“I don't see the need to issue any equity during this time frame.”

In context

“fficial five-year budget assumes $41 billion, round numbers. I personally think it's higher than that, because I think, Dan, you demonstrated this in the last call. We typically understate our forward capital requirement, because we're conservative by nature, because we don't account for anything in our budget that we don't know about. In other words, we don't do placeholders. When I think about what that number may be, I could easily see something like $45 billion. Who knows, $9 billion a year, round numbers. And some of that may come from new generation, or things that may start to occur in the kind of late 20s that may start showing up maybe 2025, maybe 2026 time frame. So those would be the years that I would think you would see additional capital. I'll let Dan argue with me here, but I don't see the need to issue any equity during this time frame. Last point I will make. You have seen -- in the world of M&A, you have seen us not only do acquisitions, we also do divestitures and asset sales. It is important for us to always put our assets in the hands of the best owner. If that means we create -- if we do that well, we create the maximum amount of value to shareholders. If we see opportunities in the future to do stuff like that, we will do it, buying and selling, but we have no plans at present. Dan Tucker: I have no argument to anything Tom said. I would just reiterate, we don't foresee any equity needs at the top of your outlook, even with the upside on the tailwind. Shahriar Pourrez: Okay, perfect. Thank you so much, guys. Congrats on the execution. Sorry about that technical glitch earlier. Tom Fanning: No sweat my friend. Than”