Capital PlanThe capital plan is larger and more ambitious, with $800mn slated for 2026 and $4.3bn over five years, up ~7.5% from prior expectations.
Earnings GrowthThe EPS growth outlook was raised to 5–7% from 4–6%, driven by 7-9% rate base growth, customer growth, and benefits from Texas HB4384.
Financing StrategyFrom a financing perspective, the shift toward a more self-funded model is a positive, as equity needs drop from ~40% to ~30% of long-term financing requirements, reducing dilution risk and supporting ROE stability.