Jo. Bette Thanks,
like bruises her. we no our shins for sorely this permanent miss CEO for the wonderful with our I company my Bette started prove intended, job looked trained I've her the pun she's will a the would to of company, on Bette recognize Jo to and representing guidance, get the been to am it. I with I and investors. by done that's earnings have call, Before Jo Rosa. message I
she done since. did a first earnings beginning earnings the that mentioned She's has call actually in our and of have call them me years, kidding. just done XX we and with earnings calls She been lot, to company XXX XXXX. years is of all
So again, you. Bette thank Jo,
the Now off to second quarter.
We was doing financial operating deferring operating performance this little this actual performance of than a of other another are our the part with quarter the differently Brian's the steady-as-she-goes financial expectations. and say consistent time. it presentation to to discussion GAAP I'm with
there. surprise So no
for confirm $X.XX year continue of for our rate. our growth to operating the per We and to long-term $X to guidance share the X% year X%
of year Brian course, which the Board consistent detail. will with second financial more our approved this our also earlier plan, in dividend cover quarter And
some growth there our the were quarter for expectations, that While the met during catalysts financials future the developed quarter. for important
I'll other the topics believe and continue we in. covering by those you for highlights all quarter as interested might well be as that
and PSO several made SWEPCO consistent with expectations. integrated resource operating and Arkansas, we our companies in our Oklahoma Texas wind First, filings and plan Louisiana, resource
acquire that acquired to COD. being are These at facilities development Central by approvals megawatts. price North three in total and developed regulatory currently seeking are will Invenergy Oklahoma Initiatives. basis a projects wind name PSO the and SWEPCO Wind Central Hence, be turn-key fixed generation North X,XXX under on
for at is end shareholders. The to approved, a XXXX customers unique investment of of opportunity earnings being be the end regulated investment XXX XXXX. shareholders. This will If a the win-win the and lower customer long-term expected $X and acquired both with megawatts balance rates represents for billion provide acquired by opportunity
gas a of the over customer under sensitivities. customer power wide investments nominal billion savings positive produce cost the of natural benefits life near-term costs and facilities. Customer production net $X total and array benefits approximately of XX-year The
are seeking of estate regulatory federal expiring approvals to advantage We each in order the timely PTC. take in
approximately customers XX billion net to years and to be projects. accrued The subject our of is approvals. with the the offset needs align at first $X.X to nearly investment PTC state acquisition of value total the capital can the resource and The commercial over scaled total XX% limitations individual of
We or a have take the take reject then provide and states of ability another should ability to XXX the applications. more minimum to megawatts states megawatts our state
two, we customers three, These flexibility our generation efficient a factor over act applications valuable investments price and long-term. to the wind states under approve. fuel only where move into enough our designed highly hedge or XX% serve further And mix have capacity forward scenarios as fuel diversify four will our to one, for
the So, acquire that pricing happen perspective. our from to past SWEPCO be the for plans and competitively three Because megawatts full bid, you recognized that breakpoint winning wonder the these resource a might integrated clear others with Projects between projects worked projects in X,XXX why we we PSO and were the had we who propose. didn't Invenergy
We that perspective. and that the to wanted clear to so We recognize value fill the with of rest our from resource commissions clearly feel an for viewpoint bids. best end-of-money can we the first from winners the customers. come always in position And planning a could later projects good requirements risk future about our in
developed multiple benefit that were projects already regulatory capacity, transmission risky By set up success. with customers projects following that are of utilization with processes the less projects our these exist existing clearly for being and we that that SPP believe and normal
we our the shareholders With learned and filings Catcher. from our of our a lot experience Wind regulators, these And that. customers, prove
units. DeWine that Bill provide units in legislation the for support nuclear X the filed generating support issue, will as Ohio the as well for the earlier OVAC onto Now hot legislation. Governor House next week this Ohio
which contracts phases While units. out have as additional project, solar the support received our XXXX provides already megawatts also solar of the including siting still the and same XXXX, collect energy nuclear it can projects recovery legislation mandate until from RPS for the the fund renewable for clean after of existing XXX proposed approval benefits provides that
to collected basis statewide reiterate, for renewable concerned, to approved enter as OVAC through as recovery Ohio AEP entered AEP far legislation XXXX; namely with is to customers. secondly, positives a existing us, that for of from opportunity and into the on by contracts we recovery of this comply PECO; bilateral with into our see So, the legislation previous is contracts certain
to is of for had AEP, as provider be This important resources various one largest being to from an in requests the issue we customers AEP provider. the specific Ohio for renewable addition have
the now And PECO. have fourth, for The XXX even access beneficial the more the that approval that board funds, air ability have million of particular projects these solar before solar make to we these includes to the $XX the siting of clean which funds for customers. access projects megawatts
million will experience a to include maintain rate And as request payers, the of provide rider potential the AEP recall, our investments and which structure. to And capital impact grid additional to per these equivalency reliability. debt for will distribution headroom net year enable you HBX finally, Ohio's projects customer $X the improve
of Randazzo the President Chairman AEP nuclear country the and the Ohio economic and of the part many does senate in along We customer DeWine, generation of and speaker Governor of a as the interest householders, and Lieutenant portfolio congratulate Ohio. Husted, of the development and balancing legislature Obhof, Governor employment balance importance believe other state benefit. of this issues, portfolio, need members for a with
we energy end activities that modernization think provisions view I also our Ohio. perspective, the in technologies policy for and should includes important. From not this grid behind-the-meter of do HBXXX as is
provide only that emerging to regarding continue in This investments area not to the This future clarity types to electric of ability critical continue improve with in hearings for grid house your but efficiency. a enhances is HBXXX will September. the will clarify define deliver of legislation would the our that these technologies resiliency expected the AEP customers utility. experience to review customer Ohio and
will energy redefinition this the believes companion policy. that a Ohio bill be AEP And complete to of
in Another important Texas legislative concluded was AEP Texas. provided that some session SWEPCO and that for wins just
jurisdiction. SWEPCO recover ERCOT providing costs for of protections. can of has advanced the been SWEPCO Texas AMI customer not technology deployment in now but implemented technologies metering Texas the in portion reasonable while
can pleased So, that that are we proceed.
allows rate the certain generation goes legislation subsequent rate being case provisions for when of with to to from SWEPCO investment PECT generation the investment. and obtain power rider approval size a case recover the and timing into operation made facilities the a of new Also, for the outside
Bill $XXX XXX Wind for Also of facilities. transmission affecting both a for million. roper This the Santa Farm the the growth Senate of that SWEPCO bill interconnected renewables XXXX, another approximately is purchase capital plan consistent investment with just our clarifies interest and business. regarding rules a passed announced legislature AEP the our new continued example megawatts, Texas, any Yesterday, contracted in we XX% in Rita
Wind Sempra with also not outcome pleased more We purchase the the the could of of be assets.
already original this to value beyond the financial deal We grow continue the are the prospects of seeing expectations. of business
of upper one but far to is are earnings of Clean that only Not end as construction Resources are the close projects our the development from acquisition of equipment. these safe business so the negotiations projects modeling, AEP to uses the related along the well. nicely moving Energy development completing toward harbor
of now with others committed project, billion in very progress November, last the are $X.X various $X.X committed stages This development. This of so billion along EEI to at good has business amounting X,XXX there. megawatts
half growth for and expect of second say will a in result the load of minutes will I seen primarily year in areas. a new have more gas primarily the oil we a while number on the in customers our do detail, and load few expansions the center that load better area in performance be load of from will discussing economy data in areas board as of but come tariff-related, decline, Brian we
this service territory. war impact economic tariffs aluminum on impacted export trade on headwind beyond steel businesses and at The the the manufacturers in increasing service in The our goods the biggest point AEP's of is have of have territory. number we
of weakened economy of adds major more strengthening the have hurdle. a this U.S. dollar, President the election a Trump's the since one strong reelection wars Certainly, during even all and get economy which trade season, is of Hopefully, resolved caused a can tenets. world
finalizing to and we SWEPCO through are as as regarding cover equalizer stages, So, their forward we will next growth. load them closely move in the chart. go cases initial monitor for I'll the continue Arkansas Because I&M, in expectations year this Texas our rate we AEP
we'll through So, go that.
versus and X.X% ROE, currently X, AEP's reason unfavorable load, utilities. quarter was year XX.X% significantly before to vertically Turning for versus decrease primary chart last on The mainly the quarter our the that the one operations, versus normalized integrated two quarter. XXXX regulated weather lower overall XXXX is in page in
companies, of Looking the ROE the second for at AEP was quarter XX.X%. the Ohio individual the at end
in smart by grid, charges range fuel distribution's invest the XX% off. We end XX.X% this as to carrying partially expect in XXXX legacy to to continue offset we the rolling
second the APCO's the X.X% was of also ROE end end year. change to weather primarily of ROE Virginia. X.X% in compared the XXXX receding margins ROE, quarter versus first-quarter was to in The is Power attributable quarter XXXX. this results Appalachian Lower this contributed for West offset by but at lower the to the payable at from stronger in second-quarter rate previous normalized
Kentucky The quarter to was X.X% to power second primarily down ROE Kentucky's due quarter weather first-quarter was of at versus end XXXX. XXXX end for X.X% unfavorable of unfavorable first at second-quarter transmission compared true-up. ROE the and the the the
of on We and OEM the improve end scrutinizing are year. optimizing the the ROE capital revenue working and by to
multiple the XX.X%. and driven one-time performance second in-line to the end quarter The end is the I&M positive primarily Michigan. which year around in second expects I&M by ROEs ROE in XX%, at with authorized was and of I&M's for adjustments. with quarter of timing was the expenses an the Indiana ROE
generation to your capital in programs rate in execute capital and to continues both successfully recovery future-test, transmission and I&M filed seek the ongoing distribution timely Indiana recently and cases of Michigan cost. its
in I&M for testimony with in at a million And an anticipated are Indiana, effective request net Intervener due hearings $XX ROE. August. a October date In XXXX. with March increase XX.X% followed is expected
transmission April a of In hearings with testimony at PSO due PSO order XXXX, full quarter in order will a increase an commission received on a And is Michigan, November net ROE. X.X%. distribution I&M end XXXX. filed occur expected for The base tracker the of for October. ROE was XX.X% settlement a in Intervener in contained a $XX its partial the in with million and important which an case provision of tracker. March second for
XXXX loss X.X% of due of the and With was wholesale that will by of authorized at ROE quarter implementation rates and end for earn formula end of PSO the we weather, new base most ROE X.X% ROE The first-quarter the believe end normalized versus The recent margins, the rate XXXX. of second at the the its continued unfavorable load decreased the to XX-month tracker, primarily year. true-up. SWEPCO
PECT $XX of the additional produce July, which will annual company's settlement TCRF in revenue. approved approximately However, the million
XXX February affected in an base SWEPCO's plant the we this ROE of million XX.X% points. a Additionally, XXXX. for by that continues net $XX Arkansas is about by the Turk filed basis the depreciation And in Arkansas case million, SWEPCO not the with in is ROE impacts in Arkansas $XX rate share retail minus to increase be rates. filed $XX which of Arkansas ROE.
of Arkansas expected Public $XX XXXX. The early new an The for ROE. go Commission review are upon for mechanism. staff is Service ROE effect reason approved rates in the recommended to provides cost deferral X.X%. increased securitization was annual, quarter AEP October rate order storm with issued financing AEP based X.X% Texas reported XXXX. end Texas interest formula-based recovery primarily million expected for a in ROE the the to Hearings due SWEPCO's in at quarter increased in filing one-time movement second to this a June previously a expense in for the of The
the of filed annual on rate the and timing expect May filings associated XXXX. base ROE with year-end with decline due X, PUCT to by to the We lag review our
associated During a rate year, review lag a there is these with filings.
levels will of an XXXX. to high in on impact continue the Continued have ROE investment
we a increase million the filed with rate XX.X% review, of Regarding $XX net ROE.
quarter transmission for favorable is are year true-up was hearings prior of testimony a in for in in due XX.X%. end due two ROE with date and holdco holdco first Intervener one than XXXX. to June. such the AEP quarter at second effective expected XXXX transmission one-time The an events ROE higher is quarter the today, AEP quarter set August as the change
XXX Regarding both we orders east FERC AEP settlement cases. have filings obtained the in in and the west territories,
ROE a approval settlement RTO XX XX.XX% ROE point settlement of includes the the includes portion In the The structure adder. X, on a X.XX%, east of with the total effective of FERC issued for of including AEP XXXX the territory base May, order that January XX%. a cap a cap basis at equity
transmission quarter. to the back This the any of are west adder. occur XX%, no part ROE at base will on in complaint. date includes XX issued FERC the the made of And end the periods ROE ROE the the the June the true-ups. In caps Refunds that will a structure. XXXX. of not rates is prior parties XX.X% order for implementation to And a area, effective There portion of annual change of basis of be including an of equity cap the total RTO prior first new agreed in January third the seek to the point
with of the another all-in-all, particularly great headwinds economic So quarter, conditions. tariff-related
growth an for met financially growth still earnings remiss predicate expectations quarter the been important the would equation bending I opportunities. some but second importantly, set not more be in mentioning The the curve. side has OEM of evolving
excellence is forward to recently that ability advance the In our faced, creativity of transformation necessary the in operational to utility of be paramount and to has premium move foundation of the AEP's future. challenges innovation the company as face industry operational our the the
more damage to and the absolutely we in assessment Technology is innovations There come I One, of EEI, locates digitization you that couple through this facilities. call just more to us get ADAT, want asset November automation effectively will for implemented information that facility to we examples be to a phase. give digitizes there. have underground but in required tool, screen
brought able two, today, maintenance and digital we without We crews platform breaker do our where expect digitized for to inspection saving allowing inspections time X,XXX sending over to a more real-time expensive generation resources. thereby clear be to more And for to efficiency, our breakers of being as request as opposed work. be preventative contractors related shot outside the improve will used in-house maintenance information
creates a the be others will better drummer grounded complicated customers. the by of Just memory and drumming. a to me operating provide the that lot rhythms new of needle on rhythm. of practice couple of to of notion reducing A examples, many to creativity can muscle These that but remind or new OEM move rudiments to redefine efforts service continue that fundamentals only rhythms develop develop the and our
Gavin while by an just M-U-Z-A-K, Sound OEM played find fundamentals operational of looking and technology the provide culture example, creativity Tree. Muzak, to growth. is AEP very new muscle the listen A and of great is who you're of signature drummer, in of deployment curve memory operating establishing unusual doing an the it the Harrison, Porcupine beat for the X/X on song learn define and new necessary but now, to As process in to which a innovation if to rhythm time famous bend up play. focusing This sounding to of difficult a what avenues excellence
we shareholder another and know feverishly that our So, background forward while value driving in customer's the improving quarter this quarter, just solid is future Brian? experience. are providing and
