Key Takeaways ES posted Q2 earnings of 96 cents per share, up slightly and topping estimates by 1.05%.Electric transmission and distribution segments saw earnings rise on rate hikes and investments.Q2 revenues missed estimates by 10.9% despite a 12.2% year-over-year increase to $2.84 billion.Eversource Energy (ES) reported second-quarter 2025 adjusted earnings of 96 cents per share, which surpassed the Zacks Consensus Estimate of 95 cents by 1.05%. In the year-ago quarter, the company reported earnings of 9 ...

Financial Data and Key Metrics Changes - The company reported second quarter earnings per share (EPS) of $0.76, a $0.09 increase compared to the same period last year [5][13] - Year-to-date EPS was $1.76, reflecting a $0.16 increase over the same period last year [13] - Net earnings for the quarter were $384 million [13] - Capital expenditures for the first half of the year were nearly $3 billion [5][7] Business Line Data and Key Metrics Changes - Central Hudson contributed a $0.04 increase in EPS, driven by rate-based growth and a higher allowed return on equity (ROE) effective July 1, 2024 [14] - EPS at UNS Energy remained unchanged from the previous year, with increased transmission revenue offset by regulatory lag [14] - Western Canadian Utilities saw a $0.30 increase in EPS, primarily due to rate base growth [14] - EPS for Fortis Alberta was tempered by the expiration of a PVR efficiency mechanism and a lower allowed ROE of 8.97% effective January 1, 2025 [14] Market Data and Key Metrics Changes - Tucson Electric Power (TEP) filed a general rate application seeking new retail rates effective September 1, 2026, with a proposed rate base of $4.3 billion, an increase of approximately $750 million since the last rate case [20][21] - The company achieved a 34% reduction in Scope 1 greenhouse gas emissions compared to 2019 levels through 2024 [6] Company Strategy and Development Direction - The company is focused on delivering safe and reliable energy while advancing its growth strategy, with a projected rate base increase of approximately $14 billion to $53 billion by 2029, supporting average annual growth of 6.5% [7][8] - The company plans to convert approximately 800 megawatts of coal-fired generation at the Springerville generating station to natural gas by 2030, aiming to be coal-free by 2032 [9][10] - The company remains committed to annual dividend growth guidance of 4% to 6% through 2029 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong results for the first half of the year and progress on regulatory fronts, positioning the company well for the remainder of 2025 and beyond [23] - The company is preparing for its next integrated resource plan in Arizona, which will address changing load curves and resource needs [62] Other Important Information - Fitch assigned Fortis a first-time BBB+ credit rating, enhancing its credit profile and supporting cost-effective capital market funding options [19] - The company is pursuing various opportunities to support load growth and improve grid resilience [11] Q&A Session Summary Question: Regarding data center opportunity in Arizona - Management confirmed that the first 300 megawatts will utilize existing and planned capacity, with the second 300 megawatts expected to be in service by 2030 to 2031 [26][28] Question: Upside potential in Arizona and ITC - Management acknowledged significant upside potential in Arizona and ITC, with ongoing opportunities across the entire portfolio [29][30] Question: Springerville conversion costs - Management indicated that the costs of conversion are being evaluated in the context of the integrated resource plan, emphasizing affordability for customers [34][35] Question: Gas infrastructure outlook in BC - Management noted positive developments in LNG opportunities and ongoing regulatory processes for gas connections in BC [40][41] Question: Impact of recent legislation on Fortis - Management stated that while there are limited short-term impacts from recent legislation, longer-term implications on renewable energy and storage development will be assessed [50][54] Question: Need for interstate pipeline capacity into Arizona - Management confirmed discussions regarding gas supply for the Springerville repowering project, indicating a growing need for infrastructure in the long term [60][62]

Financial Performance - Eversource Energy reported Q2 2025 EPS of $0.96, slightly better than the prior year[22] - The company reaffirms its 2025 EPS guidance of $4.67 - $4.82 and a long-term EPS growth rate of 5% - 7% through 2029[23] - The company's FFO to Debt ratio as of March 31, 2025, was 13.7%, exceeding the Moody's downgrade threshold of 9% and S&P's threshold of 12%[50] Capital Investments and Regulatory Updates - Eversource plans a capital investment of $24.2 billion through 2029, with 60% of distribution capital investment in Massachusetts[18] - The company anticipates incremental investments of $1.5 billion - $2 billion during this forecast period[47] - A permanent rate increase of $100 million was received in New Hampshire, effective August 1, 2025, as part of the PSNH rate case[39] - Massachusetts will see an EGMA Rate Base Reset with a November 2024 rate increase of $77 million and a November 2025 rate increase of $62 million[45] Strategic Priorities - Eversource is focused on being a 100% regulated utility, investing in line with state policies while maintaining customer reliability and affordability[18] - The company aims to strengthen its balance sheet and enhance its FFO to Debt ratio[18] - Eversource is leading the energy transition in New England with approximately $2 billion in T&D energy investments through 2029[18] Balance Sheet and Credit Metrics - Eversource has an At-The-Market (ATM) program for $1.2 billion of equity, issuing 3.4 million shares through June 2025 with net proceeds of $218 million[51, 60]

Financial Performance & Capital Plan - YTD June Capital Expenditures reached $2.9 billion, and the company is on track with its 2025 annual capital plan of $5.2 billion[17] - The 2025-2029 Capital Plan totals $26 billion, with 23% allocated to major capital projects[17] - The company forecasts a 5-Year Rate Base CAGR of 6.5%, growing from $39 billion in 2024 to $53 billion in 2029[17] - Q2 2025 EPS was $0.76, compared to $0.67 in Q2 2024, and YTD 2025 EPS was $1.76, compared to $1.60 YTD 2024[35] Strategic Initiatives & Growth Opportunities - TEP plans to convert 793 MW of coal-fired generation at the Springerville Generating Station to natural gas generation by 2030, supporting a coal-free generation mix by 2032[21] - An agreement was reached with a data center customer for ~300 MW of power demand ramping up in 2027, with potential for a total of 600 MW at the initial site and an additional 500-700 MW at a subsequent site[27] - MISO LRTP Tranche 2.1 represents a ~US$3.7-$4.2 billion investment opportunity for projects in Michigan, Minnesota, and Iowa[30] Dividend & Sustainability - The company provides annual dividend growth guidance of 4-6% through 2029[33] - Fortis has reduced scope 1 emissions by 34% to the end of 2024 relative to 2019 levels[89] - FortisBC will invest $690 million to help customers save 3.8 million gigajoules of gas and 115 GWh of electricity by the end of 2027[89]

Core Insights - TXNM Energy reported a significant decline in earnings for Q2 2025 compared to Q2 2024, with GAAP net earnings attributable to TXNM Energy at $21.6 million, down from $48.0 million, and ongoing net earnings at $24.5 million, down from $54.3 million [1][21] - The company issued $600 million in equity, including $400 million to affiliates of Blackstone Infrastructure Partners, and is undergoing debt refinancing related to the proposed acquisition by Blackstone [1][3] - TXNM Energy is not affirming its previously issued earnings guidance for 2025 due to the pending transaction with Blackstone Infrastructure [1] Financial Performance - Q2 2025 GAAP diluted EPS was $0.22, a decrease from $0.53 in Q2 2024, while ongoing diluted EPS was $0.25, down from $0.60 [1][21] - Year-to-date (YTD) 2025 results show GAAP net earnings of $30.5 million compared to $95.2 million in YTD 2024, and ongoing net earnings of $42.6 million compared to $91.3 million [1] - Electric operating revenues for Q2 2025 were $502.4 million, up from $488.1 million in Q2 2024 [21] Transaction and Regulatory Updates - TXNM Energy announced an agreement for Blackstone Infrastructure to acquire its outstanding common stock at $61.25 per share, reflecting a total enterprise value of $11.5 billion [3] - The transaction is subject to shareholder and regulatory approvals and is expected to close in the second half of 2026 [3] - TXNM's regulatory outcomes include the approval of a $176 million Distribution Cost Recovery Factor (DCRF) filing and a $105 million rate increase at PNM, with further rate recovery filings planned [4][5] Segment Reporting - In Q2 2025, PNM's GAAP diluted EPS was $0.25, down from $0.34 in Q2 2024, while TNMP's GAAP diluted EPS was $0.22, down from $0.33 [6] - Corporate and Other segment reported a loss of $0.25 per share in Q2 2025, compared to a loss of $0.14 in Q2 2024 [6] - The decline in earnings per share was attributed to the issuance of additional shares and costs related to the planned acquisition [6][7] Operational Insights - The company faced increased operating expenses, with total operating expenses for Q2 2025 at $429.7 million, compared to $382.4 million in Q2 2024 [21] - Key factors affecting PNM included higher retail load and increased costs from new capital investments, while TNMP's performance was impacted by lower weather-related usage [10]

Core Insights - Ameren reported $2.22 billion in revenue for the quarter ended June 2025, marking a year-over-year increase of 31.2% and exceeding the Zacks Consensus Estimate of $1.84 billion by 20.65% [1] - The company's EPS for the same period was $1.01, up from $0.97 a year ago, with a surprise of 1% compared to the consensus estimate of $1.00 [1] Revenue Performance - Total electric sales for Ameren were 15,672 GWh, below the average estimate of 17,176.59 GWh from two analysts [4] - Electric revenues for Ameren Missouri reached $1.32 billion, surpassing the estimated $951.36 million, reflecting a year-over-year increase of 52.2% [4] - Electric revenues for Ameren Illinois Electric Distribution totaled $573 million, exceeding the $542 million estimate, with a year-over-year change of 12.6% [4] - Electric revenues from Ameren Transmission were $208 million, slightly above the $206.52 million estimate, representing an 8.9% year-over-year increase [4] - Operating revenues from natural gas were $183 million, compared to the average estimate of $175.2 million, showing a 6.4% year-over-year change [4] - Gas revenues for Ameren Illinois Natural Gas were $158 million, exceeding the estimated $152.05 million, with a year-over-year change of 6.8% [4] - Operating revenues from electric sources were $2.04 billion, surpassing the $1.62 billion estimate, indicating a year-over-year increase of 34% [4] - Gas revenues for Ameren Missouri were $25 million, compared to the average estimate of $23.41 million, reflecting a 4.2% year-over-year change [4] Stock Performance - Ameren's shares have returned 4.6% over the past month, outperforming the Zacks S&P 500 composite's 2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

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]

Edison International (EIX) Q2 2025 Earnings Call July 31, 2025 04:30 PM ET Speaker0Good afternoon, and welcome to the Edison International Second Quarter twenty twenty five Financial Teleconference. My name is Denise, and I will be your operator today.Today's call is being recorded. I would now like to turn the call over to Mr. Sam Ramraj, Vice President of Investor Relations. Mr. Ramraj, you may begin your conference.Speaker1Thank you, Denise, and welcome, everyone. Our speakers today are President and Chi ...

Financial Data and Key Metrics Changes - The company reported GAAP diluted EPS of $0.35, down from $0.52 in the prior period, while non-GAAP diluted EPS was $0.40 compared to $0.53 in the previous year [6][10][17] - Year-to-date results showed net income and EPS in line with 2024, indicating a flat performance against the prior period [12] - The company is initiating its 2025 earnings guidance range of $3.53 to $3.65, with a long-term earnings growth target of 4% to 6% [6][20] Business Line Data and Key Metrics Changes - Quarterly earnings were primarily driven by rate recovery, contributing 24¢ of margin improvement, offset by unfavorable weather and increased operating costs [13][14] - Electric transmission showed an improvement of $0.07, while gas transportation improved by $0.02 [14] Market Data and Key Metrics Changes - The company completed the acquisition of Energy West and Cutbank Gas facilities, adding 33,000 customers and 43 employees [7] - The company is actively pursuing large load customers, particularly in data centers, with significant interest in both Montana and South Dakota [30][31] Company Strategy and Development Direction - The company aims to invest in data centers and large load opportunities, with a focus on achieving a total return of 9% to 11% through strategic capital investments [8] - Legislative outcomes, such as the Montana wildfire bill and transmission bill, are expected to provide better regulatory certainty and support for utility investments [22][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory challenges and achieve growth targets, emphasizing the importance of the Montana rate review outcome [20][70] - The company anticipates continued interest in data centers and plans to file tariffs to support these customers [30][31] Other Important Information - A dividend of 66¢ per share was declared, payable on September 30, 2025 [7] - The company expects to conclude the year above its downside cash flow threshold despite a dip in cash flows for the quarter [17] Q&A Session Summary Question: Update on data center ESAs - Management indicated that they are wrapping up transmission service issues and expect at least one ESA to be signed by the next call in October [42][44] Question: Addressing load requirements for expanding data center interest - The company is working with data centers on potential self-generation and build-transfer capabilities to meet load requirements [44][45] Question: Timing for megawatt ramp-up on the system - Management stated that the ramp-up will primarily occur in 2027, with some smaller contributions in 2026 [62] Question: Handling costs after acquiring facilities - The company plans to make a filing to address recovery of costs associated with the acquisition and maintain options for both Montana and FERC regulated approaches [64][66]

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]