“And, importantly, our $41 billion of capital between now and 2029 remains unchanged due to this update because we have not put in speculative projects.”

In context

“Jeanne Jones (Chief Financial Officer): Yeah. I will take that one, Shar. So I would say you are right. We did update it. I think this will continue to evolve. But I would also say we have always taken, as you know, a measured approach to the data center phenomenon, whether it was our position on co-location and ensuring fair cost allocation or the development of transmission security agreements, which, as you know, never existed in our regions. Right? And so we developed those agreements and made them part of our process. In addition to that, we also, throughout this, have kept our CapEx increases consistent with historical increases and really only put in capital that was certain and durable. And I think that this update underscores that was the right approach. The TSAs are doing what they should. As we go through our cluster process, we said, you know, we are going to study the clusters. We are going to offer the customer a TSA. Sign the TSA, and then, importantly, put up collateral behind that. And so what this update reflects is we have now weeded out speculative projects, and it gives us proactive insight into what is real. And this is what you want management to do. You want us to provide real and durable growth. And, importantly, our $41 billion of capital between now and 2029 remains unchanged due to this update because we have not put in speculative projects. And as I think about that growth, I would just say a couple of other things. You know, what is sitting in that 11 gigawatts? We have 4 gigawatts that have signed TSAs, and they are backed by $1 billion of collateral. The other 7 gigawatts in that high-probability category are projects that predated the TSA process but are further along, and we feel very comfortable that they will continue. And so the 11 gigawatts is significant, and we are going to continue to study the remaining 25 gigawatts that is on that slide. But there is real growth, and it goes back to, you know, not just being focused on what is real on the T&D growth side, but how do we provide those solutions on the supply side to support that growth? And that is, you know, our first project out of the gate is the 500-megawatt battery.”