Core Insights - Edison International is addressing the aftermath of the Eaton fire, which may have been caused by its equipment, and is working on a wildlife compensation fund to support affected victims [2][3][4] Company Actions - The company has launched a wildfire recovery compensation program allowing impacted individuals to file claims directly, with an expedited process for offers within 90 days [5][6] - Edison International has engaged experts to design the compensation program, aiming to attract a significant number of claims from eligible properties [6][7] Risk Mitigation Efforts - The company acknowledges that wildfire risk will increase, with predictions of a 20% rise in wildfire ignitions in California by 2050 [10] - Edison International has been proactive in redesigning its infrastructure, with 27% of its 50,000 square miles territory classified as high fire risk, and has replaced 6,800 miles of overhead bare wire with insulated wire to mitigate risks [11][12] Regulatory Environment - The state has implemented laws such as AB 1054 and SB 254 to establish clear wildfire mitigation plans and liability caps for utilities, balancing accountability and financial health [14][15] - A new study is mandated to assess building codes, insurance access, and the broader economic impacts of wildfire risks, recognizing that utilities should not bear the catastrophic risk alone [16][17]

Earnings Performance - IDACORP's net income for the three months ended September 30, 2025, was $124.437 million, compared to $113.605 million for the same period in 2024[13] - Diluted earnings per share increased to $2.26 for the three months ended September 30, 2025, from $2.12 in 2024[13] - For the nine months ended September 30, 2025, net income was $279.865 million, up from $251.298 million in 2024[13] - Diluted earnings per share for the nine months ended September 30, 2025, were $5.13, compared to $4.82 in 2024[13] Load and Customer Growth - The 2025 Integrated Resource Plan (IRP) forecasts an 8.3% annual growth rate for retail sales (billed MWh) over the next 5 years[14] - The 2025 IRP forecasts a 5.1% annual growth rate for annual peak demand over the next 5 years[14] - Idaho Power customer growth was 2.3% year-over-year as of September 30, 2025[17] Rate Case Settlement - A settlement has been reached for Idaho General Rate Case, requesting a $110 million increase in total annual Idaho-jurisdictional revenue, equivalent to a 7.48% rise, pending IPUC approval[29] - The settlement provides for a 9.6% Idaho-jurisdiction return on equity (ROE) and a 7.41% authorized rate of return applied to an Idaho-jurisdiction retail rate base of approximately $4.9 billion[29] Financial Outlook - IDACORP's earnings per share guidance for 2025 is $5.80 - $5.90 per diluted share[43] - Idaho Power's additional amortization of ADITC is estimated to be $50 - $60 million[43] - Idaho Power's O&M expense is projected to be $470 - $480 million[43]

Financial Data and Key Metrics Changes - Xcel Energy reported GAAP earnings of $0.88 per share for Q3 2025, while ongoing earnings, excluding a non-recurring charge of $290 million, were $1.24 per share [4][16] - Earnings for Q3 2025 decreased slightly from $1.25 per share in Q3 2024, with significant earnings drivers including regulatory outcomes and electric and natural gas sales growth [16][24] - Weather-normalized electric sales increased by 2.5% through Q3 2025, with a forecast of 3% growth for the full year [17][24] Business Line Data and Key Metrics Changes - O&M expenses increased by $37 million compared to 2024, primarily due to a $25 million rise in health and benefit costs [17] - The company is experiencing strong residential sales growth across all operating companies, particularly in the oil and gas sector in New Mexico [64] Market Data and Key Metrics Changes - Xcel Energy's residential electricity and natural gas bills have been 28% and 12% below the national average, respectively, over the past five years [9] - The company has connected over 200,000 customers with nearly $300 million in financial resources since 2024, supporting those in need of assistance with energy bills [10] Company Strategy and Development Direction - Xcel Energy is reaffirming its earnings guidance for 2025 and has introduced an updated five-year infrastructure investment plan totaling $60 billion, aimed at meeting growing energy demand and enhancing system reliability [6][21] - The plan includes investments in renewable generation, natural gas-fired generation, and energy storage, with a focus on reducing wildfire risks and improving resiliency [7][8][21] - The company is leveraging artificial intelligence to enhance operational efficiency and customer satisfaction, with applications in risk modeling and infrastructure maintenance [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings guidance for the 21st consecutive year, highlighting a strong track record in the industry [6] - The company is optimistic about its growth opportunities, particularly in renewable energy and data center contracts, while maintaining a balanced financing strategy [21][22] - Management emphasized the importance of maintaining a strong balance sheet and credit metrics amid elevated capital expenditures [66] Other Important Information - Xcel Energy has made significant progress in settling wildfire claims, with a low-end estimated liability of $410 million and approximately $500 million in insurance coverage [20] - The company is actively pursuing renewable resource procurement to capture production tax credits before they expire [18] Q&A Session Summary Question: Clarification on EPS growth and guidance - Management confirmed that the 9% growth includes 2026 and is based on the midpoint of the current year's guidance [30] Question: Equity content in the capital plan - The $7 billion equity plan is considered from this point forward, with a focus on managing credit metrics [31] Question: Capital expenditure profile and growth rate - Management acknowledged that the capital plan is front-end loaded, with expectations for future opportunities to fill in the back end of the plan [36][40] Question: Load growth outlook across regions - Management noted strong growth in the SPS region driven by the oil and gas sector, while other regions are experiencing shifts in timing for data center loads [63] Question: Equipment availability and supply chain management - Management highlighted proactive measures taken to secure necessary equipment and maintain relationships with suppliers to mitigate supply chain challenges [72][75] Question: Trends in renewable versus gas generation - Management indicated a balanced approach, with significant investments in both renewables and natural gas to ensure system reliability [94]

Financial Performance - Q3 2025 GAAP EPS was $2.16, and Core EPS was $2.34[7] - Edison International narrowed its 2025 Core EPS guidance to $5.95–6.20[5, 7] - The company reaffirmed its confidence in delivering 5–7% Core EPS growth from 2025 to 2028, projecting an EPS of $6.74–7.14 in 2028[5] - The 2025-2028 capital plan is projected to be approximately $28–29 billion[17, 26] Regulatory and Legal Developments - California Legislature passed SB 254, establishing an $18 billion fund to support IOU financial stability, funded 50/50 by customers and IOUs, with SCE's share at approximately $145 million per year starting in 2029[5, 8] - A settlement agreement was filed to recover approximately $2.0 billion out of $5.6 billion in losses related to the Woolsey fire, representing 35% cost recovery[5, 14] - The CPUC's 2025 General Rate Case (GRC) decision approved approximately 92% of the requested base revenue, amounting to ~$9.7 billion, and 91% of the requested capital investment[17] Strategic Outlook - Edison International projects a rate base CAGR of 7–8% from 2024 to 2028[17, 31] - The company anticipates approximately 1-3% annual sales growth in the near term (2025-2028), 40-50% cumulative sales growth by 2035, and nearly 100% cumulative sales growth by 2045[52, 53] - The company expects to spend approximately $500–700 million during the 2026–2028 period on SB 254 capex[47]

2025 THIRD QUARTER EARNINGS Delivering For Customers AND Investors October 23, 2025 1 Forward-Looking Statements Planning For Wide-Ranging Wildfire Policy Reform… This presentation and the oral remarks made in connection with it contain statements regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") future performance, including expectations, objectives, and forecasts about operating results (including 2025 and 2026 non-GAAP core earnings), debt and equity issuances, refinanci ...

Financial Data and Key Metrics Changes - Edison International reported second quarter core earnings per share (EPS) of $0.97, down from $1.23 a year ago, with the year-over-year comparison being less meaningful due to the lack of a final decision in its 2025 general rate case [6][20][21] - The company remains confident in achieving its 2025 EPS guidance and delivering a 5% to 7% core EPS compound annual growth rate (CAGR) through 2028 [7][30] Business Line Data and Key Metrics Changes - SCE's core EPS variance was primarily driven by higher operating and maintenance (O&M) expenses and the net impact of regulatory decisions [20] - The proposed decision (PD) in SCE's 2025 general rate case would authorize base revenue of $9.8 billion for 2025, with incremental increases in subsequent years [12][23] Market Data and Key Metrics Changes - The PD supports significant capital investments in wildfire mitigation, grid modernization, and infrastructure replacement while considering affordability for customers [12][13] - SCE anticipates investing $6.2 billion in its wildfire mitigation plan from 2026 to 2028, which includes various safety and reliability measures [15] Company Strategy and Development Direction - The company is focused on enhancing its wildfire recovery compensation program and engaging with the community to support recovery efforts [9][19] - Edison International is optimistic about legislative support for California's regulatory framework, particularly regarding wildfire management and affordability [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the legislative process enhancing California's wildfire framework and emphasized the importance of a comprehensive approach to wildfire risk [9][10][19] - The company highlighted its commitment to operational excellence and cost management, which has resulted in the lowest system average rate among California's major industrial utilities [17] Other Important Information - The ongoing investigations into the Eaton fire are being conducted by SCE and the LA County Fire Department, with no new disclosures on ignition or estimated costs at this time [8][18] - The company is actively participating in various regulatory proceedings to de-risk its financial outlook and ensure alignment with customer needs [27][30] Q&A Session Summary Question: Regarding the proposed $18 billion fix, what is the company's stance on shareholder contributions? - Management indicated that while discussions are ongoing, they do not foresee a need for upfront contributions from shareholders, emphasizing the importance of a balanced legislative package [36][39] Question: How will the company communicate updates on the Eaton fire investigation? - Management stated that they would provide information during quarterly earnings calls but may disclose material information off-cycle if necessary [41][44] Question: Can you provide details on the proposed decision versus the range case forecast? - Management confirmed that the PD aligns with their range case forecast but noted that there are opportunities for additional capital beyond what has been flagged [48][49] Question: What are the company's thoughts on affordability legislation and securitization? - Management expressed concerns that securitization could lead to higher costs for customers in the long run and emphasized the need for alternative solutions to support affordability [57][61] Question: How does the company view the current regulatory environment and its impact on investor support? - Management acknowledged the challenges but expressed confidence in California's commitment to addressing utility needs and the clean energy transition [71][74] Question: What is the status of the Eaton investigation and potential equity issuance for wildfire fund contributions? - Management clarified that there are two separate investigations ongoing and emphasized that there is currently no need for upfront cash contributions to the wildfire fund [80][84]

Financial Data and Key Metrics Changes - Edison International reported second quarter core earnings per share (EPS) of $0.97, down from $1.23 a year ago, with the year-over-year comparison being less meaningful due to the lack of a final decision in its 2025 general rate case [5][19] - The company remains confident in achieving its 2025 EPS guidance and delivering a 5% to 7% core EPS compound annual growth rate (CAGR) through 2028 [6][29] Business Line Data and Key Metrics Changes - SCE's core EPS variance was primarily driven by higher operating and maintenance (O&M) expenses and the net impact of regulatory decisions [19] - The proposed decision (PD) in SCE's 2025 general rate case would authorize base revenue of $9.8 billion for 2025, with incremental increases in subsequent years [22] Market Data and Key Metrics Changes - The PD supports significant capital investments in wildfire mitigation, grid modernization, and infrastructure replacement while considering affordability for customers [11][12] - SCE anticipates investing $6.2 billion in its wildfire mitigation plan from 2026 to 2028, which includes various strategies to enhance safety and reliability [14] Company Strategy and Development Direction - The company is focused on enhancing California's wildfire regulatory framework and engaging with legislators to improve affordability measures [8][9] - SCE's long-term strategy includes ensuring the grid is prepared for California's electrified future, with a commitment to operational excellence and cost management [15][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in legislative actions that will enhance California's regulatory framework, particularly regarding wildfire management [18] - The company highlighted the importance of continuous engagement with the community and stakeholders to address wildfire risks and improve operational practices [7][10] Other Important Information - The ongoing investigation into the Eaton fire is being conducted by SCE and the LA County Fire Department, with no new disclosures on ignition or estimated costs at this time [6][17] - SCE has launched a wildfire recovery compensation program to provide direct payments to eligible individuals and businesses affected by the Eaton fire [8] Q&A Session Summary Question: Regarding the proposed $18 billion fix and utility contributions - Management indicated that discussions are ongoing, and the balance of the legislative package will be crucial in determining acceptable structures for utility contributions [36][40] Question: Expectations for disclosures on the Eaton fire - Management stated that they would provide information during quarterly earnings calls but may disclose material information off-cycle if necessary [42][43] Question: Details on the proposed decision versus the range case forecast - Management confirmed that the PD aligns with their range case forecast but noted that there are opportunities for additional capital beyond what has been flagged [46][47] Question: Thoughts on affordability legislation and securitization - Management emphasized the importance of operational excellence and highlighted alternative measures to support affordability without compromising the regulatory framework [55][60] Question: Status of the Eaton investigation - Management clarified that there are two separate investigations ongoing, with the official investigation led by LA County Fire and SCE's own investigation involving various stakeholders [77][80] Question: Potential equity issuance for wildfire fund contributions - Management expressed that upfront contributions would drive up the cost of capital and are not seen as necessary at this time, pending further legislative developments [81][83]

Financial Data and Key Metrics Changes - Core earnings per share for Q1 2025 are $0.33, down $0.04 compared to Q1 2024, with a reaffirmation of full-year guidance of $1.48 to $1.52, representing a 10% increase from 2024 results [6][29][30] - The return on equity (ROE) decreased from 10.7% in 2024 to 10.28% in 2025, impacting earnings [30][32] - The company expects to deliver its 2025 plan despite lower ROE and equity dilution from a December equity issuance [30][31] Business Line Data and Key Metrics Changes - The capital investment plan remains at $63 billion through 2028, with an additional estimated $5 billion in investment needs identified [34][36] - Operational and maintenance (O&M) savings exceeded $500 million in 2023 and nearly $350 million in 2024, contributing to improved financial performance [41][42] Market Data and Key Metrics Changes - The data center project pipeline has increased from 5.5 gigawatts to 8.7 gigawatts, with 1.4 gigawatts in final engineering [17][18] - For every gigawatt of new electric demand from data centers, customers may save between 1% to 2% on their electricity bill [20] Company Strategy and Development Direction - The company is focused on affordability, with bills forecasted to decrease in 2025 and again in 2026 [8][50] - The upcoming general rate case (GRC) filing on May 15 aims to reflect the simple affordable model and address infrastructure demands [12][62] - The company is advocating for legislative changes to improve the AB 1054 framework, which is crucial for attracting low-cost capital [9][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a constructive legislative outcome regarding AB 1054, emphasizing its importance for customer affordability and capital attraction [58][60] - The company is optimistic about the potential for beneficial load growth from data centers to help stabilize and reduce customer bills [20][112] Other Important Information - The company has achieved 814 days without a workplace fatality, marking a significant improvement in safety culture [26][27] - The utility issuer credit rating was upgraded to investment grade by Moody's, with ongoing efforts to achieve investment grade at the holding company level [36][154] Q&A Session Summary Question: Can you expand on the confidence regarding AB 1054 legislative outcomes? - Management highlighted the importance of AB 1054 for customer affordability and capital attraction, expressing confidence in a constructive outcome this year [58][60] Question: What differentiates your upcoming GRC from peers? - The GRC proposal will reflect a simple affordable model, focusing on infrastructure demands and improved O&M ratios to lower costs for customers [62][64] Question: How should we think about the $5 billion upside CapEx in the context of the upcoming filing? - The $5 billion is part of the capital plan, with potential for additional investments based on affordability and customer needs [73][76] Question: Can you provide an update on the data center pipeline? - Management expects 90% of the 1.4 gigawatts in final engineering to be built by 2030, with significant demand for compute power in Northern California [80][112] Question: What is the status of conversations with rating agencies regarding investment grade? - The company remains focused on maintaining a strong balance sheet and is optimistic that addressing AB 1054 uncertainty will lead to favorable actions from rating agencies [154][155]

Financial Performance & Guidance - The company is on track to meet its 2025 core EPS guidance, projecting a 10% increase[6,8] - The company reaffirms its core EPS guidance for 2026-2028, targeting at least 9% growth[6,8] - The first quarter 2025 non-GAAP core EPS was $0.33, compared to $0.37 in the first quarter of 2024[6,91] - The company targets a 20% dividend payout by 2028[8] - The 2025 non-GAAP core EPS guidance is between $1.48 and $1.52[6,28] Capital Investment & Rate Base - The company anticipates approximately 10% CAGR for rate base growth from 2023 to 2028[29] - The weighted average rate base is projected to be $63 billion from 2024 to 2028[29,30] - The company has at least $5 billion in customer beneficial investment opportunities[29] Operational Efficiency & Cost Reduction - The company aims for a 2% reduction in non-fuel O&M costs[12,37,41] - The company has a track record of exceeding the 2% annual O&M cost reduction target[38] - Net savings from O&M cost reductions are projected to be $200 million in 2025[37] Wildfire Mitigation & Safety - The company has completed 2,061 system hardening miles and 899 undergrounding miles[25] - The company has installed 1,585 sectionalizing devices and removed 4 million trees[25] - The company has installed 643 cameras and 1,589 weather stations for situational awareness[25] Data Center Load Growth - The company has a data center pipeline totaling 8,700 MW as of March 2025[15,45] - 1,400 MW of data center projects are in the final engineering phase[15,16] - The company estimates that 1 GW of data center load can lead to a 1%-2% electric bill reduction[15]