American Electric Power (AEP) 25 Feb 212020 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the American Electric Power Fourth Quarter 2020 Earnings Call. [Operator Instructions]. And as a reminder, today's conference call is being recorded. I would now like to turn the conference over to Darcy Reese. Please go ahead.

Cynthia. you, Thank and Call everyone, the Quarter Fourth Good American welcome Electric Earnings for Power. XXXX morning, to We appreciate you taking time today to join us.

presentation of website these refer filings we cause future Our available statements. There are statements Please release, slides to these that financial call. a related for earnings may factors information during on the our SEC be differ at to will Today, results factors. our many aep.com. discussion making forward-looking and are materially from

are Chief remarks Chief opening Akins, for our well and morning this me President Nick Executive as Chairman, Joining Julia Financial as Officer; Sloat, our Officer.

take to remarks. I Nick. will will over questions call the We following your now their turn

American XXXX likes of birthday of its Good. Jo, It own welcome, set for the this Electric Thanks, was tremendous challenges. XXXX Quarter challenges, have one's had we the appears But thus Power's Earnings XXXX a that And Darcy. has Fourth says year Call. happy seen. never Bette you. which to Darcy of everyone, far

stronger but once a our again. events the these everyone's dividend But you of the that discuss of some we The earnings getting commercial significant resiliency control occur quarter outcome, utility. ensuring downturn the mind. of to again and discussed of to expect make in came Our $X.XX the that later, hearts to ongoing outages and significant outages conditions the further growth do West will earnings top from earnings to has for Virginia consistent future, to our the of employees exceed of ensure a address the and of aggressive changes opportunities ending economy, we to precipitated There and operating want AEP's back from that COVID, earnings plenty previous concluded our have I led tax regulated outcomes us been comes do challenges, quality range Texas arbitrage challenges midst the moves be has way, certain expectations of the costs deliver postmortem AEP in our the in of the out by of paramount and tremendous buoyed you, regulatory return COVID per delivered. cases by all at and illustrate and that loads would are fourth and its the these not little of in for AEP that and to the a calls, and along employees' in of beyond. the impacted related and impacted at issues accomplishments that operating cold conditions residential and to went the which these by for is to with share, outcomes share, XXXX, an several positive to help is severe that investment during kinds in that in even and that year ice projected to excellent industrial tell XXXX. quarter customers as go customers $X.XX premium normalcy everyone now, I'll

forward. guidance $XX range our operating quality are to per plan Given and half new reaffirming We're our midpoint earnings $X.XX of is updating a to bringing of move in $X.XX in from XXXX the view rebasing our XXXX, to progress have and control our cost upward load forecast capital per AEP made $X.XX that be for rate to guidance billion would and to ratings guidance growth revising is upper that new in XXXX, X% with the Achieving to Excellence per range. credit also our we our now on not we X% range committed be the on continue our operating as share, our $X.XX disappointed X-year we the share. for Program share guidance AEP range earnings

do after XX% emission now goals we to our by analysis, Additionally, to further by corporate carbon accountability every process, prepared reach reporting reduction XXXX. each as accelerate XXXX to net and year dioxide our and achieve AEP X is through

aspects scenario more. analysis we We the us be will but year climate of as everything innovations, new stakeholder a commercials, efforts, we as from will require scenario covering all the there's before been report, of making, the reduction path state-of-the-art be and over this in a extensive transition-related quarter technology to these wait, analysis complex engagement go releasing has carbon to to you just that substantial during Like report along. first a find

integrated As our mentioned our to call, we roll or refining jurisdictions, of out for our recommendations quarter call resource next were earnings all you first 'XX I before. in operating at which plan earnings last we'll the

the plans. on teaser brief future a Just

in up frame. We to proposing to the are delivered new energy time to to of customers XXXX X,XXX be renewable serve XXXX SWEPCO megawatts

half our project-related AEP updates quarter's my of as on our over." embrace It said, on ourselves behalf further earnings credit by to serious as give movies for to future and to time to and energy for will call. of in next customers well as manage balance sheet Decimus clean by and activities Meridius this, transform financial lot measures reminded to execution respectable a activities which says are has regulatory AEP We and do Gladiator I metrics. and talk work communities. I'm that "the Maximus that our is for favorite time are

sheet core been recently we continue of ensuring Additionally, growth manage forward. hydro Racine the to and our portfolio form movement, This our credit evidenced asset by execution strength of actively This companies focus metrics this plant. and we will we has opportunities. will of on path our assets define enable as our sale optimization balance this while as

levels, load. Moving on load improvement trailing The improving. and and still up is the but recent commercial to in forecast AEP loads, considering our economy our industrial pre-COVID

other should industrials and infrastructure in natural our weather both related on resiliency particularly and during minutes. Modest focus recovery service in such detail the of occur, territory overall the load events. by about with topics by hardening load in the optimistic infrastructure, after are and the developing couple covering led Julia investments, as winter and be a distribution a related administration more and in We growth will gas XXXX. pipelines,

Our band, therefore, finding result activity earnings received the extremely XXXX. rate should believe entitled certain of the was in increase. case balances company in were rate on both to a plant hinged across APCo Appalachian Triennial sought result, rehearing The order XX XX, consistent Virginia that state its law. Power determination continues to amortized an - impairing commission APCo to not and Triennial This decision have November appealed determination. our In with robust. in which in We and the earnings - rate finished immediately we Virginia, the And over disappointed commission's that as a jurisdictions within in June the case commission's Court. versus the on disposition Virginia the believe the XXXX, with was assets the XXXX this the coal starting years, erred Supreme be

as SWEPCO The and revenue with end cases our a will In the Texas more seeking company of and pending over with to parties and will reached. ROE but Texas. month order in final the experienced with whether its say coal In of ongoing case in have cold storms East come a million. the discussions, Louisiana, of and company XXXX base ROE we'll in in a a full awarding X, record SWEPCO net of included I commission request, accelerated rate following filed vegetation and update May or the are revenue XX, issued the for from on of base been made February The have $XX filed case expected net out the on the settlement March its million So AEP jurisdictions, modified into rate increase million filed management. proceed not, increase reserves that transmission Hearings In Ohio storm in XXX%. a scheduled from investments $XX October, million A Louisiana seeking depreciation If XX.XX%. plants was XX.XX% increase to settlement XX, little before we've hearing, and discussions at XX% temperatures on on case engaged XXXX. constructive. of a X.X% positive January the a rate in a for settlement and and X June a tracker Kentucky, continue $XX and an the in to revenue we that. ice increase order commission commission year, October. the be net its of the December and a constructive ROE of the $XX to end its West.

through our damage ice APCo storms. with Kentucky territory significant and and sustained and system tree Our distribution transmission back-to-back

and from made to storms. communities. on for mutual is we our one Our an teams, We assistance to impacted appropriate significant major The with our teams, companies the important other in along service have file that support have tragedy as regulatory for Texas recovery headway unfolded with to operating intend restoring me address.

loss thoughts our the family the prayers or polar go result out who vortex those as and again, the Texas, of foremost, lost people engulfed communities experienced and to and and First members and state. of families to particularly damage that a

others conditions maintain Texas in our energy required to million unprecedented to to condition a The of little you AEP grid. the integrity delivery and the load emergency and over provides services operate to to stability immediately AEP and in curtail customers As Texas affiliate weather X direct ERCOT know, state. an the

our ERCOT centered available the this throughout continued of to that During ensure from focus Directors flow the on event, this responding power to crisis.

sober the economy, maintaining Throughout identify resources the response a in nation's effort as with worked this resources as our with communities. that energy and of event our other also to supply them. proud We of supporting our not critical our to but and team's as within way first-responder key emergency, have our of also loads only more been of life. dealing critical reminder nature impacts serves I an mitigate hospitals communities and situation such This fundamental confronted not in could to our the

cost AEP a ERCOT, minimal, the subsidiary the Texas Texas, Texas from a any, weather is nor financial it if As events. provider, T&D we expect so our rates is in base ERCOT of retail not portion impact generator, with a utility electric

on on February returning assets service started wind in XX. to February and outages AEP to ERCOT XX experience Our began

all expect - X farms - be We to full availability returned to soon. wind

no this higher also from performance. event. financial the we cash unit with loads and wholesale to but And alternative various recover forward. in pass-through. ERCOT lessen respectful commissions the have said, as mechanisms through clauses related minimal all experienced PSO on to do load In based SPP, our AEP we with the recovery Partners Energy our performance jurisdictions, by much the we fuel Also, any we substantially state were to going work served impacts know, material. costs, exposure flow be to financial during but are of capital you events, costs hedges, fuel major upon we shedding contingent not That as which the structure We the is the our a of and and being have company metrics customers, SWEPCO like will storm fuel fuel

a that and cost So and events, resiliency indicated focus is need grid. others specific the These reliability perspective. policy weighted country, of refinements the have the further average along changes that for certainly, around capital extremely with of from on important

adequate generation encourage across us promote increased determine capacity where exist. And safety during gas and would more we Specifically, infrastructure classes designs other situations. to assessments levels provide sufficient net and emergency margins market critical reserve interdependencies electric, reliability that robust

to and Energy the implementing In to by resilience addition regions lean storms, impact delivery during and I times possible clean occur, time. issues address on of polar and enable that requirements infrastructure. can transmission stands these state vortex led us hit future the in participant summer the the failures other higher planning ensure well some testified these need at at frequency, so we resolving do the to Whether after plants, of to as ready many national level gas weather in event to to impacted active and which it's counteract critical customers Committee reliability a natural the XXXX, winterization energy reforms the better have the winter perspective. issues, the as before of Senate or interconnection actually, system stakeholders intensity systems these each that speed recommendations worst crisis both PJM be to must and AEP an territories. of All regarding power for from

to communities on in remain also so the serve. from will advance active significant COVID-related that impacting we to positive way issues other strive as our in racial a We are society we fortunate injustice to safety

now and the of go think, through I'll and that's to So move the I'll equalizer handout, page that. the, chart, I the second

you that for Holdco We Ohio ROEs our And the the well. mind target ROE other. overall Transmission the But keep on see, you equity segments range. as are the across to table in our that the with as comparable at not APCo by Texas, each bubbles we're our below indication as also followed along is to layers So and based you least now normalized, the I&M, weather in ROE thickening the regulated generally of equity, XX% combined X.X% the X.X% be is average size being largest of to AEP - board. the company go in see, we AEP note and SWEPCO also AEP

due AEP at partially the roll-off in was fuel primarily of and XX.X%. Ohio's the carrying the legacy charge capacity of So favorable we've The discussed the regulatory by fourth first was with AEP ROE Ohio for AEP authorized, quarter end that to above items, recoveries past. offset the Ohio. ROE

we'll soon. we pretty expenses. talked usage about normalized Triennial capital outcome in file the petition and authorized was fourth for and of granted trend to expect I commission, resulted review. offset certainly, end course, AEP increased of in - We the said Virginia final ROE the filed APCo due below the around as which December from that did APCo transmission Virginia that O&M see XXXX, ROE recovery amortization a we the of with lower of at and order was and of rates partially June concurrent earlier, and at ROE lower Its distribution depreciation for subsequently case, maintain In and already XXXX point. as And XX% was base the increased quarter reconsideration an higher investment. capital levels by to Ohio of X.X%. APCo investments, suspension this the authorized depreciation

we X.X% of ROE loss major loss filed is capital far due lower to concerned, expenses. ended along the some authorized at of the a was As fourth of economic weak quarter revenues also due course, projects. rate base we from and load case there. Kentucky as below to ROE. customers, Transmission The you of And delay higher with were conditions knew

Its partial case, base distribution approved XXXX. ROE case ROE above a a tracker, So rates PSO's is and normalized to there expenses, transmission tracker ROE due XXXX I&M, is authorized filing a and X.X%. than in required reduced is to improve projecting XXXX, lower And of an XX.X%. of expect base continued management to commercial weather and ROE level, we I&M continued fully was the PSO. PSO's its October X.X% below XXXX after I&M's below ROE outcome. ROE was settlement O&M expense in XX%, due that by offset rate case with lower O&M trend authorized its sales. unfavorable of true-ups, no management offset and and by authorized of partially consistent also to later industrial usage The X%. ROEs the primarily Michigan X.XX% expenses. case in interest Indiana. partially

with associated in talked Turk. case, already XXXX, Texas at equates filed recently SWEPCO. So that Arkansas as for Louisiana points was fourth more Turk, X.X%. you ROE due this, we October know, as impact quarter I and and continued case ROE to to The to come And was loss times, about basis the then below filed discount of of we've the of of end several a XXX discussed that. then a load which authorized share on well. SWEPCO about the

case It's Texas finalized until the cost annual base and fourth one. the to those. XXXX. end to to rate capital DCRF The in adjustments associated regulatory quarter. AEP lag annual is filings case to our to come earlier Texas. and after ROE filings to and timing at due Favorable authorized AEP recovery recover on X.X% the wait with that cost file the biannual of rate allows TCOS of below So file investment and treatment more had from onetime

X.X%. of in revenue in the of ROE by driven It in the overcollection was second the return XXXX is came ROE longer AEP to annual revenues XXXX mid-XX% significant at towards X.X% exception levels trend true-up authorized, Holdco continue in is the to term, Texas ROE. authorized quarter impact the While then in the below be in primarily investment to of the an quarter at fourth will of transmission the ROE XXXX. to for continued and range Transmission forecasting their

and lyrics away XXXX, we take Brian over I CFO. moved "I for you the Nash, dividends So all off AEP him over time can want all our of while and obstacles years clearly clean meeting COVID now financially Jonny rain many the has and start while XXXX, in XXXX. of challenge to and truly our and great to resilience in quality this energy to consistent and again, a has of serving track significant a to XX objective day." role. and a thank sunshiny on back in that and our remove the As as are gone, from agility strategy in premium to future operationally, working year, Tierney bright all, embody of get can dedication his time emerge in electric has earnings he given as important our in passed know, way the already utility. we economy a challenges after our an the we focus company the see to outstanding and investors on corporate paraphrase shown XXXX, And both on to on in

the know, will with that. agree CFO, and energy approaches to would new Julie, level, our even focus everything Brian She with next who up. take many Julia to over you it you're infectious Sloat. that turn already I'll the AEP Now of

Thank everyone year finish full XXXX. our Darcy, Thank results, some review balance financial fourth results, you, Bette birthday, and up and our quarter the with spend It's economy, time Nick. liquidity outlook walk to through then us sheet to this thoughts we'll territory be morning. Jo. our service happy and the you, on more going share revised I'm little for load on good a and with

$X.XX share to operating to the which for quarter per GAAP comparison So GAAP and to share for earnings periods. quarter to compared in XXXX. the share year earnings were the reconciliation go for the of operating for a Slide let's share shows the There's in GAAP XX compared were $X.XX the presentation X, Pages earnings $X.XX XX earnings today. per on XXXX. per of year-to-date GAAP $X.XX of per to fourth and

our summarize, in the the through segment, earnings businesses totaled to collective detail weather. on $X.XX our to fourth provided lower the per depreciation our offset compared than on on per driven for which XXXX. in O&M the X. and more the change segment to fourth higher $X.XX by walk and by quarter is share in Operating let's So performance share earnings laid But out operating is which Slide serve by quarter boxes return regulated chart. investment unfavorable was customers, incremental The

investment consolidating year, items the favorable well and a associated by from generation which and Corporate was higher and tax the This taxes primarily by privately on held lower land as adjustments of offset of to marketing the by relating gain as all margins. was and offset O&M. sales taxes. generation higher from last $X.XX to was were effects and Other up expected timing and the with investment, $X.XX due income partially On margins XXXX. business of retirement up state were retail wholesale earnings Lower side, driven plant

share Annual were look operating take billion to billion at on per compared So for in $X.X $X.XX $X.X or our year a full or #X. $X.XX results share earnings per XXXX XXXX. let's Page

the AFUDC. transmission on provision decrease and drivers drivers associated per of multiple revenue, true-up, higher O&M in riders reductions. segment Ohio higher the $X.XX favorable $X.XX Utilities drivers due was earnings included increased decreases a across interest at The this in transmission earned to weather $X.XX Weather things by were warmer-than-normal of annual up Looking Other AFUDC. recovery year and items expenses warmer O&M of Transmission Favorable rate included and Utilities rate sustainable XXXX was like tax Distribution the with O&M, XXXX this to unfavorable both and contributed O&M from changes changes, were down Texas revenue in prior impact depreciation onetime transmission smaller share, in the ERCOT true-ups. up Integrated Holdco items temperatures from through Operating segment expenditures summer higher impacts investment. the XXXX. AEP higher included Ohio roll-off a These and the and charges, items expenses. to - partially jurisdictions reversal per legacy due due the The tax transmission higher and primarily and Transmission carrying $X.XX depreciation include due Other XXXX Favorable the revenue. investment of segment to to by and effort the in offset settlements. lower share, and share, $X.XX year segment. regulatory transmission for Ohio, of Vertically Other impact and $X.XX increased the concerted in per in prior XXXX. of the lower FERC year-over-year. unfavorable segment and true-up in

sales on of other Generation items since prices by Marketing & billion Generation $X.XX $X.X return weaker and produced per on impact growth December grew Renewables onetime continued plant with retail fundamental of asset the Our share, investment increased lower margins. more acquisitions. or offset net $X.XX The the business than Land year-over-year. as up business XXXX. and XX% wholesale

we investment an was results financial of Overall, operating expense. upper Finally, items range. guidance up as partially per and the our interest and half Other taxes our with as share, state lower higher well we're earnings landed pleased $X.XX adjustments in by these gain, with offsetting taxes driven Corporate as from XXXX

came not growth over because normalized saw on our load significant, So for the let's Starting the was the in we X.X% quarter look only fourth pandemic take XXXX. Page the it right lower quarter load X. the a was load quarter for first quarter was at also load of fourth corner, above since years. normalized positive in began, but the X time it strongest This growth in our

load in of the the year that AEP's restrictions upper down range quarter view XXXX. us finished more drivers end when their reach For finish we're our enabled of specific X.X% normalized to XXXX. since has to A to to one to load projecting data for XXXX service in of second our this the continued year, bit XXXX, economic Slide compared load. retail guidance XX, can improve why is in I'll were and COVID where out talk we XXXX normalized growth highest bottoming levels. strong the a when Normalized load X.X% the territory. get for about some little our at occurred But we

X.X% In our an improvement the it left be growth our back in upper trajectory. fourth increased up residential its the year, the quarter to will normal quadrant, is service X.X% the this from getting ended gradually While XXXX, normalized by decline X.X%. also in that territory and shows sales

restrictions at every For in spread at when majority spending sales and their comparisons, both the quarter company. Residential of in growth XXXX were were home. people the was highest and second spiked time the residential across their quarter year-to-date loads operating of the COVID

stickiness our lives, given for the a our post-pandemic while year, sustained segment, benefit by are from residential we assuming as vaccinations we migrate this territory for Looking the to to XXXX and from as work-from-home are office X.X% sales rolled foreseeable load this service in across many workers to decline we relationships arrangements or moderate out future. expect

the commercial let's over seeing though X.X%. upper quarter operating in commercial companies fourth the all quarter, decreased since were X.X% pandemic sales across So Even began. finished steady year sales improvement the slide the right the Normalized to down quadrant. by down in commercial and sales in we're

In hardest of shutdowns were the sectors XXXX sectors by the fourth the hit second in the were same in quarter fact, that most quarter. improved the

restaurants these hotels. schools, included Specifically sectors and churches,

significant sales class with positioned for The should the a a growth of left and in as territory track we down likely were in territory saw commercial to population still XXXX, sales sales experience improvement X.X% in vaccinations customers service you quarter industrial will to X% decline I&M, which the to record-setting aggregate, commercial immunity, modest we increased service have recover, AEP As industrial strong look acquires XXXX. compared from sales companies, decline Texas we XXXX. additional a forward X.X% when Ohio be expect - Even by quarter this continues is a as year down lower sales the of though the the chart, and for to recovery. fourth X.X%. in in post industrial quarter, decreased a In operating the the did or namely ending few AEP improvement

we pipeline saw little The the will year, continue in on industrial for the more transportation sales projection the in assumes customers, recover end a industrial Our On by show growth our to gas led quarter. fourth oil and recovery sales to XXXX sector. have the the blue up in X.X%. Slide bar color growth we and XX,

in in sales Our X.X% the total oil and gas quarter sector last year. above fourth came

sector XXXX. growth since in industrial The the the oil has fastest-growing the excluding fact, sales, transportation show bars and orange sector been In pipeline gas.

with the the you recovery exception we're reduced of transportation industrial improvement is pipeline strongest headwinds Overall, While it quarter, quarter and carbon down the X.X% dramatic the can mining the plastics which as growth were metals. XXXX. our supports second with demand gas mostly of projected in sector, oil softer by most are quarter. industrial for see sales faces faster has industrial coal seeing from still experiencing that primary evidence emissions. and and was mining and sector for This sectors manufacturing. industry offset how the the the We growth sectors in for extraction, The shift anticipate dioxide been rubber toward the sequential across since the improvements

XXXX. X% XX, on that provide service of the you'll was restrictions Slide territory in decline other than better by service chart with I can few the pandemic. the join parts throughout which quarter AEP than within points and to AEP footprint. country, a conditions if allowed economy the territory the I mentioned businesses Starting on fourth The So U.S. than less on a U.S. on of you ago, fare XX better AEP the was update, basis compared me experienced regional the had product the moments fewer the left, impacted latest notice the gross This our economic territory to virus the

AEP XXXX, relatively territory expected grow forward, by Looking with U.S. recovery in X.X% to economic the the service consistent is in the

the territory the the service market right, on U.S. the you see Moving pandemic. also to throughout employment performed for AEP can the better that job than

For the U.S. and the X.X% than economy, leisure of manufacturing largely relative down government share of which concentration smaller hospitality has jobs local This employment was heavier and was better and jobs. within jobs a the which quarter, X.X%, result our of is mix of a the

of Going XXXX. growth we X.X% in expect forward, the job service our territory in

XX to turn on over let's and position. So check to company's the Page liquidity capitalization

changes fourth a in XX% due debt-to-cap assets quarter debt to increased primarily the and Our quarter working to X.X% ratio by to XX.X%. during capital. in on FFO basis, regulatory X.X% to Moody's the increased

as couple strong of to time questions time I'd facility. base from remains this. $X.X by supported a on we touch at our things position billion, on relating to like financing liquidity plan Our to credit our receive revolving

assumption us. So can generate engage portfolio analysis our generate can financing not our is to any it rotation. it upon another than incumbent of asset I'd do share for opportunity of include value an an more believe plan us that for to we current like within party does any that

supplant appendix SPP associated planned and that that or severe weather you. Texas, a would in also talked see So which engage in the you the Page Nick mind debt and/or for likely proceeds financing since XX I winter details, in extent business us top both provide on to moment presentation about take of impacted a we today. to the such result the an sale quantification to of of the that's ERCOT. want exposure activity unit, some and of for the asset some equity the in would

is electricity needs for to of perspective, fuel cost of the gas $XXX are gas gas plants gas costs know, roughly million. some you million availability, purchase natural electric $XXX limited SWEPCO's and estimate approximately preliminary the annual for for reliability $XXX increased To natural resulting estimate million. preliminary As power provide power natural of and in are winter purchases the and natural SPP million. PSO's PSO's to unanticipated $XXX prices system. cost demand gas supply natural market storm meet

of So is. you how the get sense big that

SWEPCO and PSO purchase fuel power and Importantly, have of incurred fuel clauses permit expenses. prudently recovery active that

submitted However, mitigate to inclusive yesterday, an extended effort is in a this an time impact seeking capital. the we over recover the on which cost occur filing period regulatory to and bills, to of would customer with of consistent likely costs, mechanism we expect weighted the asset average of recovery PSO's

financing since as contemplating So to the payments that our the long-term contributions to from suppliers due we're to taking SWEPCO relates March. On PSO into and of this use note, possibility of the we're plans it and the parent in are making consideration debt company. funding

AEP not receipt Switching Texas' related would the be gears. should goes, As of be reps, Nick ERCOT served Partners, exposure AEP load as and far Renewables' Energy to mentioned, generation significant. as wind AEP assets wholesale by this from this funds the exposure

plans funded qualified per funded pension equity reduced XXX.X%, funding Medicare also increases the Our X% lower-than-expected increased both to The benefited returns capita and rates, our status quarter in to fourth XX.X% and the driver status for primary increased which the XXX.X%. from Strong during quarter. advantage liability. were funding the the during OPEB-planned OPEB

going. Slide where So recap XX we're to do we've let's where a of go quick and to been

record. a track begin XXXX proven So we with

Our XXXX proven track began with earnings a XXXX we in - record. sorry,

as our a from both and of our onetime sustainable be in and some Oklahoma, businesses and favorable from the also decline reductions expect North we the sales our and return in pandemic customers. and Wind we were implemented on O&M to and savings in in XXXX, to Our earn Central this from got weather, early a strong benefit mix that PSO mild capital project to will invest sales investment approval continue earnings SWEPCO response received in shift. We we help

be addition, going to and In so our able able in line to we've do forward. expect over time, grow with dividend been to earnings

ratio of payout within XX%. our target to XX% dividend solidly Our stated is range

$X.XX operating guidance is per $X.XX to nonessential earnings So on results $X.XX per as in share to modifications things XXXX XXXX, very stated feel of O&M this include to crew our since like we material operating share. up confident learned in can range O&M front cetera, raising guidance to reduction per efficiency earnings focus few. we range forward from expenses, the deal minimizing practices, reduced This virtual now look of previously travel our time in during reflecting et of of from what normalized surprisingly, waterfall over the of sustaining EEI and our The share to appendix we to reflecting XX operating shared great on just the the done sustainable guidance. on $X.XX an relate lessons per training actual a continued as from and Page be pandemic. at differences XXXX midpoint share. updated the There's some primary this name know well weather earnings as and a a we examples supply savings and format, load effectively in Not field

but forecasting Specifically, $X.XX to this be our billion actual now XXXX. the we to are we're O&M for billion. be $X.XX untracked billion originally $X.X compared to XXXX forecasting

So we'll transition opportunities renewable ESG as as our our additional focus, forward cases a future. and we through proceed with space, XXXX, move the clean supporting we pending energy finalize toward in rate

the range. to programs significant rate operating guidance is allocating growth We and will there to continue capital disciplined earnings our we're our our in reaffirm X% capital, runway of XXXX increased X% approach confident to

the joining going So to thanks for today. so turn for it much I'm for With operator your to call questions. over that, the us

with [Operator Instructions]. go Guggenheim of Securities. to line And Shar we the Pourreza will

Nick, resolution close on questions the for to sort be at thinking all, being schedule takes the of at Is conversations? sort continued any room should make of settlement, seems just the of kind - about juncture? time questions this of couple sort a and been quick the now pushes like state, to of here. paused the dialogue. procedural it a some noise a for Is with just there we impacting Just in you've couple of Ohio

there's No. The no impact - noise there.

continue with issues ROEs that the typical distribution of kind and discussions and of the thing. We And in parties. riders

positively, as I to X going different that we And I and on continue So well. like we with the And of all focused I everyone know have think is engage are another. some parties X nothing nevertheless, unusual. be But discussions and March days or could concluded. X said, the actually one think getting that

sale, show the hydro the focus to of an your core And Excellent. of sort of sort on then to on impact just obviously, does financing plan, desire Racine the business. kind but it had immaterial

of seeing asset about offset needs full incremental a Central? be partial for about North some may potentially that Or thinking sort the equity sort on further optimization similar transaction you an are how with we're updated Duke-GIC instance? of you're the So thoughts term? near deal? Any a thinking could sale underperforming to related to opportunities the asset, of transaction here Whether utility in

Yes. and over. and for ways, measures is There's but time creative showed look Yes, to as a of the one there's talk lot well. of others as obviously, half in I of And all actually. assets, Duke mentioned continue we'll the those, at call, our

that we're move fashion ensuring with to forward. an we've clean we're means an way have to got optimization capital rotating effective the and about future. energy effectively standpoint make going the So from of that assets dealing sure to going to to that we're get process making That in

us, So manage to want sure in it make we absolutely We our motivation ways. particularly that is a all prime this maintaining of those balance sheet with is. actively way for process structure the that

to So area in - as of on over some the strategy is these that's and activities why well. focus Brian

continue that to see approach, and we'll So you'll come. more

capital Any this you on on additional Got the thoughts replacement be it. presented of and for lastly generation plan of what That's sort implications morning? could helpful. me, just X there And then Pirkey. and sort Rockport potentially the X-year this

before. megawatts incremental we megawatts X,XXX is what The had X,XXX Yes. of an

to And that some Rockport, Pirkey talk come. about you yet obviously. is to that's of related still When

plenty done place measures plans, reflected will integrated energy analysis move talked have would And out before, Rockport our there's come be we resource So any accommodate other to still our future. of what our clean that all of with I've operating in where that jurisdictions. about of and getting of plans, that that's the which in in to we'll

time like that, I earnings before. see to you'll call by or the we said, first So the get quarter

Our next the comes of from Research. Steven of question Fleishman line Wolfe

terms Just, question guess, I in of XXXX increase. guidance the first

go you EEI. the to segment, to If back back

think and that? Could driving lot the you is Other in segment. clarify it I Corporate better a of what's like

Yes.

monetize there that to were around the also, Corporate Other place some And actually we had that investor XXXX, opportunities were by there tax-related the to So And point. we was investment relative put certainly, - were provisions are of an in that and there around some charge in investments, returns end there warrants in we And some were the early issues then year. COVID. the tax held.

different had from where investment negatively. in have happened was continue that We've an this this year standpoint. a we And positive So have that And to investments we it gone invest technologies. have investments gone positively. to - be is

where investment related that the perspective, feeling the was Achieving 'XX from Program. when XXXX. economy but our activity - know didn't was much driven. going, the say where load of so story is And exactly it is, So we and is the ongoing We're going. we really into know - also But about progress had in Excellence not some still There didn't I'd that much an bleeds better 'XX. over

continue from We in to advance perspective. way that a positive very

the we was felt continue raise upper encourage certainly, more level guidance, range. the that half be like of us also that but So much in we'll to - to guidance confidence for

program. view, income the bit it we items, versus actual to to an look that And and continuing we're due you interest have XXXX. And or some fund little if projection, fourth Steve, presentation, that particular the obviously, at Julie. full year you investment is point investment largely with Corporate can et pickup Page a that XXXX is a then of bit The we'll at slide and O&M offsetting on quarter the you'll were and to cetera. still expense, going an in much in as specifically, front And out charge have in see relates look of this gain this XXXX calling projected of revised pronounced the tax some increased associated around And items XX Other. column investment and again little that here, be to more gain

slightly debt there. have balances we So higher out long-term

Okay.

I because verify to... to Just just want

Go ahead, Go ahead. Steve.

guidance the XXXX. for at I guidance and looking at $X.XX XXXX And just the Other the think was gave and I you're giving better. EEI Corporate you for yes, is So now then that

like continuing? sounds mainly it gains point that's So charge other the a due savings then interest some mix things of or and to

O&M improvement, pickup, some as say. well should As I yes,

segment? That okay. shows - the the Corporate And in that's up in

Bingo. Yes. Yes.

it. Got

you showed we at what EEI. Versus Yes.

SWEPCO Okay. owned? Do to do have be other maybe PPA? of megawatts. we you much Super some all those helpful. those And a renewable are question then own? Are to able those Are going sense new you the of how the on one just how know mix... Or

like the of possible states be Yes. have We from as particularly as - really perspective and own important and structure foundation to the companies within resources, would to that need like these company. operating we certainly the a a renewable these I it's because much serve. vested for generation that We to capital funded within feel be firm well resources think

we'll we companies of a we continue the may And standpoint. that utilities it states some the and portion important operating to being these from the in that I have PPAs, to but flourish across And that capital vitality it's are obviously, that So the - get make. think that the approach. operating those up message of we'll wind continue to filings

with SPP think, view on I looks testifying a to demonstrate going and And and the But what and went now, in interaction engineer and incredibly I of for distribution with to electrical there career started to able redispatch system storm, think important. my occurring, in it's actually, for was I'll was activities all events, ice too, pretty important utilize those us for But and the transmission obviously, the for I again pipeline I ability resources crisis. through from benefits and these the control were that an and tell system customers. particular weather the - and so be an these our operations, of able in through be like is and focus it's perspective, important to valves features mills manage and to my to our be ties as were think to probably why kinds those interoperability were tripping in that I'm ensuring events this I on - important things and it place have soon. really freezing, Generation ownership of age that utility was it And were these be XXXX. an coal, freezing, that's

natural generation going that was at look going prices the in some You the even that some forward fuel perspective gas cost coal-fired up a with of much. impact place mitigated of from so

I portfolio, a reason part the runs that there's be for think the each important to and utility it's So those facilities. the for party particular

view So that's my view. with And firm certainly, we'll these that. a toward cases go into

Tonet line comes from with of question next JPMorgan. Jeremy the Our

you off O&M, there. could? I a step to what are versus with on what had I if nice see start just to just down even at little like you EEI guys seeing it Just seems it's wanted there? wanted now guys Because And - around then? just really, as those a these out? plus, you're wondering, provide could savings you you bit sticking see savings, pulling cost if you versus XXXX And about think of the what all durability color that more

to as that benefit for XXXX. maybe to nice to to on is This forecast. Thanks XXXX, question. bit see and little try for in was in can a much O&M as Yes. more Julie. so us of our Yes, the you we're a going hang And much

but able So take to, really that pandemic in try that ways. would we're then the to not and only nature, learnings things in obviously had to sustainable operate the from glean were different we to that and are onetime be the looking how we things

my related we're beginning that and things planning the workforce So things of of items, at include types things the here. digital kind mentioned call analytics, outsourcing, automation, in preamble drone usage, tools, about other like talking those of data I that then essentially,

in been able format. and virtual So reducing nonessential a mean I successful very we've be travel to training.

advertising, well, cost materials minimizing that a we on that continue reduce fair So cetera. in actually overtime, the rein the of extent can amount et into as pocket to savings to brings and supplies

at hat can pull sustainable terms we a learnings kind or else out and from of in looking of we're of more what forward. we So as we'll perspective, go the sustainability additional see this of

of it's little bit everything. So a

thing. to to the stuff there, I a able you do together So point And be of we've it's to can't the at to in pooling fact, track fruition. team been this it. one And records able entire particularly variety make come

to turn to going crank. we're the continue So

helpful. just pivoting That's very maybe renewables. over the And towards

in gigawatts out of like more you add solar provide could has focus could just you generation on you XXXX, by think a if and here. to states SWEPCO color bit mentioned I wise? It good think seems fall regulated you're where wondering, jurisdiction a looking And that XX there. wind

might be seeing time potential frame? you over wondering Just that else the where

last number a as more the showed that obviously. you'll see That's renewables being further said, so. placed be X,XXX in think was to analysis, like X,XXX, in and as gets play, it or renewables to update Yes. I by X,XXX of like XX,XXX - we We then time originally first earnings I our And continues had we adding megawatts then this quarter well.

is So progress. a think work it I in

it. Got

FERC actions wondering that stay plan the here, Biden's you could the - for on impacts last what that to one, Post supportive here, tuned new just that there opportunities transmission AEP? of mean ahead We'll bring elections more and of I And if wondering with could side kind And the FERC if see just XXXX, directly? there. what could. you Okay. if just also

energy Yes, see administration if transmission that the there's I something be renewables to up necessary actions taking think support and that. obviously, on any the by let Biden FERC-related to I'd - because surprised is on. see build-out And highly continue supportive we'll clean is

matter a of But out targets industry of are being the role order do in they than certainly, play what meet like feels and point. aggressive critical that do can AEP. the a placed there, means more As kind they're will at aggressively to fact, that that this probably and transmission

next Evercore Our question the of ISI. from Durgesh comes line with Chopra

of last sure think storm-related into week's PSO when Are add you charges. quick, storm the numbers The this right. real numbers? interest-related billion, your have call roughly the those those Julie, I want and guidance $X.X the just, north SWEPCO, - financing make up I between costs, So to $X just billion, incorporated XXXX it, I plan,

Not yet. No.

holding a have bit on exactly roll We're our a those And is up financing more out, have here firming so little yet plan. get to updated and tight of until not just clarity this stuff all going numbers. we we actually we how

application commission As an the I made at Oklahoma. in mentioned, we

rating I of mentioned, piece plans what with on to on bit more up expense. But and increased we will that well, anticipate this need another can that's needs, arrangement. that type interest those stay be So sensitive you we update to be as obviously to try is have potential sheet but the debt. cost, looking then little and they customer largely for and to we And the metrics the that absorb balance to you're a to stable managing as forward taking to you able as really move and also at you. BaaX that the continue crystallized Obviously, picking make as

Got it.

Understood. Okay.

maybe or to plan like, to there interest So the at guess borrow the you're a looks I business? that just going of sort other things, terms term, in and with debt. least, Is of offset near savings O&M other charges in

Yes. Yes.

making always the And a through dynamic that fact, of thing to potential unforeseen were mitigate plan regulatory included we do Oklahoma, move are for we're application at going a mechanism that in the for you a adjust called other that that that specifically, about, work to there point we in one, may fact out things a - Number WACC. year. as my of statement a me risk, recall, right? any So couple specifically the matter As opening out. a made I'd check, we looking comments asset here, that with PSO

made able comment I well WACC of operating financial incredibly companies comments important do the metrics integrity balance Having the to preserve And making that that we opening a sheet through be sure so several well. to as to the us intact. his because that's enterprise. regarding entire as the us as helps need our Nick times know are

those be So we'll early. things It's looking Yes. early. are at. the that It's

X, X And quick the date then on the be follow-up Understood. case - rate that the settlement there. or case just March is discussions on can Understood. extended? Ohio The rate that Ohio drop-dead

geared towards it is Yes. everyone could be sort be It can extended. but But of X, March obviously, extended.

Bank the line question from next comes of Julien of America. Our from Dumoulin-Smith

here. So maybe Nick, start to

You just XXXX seem weatherization and your here? curious mean see that stretches elaborate what How off have from I hear could think whether specific little adjacent about being you are budget? kicking your applied in or see here, Texas here. et passionate can XXXX a if impact holistically? reserve how bit capital And states about and you about it, guys lessons your cetera, you do you a frankly, and And I your as was you I'm Texas, other that well? further? as What especially quite in learned as margins, reforms looks footprint curious. them RTOs comments dialogues the I like perhaps

Yes.

how those it point and we it understanding part One capacity X testified the we're different factors perform someone's that to of of have was to the talked gas to mix I then value utility and it how capacity we're replacements gas was those then the what associated markets in around natural the system. reinforce over kinds the these retire are natural if XXXX, dash areas, XXXX, this resiliency to support XXXX, for in pay to itself, part generators generation about was baseload at and for And also, of for second infrastructure system But for upon ability grid. hardening during really - have to operation to quickly the the substantial And that And of in the the one renewables, and the markets going country, other So generation. was and going changing was compensate and be the I is of those it have to of issues. also types certainly depend and gas and units of of investments. and for in really means really have the with nature XX/X of events. we planning will gas. then able the to And supply

know to coming T&D transmission communications support distribution from to weatherization, So market be Texas, if I make those are reform really, standpoint. around know where because reform it'd times market think and and is critical operators more operators the for I areas it's exist for adjustments generation where important to from to opine even during were to crisis on around that a

capability. And is so have when you us, interchange seams think seems on that about it to some exist of for particularly these RTOs, the opportunities projects, of important the

contribution total the grid. the more it to it ability it upon put levels ability decide way have support support valued place and should DC Now for infrastructure general, may - well, of be interchange, But be Texas, there's market its then could Texas for obviously, to I could that. in to the think to to will be based more more in be but weatherization it transmission more changes ties, to opportunities for capacity be

see thing. key from that imports we depending the the me with issues, state. are internal, then of let points has of those out really, see they out I So of of and mean sort they're of within heavy have state. same level - issues continue, on sort California, If - you state

So to when the terms our situations. better carry of going in is I of think the about optimization occurs planning really these of think care take of to you and what all the things, those day types ability

is here? bit just a you comments elaborate clarify the if time measures talk Can To expression, Got over." Brian used think already your for little you're I to moving, timing question probably and "no for it? here? than the quote there, Nick. the about Excellent. And this, timing And it... But what's it. Whatever could the just earlier you could is make more half as of you, think on sure same page on obviously, you a I we're quickly just

Yes.

because think capacity year the an We and business for have to crystallized OEM taking. an to of also sheet things the moving be the future. be path our the for our to done that - to you this We're not decisions need I that of important us achieving standpoint think really transition you energy to return what not we're do balance those and about also regulatory is move from a that start we're the clean be see the to manage improved think assets, for to contribute are to with what's think internally, to I only assets when us really terms it's able the a to able from optimization I ensure but that need itself. in grid, optimization only the perspective, investors, but generally of for

call, X other will maybe and the is forward X - infrastructure functions, grid be objectives, the and path balance that that ensuring one with economy, those a of part distribution moving to those largest provider, as movement the really transformation. forward, is energy precipice we for capital last we're resiliency have structure development particular, I forcing really the Those this X and grid. support think, on of amount, said because clean were you is the have but I is but, the along the on to AEP are have the but reliability third the going in a electrification, of large significant you - be to footprint focused the energy of going have industry sheet things, company really tailwinds then and transmission development with a and we earnings X in clean we So together, of

AEP. manage ensure we're to forward. lot a for that those need sure of opportunity make all we So consistently to throttles We driving just

the Thalacker of BMO to go will we Capital line Next, Markets. James with

the guess, Nick, prioritize it's financing to since you've But rotation how asset of while about the yes, how of thinking mitigate of the been nonregulated some plenty updated obviously, renewable of on your the addressed a kind you. growth needs. that and front Julie opportunities on I of, via regulated side you're mean, different got you you've are renewables, growth in on I channels side transmission. Chuck's working

all in Just different Or thinking on maybe sort side? opportunities the are front wondering you inorganic prioritizing how are of growth those you? regulated you like of about how

Yes.

priorities So certainly, that ongoing. business around regulated transformation forth. AEP the distribution are a around Energy of job with great transmission, and obviously, Chuck's great of being enterprise. business, done capital really allocation managing is are so infrastructure, terms on risk the our it, of resources the that business, of able in also also of and the but part entire done they've within job but own to a manage their not total - in only They've their

versa. better more to like for Chuck if the So capital But and willing to we be XX% business business. less it's than than anywhere use a that vice the turn in of else corporation is overall over,

business it So that to on continued ability - the you're customers that. only around side that as resources well. on special regulated part Partners tremendous - can And further really continued optimize and us to, not with OnSite that us approach with relationships really AEP continues of on track benefit for also the because opportunities we business, and gives that the drive it seeing

to our able do opportunity to the an But the that forward and resiliency and it the need the grid that So all perspective, and means I progressing to that's a there's in grid we're there. we go, is sure fashion. think with issues to transformation this going where managing portfolio very that move we're pragmatic have better ensure whoever is we're certainly, to going there way. That the make that and focus equity optimization and ensuring that clean from energy in around that is

are of someone in for rotation terms of environment? entity continuing And I means that they view if challenged approach. the we make that what they the doing. systemic are, are the a us, those at, - in sustainable and continue of any business are have of of ongoing for particular our said ability those understand challenges? growth look are we past have see fully a What's we So make Brian all sense quality that also that say look So we of regulatory and optimization? in that's valuation and What's look we of would and the things of continue to capital the to at that, lot And can if else? can And terms what we then, of we'll kinds we that that at, those we the like, Are utilities, regulated obviously the territory? challenges? there - like challenges us. to what's growth what of we for the we service course, this upon it's is business, to now quality erase look at based things jurisdictions, decisions can Those those and of to quality in do

rolled your jurisdictions opportunity because on at like follow-up you But look visible, like sort and you've got when of running you megawatts just you opportunities something know just opportunities? across do plenty as it's mean, opportunities, time still or do growth, good look it your rate see, another the Xx out Great. of that of achieve Okay. assets look a base Or you like I your up just Like we're where can the like at that Transmission on earning to see just properties renewables. X I you here. like guess, you always better landscape, you you've Or been opportunities to X,XXX sense? And point too. had last of put in all where in regulated M&A or I the has regulatory that the is to inorganic, goals? maybe best makes stick as something kind those

Yes.

benefits is, to And to or just about of as take those why that high really that that's assets going full The with be that our and if organically M&A question capacity very other the and have continue to threshold not? I to for to we a invest whether us optimizes way we the the tax renewable is that portfolio opportunities. like and And we own have can primary that's do due to manage the plenty question have Xx. occurred organic gives growth focus and forward. that we think things we I able renewable to previous more enable because said own in assets us feel want we advantage earlier, grow. a of We

to from some it about trying threshold. then the in that's so strategic, be has think do. it perspective, fashion again, to has for shareholders, accretive it that an of way something M&A it. to that's But us a And benefit produces be strategic what be we're really has And sort of we high to for

Andrew Our line next Scotiabank. the of question comes from Weisel with

for dig want I on CapEx outlook. to X all X good just or detail Thanks into to the your renewables. relative

of billion? to the spending mentioned but that and then months. capacity that renewable of an lot the know plan do upside $XX at incremental in will plan? a mentioned to You you come do the a SWEPCO, lot probably after as XXXX, be you'll regulated the that you Would coming of think incremental AEP-wide I the

- to would we tell, incremental. to would early We but it like it's Yes. be

of that. So And its support working we'll some said, you be to XXXX, help XXXX. obviously, as of some its

seen continue they That's we what was that also Central, are deployed one. and didn't we like our that a So progress, with if to the a to on we'll then improve, continued on to when puzzle, that, okay, parts then want lot that as of know continues there's sure, make North And incremental. plan of of - to associated lot benefit lot did a has we flow we in optimization focus financing trying focus. sure of capital focus to sort makes load of as for increases, the cash we make

we So to redeployment remains obviate be to to whether is capital of but seen, have of target incremental. be the that not some with the or it for

assets. contracted And you Do well as renewables to bid those regulated you'd Great. business at utility? from RFP from as plan the prefer own that on Okay. SWEPCO, you mentioned to then the the in

from with the did well. handled financial and a like because renewables well are business construction well contracted to associated our rules maybe from with recovery the opportunity Central, Well, customers, us risk renewables that just of to really sort itself. customers contracted thing risk we handled also the a really it and preferred the of the to standpoint relative - as time turnkey-type investment is for from That's But always with sort that. a us business allows standpoint North a

of really I stick or something think is another as end someone I owning long as else if probably contracted we the question. wind back care mean, So business our with we we day, end that and or at business not obviously, like it. the contracted the our it's is whether on up don't

Yes. one, sense. Then That one makes it. just Got last to clarify.

that right? you you want XX% you about capped for given across contracted to company, demand overall hear at I renewables still think the the of I growing renewables did And How out returns be mean that higher at in look or dynamic? DC, support you'll risk? think and your the selective about projects country do does that of for more be you lower said that

exactly several that's actually fact, than be And levered matter what a commensurate as a a Yes. We've all terminal right. you is. we No. is at And on businesses. Yes, difference a the have it guess, to managed the that about around want we always I with. returns. what value are. regulated say we business contract, We that basis - really to - more with away move seems probably lot of levels OnSite the Partners higher it's aggressive will what our with others that turn of very that positive and projects and get we end what really seen, to as time more return forward really customers people And really And the continue us move forward those customer-related We to look that developers relationships continue And and specific into kind at don't like, way referendum a the in renewables continue have Energy that issues, on, up project doing. for businesses then vote that Columbus, customers aggregation signed here be Columbus, we of for example, by was of war. in AEP that we'll have approved that's with we a focus want joint and would we get business. with help on projects, which to do we focus

those - and for. looking kinds things the So we customer it's of relationship tailor the that the match can with and mix that is

that's think I we what after. are

Just circle could, just comment. back quickly, additional if too, I to real an

a risk of XX% for threshold a sense that credit one, reasons As it business makes important are terms couple relates us. that to very of us. to management there Number profile for perspective, mix, that's in why

And on mind. is other we something really tax keep that's shield the debt. associated top So of with

for things a that renewables to bit from we've sensitive So unregulated for probably more business. that that you little mind our to you us. couple we're gives wasn't top if just surely got grade continue But earnings because opportunities contracted already of the high and it perspective a of is

Yes.

and Julie want the Okay. Very the congrats congrats helpful. And team another I to strong on to just to echo year.

Thank you.

Thank you.

line the with Glenrock Paul will Associates. from question come final Patterson of Our

do just haven't long I cost - of for my wondering a follow-up, the quick that you're do - the long Oklahoma guys just how So it. your you chance how guess, asking some the look had have weighted average to take filings? you will The if to it to I I filing, a I expect at heard expect - amortize capital. how understanding, to correctly, was you long with asset, on

actually, Well, filings. our we in haven't Yes. been prescriptive

got a flexibility we've So little there.

theirs the that that's know in and out financing Oklahoma we I we're bills well outcome of I'm as of imagine. so as of as reason customer to one companies interim kind any to give there. a another would similar can perspective, thinking about a map to was I you you peer WACC XX it that and in sensitive do potential mentioned, any I And that made filing, to a believe on well why potential want be but our as how kind sure years

And of think from when sort get Okay. Sure. we'll feedback commission? you some the do

line have yet. of couple a Probably time don't months. a I

Sure. all early. It's

Yes.

- quick really on a And then APCo. on one just

you decision if the I appeal, little and case. thought - rehearing was also in bit currently As an there a a I okay. And that? could granted recall, just you on elaborate you are filing - yes, the I more guys were guys - wasn't Because on

it did Virginia Yes, commission. for granted and also, in But right. parties stands filed That's and the was with file we Yes. are Supreme rehearing, briefs the Court. we filing it and the

So - because we're not wasting any time.

Okay.

Okay.

you to commission Supreme would to the Supreme commission, expect the sort or before I procedurally, normally before of get think, do just sign the from Court? understand Court So the it

the and commission it's Court. Supreme - resolve case important what it's before we It's as important the Supreme we law Yes. commission feel issue in doesn't. on focus issue the obviously, believe says a the like for they state Court an that such to But normally

whenever And is you Okay. the is Or do come would commission - they any on there when a it want that? might to? know schedule Or out? just

Yes.

I think it's they whenever want.

And speakers, any have closing comments? you do

We do. Thank you today's for joining on us call.

As answer please will give you additional may replay be always, available the have. questions information? IR the to any you would team Cynthia,

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