Financial Data and Key Metrics Changes - Southern Company reported adjusted earnings per share (EPS) of $4.30 for 2025, marking a 6% increase from the previous year and 9% average annual growth from 2023, achieving the top of its guidance range for the 11th consecutive year [4][3] - The company has maintained a strong dividend track record, with increases every year for the past 24 years, contributing to predictable and sustainable financial results [4][31] Business Line Data and Key Metrics Changes - Retail electricity sales increased by 1.7% in 2025 compared to 2024, significantly higher than the cumulative growth over the last decade [5][6] - Georgia Power experienced a 2.5% growth in electricity sales, with commercial sales up 17% year-over-year, driven by large load data center customers [6][7] - Industrial electricity sales grew by 1.4%, with gains in primary metals, lumber, paper, and transportation segments [8] Market Data and Key Metrics Changes - The company anticipates retail electric sales to grow at least 3% across its electric operating companies in 2026, with an average annual growth projection of 10% from 2026 through 2030 [17] - The total large load pipeline has increased to over 75 GW, with 26 signed contracts representing 10 GW of fully contracted electric service agreements [18] Company Strategy and Development Direction - Southern Company is focused on sustainable growth through significant investments in energy infrastructure, with a capital investment forecast of $81 billion over the next five years, primarily at state-regulated utilities [24][25] - The company is exploring opportunities for new natural gas generation and enhancements to existing generation assets to meet future market demands [15][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture growth opportunities, citing robust economic development activity and the addition of over 21,000 new jobs in its service territories [9][10] - The company is positioned to benefit from the increasing demand for reliable energy, with expectations of improved pricing for its natural gas fleet as contracts come up for renewal [13][14] Other Important Information - Southern Company has a disciplined approach to pricing large load contracts, ensuring that existing customers benefit from the growth while maintaining rate stability [22][23] - The company is committed to preserving its strong investment-grade credit ratings while addressing $9 billion of equity needs [27][30] Q&A Session Summary Question: Inquiry about the company's long-term growth outlook beyond 2028 - Management highlighted confidence in achieving growth targets based on the execution of projects and economic expansion in service territories [45][46] Question: Clarification on the 3 GW of near-term load and its impact on the current plan - Management confirmed that the 3 GW contracts are included in the current forecast and are expected to be signed imminently [55][56] Question: Discussion on the impact of affordability legislation on data center projects - Management acknowledged ongoing conversations about the impact of legislation but expressed confidence in the continued advancement of data center projects [81][83] Question: Inquiry about the potential for new gas expansion and its alignment with data center needs - Management stated that any new gas development would be approached with a disciplined risk profile, ensuring long-term contracts with creditworthy counterparties [97]

Financial Data and Key Metrics Changes - The company reported record financial results, exceeding the midpoint of its 2025 guidance for both EBITDA and DCF per share, marking the 20th consecutive year of achieving or exceeding annual financial guidance [7] - Adjusted EBITDA increased by CAD 83 million compared to Q4 2024, DCF rose by CAD 0.06, and EPS increased by CAD 0.13 [26] - The debt to EBITDA ratio remains within the leverage range of 4.5-5 times, maintaining a strong investment-grade credit profile while growing investment capacity [7][29] Business Line Data and Key Metrics Changes - In the liquids segment, strong mainline volumes and lower power costs contributed to year-over-year increases [26] - The gas transmission business experienced strong performance with contributions from the acquisition of an interest in Matterhorn and favorable spreads at Aitken Creek [26] - The gas distribution segment saw growth driven by rate escalation, customer growth, and colder weather [26] Market Data and Key Metrics Changes - The mainline transported approximately 3.1 million barrels per day on average, with significant demand leading to apportionment for all but three of the last 12 months [15] - Texas Eastern hit new peak records, transporting over 15 BCF per day in January, while Enbridge Gas Ohio achieved its third-highest throughput day in its history [9] - The Algonquin pipeline in New England experienced nine of its top 25 all-time volume days this winter, highlighting the need for energy affordability [9] Company Strategy and Development Direction - The company sanctioned CAD 14 billion of capital across all businesses in 2025, with a growth backlog increasing by 35% since the last Investor Day [8] - Future growth is expected to be driven by CAD 10-$20 billion of growth projects over the next 24 months, enhancing energy security and affordability [12] - The company aims for 5% growth through the end of the decade, supported by a secured growth capital of CAD 39 billion [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 5% growth target, citing positive developments in the Western Canadian Sedimentary Basin and increasing production [40] - The company is well-positioned to capitalize on the growing demand for natural gas and renewable energy, with significant opportunities in data centers and LNG exports [18][79] - Management emphasized the importance of maintaining a strong balance sheet and capital allocation strategy to support long-term growth [29][81] Other Important Information - The company has increased its dividend for 31 consecutive years, reinforcing its status as a dividend aristocrat [7] - The current backlog of projects is CAD 39 billion, extending through 2033, showcasing the company's ability to execute on growth opportunities [30] Q&A Session Summary Question: How does the investment capacity increase reconcile with the long-term growth trajectory? - Management indicated that the growth in investment capacity aligns with EBITDA growth, and confidence in meeting the 5% growth target is based on a strong backlog of projects [36][39] Question: What is the impact of Venezuelan production on future projects? - Management noted that while Venezuelan production may increase, Canadian crude will continue to be in demand, and the company is focused on expanding its Mainline to meet this demand [44][56] Question: How does the company view the potential for exceeding annual investment capacity? - Management expressed confidence in the ability to exceed the CAD 10-$11 billion annual investment capacity, emphasizing the importance of capital recycling and strong project returns [50][51] Question: What are the growth prospects for the gas transmission segment? - Management highlighted a significant demand for natural gas driven by affordability and reliability, with numerous expansion opportunities across the country [76][79]

filed in 2025. At Enbridge Gas Ohio, we filed a new rate case at the end of the year. We plan to continue to invest approximately $3 billion per year in growth capital across our four utilities, helping keep the systems operating safely and reliably into the future."In Renewable Power, we are sanctioning two new projects that advance our growing partnership with global technology companies. Cowboy Phase 1 is a 365 MW solar project and a 135 MW battery energy storage system, expandable up to 200 MW, in Wyomi ...

Core Insights - Fortis Inc. (FTS) is benefiting from investments in major transmission projects and increasing energy demand from data centers, which enhances service reliability and supports an expanding customer base [1][8] Growth Projection & Surprise History - The Zacks Consensus Estimate for Fortis' 2026 earnings per share is $2.56, indicating a year-over-year growth of 3.23% [2] - The Zacks Consensus Estimate for 2026 revenues is $9.26 billion, suggesting a year-over-year improvement of 5.50% [2] - The company's long-term earnings growth rate is projected at 4.29%, with an average earnings surprise of 2.38% over the last four quarters [3] Stable Investments - Fortis plans to invest $28.8 billion from 2026 to 2030, focusing on strengthening transmission and distribution projects, supporting load growth, reliability, and future generation interconnections [4][8] Dividend History - Fortis has a dividend yield of 3.54%, higher than the industry average of 2.91%, and announced a first-quarter 2026 dividend of 64 cents per share, leading to an annualized dividend of $2.56 [5] - The company aims for long-term dividend growth of 4-6% by 2030 [5] Share Price Performance - Over the past three months, Fortis' stock has gained 2.3%, contrasting with a 4.1% decline in the industry [7]

Distribution Announcement - The Company has declared a monthly distribution of $0.085 per share for January 2026, marking a 6.3% increase from the previous distribution rate, which is an increase of $0.005 per share [1][2] - The distribution will be paid on January 30, 2026, with a record date of January 15, 2026 [4] Management Commentary - The Chairman, President, and CEO of the Company emphasized the importance of distributions to investors and expressed a commitment to steadily increase distributions over time, supported by the Company's operating results [2] - The increase in distribution reflects confidence in the long-term fundamentals supporting energy infrastructure [2] Company Overview - The Company is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, with its common stock traded on the NYSE [4] - The investment objective is to provide a high after-tax total return with an emphasis on cash distributions to stockholders, intending to invest at least 80% of total assets in securities of Energy Infrastructure Companies [4] Distribution Characteristics - The Company pays cash distributions to common stockholders at a rate that may be adjusted based on various factors, including changes in portfolio holdings and market conditions [5]

Financial Data and Key Metrics Changes - Fiscal 2025 was marked by strong earnings growth, with the company exceeding initial earnings guidance for the fifth consecutive year [5][14] - The company achieved a net financial earnings per share (NFEPS) guidance range of $3.03-$3.18 for fiscal 2026, consistent with a long-term growth rate of 7%-9% [5][17] - Total capital expenditures (CapEx) for fiscal 2025 were $850 million, with a projected five-year CapEx outlook of $4.8 billion-$5.2 billion, representing a 40% increase compared to the previous five years [15][16] Business Line Data and Key Metrics Changes - New Jersey Natural Gas is expected to achieve high single-digit rate-based growth through 2030, supported by responsible investments in safety and reliability [6][7] - Storage and Transportation (S&T) is projected to more than double net financial earnings by 2027, driven by favorable recontracting of both Adelphia and Leaf River [6][8] - Clean Energy Ventures (CEV) anticipates expanding capacity by over 50% over the next two years, with a robust pipeline of Safe Harbor projects [10][11] Market Data and Key Metrics Changes - The company noted a significant increase in contract rates at Leaf River, with average contract rates rising from approximately $0.09 to nearly $0.20 per decatherm [24] - The market demand for energy infrastructure is expected to grow, with the company positioned to capitalize on this trend through its investments [18][44] Company Strategy and Development Direction - The company plans to invest approximately $5 billion over the next five years, with about 60% allocated to New Jersey Natural Gas [5][6] - A disciplined capital investment strategy is in place to ensure sustainable growth, with minimal dilution to shareholders [7][10] - The company aims to maintain a healthy balance sheet with strong cash flows and ample liquidity, requiring no block equity issuance to execute its capital plan [6][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects, emphasizing the need for energy infrastructure and the company's ability to meet this demand [18][44] - The company is prepared to work with the new administration in New Jersey to address affordability issues and deploy clean energy solutions [19][39] Other Important Information - The company celebrated 30 consecutive years of dividend increases, reflecting confidence in its long-term strategy [14] - The company achieved record investments in its Save Green energy efficiency program, which helps customers reduce energy usage and costs [12][14] Q&A Session Summary Question: Can you discuss the contract renegotiations and the timing for FIDing expansion projects at Leaf River? - Management indicated that there is a bias towards longer-term contracts, with significant upgrades in contract rates driving earnings growth [24][25] Question: What is the current status of construction for Clean Energy Ventures projects? - Management confirmed that many projects are shovel-ready and positioned to meet the state's capacity needs, with a strong project pipeline [27][28] Question: How should investors model the earnings cadence for the upcoming projects? - Management advised that the capital plan provides the most accurate picture of achievable investments, with potential for acceleration based on policy support [31] Question: What are the affordability efforts in New Jersey? - Management highlighted that natural gas remains the cheapest heating option and emphasized ongoing energy efficiency programs to help customers reduce costs [39] Question: Are there any headwinds to the EPS growth outlook? - Management expressed confidence in the overall growth strategy, noting that investments in energy infrastructure are expected to drive earnings growth [44][46]

Financial Data and Key Metrics Changes - The company reported third quarter 2025 adjusted earnings of $2.17 per share, an increase from $1.87 per share in the third quarter of 2024, reflecting a growth of approximately 16% [5][25]. - The GAAP earnings for the same period were $2.35 per share, which included a tax benefit of $0.18 per share due to IRS guidance and a FERC order [25][6]. - The company expects adjusted diluted earnings per share for 2025 to be in the range of $4.90-$5.10, up from the original guidance of $4.85-$5.05 [10][27]. Business Line Data and Key Metrics Changes - The company deployed over $3 billion in critical infrastructure upgrades during the first three quarters of 2025, including significant investments in electric distribution and transmission systems [7][8]. - In Missouri, 11,300 electric distribution poles were replaced, and in Illinois, over 8,500 stronger electric distribution poles were installed [7][8]. - The company has invested more than $825 million in new or existing generation resources, with plans to add approximately 10 gigawatts of generation capacity by 2035 [8][9]. Market Data and Key Metrics Changes - Total normalized retail sales in Ameren Missouri increased by approximately 1.5% across all customer classes over the trailing 12 months through September [26]. - The company is actively engaging with potential data center customers, with signed construction agreements now totaling 3 gigawatts, up from 2.3 gigawatts [12][56]. - The anticipated new load from data center customers is expected to contribute significantly to sales growth, with projections of 1 gigawatt by 2029 and 1.5 gigawatts by 2032 [12][13]. Company Strategy and Development Direction - The company is focused on investing in electric and natural gas infrastructure to enhance reliability and safety, while also optimizing operations to keep customer rates affordable [4][5]. - The strategy includes engaging with stakeholders on economic development opportunities and advancing regulatory frameworks to support large-load customers [5][11]. - The company aims to maintain a balanced energy mix, targeting approximately 70% generation from on-demand resources and 30% from intermittent resources by 2040 [16]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic growth potential of the regions served, highlighting significant opportunities for investment and job creation [4][5]. - The company expects to continue delivering strong earnings growth, projecting a compound annual growth rate of 6-8% from 2025 through 2029 [10][22]. - Management emphasized the importance of regulatory approvals and energy service agreements to solidify future growth expectations [46][78]. Other Important Information - The company has a pipeline of investment opportunities exceeding $68 billion, with further details expected in February regarding planned capital investments for 2026-2030 [21][22]. - Leadership changes were announced, with Michael Moehn transitioning to Group President of Ameren's Utilities and Lenny Singh becoming the new CFO [23][24]. Q&A Session Summary Question: Will the increase in data center construction agreements necessitate revisions to generation plans? - Management indicated that the current generation plans can accommodate the increased sales expectations from the expanded data center agreements, with further evaluations to be made as ramp rates are established [34][36]. Question: What factors contribute to the company's current earnings guidance? - Management noted that the guidance reflects a conservative approach based on known factors, with potential for upside as regulatory approvals and energy service agreements are finalized [45][77]. Question: How does the recent omnibus energy bill in Illinois impact the business? - Management highlighted that the bill introduces integrated resource planning and increased investment in energy efficiency, which could provide opportunities for the company [60][62]. Question: Can you clarify the $5 billion increase in the capital plan pipeline? - Management explained that the increase is due to various factors, including investments in generation and grid reliability, with more details to be provided in February [87][88].

Financial Data and Key Metrics Changes - The company reported third quarter 2025 adjusted earnings of $2.17 per share, an increase from $1.87 per share in the third quarter of 2024, reflecting a $0.30 increase in adjusted earnings per share [5][25][26] - The GAAP earnings for the third quarter 2025 were $2.35 per share, which included a tax benefit of $0.18 per share due to IRS guidance [25][26] - The company expects adjusted diluted earnings per share for 2025 to be in the range of $4.90-$5.10, up from the original guidance of $4.85-$5.05 [10][27] Business Line Data and Key Metrics Changes - Ameren invested over $3 billion in critical infrastructure upgrades during the first three quarters of 2025, including the replacement of 11,300 electric distribution poles and installation of 300 smart switches [7][8] - The company has invested more than $825 million in new or existing generation resources through September 2025, with plans to add approximately 10 GW of generation capacity by 2035 [8][9] Market Data and Key Metrics Changes - Total normalized Ameren Missouri retail sales increased by approximately 1.5% across all customer classes over the trailing 12 months through September [26] - The executed construction agreements with data center developers in Missouri expanded to 3 GW, up from 2.3 GW, indicating strong demand in the region [12][58] Company Strategy and Development Direction - The company is focused on investing in electric and natural gas infrastructure to enhance reliability and safety, while also optimizing operations to keep customer rates affordable [4][5] - Ameren's long-term earnings growth guidance is set at a 6%-8% compound annual growth rate from 2025 through 2029, driven by strategic infrastructure investments [10][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic growth of the regions served, highlighting opportunities for investment and job creation [4][5] - The company anticipates significant growth in data center demand, with expectations of 1 GW of new load from data center customers by the end of 2029 [12][14] Other Important Information - A leadership transition is set for January 1, with Michael Moehn becoming Group President of Ameren's Utilities and Lenny Singh taking over as CFO [23][24] - The company plans to provide updates on its five-year sales growth expectations and capital investments in February 2026 [12][22] Q&A Session Summary Question: Will the increase in data center construction agreements necessitate revisions to generation plans? - Management confirmed that the increase to 3 GW of construction agreements enhances confidence in sales projections and current generation plans can accommodate this growth [34][36] Question: What factors contribute to the current earnings guidance being at the lower end of the growth range? - Management indicated that while they are currently projecting growth within the 6%-8% range, they are open to revising this based on economic development opportunities and regulatory approvals [44][46] Question: Can you elaborate on the implications of the recent Omnibus Energy bill in Illinois? - Management highlighted that the bill introduces integrated resource planning and increased investment in energy efficiency, which could benefit the company in the long run [60][62] Question: How does the company view the potential for incremental investments from the Clean Grid Reliability Act? - Management noted that the biggest opportunity lies in energy efficiency investments, which are expected to double, providing regulatory asset treatment [68][70] Question: What is the breakdown of the 2 GW in advanced discussions for data centers? - Management clarified that the 2 GW in advanced discussions is specific to Missouri, with ongoing interest from developers in both states [91][92]

Financial Data and Key Metrics Changes - Ameren reported third quarter 2025 adjusted earnings of $2.17 per share, an increase from $1.87 per share in the third quarter of 2024, reflecting a $0.30 increase in adjusted earnings per share [5][25][26] - The company recorded a tax benefit of $0.18 per share in the third quarter of 2025, which was excluded from adjusted earnings [6][25] - The updated earnings guidance for 2025 is now in the range of $4.90-$5.10, up from the original range of $4.85-$5.05 [10][27] Business Line Data and Key Metrics Changes - Ameren invested over $3 billion in critical infrastructure upgrades during the first three quarters of 2025, including the replacement of 11,300 electric distribution poles and installation of 300 smart switches [6][8] - In Missouri, the company has invested more than $825 million in new or existing generation resources, with plans to add approximately 10 gigawatts of generation capacity by 2035 [8][9] - The transmission business placed in service 11 new or upgraded transmission substations and 40 miles of new or upgraded transmission lines [7] Market Data and Key Metrics Changes - Total normalized Ameren Missouri retail sales increased by approximately 1.5% across all customer classes over the trailing 12 months through September [26] - The company expects to see significant economic growth in the region, driven by investments in data centers and other sectors, which will necessitate incremental investment in utility infrastructure [4][12] Company Strategy and Development Direction - Ameren's strategy focuses on investing in electric and natural gas infrastructure to enhance reliability and safety while optimizing operations to keep customer rates affordable [4][5] - The company is actively engaging with stakeholders on economic development opportunities and regulatory frameworks to support new large-load customers [5][11] - Ameren aims to maintain a balanced energy mix, targeting approximately 70% generation from on-demand resources and 30% from intermittent resources by 2040 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve strong long-term earnings growth, projecting a compound annual growth rate of 6-8% from 2025 through 2029 [10][23] - The leadership team highlighted the importance of securing energy services agreements with hyperscalers to solidify sales growth expectations [39][54] - The company anticipates a bright future, driven by significant investment opportunities and economic growth in the communities it serves [5][12] Other Important Information - A leadership update was announced, with Michael Moehn transitioning to Group President of Ameren's Utilities and Lenny Singh becoming the Chief Financial Officer [24] - The company has a pipeline of investment opportunities exceeding $68 billion, which will be detailed in February [22] Q&A Session Summary Question: Will future revisions to generation plans be needed with the new data center agreements? - Management indicated that the current generation plans can accommodate the increased sales expectations from the new data center agreements, with further evaluations to be made as ramp rates are established [33][34] Question: What factors contribute to the current earnings guidance? - Management emphasized that the guidance reflects strong sales growth, new electric service rates, and increased expenditures for energy center reliability [38][39] Question: How does the company view the implications of the recent omnibus energy bill in Illinois? - Management noted that the bill introduces integrated resource planning and increased investment in energy efficiency, which could provide opportunities for Ameren [46][48] Question: Can you clarify the breakdown of advanced discussions for data centers? - Management confirmed that the 2 gigawatts in advanced discussions are primarily in Missouri, with significant opportunities for data center development in both Missouri and Illinois [60][61]

Group 1: Eiger Express Pipeline Overview - The Eiger Express Pipeline is designed to transport up to 2.5 billion cubic feet per day (Bcf/d) of natural gas through approximately 450 miles of 42-inch pipeline from the Permian Basin in West Texas to the Katy area [2] - The pipeline will source supply from multiple connections in the Permian Basin, including gas processing facilities in the Midland Basin and from the Delaware Basin via the Agua Blanca Pipeline [2] - The Eiger Express Pipeline is a joint venture owned 70% by the Matterhorn JV, with ONEOK and MPLX each holding a 15% stake, resulting in 25.5% and 22% ownership in the pipeline for ONEOK and MPLX respectively [3] Group 2: Matterhorn Joint Venture - The Matterhorn JV is owned by WhiteWater (65%), ONEOK (15%), MPLX (10%), and Enbridge (10%), and it owns long-haul natural gas pipelines that transport gas from the Permian Basin to the Gulf Coast [4] - The Matterhorn JV also owns the Matterhorn Express Pipeline and 70% of the Eiger Express Pipeline [4] Group 3: Company Profiles - WhiteWater is an Austin, Texas-based infrastructure company that operates multiple gas transmission assets, including the Matterhorn Express Pipeline and the Eiger Express Pipeline [5] - ONEOK is a leading midstream operator with a pipeline network of approximately 60,000 miles, providing essential energy products and services [8][9] - MPLX is a diversified master limited partnership that owns and operates midstream energy infrastructure and logistics assets [10] - Enbridge connects millions to energy through its North American natural gas, oil, and renewable power networks, and is investing in modern energy delivery infrastructure [11]