Financial Data and Key Metrics Changes - The company reported earnings of $0.86 per share for Q3 2025, an increase from $0.71 per share in Q3 2024, reflecting a $0.15 increase year-over-year [15][16] - The earnings increase was primarily driven by $0.12 from higher distribution and transmission rates and $0.06 from favorable storm conditions [15][16] - The company reaffirmed its operating earnings guidance for 2025 at $2.64-$2.74 per share, aiming to deliver at the midpoint or better [6][16] Business Line Data and Key Metrics Changes - The operational performance of the utility companies ranked one, two, four, and seven among peers, improving from last year's rankings of one, three, five, and eight [7][8] - The company is on track for rate cases at Delmarva Power and Atlantic City Electric, with a new rate case filed at Pepco, Maryland [9][17] Market Data and Key Metrics Changes - The Illinois Clean and Reliable Grid Affordability Act was passed, supporting resource adequacy and expanding energy efficiency budgets [10][46] - Maryland initiated a request for merchant generator proposals for up to three gigawatts of new energy supply, although disclosed capacity levels fell short of targets [11][12] Company Strategy and Development Direction - The company aims to continuously improve operational performance while maintaining below-average rates for customers [8][24] - The focus is on leveraging technology and advocating for rate-making constructs that support efficient planning and investment [26][27] - The company is committed to working with states to address energy security needs and ensure reliable access to energy [12][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving the operating earnings guidance and highlighted the importance of addressing customer frustrations regarding high energy costs [34][35] - The company is focused on maintaining a strong balance sheet and delivering consistent growth and long-term value [22][27] Other Important Information - The company has issued $1 billion in debt, completing its planned long-term debt issuances for the year, supported by strong investor demand [19][20] - The company continues to advocate for favorable tax treatment to enhance its credit metrics [22] Q&A Session Summary Question: Thoughts on Maryland's RFP and competing options - Management commended Maryland for initiating the process but noted that the responses fell short of needs, emphasizing the focus on affordability and reliability [34][35] Question: Resource adequacy discussions in Pennsylvania - Management confirmed ongoing discussions with various stakeholders and expressed optimism about reaching agreements on long-term resource adequacy solutions [36][38] Question: Investment opportunities from new Illinois legislation - Management highlighted the potential for enhanced energy efficiency programs and the importance of investing in the grid to maintain reliability and support economic development [44][46] Question: Clarification on the ACE rate case - Management expressed confidence in reaching a settlement for the ACE rate case, emphasizing transparency and collaboration with stakeholders [60][62] Question: Updates on the large load pipeline and TSA agreements - Management provided insights into the implementation of transmission services agreements to solidify projects and protect customer interests [68][70]

Financial Data and Key Metrics Changes - Exelon reported earnings of $0.86 per share for Q3 2025, an increase from $0.71 per share in Q3 2024, reflecting a $0.15 increase year-over-year [14][15] - The company reaffirmed its operating earnings guidance for 2025 at $2.64-$2.74 per share, aiming to deliver at the midpoint or better [5][15] - The earnings increase was primarily driven by $0.12 from higher distribution and transmission rates and $0.06 from favorable storm conditions [14] Business Line Data and Key Metrics Changes - The operational performance of Exelon's utility companies ranked one, two, four, and seven among peers, improving from last year's rankings of one, three, five, and eight [6] - The company is on track with rate cases for gas distribution at Delmarva Power and Atlantic City Electric, and has filed a rate case at Pepco, Maryland [7][16] Market Data and Key Metrics Changes - Illinois passed the Clean and Reliable Grid Affordability Act, which supports resource adequacy and expands energy efficiency budgets [9] - Maryland initiated a request for merchant generator proposals for up to three gigawatts of new energy supply, although disclosed capacity levels fell short of targets [10] Company Strategy and Development Direction - Exelon aims to continuously improve operational performance while maintaining below-average rates for customers [6][25] - The company is focused on leveraging technology and advocating for rate-making constructs that support efficient planning and investment [25][26] - Exelon is committed to working with states to address energy security needs and is prepared to support investments in energy efficiency and traditional generation plants [11][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving the operating earnings guidance and highlighted the importance of addressing customer frustrations with high energy costs [34] - The company is actively engaged in discussions with stakeholders in Pennsylvania regarding resource adequacy and potential long-term agreements [36][37] - Management emphasized the need for states to leverage all available options to ensure reliable access to energy [11] Other Important Information - Exelon has issued $1 billion in debt to support its financing plan and has priced nearly half of its equity needs through 2028 [19][20] - The company continues to advocate for favorable tax treatment to enhance its credit metrics [20] Q&A Session Summary Question: Thoughts on Maryland's RFP and competing options - Management commended Maryland for initiating the process but noted that the responses received fell short of the state's needs, emphasizing the focus on affordability and reliability [34][35] Question: Resource adequacy discussions in Pennsylvania - Management confirmed ongoing discussions with various stakeholders and expressed optimism about potential agreements, with more activity expected in the spring [36][37] Question: Investment opportunities from new Illinois legislation - Management highlighted the Clean and Reliable Grid Affordability Act's focus on energy efficiency and resource adequacy, viewing it as an opportunity for investment and economic development [44][46] Question: Clarification on the ACE rate case - Management expressed confidence in reaching a settlement for the Atlantic City Electric rate case, citing ongoing discussions with stakeholders [61][62]

Financial Data and Key Metrics Changes - PSEG reported net income of $1.18 per share for Q1 2025, up from $1.06 per share in 2024, while non-GAAP operating earnings increased to $1.43 per share from $1.31 per share in the previous year [12][13] - Overall results benefited from regulatory recovery and seasonal gas revenues, with a notable increase in nuclear generation performance [5][6] Business Line Data and Key Metrics Changes - PSE&G's net income and non-GAAP operating earnings for Q1 2025 were $546 million, compared to $488 million in 2024, driven by new electric and gas distribution rates [13][14] - The distribution margin increased by $0.20 per share, reflecting the impact of the rate case and recovery of energy efficiency investments [14] - PSEG Power reported net income of $43 million, slightly down from $44 million in Q1 2024, but non-GAAP operating earnings rose to $172 million from $169 million [17] Market Data and Key Metrics Changes - The Basic Generation Service (BGS) default rate is set to increase residential electric bills by 17% starting June 1, largely due to auction results and true-up for prior years [7][8] - PSEG's combined electric and gas bill remains competitive compared to other utilities in New Jersey, with high reliability metrics and customer satisfaction rankings [8][9] Company Strategy and Development Direction - PSEG's capital investment plan for 2025 focuses on infrastructure replacement and modernization, with a five-year capital spending program of $21 billion to $24 billion [11][16] - The company is rolling out the second phase of its Clean Energy Future Energy Efficiency II program to help customers save energy and reduce carbon emissions [9][16] - PSEG is open to potential legislation allowing regulated utilities to build and own new generation, actively engaging with policymakers [10][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by rising energy prices and the need for new generation supply to address resource adequacy [8][10] - The company reiterated its full-year non-GAAP operating earnings guidance of $3.94 to $4.06 per share, reflecting a 9% increase from 2024 results [11][22] - Management emphasized the importance of maintaining affordability for customers amid rising costs and ongoing discussions with the Board of Public Utilities [54][56] Other Important Information - PSEG has total available liquidity of $4.6 billion, including $900 million in cash, following significant bond market access [19][20] - The company is focused on maintaining a low level of variable rate debt, representing approximately 7% of total debt [20] Q&A Session Summary Question: Timeline for large load interconnection and resource adequacy in New Jersey - Management indicated that interconnections are happening at different stages, with ongoing discussions about resource adequacy in New Jersey [26][28] Question: Views on FERC settlement process - Management expressed a preference for a settlement process to address industry needs and ensure non-discriminatory treatment among customer classes [32][34] Question: Demand perspective from large load customers - Management noted continued demand for power, particularly nuclear, despite market fluctuations and ongoing discussions [42][43] Question: Strategy for managing affordability concerns - Management highlighted efforts to provide customer assistance programs and promote energy efficiency to mitigate affordability challenges [56][90] Question: Status of commercial agreements related to nuclear capacity - Management confirmed that discussions are ongoing and not contingent on the FERC process, with continued interest from large load customers [60][61] Question: Potential capacity price outcomes and customer bill growth - Management anticipated that capacity prices would remain stable, with no significant increases expected for customers in the near term [75][80] Question: Offshore wind impacts on transmission planning - Management stated that there are no direct impacts from offshore wind developments, but emphasized the need for accurate planning to address future resource adequacy [82]