Core Insights - FirstEnergy Corp.'s subsidiaries, Mon Power and Potomac Edison, have submitted an Integrated Resource Plan (IRP) to the West Virginia Public Service Commission, outlining strategies for reliable and cost-effective power delivery over the next decade [1][2]. Group 1: Integrated Resource Plan (IRP) Overview - The IRP aims to address the growing demand for electricity, particularly from sectors like data centers and advanced manufacturing, while ensuring power remains accessible and resilient [2][4]. - The preferred plan includes a 1,200-megawatt natural gas combined-cycle power plant, which is expected to be operational around 2031, and the addition of 70 megawatts of utility-scale solar by 2028 [7]. Group 2: Goals and Recommendations - The IRP is guided by three main goals: balancing reliability, affordability, and local investment while managing environmental impacts [3][7]. - The plan supports West Virginia's "50 by 50" initiative, which aims to increase the state's energy capacity to 50 gigawatts by 2050, positioning it as a leader in energy innovation [4]. Group 3: Customer Base and Service Areas - Mon Power serves approximately 395,000 customers across 34 counties in West Virginia, while Potomac Edison serves about 285,000 customers in Maryland and 155,000 in the Eastern Panhandle of West Virginia [4][5]. Group 4: Operational Strategy - The IRP includes maintaining the operational status of the Fort Martin Power Station and Harrison Power Station throughout the 10-year planning period [7]. - Short-term power purchases will be utilized to ensure reliability until new resources are brought online [7].

Financial Performance - IDACORP's net income for the three months ended June 30, 2025, was $95781 thousand, compared to $89520 thousand for the same period in 2024[13] - Diluted earnings per share increased from $1.71 in Q2 2024 to $1.76 in Q2 2025[13] - For the six months ended June 30, 2025, net income was $155428 thousand, up from $137693 thousand in the first half of 2024[13] - Diluted earnings per share for the first six months of 2025 were $2.87, compared to $2.67 in the same period of 2024[13] Load and Customer Growth - The 2025 Integrated Resource Plan (IRP) forecasts a 5-year annual retail sales growth rate of 8.3% and an annual peak growth rate of 5.1%[14] - The 20-year forecasted annual growth rate for retail sales is 2.7% and for annual peak is 1.9%[14] - Customer growth for the twelve months ended June 30, 2025, was 2.5%[17] Capital Projects and Resource Planning - The Boardman-to-Hemingway (B2H) transmission line project broke ground in June 2025, with an expected in-service date in late 2027; Idaho Power's interest in B2H is approximately 45%[22, 25] - The 2025 IRP includes converting Valmy units 1 and 2 from coal to natural gas in Summer 2026[26] - The 2025 IRP preferred portfolio includes the need for 450 MW of new gas resources in 2029 and 2030 and 355 MW of peak capacity resources in 2028 and 2029[27] Regulatory and Financial Matters - Idaho Power filed a general rate case with the IPUC on May 30, 2025, requesting a $199.1 million, or 13.09%, increase in total Idaho-jurisdictional revenue, effective January 1, 2026[32] - As of June 30, 2025, Idaho Power had $400 million and IDACORP had $100 million net balance available from revolving credit facilities[34] - IDACORP has an At-the-Market Offering Program with $143.5 million net proceeds available as of June 30, 2025[34] - IDACORP entered into Forward Sale Agreements that could yield $560.4 million, settled by November 9, 2026[37] - IDACORP's earnings per share guidance for 2025 is $5.70 – $5.85 per diluted share[39]

Core Viewpoint - Georgia Power is expanding its energy mix to meet the growing energy needs of Georgia, with a focus on reliability and economic efficiency through a diverse range of resources including natural gas, battery energy storage systems (BESS), and solar energy [1][3]. Group 1: New Resource Certification - Georgia Power has requested certification from the Georgia Public Service Commission (PSC) for approximately 9,900 megawatts (MW) of new resources, primarily sourced from an "all-source" request for proposals (RFP) [1]. - The majority of the resources, about 8,000 MW, were selected based on bids from the RFP, which was approved in the 2022 Integrated Resource Plan (IRP) [1][2]. - The company is also seeking approval for an additional 1,886 MW of supplemental resources to meet near-term energy needs not covered by the initial RFP [2]. Group 2: Natural Gas and Emission Reduction - Georgia Power is incorporating cleaner natural gas into its generation mix, which has led to a reduction in overall carbon emissions by over 60% since 2007 [4]. - The filings include a request to certify five new combined cycle (CC) units totaling 3,692 MW, strategically located to ensure grid stability and support economic growth [4]. Group 3: Battery Energy Storage Systems (BESS) - The company is actively integrating BESS technology to enhance the reliability and resilience of the electric system, allowing for better management of renewable energy resources [5]. - Construction is underway for 765 MW of new BESS across Georgia, with additional requests for 10 new BESS facilities totaling 3,022.5 MW [6]. - The new BESS facilities will be strategically placed to maximize efficiency and reliability, with projects including solar energy integration [7]. Group 4: Project Details - Specific projects include: - Plant Bowen: Two CCs with a combined capacity of 1,482 MW [6]. - Plant McIntosh: One CC with a capacity of 757 MW [6]. - Plant Wansley: Two CCs with a combined capacity of 1,453 MW [6]. - Additional projects include eleven PPAs totaling 2,821 MW for new BESS facilities and natural gas generation [7].

Financial Data and Key Metrics Changes - In Q1 2025, CMS Energy reported adjusted earnings per share of $1.02, a favorable comparison to the same period in 2024, largely due to normal winter weather and higher rate relief [28][30] - The company reaffirmed its full-year guidance of $3.54 to $3.60 per share, maintaining confidence towards the high end of the range [28][30] - Adjusted net income for the first quarter was $304 million, reflecting a positive variance driven by weather and rate relief [30][31] Business Line Data and Key Metrics Changes - The absence of mild weather in Q1 2024 contributed to a favorable variance of 26 cents per share, while rate relief net of investment-related expenses added 7 cents per share [31] - Higher O&M costs at the utility were noted, driven by the execution of the electric reliability roadmap [30][32] Market Data and Key Metrics Changes - The company reported a significant increase in its data center pipeline, which grew to nine gigawatts, with 65% of that attributed to data centers following the elimination of sales and use taxes [25][27][43] - The electric rate order received in March was approximately 65% of the revised ask, indicating strong regulatory support for investments aimed at improving electric reliability [13][34] Company Strategy and Development Direction - CMS Energy's strategy focuses on conservative planning, disciplined execution, and a commitment to excellence across its electric and gas businesses [7][8] - The company is preparing to file its next electric rate case in Q2 and anticipates a constructive outcome in its pending gas rate case [14][34] - The renewable energy plan (REP) is expected to define the company's clean energy future, with a filing planned for next year [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating economic uncertainties, citing a diversified service territory with minimal exposure to the auto industry [17][21] - The company is actively monitoring supply chain dynamics and has a domestic sourcing strategy to limit exposure to tariffs [18][19] - Management highlighted the importance of the Inflation Reduction Act and its potential impact on renewable tax credits, while also noting Michigan's supportive energy law [20][21] Other Important Information - The storm that impacted Michigan in late March and early April was characterized as the costliest in the company's history, with preliminary estimates of $100 million in O&M expenses [34][35] - Fitch reaffirmed the company's credit ratings in March, and the company is targeting solid investment-grade credit ratings [38][39] Q&A Session Summary Question: Can you remind us what percentage of capital is going towards solar storage? - Management indicated that NorthStar represents about 5% of the EPS mix, with no capital currently allocated to storage, focusing instead on renewable projects [47][48] Question: Have you done a deferred accounting order before? - Management noted that this is atypical but justified given the historic nature of the storm, and they are seeking a quick resolution from the commission [65][66] Question: How are you thinking about the execution on the financing plan? - Management confirmed that they still have about $700 million left for financing needs and are keeping all options on the table for attractive securities [72][74] Question: What is the magnitude of earnings exposure in your plan? - Management guided NorthStar at $0.18 to $0.22 per share, with a significant portion expected from ongoing assets and two solar projects [104][105] Question: Did you see a big change in interest after the state approved the tax exemptions? - Management confirmed that the pipeline grew significantly, with 65% now attributed to data centers due to the tax exemptions [143]