Good afternoon, everyone, and thank you for joining us today as we review our results for the calendar year 2025. Here with me are Xia Liu, our Chief Financial Officer, and Beth Straka, Senior Vice President, Corporate Communications and Investor Relations.

As you saw from our news release this morning, we reported full-year 2025 adjusted earnings of $5.27 a share. This excludes a one-time charge of 46 cents per share related to a proposed settlement in Illinois.

We expect the settlement will fully resolve all open reconciliation dockets on Rider QIP spending from 2017 to the rider's sunset in 2023. It will also resolve all open reconciliations for the uncollectible rider for the period 2019 through 2023.

I'll provide more details on this in a few minutes. Across the company, I'm pleased to report that we delivered another year of solid results in virtually every meaningful measure, from customer satisfaction to financial performance to steady execution of our capital plan.

In just a few minutes, Xia will provide more details on our financial results and outlook. First, let me highlight the strong economic growth in our region that's driving our robust capital plan.

There have been many exciting announcements and developments in our state. Microsoft is making good progress on its large data center complex with more than 2,000 acres purchased to date.

We have energy flowing to the site, and the first phase of the project is expected to go online this year. Just last week, Microsoft received approval from local officials to expand the campus further with 15 additional data center buildings.

Based on our updated plan, we are adding 500 megawatts of customer demand to the forecast. This is resulting in an estimated $1 billion of additional incremental capital to our capital plan.

This brings our forecasted demand in the I-94 corridor up to 2.6 gigawatts through 2030. Microsoft continues to be a great partner to work with.

In a January statement referred to as its Community First AI Infrastructure Plan, Microsoft pledged to be a good neighbor where it's building data centers. This includes paying its share for electricity, minimized water use, creating jobs, adding to the tax base, and investing in the community.

To the north, we have another great partner. You'll recall that Vantage Data Centers has signed on to develop facilities for Oracle and OpenAI on approximately 1,900 acres.

In December, Vantage broke ground on the initial phase of the project, which is planned for 670 acres. Vantage has stated that it expects to invest $15 billion to complete this phase in 2028.

The first facility could come online late next year. We currently have 1.3 gigawatts of demand for this Vantage site in our forecast over the next 5 years, and looking to the future, this site has the potential to reach 3.5 gigawatts of demand over time.

We are seeing an increase in local investments by other large businesses as well. For example, south of Milwaukee, Foxconn has announced new plans to renovate and expand its Racine County campus with a focus on manufacturing data center components.

Foxconn expects to invest more than a half-billion dollars in this expansion and add more than 1,300 jobs at the site. In addition, Rockwell Automation planned in November to build a new manufacturing site in southeastern Wisconsin.

The facility is expected to span more than a million square feet, and Rockwell announced this site could potentially become the company's largest manufacturing campus globally. Uline, the leading North American distributor of shipping, industrial, and packaging materials, completed yet another large land purchase to further expand its business operations in southeast Wisconsin.

In summary, with the expansion of Microsoft, we are now projecting 2.6 gigawatts of growth in the I-94 corridor and 1.3 gigawatts to the north of Milwaukee, for a total of 3.9 gigawatts of electric demand growth in our 5-year plan. To meet our region's growing energy needs, we are focused on executing our updated $37.5 billion capital plan over the next 5 years.

We are projecting long-term earnings-per-share growth of 7% to 8% a year on a compound annual basis between 2026 and 2030. This is based on the midpoint of our 2025 adjusted guidance.

We expect that growth to accelerate to the upper half of the range starting in 2028 as we put more projects into service. Our electric utilities need to maintain a reliable balanced generation mix.

Between 2026 and 2030, we expect to invest a total of $7.4 billion in modern, efficient natural gas generation and LNG storage. This includes combustion turbines, RICE units, and upgrades to existing facilities.

We have a strong labor force lined up to bring our projects online. At our Oak Creek site, construction on our new 5-unit, 1,100-megawatt combustion turbine project is well underway.

We also broke ground on a large 2-Bcf LNG facility and our 7-unit Paris RICE generation site in the fourth quarter. In renewables, over the next 5 years, we expect to invest $12.6 billion to add 6,500 megawatts to our generation fleet.

We currently have seven renewable generation projects and two battery storage facilities under construction, including two solar facilities expected to come online later this year. Overall, we have a lot of confidence in our ability to execute on our capital plan and continue our growth trajectory.

Turning to regulatory matters, I have a few updates on current and upcoming rate reviews. First, let's update you on our proposed very large customer tariff.

As we discussed before, this tariff is designed to meet the needs of our very large load customers while protecting all of our other customers and investors. The proposed tariff remains with the Public Service Commission for review.

Staff and intervenor testimony was submitted in January. A commission order is expected in early May for customers to take service under the tariff in June.

In April, we plan to file rate reviews in Wisconsin for forward-looking test years 2027 and 2028. We are currently pulling that filing together.

In Illinois, as I mentioned earlier, Peoples Gas and North Shore Gas reached agreements on the terms of a proposed settlement with the Illinois Attorney General that, if approved by the Illinois Commerce Commission, would resolve all issues related to 12 pending cases. These cases represent approximately $2.3 billion of open dockets and include the Rider QIP reconciliation from 2017 to 2023, and the uncollectible rider cases from 2019 through 2023.

The proposed settlement terms call for a $130 million rate base reduction, which would be prospective with new rates in the pending Peoples Gas case. In addition, customers would receive $125 million over 3 years.

This settlement is subject to commission approval, which we anticipate requesting in the coming weeks. In early January, we filed a rate request in Illinois for test year 2027.

A key driver of this request is to support the pipe retirement program in Chicago. As you'll recall, the commission ordered all cast iron and ductile iron pipe under 36 inches in diameter to be retired by the end of 2034.

We expect the commission's review of our filing to last 11 months with new rates starting January 1st, 2027. Of course, we'll keep you updated on any future developments.

Next up, Xia will provide you with more details on our financials.

Thanks, Scott. Turning now to earnings, our 2025 adjusted earnings were $5.27 per share, an increase of 39 cents per share over 2024 adjusted earnings.

Now, let's take a closer look at our year-over-year variances. Our earnings package includes a comparison of adjusted full-year results on page 17.

I'll walk through the significant drivers. Starting with our utility operations, adjusted earnings were 63 cents higher in 2025 compared to 2024.

Weather positively impacted utility earnings by approximately 35 cents relative to last year. Compared to normal conditions, we estimate that weather had a 10-cent favorable impact in 2025 compared to a 25-cent unfavorable impact in 2024.

Rate base growth contributed 74 cents more to earnings. This was largely driven by the Wisconsin rate review outcomes that were effective on January 1, 2025.

It also includes 12 cents of incremental AFUDC equity from projects under construction. These positive drivers were partially offset by 46 cents from higher depreciation and amortization expense, day-to-day O&M, as well as tax and other items.

Now, before I discuss earnings comparisons at the other segments, let me briefly comment on our weather-normal electric sales. For 2025, retail electric deliveries in Wisconsin, excluding the iron ore mine, increased 1.1% year-over-year.

We were slightly ahead of our forecast in every segment. For 2026, we're projecting weather-normal retail electric sales in Wisconsin to grow 1.6% from 2025 levels.

I'll note that we expect the large commercial and industrial segment to grow 5.8%, fueled by our forecasted data center load. Now, back to our earnings comparison.

Regarding our investment in American Transmission Company, earnings increased 2 cents compared to 2024, driven by a 6-cent increase from continued capital investment to meet demand growth and maintain reliability, partially offset by a one-time gain we recognized in 2024. At our Energy Infrastructure segment, earnings increased 10 cents in 2025 from higher production tax credits associated with the acquisition of additional solar generation projects in late 2024 and early 2025.

Finally, you'll see a 24-cent variance at our Corporate and Other segment. This was driven by higher interest expense resulting from higher debt balances, gains recorded in 2024 from early debt retirements, and a few other items.

In terms of common equity, consistent with our plan, we issued approximately $800 million in 2025. Overall, we grew our EPS by 39 cents per share, or 8% year-over-year on an adjusted basis.

Next, let's look at our earnings guidance. For the first quarter this year, we project to earn in the range of $2.27 per share to $2.37 per share.

This forecast takes into account January weather and assumes normal weather for the rest of the quarter. For the full year 2026, we're reaffirming our annual guidance of $5.51 to $5.61 per share.

Of course, this assumes normal weather for the rest of the year. Finally, some comments on financing.

In 2026, we expect debt funding to be in the range of $4 to $5 billion. This includes refinancing for $1.4 billion of senior notes that mature this year.

Consistent with previous disclosures, we plan to issue between $900 million and $1.1 billion of common equity this year via our ATM program as well as the dividend reinvestment and employee benefit plans. As we have mentioned before, we expect any incremental capital will be funded with 50% equity content.

This applies to the incremental $1 billion of investment that Scott mentioned a few minutes ago. We don't expect it to impact our funding plans for the near term as the spending is projected to be in 2029 and beyond.

With that, I'll turn it back to Scott.

Thank you, Xia. Now as you may have seen, our board at its January meeting increased the dividend by 6.7% to an annualized $3.81 per share.

This will mark the 23rd consecutive year that our shareholders will be rewarded with higher dividends. The increase is consistent with our policy of paying out 65% to 70% of our earnings in dividends.

Before I open up for Q&A, I want to summarize some of the highlights of the call. We hit the top end of the 2025 earnings guidance on an adjusted basis.

We reached an agreement with the Illinois Attorney General on the terms of a proposed settlement that would allow us to put 12 historical reconciliation dockets behind us so we can now focus on the future. Economic growth is driving another 500 megawatts of forecasted demand for a total of 3.9 gigawatt increase in our 5-year plan.

This growth is adding $1 billion to our 5-year capital plan, which is now at $37.5 billion. All of these developments give us even more confidence in our 7% to 8% long-term EPS compound annual growth rate with acceleration to the upper half of the range starting in 2028.

Overall, we're on track and focused on providing value for our customers and our stockholders. Operator, we are now ready for the question and answer portion of the call.

Hey, good afternoon, team. Nicely done.

Got to say, a bevy of updates here today. No doubt, nonetheless.

I wanted to follow up on the commentary you guys started with at the top of the call on Microsoft here. Can you elaborate a little bit more about the 500 megawatts that you're putting in here now?

To what extent is there even more beyond that, right? Every time you give us some, we're going to ask about the next piece.

Also, as it pertains to CapEx, right? You talk about a billion dollars of additional CapEx.

To what extent does that 500 mill- 500 megawatts or the billion dollars stretch beyond technically the 5-year period as well, and what do you know about the further ramp there, too?

Sure, Julien. Thanks for the question.

When you look at it, Microsoft has been working on that first 1,364 acres. We've always talked that the growth that we have has been started in that main spot.

Now they're starting to add to the north of Highway 11, locally that's Project North. That's where we added the 500.

I think as we continue, and when you listen to the Microsoft conference call, someone asked about the Wisconsin development and they talked about that as a multi-year delivery. I think there's going to be a lot to come as you start thinking about 2031 in the future, also.

Remember, there's still more land that they are looking to purchase and haven't developed yet. I think there's a lot of opportunities here.

Do you want to expand on that? It seems as if the other parcel here might even be bigger than the first one.

Can you just elaborate a little bit about what we understand in sort of the multi-stage? I get maybe at times folks are shy to talk about the full extent of the opportunity.

Still, obviously phase one has been so large, 500 megawatts. Do we have any other further clues about just how big and how fast this could go?

Sorry to press you so much on it, but it's

tantalizing. I understand completely, and we're very excited about the development here, what they're doing here in Wisconsin.

I do not want to get out ahead of Microsoft and their plans. All I can really say is that's starting to do land at about 570 acres, and that's about where we put that 500 megawatts.

There's more land, that's just the start of that development. When you think about the amount of megawatts people are now putting on land, and then I think there's at least another couple hundred or so that they haven't developed, and they're looking for more land, as we've talked to the paper.

They've been very transparent here in southeastern Wisconsin on their plans. More to come, and I don't want to get ahead of Microsoft by any means, just very positive as we continue to see their development grow.

Awesome. Then I'll bring up another subject real quickly on Point Beach.

How are the negotiations progressing, and at what point do you need to make a decision about the 500 megawatts there for replacement power or what have you, for the 2030 piece?

Great question. When we look at it, those contracts end in 2030, and then the second one is in 2033, I think, at the beginning of 2033, we have time.

We're still communications with NextEra on the plan. We're going to factor all that in and what we need, which I only can see as potential upside in our plan in our fall update.

We're going through our planning process like we do every summer, looking at these cold spells, how did the system perform? What do we look at in the future for additional growth, adding another year onto our sales forecast, and then of course factoring in this Point Beach PPA if we need to replace it with some other generation.

I see that as potential upside in the plan, but we'll factor that into the fall.

Awesome. Nicely done, guys.

We'll talk to you soon. Take care.

Good luck. Sounds good.

Thank you.

Yep.

Hey, good afternoon, everyone. It's actually Alex Hahn for Shar.

Thanks for taking our questions.

Absolutely, Alex.

Obviously you're seeing a lot of growth on the data center front, you've highlighted Microsoft and the Vantage projects. Can you maybe talk a little bit more, maybe to the extent that you can, are you seeing additional interest from other hyperscaler customers?

If I could just add on, there's been local opposition around data centers in other parts of the state. Can you just talk about your strategy and overall confidence level around attracting customers despite some of these headwinds we've seen recently?

Thanks.

Sure, and you have seen a little noise around the state. I think you're seeing a couple things now, and I'm very confident that other people are looking at opportunities in Wisconsin, and we have a lot of discussions.

Even Microsoft has talked about even being more transparent. I think everyone understands they need to be more transparent, working more with the communities, being much more proactive than they were 2 years ago.

I think that's all positive developments here. I think also our very large customer tariff that protects all our other customers, the hyperscalers understand it and like the fact that they can really point to something very transparent and protecting other customers.

We don't have a tendency to talk about a pipeline because we want to just talk about what's actually announced and developed, but there's other opportunities, and we're in multiple discussions.

Got it. That's helpful.

Then just sort of looking at the 5-year outlook you have out there, '26, '27, you're at that 6.5% to 7% growth. Obviously, you're seeing a lot of growth.

Is this just timing as to when data centers start coming online? Just want to get a sense on what could be holding you back from growing at that 7% to 8% in the first half of the plan.

Is there anything you see out there that could potentially move the needle? Thanks.

That's a great question. We're 6.5% to 7% this year.

We talked about 7% to 8% in '27 and then in the 8% range after that. It really just mirrors our capital plan, and everyone's doing a great job getting projects identified and getting things staged.

It just takes a while for all this capital to get ramped up. We're right on time, and in fact we've even ramped up maybe even a little faster than we anticipated here in a couple projects, which is good to see.

Too early to move anything. Really positive, and it really just mirrors our capital plan.

Adding this extra billion, which is as Xia said, probably in that '29, '30 time frame, just really is going to strengthen the long-term outlook for our capital plan.

Great. Thanks for the color.

I'll leave it there.

Thank you.

Hey, good afternoon, everyone. Hope everyone's well.

Thanks for taking my questions.

Absolutely. Good afternoon to you,

too. Yeah.

Absolutely. Good to get all the updates.

Just wanted to ask on regulatory, just now that we kind of have all the testimonies out there on the VLC, how do you feel about the potential to kind of settle this if that's important at all, and if the window is open to do so? Then I'm also just wondering the timing on the GRC filing if that's still on track for midway through this year.

Thanks.

Sure. Great question.

In the very large customer tariff, I see that going the entire period that the commission makes a decision. One of the items that we want to make sure we have, when everyone talks about affordability and data center causing rate increases, this tariff is one of the best or the best out there, we think, to make sure the data centers pay their fair share.

We want true transparency, and we want to go through the entire audit process and get all those questions out there. Remember, we filed it in conjunction, and Microsoft and Vantage have supported the tariff.

Now we're just going through a very thorough vetting process, and I don't have any concerns going through the entire process. Once again, the goal of this is to make sure the customers pay their fair share and to make sure everyone understands how it's working so we have true transparency on our largest customers.

Then on the rate case filing, we're on track, filing in April. We're in the process of pulling the numbers together, but on track to get that filing out there.

Hey, great. Thanks for that.

Then just maybe really quick on the financing, just I know that there was the comments around the $1 billion ATM for '26. Just any thoughts on further derisking the plan past that, or could there be any downside to this number if you guys were to lean on some additional hybrids if there is capacity?

Thank you.

I'll let Xia answer that one.

Absolutely. We are all over that.

We have very limited hybrid financing so far. We had a $600 million issuance last year, we have a significant capacity for hybrids.

This $900 to $1.1 billion I talked about is for common equity financing, and as I said, we're relying on the ATM, we fully expect to get that executed throughout the year.

Thank you.

Thank you.

Hey, good afternoon. Thanks so much for taking the questions.

Maybe to start, just can you talk a bit about how you're thinking about potential election rhetoric around affordability just in the face of filing a rate case in Wisconsin in the next couple of months, and just how that might inform your filing or the rate case process?

Sure, and across the country you're hearing affordability. In Wisconsin here, as you mentioned, we do have a governor's race.

It's a pretty open race. Our Governor Evers is not running again, there's several Democrats who have thrown their hat in the ring.

We're really early in the process. There's several issues that they're bringing up.

In addition to affordability and property taxes, they're also looking at healthcare, childcare, education, there's a lot of topics that are being floated around. We're definitely aware of affordability, and we're pulling our numbers together.

We are doing a lot to try to keep our rates as low as possible, having a lot of initiatives to keep costs low. In fact, as we closed the books this last year in Wisconsin Electric, when you look at the performance of our plants and the fuel costs, we were able to be in a positive fuel recovery.

Because of the warmer weather, we got into a positive position on the sharing mechanism at Wisconsin Electric. The results is approximately $55 million that we'll be able to give back to customers.

We think about affordability every day, but that's how we're kind of factoring stuff in.

That's great. Thank you so much for the color there.

Then, the follow-up maybe just on Illinois. Know you're still early stages on the PRP, but I guess are there any near-term milestones we should be watching there to gauge progress and also gauge the support from the commission for those investments?

Sure. Great question, and you are exactly right.

We are in the early stages this year. I think we're looking at retiring approximately 35 miles, and that's ramping up every year until we get to what we think is a run rate in 2028.

This settlement is a big step forward as in we stop the looking backwards and now we're looking forward. The early indications will be, and we were working on the projects and soon starts to kick off with fieldwork.

We've done a little bit last year laying out the plans, but really in this test year, we'll have forward-looking capital plans that the commission will also have a look at. We're working very closely now that the safety monitor is on staff and has been hired and laying out our plans of what we're doing and how we're reporting to the safety monitor.

I think the indication's going to be probably the first one is what happens in our rate case filing that we just filed, which is really forward-looking for 2027 and how we prioritize the projects.

Got it. Great.

Thanks so much for the updates.

Thank you.

Hey, good afternoon. Hey, thanks, Scott.

I'll just pick up on the last line of questions sticking with Illinois. Any chance you can settle these rate cases?

Then also, as it relates to the riders you just settled on, it seems like the bill credits and rate base reduction creates a little bit of a headwind, just how you're thinking about offsetting that.

Sure. It's really early to even think about settlements on the Illinois case yet, we'll see where we get as we get through the audit, and the staff audit and intervenors.

A little bit too early on all of that. When you think about the settlement we just had in Illinois, and they really look at the overall picture, that's why we reaffirmed our long-term growth rate of that 7% to 8% with or 7% to 8% growth with the upper end of the range in 2028 and beyond.

We factored all that in as we looked at that. As you heard on the call, we just add another billion dollars of growth.

Remember, that growth is really driven by the hyperscalers, which are paying their share for the electricity costs, it doesn't have a burden on our other customers' rate. We're able to offset it very quickly here, with a good spot to move forward in Illinois.

Great. Then maybe I'll just go there next.

In terms of what the Microsoft ramp could do, they're paying their fair share. Is it possible they actually can lower rates for customers, and maybe any sense of size you could give us on the upcoming Wisconsin rate case?

Sure. When you think about it, they're paying their fair share, which includes corporate allocations and other common costs.

I think you're going to see more of this as that build gets bigger. Of course, the more corporate allocations you have, the less burdened it is on all other customers.

It's hard to really quantify that until we start seeing actual, real stuff going to service. Remember, their first site is just starting to go into service, and a lot of that capital spending is in the later part of the plan.

Long-term, it's incrementally good for customers.

Great. Thank you.

Thank you.

Hi, Scott. Hi, Xia.

Thanks very much for taking my question.

Absolutely.

I just had a quick one. Congratulations on increasing the Microsoft load.

I really wanted to follow onto Julien's Point Beach questions and just quickly understand, to the extent you do move forward with replacing the Point Beach PPA with generation, do you have generation interconnect agreements or slots in the MISO queue, or can you participate in the ERAS process? I think there's a rolling window where you can cycle in, and I just wasn't sure if you already had any slots or were looking to potentially add some, or if that's a place that we could watch to see potential activity on your end.

Thanks.

That's a good question. We work alongside with a very good developer in Invenergy as we develop our plans to make sure we have renewables, batteries, natural gas generation.

I feel very confident in talking to our generation team, not to give you too many details here, that we can replace that power as we look at 2030 and '33. We're going to look, of course, at what's economic for our customers.

We're going to really balance the economics of our customers and what makes sense as we look at Point Beach and we look at capital investments, what's overall best for our customers.

Hey, good afternoon, everybody.

Hey, Andrew.

First, just a quick one. The GAAP charge you took related to Illinois, is there a cash component to that, or might there be one going forward?

Sure. There's two components, and it's total is that 46 cents as you saw on that adjustment.

The one component is a $130 million rate base components that is forward-looking and prospective, and will be factored in in the final rate order. That's what we're anticipating will happen.

Then there's $125 million of cash credits that go back to customers over the next 3 years. It's approximately $50 million in that first year, and then the last 2 years is split evenly for the remaining 75.

It'll be a little cash. It'll be a little pressure, of course, on our FFO to debt metrics, but good to get these old cases behind us.

Got it. Thank you.

Next, I'm hoping you can clarify a little the interplay between the VLC tariff and the general rate case. I've been getting enough questions, I think there's some confusion.

Firstly, can you preview when you file in April, just round numbers, what kind of rate impacts should we expect for the general customers now that the data center customers are being separated?

Sure, and we're pulling those numbers together. There's a lot of stuff that has to happen and look at it, but we do keep affordability in our mind as we pull this case together.

Just to give you a little color on how we're looking at it, the total company will be provided on what our total expenses, capital spending, and then we'll have separated just like we do for our wholesale customers, separated for these very large customers, the wholesale customers, and then what's remaining for our general rate case. It'll be very, once again, very transparent on all the assets that the very large customers are paying for in total.

That's kind of how it's going to be broken out. Of course, how the bills and stuff are set up and all the costs will be allocated that are directly assigned or allocated to those very large customers.

We're in the process of laying out how all that will look right now. That's the concepts.

Fair enough. Then, going one step further, over the longer term, beyond '27 and '28 test period that will be addressed, how should we think about kind of this idea if data center activity exceeds expectations, would that help the rest of the customers by lowering their rates or just leave them unimpacted?

In other words, is the idea that data centers are completely independent, or is the idea that excess data center activity should help the rest of the customers?

In general, as you look at it, and it takes several years, but a lot of corporate allocations are allocated on total rate base and costs. As you can imagine, even like we went through the acquisition of Integrys, we were able to spread common costs across a bigger footprint.

Having data centers will have significant rate base. I think in our 5-year plan, we're looking at that rate base to be the 14% to 15% of our earnings, a significant part of that.

Corporate allocations will get spread across a larger rate base, and you're going to see more of that as those assets continue to build. That's more of it's going to be in service in that 2028, '29, '30 time frame.

Okay. Very good.

It does, yeah.

Thank you. One last one just on timing.

My understanding is the VLC ruling should come pretty much around the same time as your filing for the general rate case. Is it important that the first one concludes before the second one begins, or do you think of them as independent tracks?

No, we're pulling it together, assuming the filing that we have on the table right now, and we'll be two independent because we'd have to file most likely at, like you said, about the same time, or maybe even a little before that final decision is made on the VLCs.

Great. Thank you so much.

Thank you.

Hey, thank you very much, and congratulations. First question, is the Microsoft announcement, should we think of that as a replacement for the canceled Caledonia project, or are they still looking to do something to replace that?

Great question, and thanks, Paul. When you look at it, they had already purchased this land before that Caledonia.

They're looking for additional land beyond that Caledonia. They're still looking for additional land to replace what they decided to pull out or remove away from in Caledonia.

Right. Then my next question has to do with sort of the pricing of Point Beach terminates around a $120 per megawatt hour.

I would think that new build would be a savings over sort of the last years of the contract pricing. Why should we not assume that you would opt for new build versus recontracting?

I think you're gluing it together a pretty good assumption there, that those prices are pretty high. If those prices, they think they should be that high, a new build, when you think about affordability, probably makes sense.

We got to run that analysis yet, and more to come, but I do think there's upside here.

Maybe last sort of a quick follow-up to that. Are there retired coal plant sites that could be sort of used for new build?

No, right now actually with the coal plant that we retired multiple years ago, that's actually an economic development use that site. We've already developed some of those sites for other economic development.

We're looking at other locations and opportunities. Really, you got to think of it now is where is the natural gas line for those gas pipes, and how do you get that capacity in.

More to come, but we have spots in mind.

Great. Thank you so much.

Thank you.

Hey, good afternoon.

Hey, Paul.

Just have a quick few housekeeping items. Just weather, the residential number looks like you're planning it going down in 2026.

Not by much, but just in general, is that because of energy efficiency, or is there something else we should be thinking about?

We always try to be a little conservative in the forecast, the base assumption is we do see good customer growth, but there's a little bit of decline in use per customer. Overall, it's a slight reduction, but we try to be conservative in the forecast.

Okay. Then just in terms of the impairment on the Illinois thing, I see the $130 million, I think, in the income statement called out.

The other $75 million, just from a geography, a income statement geography, where does that show up? The other 70

Yeah, the other amount goes through revenues for some accounting reasons.

Okay. Fair enough.

Thanks a lot.

Yeah. Yep, absolutely.

All right. That concludes our conference call for today.

Thank you for participating. If you have any more questions, please feel free to contact Beth Straka at 414-221-4639.

Thank you.