Regulatory and Policy Changes Impact: Changes in energy policy, environmental regulations, or rate setting by state and federal authorities could increase operating costs, reduce allowed returns, or require significant capital expenditures, impacting profitability and strategic planning.

Weather and Climate-Related Events Impact: Extreme weather events, including storms, heatwaves, or severe cold, can cause service disruptions, damage infrastructure, and increase operational costs for repair and restoration, while long-term climate change considerations may necessitate costly grid modernizations.

Fuel Price Volatility Impact: Fluctuations in the cost of natural gas, coal, or other fuels used for power generation can directly affect operational expenses and customer rates, potentially leading to increased costs not fully recoverable or impacting customer affordability.