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]

Financial Performance - Edison International's Q2 2025 GAAP EPS was $0.89, while Core EPS was $0.97[5] - The company reaffirmed its 2025 Core EPS guidance of $5.94–6.34[5,6], which includes 44¢ from the TKM settlement (30¢ true-up + 14¢ interest reduction)[23] - Edison International reiterated a 5–7% Core EPS Compound Annual Growth Rate (CAGR) from 2025 to 2028, projecting EPS of $6.74–7.14 in 2028[5,6] - Year-to-date 2025 Core EPS was $2.34, a decrease compared to $2.37 in YTD 2024[31] Regulatory Updates and Capital Investments - A proposed decision for the 2025 General Rate Case (GRC) was issued on July 28, supporting significant capital investments while considering affordability[7] - The GRC proposed decision includes over 1,800 miles of grid hardening, shifting approximately 400 miles to covered conductor from targeted undergrounding[8] - The company anticipates investing $6.2 billion to reduce wildfire risks associated with utility equipment[14] - Edison International projects approximately 6–8% rate base growth from 2023 to 2028, driven by wildfire mitigation and grid work, resulting in a rate base of $49.4 billion in 2025, $53.0 billion in 2026, $56.8 billion in 2027 and $60.6 billion in 2028[20] Wildfire Mitigation and Cost Recovery - SCE plans to launch a Wildfire Recovery Compensation Program, with Eaton Fire investigations ongoing[5] - The company is requesting recovery of $5.4 billion of costs related to the Woolsey fire and $84 million in restoration costs[33,35] - Edison International has completed approximately $1.6 billion in securitizations of AB 1054 capital expenditures[42]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $0.92 for Q2 2025, which is $0.07 above the estimate and $0.18 lower than 2024 [7] - Year-to-date retail electricity sales were 1.3% higher than 2024, with a 3% increase in retail electricity sales in Q2 compared to the previous year [8][9] - Adjusted EPS estimate for Q3 is $1.50 per share [8] Business Line Data and Key Metrics Changes - Increased earnings from state-regulated utilities contributed positively, with higher usage and customer growth adding $0.06 year-over-year compared to 2024 [7] - Weather-normal residential sales increased by 2.8%, supported by over 15,000 new electric customers in the quarter [8] - Data center usage was notably up 13% compared to 2024, while industrial sales to major customer segments like transportation and primary metals grew by 6% year-over-year [9] Market Data and Key Metrics Changes - Economic development activities in the Southeast resulted in nearly $2 billion of capital investment and over 6,000 new jobs announced [10] - The large load pipeline across Alabama, Georgia, and Mississippi remains above 50 gigawatts of potential incremental load by the mid-2030s [11] Company Strategy and Development Direction - The company is focused on disciplined growth, with a commitment to customer affordability and regulatory stability [12] - Georgia Power's 2025 integrated resource plan (IRP) was approved, allowing for continued investment in existing fleet and new generation resources [13][14] - The company plans to certify approximately 10 gigawatts of new generation resources, including a mix of third-party power purchase agreements and Georgia Power-owned resources [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment in the Southeast, with unemployment rates and population growth better than national averages [10] - The company is encouraged by the momentum in attracting large load customers and expects to reassess its long-term EPS growth rate as early as 2027 [19][20] - Management emphasized the importance of investing in people and leadership transitions to ensure sustained long-term success [21] Other Important Information - The company has increased its five-year base capital plan from $63 billion to $76 billion, with potential upside of approximately $5 billion still pending [16] - The CFO transition was highlighted, with management expressing gratitude for the retiring CFO's contributions [22] Q&A Session Summary Question: Capital plan update and rate base growth - Management confirmed that they will provide a full financial plan update in the Q4 call and are encouraged by the marketplace momentum [26][27] Question: RFP update and procurement status - Management assured that they have good relationships with OEMs and EPCs, positioning themselves efficiently for upcoming projects [28] Question: FFO to debt improvement timeline - Management expects to reach approximately 17% FFO to debt near the end of the planning horizon, with proactive measures being taken [37][40] Question: Asset sales and rumors - Management stated they are always evaluating opportunities but would not comment on specific rumors [41] Question: Load update and pipeline growth - Management indicated that the large load pipeline continues to grow, with advanced discussions ongoing with major customers [49] Question: Southern Power returns compared to regulated business - Management noted that Southern Power's returns are generally higher than state-regulated returns, but they maintain stringent risk-return parameters [64] Question: New nuclear discussions - Management emphasized the need for new nuclear energy and ongoing discussions with various stakeholders [68] Question: Large load update filing - Management confirmed that an update filing is expected in August, which may reflect higher load than previously discussed [71] Question: Gas plants and timing confidence - Management clarified that the planned new units are based on existing capacity rolling off PPAs [78] Question: Trends on generation costs - Management acknowledged rising generation costs but indicated they are prepared to react accordingly [101]

Key Takeaways XEL posted Q2 EPS of 75 cents, up 38.9% year over year and 19.05% above the consensus estimate.Earnings rose on better infrastructure recovery, offset partly by interest, O&M and depreciation costs.XEL reaffirmed 2025 EPS guidance of $3.75 to $3.85 and plans $45B in infrastructure investments through 2029.Xcel Energy Inc. (XEL) reported second-quarter 2025 operating earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 63 cents by 19.05%. The bottom line also improved 38.9 ...

Financial Performance - Q2 2025 adjusted EPS was $0.92, exceeding estimates by $0.07[12] - YTD 2025 adjusted EPS reached $2.15[16] - Southern Company projects a full-year adjusted EPS guidance between $4.20 and $4.30[20] - Weather-normal retail electric sales grew by 3% in Q2 2025 compared to the previous year[12] Capital Investment and Financing - The company has a $76 billion capital investment plan, a $13 billion increase from the prior base forecast[12, 32] - State-regulated utilities account for 95% of the 5-year capital plan, totaling $72 billion[38] - Incremental equity needs through 2029 are estimated at $5 billion to fund the increased capital investment plan[40] - Over $8.9 billion in committed credit facilities and available liquidity of $7.6 billion as of June 30, 2025[68] Generation Resources and Sales - Georgia Power filed for certification of 10 GW of new generation resources through all-source RFP processes[28, 31] - Data center usage increased by 13%[24] - Economic development announcements included 6,000 new jobs and ~$2 billion of capital investment in Q2[27]

Core Insights - CMS Energy Corporation reported Q2 2025 EPS of 71 cents, exceeding the Zacks Consensus Estimate of 67 cents by 6% and reflecting a 7.6% increase from 66 cents in the prior-year quarter [1][8] - Operating revenues reached $1.84 billion, surpassing the Zacks Consensus Estimate of $1.69 billion by 9% and showing a 14.4% increase from $1.61 billion in the same quarter last year [2][8] - The company reaffirmed its 2025 adjusted EPS guidance in the range of $3.54-$3.60, with a long-term adjusted EPS growth expectation of 6-8% [5][8] Financial Performance - CMS reported operating expenses of $1.52 billion, a 14.9% increase from the previous year's figure [3] - Net income for the quarter was $193 million, up from $182 million in the year-ago quarter, while interest charges totaled $199 million, reflecting a 15% increase year-over-year [3] - Cash and cash equivalents stood at $844 million as of June 30, 2025, compared to $103 million at the end of 2024, while total debt increased to $17.40 billion from $15.87 billion [4] Market Position - CMS Energy currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook in the market [6]

Key Takeaways DUK's Q2 sales are likely to have risen on warmer weather, customer growth and new data center agreements.New rate implementations and grid investment returns are expected to boost DUK's Q2 earnings.Higher depreciation and interest costs could pressure earnings despite rate hikes and cost cuts.Duke Energy Corporation (DUK) is scheduled to release its second-quarter 2025 results on Aug. 5, before market open. The company delivered an earnings surprise of 10.69% in the last reported quarter. Mor ...

Key Takeaways PCG reported Q2 adjusted EPS of $0.31, missing the consensus estimate of $0.33 by 6.1%.Revenues fell 1.5% year over year to $5.90 billion, also missing the estimate of $6.32 billion by 6.6%.PG&E reaffirmed its 2025 EPS guidance of $1.48-$1.52, matching the consensus midpoint of $1.50.PG&E Corporation ((PCG) reported second-quarter 2025 adjusted earnings per share (EPS) of 31 cents, which lagged the Zacks Consensus Estimate of 33 cents by 6.1%. The bottom line was in line with the prior-year qu ...

Financial Data and Key Metrics Changes - The company reported second quarter GAAP earnings of $0.25 per share, down from $0.26 per share in Q2 2024. Adjusted earnings from ongoing operations were $0.32 per share, a decrease of $0.06 compared to Q2 2024 [4][33] - The decline in earnings was attributed to several factors, including the timing of operating costs, favorable weather in Q2 2024, and higher interest expenses [33][34] - The company remains confident in achieving at least the midpoint of its 2025 ongoing earnings forecast of $1.81 per share, with expectations of stronger growth in the second half of the year [5][34] Business Line Data and Key Metrics Changes - The Kentucky segment results were flat compared to 2024, with lower sales volumes offset by other factors [36] - The Pennsylvania Regulated segment results decreased by $0.02 per share due to higher operating costs and timing of transmission revenue true-ups [36] - The Rhode Island segment results decreased by $0.03 per share, with higher distribution revenues offset by timing of operating costs [36] Market Data and Key Metrics Changes - The company anticipates a significant increase in demand in Pennsylvania, with approximately 14.5 gigawatts of data center projects in advanced stages of development [17][60] - In Kentucky, the economic development pipeline remains robust, with an estimated 8.5 gigawatts of economic development load potential [30][31] Company Strategy and Development Direction - The company is focused on infrastructure improvements, projecting $20 billion in investments from 2025 to 2028, resulting in average annual rate base growth of 9.8% [5][6] - A joint venture with Blackstone Infrastructure aims to build new generation resources to support data centers, with a focus on long-term energy service agreements [19][20] - The company is actively engaging with stakeholders to strengthen resource adequacy and support economic development [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial targets despite current challenges, emphasizing the importance of infrastructure investments and regulatory support [5][39] - The company is optimistic about the potential for new generation resources to be built, contingent on long-term agreements with hyperscalers [23][24] Other Important Information - The company filed a stipulation agreement with the KPSC for new generation in Kentucky, which includes mechanisms to reduce lag on investments and support cost recovery [8][9] - The company is seeking a combined $391 million increase in annual electric and gas revenues in Kentucky to support safety and reliability investments [11][12] Q&A Session Summary Question: Can you elaborate on the $17 billion to $19 billion CapEx needs? - Management indicated that this estimate reflects the potential shift from a net long to a net short position in generation due to data center load, with the joint venture and existing IPPs likely addressing this need [43][44] Question: How will power risk be allocated within the joint venture? - The joint venture aims for a regulated-like risk profile, focusing on long-term contracted generation with creditworthy counterparties [48][49] Question: What are the future equity needs and plans for capital? - The company plans to issue $400 million to $500 million in equity this year, utilizing an ATM program for cost-effective capital [51] Question: What is the outlook on PJM capacity auctions? - Management expressed concerns about the current auction outcomes and the need for new generation, emphasizing the importance of the joint venture and legislative support [56][62] Question: How is the company addressing industrial sales contraction? - The decline in industrial sales is attributed to specific customers rather than a broader trend, with management not concerned about the overall industrial load [81][82]

Financial Data and Key Metrics Changes - Core earnings per share for Q2 2025 were $0.31, with a year-to-date total of $0.64, down from the previous year, but consistent with internal plans [5][22] - The full-year guidance range for earnings per share is reaffirmed at $1.48 to $1.52, representing a 10% increase over 2024 [5][22] - The company is targeting a 20% dividend payout by 2028, with no further equity issuance planned through that year [11][26] Business Line Data and Key Metrics Changes - The data center pipeline has grown to 10 gigawatts, a nearly threefold increase from the previous year, with over 50 projects in various stages [18][19] - The company has executed four Public Safety Power Shutoff (PSPS) events in 2025, indicating proactive measures in wildfire risk management [13] Market Data and Key Metrics Changes - Residential combined bills are forecasted to remain flat for the remainder of 2025 and decrease in 2026, with a potential for lower bills in 2027 [15][17] - The company is seeing beneficial load growth from data centers, which could reduce electric bills by 1% to 2% for every gigawatt brought online [21] Company Strategy and Development Direction - The company is focused on a "simple affordable model" to stabilize customer bills while making necessary capital investments [10][11] - Legislative efforts are underway to improve wildfire risk management and affordability, with the company advocating for effective solutions [6][8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth under various legislative outcomes, emphasizing the importance of affordability legislation [34][39] - The company is committed to improving physical risk mitigation and maintaining a strong balance sheet to support future growth [34][35] Other Important Information - The company has identified nearly 100 initiatives aimed at operational and maintenance savings, contributing to overall cost reduction efforts [22][25] - The company plans to file a ten-year undergrounding plan by year-end, emphasizing the importance of undergrounding in wildfire mitigation [90] Q&A Session Summary Question: Concerns about legislative outcomes affecting growth - Management reassured that they have modeled various legislative scenarios and remain confident in their guidance through 2028, emphasizing that securitization proposals would not be supported as they could increase bills [39][40] Question: Balance sheet capacity and funding - Management indicated that there is no need for a large upfront contribution to the wildfire fund, as claims typically take years to pay out, and they have sufficient flexibility in their plans [46][50] Question: Data center pipeline and load growth benefits - Management highlighted that construction for data center projects in San Jose is expected to start in late 2026 or early 2027, with load materializing predominantly in 2027 [70][71] Question: Affordability solutions in the legislature - Management expressed optimism about achieving affordability solutions in the current legislative session, noting that 30-40% of bills are policy-driven and that there are good ideas on the table [75][76] Question: Wildfire fund and legislative package - Management stated that any legislative package must be net better for customers and investors, emphasizing the importance of the wildfire fund's durability [83][84]