Overview Key strengths Key risks Large, lower-risk, regulated electric utility operations account for about 70% of consolidated EBITDA. Highest-risk businesses account for about 10% of consolidated EBITDA, feature low margins, expose it to significant liquidity needs, and require diligent risk management and hedging against fluctuating commodity prices. Above-average utility growth and proactive system hardening that reduces physical risks. High capital spending leads to negative discretionary cash flow, which necessitates consistent capital market access. Majority of the competitive businesses employ long-term contracts, which decreases their associated risk. Minimal financial cushion based on expectation it will maintain funds from operations (FFO) to debt near downgrade threshold. Typically better management of regulatory and environmental, social, and governance risks than peers. The higher-risk businesses
