actually, on Jeremy. for Ian Kelly

to Microsoft's the or this or large gigawatts of here? wanted Carolina X dive And acquisition then Just of maybe confirm embedded forecast incremental Was further. multiple land single growth center customers? a incremental bit data into North this in whether comprised could you several is in

right confidential. question. a good The X it's now, is this gigawatts Ian,

either has the So over that letter pay for between or agreements, But customer serving is that that purchased. energy the we what not customer will going that the And contract happens XX, that say on agreement. is a to and XX will I next energy. codifies customer its through means us with to and will will that be we're negotiate information. X the what when what customer what And customer share land months service site secured, identified the next sign options we

these to all expect out you'd year. so over the next details come And

talks not And the mentioned customers we're centers what and in to land acquisition having data this but in going the Board, very recently, Microsoft's nuclear customers, carbon-free very right? my this our about talk to I'm in Carolinas that's across was is we're that arena. over article about serious half data center. energy with to in because citing specifically many prepared of And I an is emblematic remarks, talking We're and the specifically seeing of many the they're attractive their Carolina in

sign great for we're it agreements and So as this a like these. come opportunity we as reality us, see to we seeing

any specifically just that you or and about industries be this? portfolio, election shore have your load any you additions? territory maybe growth incremental or retirements maybe it. Got coal do regarding could renewables then results And how forecast maybe could in by from generation your in thoughts talk your And then on impact That's impacted could plant resource manufacturing helpful. mix any

I'll the take at We're looking one, and federal vesting that and state. Ian. election results both

think to on congratulating Trump. power. President of administration task to congratulations On his look reliable our want I work extend working delivering to and I really forward with affordable, his --

industry our a U.S. will role. incredibly think economy plays focused and kids, I of the an be important on priority

Indiana are So growth. as opportunities our with driving there doing we trial Indiana, in infrastructure in to and [ believe given Carolina, who what X plays look X lots know the order X economic development and the ] work both and at had important well. serve here similarly, And we states, Carolinas Florida, in we in people understand putting and we of together. elections, in the also and we're the in investing infrastructure place governors role states in to utility are North are that

conviction those federal our that anxious in states well. and And so the think administrations energy and affordable I at And is as with delivering also around our something level. work resonate reliable we're will to

I Appreciate just Could roughly in maybe the much X seeing? then you're transferability it And color year, just how add could more there. if quantify you in. per

Ian? tax energy credits, the On

Yes, correct.

million to points about XXXX, $XXX tax We that credits of in signaled basis FFO year. credit to and of sales these $XXX to XX debt from equates in improvement to XX monetized tax million a

the you so about could in next it of think years. for several range kind And that

Carly comes The question from Davenport Goldman. next from

could and John on that -- This looks Maybe new then talk updated kind in what total Indiana like the maybe start Carly. Miller you on IRP, opportunity filing actually of for now? about to the is there

Yes. working transitioning plant in Gibson do we Carolina Indiana. We've through what we're to gas, facility and I'll fuel one, adding plan. We many It our And storage months there diversifying with really future. also supply [ is and Indiana. take the have in on week filed ] going to solar, that really in our been working that stakeholders IRP for John. last our

So very for broad stakeholder support plans. our

year. be plan with IRP the the the moving next filing be and Kia ] year. at at expect the will beginning the next as forward into and [ to progress we We plant of CPCN

about then the be to we to file size similar it think outstanding it be should a helpful. one, how And natural plan? resource next do IRP XXXX, for And That's the it? Will Carolinas the gas the plan, then I plan? it. you year, size of Carolina Got the in could next resource filing? guess, deferring when maybe smaller resource on with some North in expect Or

orders actions allows the we're North forward our move last we Carolina, approved pleased we earlier and both week, got So to in and near-term Carolina states. South in constructive very both this really have that with us week very that IRPs

to plans we're updates difference year, actions we Very there. those and work advancing what tremendous We're forward. we've place focused the planning. near-term be in will anticipate stakeholders in items but We that on as don't filing move with really next constructive a those put

hear have end we of some that at CPCNs expect the from gas for those well projects with year back to of proceed County. Person to We the our the as constructions generations by

further no have We questions.

So to hand closing call will back the remarks. Lynn for Good I

Well, see And at Great. days. of all. thank we'll you a you couple

the Duke Talk I your conference. Looking to investment questions Financial Energy. want forward Thank your for you and you. to for soon. EEI thank to

you, Thank This concludes everyone. the call.

your disconnect may You now lines.