Company Overview - Portland General Electric (PGE) is a vertically integrated energy company serving approximately 950,000 retail customers in Oregon [14] - PGE aims for 100% clean energy by 2040, targeting an 80% reduction in greenhouse gas emissions by 2030 and a 90% reduction by 2035 [14] - In 2024, PGE's revenue was $3.4 billion, with a GAAP diluted earnings per share (EPS) of $3.01 and an adjusted non-GAAP EPS of $3.14 [14] Growth and Investment - PGE forecasts long-term EPS growth of 5% to 7% and dividend growth [18] - The company anticipates approximately 3% long-term load growth through 2029, driven by high-tech industrial customers [19, 23] - PGE's five-year base capital expenditure forecast of $6.5 billion drives 7% average rate base growth from 2024 [43] - Illustrative incremental RFP opportunities potentially increase average rate base growth to 9% from 2024 [43] Clean Energy Transition - PGE brought online 311 MW of wind energy and integrated 292 MW of battery storage in 2024 [18, 33] - The company plans to procure an additional 3,500 to 4,500 MW of non-emitting resources through multi-stage RFP processes by 2030 [18, 33] - In 2024, 45% of PGE's total system load was composed of specified, non-emitting energy sources [69] Financial Performance and Liquidity - PGE's total liquidity as of March 31, 2025, was $948 million, including $11 million in cash and $750 million in credit facilities [63] - The company expects to issue approximately $300 million in base equity per year in 2025 and 2026 [64] - PGE spent $228 million with diverse suppliers in 2024, representing 18% of total spend [75]

Core Insights - Itron has signed a contract with Hellenic Electricity Distribution Network Operator S.A. (HEDNO) to enhance grid edge intelligence in Greece, aiming for improved customer experience and modernization of the electric grid to support net-zero emissions by 2050 [1][5] Group 1: Project Overview - HEDNO will implement Itron's Enterprise Edition Meter Data Management (MDM) system to manage 7.7 million meters and nearly 1 million new intelligent narrowband-IoT cellular smart meters [2][3] - The deployment will enhance operational efficiency, customer service, and provide better visibility into energy consumption, leading to faster issue resolution and flexible billing options [2][3] Group 2: Technological Integration - Itron's MDM system will allow HEDNO to access comprehensive meter datasets for accurate loss detection, improved revenue collection, and predictive maintenance capabilities [3][4] - The solution is pre-integrated with Itron's Intelligent Edge Operating System (IEOS), facilitating advanced grid capabilities such as energy forecasting and distributed energy resource management [4] Group 3: Strategic Importance - The project is deemed crucial for the modernization of the Greek electricity market, with Itron's MDM system serving as the central hub for data collection and analysis [5] - Itron's global experience managing over 50 million endpoints positions the company to effectively support HEDNO's evolving operational needs [6]

Company Overview - Southern Company is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies [3] - The company operates electric companies in three states and natural gas distribution companies in four states, along with a competitive generation company and a leading distributed energy solutions provider [3] - Southern Company is committed to achieving net-zero greenhouse gas emissions by 2050, emphasizing innovation, resilience, and sustainability [3] Upcoming Earnings Release - Southern Company plans to release its earnings for the second quarter of 2025 on July 31, 2025, at 7:30 a.m. ET [1] - The earnings discussion will be led by Chairman, President and CEO Christopher C. Womack and CFO Daniel S. Tucker during a conference call for financial analysts at 1 p.m. ET on the same day [1] Webcast Information - Investors, media, and the public can listen to a live webcast of the conference call at the Southern Company's investor relations website [2] - A replay of the webcast will be available for 12 months following the event [2]

Group 1 - PJM RTO has issued a Maximum Generation Emergency notice for June 23, anticipating power demand exceeding 160GW [1] - The warning is expected to extend through at least Tuesday due to high power demand [1] Group 2 - The article does not provide any specific company or industry analysis related to investment opportunities or risks [2][3]

文 | 天津市发展和改革委员会 2025年6月16日，天津市发展改革委就《 关于优化我市峰谷分时电价机制有关事项的通知（征求意见 稿） 》公开征求意见。根据文件，天津市的分时电价政策将做两方面调整： 1）拉大峰谷价差至4:1。 2）除7、8月以外，中午12:00~14:00执行2个小时谷段电价。 同时，意见稿强调 未形成分 时价格的,结算时用电价格按本通知规定浮动比例执行，其中上网环节线 损费用折价、系统运行费用折合度电水平、政府性基金及附加、两部制电价的基本电费、功率因数调整 电费不参与浮动。 天津市6月份的工商业代售电价格： 2025年6月，天津市的销售侧，不同电压等级的峰、平、谷电价为0.3445~1.1453元/kWh。 | | | | 非分时电度电价 | | | 其中(元 / 千瓦时) | | | | 分时电度电价(元/干瓦时) | | 容(雲) 置用电价格 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 用电分类 | | 电压等级 | (元 / 千瓦时) | 代理 ...

Core Insights - PSE&G is preparing for an expected heat wave and is encouraging customers to take steps to manage energy use and bills during high temperatures [1][2][3] Energy Management and Customer Support - PSE&G emphasizes the importance of energy conservation during extreme heat, noting that electricity demand significantly increases as temperatures rise [6][7] - The company has implemented various programs to assist customers in reducing energy consumption and managing bills, including energy efficiency audits and payment assistance options [6][10] - PSE&G's Equal Payment Plan allows customers to spread their energy costs evenly over the year, while Deferred Payment Arrangements help manage past-due balances [10] Safety and Preparedness - Customers are advised to prepare for potential power outages and to notify PSE&G if they rely on electricity for medical equipment [5][9] - The company provides tips for staying safe during high temperatures, such as staying hydrated and avoiding overexertion [7] Infrastructure and Reliability - PSE&G invests annually to modernize its infrastructure, ensuring reliability during extreme weather events [3][4] - The company relies on the regional grid operator, PJM, to maintain adequate electric supply, especially since 35% of its power is sourced from outside New Jersey [4] Recognition and Achievements - PSE&G has received multiple awards for reliability and customer satisfaction, including the ReliabilityOne® Award and the ENERGY STAR Partner of the Year award [11]

Core Viewpoint - Apollo has signed an agreement to invest up to £4.5 billion in fixed-rate callable notes issued by Électricité de France (EDF) to primarily finance EDF projects in the UK, particularly the Hinkley Point C nuclear power station, marking one of the largest sterling-denominated note issuances on record [1][2]. Group 1: Investment Details - The investment will be used mainly for EDF projects in the UK, with a focus on the Hinkley Point C nuclear power station [1]. - This transaction is noted as the largest-ever capital funding transaction executed by EDF and the largest private credit transaction in the sterling market [2]. - Apollo has a history of investing in French companies, having provided €2.5 billion of High-Grade Capital Solutions to Air France-KLM in recent years [2]. Group 2: Apollo's Investment Strategy - Since 2020, Apollo has originated over $100 billion of bespoke capital solutions for leading companies, including Intel, Air France-KLM, BP, Sony, and AB InBev [3]. - Apollo aims to provide clients with excess returns across the risk-reward spectrum, from investment-grade credit to private equity [5]. Group 3: Legal and Financial Advisory - Latham & Watkins, LLP and Kirkland & Ellis LLP acted as legal counsel to Apollo, while Apollo Capital Solutions Europe B.V. provided structuring and arrangement services for the transaction [4]. - BNP Paribas and Hogan Lovells, LLP served as financial and legal advisors to EDF, respectively [4].

Core Viewpoint - Evergy, Inc. (EVRG) is expanding its operations in the transmission market through strategic partnerships and acquisitions while focusing on renewable energy assets to enhance performance [1][8] Group 1: Expansion and Investments - Evergy has initiated expansion through partnerships, systematic acquisitions, and collaborations, including a joint venture named Transource Energy aimed at developing competitive transmission projects across the U.S. [2] - The company plans to invest $2.34 billion in infrastructure modernization in 2024 and targets nearly $17.5 billion in capital investments from 2025 to 2029, with around $6.17 billion allocated for new renewable generation [3] - Evergy is actively developing renewable projects with a total capacity of 800 megawatts (MW), with 500 MW included in its demand forecast, and is securing agreements for 1.3 gigawatts (GW) from data center projects [4] Group 2: Challenges and Risks - The company faces risks from potential failures of old equipment, which could lead to unplanned outages and increased costs for purchasing power to meet sales obligations [5] - Seasonal electricity sales and changing weather conditions significantly impact Evergy's performance, as mild seasons can reduce electricity demand [6] Group 3: Stock Performance - Over the past six months, Evergy's stock has increased by 8.9%, outperforming the industry growth of 5.7% [7]

Core Insights - Georgia Power is focused on helping customers manage energy bills and stay cool during the summer by providing practical energy efficiency tips and resources [1] Energy Efficiency Programs - The EASE Program offers free home upgrades such as LED light bulbs and attic insulation for qualifying customers, particularly those with incomes at or below 200% of federal poverty guidelines [2] - Customers can utilize the My Power Usage tool to monitor energy consumption and receive alerts when they exceed their usage targets [3] Community Assistance Resources - Georgia Power provides a directory of local resources for assistance with utilities, food, and shelter, accessible through their website [4] - The company partners with community organizations to offer support for rent and utilities, including the Project Share initiative [5] Commitment to Customer Empowerment - Georgia Power emphasizes the importance of energy-saving tips and community support to help customers navigate summer energy challenges effectively [6] - The company maintains a diverse energy generation mix, including renewables, and offers rates below the national average [7] Additional Energy-Saving Tips - Recommendations include changing air filters regularly, sealing windows and doors, using cold water for laundry, and utilizing appliances during off-peak hours [8]

Core Viewpoint - Exelon Corporation (EXC) is expected to be a consistent performer in the utility industry due to its investments in grid modernization, electric transmission, and cost-saving efforts, despite facing risks related to equipment failures [1] Group 1: Investments and Growth - Exelon plans to invest over $38 billion in regulated utility operations from 2025 to 2028, representing a 10% increase over previous plans, aimed at meeting customer needs and maintaining grid reliability [2] - The systematic investments are projected to ensure a rate-based growth of approximately 7.4% from 2024 to 2028, with approved distribution rates expected to enhance revenues and profitability [3] - Exelon serves over 10 million customers, benefiting from tax reforms, energy efficiency programs, and effective cost management, keeping expenses below inflation [3][7] Group 2: Risks and Challenges - Risks include potential failures of equipment or facilities in delivery systems, which could disrupt electric transmission and supply, leading to revenue losses and increased maintenance costs [4] - Extreme weather conditions or storm damage may strain transmission and distribution systems, resulting in higher maintenance expenditures and reduced capacity to meet peak demands [5] Group 3: Stock Performance - Over the past six months, EXC shares have increased by 14%, outperforming the industry growth of 7.6% [6][7]