CenterPoint Energy, Inc. (CNP) Earnings Call Transcript & Summary

Good morning, and welcome to CenterPoint Energy's Third Quarter 2026 Earnings Conference Call with Senior Management. [Operator Instructions] I will now turn the call over to Ben Vallejo, Vice President, Investor Relations and Corporate Planning. Mr. Vallejo, please go ahead.

Good morning, and welcome to CenterPoint's Q3 2026 Earnings Conference Call. Jason Wells, our Chair and CEO; and Chris Foster, our CFO, will discuss the company's third quarter 2026 results. Management will discuss certain topics that will contain projections and other forward-looking information and statements that are based on management's beliefs, assumptions and information currently available to management. These forward-looking statements are subject to risks and uncertainties. Actual results could differ materially based on various factors as noted in our Form 10-Q, other SEC filings and our earnings materials. We undertake no obligation to revise or update publicly any forward-looking statements other than as required under applicable securities laws. We reported $0.50 per diluted share for the third quarter of 2026 on a GAAP basis. Management will be discussing certain non-GAAP measures on today's call. When providing guidance, we used the non-GAAP EPS measure of diluted adjusted earnings per share on a consolidated basis referred to as non-GAAP EPS. For information on our guidance methodology and reconciliation of the non-GAAP measures used in providing guidance, please refer to our earnings news release and presentation on our website. We use our website to announce material information. This call is being recorded. Information on how to access the replay can be found on our website. Now I'd like to turn it over to Jason.

Thank you, Ben, and good morning, everyone. On today's call, I would like to address 3 key areas of focus for the quarter. First, I will briefly touch on our strong third quarter financial results and the increase to our 2026 non-GAAP EPS guidance range we announced this morning. Second, I will discuss how the accelerating and diverse customer-driven growth in our Houston Electric service territory is driving the $4 billion increase to our capital investment plan and the acceleration of another $1.5 billion into the first 5 years of our plan. And with more growth expected, today's increase reflects only a portion of the opportunity in front of us as we continue to see at least $10 billion of additional investment opportunities through 2035. And finally, I'll discuss how the strength and visibility of our growth across our service territories gives us the confidence to extend our long-term earnings outlook. We now expect to deliver non-GAAP EPS growth at the mid- to high end of our 7% to 9% annual range for another 2 years through 2030. I will also cover our 2027 non-GAAP EPS guidance of $2.07 to $2.09 representing 9% growth at the midpoint from our increased 2026 guidance. I will start with our strong third quarter financial results. This morning, we reported third quarter 2026 non-GAAP EPS of $0.53. Our continued strong execution brings us to nearly 80% of the midpoint of our original full year guidance range of $1.89 to $1.91. Our outstanding year-to-date results gives us greater confidence and visibility to raise our 2026 non-GAAP EPS guidance range to $1.90 to $1.92. At the midpoint, this new and higher range would represent nearly 9% growth from our 2025 delivered results and would mark the 5th year of more than 8% growth since 2020. It also resets our earnings base higher from which we intend to compound future growth as we seek to create durable value for our investors year after year. I'd now like to turn to the accelerating and diverse customer growth that is driving today's announced $4 billion increase to our capital investment plan and the acceleration of an additional $1.5 billion of investments. Greater Houston's growth continues to accelerate, demonstrated by approximately 14 gigawatts of customer demand, we submitted as eligible load for ERCOT's Batch Zero process. As we continue to work with stakeholders on our Batch Zero submissions, we remain highly confident in the 10 gigawatts of baseload demand we outlined on our previous call, and we now expect approximately 2 gigawatts to remain a studied load. Combined with our smaller transmission and distribution customers growth, we expect to energize at least 14 gigawatts by the end of 2030. This incredible demand is creating a powerful multiplier effect as large industrial expansions drive broader commercial growth across our service territory. Notably, industrial and commercial leasing activity in the Houston area is up more than 30% from last year. We are seeing that momentum firsthand with nearly 1 gigawatt of distribution level load request received in the last year. Houston Electric's more than 10 gigawatts of existing system capacity helped to track this demand by enabling fast, efficient and cost-effective interconnections, giving Greater Houston a compelling speed to market advantage over competing regions across the country. This growth strengthens the regional economy while also supporting customer affordability. Notably, the at least 14 gigawatts of demand anticipated through the end of the decade are expected to generate $5 billion in customer savings across Texas over the next 10 years. Serving this growth absorbs the capacity that helped attract it. To replenish that capacity and sustain the region's competitive advantage for the next wave of demand, earlier this year, we began an internal transmission study focused on increasing load serving capacity in 3 key areas: first, import transmission capacity; second, system stability, and third, intra-regional transmission capacity. To date, that work has identified more than a dozen projects across these 3 areas required to add incremental load serving capacity. This capacity is needed in the near term as we already have requests for significant additional demand that we anticipate submitting in Batch 1 next year. Together, these projects represent approximately $5.5 billion of investments in 2 categories. First, $4 billion for newly identified projects not previously included in our 10-year plan, and $1.5 billion of projects accelerated from the back half of the plan into the first 5 years through 2030. We will efficiently fund this growth with a modest $1.6 billion increase to our equity financing guide below our 47% rule of thumb for financing incremental investments. Chris will cover the timing of our capital investment and equity financing needs, including opportunities to reduce the amount of equity financing in his section. Combined with the sufficient financing, the increased and accelerated investments will strengthen the earnings power of the company and are expected to drive an enterprise rate base CAGR of more than 14% through the end of the decade. We will continue to advance our transmission study to identify the additional infrastructure needed to meet the region's accelerating growth, which will likely inform additional incremental investments. Beyond today's $4 billion increase, we continue to see at least $10 billion of additional investment opportunities through 2035, driven by 3 categories. First, additional transmission infrastructure to support Greater Houston's accelerating customer demand. As we continue to advance our transmission study process, that will likely inform incremental investments needed to enable the next phase of growth in Greater Houston. We expect to be in a position to share our next update in this process in the first half of next year. Second, along these growth investments, we will advance additional resiliency initiatives that build on Houston Electric's nearly 40% improvement in reliability over the past several years. We expect greater visibility into these incremental investments in the second half of next year and are targeting filing our next System Resiliency Plan by the end of 2027. Third, we continue to see large load opportunities in Indiana where we anticipate signing a deal with a large load customer by the end of the year. These incremental opportunities combined with the investments announced today reinforce our confidence in delivering sustained double-digit rate base growth over the course of our 10-year plan while supporting long-term reliability, resiliency and economic competitiveness across our service territories. In closing, we continue to believe that we have one of the most customer-driven and durable long-term growth plans in the industry. The scale and pace of the customer-driven growth in Greater Houston is already driving today's announced $4 billion increase in our capital investment plan and reinforcing the long-term earnings power of our company. These needed investments provide the visibility to extend our expectation for non-GAAP EPS growth at the mid to high end of our 7% to 9% annual guidance range through 2030. The opportunity extends well beyond today's planned update. We continue to see at least $10 billion of additional capital investment opportunities through 2035, supporting economic growth, customer affordability and safe and reliable service in the communities we serve. With that, I'll now turn it over to Chris to cover the financials in more detail.

Thanks, Jason. This morning, I will cover 4 areas of focus. First, I will walk through our strong third quarter results, which brings us to nearly 80% of our full year guidance and support raising our 2026 non-GAAP EPS guidance range from $1.89 to $1.91 to $1.90 to $1.92 as well as our extended outlook to grow at the mid- to high end of our 7% to 9% range through 2030. Second, I will detail the customer-driven $4 billion increase to our 10-year capital plan from $66.7 billion to $70.7 billion through 2035, and the $1.5 billion of accelerated investment that together drive an enterprise rate base CAGR of more than 14% through 2030. Third, I'll discuss our updated financing plan including a modest $1.6 billion increase in equity financing to fund 40% of the $4 billion capital plan increase to support strong credit metrics, a healthy balance sheet and a pathway to higher long-term growth. And finally, I'll provide a brief regulatory update, including progress on timely recovery of our investments through our interim capital trackers. Starting with our third quarter results on Slide 4. On a GAAP EPS basis, we reported $0.50 for the third quarter of 2026. On a non-GAAP EPS basis, we reported $0.53 for the quarter. Our non-GAAP results exclude the impacts of our temporary generation units, which are no longer part of our regulated utility business. We are actively marketing these units for sublease or sale and any resulting gain will also be excluded from our non-GAAP results. Now taking a closer look at the drivers of our strong third quarter results. Compared to the third quarter of 2025, growth and rate recovery contributed $0.09 of favorability driven by a full quarter of updated rates from interim filings that became effective in June. Weather and usage were $0.03 favorable driven by hotter weather and higher usage across our Texas and Indiana service territories. O&M was flat for the quarter, and we remain on track to reduce O&M by 1% to 2% from the prior year. Year-to-date, we have already achieved a 1% reduction as we continue to take costs out of the business for the benefit of all stakeholders. Other items were $0.05 unfavorable primarily due to a onetime deferred income tax remeasurement benefit recorded last year as part of our efforts to optimize our tax structure. Higher financing costs were $0.04 unfavorable, $0.03 from approximately $3 billion of new debt issuances net of maturities and $0.01 of dilution from modest equity financing. We've also now completed our financing needs for the year. These results bring us to nearly 80% of our original full year guidance and give us confidence in delivering our increased 2026 non-GAAP EPS guidance range of $1.90 to $1.92, nearly 9% growth at the midpoint over our 2025 results. Supported by the incremental investments I will detail in a moment, we now expect to grow non-GAAP EPS and at the mid- to high end of our 7% to 9% annual range through 2030 and 7% to 9% annually through 2035. Our 2027 non-GAAP EPS guidance of $2.07 to $2.09 or 9% growth at the midpoint reflects that momentum. Turning now to our capital plan, which reflects a $4 billion increase and $1.5 billion of accelerated investment to serve the customer growth already underway. As Jason outlined, we are increasing our 10-year capital investment plan by $4 billion to $70.7 billion. Combined with our earlier 2026 updates, we have now increased the plan by $5.7 billion or nearly 9% since our 2025 Investor Day. We are also accelerating $1.5 billion of projects originally planned for after 2030 to prepare the system for diverse customer demand. Approximately 85% of the initial projects identified in our transmission study are brownfield projects within existing rights of way providing a more straightforward path to expanding system capacity. We will begin deploying this capital in 2027 and scale the investment in the years that follow, deploying $4.5 billion of the incremental and accelerated investments by the end of 2030 and driving an enterprise rate base CAGR of more than 14% through 2030. We expect to efficiently recover these investments through our existing transmission and distribution capital trackers. Importantly, this is just the initial phase. As our transmission studies continue, we expect future capital updates as we build the system needed to meet the unprecedented demand growth across the Greater Houston area. Turning briefly to the 2026 capital execution. We invested $4.1 billion through the third quarter for the benefit of our customers and communities. We expect full year capital investment to come in modestly below our $6.8 billion target due solely to project timing, which we expect to recover in the first quarter of 2027. Turning now to how we will fund the incremental investments announced today. We are increasing our remaining 10-year equity financing guide by $1.6 billion to $4.5 billion, well below our previously communicated 47% funding guide for incremental capital investment. We expect to issue approximately $4 billion from 2027 through 2030, including $500 million to $700 million of common equity in 2027. Across the $5.7 billion of capital plan increases announced this year, incremental equity represents only about 25% of the funding requirement, demonstrating the efficiency of our financing plan. As a reminder, cash flow benefits from Treasury's corporate alternative minimum tax clarification enabled us to increase our capital plan earlier this year without additional equity financing. Looking ahead, we see additional financing tailwinds that we believe could either: one, reduce our updated equity guide or two, fund incremental capital investment at amounts less than our 47% equity rule of thumb. I'll highlight a few examples. First, a sublease of our temporary generation units could provide cash flow tailwinds through 2029, while a sale could generate upfront proceeds to reinvest immediately in our regulated businesses. Second, we will continue to evaluate our portfolio and financing needs to efficiently fund both our current plan and future opportunities. The recently completed sale of our Ohio gas LDC business reflects our continued focus on optimizing our portfolio and allocating capital efficiently across our jurisdictions. And third, we continue to work with stakeholders to reduce regulatory lag and secure more timely recovery of our investments, supporting efficient financing for customer-driven growth. Building on our financing plan, I want to touch on our credit metrics and balance sheet. At the end of the third quarter, our adjusted FFO to debt ratio under Moody's methodology was 13.7%. Two developments since quarter end should further strengthen this metric. First, we completed the sale of our Ohio gas LDC business on October 1, receiving approximately $1.4 billion in proceeds. Had those proceeds been reflected in our trailing 12-month metrics, our adjusted FFO to debt ratio would have improved by approximately 50 basis points. Second, earlier this month, we filed for a refund of previously paid Corporate Alternative Minimum Tax. Following clarification this year that we are not subject to that tax. We expect the refund to improve our full year 2026 credit metrics by an additional 60 basis points. Neither benefit is reflected in our trailing 12-month metrics. Together, they reinforce our confidence in ending the year towards the higher end of our targeted 100 to 150 basis point cushion, above the Moody's downgrade threshold. And following Moody's revision of our outlook to stable, we now have stable outlooks across all rating agencies, reflecting our strengthened financial position. Lastly, turning to regulatory matters. Our frameworks across our service territories continues to support timely, efficient recovery of our customer-driven investments as reflected in this quarter's updates. At Houston Electric, we filed our second distribution capital tracker or DCRF, requesting a $73 million revenue requirement increase. Interim rates were approved and implemented at the end of September, with a final order expected this month. In addition, we filed our second transmission capital tracker or TCOS in August and have since received a final order approving a $29 million revenue requirement increase which is now reflected in customer rates. Outside of Texas, we expect to file a 3-year forward-looking rate case for Minnesota gas within the next week, reflecting investments to modernize our system, through pipeline and gas meter replacement and provide safer, more reliable service for our customers. In December, we plan to file a combined rate case for our North and South Indiana gas service territories. And as previously communicated, we expect this approach to result in a build decrease for a significant number of our residential customers. Across all our service territories, we remain laser-focused on keeping our service affordable for customers. In summary, our strong year-to-date execution supports our increased 2026 non-GAAP EPS guidance of $1.90 to $1.92 and reinforces our confidence in the outlook ahead. The $4 billion increase to our capital plan and $1.5 billion of accelerated investments position us to serve the customer demand already here and drive enterprise rate base growth of more than 14% through 2030. Our disciplined financing plan funds this growth efficiently while preserving our long-term balance sheet strength. Together, they support our 2027 non-GAAP EPS guidance of $2.07 to $2.09 and our expectation to grow at the mid- to high end of our 7% to 9% annual range through 2030 and 7% to 9% annually through 2035. Our strong execution, disciplined financing and clear growth visibility position us to deliver sustained earnings growth and create durable value for all our stakeholders. With that, I'll turn the call back to Jason.

Thank you, Chris. In closing, our strong year-to-date execution gives us confidence in delivering our increased 2026 non-GAAP EPS guidance, putting us on track for a fifth year of more than 8% growth since 2020 and our 2027 guidance of $2.07 to $2.09 builds on that momentum. That momentum is being matched by growth that is already here. Unprecedented customer demand in Greater Houston is already requiring a $4 billion increase to our capital investment plan and $1.5 billion of accelerated investment efficiently funded in driving enterprise rate base growth of more than 14% through 2030. And there's more to come. With a line of sight to at least $10 billion of additional customer-driven investment through 2035, today's update captures just a portion of the opportunity in front of us. The strength of this growth gives us the confidence in our ability to deliver non-GAAP EPS growth at the mid- to high end of our 7% to 9% range through 2030 and 7% to 9% annually through 2035 through investments that strengthen reliability, support affordability and power economic development across our service territories for the benefit of our customers.

Thanks, Jason. Operator, I'd like to turn it over for Q&A.

[Operator Instructions] Our first question comes from Shar Pourreza with Wells Fargo Securities.

Pretty solid update. Just first off, I just want to reconcile the updated rate base growth and the EPS CAGR. Rough math, the equity piece is like 200 basis points of dilution. I guess what's driving the other 300 bps of delta between rate base growth and EPS growth? And could any of that delta kind of reverse as we're going through the plan?

Thanks, Shar, for the question. Yes, obviously, as we've reporting today, our focus is delivering consistent and durable financial results. I think the 14% rate base growth through the end of the decade provides, as you're pointing out, incredibly strong support for the extension of our guide to the mid- to high end of our range through 2030. Clearly, there's going to be a modest amount of equity dilution, as you mentioned, but we've historically been able to convert that rate base growth into earnings growth with about a 200 basis point delta. So this gives us incredibly strong foundation for continued strong delivery of EPS results through the end of the decade.

Got it. Perfect. And then just lastly, on funding, I mean, obviously, you're talking about the equity dilution a little bit. And you do have a good amount of equity. You've added some through 2030, but your CapEx needs keep going higher. I mean that's a key message on the call today. And it seems like you're potentially signaling new deals prospectively. As we think about sort of the remaining footprint, is there kind of any opcos, Jason, that present substantial dissynergies in the sale or is the entire footprint outside of Texas potential opportunities for you?

Yes. Thanks, Shar. I think what's important here is just the explosive growth, in particular, the Greater Houston region is experiencing. As we talked about today, with a transmission update, this only helps us serve about half the capacity that we are currently anticipating in our Batch 1 request. So there's clearly more tailwinds from a CapEx standpoint. As we've got a track record here of doing -- we're going to focus hard on raising whatever the equity needs are efficiently. That may include portfolio optimization among the other things that Chris mentioned in his prepared remarks. As it relates to dissynergies, I think we've got a great track record of leaning in addressing any dissynergies that may result from a transaction. I'd expect us to do the same moving forward. So our focus is on enabling the incredible and explosive growth that we're experiencing and doing so efficiently for our shareholders.

Our next question comes from Nick Campanella with Barclays.

I just wanted to ask, you kind of said that you still expect an Indiana large load customer by the end of the year. Can you just remind us what the size of that could be, whether that's going to get absorbed with current system capacity or new build and then just regulatory strategy as well?

Yes. Thanks, Nick, for the question. I continue to be very pleased with our progress. I think most importantly, we want to bring economic development to that region. It's been nearly 25 years since a large industrial customer has relocated to that region. And so our focus is really delivering that economic kind of opportunity for the community that we have the privilege to serve up there. As it relates to the size, as we've talked about in previous calls, the team has done great work to free up about 700 megawatts of existing capacity in our system and with some modest transmission upgrades, conversion of our simple cycle plan, we have the ability to scale to about 1.4 gigawatts with very modest levels of investment. Our focus is again on delivering that economic win, utilizing that capacity. In particular, what I would say is -- and I've suggested this on previous calls, what we continue to see is that many of the large hyperscalers or long ships and short power, so having 700 megawatts that is readily available, is incredibly attractive. We look at -- we're looking to secure that and then grow from there in the region. If the total demand is that 1.4 gigawatts are left, there's no reason for us to sort of complicate this with a generation company type approach. However, we continue to see strong interest in that region. If it exceeds that 1.4 gigawatts, and we're building incremental generation. I think it's a great way to isolate those new incremental assets. And so in that case, we would pursue [ genco ]. Our focus is on continuing to make progress. We feel optimistic around our ability to secure an economic win for the community by the end of this year and then over time, grow this for the benefit of all stakeholders in that region.

Very clear. And then on the $4.5 billion raised to the 5-year plan, just -- how much of that is falling under kind of current tracker mechanisms or it requires like a more formal rate process? And just acknowledging you kind of talked through ROE lag, an improvement of lag as something that could decrease equity needs on the other side. Are you going to be lagging the plan now because you're investing so much capital? And is there a window or anything that we could look forward to that could change that?

Sure, Nick. The simple way to think about this is the CapEx addition nearly all are inclusive of capital tracker mechanisms that are recoverable, nearly all of them twice a year. So you're going to experience very limited lag there from the CapEx positions we referenced in the plan today. As part of kind of as you step back, the beauty of a lot of the current states we operate in, we're well over 80% of our recoveries are do come through these capital tracker mechanisms. They're highly efficient and more affordable for our customers.

Our next question comes from Steve Fleishman with Wolfe Research.

So just on the transmission that's been added to the plan. Is this all lower voltage transmission, i.e., not additional 765? And just maybe the latest -- I know you guys were not in the first round of 765 kV, just latest thoughts on kind of your plans there, which I think kick off next year?

Steve, that's exactly right. The transmission that we announced today is lower voltage 345 138 kV. Importantly, what we highlighted in Chris' prepared remarks, is about 85% of this work is brownfield. I think this is really kind of a hidden asset of the company that can't be understated. We've got significant right of way and opportunity to exist -- to utilize existing assets, which minimizes any disruptions to the communities we serve. It allows us to build faster, and it really gives us our competitive advantage on the speed to power basis. . Equally, and I think this has been a unique strategy for the company, every time that we took a plant outage on our transmission system, we'd use that to reconductor and expand capacity. And this is why, again, we have the ability to track these large loads, interconnect them more favorably than anywhere else in the country. So I don't look at this transmission announcement today as one that is disruptive with respect to the ongoing conversation around landowner rights. I think as we look forward, you mentioned that we do plan in the first half of next year to file for 765. We outlined earlier this year, our 10 commitments to Texans around responsible development. Our commitment is to work proactively with these land owners to find optimal routes that we expect the history of their property, minimizing disruptions to the communities we serve, making sure that we are doing so utilizing as much as possible local resources. And so I think this commitment will help us as the state continues to look at ways to balance obviously, an incredibly important part of landowner rights with the need to continue this Texas economic miracle, and we look forward to working with all stakeholders proactively next year as we file for the 765 submissions.

Okay. And then just on the change in your load plan, it looks like you had some come out of the Batch Zero study and [indiscernible] development. Is that just some of the customers that kind of just did not necessarily feel like they were going to make the cut there?

Yes. We were very disciplined in terms of what we put for overall base in Batch Zero. We continue to say we're incredibly confident about the 10 gigawatts of base load. There were approximately 2 gigawatts of studied load that as the state was conducting its audit process as those customers were finalizing all of their details. They've decided to withdraw their investment. I think what's important here, though, is we continue to see and have a high degree of confidence in the 10 gigawatts of baseload. We're seeing, as we highlighted, more distribution growth that we have ever experienced before. That more than offsets what fell out of studied load. And I would tell you today, the early work that we're doing on Batch 1 submissions is already trending to be higher than what we submitted in Batch Zero. So I wouldn't look at this as anything other than the process working for the State. The State really only wants to advance projects that are going to be good partners in their communities, advance economic interests in an appropriate way. And I think that's what we have found as we've worked through the Batch Zero process. So the process is working as designed.

Okay. One more question, just going back to Shar's first question, the differential between the 14% rate base growth and the earnings growth target. So you mentioned 200 basis points actually maybe a little more in the near term, I don't know. But just is there any other kind of financial factors there or just general kind of conservatism across your plan to kind of reconcile that?

Its definitely more of the latter. Really, again, we're building a plan that we can consistently deliver and enhance for the benefit of our stakeholders. I think what's important here and as you think about the reconciliation between the rate base growth and the EPS guide, we have consistently built a track record where we rebase future earnings off of the higher delivered earnings so much so to that has been a 15% increase in the earnings power to date as a result of that positive rebasing for outperformance. This gives us the ability to make sure that we deliver. And as we as we deliver, there is a compounding element to our stakeholders over time.

Our next question comes from Julien Dumoulin-Smith with Jefferies.

Maybe just rewinding back to where we started on the financing front. Just ask how do you think about addressing potentially with equity alternatives here, the $1.6 billion of equity you talk about here? I mean you guys have very effective track record of chipping away at that over time. And while I'll acknowledge at the outset, this is a fairly low ratio of incremental equity versus CapEx even at the outset here. How do you think about what is and what is not included in terms of levers against that $1.6 billion? Just -- I know you have a number of tools that you've alluded to even in the prepared remarks. Is it -- are any of those that you've already highlighted, not included against that $1.6 billion? And then more to the point, how do you think about incremental asset sales and/or other tools that you haven't alluded to maybe like mobile gen, et cetera?

Julien, sure, happy to hit that for you and happy to walk through a few things that are not reflected in the updated plan today. First out of the gate would be the opportunity associated with the temporary generation units. Recall that those would return to the company by the end of calendar Q1 next year. So there, you've got the opportunity for an ongoing cash flow stream from an ongoing sublease or of an upfront opportunity to then reinvest if we were to just transact them fully. So we are in active conversations there on those now. The second would be the customer demand charge. Jason referenced that the interest that we're already seeing in Batch 1 has the opportunity to exceed what we had in Batch Zero and recall that with those opportunities come demand charges of roughly $6 million per gigawatt per year, so also not included in plan. The third I would point out, you mentioned it yourself, is portfolio optimization. We're going to continue to evaluate those opportunities. They're highly efficient for our customers and stakeholders as we've executed those in the past. We continue to be supportive of running excellent businesses, but you saw recently the benefits from Ohio close as well. And then finally, we'll also consistently evaluate opportunities to reduce cash lag as well associated with the financing from regulatory improvement that we can make either through our rate cases or potential legislative opportunities. So those are the 4 I would highlight for you.