Please welcome to the stage Director of Investor Relations, Mark Eidelman. We'll just stop it for this morning. At today's presentation. There we go. Apologies. Apologies for that. Before we begin, I'd like to remind you that today's presentations will include forward-looking statements and references to certain non-GAAP financial measures. Please refer to the cautionary statements and risk factors, as well as the non-GAAP reconciliations, included in the appendix of today's materials and in our recent SEC filings. After John's opening remarks, Scott Bores will lead our discussion of FPL. We'll then take a short 15-minute break. Following the break, you'll hear from Brian Bolster of Energy Resources, and then Mike Dunne will provide an overview of our financial outlook. Our full executive team will then be available to answer your questions. Now, let's begin. [Video Narrator] They put their shoulders to it, broad backs and hard will, squaring off against whatever comes next. They defied the law of gravity and went faster and farther than any one of them had ever imagined. They learned what it takes to power a dream. Someone before them had discovered America, but they discovered what it means to be an American. And the thing about discovery, it has a beginning, but no end. The next era belongs to those who discover again what it means to be an American, those who have the resourcefulness, the ingenuity, and the grit to ensure the next energy to power our dreams will be American energy. This is our era. This is America's energy era. Please welcome to the stage Chairman and CEO of NextEra Energy, John Ketchum. All right. Thank you, Mark, and good morning, everyone. We are thrilled to be in New York during an unprecedented time in the energy sector. There is so much to share with you today. Let me start with why NextEra Energy is positioned to win in this environment, where the world's largest power company, where America's only all forms of energy infrastructure company with a national footprint. Nobody has our scale, nobody has our scope, and nobody has our track record of execution and the balance sheet to build all forms of energy at scale. You name it, we develop it, build it, and operate it better than anyone in America, including gas generation, nuclear, electric transmission, gas pipelines, and of course, renewables and storage. I don't say this to boast. I say it because this country is at an inflection point. America needs affordable and reliable power now and requires all forms of power generation to get us there. The stakes couldn't be higher. Most of you know NextEra Energy well. We are anchored by two world-class businesses: the nation's largest rate-regulated utility and the nation's largest developer and builder of energy infrastructure. We are built to win in any environment, focused on building what our customers need when and where they need it. We're a big developer, we're a big builder, and we do it all, which is exactly what America needs to be dominant in energy and meet power demand today. We've also done the work, securing land and transmission interconnection positions while mitigating permitting risks, leveraging the scale and strength of our robust global supply chain to navigate trade policy and secure equipment at what we believe are the best prices. Our Customer Supply business gives us market knowledge and unmatched expertise in power and gas markets. We use next-generation AI tools to cut through complexity and provide our customers with tailor-made solutions. In many cases, we know their system better than they do. I'm not just saying that. Google put their stamp on it. As you'll see today, we're teaming up with them to launch an AI partnership across our sector, which I believe will be nothing short of transformational for our company and the power sector. Bottom line, when you've done what we've done for decades, you accumulate something that can't be acquired. It takes scale, skills, and a wide scope of capabilities across the energy value chain to meet the complex needs and create ready-now power solutions for our customers. Simply put, there's no company better positioned to capitalize on this golden age of power demand, and that's what I'm so excited to talk to you about today. When I'm done, you should be left with four key takeaways. Takeaway number one, the large load marketplace is quickly evolving. Let me walk you through it. Recontracting with existing merchant assets is getting more difficult due to affordability concerns. We are seeing this play out in PJM right now. It's a similar story for utilities. That's because much of their excess generation is now spoken for, and building new generation can prompt affordability concerns absent a well-structured large load tariff. That's why we think more of the opportunity will be where the market is quickly moving to, and that's bring your own generation or BYOG, as we like to call it. And it makes sense given affordability concerns. Hyperscalers can solve that problem by bringing and paying for their own power generation and infrastructure. That could be through a well-structured large load tariff, a power purchase agreement, or a behind-the-meter solution. It can also result in new generation coming online even quicker with an experienced partner. We are positioning our company around BYOG, and we are uniquely positioned to win here. Energy Resources is doing this throughout the U.S., working across markets with both hyperscalers and utilities, municipalities and cooperatives to build new generation in their service territories. And we are working on behind-the-meter solutions that come with front-of-the-meter optionality over time. Our renewables and storage portfolio provides us with a speed-to-market solution to get the initial phase of a data center off the ground and built. We can then follow that up with new gas-fired generation. A good example of BYOG is Duane Arnold, where Google entered into a power purchase agreement with us to recommission the plant in CIPCO's service territory. Google is paying for the plant, so Iowa customers don't have to, and that also brings significant jobs and economic growth to that region. Basin, which I'll talk a little bit about later this morning, Brian will as well, is another example where a hyperscaler is expected to support the commissioning of a new gas plant. NextEra Energy is the ideal partner for both hyperscalers and utilities, municipalities, and co-ops for BYOG, and given our deep, long-standing relationships with all three, we are in a terrific position to deliver for them. We bring the skills, supply chain, construction expertise, and balance sheet that no one else in this industry can match. Takeaway number two, gas-fired generation will play a large role in BYOG in addressing the demands of large load customers, and we are making excellent progress in our development efforts here. Our gas generation pipeline now exceeds 20 GW. We have a new origination channel for large loads. We call it data center hubs, which we expect to largely support our gas-fired build forecast. I'll talk more about that in a few minutes. We recently secured gas turbine slots with GE Vernova, totaling 4 GW as we advance our gas build. We have several announcements today that highlight our progress in gas generation. If ultimately successful, these announcements alone could satisfy our gas generation build assumptions of four to 8 GW through 2032 and contribute to our target through 2035. We have a lot of experience building gas-fired generation. In fact, no one has built more gas-fired generation in this country over the last 20 years than NextEra Energy. And nobody has a development platform quite like ours, a platform that transcends all technologies. Takeaway number three, we are America's quintessential all-forms of energy company. There's simply no one else positioned better to do what we do in every part of the country, with every technology, in every part of the energy value chain. With our unmatched development platform and operating expertise, not to mention the balance sheet required to back it up, we have the development platform, the supply chain, and the skills, scale, and scope to meet the needs of just about any customer. Takeaway number four, we have a very strong financial outlook backed by our two world-class businesses. We normally only provide financial expectations four years out. Not this time. We have 10 years of financial visibility. We expect to grow adjusted EPS at 8% plus through 2032 and are targeting the same from 2033 through 2035, all off a 2025 base. That's because we have more than a dozen ways to grow. Almost all of our cash flows come from regulated and long-term contracted investments at premium returns. This provides diversification, visibility, and what we believe is one of the best risk-adjusted investor value propositions, not only this decade, but the next. Let me say we didn't arrive at this conclusion lightly. We have spent significant time on our 10-year forecast and feel very good about what we're going to share with you today. In fact, we will very clearly and concisely lay out our assumptions, and as you will see, they are very consistent with the performance we've had over the last 10 years. At the conclusion of our presentation, Michael walked you through the building blocks that underpin our financial assumptions through 2032, which have been painstakingly built up, bottoms up after a detailed review reflecting our experience across markets with each technology. Our strategy is simple and straightforward. It fits on one page, and we have more than 12 ways to grow, and the entirety of America is our playing field. I'll be making some new announcements today, proof points, so to speak, to make all this very tangible as we're already making terrific progress against our plan. There's no company quite like NextEra Energy. There's no better team in the industry, and there's never been an opportunity quite like this, and we are ready to seize it, and I couldn't be more excited to tell our story. We are in a golden age of power demand. And NextEra Energy is leading the way. We're doing it as builders. Not a day goes by when we're not building energy infrastructure somewhere in this country. And it's going to take a builder to get this done. I'm not telling you anything you don't already know. America needs more electrons. New electrons can't get on the grid fast enough. Demand for new electricity in this country over the next two decades is forecasted to be six times higher than the previous two decades. Hyperscalers will tell you this is their biggest issue in building new data centers. Without more electricity, America can't win the global AI race. All that said, here's a reality. Data centers and AI grab all the headlines, but hyperscalers are competing for new electrons. That's because demand for electricity is coming from across the U.S. economy. Demand is coming from the residential sector and commercial and industrial customers, as well as we redomesticate manufacturing back into the United States. About a fifth of demand is coming from the transportation sector. Importantly, this isn't power demand that's coming someday. Power demand is here today, and we don't see it slowing down anytime soon. Simply put, America needs all forms of energy, from renewables and storage to gas and advanced nuclear. In fact, ICF projects more than 500 GW of nameplate capacity is needed on the grid by 2032. That's a 60% increase over the next seven years compared to the prior seven, and we believe there's no margin for error. Many regions of the country are projected to be dealing with capacity deficits as we approach the back half of the decade, even when you factor in plans for more generation. Here's what matters. If all these projections are right or even somewhat right, there is no time to waste. The moment to build new power infrastructure in this country is here right now. America needs all forms of energy. It's not an either/or proposition. Here's how we approach it. We build what our customers want. We're clear-eyed with them about what technology is available right now and what needs more time. We also show them what technology is available and at what price point it comes at. We're finding customers are combining all forms of energy: renewables and storage to meet immediate demands today and next decade as these technologies will still be competitive, and then other technologies like gas-fired generation and potentially nuclear down the road when they're ready. In fact, this is at the core of how we serve hyperscalers, building side by side with them as they grow. Here's what's important. We believe that competing for new data centers is all about building new electrons, not trading around existing assets. We believe this is the future of our business, and we're the only company that can do this on a national scale right now. This is complex for customers and may be confusing. That's where our AI tools come in, and here's exactly what we show our customers. [Video Narrator] In today's complex energy ecosystem with multiple sites and asset types, disparate data sources and utility bills, local regulations, tariffs, and variations in market prices, businesses are finding it difficult to generate a comprehensive view of energy, making it challenging to make real progress against the significant demand. NextEra 360 Comprehensive Energy Management Software was created to address these very challenges. NextEra 360 uses a combination of hardware and software solutions with AI-powered and machine learning technology to deliver the energy our nation needs. With over 15 years of experience in energy optimization, data science, forecasting, and analytics, we analyze more than 500 billion data points daily, with more than $200 billion in total assets. With NextEra 360, we bring that experience, the intelligence, and the tools to customers all across America to build the right energy infrastructure in the right place at the right time. I'm going to talk to you much more about how we're using technology across the country. Many of you have seen our AI tools in action during our development days in Florida. Simply put, we cut through all the market complexity so customers don't have to. This is not some data set that you can just buy off the shelf. It's massive. We're collecting more than 500 billion pieces of data a day, accumulated over decades of developing, building, and operating projects, and we have used this data to design a number of tools beyond 360, including Terra and Rateify. Truly, to say this is remarkable would be an understatement. It has completely changed how we originate and absolutely blows customers away. When you put it all together, it's easy to see why NextEra Energy is the industry leader. NextEra Energy is America's leading energy infrastructure company. No one invests more in American energy infrastructure than we do. We develop and we build new power generation gas pipelines and electric transmission. We are powered by two world-class businesses, Florida Power & Light Company, and NextEra Energy Resources. FPL is the nation's largest rate-regulated utility and offers what I believe is the best value proposition of any utility in America. NextEra Energy Resources is America's largest energy infrastructure developer. We build regulated linear infrastructure through electric and gas transmission, and we build generation and deliver that power through long-term contracts. The opportunity set for Energy Resources is enormous. Our ability to be both nimble and fast while solving complex problems with affordable positions is what positions us to win. For us, our opportunities are not limited to a single service territory. That's because we serve America. We do business in 49 states, all but Alaska. We work in competitive states. We work with municipal utilities and cooperatives, which, as you can see, take up a gigantic geographical footprint from coast to coast. We have really strong relationships with munis and co-ops, many of whom have not had to build for growth in a very long time and value our skills, our capabilities, and our balance sheet, making us the perfect partner. We also work with investor-owned utilities across the country, with whom we have very deep relationships. It's why when you look at where we have infrastructure, you'll see it's practically everywhere. No matter what the market, no matter the customer, we have what it takes to build energy infrastructure, get electrons on the grid, and move them around the country to serve new load. Importantly, FPL and Energy Resources leverage a shared platform, creating an unmatched competitive advantage. Just look at how extensive this platform is. Our operating scale and supply chain are massive. We have global banking relationships. We have one of the largest and strongest balance sheets in the sector. We leverage technology and data unlike anyone else in our space. Our culture of never settling for the status quo is contagious. FPL's century of experience running a rate-regulated utility helps Energy Resources offer solutions to customers across America, including investor-owned utilities, municipalities, co-ops, C&I, and hyperscalers. Energy Resources drives FPL to use analytics and AI to lower cost, and FPL customers get the benefit that comes with a combined scale of the two businesses. Bottom line, you'd be hard-pressed to find anyone in our space who can replicate that platform. That's because we've been building it, refining it, and optimizing it for decades. And we've done it by developing, building, and operating all forms of energy. For years, NextEra Energy has been the world's largest renewables and storage company. We also own and operate the largest rate-regulated utility in the country. We own and operate the nation's largest gas-fired power plant fleet. We have one of the largest nuclear fleets in America. That's about to get even bigger with the Duane Arnold restart. We own one of America's largest transmission and distribution businesses. We co-developed the last multi-state gas pipeline. And we're a leader in artificial intelligence and technology, making ourselves even better. Some companies trade around their assets. Not us. We develop. We build. And as you can see, we build a lot. In fact, from just 2020 to 2024, we built more than 33 GW of new generation. That's more than the next 20 largest utilities combined. Nobody has our scale. Nobody has our scope. And nobody has our skills. And it translates into exceptional value for our customers and for our shareholders. On the right-hand side of the slide, just look at how much we bought over the last four years. As you can imagine, this means incredible buying power. It's why our supply chain has long been one of our core competitive advantages. Simply put, our buying power reduces business risk. Building everything I just showed you is only possible with a robust supply chain and a team that's always thinking several steps ahead. It's why we've secured a domestic battery supply to meet our expectations through 2029. We've secured solar panels to meet our expectations through 2029 as well. And we're making really good progress in solar and batteries through 2030. The majority of wind components are sourced here in America. We've secured 4 GW of gas turbines, with more to come as we look to advance our gas-fired generation efforts. We purchased switchgear, breakers through 2029, and transformers through 2030, so we're not late bringing projects online, on time, or on budget, and we're advancing bridge power solutions, including aeroderivative with GE Vernova. We've safe harbored for tax credits, and we've safe harbored for FERC compliance. Let me tell you, no one else can do this quite like us. I don't believe anyone else has done this like us. On top of this, we've secured one and a half times of our project inventory against our forecasts, which provides us with permitting protection. We also have a track record of delivering on our expectations. About 18 months ago, we had our 2024 investor conference. You could see the results. We've grown adjusted EPS at 8% plus and maintained our credit rating and our strong balance sheet. We continue to offer the best utility value proposition in the country at FPL, with a rate case outcome that's constructive for customers and for shareholders, providing another four years of certainty. Energy Resources is breaking origination records year after year, and is also building a large transmission utility from within and serving hyperscalers. In fact, we've secured $5.1 billion in new transmission rate base with even more on tap. To be clear, I'm pleased with our performance, but there's so much more for us to look forward to. Nothing differentiates us more than our team. Our people are our greatest asset. Our people and our culture drive these results. You can see the numerous awards, including Fortune's Most Admired, almost every year for the last two decades. I'm grateful our team is being recognized, but we're not here for individual accolades. We're in it to serve America and to make a meaningful difference in people's lives. And we do it by staying true to what we've always done and what we'll always do, making decisions with data and analytics, running the business with financial discipline and with operational excellence. Moreover, we have a culture of innovation with a team that never settles and is always working to be the best. Our current generation portfolio is unmatched. It's massive. But what's even more impressive is that we operate it better than anyone. This is because of our people. It doesn't matter the technology. Our team performs better across the board. Just look at the numbers. We aren't just better than top decile. We are in a category all by ourselves. In fact, we're using remote control technology to help our fleet, which no one else is doing. The platform we built gives us an enormous operating scale advantage, and scale matters more than ever in this industry. It allows us to get operating data in real time. Here's why this matters. We take every piece of data from our operating assets, and we use it to not only enhance how we operate, but also how we develop future projects. No one else has this type of data to guide future development and operations. NextEra Energy's credit rating has remained consistent no matter the challenge, and there have been many from a great recession, countless hurricanes, and a global pandemic, just to name a few. We don't take this for granted. It's not the same across the industry. Many of our peers have not maintained the same credit quality. This matters because the industry requires real investment to drive growth, unlike any we've ever seen before. The only way to do that is with a strong balance sheet. Hyperscalers are taking notice. Here's what our experience tells us. Hyperscalers aren't about to spend capital at a 4-to-1 ratio to our investment unless they have the confidence a developer can deliver. That starts and ends with a strong balance sheet. When you put it all together, you can see why hyperscalers want to work with us. We have 28 GW of origination and projects we are otherwise advancing with the top hyperscalers. Again, companies investing tens of billions of dollars in technology infrastructure, they don't have the time to take a chance on a failed project. They simply can't afford to. They need a trusted partner, one with a national footprint, experience, capabilities, and a balance sheet. We check every single box. Through it all, we've consistently delivered strong cash and adjusted earnings per share growth. Again, our track record shows that we do what we say. We understand what it takes to get the job done. It's all about execution, and we believe there has never been a more important time to invest and execute in the energy sector than right now. Think of it like this. Our competitors are just now trying to do what we've been doing for well over two decades to drive shareholder value. When you buy NextEra, you're buying a team, a strategy, and an opportunity set, a company with an unmatched track record in our sector that plans for what's next. So how do we do it? Let's talk about how we're growing America's premier energy infrastructure company. We have three core growth areas. First, we have Florida Power & Light Company, America's largest electric utility. Second, we have an electric and gas transmission business within Energy Resources. Importantly, both of those businesses are rate-regulated. Third, Energy Resources has a long-term contracted power generation and storage business. While these are not rate-regulated in the traditional sense, they largely mimic it through long-term power purchase agreements. Tying it all together is a leading Customer Supply business with a hand in every part of the energy value chain, providing unmatched insights and market knowledge. When you put it all together, it's clear. We are built to win in any environment. We have a national footprint. We have more than 12 ways to grow. We have scale. We have the skills. We have the scope. And we have the track record and the vision to stay ahead of the competition. Think about it. Some companies focus on one technology or one region. In a lot of cases, they are either new to the game or haven't built in a while. We develop, build, and operate practically everywhere. And we develop, build, and operate practically everything and every part of the energy value chain because we've done this for decades. We skate to where the puck is, and once we get there, we rarely miss. Bottom line, we believe NextEra Energy is well-positioned to deliver strong growth over the next decade. This is our strategy on one slide. It's straightforward. Here's what's important. Some areas of the business are driving growth today and have for a long time. They're the ones you see up here right now. Talk about Florida Power & Light Company and our renewables and storage business outside of Florida. To be clear, they will continue to drive growth. But we're also investing in other parts of the business right now, areas that will start to drive earnings as we near the end of the decade and move into the 2030s. We will talk you through each of these areas this morning. We're going to explain how we plan to grow while prioritizing and maintaining our regulated business mix. We are already executing our key growth strategies. Look at what we've done in just the last two quarters with a lot more that we're advancing that's not even listed on this page. In fact, you can expect off-cycle announcements from us moving forward. FPL gained approval on a rate settlement agreement a few weeks ago, which included a large load tariff. In fact, FPL has already received more than 50 large load inquiries. Energy Resources regulated business continues to grow. NextEra Energy Transmission continues to win bids in PJM to meet demand, including one we'll talk about today. On the gas side, we're acquiring Symmetry Energy Solutions, adding their portfolio and skill sets to our gas team as we grow our pipeline business. We also intend to exercise our right to buy part of Con Ed's ownership interest in MVP. And Energy Resources continues to deliver long-term contracted power generation projects. We're doing it in the renewables and storage space with Meta. We're partnering with Comstock Resources to build gas. We're teaming up with Google to restart Iowa's only nuclear plant, build three new data center hubs, and collaborate on advanced nuclear. We're also combining forces with ExxonMobil and with Basin to serve large load. And the Exxon partnership includes CCS. And we're recontracting expiring PPAs to maximize the value of our existing assets. As we'll talk about later, we have a transformational partnership with Google in the AI space. Almost half the announcements on that slide were large load. As I mentioned a bit earlier, when you think about large load, here's what you need to know. The market is heading towards bringing your own generation. At the end of the day, someone must pay for new power plants. Relying exclusively on recontracting or using existing or new utility power plants could be faced with affordability concerns. We're already seeing this across the country. BYOG is a big opportunity for Energy Resources and it's low risk for hyperscalers. Working with a company like us means working with a company that has the track record and balance sheet to get the job done. So this morning, I'm pleased to announce our new goal to place and service 15 GW of new generation for data center hubs by 2035. So what exactly is a data center hub? It's exactly what it sounds like. It's a power generation complex that can scale over time, leveraging all forms of energy. Brian is going to walk you through this later this morning, including how delivering quick solutions acts as a hook with hyperscalers and unlocks the opportunity to build out a data center hub. Back to our goal. We believe our 15 by 35 target is fairly conservative. It's what's baked into the financial expectations we're sharing with you today. Quite frankly, based on what we're seeing today, we'll be disappointed if we don't do more. We've already identified 20 potential hubs, and we're working to double it to 40 by the end of 2026. The data center hubs we're announcing today alone could get us a long way towards our 15-GW goal by 2035 if they're successful. That's why we feel there's real upside here to double that goal and get to 30 GW by 2035. All that said, you're not going to see large load as a separate line item in our expectations. Instead, think of large load as a new origination channel to meet our other targets like new gas build. I think data center hubs will help us get the majority of the 4-8 GW of new gas build in our forecast through 2032 and considerably more through 2035. Finally, let's talk about how we're leveraging technology across our business. Embracing new technology is in our DNA, making us more responsive to our customers, allowing us to work smarter and faster. Just think about how we built state-of-the-art power plants in the 1960s to launch America into space from Cape Canaveral and then tore those plants down in the early 2000s. We did it because better technology was available. Building new plants has saved customers more than $16 billion in fuel we haven't had to buy. We're pioneers in wind, then solar, and then battery storage. We also pioneered smart grid technology, including smart meters, improving day-to-day reliability and speeding up our storm response. We bought a supercomputing business in 2006 and now we've leveraged that business to design AI-driven tools to help customers determine what energy infrastructure they need and when and where they should build it. For us, it's all led up to this moment where electricity is required to power a new economy driven by technology. You might say the energy industry and the tech industry have been on a collision course for quite some time. Well, I'm here to tell you the time has come for both sectors to work together like never before. Technology is disrupting every industry, including ours. New technologies require more electricity to power industries and homes. As a matter of fact, this new industrial revolution is powered by electricity. Now, we talked much this morning about how much power demand we need in this country. But what can't be overstated is how technology is also powering our business and changing our industry. Power and technology are converging. We use data and technology every single day to reshape how power is generated and delivered. As we discussed this morning, our data set is enormous and constantly growing, a major competitive advantage that cannot be replicated. We use our data and technology to constantly refine how we site, develop, construct, and ultimately operate our projects. For us, data and technology is synonymous with our company as technology is the next frontier of power. It's how we challenge ourselves to think differently and work more efficiently. It's how we deliver for our customers all across America. Being a leader in artificial intelligence is a very logical and natural next step for NextEra Energy. For us, this is simply a continuation of what we've always done. Embrace new technology and, most importantly, use it better than anyone else to redefine our business and our industry. We're already doing it with tools like Rateify, Terra, Discover, NextEra 360, Contracts.ai. And we're on a mission to use AI not only to transform how we operate, but also to reimagine how utilities operate. Take a look. [Video Narrator] Built on 100 years of innovation and expertise, NextEra Energy is more than an energy company. We're a technology company that delivers energy. For decades, we've led from the front, driving cost leadership, capabilities, and service through company-wide efficiency programs. We were the first to deploy smart meters and the first to build a smart self-healing grid. And we were early adopters of data analytics and AI. Our investments in technology and talent give us a massive head start as generative AI reshapes every industry. Today, we're taking the next leap. We're building on our foundation of technology leadership and relentless efficiency and supercharging it with the transformative power of generative AI to launch ReWire, our effort to reinvent the way we work, the work we do, and how we deliver energy and services to customers. And here's the most exciting part. NextEra Energy is teaming up with Google to accelerate AI growth and transform the energy industry. Together, we'll combine our world-class energy expertise with Google's best-in-class technology, including their groundbreaking Gemini models. Through ReWire, we will collaborate to enhance NextEra Energy's AI solutions and to accelerate joint go-to-market activities to modernize the energy sector, creating a more reliable and resilient grid across the country. With Google as a partner, we won't just transform NextEra Energy with ReWire. We'll also reinvent the utility industry. NextEra Energy. Powering today, building tomorrow. This is a game changer. Again, not just for the entire energy sector. Our partnership with Google exemplifies the singular moment when energy and technology are becoming inextricably intertwined. By combining NextEra Energy's unmatched skills as America's leading infrastructure builder and operator with Google's world-class technology expertise, we are aiming to transform and literally reshape the energy sector. Google is going to help us drive and accelerate NextEra's own enterprise-wide digital transformation. This collaboration will help us accelerate our industry-leading technological innovation and AI deployment. We will also work with Google to accelerate revenue growth for NextEra Energy's software-as-a-service business, platform growth for Google Cloud, and further establish both as leaders in energy AI solutions. The partnership with Google Cloud will be built on ReWire, NextEra Energy's enterprise-wide AI transformation. ReWire is the evolution of Project Momentum, Accelerate, and Velocity through which NextEra Energy has achieved over $3.3 billion in cumulative annual run rate savings in 2013. And now, with ReWire, which is a completely new initiative, we expect to reimagine our work processes and accelerate innovation and unlock growth on the top line. ReWire's objective is to transform NextEra Energy's business landscape, leveraging AI to drive measurable efficiency and productivity at an unprecedented scale. ReWire will also serve as a product development platform for our Google technology partnership and its goals to drive significant cost savings across the business. We will use the Google Cloud Platform to build differentiated AI-first products that can be offered to the energy sector through NextEra Energy's software-as-a-service business. NextEra Energy and Google will collaborate to enhance NextEra Energy's AI solutions and to accelerate joint go-to-market activities to modernize the energy sector. But there's more. We plan for our technology collaboration with Google and our software-as-a-service offerings to also serve as yet another origination channel that will help tap into new opportunities to pour more gigawatts on the grid. So we expect to not only be paid in cash, but to be paid in more gigawatts. We're designing the future of energy technology and intending to set a new standard for innovation in the energy sector. We're going to take some moonshots, and we're not just looking to build solutions. We're planning to use them across the entire energy value chain. By leveraging both companies' reach and reputation, we are looking to address the most pressing challenges facing utilities. Our focus is on selling real impact and unlocking growth in the energy industry, helping customers see how our tools drive efficiency, security, and resiliency in their operations. We plan for our first products to help enable dynamic AI-enhanced field operations in a more reliable and resilient grid. We'll help companies better predict equipment issues so they can proactively respond, and they will have better insights into system optimization opportunities. Our aim is for our first commercial product to be available in the Google Marketplace by next year, supporting both Google's and NextEra Energy's ambitions to partner and to lead in digital innovation and transformation. We've walked you through our strategy and our proof points this morning. So what does it all mean for you? We expect to continue our long track record of creating value for shareholders. In fact, we expect to grow adjusted EPS at 8% plus through 2032 off a 2025 base. We're also targeting similar growth for 2033 to 2035 off our 2025 base. Very few give a 10-year financial view. But we're doing this today because we believe our growth is visible and diversified as we are investing in our key growth areas right now. If you believe we can achieve our expectations through 2032, you should believe in us to do the same through 2035 because the same market share assumptions underpin our plan as Michael walked you through. While past performance doesn't guarantee future results, we believe it's a pretty good indicator when the road ahead looks a lot like the road we've already traveled. Remember what we've done every single year in every changing macro environment. NextEra Energy's financial performance has been the constant. We have consistently delivered year in and year out while others have not. It doesn't matter what time period you look at. Not many other companies can say this. That's why I'm so excited for what's ahead. Importantly, our forecasted growth is visible and balanced between our regulated long-term contracted businesses. That's important considering that we have more than 12 ways to grow. We expect about 10% regulated growth through 2032. FPL's rate case outcome provides four years of expected certainty, and FPL's large load tariff positions FPL for additional regulated growth opportunities we haven't had before. Transmission and gas pipelines are expected to grow capital employed more than 20% through 2032. On the long-term contracted front, renewables will continue to be a major growth driver while we rapidly expand storage. We are also advancing our gas generation and our nuclear businesses. We're introducing a multi-gigawatt data center hub strategy and a new origination channel to capture that growth opportunity. And again, we're announcing an AI partnership with Google. All of this is expected to result in 8% plus adjusted EPS through 2032, and we are targeting the same from 2033 to 2035. And we'll do it all with one of the sector's strongest balance sheets. What I want you to take away from all of this is not the art of what's possible. Instead, you should understand that we have a track record of doing this. We are poised to make the expectations that we've laid out a reality. There has never been an opportunity like this. There has never been a company quite like NextEra Energy. We are a technology company that delivers electricity through all forms of energy. The Google announcement is just one example of that. At our core, we are a large energy infrastructure developer and builder that invests across the energy value chain, helping power Florida and our country. This is a unique moment in our sector. There is no better team to lead for America. There is no one else who can do what we do at our scale in every corner of this country. We have the scope and the skills to deliver where and when it matters most. I personally put almost 24 years of my own blood, sweat, and tears into this company. I promise you we're not about to stop now. You have my commitment. No team will work harder for our customers or for our shareholders. With that, let's dive into Florida Power & Light. Before I turn things over to our new FPL president, Scott Bores, I want to say a few words about him. You've all had a chance to see him in action at our development days and prior analyst days. He is wicked smart, has a terrific financial and strategic mind, knows our business inside and out, and was instrumental in helping lead FPL through its last rate case. He puts customers first and is an outstanding leader. You'll have a chance to get to know him better and will undoubtedly see what we get a chance to witness every single day. Scott, come on up. Great job. Thank you, John. Good morning. It's great to see so many familiar faces here in the audience, and for those who I do not yet know, I look forward to getting the opportunity to meet you. I'm honored to step into the role of president of Florida Power & Light and lead this terrific team forward. Before I get into the FPL remarks, I wanted to take a moment to introduce myself and walk briefly through FPL's objectives. I have roughly 20 years in the energy industry. The first six of those years were on the unregulated side at an independent power producer. The last 14 years have all been on the regulated side at FPL. At FPL, I've spent most of my career in financial roles, but with roles that have afforded me the opportunity to engage with the operating business units and really drive the strategy for FPL. I've been a part of FPL's last four successful rate case outcomes, and I've testified in front of our commission more times than I can count. We recently received approval for our settlement agreement, giving us four years of rate certainty. This stability will enable us to continue making smart, disciplined investments to support customer growth and maintain reliability. Across the country, affordability is a major concern. At FPL, that will not be the case. Our bills remain well below the national average, and maintaining that advantage is our number one priority. We are continuing to focus on improving our best-in-class operating cost performance. That is why ReWire is going to be very important to our success and a real focus area of mine. We're really good, but we can always improve and get better. That culture of continuous improvement is what truly differentiates FPL, embracing efficiency and adopting new technologies to make the business better and deliver more value to our customers. Florida has always grown, but today's demand tailwinds are stronger and more diverse than ever. We are in prime position to capture significant large load opportunities, from data centers to advanced manufacturing. We have developed a compelling new tariff for large load customers. It leverages our low-cost, reliable, clean system and positions FPL as one of the most attractive destinations in the country for large energy users. This represents meaningful growth later this decade and beyond. With regulatory stability, a strong culture, disciplined execution, and a unique growth runway, FPL is exceptionally well-positioned for the future. And I'm really excited to lead the team in delivering value for our customers. Before we dive in, I want to point to the bar going along the top of the slides. As John talked about, we have more than 12 ways to grow. The tabs along the top are going to change colors as we move throughout the presentation so you can follow along and know exactly which growth driver we're talking about. Now, let's talk about FPL, America's largest electric utility, where we serve over six million customer accounts all across Florida. Our scale and infrastructure are substantial. We own and operate more than 36 GW of generating capacity. We have over 91,000 circuit miles of transmission and distribution lines. This extensive network positions us as a critical engine for Florida's continued economic growth. What sets us apart is not just our size, but our fuel diversity and operational excellence. FPL has the largest natural gas fleet in America, ensuring dependable 24/7 baseload generation to power Florida's growing communities and businesses. Florida's long-standing, constructive, and stable regulatory environment allows for continued smart investment to support customer growth and maintain our top decile reliability. I don't know the last time you all had a chance to visit Florida, but let me tell you, it continues to grow. Florida remains one of the fastest-growing states in the United States with no signs of slowing down. Florida's population continues to grow. The state is expected to surpass 26 million residents by 2040. Businesses also continue to pour into the state, which is no surprise given Florida's long-standing, attractive business climate. Today, Florida is a $1.8 trillion economy, the 15th largest economy in the world if Florida were a standalone country. It is forecasted to grow 140% in just the next 20 years. As we've done for a century, FPL powers that growth, and we do it by constantly planning ahead. Our relentless focus on operating efficiency has delivered non-fuel operating and maintenance costs that are greater than 70% below the national average. That results in $3 billion in savings, annual savings for our customers compared to the average utility. Our customers also care about their reliability. Our reliability is top decile, 68% better than the national average, and we make smart investments that benefit our customers over the long term. That's why our bills today are 20% lower than they were 20 years ago when adjusted for inflation. This is a proven formula, one that we keep using to serve a growing state and deliver exceptional value for our customers. FPL's rate settlement builds on this proven formula. Affordability is a big deal across the country. It's a great place to be sitting in right now to have a rate case behind us and four years of rate certainty. Our four-year rate settlement agreement enables us to continue our track record of keeping bills low and our reliability high. The plan starts in January of 2026 and runs through the end of 2029. Under the terms of the settlement, we can earn up to an 11.95% return on equity, and our equity ratio remains unchanged at 59.6. As they have done in prior settlement agreements, the commission has approved a non-cash mechanism that allows us flexible amortization over the four-year period. For our customers, this is a huge win. The typical residential bill is going to grow at just 2% annually from 2025 through 2029. That is how you neutralize an affordability concern. The settlement also includes a large load tariff. It strikes the right balance, provides hyperscaler speed to market at a competitive price, but just as important, it protects our general body of customers. Four years of rate certainty means four years of being able to stay laser-focused on how we operate. For us, this means continuing to drive costs out of the business by leveraging artificial intelligence. As John pointed out, this is not new for us. At FPL, we relentlessly drive costs out of the business by embracing innovation and operational excellence, which keeps bills low for our customers. In 2024, we avoided 44,000 truck rolls by leveraging AI algorithms. And our AI-powered smart grid helped us prevent 2.7 million customer outages. Now with ReWire, we're excited to transform our business even further. A key focus area for us is reinventing how we operate the grid, optimizing every step from generation dispatch to transmission to fuel procurement and maintenance. This end-to-end approach means greater efficiency, smarter operations, and even more cost savings we can pass along to our customers. At FPL, innovation isn't just about technology. It's about delivering real value for our customers. Florida's pro-business tax climate, growing workforce, and strategic access to global markets makes Florida an attractive place to do business. Florida is growing differently than it has in the past. We have always had strong residential customer growth, and we expect that to continue. But in addition, we're seeing new growth. And that growth is being driven by a diverse set of high-growth industries. Florida leads the nation in a number of key economic indicators. We're number one in income migration, number one in manufacturing job growth, and number one in corporate headquarter relocations, just to name a few. The state expects to add 1.5 million new jobs by 2034. And over the last six years, Florida has added three million new businesses. This is high-quality economic development with high-wage jobs and innovative industries creating unprecedented energy demand. Florida stands ready or FPL stands ready to serve, and our smart infrastructure investments help make this economic transformation possible. Together, Florida and FPL are ready for large loads and data centers. And what's not to like? We have low bills, high reliability, low latency, one of the biggest population clusters in America, and one of America's most pro-business states. We have the tariffs in place to serve. And it's important to note there is no limit. While our first tariff is limited to 3 GW in specified zones, we have a second tariff that allows us to serve incremental demand at a contracted formulaic price. FPL brings superior service and reliability along with the ability to develop, build, and operate all forms of energy. An FPL system has the flexibility to meet this large load demand. This is not the case for other utilities across the United States who do not have the same efficient baseload fleet as FPL. The drumbeat of our system? It's our efficient natural gas and nuclear, accounting for roughly 90% of our energy mix. This has allowed us to layer in cost-effective solar and battery storage. And you can see how they work together in an integrated system, charging the batteries when the demand is lowest and at the lowest marginal cost, then discharging it to the grid when the batteries and the electrons are needed most. Together, this diverse energy mix gives us the ability to optimize how we're dispatching our assets and accommodating large load. All this to say, hyperscalers understand the need to be in Florida. It is such a compelling proposition: a competitive price, an efficient and dependable generation fleet, and superior reliability. There is significant interest. We've already had more than 50 inquiries representing more than 20 GW of power. And importantly, we have the ability to quickly build the generation infrastructure needed to keep supporting that kind of demand as it continues to grow. Here's a simple way for you guys to think about it. Every gigawatt of large load is equivalent to roughly $2 billion of CapEx opportunity at FPL, and that CapEx for large loads earns the same return on equity and has the same equity ratio as all other FPL CapEx. As I mentioned, Florida is already a top state to do business, and a law passed earlier this year gives qualifying data centers a 10-year sales tax exemption. When you put it all together, you're looking at an opportunity to bring data centers to Florida on top of the growth that you traditionally expect from FPL. FPL was very thoughtful in designing its tariff. We wanted to ensure it would achieve the right balance, one that will attract large load customers, but at the same time, protect the general body of customers by ensuring these large load customers pay their fair share of costs. Again, this is not the same elsewhere in the country, where affordability and rising utility bills are becoming a major concern. As I mentioned earlier, FPL bills are consistently well below the national average for a reason, and we intend to keep it that way. That's why we've designed our tariff to make sure our customers are not footing the bill. And we've done it while still offering the hyperscalers a competitive price, along with all the other benefits of being an FPL customer, like high reliability, an unmatched storm response, and outstanding customer service. And you can see the progress we're already making. As I mentioned, we have more than 20 GW of interest. Roughly 8 GW are in active origination. So think of that as the early stages of doing a deal, doing their due diligence. We have 9 GW in advanced discussions. These are customers who have completed an engineering study, and we believe we can begin serving as soon as 2028. All of this is really exciting, but here is what's so important to understand. FPL has been growing regulatory capital employed at close to 9% for years. We expect that to continue moving forward. That's because Florida is a growing state which requires continued investment. The difference is that we now have so many more ways to do it, including large load. Powering a growing state while keeping reliability high requires sustained smart capital investments. It's why we expect to invest $90-$100 billion at FPL and grow regulatory capital employed at a 9% compound annual growth rate through 2032. This is going to require continued investment in our transmission and distribution system. We're also going to continue to make the storm hardening investments as we see those benefits. As Florida continues to grow, we're going to need to continue to invest in new generation assets. Right now, that's solar and batteries, which are the perfect complement to the backbone of our system, nuclear and natural gas. This is likely to change as we start to add large load to our system in 2028 and beyond. In the near term, it's likely going to mean more battery storage. But eventually, FPL is going to need to add new gas generation. Bottom line, while technologies may shift, the need to invest in more generation and support growth in Florida will not. FPL's commitment to smart, sustained investments ensures we're ready to power Florida's continued growth. As we look at Florida's remarkable growth and the opportunities ahead, I want to emphasize what truly sets FPL apart: our commitment to putting customers first, the virtuous cycle. It's not just the concept. It's the foundation of everything we do at FPL. It's how we create lasting value, enabling us to continue making smart investments to keep bills low while maintaining our high reliability. Our unmatched scale, deep experience, and technology help us deliver on this commitment. And we will continue to take the long view, as we've done for our entire 100-year history, to making smart, long-term capital investments that will benefit both our customers and our shareholders. Our track record positions us as the ideal partner to meet Florida's expanding large load growth and power the state's next wave of economic transformation. I could not be more excited about our growth opportunities and to lead this great FPL team. Now, it's time for a short break. After the break, we're going to bring Brian up to talk through Energy Resources. I have 9:42 A.M., so we're going to do 9:15 minutes. We'll say 9:57 A.M. We'll come back and start. Thank you. Please welcome to the stage President and CEO of NextEra Energy Resources, Brian Bolster. Yeah, get that picture off me as quickly as possible. So good morning and welcome back from the break. I'm thrilled to walk you through the enormous opportunities we have ahead of us at Energy Resources. So let's start with the regulated side of the business. The golden age of power isn't just about generation. This country needs new transmission infrastructure. Electric transmission investments are expected to double in just 12 years. The country also needs more gas pipelines. The gas distribution network in this country was already constrained before demand took off. Now, natural gas demand is expected to jump 25%. The U.S. needs to expand the current natural gas infrastructure, and this need is a major opportunity for us. On the electric side, we have a great starting point. NextEra Energy Transmission has a total installed and secured rate base of $8 billion. That is a small utility that's about to get a whole lot bigger inside of Energy Resources. To put that in perspective, NEET is about twice the size of Gulf Power when we bought it back in 2019. But this small utility has access to proprietary and cutting-edge technologies like Terra and Rateify. Many of you have seen that technology in action at our previous investor events. It gives us a huge competitive advantage, and it helps us play in every region in the U.S. and in Canada. Today, we're finding investments in this business across multiple channels. First, there's new build opportunities. That's both competitive and greenfield projects. Second, we can partner with people who've developed their own projects. We're seeing a lot of interest from municipal utilities, co-ops, and investor-owned utilities. Finally, our existing footprint generates system upgrades. This is built-in growth that will compound as our footprint scales. When we put it all together, we think we can grow this $8 billion utility to $20 billion by 2030 and then to the mid-$30 billion by 2035. This is a recent win on the new build development side. MARL is a 105-mile, 500 kV line in PJM. This represents $500 million of future CapEx, and this project is critical to this region. It unlocks bidirectional power between West Virginia and Virginia, and it also facilitates 4 GW of import capacity to PJM. It's an example of new power demand creating new opportunities for NEET. PJM also just recommended NEET to build out a 765 kV transmission line in partnership with Exelon. In fact, that news just came out last week. This is $1.7 billion of capital investment opportunity. By the way, that represents 20% market share on this $10 billion tranche that was awarded by PJM last week. This line will serve as a catalyst for economic development in the region. It will also facilitate more than 7 GW of power generation. Again, new power plants need new transmission. They go hand in hand. Turning to natural gas, we have a massive national footprint. Today, we have 1,000 miles of FERC-regulated pipelines, and our pipeline capacity stands at 3.5 BCF per day. And together with Symmetry, which I'll talk about in a minute, we transported about 4,900 trillion BTUs. We talk a lot about being a big consumer of gas. I hope this picture makes it very clear. We have a very sophisticated understanding about how to move gas around this country. Our announced acquisition of Symmetry Energy Solutions is a perfect addition to this footprint. Symmetry does business in 34 states. It has 5,500 C&I customers. With Symmetry, we're expanding our core competencies and adding more customer relationships in the gas space. In a world where we're adding gigawatts of gas generation, understanding how to move gas around the country is a skill set that cannot be underestimated. Symmetry is another way we're able to distinguish ourselves from our competitors in the current market environment. As we look to grow our gas business organically, we don't have to look farther than our existing footprint. We're a big player in natural gas in the Southeast. I'm confident we're going to see new projects in this region. Just look at the demonstrated demand for natural gas. That's going to create new opportunities for us. It's also going to allow us to expand our existing assets. MVP by itself has multiple ways to grow. It's an obvious path to bring competitive Marcellus gas further down into the Southeast. That strategic value is why we intend to exercise our option to acquire Con Ed's ownership interest in MVP. Overall, when you look at the market and our positioning, you have to get excited about our prospects in this business. Putting both opportunities together, this is what our regulated business looks like over time. We expect to grow regulatory capital more than 20% per year over the next seven years. Our national footprint, our balance sheet, and our deep domain expertise are going to allow us to create another major utility outside of Florida. And we'll do it by working with the same customers in the same regions that we've worked with for decades. No one else can replicate the breadth and depth of opportunities that we have, and we look forward to delivering on the growth in front of us. Now, let's move to our generation, storage, and Customer Supply business. We have a lot of ways to win, as you can see on the screen. These are all businesses that we understand very well, and these are businesses that play to our strengths. So let's dig into them one by one. We have never been better positioned in renewables and storage. You can see it in the scale and growth rate of the backlog, and I'd like you to look at the blue line that's on the page. That's CapEx. That's what drives earnings. We get paid to put capital to work, and our growth rate in capital is over 20%, and one of the benefits of the capital intensity per megawatt increasing is we can be picky about which megawatts we choose to develop. We are focused on getting the best returns on our capital, and you can see how we've protected that backlog. We've protected our tax credits. We've mitigated our tariff exposure. We've largely domesticated our supply chain to address freight, and we've hedged interest rates, and we have an inventory of backup projects that is one and a half times our backlog, and that's why we're winning in the current environment. We are very well positioned in what is becoming a seller's market. An increasing percentage of that backlog is storage, so I want to spend a couple of minutes on that topic. The opportunity in storage is really hard to overstate. Nearly every region in the country needs capacity. Energy storage is the only capacity resource available in scale through the end of the decade. You can see the clear advantages for energy storage versus a gas peaker that are on this page, and it's not just cost. You can charge a battery with all forms of energy. You can put it pretty much anywhere you want, and you're certainly not waiting for a gas pipeline to hook it up. That's why energy storage is the fastest growing part of our backlog. Three years ago, in 2022, we added 1 GW of energy storage to our backlog. That represented about 12% of that year's backlog. Over the last 12 months, we've added 4.7 GW of energy storage. That now represents about a third of that period's additions. We're clearly a market leader in energy storage. We're seeing success because we attack it from so many different angles. Based on our national footprint and our massive land position, we can work with nearly every customer in every market on standalone storage, but we can also take advantage of our existing footprint by co-locating storage where we already have connections to the grid. Our in-depth understanding of the grid also allows us to create opportunities by offering solutions to grid operators, and those traditional use cases are being supplemented by others. We're seeing emerging customer demand to add more storage to existing sites to double capacity at that site, and while it's early innings, we're looking at long-duration opportunities. Let's spend a minute on this emerging expansion opportunity. The beauty of it is you're on an existing site, already permitted and connected to the grid. You have the existing assets on the backbone infrastructure. Expanding is as simple as hooking into the existing inverter from the initial project. Again, the land is there. The interconnection is there. We have speed to market, no land or upgrade cost. It's a cheap and fast way to supplement capacity. Bringing all those markets together, here's our expected battery storage pipeline through 2032. If you look at new and co-located assets alone, we have a 95 GW inventory. If you assume we can ultimately expand each of these sites, we could literally double our backlog. It's a huge position in a market that's showing amazing demand. We're an advantage player in an advantage market, and we expect to put a lot of capital to work here. All right, well, we love our storage position, but don't discount solar and wind. Solar and wind are competitive today, and that's going to be true into the future. We think that's going to be true even after tax credits go away. But the expiration of tax credits should create a major market opportunity for us. Listen, the reality is we've seen this movie before. As we get closer to the end of tax credits, people will be scrambling for the remaining inventory, and that's going to be a great time to be us. Look at how the market is setting up. Electricity demand isn't slowing, but the pool of developers that are actually able to have inventory in 2029 and 2030 is pretty thin. Remember, very few people have the ability to safe harbor equipment. Fewer still have the supply chain expertise to deal with tariffs, and no one has the inventory that we have. For us, this market should allow us to secure premium returns. And in fact, I'm hopeful to take market share in this market. It's not in our base case, but I wouldn't bet against us picking up share at this time. So what does it mean for the business? There we go. We're going to build a lot of generation. The scale is unprecedented for the company or the industry, and I don't think anyone else can do this. We're the only national power company. Our existing backlog gives us a huge head start. Our existing footprint creates a lot of proprietary opportunities, and we're the biggest player in storage, which is the biggest part of the market. We are firing on all cylinders in what many consider to be our most complicated market. We have never felt better about our market position. By the way, you don't have to take our word for it. Look at what Meta is doing with us. We're now up to 2.5 GW of agreements with them, and we're working with them in multiple markets on multiple deals. In New Mexico, we're using solar and storage to power a data center, but we have over 10 deals with them, and they keep coming back to us because we're truly a one-stop shop for them. Remember, we're not trading around assets. We're building what they need where they need it. And I'm proud to say together, we're going to create nearly 2,500 construction jobs and bring meaningful economics to each of these regions. Okay, let's move to gas generation. This is not a new market for us. We've been doing it for decades. In fact, no one has built more gas-fired generation over the last 20 years than NextEra Energy. NextEra Energy owns and operates the largest gas fleet in America. As America looks to add gas generation, we are clearly the partner of choice, and our pipeline shows it. We have about 20 GW of new gas generation opportunities in 11 states. Some of these are at our hubs, but many are standalone opportunities to serve native load. We've secured 4 GW worth of turbine slots from GE Vernova to support that pipeline, and that's just to get us started. We know as we move forward, we're going to have access to more turbines when we need them. We'll talk about some of these projects in a little bit, but as we sit here today, we're confident our existing pipeline alone has us positioned to deliver against the expectations we're laying out today. All right, well, the gas opportunity will start to deliver at the end of the decade. The nuclear opportunity actually starts now. Point Beach just received its subsequent license renewal to operate for another 20 years, and we're seeing real interest for that capacity. Case in point is our recent PPA with WPPI for 14% of that plant's capacity. This deal alone contributes $0.03 of EPS. If you were to extrapolate that to the rest of the plant, you get $0.21, which is a meaningful premium from the current attractive contract that we have. We're also seeing similar interest at Seabrook, and between the two of them, we have 1.7 GW of available capacity we're offering to the market. Our experience at these plants, as well as Duane Arnold, tells us this is a premium product, and we're exploring a lot of interest from hyperscalers. It checks the box on additionality, and it's carbon-free, and don't forget, each of these sites has space for multiple gigawatts of SMRs, and we're laser-focused on developing the SMR opportunity. We're spending time digging in with the various OEMs. We're also making sure when we move forward, we have the right risk sharing in place. We know that's important, and this is time that's well spent. We know hyperscalers like the product. We have 6 GW of co-location opportunities at our nuclear sites, and we have the ability to build at greenfield sites in our land positions throughout the country. The market has huge upside for us, and we're well positioned to develop it. Okay, let's turn to capturing large load. Our experience has shown that you need to offer more than just a bunch of megawatts. Speed matters. The ability to unlock sites with transmission and market solutions matters. Unlocking that first gigawatt is the key. Once you show the party that you can bring solutions to the table, the opportunity to add scale really comes into focus, and at that point, you're creating some very interesting opportunities. But multi-gigawatt opportunities don't just fall in your lap. To get multi-gigawatt sites, you're going to need to be able to deliver the total package, and here's a video which brings that idea to life. Hi, I'm Jessica Morris, and I'm a developer at NextEra Energy Resources. Today, I'll explain what we mean when we say that we're powering data center hubs. To do that, I'll show you how we map it with our customers, then I'll bring it to life. Our first job is to understand what our customers need. In this example, we need to build out 6 GW to power a series of planned data centers over the next 10 years. This is where NextEra 360 technology comes in. What you're seeing is exactly what I show my customers. We took our data and built a digital twin of the U.S. transmission system and key infrastructure. We combined transmission network constraints, fiber connectivity, gas pipeline capacity, and thousands of other data sets to score every parcel of land. In this example, we zeroed in on an area close to existing electric and gas transmission infrastructure. With our location locked down, we then start to optimize how we'll deliver power through all forms of energy. Our integrated system planning capabilities can solve for energy and capacity needs while simulating how power would flow on the local power grid, whether the area is served by an investor-owned utility, municipal utility, or cooperative. We rapidly go through thousands of iterations to find the optimal lowest-cost solutions. Once we do that, we can show our customers the future. In this example, we need to build all forms of generation to power 6 GW of planned data centers over the next 10 years. Here's how it plays out in the field. Remember that optimal piece of land? Here it is. You can see the existing electric transmission lines and the gas pipeline. Construction quickly begins, and you can see how fast we bring solar and storage online. This is so critical to hyperscalers. It's what allows us to quickly energize the first phase of a data center hub, serving our customers in the near term, even as we continue building a long-term solution like gas-fired generation. In other words, our customer doesn't have to wait. We don't see data center hubs being built overnight. Instead, we intend to grow alongside hyperscalers. Building generation alone isn't enough, so we need more linear infrastructure: transmission lines to connect our new assets to the local grid, and a gas lateral pipeline to fuel the new gas-fired plant, which comes online in 2030, taking full load enablement to 3 GW. We continue to build even after the gas plant comes online, bringing small modular reactors to the grid by 2035. Bottom line, delivering for customers means leveraging big data and artificial intelligence. And when you combine it with decades of experience, our robust supply chain, and our land positions across the country, you can see why no one else really looks like us. That's because no one else can do what we do, and that's why customers choose us time and time again. Our Duane Arnold restart is the perfect example of delivering a near-term solution and building on it. In the short term, we've increased our plant ownership to 100% and locked in a 25-year PPA with Google. We expect the 615-megawatt plant to be online no later than Q1 2029, pending regulatory approvals, and this would be a huge win for eastern Iowa. We're going to create more than 1,600 jobs and inject more than $9 billion into the economy. But there's more to the story. As we talked about on our last earnings call, Duane Arnold establishes a scalable data center build-out over the next decade. It's also facilitating a national conversation with Google, and today we're announcing that we're building on our partnership with Google through a new JDA. This is separate and apart from the technology partnership that John discussed earlier. Together, the companies will partner to develop three already identified gigawatt-scale data center hubs. By the way, these are just the first three. We are certainly looking to do more with them, and our expectation is that these sites will each create multiple gigawatts of incremental generation opportunities over time. Our recent collaboration with Comstock represents another potential path to developing a data center hub. By working with Comstock to secure land and create a path to near-term power, we're demonstrating the viability of a multi-gigawatt site. We think we can build 8 GW at this site to support data center development. Here, the hub has been able to deliver multiple gigawatts at scale in two to three years. We're currently in negotiations with a hyperscaler to be the anchor tenant at this site, and that combination of scale and speed to market is what drew that party to this site. We hope to be able to talk more about this opportunity in the first several months of next year. We have a similar story in North Dakota. Here, we're partnering with the local co-op, Basin. We think this region is going to be very attractive to the hyperscaler community, and by working with Basin, we're able to show them a path to grow in the region. The plan is to develop a 1.5-GW combined cycle plant to anchor the site. There's also an opportunity to expand with incremental renewables, storage, and gas in the region. We think there's a lot to like about this opportunity and are actively engaging the market in partnership with Basin. All right, with ExxonMobil, we're testing hyperscaler demand for gas generation paired with carbon sequestration. We think decarbonization is important to hyperscalers, and we are very excited to partner with ExxonMobil here. The partnership takes Exxon's sequestration expertise and pairs it with our power development expertise. We have 2,500 acres secured and advantaged access to high-voltage transmission. We'll jointly market this 1.2-GW site to hyperscalers in Q1. Based on our work with hyperscalers to date, we think this is going to turn out to be an attractive site, and there's more to come with ExxonMobil if we're able to prove out demand at this site. Our ability to meet hyperscalers exactly where they are today and grow with them over time is what sets us apart. It's clear one size does not fit all, so we are pursuing multiple different paths to offer compelling solutions to some of the most sophisticated customers in the country, and these initial hubs are primed to grow significantly as we continue building to meet demand. No one can put together a portfolio like this because no one can offer the variety of solutions that we can. And these examples are just a few of the opportunities that we're working on with hyperscalers. Hyperscalers are a massive channel for us, and we're in a class of our own. As a result, we have a big backlog of alternatives beyond the deals that we've highlighted today. As we sit here today, we have 50 GW of opportunities in various stages of readiness. That puts us in a great position to meet our expectations. All right, let's move on. Not every source of growth requires us to develop new assets. The optionality in our existing footprint is also expected to drive meaningful shareholder value. We expect about 6 GW of repowering through 2032 and about 7.5 GW of recontracting opportunities over the same time period. The PPAs for these projects were signed about a decade ago. I'll point out the obvious: it was a much different pricing environment at the time. As those PPAs start to expire over the next several years, recontracting will command a much higher price. Similarly, our Customer Supply business is a great source of capital-like growth. This is a business where we get paid to move gas and electrons for customers, and we do it at scale. We are a top three player in both markets. We have more than 1,000 enabling agreements with power and natural gas entities. The team actively manages roughly 40 GW of generation for Energy Resources and third parties, and the team delivered more than 220 million megawatt-hours of physical power in 2024. As demand for power grows, we will expect to move more molecules and more electrons. What's really interesting about this business is what it does for our other businesses. For example, we get a real benefit from customer supplies. We develop data center hubs. It puts us in every market and creates relationships with nearly every market participant. You add that market footprint to our ability to help supply services in the early stages of a project, and you create a real competitive advantage. For example, we can procure gas to enable expansion. We can deliver power before the assets are even in place. The bottom line is our Customer Supply business can help us provide a comprehensive energy solution nationwide. All right, finally, like the rest of the enterprise, Energy Resources is all in on our new ReWire initiative. This is a path to improve our processes, drive our explosive growth, and cut costs. We're targeting $150 million of savings out of this process at Energy Resources. More importantly, I firmly believe we're going to make the best team better. We are just scratching the surface on what AI can do for us. That's our opportunity set at Energy Resources, and I wouldn't trade our position for any energy company in the country. We're the only national power company. We're the only company in the country that can respond to every aspect of the golden age of power. Energy Resources has an unmatched platform that can stand toe-to-toe with every customer that's in this market. Our expertise spans technologies and geographies. Our solution orientation allows us to innovate, execute, and lead in an era of American energy dominance. With so many ways to win, it is hard to express how fortunate I feel to be leading this amazing team. With that, I'm going to hand it over to Mike, who will walk us through our financial outlook. Mike, the stage is yours. Thank you, Brian, and good morning, everyone. I'll spend time walking through how the enormous opportunities in front of us translate into long-term, strong financial performance, and as John mentioned at the outset, we have 10 years of financial visibility. We expect to grow adjusted earnings per share at a compound annual growth rate of 8% plus through 2032, and we are targeting that same growth through 2035, all off a 2025 base. We are tightening our 2025 adjusted earnings per share expectation range to $3.62-$3.70 per share, and we are raising our 2026 adjusted earnings per share expectation range to $3.92-$4.02 per share. Importantly, we are targeting the high end of our adjusted earnings per share expectation ranges in both 2025 and 2026, and what provides us that confidence. We start with our history and the capabilities that we have developed to meet this moment. Despite the industry having limited to no load growth, we have consistently grown adjusted earnings per share above 8% over the past 20 years. It doesn't matter what time period you pick. The result is the same: earnings per share growth above 8%, while our peers have averaged less than 3% earnings growth over that same 20-year period, but load is growing, and many peers in our industry have increased their expected earnings per share growth rates. Historically, one company has delivered. From 2021 to 2024, NextEra Energy exceeded consensus earnings estimates by 2.5%. We are the only company to outperform. Why? Because there is no company that matches our core strength of building America's energy infrastructure, and today, there's an opportunity set that perfectly matches our skill set. We have multiple ways to grow: stable earnings and stable cash flows across both our regulated and long-term contracted businesses. I'll provide an overview of those growth drivers and then provide the building blocks that underpin our forecast. Now, in the near term, when customer affordability is in focus, FPL offers certainty: a four-year commission-approved rate case settlement that allows for smart investments while keeping customer bills low. Energy Resources continues that certainty with a 30-GW backlog of investment opportunities. To put that in context, 30 GW is roughly equivalent to FPL's current generation fleet and represents $45 billion in visible investments. Now, we are investing and originating today for the projects that will be our earnings drivers in 2028 and beyond, turning three key earnings drivers into more than a dozen. We're not dependent on any one earnings driver, but this balanced approach creates multiple paths for success. We believe that this balanced approach will also allow us to maintain our 70% regulated business mix for the next 10 years, with 90% of our cash flows coming from our regulated and long-term contracted businesses. Now, the first building block in our growth is our regulated growth, the bedrock of NextEra and 70% of our business. Historically, that has meant FPL, which has grown regulatory capital employed at 9% per year. Now, we expect to grow regulatory capital employed at a compound annual growth rate of 10% across NextEra's regulated businesses, and we have many ways to achieve this growth. We have our traditional growth at FPL, driven by diversified load growth in one of the fastest-growing states in the nation. We have a large-load tariff at FPL based on our competitively priced, speed-to-market advantages while protecting customers. We have a national technology-enabled electric transmission utility that we are building much bigger, and we have a strategically positioned natural gas transmission business. We believe that our disciplined approach to regulatory capital deployment creates a repeatable model for long-term shareholder value creation. And Armando has mentioned this before, but we have a simple earnings equation that underpins our regulatory growth strategy: capital employed times our adjusted equity ratio times our return on equity equals net income. It is that simple. And FPL's allowed equity ratio is 59.6%, with a return on equity upper bound of 11.95%. Our transmission businesses have similar allowed equity ratios of 50%-60%, and they generally achieve FERC-regulated equity returns of 10% or higher. And this formula has driven our ability to deliver consistent long-term value for shareholders and customers. For our long-term contracted business, there is a simple equation as well: our market opportunity times our market share equals our development expectations. The market opportunity is massive. The golden age of power demand is creating the need for all forms of generation. We see a generation market opportunity of over 500 GW across renewables, storage, and gas-fired generation. To put this in context, it represents a nearly $1 trillion investment opportunity across the United States. This comes at a time when our development advantages have never been more pronounced. NextEra Energy is the only company with a national scale and the ability to take full advantage of this opportunity. Just look at our capabilities. It is not one single thing that gives us an edge, but all of them combined. They build on top of each other, allowing us to build great projects with solid returns. We achieve levered equity returns between 13% and 20% plus on our projects, and we have a positive spread to WACC of 350 to 450 basis points. These are projects that create significant shareholder value under any measure. And over the last 12 months, we've moved more projects to the high end of our ranges, increasing our average returns by over 250 basis points, or nearly a 20% increase in earnings power. And when we look at what drives our growth in the future, we again need to look at our past. Historically, we've had a 15%-20% market share in renewables, a 20%-30% market share in storage, and we have built more gas generation than anyone. To grow our earnings through 2032, we fully expect to do the exact same thing: same renewables, same storage market share, a 5%-10% market share in gas-fired generation, and having multiple channels to originate. We will continue to work with utilities, municipalities, and cooperatives to provide low-growth solutions. We will continue our work with commercial and industrial customers to meet their needs. And we are leading the way in bringing your own generation with hyperscalers. When we combine our competitive advantages and the opportunity set in front of us, this is what it looks like: 80-110 GW of new generation through 2032, more than doubling our current generation capacity. Now, we've made a few changes to the layout of our development expectations as we provide more customer solutions for our customers. We've added gas and nuclear generation, and we've included repowerings in the wind category. John mentioned this earlier, but what's not included explicitly as a category in our development expectations is large load. Large load is an important origination channel, and it is included in our development expectations across storage, across nuclear, across natural gas, and renewables. While our 2026 and 2027 development expectations have decreased by about 2 GW, this is offset by the increased CapEx per gigawatt that we're investing in and the higher returns we are achieving on our projects. Recall, we've seen the earnings power of our investments increase by 20% over the last year alone. Now, in 2028 and beyond, we see robust market demand with a pull forward of renewables through 2030 and strong growing demand for storage. We expect that our gas-fired generation pipeline, including the announcements today with Comstock, Exxon, and Basin, to become the backlog for our gas-fired generation expectations as we sign definitive agreements over the next 12 to 24 months. But don't expect us to wait until quarterly calls to make those announcements. They will come as soon as we sign the deals. On the nuclear side, Duane Arnold is expected to come online in 2029. And although not in our expectations, small modular reactors could deliver growth through 2035. We're also focused on optimizing the value of our existing portfolio. We have the opportunity to recontract approximately 7.5 GW through 2032, 1.5 GW of nuclear, and 6 GW of renewables. And our existing PPAs were set at prices much lower than the current pricing environment. We believe that our recontracting on a renewable fleet can be done at ranges of $15-$30 in excess of where they were contracted 10 years ago. As Brian mentioned, Customer Supply is an important business for us. It is at the center of the energy value chain and helps provide comprehensive energy solutions for our customers. To maintain these competitive advantages, we'll maintain Customer Supply at roughly 10% of NextEra Energy's adjusted EBITDA. Through ReWire, we have a unique opportunity to grow our industry-leading technology while reducing costs. We expect to achieve pre-tax cost savings at Energy Resources of $150 million per year. Now, with over 12 ways to grow, we have multiple levers that can drive our performance. We can increase our regulatory growth through additional large load FPL, or we can accelerate the build of our national transmission utility. In our contracted business, we can increase market share, we can increase returns, and we are aiming to do both. One area to focus on is gas-fired generation. It moves the needle. It provides roughly two times or more the CapEx opportunity per gigawatt than renewables or storage. And based on the conversations that we are having today, it provides mid-teens to 20% levered equity returns. Now, we only have 4 to 8 GW of gas-fired generation in our expectations through 2032. But we have a current pipeline of over 20 GW. And I know that it can be confusing, but that pipeline excludes everything in our data center hub strategy. And if we executed on that pipeline, it would create an additional $30-$50 billion of investment opportunities in excess of our expectations. In addition, our data center hub strategy demonstrates the power of our platform. We combine our capabilities and scale with hyperscalers that need power nationwide. The result: a repeatable platform for attractive investments. Our base case is 15 GW by 2035, but our upside case is 30 GW by 2035. Executing on our upside case would be an additional $30-$40 billion of investment opportunities. When you combine that with our gas-fired generation opportunity, that creates an additional opportunity set of $60-$90 billion, or a 20%-30% increase to our capital investment expectations. Our expectations also do not include small modular reactors, project M&A, nor potential revenue opportunities from our Google partnership. We have a differentiated platform, which allows us to be first movers in an evolving market and invest in new opportunities before others can see them. Turning now to our financing plan, where we start with our focus on credit quality. We match high-quality, regulated, and long-term contracted cash flows with financial discipline to drive superior ratings. And the numbers speak for themselves. NextEra Energy has the number one ranking amongst S&P utilities for adjusted equity ratio, adjusted FFO to debt, and debt to adjusted EBITDA. And a strong balance sheet creates shareholder value. It provides access to global capital markets. It provides unfettered liquidity. And it provides customer confidence that we can deliver. NextEra Energy is the partner of choice. Now, our funding plan is centered on these stable cash flows and access to large liquid markets. We believe that this balanced approach supports accretive investments, which drive shareholder returns. And we access diverse markets, which makes our plan resilient to market disruptions. And as we invest in our long-term contracted assets, they produce stable contracted cash flows for 20-plus years. They support an investment-grade capital structure that is based on prudent corporate finance principles of matching long-term assets with long-term amortizing liabilities. When contracts end, there are no surprises or bullet debt waiting to be paid. We combine this conservative financing structure with our corporate cash flows to fund 96% of our capital investments. The result is a diverse set of predictable cash flow streams. We use that cash flow to fund growth in accretive investments. As a result, NextEra Energy's expected equity issuances average only $2 billion a year. That's in line with our historical practice and represents approximately 1% of our market cap and 1% of our average daily trading volume. Now, because of these attractive growth opportunities, we are adjusting our dividend per share growth expectations. We're maintaining 10% growth through 2026 and adjusting 2027 and 2028 growth to 6%, all off a 2026 base. We believe that this will allow us to make accretive investments while keeping equity needs to a minimum, and we believe in diversifying all of our financing sources. Equity is no different, so we are putting in place a $4 billion at-the-market issuance program, which will allow us to issue small amounts of equity in the open market. We'll access this program periodically over time, but I do want to make two things clear. First, we expect to utilize equity units as our primary means of issuing equity, and two, we will not be issuing equity in 2025. Now, in 2025, almost 40% of Capital Holdings debt issuances were raised internationally, and not only does this mitigate market risk, but allows us to access the most efficient capital. We estimate that our financing strategy saves us 5-10 basis points on every dollar that we raise. And while 5-10 basis points may not seem significant, with up to $150 billion of planned issuances through 2032, this could save us up to $150 million per year in interest expense. And our access to liquidity is unmatched. We partner with over 85 banks globally, providing two times more liquidity than our next closest peer. This provides us with the flexibility to move quickly, and the raising of capital has never been a constraint. And when you have a 25-year track record of building projects with investment-grade off-takers and 15-20-year PPAs, and you build them on time and on budget with top-decile O&M and conservative investment-grade metrics, investors want to partner with you. They understand the difference in quality and adjust their returns accordingly. The result increases our project-levered equity returns by 100 to 200 basis points versus our peers. So now that you have the building blocks and our financing plan, I'll pull all this together and answer what it means for shareholder value. Now, I've said this before, but it is worth repeating. We have 10 years of growth visibility. We expect to grow NextEra Energy's adjusted earnings per share at a compound annual growth rate of 8% plus through 2032. We are targeting that same growth rate through 2035, all off a 2025 base. And our 10-year visibility is not only related to earnings. We expect that our growth in operating cash flow will meet or exceed our adjusted earnings per share compound annual growth rate through 2032. And we are targeting that same growth in operating cash flow through 2035. 10 years of visibility across earnings and operating cash flow and significant upside potential. That's why NextEra Energy stands in a category of one. One company with a two-decade track record of execution. One company with a national footprint and over 12 ways to grow. All driven by one core key strength: building America's energy infrastructure. And we have one goal: to deliver shareholder value. Thank you for being here this morning. This concludes our prepared remarks. [Video Narrator] You're witnessing something extraordinary. Every second of every day, the need for power is growing at a rate we've never seen before. And it's not just growth; it's acceleration. The demand for more power is only getting more demanding. Communities are expanding. Technology is advancing. Industries are evolving. And not meeting this demand? Not an option. NextEra Energy is here and there, from coast to coast, ready to make it all happen. Always building, not just power plants, but the infrastructure needed to move that power from point A to point anywhere. Stable, secure, scalable. Revitalizing communities with more than just new ideas, new investments, new jobs, new purpose. Every generation inherits a moment. This is ours. The beginning of an extraordinary era, America's golden age of power demand. And we've only just begun. Building, advancing, innovating. And we won't stop because the future won't wait. Neither will we. NextEra Energy. Powering today, building tomorrow. The NextEra Energy executive management team will now host a Q&A session. If you have a question, please raise your hand, and a member of our investor relations team will provide you with a microphone. So good morning again, and thank you so much for joining us. In just a moment, we'll begin our Q&A session with the NextEra Energy executive team. We appreciate your patience, and we set up the stage here. Joining us this morning will be John Ketchum and Scott Bores, who you heard from this morning. Then FPL CEO Armando Pimentel will also join us on stage, along with Brian Bolster and Mike Dunne. Again, if you have a question, please raise your hand. There are different investor relations personnel in the back. They'll come forward to you. I see Shar, you already have a question. You just need to wait for executives to get on stage. So we'll start with you. When you ask a question, just please say your name before you're asking a question. So I'll ask the executives to come join us then. It's on. Yes. Thank you. It's on. I got this one. All right. So Shar, you're up. Good morning. It's Shar Pourreza with Guggenheim. Just quickly, just on the Comstock and Basin Electric deals, lots of opportunities around gas. As we wait kind of for those deal announcements, any sense on how we should think about pricing, especially versus the clean energy attributes of nuclear? We do have some pricing points with nuclear, and then maybe how should we think about risk mitigation, including kind of gas hedging and execution risk with contracted deadlines, right? So some things could be out of your control, like labor. So just maybe how do we think about that? Yeah. So when we look at our gas opportunities, I think we've said before, we're kind of targeting. Mike had it in his presentation, 15%-20% levered equity returns in that business. A lot of progress on the gas side, not only with Comstock, with Basin, with Exxon, with the CCS opportunity as well. And then all these data center hubs opportunities, right? That 15 by 35. A lot of those will get started with what I call bridge power solutions, which might be renewables, it might be storage, it might be aeroderivatives. But then as we're accommodating that first phase of that build-out for the data center, we're going to go ahead and build along with them. So we're also at that same time planning for the gas to come behind it. And that creates, as Mike said, a big upside opportunity for us going forward. And so as we think about what the future of that business looks like in terms of labor supply, the ability to contract with EPC contractors, to be able to work with GE Vernova, to get access to turbines. We mentioned the four gigs. We've already got reservation rights in place on. It comes back to scale and buying power, Shar. I mean, when you think about the EPC contractors that we would do business in that space, they're the same folks that we've been doing business with for 20 years. And we will, I think, have front-of-the-line commitments from those folks. So I really don't worry about the labor supply. I don't worry about getting our hands on turbines. I think the returns are going to be very strong. I think the CapEx opportunity is substantial. I think it's well beyond. I do think, as I said in my remarks, we're being conservative on the 15 by 35. I'll be disappointed not to be at 30 by 35, just given what we've seen. I mean, we already have 20 hubs already in motion, expecting to have another 40 hubs in our pipeline by the end of 2026. So in great position there and not concerned about labor, access to equipment, all those things. We're in great shape. 1 GW Point Beach remains open, and that's obviously excluded from your deck post the PPAs. Any sense on sort of how the conversations are going with the counterpart? And just from your messaging today around BYOG, should we assume a hyperscale deal there would be a little bit more challenging, or are there options there? It's an existing site, so I guess how does that hit on your additionality point? Yeah, it is a terrific site and a really attractive site to hyperscalers. And so one of the things that we highlighted today is the WPPI PPA, for example. I think that's for about 175 MW that would take us for another 20 years, basically through the second license extension in the 2050s. And just that 14% of the capacity that they have is $0.03 of EPS on a full plant basis. That would be $0.21 of EPS. But just think about the possibilities on the other 85% or so of that plant in an area of the country that is really attractive for hyperscale build-out. I mean, it's really an opportunity that could create in and of its own a data center hub, right? You may initially start with renewables. You may combine it with the remaining 85% of Point Beach. You could bring in a gas solution as part of it. That's exactly what we're talking about with data center hubs. You start with 1 GW to get them up and running. You remember why 1 GW? 1 GW because the hyperscaler wants that first phase in place so they can go sign up customers for their cloud capacity. And then it takes them time to be able to expand from maybe a 1,000-acre campus that has 1 GW of compute capacity to a 5,000-acre campus that has 5 GW of compute capacity. But that 5 gigs of compute capacity comes with 6 gigs of generation upside opportunity. So we grow along with them. As they're acquiring more customers to sign up for cloud capacity, we're going side by side and building out the energy infrastructure required to do it. David Arcaro, if you don't mind. Thanks so much. David Arcaro with Morgan Stanley. I was wondering if you could maybe elaborate on how you're serving data centers with battery storage. We've heard a couple of applications if data centers could be flexible and disconnect from the grid and use batteries as kind of a peaking option there, or even load leveling to handle the spikes in data center power use. Wondering if that's an application. I didn't see too much detail on it in your presentation, but could that be an addition? Absolutely. Yeah, absolutely. Actually, I'm not going to give the name of one of the ones that we talked about on here because I can't for confidentiality reasons. But it's actually an enabling factor on one of those transactions because what happens is when you have a hyperscaler, right, the first thing that they're trying to do to get that initial phase built, right, that 1 GW, they need a load interconnect, right? And the LSE is saying, "Look, you have two choices. Get in a long line, like four to seven years, to get a load interconnect done because I'm going to have to go figure out how to build a generation new account or bring your own generation solution. If you bring your own generation solution, I'll throw you to the front of the line, right? And batteries is a way to do that. So what we do with the hyperscaler, we say, "Look, let's figure out a battery storage solution that can actually help us jump the line, get a load interconnect immediately so we can work on those additional phase build-outs." But what's really interesting, David, for us is that don't just limit your thinking to batteries. Batteries is one way to do it. We could do it with wind. We can do it with solar, aeroderivatives, recip engines. Another way we're doing it is the Customer Supply business. For example, we're able to go out and do a firm and shape three-year product or a five-year product that can accommodate the load interconnect to get these data centers off the ground. I'll hit you with even another one. Our transmission business. There are pockets of the country. We already have a couple of deals in the pipeline right now that are part of those 20 data center hubs that we talked about where transmission solutions. So if we go to GridLiance, right, and GridLiance can say, "Hey, I have an idea. We've been able to use our tools, and we can free up a gigawatt of transmission capacity that didn't exist there with an upgrade." Maybe it's a transmission solution. Maybe it's just a battery that's being used as a grid solution as well. But we can use our transmission business also to free up that initial gigawatt. So when it comes to bridge power solutions, we can cover the waterfront. And that's what is so unusual about the platform that we have and one of the huge benefits of being part of every aspect of the energy value chain. And David, I think you were also asking, when you have a load that can now change its needs in a very short amount of time and sends us one large load that can actually change what the grid needs, how do you have generation source that can match that? And batteries obviously provide that in spades because they are the quickest to move. And so therefore, if you did have significant fluctuations on your data center and what it did in terms of what its need of load were, you could match that with a battery as another application that we're seeing people really look at as something that they need. Jeremy Tonet. Hi, good morning. Jeremy Tonet, JP Morgan. Thank you for all the details today. Just want to come back to the guidance. And clearly, 10-year guidance is very impressive. Very few in the space are able to do that. But want to focus maybe a little bit more on the front end of that, the 8% plus as you outline there. And just curious, I guess, recently you've been able to achieve numbers higher than that, 10%, a bit over 10%. So maybe digging into that plus a little bit more. Is there anything that holds you back from kind of hitting the levels that you have recently? What could that 8% plus look like? Yeah, I'm going to start, Mike, and then I'll turn it over to you. But I look at it very simply. You look at our track record, first of all, and I think it speaks for itself. I mean, we've got last decade, over 10%. You go back 20 years, similar numbers. And the forecast that we've been able to build to put together, and like I said, we've spent a lot of time on this going through the ten-year forecast, is built around 8% plus, right? And then you have to turn your attention to all the upside opportunities that we have and that we've always been able to find as a company. And so when you think about, I'll just take the renewables business. If we're able to do better, right, improve the market share that we have in the renewable business based on what's in those slides, all the storage opportunities with a 190-GW pipeline, having large load for the first time ever in Florida, having the rate case outcome that we had with a top-end 11.95% ROE, and then you move on to the Energy Resources side of the business, the data center hub strategy, for example, right? Just going, we said 15 to 35, somewhat conservative. We're really shooting for that 15 by 35. That 15 by 35 is upside. A lot of that comes with gas. Mike gave you the numbers, $60-$90 billion of CapEx if we just do a little bit better on the gas forecast that we've laid out for you, combined with being able to go from 15-35 on that data center hub strategy. Many different ways for us to be able to accomplish what we've set out to do. That plus is there for a reason. Mike, anything you'd like to add to that? No, I'd just say this management team that looks to outperform each and every day. If you look at everything we put together, we are talking about investing today for the 12 ways to grow in 2028 plus. If you look across each and every one of those large load at FPL, Scott told you 2028 plus. We went through the transmission side at NextEra Energy Transmission. And if you look at when those reach COD, more in 2031, you see our partnership with Exxon for 2031. When we talk about our large load and the like, you see 4-8 GW in the 2030 time period. We are building a company that is built for a long-term financial success. And when you look at where those upsides should come and when they really come together to create the full value and power of this platform, it really is as those three ways to grow move to 12. Yeah. And get ready. I mean, like I said before, those announcements we put up today, it's like two quarters of work. I think that's the other key piece. Two quarters. Just think about what's to come. Other key pieces, you will get visibility into that growth earlier, right? Because we'll be winning the projects. We will be having the analysis. We will be having those definitive agreements. So we will be telling you because of the investment time period well in advance of 2028 or 2029 or 2030 what we're winning and how that translates into growth. So though the earnings growth can be when we have the 12 ways to grow, the knowledge of that, the knowing of that, the catalyst of that will be far earlier. That's very helpful. Thank you. If I could just ask a quick second one, unrelated. As it relates to SMRs, just curious if there's any technology that has caught your eye so far, and what would you need to see to believe one of these technologies is commercially viable? Thanks. Yeah. So we have done a lot of work on SMRs. I talked to a lot of you, I think, at EEI about this. Brian had a slide on it as well. We started with 96 OEMs who claimed to be SMR manufacturers or in the SMR business. We kind of culled that down to 12. And we've done a very deep technical and commercial dive on those 12. We've taken that down to three. We're more focused on Gen 3 than Gen 4 right now just for obvious reasons. I think it's just how far along they are in the technology. And then also a lot of the Gen 4s rely more on a HALEU, which isn't quite there with the LEU fuel type. So we're more focused on the Gen 3s. And what we're looking for ultimately is I like to say there's four wallets, right, that come to the table in building successfully an SMR project. It's the OEM. It's the federal government. It's the counterparty, right? It would be a hyperscaler. And it would ultimately be us as a developer. But I also haven't been shy in saying that, "Look, we're going to be smart about it, right? That's why we're going to do our homework on commercial and technical viability. And we're not going to take uncapped risk, right? We're going to be smart about capping the financial exposure that we would have here." But if we could find the right opportunity, there is a lot of demand from the hyperscale community for them, and there could be a smart way to make these work. And that's why we're focused on it. Bill. Hi, it's Bill Appicelli from UBS. Just a question on FPL. You had talked about the large load growth opportunities. How much of that is embedded in the $90 billion-$100 billion of CapEx that you laid out today, and how much would sort of be upside? Yeah. So I'll call it the roughly 20 GW of pipeline that I talked about. We have 6 GW based into our expectations through 2032. So using the simple math I threw in there, think about that as about $12 billion of CapEx or a little more than 10% of our CapEx that we're going to spend through 2032. Okay. And then following up, what should we assume or what's embedded in the plan for the earned return, right? So you've got the rate stabilization mechanism. So should we assume that you can achieve the high end throughout the forecast period? I think you should think about it in the same way you looked at prior rate agreements, right? The rate stabilization mechanism was framed up instead of taking cash for really years three and four. I highlighted ReWire, and we are going to have to focus on improving the business and cost productivity just like we have through Momentum, Accelerate, Velocity. And so I think looking at our historical performance under multi-year settlement agreements is probably a good benchmark to think about how we'll perform going forward. Okay. Thank you. One other thing I want to make so that you understand on the regulated side is the power of the diversity of our platform. Because when you look at the Energy Resources regulatory businesses, they will grow capital employed by about $15 billion between now and 2032. That $15 billion is greater than the large load expectations included within FPL. So when you look across these different pieces, we have multiple ways to grow our regulatory capital employed. And the large load at FPL becomes an upside that creates that real earnings power across the company. Ryan. Hi, Ryan Levine with Citi. Given the announcements this morning around Google and Meta, can you speak to how you're managing customer concentration risks as the hyperscaler or data center market evolves? Sure. I mean, first of all, we have amazing diversity across our portfolio. I think we put some of those. And when you look across over 400 different off-takers or 400 different projects, over 300 different off-takers, the amount of diversity that we have among our assets is substantial. When we've looked across this, and I think this is a number of conversations we've had with all of the credit agencies, is that any one project is so minimal that we could remove that project and would not impact our corporate cash flows. So our broad set is that we are a very, very diverse set of cash flows that come to us. Okay. And then in terms of your dividend policy, as you look out beyond the forecast time horizon, are you assuming that that growth rate continues to be less than the EPS growth rate? You'll see that in our projections. You can do the math as a total there that it's roughly that 6% dividend per share growth rate. If you look at what our opportunity set is, we have an amazing opportunity to make accretive investments for our shareholders. And then we also look and say, "Look at the significant upside potential that we have in new investments." And to be honest, if you were making significant upside potential for new investments, that's going to come with equity. And so as we make those investments that drive earnings per share growth above 8% for our shareholders, we'd rather keep that dry powder rather than growing our dividends per share at a higher amount to make sure that we can minimize the amount of equity needed to achieve any growth in our forecast. Let's go to Nick. Hey, Nick Campanella at Barclays. Thanks for taking my question. So just maybe sticking with the financing slide, the 115-145 of project-level finance, is that still leaning on traditional tax equity financing, or are you kind of moving more towards project-level financing or private credit? And then how does that kind of change as you get to the end of the decade and tax equity becomes less available? I'd say a few things. One, at the asset level, like I said in our slides, we have probably the best access in the industry. The inbound calls that we receive from investors is significant. When I look at tax equity, there are a number of parties who we are their only customer. Why? Because they want it done right. So let's look at that total amount. It's going to be a mix of tax equity. It's going to be a mix of project debt. And when applicable, we'll also look at private capital. And as we look at one, key questions to ask are, is it available and is it viable for NextEra? The answer to that is absolutely. The second piece is, is this an area where you have a competitive advantage? And the answer to that is absolutely as well. Because, like I said, when we work with our partners, they know that our projects are resilient, that they stand the test of time, and that they're high quality, and those parties want to invest with us. And so we are essentially the first pig at the trough, if you will, in terms of receiving allocations, in terms of working with investors, and they all want to work with us. And then I guess the asset recycling, you kind of moved the business to this all of the above kind of energy approach, but just is this about just selling down stakes in existing projects like many renewable developers do, or are there specific businesses that you're targeting to kind of get out of? No, I think, listen, when you are we have a $300 billion investment plan as we look now through 2032. With a $300 billion investment plan, you're going to also be selling assets over time as you receive prices that may be better than what we see for our shareholders. And if someone's willing to pay us a price for an asset that's higher than the value that we see for it, we will sell. And so that's what kind of drove that is looking at historically how many times have we seen people look and say, "Hey, we love this asset, and we'll want to pay more for you, more for it than you value it for." And when we have that, of course, we'll sell to create shareholder value. So that's really what that represents. It's not something that's saying, "Hey, we are targeting selling X." Not at all. One more on this side. We'll move to that. Andrew. Thanks. Andrew Weisel with Scotiabank. First question on the 15 by 35. Is that starting from zero today, or does that include the 3.5 GW with Google and 2.5 GW with Meta, if I got that right? And do you have a specific line of sight into projects over the next few years, or how much of that is stuff not yet under contract, business to be won? Yeah, it's starting from zero. We're not taking credit for all the wins we've already had. We're starting from scratch. But we're not starting from scratch in that we've already been making a lot of headway on these deals. Brian talked about Google, for example, right? I mean, we spent a lot of time talking about the AI partnership today. The other part of that is there are three data center hubs that were announced today as well, right, with Google. That is part of the 15 by 35 initiative going forward for us, right? Those three hubs, Comstock if we're successful there, Basin if we're successful there. So like I said, I mean, we're not taking credit for the stuff we've done in the past, but we already have a terrific head start now on that 15 by 35. And if you add up those three deals I just went through and throw Exxon in the mix, we're pretty close to hitting the target already. That's why I feel pretty good about getting to 30 by 35. And that's where I'm pressing and holding the team accountable to deliver. Great. And just a couple on the CAGR. Just to clarify, when you say based on 25, is that the original midpoint or the revised midpoint or where you ultimately end up, which, like you said, you're expecting the high end? And then I appreciate the 10 years of visibility. That's great. That's unique. But just curious, why have it broken into two phases? Are you trying to emphasize something specific about 2032? Is that a nod to the tax credits in 2030, which may or may not change? Why pose it as sort of two phases even though it's the same number? Here's what I would say is when you look at all the things we're doing, Comstock, Basin, Exxon, Google, the Exelon announcement, MARL, the large load that Scott is having originations. And if you look at what that means from a growth driver, those assets, those investments come in in 2029, 2030, 2031. So we are originating and investing today for the 2029, 2030, 2031 time period, which is giving you the earnings growth through 2032. So for us, when we're talking about those expectations, those expectations are just like you tell you're looking at the next three years because that's the world we are living in today. As we look at 2033, 2034, 2035, we're having conversations with those same investors. But those originations, those PPAs, those pieces will come into play in 2028, 2029, 2030. So that's the real difference is through 2032, that is the time period we are focused our team on in terms of execution, origination, investments today. Yeah. And the one thing I would add to what Mike said as we look at 2033, 2034, and 2035, we feel really good about those years. We would never have given you a target had we not. And the assumptions that underlie that 2033, 2034, to 2035, they're identical to what we've been doing the last two decades. There's nothing heroic in those assumptions at all. So I think my takeaway if I'm an investor is, hey, they felt really good about 2033, 2034, 2035, so good they gave us a target. The assumptions that underlie it are the same assumptions that underlie the rest of our financial plan. You also had a question on 2025. We are targeting the high end of our range, and our expectations are based on that target. I'll leave the go forward compound annual growth rate. Nick. Nick Amicucci with Evercore ISI. I just wanted to touch upon too because you guys had mentioned kind of the idea to bring your own generation first and then the appetite, I guess, for the hyperscalers to actually ultimately be grid-tied and act as kind of like a reliability resource. Just kind of any kind of context we could provide around that and kind of the timing around that. Yeah. I mean, what's really interesting about the BYOG strategy, so if you take the national footprint, and I have the slide up there about co-ops and municipalities, the unregulated markets, the utilities. I'll take co-ops, for example, right? Look at what we've done with CIPCO around Duane Arnold. Look what we're doing with Basin around the 1.5 gigs we announced there on the gas project. We have 20 years of experience working with co-ops. Really a lot. It's always been a big part of our market. Co-ops, just like utilities, they want to be part of the hyperscale conversation. Why? Because they want to be viewed as having brought economic investment and jobs to their service territories as well. And so one of the real interesting strategic opportunities that we have is to find a generation opportunity that can be a bring your own generation opportunity. Take it to one of our co-op or muni customers, or maybe it's an unregulated part of the market like the Comstock opportunity where we're doing something behind the meter. Maybe it's working with one of our utilities where we say, "Hey, let's team up. We've got great hyperscale relationships at NextEra. What about if we brought that load to your service territory where we found a way to get a 50-50 win out of this? Maybe some PPAs, maybe some BOTs." That's what we're talking about with BYOG. But if we do a behind-the-meter solution, there are some hyperscalers that are telling us right now, "Look, we need to be up and running immediately." And so we can wait and afford to wait for the optionality that comes with becoming front of the meter. And some are saying they're okay with just behind-the-meter standalone, but most of them are going to want some path forward to take in a behind-the-meter solution, making it front of the meter, which we can do through the transmission solutions that we can bring to bear and the relationships that we always have with the LSE, right? I mean, chances are that load serving entity that we're trying to interconnect with, we've been working with for 20 years given our national footprint. So that's what's really intriguing and unusual about the opportunity. The only thing I'd add is, and I think you put it in your comment, but these customers, we call them hyperscalers, but they have different needs. They have different wants. They think about the world very differently. And so I think that's the power of the platform, right? Because we can meet each of these customers where they are. And that's why we tried to walk you through the variety of examples that we're working on because you sit down with one and they'll say, "Hey, listen, I want to be up. I want to be up quick. I don't care about being connected to the grid. Just give me as much as you can as fast as you can." Whereas others will say, "Listen, I want to be on the grid. I want to take the time. The load ramp looks different." And so as you think about growing those hubs that we're picking up, it's not just cookie cutter, right? We are looking at different hubs that reflect our conversations with the hyperscalers. And you get in this kind of virtuous cycle with the hyperscalers too is because once you start to show them the ability to give them the solutions that meet their need, you get in a very different, much richer dialogue with them because then they start to say, "Oh my gosh, let's see what else you've got that meets what I need where we are in the country." And so I think what we were trying to give you a sense of with all those is, "Listen, we're going to show you nuclear. We can show you carbon sequestration. You want to get them fast? We'll show you fast. You want to look at something in a different region? We can show you that." And I think that's what really the difference in the hyperscalers and our platform are just a really good match. Right. And then, John, you had mentioned before too, just kind of in passing, that you're not really worried about getting the turbines on the natural gas side. Just as we think about that, because obviously with 7HA.01, we kind of saw a trading of those slot reservations. Is that kind of the current market contract where you could see some of those slot reservations shift? And do you guys then have kind of a preferential treatment because you're able to deploy things quickly and they're able to capture the LTSA agreement? Yeah. I mean, I think there's probably two ways to look at it. One is that, sure, there's always a secondary market for slot reservations where somebody went long and they have a project that doesn't materialize and somebody can swoop in and take that turbine off that person's hands. I mean, we've done that with solar panels and wind turbines and batteries throughout our history. Definitely a way to do it. But we typically would expect to pick those up at a discount if we're going to do that. The other point, though, is that I was trying to make is, I mean, you all know about our close relationship with GE Vernova and Scott Strazik's team and just the overall buying power that we have across this complex. And so when NextEra needs equipment and you're usually the supplier's largest customer in the world, which we typically are, whoever we're dealing with, I'm not going to take no for an answer. So they better figure out a way to make it happen. We haven't had any problem getting a deal done for lack of equipment. Yeah. Not at all. That's not a constraint for us in getting transactions taken care of. We have time for two more. We'll do three. We'll do Michael, Ross, and then Carly. Hey, Michael Sullivan, Wolfe Research. I was just going to ask for a little more details on the Google JDA that you announced. Is this going to be more traditional where you're just supplying the power generation? Are you involved on the data center side at all? And any more color on just timeline for when it could come online and when it could be more formalized? Yeah. I mean, Michael, the way we're looking at these is that we have tremendous land capability, right? In the models, we spent a lot of time talking about 360. Some of you probably know what that is. Some don't. We've shown it at the development day. It's a model like when we use it with a hyperscaler that's designed to think like they do. What do they care about? Water access, right? Fiber latency, population density, and then it combines all the things we care about, right? Transmission congestion, pipeline access, wind resource, solar resource. All those things come together to find the best site. When we find the right site, there can be opportunities on the land side where what we're typically doing with the land is we're telling the land team, "Look, don't only go tie up the generation site. Let's play the long game and go get the data center site too at the same time." Sometimes the hyperscaler will say, "Look, I've already got my own site. I've got that I would prefer." But there are a lot of times where the hyperscaler is coming back and saying, "Hey, I really like what's attractive about what you just showed me is not only the power solution, but that data center site based on your technology and the way you thought about it makes a lot of sense for me as well." And so the two can be an opportunity. We're not looking to build the data center itself, but we can come with the land for the data center. Obviously, we're coming with the land for the power generation. And with the Google relationship, I mean, all the different pieces, right? You think about Duane Arnold, potential expansion opportunities off of that. You think about the joint development agreement where we're looking at multi-gigawatt opportunities for data center hubs, right, around the U.S.. We're working on three right now, more to come behind that. The timing for those are, look, I mean, we're going through the development process right now. I mean, we are trying to get those through that development process as quickly as we can to be able to turn them into transactions that both sides can move forward with. But it's not going to just stop with those three. I mean, we've got a lot behind it with them. And we work with all hyperscalers on that basis as well. And that's the secret behind the data center hub strategy is putting a lot of thought into what land we're going to tie up, where, why, how, because it's got to solve a lot of different problems. Otherwise, all you're doing is wasting your time and their time. And so our analytics really give us a leg up and find the 20 we already have. And again, like I said, I mean, we're expecting that that better be over 40 by the end of 2026. It will be over 40 by the end of 2026. Great. And I'll try one more on the 8% plus EPS CAGR. So just as we roll forward, is it possible that you can guide above that in an individual year? I know we only have ranges out to 2026 right now. And then can you compound off of that? Yeah. I mean, there's always like we have a history of re-basing, right, throughout our history. I mean, so we always have the ability to do that going forward. But look, I mean, our plan is built not around 8%, right? Our plan is built around 8% plus. The plan we put together for you is an 8% plus plan, not an 8% plan. 8% plus. And then we have all these upside opportunities that we talked to you about as well. And then you're all well aware of the track record of performance. And Michael, like I said before, although we've talked about a lot of this coming together when our 12 ways to grow come together, the origination of that will occur earlier than when it appears in earnings. So the visibility that people will have in terms of how to quantify that plus will come earlier. It won't just be like, "We'll sit there in 2029 or 2028, and you'll just see an uplift." We will be known about that over the course of the next years as we originate, as our strategy develops. Just do two more quickly, Ross. Hi, morning. Ross Fowler, Bank of America. Just going back to the natural gas opportunity that you've added to the backlog. As you're having discussions around these data center hubs with the hyperscalers, are you passing the fuel commodity costs through inside that long-term PPA? Or if it's on you to take that risk, what strategies are you using to hedge that out over the long term? Can we address it? Yeah. Listen, we're looking at toll-type structures, right? We're not in the business of taking the commodity risk as we look at that. And so that's very similar in what we're doing in all our transactions that have fuel. So we'll look to own the operating risk. That's what we're in the business of doing and pass along the fuel risk. And that's the area where Customer Supply then provides another unique place because now we pass that fuel risk on to the counterparty. That counterparty is not necessarily a fuel guy. If it's Google or Meta or any hyperscaler, they're not in the business of commodities. So we can go with them and then say, "Hey, here's how you can hedge your fuel risk. It's not risk that we're taking, but here's ways for you to hedge your fuel risk for the next year." So then they are looking at something that's far more like a fixed price contract, but it's not a risk that we are taking in our PPAs. And Carly. Thank you, Carly Davenport, Goldman Sachs. You announced Symmetry today and highlighted M&A as a potential upside growth driver. Any color that you can provide in terms of what types of assets you might consider there and also the level of scale that you'd be willing to consider on the M&A front? Yeah. I mean, you want to talk about Symmetry, and then I'll talk about the- I mean, sure. I mean, Symmetry was a transaction that made a lot of sense in light of our Customer Supply footprint. You saw how that expanded it out. It really was a nice extension of a business that we like a lot, and so if you think about the relative size of that business to the entire business, it's big, but not really big relative to ours. And so we're always going to be on the look for, listen, we'll look at project M&A if we can find the right opportunity, the right fit. We'll look at businesses that complement existing businesses, and so the question earlier was about asset recycling. I mean, we look at, we're an investor on our side of the business. Everything's for sale, but we're always looking for opportunities to put capital to work, and that's what we're going to do. We're going to deploy hundreds of billions of dollars of capital, largely in organic growth. But if we see an attractive M&A opportunity that fits in nicely, that adds to our story, we're absolutely going to do it. Same way, if we see someone who wants to—who is a better owner of some of our assets, and that's accretive to what we're trying to achieve, we're going to do that too, right? So we're always looking and always thinking about what are the opportunities to both buy and to sell assets on my side of the business. Yeah, and I think too, just going hitting Symmetry one more time too, you saw the map that Brian put up on the board with the AMA positions that Symmetry has. I mean, when you think about that strategically, just think about the customer relationships and the market knowledge that comes, that will help our gas pipeline business and that will help our large load decision-making around where to locate new opportunities and how that can help facilitate large load opportunities. And so very strategic for us as well. Fits very well within the business model that we're moving forward with. And on the project M&A side, we're at every part of the energy value chain. So I'm not going to narrow it down to one specific area. If it drives value for shareholders and we can leverage the scale and the technology and all the capabilities that we have to really drive value and it can move the needle, we're going to take a look at it. And renewables, I may point out just as one example. I mean, there are a lot of folks in the renewable space that haven't safe harbored credits, haven't safe harbored for ITC compliance, haven't taken the steps we have around supply chain, maybe are short on transformers, don't have electric switchgear, don't have a way to get projects online. Brian showed the slide about how we expect some of the competition to actually decline because of those things. It's not only that will the competition decline because some of those things, we'll probably also see developers who didn't plan ahead sell assets, and those could create real buying opportunities for us too that aren't even, of course, in our base plan that could move the needle. Same thing on the storage side. Same thing across the board, across technologies for us. So that's something that we can always consider and always evaluate. Mark Hickson and his team is constantly looking at those opportunities. Awesome. Thank you. Then just on the balance sheet, should we assume that the 18% FFO to debt target you have for 2025, that that holds through 2032? Or just how should we think about any ebbs and flows to that metric over the course of the plan? Yeah. Listen, we've made commitments to all of our agencies. At 18% at S&P, we have Gabe sitting in the middle back there. We are maintaining our commitment to 18% year in and year out through 2032. It's not going to be at 18% now and down to 16 and then begging Gabe for forgiveness. No, we will be at 18% through 2032. And you've also seen that Moody's recently had their publication where now, rather than having a look-through for a non-recourse debt, they have established two parameters. One, a 17% CFO to total debt, which gives off-credit treatment for non-recourse debt. And secondly, a 14% consolidated cash flows from operations to total debt. We need to meet both. And we will meet both now through 2032 without deviation. Well, thank you. This concludes the 2025 NextEra Energy Investor Conference. Thank you for taking the time to join us in person this morning. And thank you for everyone who joined us on the Webex. Have a great rest of the day.