low-moderate - Residential/commercial demand (~70% of load) is stable and non-cyclical. Industrial demand (~30% of load) has moderate GDP sensitivity, but Southeast manufacturing/data center growth provides structural tailwind. Regulated model with decoupling mechanisms insulates earnings from volume fluctuations.

High sensitivity to long-term rates through two channels: (1) Valuation multiple compression as 10-year Treasury yields rise makes 3.5% dividend yield less attractive relative to risk-free alternatives, and (2) Financing cost pressure on $60B debt stack with ~$3-4B annual refinancing needs, though regulatory lag allows eventual recovery through rates. 100bp move in 10-year yield typically drives 8-12% stock price movement.

dividend/value - Attracts income-focused investors seeking 3.5% dividend yield with 20+ year dividend growth streak and defensive characteristics. Utility sector serves as bond proxy with equity upside from rate base growth. Low beta (~0.4) appeals to risk-averse capital during volatility.