Core Points - Ameren Corporation announced a public offering of $750 million in senior notes with a 5.375% interest rate due in 2035, priced at 99.822% of their principal amount [1] - The offering is expected to close on March 7, 2025, pending customary closing conditions [1] - The net proceeds will be used for general corporate purposes, including repayment of short-term debt [1] Company Overview - Ameren Corporation serves 2.5 million electric customers and over 900,000 natural gas customers across a 64,000-square-mile area through its subsidiaries Ameren Missouri and Ameren Illinois [4] - Ameren Illinois provides electric transmission and distribution as well as natural gas distribution services, while Ameren Missouri offers electric generation, transmission, and distribution services along with natural gas distribution [4] - Ameren Transmission Company of Illinois focuses on developing, owning, and operating rate-regulated regional electric transmission projects [4]

Financial Data and Key Metrics Changes - For the full year 2024, Evergy reported adjusted earnings of $878 million or $3.81 per share, compared to $816 million or $3.54 per share for the same period last year, reflecting a year-over-year increase in adjusted EPS driven by strong cost management and load growth [49][50][66] - The adjusted EPS growth was impacted by a 5% decrease in cooling degree days and a 4% decrease in heating degree days, leading to a $0.13 decline in EPS versus 2023 [50] - The company reaffirmed its 2025 adjusted EPS guidance range of $3.92 to $4.12 per share, with a midpoint of $4.02, representing a 5% increase over the 2024 guidance midpoint [15][66] Business Line Data and Key Metrics Changes - Retail sales trends showed a weather-normalized increase of 1.1% in 2024, driven by strong growth in both residential and commercial usage [52][53] - The company anticipates a 2.4% growth in load demand for 2025, with significant contributions expected from new large customers such as Meta and Panasonic [53][55] Market Data and Key Metrics Changes - The economic development pipeline in Kansas and Missouri has grown from approximately 6 gigawatts to over 11 gigawatts, reflecting robust demand from large customers [18][19] - The projected peak summer demand for 2025 is approximately 10.6 gigawatts, indicating a strong backlog of growth opportunities [19] Company Strategy and Development Direction - Evergy's strategic objectives focus on affordability, reliability, and sustainability, with a five-year capital investment plan totaling $17.5 billion aimed at modernizing infrastructure and supporting economic growth [9][28][45] - The company is actively pursuing regulatory and legislative initiatives to support infrastructure investment and mitigate regulatory lag, particularly in Kansas and Missouri [11][33][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges posed by weather and operational costs, reaffirming a long-term growth target of 4% to 6% through 2029 [15][66] - The management highlighted the importance of a competitive regulatory framework and successful execution of capital plans to support economic development in the region [11][12][45] Other Important Information - The company raised its dividend by 4% to an annualized $2.67, consistent with its target payout ratio [15] - Evergy's capital investment plan is expected to result in 8.5% annualized rate base growth through 2029, an increase from the prior forecast of approximately 8% [28][67] Q&A Session Summary Question: Timeline for finalizing agreements related to 1.6 gigawatts - Management indicated that discussions are advancing well and expects announcements later this year, with agreements finalized over the course of the year [72][76][78] Question: Next steps for capital structure in Kansas - Management characterized the proceeding as procedural and expressed a desire to seek a constructive settlement, similar to previous cases [79][82] Question: Timeline for developing associated generation - Management confirmed that they have a good plan to serve customers from both transmission and generation perspectives, with updates expected in the upcoming IRP filings [89][91][100] Question: Protections for existing customers in large load tariff - Management is seeking a well-balanced tariff that covers incremental costs while providing protections for existing customers, including minimum bills and contract periods [107][111] Question: Timeline for SB4 in Missouri - Management expressed confidence in the bill's passage, highlighting its transformative potential for the regulatory framework in Missouri [120][124] Question: Matching load with generation projects - Management provided clarity on the load forecast, indicating that they expect to have the necessary transmission and generation capacity to serve the anticipated load growth [126][130]

Financial Performance and Key Metrics - The company reported 2024 GAAP earnings of $1.70 per share, with operating earnings at $2.63 per share, benefiting from new rates and investments in regulated businesses [9][10][12] - The company faced headwinds including lower sales volumes due to mild weather and storm activity, impacting Ohio revenues [10][11] - The company achieved a total of 40 ratings upgrades in 2024, marking a return to investment grade status across all subsidiaries [18] Business Line Performance - In the distribution segment, earnings increased by $0.04 per share year-over-year, driven by higher weather-related distribution sales and lower Ohio rate credits [45] - The integrated segment saw earnings rise by $0.29 per share, primarily due to new base rates in New Jersey, West Virginia, and Maryland [46] - Standalone transmission business earnings declined by $0.12 per share, impacted by the dilution from the sale of a 30% interest in FirstEnergy Transmission [47] Market Data and Key Metrics - The company completed rate reviews in four of five states, derisking 83% of its rate base, resulting in a net annual revenue increase of approximately $450 million [13] - The Pennsylvania Commission approved a $225 million base rate case settlement, effective January 1, 2025, enhancing service reliability [14] - The company anticipates investing $5 billion in regulated properties in 2025, an increase of approximately 11% over 2024 [36] Company Strategy and Industry Competition - The company is focused on a comprehensive capital investment program, Energize365, with a total investment of $28 billion through 2029 [37][38] - The new leadership team is implementing an operating model that emphasizes accountability and operational excellence [21][22] - The company aims to maintain a low-risk investment proposition with an attractive total return opportunity of 10% to 12% [39] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving a core earnings growth rate of 6% to 8% through 2029, with a focus on regulatory outcomes and operational efficiency [51][57] - The company is addressing challenges related to higher financing costs and regulatory changes, particularly in Ohio [33][57] - Management highlighted the importance of maintaining affordability for customers while investing in infrastructure [120] Other Important Information - The company introduced core earnings as a measure to better reflect the performance of its regulated utilities, with core earnings growing by 33% from 2022 to 2024 [29] - The company plans to provide guidance for core earnings and growth rates starting in 2025, with a range of $2.40 to $2.60 per share [31] Q&A Session Summary Question: Insights on the 2025 guidance and O&M pressures - Management anticipates being in the 6% to 8% growth range for 2025, with O&M changes primarily related to the Pennsylvania base rate case settlement [72][74] Question: Thoughts on the Ohio audit report and its implications - Management noted the audit report's focus on capital structure and ROE, indicating a need to reconcile findings in upcoming filings [77][78] Question: Path to achieving the target FFO to debt ratio - Management expects to reach a sustainable FFO to debt ratio of slightly above 14% in 2025, aided by new rates from the Pennsylvania rate case [83] Question: Update on transmission projects and their financial implications - Management anticipates a share of approximately $675 million from selected projects, with financing handled off-balance sheet [85][86] Question: ROE assumptions in the context of core EPS CAGR - Management assumes a consolidated ROE of 9.5% to 10% during the forecast period, with Ohio expected to contribute similarly [102] Question: Update on pension funding status - The company ended the year with a pension funded status of about 84%, slightly down from the previous year [126] Question: Schedule for the Ohio rate case - Management expects to respond to the audit report within 30 days and anticipates a constructive outcome by the end of the year [130]

Financial Data and Key Metrics Changes - Consolidated earnings for Q4 2024 were $0.84 per diluted share, down from $1.08 in Q4 2023 [6] - Full year consolidated earnings were $2.29 per diluted share, slightly up from $2.24 in the previous year [6] Business Line Data and Key Metrics Changes - Utility earnings improved nearly 5% from 2023, despite higher costs [7] - Avista Utilities delivered earnings near the midpoint of the original guidance range for the segment [19] - AEL&P's results were on target, contributing positively to overall performance [20] Market Data and Key Metrics Changes - The Washington Commission increased the return on equity to 9.8% [8] - The company recognized a pre-tax expense of $8 million under the energy recovery mechanism due to poor hydro and power supply costs [20] Company Strategy and Development Direction - The company invested a record $510 million in Avista Utilities to enhance customer service [11] - The North Plains Connector project aims to improve regional reliability and resource adequacy [11] - The company plans to issue an all-source RFP for up to 375 megawatts of generation targeted for 2029 [12] - A focus on wildfire risk mitigation was highlighted, with legislative efforts underway [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory outcomes and the potential for growth in 2025 [10][34] - The company initiated earnings guidance for 2025 in the range of $2.52 to $2.72 per diluted share [16] - Expected annual increases in O&M expenses are projected to be closer to 4% going forward [30] Other Important Information - The board increased the dividend for shareholders by just over 3% to $1.96 per share [17] - Capital expenditures for 2025 are projected at $525 million, with a long-term expectation of nearly $3 billion from 2025 to 2029 [25] Q&A Session Summary Question: Guidance for 2025 and growth rate expectations - Management established guidance at a midpoint of $2.62, with a focus on achieving the midpoint of the growth rate [39][40] Question: Idaho rate case details - The procedural schedule is being established, with a potential technical hearing in late July [43] Question: Long-term growth rate consistency - Management expects to generally remain within the 4% to 6% growth range, barring inflation or significant investment opportunities [48] Question: Contribution from non-utility businesses - Management indicated that contributions from non-utility businesses are expected to be near zero moving forward [56] Question: Inclusion of energy recovery mechanism in guidance - The company is including a $0.12 negative impact from the energy recovery mechanism in its guidance for 2025 [59]

Financial Data and Key Metrics Changes - PSEG reported net income of $0.57 per share for Q4 2024 and $3.54 per share for the full year, with non-GAAP operating earnings of $0.84 per share for Q4 and $3.68 per share for the full year, marking the twentieth consecutive year of meeting or exceeding non-GAAP operating earnings guidance [6][19][32] - For 2024, net income decreased from $5.13 per share in 2023 to $3.54 per share, while non-GAAP operating earnings increased from $3.48 per share in 2023 to $3.68 per share in 2024 [19] Business Line Data and Key Metrics Changes - PSE&G reported Q4 2024 net income of $0.75 per share, up from $0.58 per share in 2023, driven by new electric and gas distribution rates implemented on October 15 [20][21] - PSEG Power and Other reported a net loss of $0.18 per share for Q4 2024, compared to net income of $0.52 per share in Q4 2023, with non-GAAP operating earnings of $0.09 per share compared to a loss of $0.05 per share in the previous year [25][26] Market Data and Key Metrics Changes - The interest from large load and data center customers increased significantly from under 400 megawatts to 4,700 megawatts, indicating strong demand in New Jersey [13][14] - The average size of project leads is around 100 megawatts, with approximately 25% of the new business leads incorporated into the 2025 system peak load forecast [14] Company Strategy and Development Direction - PSEG plans to invest $4 billion in 2025, with a capital spending plan raised to $22.5 billion to $26 billion for 2025-2029, focusing on infrastructure modernization and energy efficiency [12][24] - The company aims for a 5% to 7% compound annual growth rate (CAGR) in non-GAAP operating earnings through 2029, starting from a 2025 guidance midpoint that is 9% higher than 2024 results [11][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strategic and regulatory objectives, highlighting a balanced outcome from the recent rate case and ongoing investments in clean energy and efficiency programs [7][9] - The management noted that despite upcoming increases in electric bills, PSEG's overall customer bills remain competitive compared to other utilities in New Jersey [15] Other Important Information - PSEG's Board of Directors announced a $0.12 per share increase in the annual common dividend, bringing the indicative annual rate to $2.52 per share for 2025, marking the fourteenth consecutive annual increase [17] - The company has maintained a strong liquidity position with total available liquidity of $2.6 billion as of December 2024 [27] Q&A Session Summary Question: On the nuclear side, do you see commercial discussions being delayed with recent actions at FERC? - Management indicated ongoing discussions and interest remain strong despite FERC's recent actions, with a focus on flexibility and potential opportunities [37][40] Question: How do you think about the outlook for the PJM market? - Management expressed concerns about reliability and affordability, emphasizing the need for resource adequacy and the importance of maintaining customer costs [52][54] Question: Is New Jersey in a net long position on generation? - Management clarified that New Jersey does not have an integrated resource plan and is a net importer, especially during peak days, highlighting the need for additional generation [120][121]

Financial Data and Key Metrics Changes - Ameren reported adjusted earnings of $4.63 per share for 2024, an increase from $4.38 per share in 2023, exceeding the 2024 adjusted earnings guidance midpoint [5][24] - The company strategically invested approximately $4.3 billion in energy infrastructure in 2024 [5] - Weather normalized retail sales grew approximately 2% across Ameren Missouri, with specific growth of 2% in residential, 1.5% in commercial, and 3% in industrial sectors [26] Business Line Data and Key Metrics Changes - The company achieved a compound annual growth rate of approximately 7.6% in weather normalized adjusted earnings per share since 2013, with annual dividends increasing by approximately 68% [7] - The focus for 2025 includes investing approximately $4.2 billion in electric, natural gas, and transmission infrastructure to enhance grid safety and reliability [8][10] Market Data and Key Metrics Changes - Ameren expects weather normalized retail sales to increase approximately 5.5% compounded annually from 2025 through 2029, a significant increase from prior expectations of flat to 0.5% growth [12] - The company anticipates a total of 1.5 gigawatts of load growth by the end of 2029, with 1.8 gigawatts of new load construction agreements already signed [13][15] Company Strategy and Development Direction - Ameren's strategy is guided by three pillars: investing in rate-regulated infrastructure, enhancing regulatory frameworks, and optimizing operating performance [4] - The company plans to grow its rate base at a 9.2% compound annual rate from 2024 through 2029, reflecting a 20% increase in its five-year capital plan compared to the previous year [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong results in 2025, driven by robust sales growth and energy infrastructure investment opportunities [9] - The company remains focused on maintaining competitive rates while pursuing economic development opportunities that will bring jobs and tax revenue to the states it serves [4][8] Other Important Information - Ameren's Board of Directors approved a quarterly dividend increase of approximately 6%, resulting in an annualized dividend rate of $2.84 per share, marking the twelfth consecutive year of dividend increases [10] - The company has a ten-year investment pipeline of over $63 billion aimed at enhancing the reliability and efficiency of its energy grid [22] Q&A Session Summary Question: Can you speak to how close you are to the top end of 6% to 8% growth? - Management indicated that they are excited about the sales growth and capital plan, expecting to deliver near the upper end of the range in the mid to latter part of the five-year plan [45][47] Question: How much capacity headroom is there in the resource mix? - Management stated that the updated resource plan reflects realistic short-term goals, with the ability to serve 2 gigawatts of demand by 2032 and potentially more thereafter [51][52] Question: What are you tracking on FFO to debt? - Management expressed confidence in maintaining a strong balance sheet, indicating that they are positioned to support a Baa1 rating and are above the downgrade threshold [60][61] Question: Can you help reconcile what is in the five-year plan versus upside opportunities? - Management clarified that there are significant upside opportunities in the transmission projects, with a total of $5 billion in the ten-year pipeline, and they are actively pursuing competitive projects [62][63] Question: How do you envision the new nuclear capacity? - Management noted that while new nuclear capacity is long-dated, they are exploring various technologies and will monitor developments closely without making immediate financial commitments [84][86]

Financial Data and Key Metrics Changes - The adjusted EPS for 2024 was reported at $1.75 per share, reflecting a year-over-year increase of 9.4% compared to 2023 [11][31] - The 2025 adjusted EPS guidance has been raised to a range of $1.85 to $1.89 per share, consistent with a 6% to 8% growth outlook [12][31] - The company's FFO to debt ratio improved to 14.6% in 2024, up from 14.1% in 2023 [35] Business Line Data and Key Metrics Changes - NiSource invested $6.9 billion in capital expenditures across six states to enhance system reliability and compliance with regulatory expectations [9] - The base capital plan for 2025 to 2029 is set at $19.4 billion, driving an expected rate base growth of 8% to 10% during this period [12][32] Market Data and Key Metrics Changes - The company reported a recovery of $340 million in revenue in 2024 associated with capital investments [9] - The regulatory landscape remains constructive, with rate case settlements approved in Pennsylvania and Kentucky, and a universal settlement reached in Virginia [21][22] Company Strategy and Development Direction - NiSource's strategy focuses on delivering safe and reliable energy while maintaining affordable pricing through efficient capital deployment and regulatory recovery mechanisms [6][7] - The company is actively pursuing opportunities in data center development, particularly in Northern Indiana, leveraging favorable infrastructure and regulatory conditions [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term growth rates, citing strong customer growth and effective regulatory execution [33][39] - The company remains optimistic about its ability to serve new customers while protecting existing ones, particularly in the context of large load customers and data centers [46][61] Other Important Information - NiSource's operational excellence initiatives have led to significant improvements in safety metrics and operational efficiency, including a 16% increase in work productivity [17][18] - The company has a robust portfolio of customer investments that could extend beyond the five-year plan horizon [13] Q&A Session Summary Question: Can you speak to the Genco filing and its implications? - Management indicated that the Genco filing allows for a regulated entity to serve large load customers while protecting existing customers and maintaining financial integrity [46][48] Question: What is the timing for potential data center deals? - Management reiterated that 2025 is expected to be a significant year for data center opportunities, with ongoing positive discussions [61][89] Question: How does the company plan to finance incremental CapEx? - The primary focus will be on cash from operations, with additional options including junior subordinated notes and maintaining flexibility in capital allocation [64][66] Question: What is the status of the La Porte facility with Microsoft? - Currently, there is no construction at the La Porte facility, but negotiations and discussions with multiple counterparties are progressing well [78] Question: Will IURC approval be needed for Genco before announcing deals? - IURC approval is required for the Genco declination but not for announcing deals with large load customers [72][96]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $47.8 million or $2.97 per share, an increase of $0.15 per share or 5.3% over 2023 [7][15] - The consolidated return on equity was 9.4%, reflecting effective cost management and regulatory outcomes [7] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for the year was $107.3 million, an increase of $3.2 million compared to 2023, driven by higher distribution rates and customer growth [16] - Gas adjusted gross margin for the year was $166.9 million, an increase of $12.4 million compared to 2023, also supported by higher distribution rates and customer growth [17][18] Market Data and Key Metrics Changes - Approximately 60% of the company's gas customers were under decoupled rates, which supported gas adjusted gross margin by approximately $0.28 per share in 2024 [19] Company Strategy and Development Direction - The company completed the acquisition of Bangor Natural Gas for $70.9 million, which is expected to be earnings accretive in the long run [10][11] - A five-year investment plan through 2029 totals approximately $980 million, which is 46% higher than the previous five years, aimed at growing the rate base [22] Management Comments on Operating Environment and Future Outlook - Management reaffirmed guidance for long-term earnings growth, dividend growth, and rate base growth, with adjusted earnings guidance for 2025 expected to be in the range of $3.01 to $3.17 per share [9][21] - The company expects capital spending of approximately $176 million in 2025 for strategic system investments [23] Other Important Information - The Board of Directors approved a quarterly dividend increase of $0.025 per share, bringing the annual dividend to $1.8 per share in 2025, a 5.9% increase from 2024 [27] Q&A Session Summary Question: Can you walk through the strategy for the distribution rate case at UES and the potential customer bill impact? - Management indicated that customer bill impacts will not be known until the case is filed, expected in the second quarter [33][34] Question: Regarding the five-year capital plan, how should equity issuance timing be considered? - Management stated that while 13% of the capital plan will come from equity, there are no immediate plans for equity issuance [35][37]

Edison International (EIX) Q3 2024 Earnings Call October 29, 2024 04:30 PM ET Company Participants Sam Ramraj - Vice President of Investor RelationsPedro Pizarro - President & Chief Executive OfficerMaria Rigatti - Executive Vice President & Chief Financial OfficerMichael Lonegan - Director - Equity ResearchShahriar Pourreza - Senior Managing Director - Head of Energy/Power/UtilitiesAnthony Crowdell - Managing DirectorBrian Levine - Vice PresidentSteven Powell - President and Chief Executive Officer of Sout ...

Financial Data and Key Metrics Changes - The company reported a significant increase in total equity on its balance sheet, which rose by 25% in the three months ended March 31, 2024, following a strategic transaction that raised $3.5 billion [46][48]. - The company enhanced its dividend payout, with an annual rate of $1.7 per share in 2024, representing a 6.25% increase compared to dividends declared in 2023 [49]. Business Line Data and Key Metrics Changes - The company introduced the Energize 365 program, a five-year $26 billion investment plan focused on enhancing its wires business, with 75% of investments in rate structures allowing for rapid cost recovery [37][38]. - Approximately 45% of the capital program is allocated to FERC regulated transmission investments, which include projects like offshore wind in New Jersey and new data center loads [38]. Market Data and Key Metrics Changes - The company is experiencing growing electricity demand due to the electrification of sectors such as transportation and home heating, as well as from large users like data centers [35]. - The company achieved several important regulatory milestones, including necessary revenue increases through three base rate cases, which will support investments in reliable and affordable service [44]. Company Strategy and Development Direction - The company aims to become one of the nation's premier electric companies by focusing on a business model that includes investing, operating, recovering costs, and financing regulated utility operations [36]. - The company is committed to achieving carbon neutrality for Scope one emissions by 2050 and is taking steps to reduce greenhouse gas emissions within its operational control [53]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2023, including unseasonably mild weather, but emphasized that the company managed costs effectively and increased customer-focused investments [43]. - The company is confident in its ability to achieve a targeted annual operating earnings growth rate of 6% to 8% through its strategic initiatives and investments [37]. Other Important Information - The company has made significant contributions to community support, with over $10 million donated to various organizations and nearly 28,000 hours spent volunteering by employees in 2023 [52]. - The company has implemented a new operating structure that includes five major businesses, which will enhance local accountability and operational performance [42]. Q&A Session Summary Question: What is the company's approach to integrating climate-related measures into executive compensation? - The board recommended against a proposal to integrate climate-related measures into executive compensation, stating that the current structure is sufficient [14][21]. Question: How does the company plan to address the callback policy for unearned executive pay? - The board also recommended against a proposal to improve the callback policy, indicating that the existing policy is adequate [17][21]. Question: What steps is the company taking to ensure fiduciary duty in its decarbonization commitments? - The board recommended against a proposal requesting a report on financial statement assumptions and climate change, asserting that the company is already fulfilling its fiduciary duties [22][28].