Oct 28, 2026 earnings call — Maidsville and West Virginia data center demand
Reaffirmed 2026 Core EPS guidance range of $2.62 to $2.82 per share, expecting to be at or slightly above the midpoint.
Revenue $4.6B (est $4.2B) · EPS $0.98 (est $0.90)
Key quotes
"Our proposed Maidsville Energy Generating Facility will be a key investment to support this demand. We expect an order from the West Virginia Public Service Commission in the fourth quarter."
"Across our footprint, we now have 7.9 GW of contracted data center demand. We are in active negotiations with approximately 4 GW of additional load."
"Since 2024, our reliability has improved by 11% in Pennsylvania and 40% in New Jersey."
Analyst Q&A 5
How to expand in West Virginia
Q (Nicholas Campanella · Barclays): Would you build new West Virginia load in a rate-based utility structure or a separate generation company? Would that change the 35% incremental equity need? Also what near-term bridge technologies and timing for the 3 GW?
A: They said first they need a clean order from the commission on Maidsville and that will inform how they proceed; generation companies are still on the table and they are exploring both structures, and additional financing would be required for the 3 GW. For near term customer needs they expect customers might start with a roughly 100 MW building and they are looking at RICE, fuel cells, batteries or other faster solutions that can transition to long-term combined-cycle grid-integrated solutions.
"The gen co's absolutely still on the table, and we look at that as an opportunity to protect existing customers, yet still serve the new large load customers." — Brian Tierney (CEO·CHAIR)
Large customer demand and transmission partners
Q (Jeremy Tonet · JPMorgan): How are large-load trends changing by state, and how much of the transmission plan growth is expected to be with external partners? Also how do competitive RTO processes affect upside?
A: Management said demand interest is broad across Maryland, Ohio, Pennsylvania and West Virginia and that the 2030–2031 wave is only the first wave, with serious customers looking well beyond that. They said external partners currently account for about 30% of their total transmission business and they expect that share to generally stay the same; a 25% transmission increase would have the same impact on their owned rate base and PJM competitive windows should continue to create opportunities.
"So the 25% increase that we're talking about would have the same impact on our owned rate base as we move the plan forward." — Brian Tierney (CEO·CHAIR)
Equity plans and New Jersey timing
Q (Michael Sullivan · Wolfe): How will you split equity versus equity-like financing and when might you start issuing equity? Also what is the latest on the New Jersey regulatory review and timing?
A: They said they are open to equity-like instruments and that, for the time being, they plan common equity issuance of 1% of market cap on an annual basis and will provide more details when they roll the plan forward in February. On New Jersey they said the goal is to improve affordability without adding costs or unintended consequences, multi-year rate plans and performance-based rates are likely options, and they expect resolution later this year or early next year after filing comments and working group input.
"I think for the time being, we've talked about common equity being 1% of market cap on an annual basis." — Jon Taylor (CFO)
Transmission drivers and Maidsville gating steps
Q (Carly Davenport · Goldman Sachs): How much of the transmission increase is tied to new contracted large load versus regular maintenance and reliability? And what are the gating factors and customer interest at Maidsville beyond CPCN?
A: They said the rule of thumb for contracted demand is every gigawatt equals about $250 million of transmission network upgrades, but they do not include uncontracted demand in the plan and most of the increase is for stabilizing and improving reliability on the existing system rather than contracted demand. For Maidsville they said getting the CPCN is key and other gating items include finalizing gas supply and the EPC arrangement; they report strong, candid and fast-moving customer interest in the initial tranche and the remaining 3 GW.
"In addition to that, other gating things are finalizing the gas supply and our EPC arrangement." — Brian Tierney (CEO·CHAIR)
3 GW timing, bridge assets, and equity %
Q (Andrew Weisel · Scotiabank): What is the targeted in-service date for the 3 GW RFP? Will bridge assets be permanent or reused, who would own them, and can you confirm the up to 35% equity comment?
A: They said the long-term solutions will likely be in the 2031, 2032 timeframe and that in the interim they will pursue bridge options like batteries, fuel cells and reciprocating engines to get campus power quickly. They view bridge assets as reusable rather than disposable and ownership could be any combination of the company, third parties or the customer; on equity Jon said Maidsville assuming a surcharge is about a 35% equity requirement, but rolling the plan forward the need is up to 35%, so there is some flexibility.
"But if you roll forward the plan, it is up to 35%." — Jon Taylor (CFO)