Financial Data and Key Metrics Changes - The company reported third-quarter GAAP earnings of $0.76 per share, an increase from $0.73 in the same quarter last year [4] - Core earnings for the quarter were $0.83 per share, compared to $0.76 in Q3 2024, and year-to-date core earnings reached $2.02 per share, up 15% from $1.76 in 2024 [4][18] - The company invested $4 billion in capital for regulated utilities in the first nine months of 2025, a 30% increase compared to the previous year [4][22] - The updated guidance for 2025 is raised to a midpoint of $2.53 per share, with a range of $2.50-$2.56 [5][16] Business Line Data and Key Metrics Changes - Distribution business earnings improved by 20% year-to-date due to a $225 million annual rate adjustment in Pennsylvania and higher customer demand [19] - Integrated segment earnings increased by $0.05 per share, or 7%, driven by formula rate investments in transmission systems [19] - Standalone transmission business earnings rose approximately 7%, supported by a strong capital investment program [19] Market Data and Key Metrics Changes - The contracted customer demand from data centers increased by over 30% since the last earnings call, with expectations for FirstEnergy's system peak load to rise by 15 GW by 2035 [7] - The overall sales were 1% higher than last year, remaining flat on a weather-adjusted basis [21] Company Strategy and Development Direction - The company is increasing its 2025 capital investment program by 10% to $5.5 billion, focusing on system reliability and resiliency [5][12] - A long-term integrated resource plan in West Virginia aims to add 70 MW of utility-scale solar and 1.2 GW of natural gas generation by 2031 [9][10] - The company is committed to maintaining affordability for customers, with average bills 19% below in-state peers [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a core earnings compound annual growth rate of 6%-8% through 2029, supported by increased capital investments [16][18] - The company is actively engaging with regulators to address rising consumer energy costs and advocating for changes in capacity auctions [62][80] Other Important Information - The company successfully completed its 2025 financing plan with nearly $6 billion in debt financing, demonstrating a strong credit profile [24] - The company expects an order in the Ohio base rate case in November, followed by a multi-year rate plan filing [25] Q&A Session Summary Question: Discussion on West Virginia generation and capital recovery - Management explained that for build-own-transfer scenarios, capital recovery would occur during construction, with significant earnings coming once the asset is operational [32] Question: Thoughts on increased CapEx opportunities - Management indicated that increased CapEx would support the 6%-8% earnings per share growth outlook, with confidence in achieving the upper end of that range [38][83] Question: Data center pipeline activity - Management confirmed that there is currently about $1 billion of CapEx associated with transmission interconnection requests from large load customers [41] Question: Affordability pressures in New Jersey - Management acknowledged that generation costs are driving bill increases and emphasized efforts to mitigate these impacts for customers [62] Question: Transmission upside and open window outcomes - Management stated that the 30% increase in transmission CapEx is based on incremental work rather than inflation, with a modest amount from pending PJM open window projects included in the plan [66][68]

Financial Data and Key Metrics Changes - Third-quarter GAAP earnings were reported at $0.76 per share, an increase from $0.73 in the same quarter last year [4] - Core earnings for the quarter were $0.83 per share, compared to $0.76 in Q3 2024, with year-to-date core earnings at $2.02 per share, up 15% from $1.76 in 2024 [4][17] - The company invested $4 billion in capital for regulated utilities in the first nine months of 2025, a 30% increase compared to the previous year [4][22] - The 2025 capital investment program was increased by 10% to $5.5 billion [5] Business Line Data and Key Metrics Changes - Distribution business saw a 20% improvement in year-to-date earnings due to a $225 million annual rate adjustment in Pennsylvania and higher customer demand [19] - Integrated segment earnings improved by $0.05 per share, or 7%, primarily from formula rate investments in transmission systems [19] - Standalone transmission business earnings increased approximately 7%, driven by a strong capital investment program [19] Market Data and Key Metrics Changes - Load growth from data centers is expected to increase FirstEnergy's system peak load by 15 gigawatts, nearly 50% from 33.5 gigawatts this year to 48.5 gigawatts by 2035 [6][7] - Across PJM, peak load projections are forecasted to increase by nearly 48 gigawatts by 2035, representing 30% of the current peak load [7] Company Strategy and Development Direction - The company is focused on customer-focused investments to enhance system reliability and resiliency [4][5] - An integrated resource plan was submitted in West Virginia, outlining recommendations for maintaining affordable and reliable power over the next decade [8] - The company plans to add 70 megawatts of utility-scale solar and 1.2 gigawatts of natural gas generation by 2031, aligning with state energy initiatives [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a core earnings compound annual growth rate of 6% to 8% through 2029 [16] - The company is advocating for changes in state policies to address rising consumer energy costs and is actively engaging with regulators [78] - Management highlighted the importance of maintaining affordability for customers, noting that average electric bills have increased by 11% in deregulated states [14][15] Other Important Information - The company expects to file a multi-year rate plan in Ohio following the base rate case order expected in November [24][25] - Cash from operations was reported at $2.6 billion, an increase of over $700 million compared to 2024 [24] Q&A Session Summary Question: Discussion on West Virginia generation and capital recovery - Management explained that for build-own-transfer scenarios, capital recovery would occur during construction, with significant earnings coming once the asset is operational [32] Question: Rate case strategy for 2026 - Management indicated that they would follow a similar cadence as previous years for rate cases, emphasizing the need for timely recovery of capital investments [34] Question: Impact of increased CapEx on earnings growth outlook - Management believes the increased CapEx will support the 6% to 8% earnings growth range, providing confidence in achieving upper-end targets [38] Question: Data center pipeline and transmission CapEx - Management noted that there is approximately $1 billion of CapEx associated with transmission interconnection requests from large load customers [41] Question: Confidence in load forecasts - Management expressed confidence in load forecasts based on contracted projects and various criteria to ensure customer commitments [56] Question: Affordability pressures in New Jersey - Management acknowledged the understanding of generation costs driving bill increases and emphasized efforts to mitigate these impacts [62]

Financial Data and Key Metrics Changes - Third-quarter GAAP earnings were reported at $0.76 per share, an increase from $0.73 in the same quarter last year [4] - Core earnings for the quarter were $0.83 per share, compared to $0.76 in Q3 2024, with year-to-date core earnings at $2.02 per share, up 15% from $1.76 in 2024 [4][18] - The company invested $4 billion in capital for regulated utilities in the first nine months of 2025, a 30% increase compared to the previous year [4][21] - The 2025 capital investment program was increased by 10% to $5.5 billion [5] Business Line Data and Key Metrics Changes - Distribution business saw a 20% improvement in year-to-date earnings due to a $225 million annual rate adjustment in Pennsylvania and higher customer demand [19] - Integrated segment earnings improved by $0.05 per share, or 7%, primarily from formula rate investments in transmission systems [19] - Standalone transmission business earnings increased approximately 7%, driven by a strong capital investment program [19] Market Data and Key Metrics Changes - Load growth from data centers is expected to increase FirstEnergy's system peak load by 15 gigawatts, nearly 50% from 33.5 gigawatts this year to 48.5 gigawatts by 2035 [6] - Across PJM, peak load projections are forecasted to increase by nearly 48 gigawatts by 2035, representing 30% of the current peak load of 162 gigawatts [6] Company Strategy and Development Direction - The company is focused on customer-focused investments to enhance system reliability and resiliency [5][12] - An integrated resource plan was submitted in West Virginia, outlining recommendations for maintaining affordable and reliable power over the next decade [8] - The company plans to roll out a higher capital expenditure plan for the 2026 through 2030 planning period early next year [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about opportunities ahead, reaffirming a core earnings compound annual growth rate of 6% to 8% [5][16] - The company is advocating for changes in state leadership to address rising customer bills, particularly in deregulated states [14][62] - Management highlighted the importance of maintaining affordability for customers while pursuing significant capital investments [13][16] Other Important Information - The company expects a consolidated return on equity of 10.1%, slightly above the targeted range of 9.5% to 10% [22] - Cash from operations was reported at $2.6 billion, an increase of over $700 million compared to 2024 [23] - The company is preparing to file a multi-year rate plan in Ohio following the expected order in the base rate case [24] Q&A Session Summary Question: Discussion on West Virginia generation and capital recovery - Management explained that for a build-own-transfer scenario, capital recovery would occur during construction, with significant earnings coming once the asset is operational [28][29] Question: Rate case strategy for 2026 - Management indicated that they would follow a similar cadence as previous years, focusing on timely recovery through base rate increases [30][31] Question: Impact of increased CapEx on earnings growth outlook - Management believes the increased CapEx opportunities will solidify their ability to remain within the 6% to 8% earnings per share growth range [33] Question: Data center pipeline and transmission CapEx - Management noted that there is approximately $1 billion of CapEx associated with transmission interconnection requests due to strong data center activity [34][35] Question: Affordability pressures in New Jersey - Management acknowledged that generation costs are driving bill increases and emphasized their efforts to mitigate these impacts [51][52]

Financial Data and Key Metrics Changes - GAAP earnings for Q2 2025 were $0.46 per share, compared to $0.08 in Q2 2024 [6] - Core earnings were $0.52 per share for the quarter, up from $0.51 in the same quarter last year, indicating a strong performance [7][22] - Year-to-date core earnings reached $1.19 per share, reflecting a 19% increase compared to 2024 [23] - Consolidated return on equity was 9.7%, aligning with the targeted range of 9.5% to 10% [23] Business Line Data and Key Metrics Changes - The distribution and integrated businesses showed meaningful increases due to the execution of regulated strategies and higher customer demand [23] - Operating expenses were approximately 4% below plan, contributing to favorable financial performance [51] - Capital investments for 2025 are on track with over $1.4 billion deployed in Q2 and more than $2.5 billion in the first half of the year, which is 29% ahead of the same period in 2024 [25] Market Data and Key Metrics Changes - The data center pipeline has increased over 80% to 11.1 gigawatts since February, with contracted data center load rising approximately 25% to 2.7 gigawatts [12] - Requests for large load studies greater than 500 megawatts have surged, with over 95 gigawatts requested since the beginning of 2024 [13] Company Strategy and Development Direction - The company is focused on a $28 billion capital investment plan through 2029 to enhance system resiliency and reliability [9][20] - Significant investments in Pennsylvania are planned, with $15 billion expected through 2029, including $4.3 billion in distribution and $5.5 billion in transmission capital investments [11] - The company aims to be recognized as a premier electric utility, targeting a compound annual growth rate of 6% to 8% through 2029 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving core earnings in the upper half of the guidance range of $2.4 to $2.6 per share for 2025 [19] - The leadership team is focused on optimizing performance and financial strength, with a commitment to delivering stable growth [19][29] - Management highlighted the need for new dispatchable generation in West Virginia and is prepared to invest accordingly [40] Other Important Information - The company successfully sold its minority ownership in the Signal Peak coal mine for $47.5 million, eliminating any remaining financial or operational liabilities [29] - The company is committed to maintaining a strong balance sheet and investment-grade metrics, targeting a funds from operations to debt ratio of 14% plus through 2029 [28] Q&A Session Summary Question: Clarification on transmission CapEx upside - The company indicated that the 20% increase in CapEx is gross and includes approximately $2.3 billion to $4 billion identified for shareholders [34][35] Question: Balance sheet capacity and equity considerations - Management stated they are keeping all options open regarding balance sheet capacity and would consider equity if necessary, but are not currently concerned [36][37] Question: Data center pipeline and negotiations - The pace of negotiations is driven by customer demand, with legitimate developers willing to sign contracts [43] Question: Incremental generation needs in West Virginia - The company anticipates needing to add about 1,000 megawatts of dispatchable gas combined cycle generation over the next ten years [45] Question: Ohio regulatory strategy post-rate case - Future regulatory strategy will depend on the outcomes of the current rate case, with plans to file under the new framework as soon as practicable [91][92]

Financial Data and Key Metrics Changes - Exelon reported operating earnings of $0.92 per share for Q1 2025, up from $0.68 per share in Q1 2024, reflecting a growth of $0.24 per share [17][18] - The earnings increase was primarily driven by $0.14 from new distribution and transmission rates, $0.03 from favorable weather, and $0.02 from tax repairs timing, partially offset by $0.03 from higher interest expenses [17][18] - The company reaffirmed its annualized earnings growth rate of 5% to 7% through 2028, with a projected full-year operating earnings range of $2.64 to $2.74 per share [20][32] Business Line Data and Key Metrics Changes - ComEd and Pepco Holdings are projected to achieve top decile auto frequency and duration performance, while VGE and PECO are in the top quartile [8] - The company has a 17 gigawatt pipeline of opportunity, with an additional 16 gigawatts of high-density load under advanced studies [13][14] Market Data and Key Metrics Changes - The Maryland legislature passed several energy bills aimed at enhancing energy security, including provisions for battery storage and competitive procurement processes [9][40] - PJM has made progress in addressing capacity market issues, with FERC approving solutions that include a temporary price collar [11][12] Company Strategy and Development Direction - Exelon plans to invest $38 billion over the next four years, aiming for a 7.4% rate base growth financed through a balanced mix of debt and equity [15][32] - The company is focused on enhancing customer service and reliability while managing affordability challenges amid economic uncertainties [28][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting objectives despite potential legislative impacts on reconciliations in Maryland [36][42] - The company is actively engaging in discussions to address resource adequacy and affordability, emphasizing a portfolio approach to meet future energy needs [87][89] Other Important Information - Exelon has completed nearly 50% of its planned long-term debt financing for 2025, raising $650 million for Pepco Holdings utilities [24][25] - The company is advocating for legislative changes to lower energy costs for customers, particularly regarding the corporate alternative minimum tax [26][30] Q&A Session Summary Question: Impact of new Maryland legislation on reconciliations - Management expects the reconciliation to proceed without hindrance and is confident in meeting future budget objectives despite legislative changes [36][42] Question: FERC two zero six settlement discussions - Management is open to discussions and aims for a quick resolution to support customer needs [44] Question: Involvement in Pennsylvania legislation for regulated generation - Management supports any measures that enhance resource adequacy and affordability for customers [48] Question: Timing for data center load ramp-up - Management anticipates that 10% of the load will be operational by 2028, with a third by 2030 and three-fourths by 2034 [71] Question: Addressing affordability challenges - Management is actively working to assist customers with energy efficiency programs and community engagement to mitigate cost impacts [76][79] Question: Timeline for lessons learned docket in Maryland - Management expects a decision on the lessons learned process by the end of Q2 2025, emphasizing the importance of multi-year plans [82][84]