Xcel Energy (XEL) 29 Jul 212021 Q2 Earnings call transcript

Good day everyone. Welcome to Xcel Energy's Second Quarter 2021 Earnings Conference Call. Today's conference is being recorded. [Operator Instructions]. At this time, I would like to introduce your host for today's call, Paul Johnson, Vice President, Treasurer and Investor Relations. sir. ahead go Please

morning, conference to call. Good second Energy's quarter earnings and Nicole. Xcel welcome XXXX Thanks

call Officer; that Executive Joining results our Chief Officer; General Frenzel, and Operating Counsel. Executive business today and and Officer; Van accompany me are our Vice developments. website. are we regulatory Bob share President Ben Amanda Rome, This available and recent President Chief morning, President on XXXX and Vice Fowke, today's Executive Chairman, Brian Slides Financial Abel, and Chief review will

non-GAAP As and release. may in a and electric differ factors reconciliations earnings cause today's and will measures reminder, some margins. measures, gas described compatible comments the natural certain GAAP filings. to earnings our made are that including on contain during call SEC ongoing from results in are we our Significant earnings, forward-looking anticipated included Information release those information. Today, could discuss

note retire and the call please has Bob. addition, missed. Chair to this of an earnings Board. Fowke's in last turn now I'll continue be Executive over will CEO outstanding CEO In but been as He as Ben will will Ben is the call. August

morning everybody. and Thank Paul you, good

and customer he and our And operations, improved the national of since recognize then CEO of to leadership. CFO, Before President, reliability, Board. Chairman take been him thank two quarterly Treasurer, that the period. has as leader hallmarks Chief for just decades performance been results, excellent minutes at to safety, XXXX, service and CEO we Officer, a dive a his over I Ben He's a role into and assumed want and and few for Xcel leader operational in Operating all Energy utility in we've

Xcel met and our country. group. far in as share, Energy, a our Xcel outpacing technologies so and say legacy go tremendous on and share for for He's EEI, had delivered leave cap XXXX reliability organizations. goal U.S. than his first while growing and focus megawatts. levels level of a CEO our earnings nuclear lasting their earnings recently our peer by utility inclusion For diversity per tripled and the we billion dividend from carbon plants the as We driving served will our need XX% $XX remaining $XX baseline. steel were Ben's our and We've Xcel and the uncertainties, run of nation, major by stakeholders under leader to excellence XXX the beyond XX,XXX tripled increased to top-ranked market utility reflecting stock exceeded almost leading We've or to Energy's research and fuel X,XXX transformed we coal financial XXX% the structure line example, our priorities Chairman environment, development of fleets megawatts XXX% to from pandemic our from $XX delivered XX% We've billion, for prices increased a Ben's a over X,XXX for and and cost industry, by in We've and leadership, strategy. champion increased significantly our through And for our would new per for became total to of reduced of the stalwart into well. lowering and TSR as establish from at the XX%, energy to in from owned XX%. mix guidance define compared the I wind emissions we to highlighted to our megawatts more fuel wind megawatts We've Energy, to growth. $XX every peers for wind in for affordability. our capacity national our as carbon-free a while our year And for inspiring with one reduced

So Ben. important to your federal your clean related look to upcoming policy on efforts Board continued August. on forward retirement leadership partnering I infrastructure in And level congratulations and and you thank with energy. you, at the

commitment a our our about We've vehicle and driven ability in and our significant honored team and and I'm low with vision. opportunity capitalize and to the I'm great strength, had bill joining our transmission deliver affordable and customers maintaining over and on continue I'm and clean decade, an on lead this years front closely of the worked that our bench the leadership growth generation James-sized our to the not excited customers' electric and lead the company, Lebron recognize opportunities fantastic work resource ahead that and in filling. product. I I'm confident investments Looking the have to transition, opportunities Since the reliability Energy five to keep plans, Xcel shoes distribution while change. us our Ben I to by affordability. and expansion, development next strategy, experience our growth execution We'll enhance will of constantly energy ago, will

and our forward, more than well XXXX by XX% in practices customers flexible to plan gas ever drive technologies innovative we is safety critical work in help focused drive engage as grid. move will as where both reduction to prepare businesses operational strong innovation through to carbon-free new more XXX% as on with ways I we I also results. carbon clean As from our a electric electricity. innovation. efficiency I'll produce natural another continue is expect And area to move and how be we

but transparency, serious to our and even learning. investors beyond a heightened forward is with and As culture embrace metrics and our encouraging already of do look communities, In traditional want move focus and regulators, priority, one eliminating prevention trust, on continued the change, our can we us core our course, events coming I customers, better. most our the months, by I workforce. engagement to our safety of values, a

continue the we'll achieve our and business, in place proud to to accomplished, I'm And the employees of we'll best future the excited we've that and be what investors, trust we of have good you that investments. stewards successes I'm in your together. appreciate the We for us, and

the quarter. Today, more earnings last various in are good share per to Brian case We're we our initiatives, rate per of will guidance. compared We regulatory to $X.XX start, quarterly year. $X.XX and XXXX to turning significant including on reaffirming a we solid off reported settlements detail. that constructive Now, three progress discuss made share

incremental June, addition, proposal solar a for Western in largest project buy our In out be Wisconsin, to approved will adding renewables. commission solar the farm of renewable PPA million, facility, ALLETE. XX-megawatt Minnesota while $XXX facility the advantage energy Commission XXX-megawatt proposal This approved repowered of wind plans And the Mustang for project XXX-megawatt continues our we the save which build of repowered resource. advanced existing In our takes we've for a coal. the $XXX Wisconsin. Commission In phase Minnesota a million to will money to our transmission out for solar the from as life $XXX evaluate proposal extending customers million our

a the economic or see QX We in confident are later year. expect commission next and of early will decision the benefits year this customer and

hydrogen-ready and program participation our and in the considered in June, diverse of develop of order the proposal of King consideration to in proposal Additionally, and advantage projects. the take continued new will megawatts combined carbon extension maintaining of have outstanding units; skilled resources succeed commitment future an flexible we addition training new Sherco megawatts we X,XXX reliability a of Sherco other reduction X,XXX achieves energy-related foster a the communities by various provided of Minnesota proposed megawatts Monticello workforce, XXX replacing the XXXX. peaking customer will careers. XXXX, with and combustion an X,XXX coal wind, The as three reduce nuclear opportunity plan, underrepresented those repowered rights both of XX% plan to for and megawatts and coal our revised and the CTs, respectively; megawatts storage. to retirement solar, plant; our affordability. Program components removing This early the of in and an a from concerns the with transmission an skills XXX in lines commission of from universal of cycle be retiring Sherco in filed XXX two that for which the blackstart megawatts alternative the construction the turbines. while new to and Minnesota resource include solar interconnection life of We've to by of XXXX In key help carbon CTs resource graduates addresses part units plan construction parties of it

the decision later We resource next. on early Minnesota expect or year this plan a

plan power of and progress to are and pathway in In project. continue Colorado addition, we the good transmission associated resource the discovery phase make

megawatts adding XX% reduction system in early proposals plans, commission expect to Minnesota new Brian. of decision Colorado our I'll renewables to anticipate over carbon by And We both that, XX,XXX resource our meet we and on With turn the it XXXX. XXXX. between nearly goal to

by morning outcomes Thanks the the Bob for share, to per $X.XX and gas higher capital earnings with earnings driven quarter riders good $X.XX quarter, following: second significant share primarily per share a The increased recover natural last had year. We regulatory electric $X.XX per everyone. recording compared drivers good margins and our by most investments. and include

In earnings per share. effective by increased $X.XX addition, lower tax rate a

reminder, production the a As lowered ETR. tax credits

per depreciation earnings through and these customers neutral. to by largely drivers margin positive increased which per back flowed and interest are reflecting our programs; expense, PTCs share, last However, increased year. to lower earnings by into reduced $X.XX electric $X.XX were AFUDC earnings farms which decreased Offsetting are largely O&M per $X.XX reduced share; share, expenses, by large due earnings capital service placing wind several lower investment and

second in by were last to year and states increased to suppressed highest sales, the X.X% a sales when levels, weather-normalized their pandemic our electric This sales quarter. most were restrictions comparison due COVID the impacts. reflects to at in our Turning

year-adjusted and electric year-to-date Our X.X%. increased leap sales weather

which continue annual had third higher year, approximately O&M expenses. lower quarter O&M COVID, expenses sales to We periods. reductions for increased at largely X%. Last the growth and to to modest from impact million $XX the quarter, in of the Shifting between two weather-adjusted of offset of was the the we while timing fourth the significant quarter sales reflects anticipate second levels.

O&M the comparisons be chunky year. So, quarterly will this

an ratio over constructive XXXX New we million, of and rate ROE in on Wisconsin, Turning rate XXXX, and to an filings, reflecting increase equity to in three regulatory of cases. of XXXX In rate in In a an reached ROE Mexico, settlements agreed X.XX% ratio an of to X.X% equity million we we XX.X% agreed to XX.X%. increase based of of $XX $XX XXXX XX.X%. a

equity July, we ratio its a anticipate to agreed an an of early commission we case, these on spring based The year. rate life XX.X% We filed increase in of a also as based largely we in accelerated plan of ROE $X the plant increase Dakota, on cases of capital rate In an equity test of rate million a a retirement. XX% coal by anticipate and our we XXXX. and of later to Colorado of seeking North Tolk million $XXX ratio We electric depreciation for year. driven decisions is the net XX.X%. forecast this and case XXXX rate investment, X.X% XXXX the ROE of an commission In and decision

quarter We pending is of an The PTCs a back expected reflecting and investment Texas ratio XX.XX% March and XXXX is based wind and in by increase equity Sagamore after for of We're an $XX XX.X%. the net decision ROE electric rate surcharge have also farm. XXXX. to of seeking of from fuel capital a the is driven rate request savings first Commission case. the million on

a As interim filing anticipate rates into filings we electric XXXX. as effect future with Minnesota case far November rate in in January going of go,

X% year. solar rate a Mustang guidance up for We wind filed finally, our We settlements deliver XXXX to wrap Minnesota Minnesota by Wisconsin, project the buyout. objective approval summary. opportunities. also range. Mexico this into a Colorado and earnings reduction range. resource constructive reached We I'll X% later quick received electric an North growth dividend XX% to gas plan ALLETE and And long-term We transparency carbon alternative will with our With remain our and deliver PPA case repowering long-term commission reaffirmed which case. that, file confident our our provide Dakota. New natural provided case rate We the we We we in plan, to XXXX, can in

some for we I'll before up Now, closing it Ben for questions, turn open to comments. over

efforts the I'm the miss employees Well, a been thanks company. tremendous CEO, proud your make with our I've and customers morning amazing good the had everyone. suggestions, an communities. interest as CFO. and in contributions feedback as financial I've made our and before decade and appreciate enjoyed local as our your of Brian community. It's accomplishments we incredible extremely your that. investors and I proud interactions I'm that, really in of I'm really really the to serving also and the going company, our

it's a continue Energy well company plan of the leading will management Now job I've a truly and also I role this on that into forward Bob, Xcel retire future. I great know of outstanding in do seeing that attending look really hands. an the enjoyed, hard I'm from leaving And to to EEI lot to rest but the fall. the you there. I Brian team

with that, you questions. thank open up for And let's So, all. operator, it

take first Instructions] And Jeremy we'll [Operator our from question from Thank Tonet you. JPMorgan.

moving of best and good forward. Ben, Hi congratulations morning. luck

very Thank appreciate much. you it. I

off, could renewables start stimulus the on looks for going the and Sherco that influence efforts guess, after I with also, might how local I And I guess, want to if I expand, guess, renewables. incremental this repowering? wind you how And pipeline just forward?

of Hey those morning. filed have in are good as propose projects Yes, where year, through solicit we'll the from by say Minnesota. quarter work I'd both It's call we'll those. we we thanks proceedings, Colorado for real projects, for that this input we note plans with outcomes both others into what first And Bob and resource in we'll and acquisition resource And Jeremy, move next the plans morning. coming. we forward visibility and of

maybe Sherco in that in is this is where question approval wind the the was we project approved The Minnesota, four your next. of just June, recovery have R&R in we and proposed plan are around the were particular, we or if that ALLETE solar by in end in December. think approved repowering year repowerings hope project I still early for

Thank to That's it. we Maybe if helpful. Uri, over pivoting you. Got just could.

recovery what to see Just how going any, proceedings, of progressing, expect you your stages they're want early the and Storm if operationally Winter do Uri forward? changes,

Sure.

this So, four still at point, in and I think, we approvals have in, states others. our we're through proceedings of three working

through I Minnesota think the as both those Colorado. is still We're Texas. proceedings as well and the on of largest working

regulations, in accordance prior procedures. acted and all we is expectation Our regulatory policies with of our

we And in do us forward, We've the commented they're a and alternative. some so some inputs, docket so we it's on commented an mechanisms I Colorado look has process full third resolution Winter to opened incurred looking a hearings think fourth for of looking to recovery proposed year. explore we've they've of Storm costs NOPR, to in and the expect a that in our this or state expect the and alternate NOPR. for Uri. and Yes, And at, others quarter

I'll leave helpful. That’s it. it Thank there. Got you.

you. Thank

Julien Securities. And of Dumoulin-Smith America take from next we'll our from question Bank

Hey Julien, good morning.

Hey will Ben. soon. good I congrats, morning been a I'm sure. and It's pleasure. see you

Thanks.

for side the all potentially co-ownership what you in be and talked previously But absolutely. -- transmission over as looking talked the you here here, this in can I being the remarks. I about to can phase progress? approved, have I you're you EEI. here, prepared expanded look Obviously, there's brief ultimately, just Colorado any first if been time. underway can if about subsequent about seeing partners to of expansion talk guys But If to you pivot at forward you

in pending before But [indiscernible] to. for year. happy I congratulations I to and I Certainly look Yes. actually order get think the forward next are started, and you your

congrats. So,

so appreciate much. sincerely I that. you Thank

think put transmission, transmission is then Historically, first put generation forward have that's be a Julien. necessary. plan, follow-up and Colorado, what progressive forward we with in On the you'd in pretty we we'd particular,

and we in a is clean certainly is, think the that of renewables country are Colorado and substantial I where to enable are we is congestion build where a we relieve complete this to to need necessary to lot energy think see amount actually transmission the I of transition.

it, That's I'll with largely, the the load Colorado we've Colorado, Colorado of half in the the Plains Denver Eastern a the in we of call of wind to corridor. power the and I-XX Eastern resources highway solar put and pathway. transmission centers, of good super lines call in connect So, forth predominantly through what

two the along that parallel. in are but So, dockets resource parallel, plan, separate path, with Colorado progressing in

We base comment on early year, year. your both this also late that. to got things resolution freeway. by call the probably plan, the and build like next and and expect sort on a offramps build that on have we've them And of to -- we I going we're of But

along But the range. somewhere freeway $X.X-ish build wrong, -- me VAR while system. going plan build we need and integrate of for need base find need versus to once for So, of exactly and the where to are support those transmissions itself, -- that exactly the the is And things freeway to correct do identify variation where broader I'm billion to sort other the out the that with voltage are. we exist, once need to then think, will in the and resources We base the plan sort how I electric if generation resources where we in Brian, stability. build about bulk we'll that incremental we that's

beyond Does resource we in So, next acquisition. that one Jeremy, year. question just exact go total cost and that point, plan like sort more your the into the system. of and granular we'll the answer QX to have to then better, of make At sense? pathway we on what's phase of the base can picked mentioned locations, conclude a we'll above in the And I resource that's where resource

of terms mind. for don't Perhaps perhaps on, vis-à-vis build What but inflation, your logistics? timing get renewable about related totally. the at Just Sherco those can as of as just some you look are if instance, related, to just structure, think I you pivot guys And truths. Excellent. cost it. the if across some here Yes, not necessarily in seeing impacts you and here question, of I your decision-making here? you portfolio slightly a

Hey you. we're Julien, it's from to seeing Brian. Yes. Certainly, inflation. Good hear

the of to some looking the is you're not headlines, just If that right, at immune we're headlines everyone seeing.

and For pressures I found we think labor. and it's easy as was pretty of down we in us, really, it And economy, economy think chain from focused the nature. it's of to economy, proactively supply copper a transitory are commodities the inflationary that really, we something the supply that the -- on such think the and it's the and I challenging shutdown But restart followed has lot demand steel, perspective. more that chain a from shut to it's managing

So, impacts as significant I today. don't see sit we any here

want if the a in major to I of touch specifically, Now, couple we have on projects flight.

repowerings have, really feel Minnesota. four the we we Now, those wind about that in good

price Now, the risk inside there. towers. not facing not I repowerings, those the blades think are in of nacelles. partial steel the so steel We're replacing We're

significant And so really don't on we inflationary face any those. pressures

the aware panel we been solar The look that pricing the I'm about But at So, that solar of this feel good that. increasing sure commission, that. in have everyone farm we has year. large-scale Minnesota is front of

of lot when year. in of flexibility place what a terms terms service have We that of in in construction and we

project, feel we So, about really too. good that

sit certainly as any overall, but focused on real watching and don't we something see So we're here today. impacts

clarify there guide for sales? nuance here, And more Awesome. Just by to some your XXXX. gas in the shift O&M is from offset the just

But sales, margins certainly remember, gas of good X% gas uptick an X% in gas business, is to pretty $X say, in million. if so would The from see about a change small shift, X%. piece is you gas a our to I sales

wouldn't offsets it I it. say necessarily So, fully

guys. Hey you enough. We'll again see thanks fair soon. Okay,

Thank you.

Ryan from our take we'll And Levine Citi. question from final

that like highlight that to couple was change one points. number? your inflation for questions, project? was those follow-up out It particular million there like that in the cause It a transmission expansion. $XXX for of some presentation, looks May in looked Thank you $XXX there Valley-Longhorn project. another CPCN you. previously, you that may million on the A seeing Or of cost number dynamic there of is Are on on

too sort of much very No. in and I innings that, we're exact Look, I pathways. early think Ryan. on routings wouldn't into still read

mean, pun in -- it Or a way pathways there of is Okay. fairly lot you're project from the are visible the that your get I can terms built mind different contracted? intended, out? will of around project that, how be no that

got have of go think a gone I just processes we lot look, we'll local local Well, haven't through. through land permitting. to We've

So, -- project. of in that we're engineering and early stages

generation I that think really we proceeded felt the the was important to parallel. make it sure transmission in and

we will A expenditures engineering, still better through be think processes, on routes And range I very it's so based a routing for lot and land land the get into There's final that approval go we those insight specific. time, as better capital get that. of we as costs. pretty big final of as

wouldn't then, guess leg read extension. too I much I into particular So, that

passed? any terms XXXX to Okay. And to of recently your Colorado of legislation the XXXX SBXX-XXX others are lastly, have the in recent the some then impact and in and gas, recent the pertaining material some that anticipating and of some you around of business

you quite Can Ryan? numbers. bill those of a repeat again, litany That's

that we just a of the here plan I from maybe Let the bills to think we're with somewhere. through dissimilar gas about renewables. bit I what and the to customers' in heat emissions act need a both mean, technology also gas to in Look, those that recognize expensive. innovative path, are start the our But lowering little me in we Minnesota. and Colorado clean was is of innings approved we parallel also early I'll LDC not solutions recognize the in the talk even businesses and nascent -- relatively mid-XXs went

allow innovation tools some We'll technology. both think gas and are at maybe I legislation pilots. recognize We'll energy places regulation And under in And schemes of side. look, efficiency to we'll that the for today. on of readily legislation that these the happen those electrification pieces current all facts. beneficial look -- aren't do available LDC that we programs, introduce But the so

But and it's slightly approval affordability. a recognizes addressed regulatory that that I they're and as cap each approval in emissions reliability And Minnesota, And our profile it the similarly, state the I for really sure pilots, think their there's cost-justified customers Colorado to about differently. and important we their think respect the LDC plans. from legislation in think as business. the regulatory well for for gas makes lowering beneficial also

active and of for So, working in we of then with at write pieces legislation, both proposals look pieces very emissions forward be are state. the each the those agencies of help profile active we're we'll And their we those -- as footprint to we regulatory we to put were regulations legislation. how our customers reduce in

to So, here, I opportunity commissions there's continue think with and our and we're yes, to going work our stakeholders.

I appreciate it.

bet. You

And it Wolfe have David looks we like Research. from question from a Peters

I Hey the echo to good congrats morning. Ben.

for one Just me. question

progress just make guys a well, the the tackling. seems incremental capex it your and transmission of blocking Colorado as you through like of IRPs opportunities and Minnesota then above in some As opportunities there's basic working lot more and

of you've X% Just targets recently? here the kind of of the growth that would X% kind to within you context targeted characterize how

[indiscernible] Bob. similar Hey I is David, start thanks to congratulations for to the for Julien question. recent I your with have to guess you yourself. This might

two call we the those on So, of have today.

you. Thank

yes, In working through still there the is the which regulatory terms which that processes we about. of talked there's on, some largest of incremental Sherco solar, think we're out projects capital, I

expect transmission five-year to base plans, expansion plans we proposals planning. in XX-year our included generally is and growth and and term, a then -- our our we've And got SPP around on resource X%. of for not Stuff obviously are think of transmission that's vision base longer the MISO our in I forecast. sort forecast plan definitely outside rate right but be those base near-term

us could think that and of projects And couple a so any -- incremental that. there's above incremental take I

rate, our end I our But expect earnings the right do. X% now, can range. we with comfortable at growth I regularly, and just guidance think of we being reevaluate keep to to high X% and we'd that think we're

And I'd add Yes. to just Dave, that.

in what and that focused five to those from through us, not as our what Colorado we're through resource the you transmission through MISO and -- through Minnesota almost the about decade, at good talk I transparency is investors with really on. into transparency so our think Colorado Plus something see work we and that but this in of XXXX the comes out focused rate, long-term plans extending renewables is year, and between long-term could that what XX investors providing associated expect giving doing gigawatts on we're we this really here hear by two. about growth it looking feeling

Thank for you Great. color. the

we Paul Associates. And have Patterson a from Glenrock question from

Hey Paul. good morning

good Congratulations morning. Hey Ben.

much. so Thanks

Absolutely.

rate respect the on to of there's that that anything of think pretty have -- there impact, et from about? be the commissioners So, still we you -- in inflation there track somewhat inflation. with wondering, we call, cumulative transitory outlook out just or change and issues regarding any comments in the don't of in various I you see your should you on because of think, that we Are rates -- much But the terms significant of sort any have your of been Has below the been think mentioned And of to Colorado some some that are the I and currently think that that sort impact the else goals, cetera. transitory. I'm jurisdictions? with

XX% to rate national and I'll average XX% chime But customers' And Bob, years. national after below going our it's the let anything. miss third, Paul, if with I less Colorado, about a Colorado that Brian in the bills think in in than I are respect for expect particular, still the they're and there, be past the case out have a been although we filed even basically rate average. we case, five to flat

we for. If asked we got everything

do seeing for your that are national affordably. answer transition the the average. is the And And everything continue this But impacts the inflation, would a asked we they'll for, that yes. cost got relatively in Yes, if we're still XX% say, case energy economy we think we question to cleaner we below we that be to longer-term is, still transitory.

next I reduction, rate than think think years carbon than XX over XX% of transition would be our agree we particular, will at the some XX% sort that states the comment. macro carbon We of can of the with Colorado, of less less an reduction. economists that to cost in the inflation inflation.

So, spat as our of strategic I thesis don't the derailing and we see restarting economy longer this think our plans. holds, current term

credits Yes. the a tax those And policy. of next in do we both cases right, our put And run certainly we clean extension say, It tax America plans extension kind brings good transition. in run Act. of for in -- support for see down Wyden's decade customers with that's of fully we that analysis, over where impacts of energy, the the current when there's I Colorado support and only commission And would about federal And the credits. -- we the terms cost in make this Minnesota. plans, forward long-term those Senator bill in resource we really to show as Energy and our that of we discussion resource D.C. around you lot a Clean we

-- Is long-term for long-term expectations your obviously, just right? around just -- change, X% are And could still. inflation about Okay. it that but your

term. longer Yes,

Thanks Awesome. much guys. so Okay.

bet. You

have Khan a Ashar we with question And Verition. from

Bob to Ben, I did and the company and you you. dial well hope just that in time, congratulate for Known in continue wanted spate. can to a wonderfully long

where stand the the I you I question. industry nuclear know heading if give in across any the front. So, update ask congrats been endeavor? And EEI get again. that we us on Could to the and can trying you've PTCs board one legislative

trillion with reconciliation that. budget there's be Well, lot process. And the of part it of parts a moving will $X.X likely

of broad of actual like legislation And fall. lot then, getting of believe budget that The include course, the place will we will funding committees in a topics, the in to to that take committees. the resolutions August. ultimately just have first be will to much those moving We nuclear establish how that part pursue which And the parts. the Again, see there's would PTC. various

As and know, you a a in XX-XX it's house. very narrow the Senate margin

I PTC the transition things that. pay, advocating, to balancing help it's solar, be Senator mentioned, look energy Wyden's are definitely forward really are advocating the a direct Brian in And for So, But think affordable act. for customers We clean you are that industry EEI. seeing to as bill. our to we and at for We're going general. perhaps these

so you much. Thank Certainly.

You got it.

time. have CFO. I we back further no appears Brian to the conference questions Abel, it Van turn over will this at And

Investor earnings Yes. our Thanks Thanks team in everyone. our Relations follow-up Please call all morning. contact with for any questions. this participating

your does conference. gentlemen, that participation We again, conclude ladies once appreciate today's today. And and