北美公用事业：AGA 2025要点AEE、CNP、PCG和SR是出色的会议之一；关键辩论包括DUK、PEG、SRE、WEC和XEL

Investment Rating - The report does not explicitly state an overall investment rating for the North American Utilities sector, but it highlights positive sentiments and growth prospects for several companies discussed. Core Insights - The AGA Financial Forum showcased a moderately positive tone regarding the ability to mitigate IRA risks, with a focus on electric utilities and positive discussions around gas utilities [1] - Key debates centered around the implications of IRA changes, regulatory dynamics, and growth opportunities across various companies [1][4] Summary by Company Ameren Corp. (AEE) - AEE anticipates a significant increase in load with a revision to 2.3GW of data centers under construction, supporting a future plan update [7] - The company expressed confidence in limited IRA exposure and expects positive revisions from the Senate [9] Atmos Energy (ATO) - ATO's management highlighted strong operational performance and growth, projecting 6-8% growth going forward [10] CMS Energy Corp. (CMS) - CMS expects a favorable MPSC order on storm accounting deferral before the next earnings call, indicating a positive stakeholder tone [11] - The company is preparing for its 2026 IRP filing, anticipating a need for additional generation resources [12] CenterPoint Energy Inc. (CNP) - CNP projects a 50% increase in peak demand by the end of the decade, with significant upward bias in capex [14] - The company is focused on reducing regulatory lag and has mixed sentiments regarding the unified tracker mechanism [15][16] DTE Energy Company (DTE) - DTE is optimistic about securing large data center deals by the end of 2025 and emphasizes the need for new gas generation [17] Duke Energy Corp. (DUK) - DUK's reliance on nuclear PTCs is seen as less exposed to potential IRA changes, with a focus on maintaining its FFO to debt target [20] - The company is optimistic about new legislation in SC and NC that could enhance cash flow recovery [21] Consolidated Edison (ED) - ED is focused on its rate case, with expectations for a constructive outcome despite political risks [22][23] Emera Inc (EMA) - EMA is making progress towards a Nova Scotia plan update and anticipates a US listing soon [26][28] Enbridge Inc (ENB) - ENB's messaging highlights its position as North America's largest gas utility, with significant capex needs driven by new power demand [30] NiSource Inc. (NI) - NI is navigating a genco settlement process, with ongoing discussions about infrastructure development pace [33] New Jersey Resources (NJR) - NJR reported positive sentiment in NJ gas utilities, with potential capex opportunities highlighted [36] NorthWestern Energy (NWE) - NWE is working on securing data center signings, which could significantly impact its growth trajectory [39] PG&E Corp (PCG) - PCG's GRC filing aims to keep residential customer bills flat, with a focus on affordability amid ongoing pressures [42] - The company is optimistic about legislative discussions surrounding wildfire fund frameworks [43] Public Service Enterprise Group Inc. (PEG) - PEG is addressing short-term bill pressures with proposals aimed at moderating customer impacts ahead of elections [47]