Group 1 - The iShares U.S. Utilities ETF (IDU) has reached a 52-week high and is up 21% from its 52-week low price of $91.91 per share, indicating strong momentum in the utility sector [1][2] - The utility sector has experienced its strongest winning streak in over 15 years, with stocks logging a consecutive seventh-month gain, showcasing sustained sector confidence driven by short-term demand and structural tailwinds [2] - IDU holds a Zacks ETF Rank 2 (Buy) with a Medium risk outlook, suggesting potential for continued outperformance in the coming months [3]

Core Insights - Duke Energy Corporation (DUK) reported second-quarter 2025 earnings of $1.25 per share, exceeding the Zacks Consensus Estimate of $1.19 by 5% and reflecting a 10.6% increase from $1.13 in the same quarter last year, primarily due to new rates and riders [1][9] Revenue Performance - Total operating revenues reached $7.51 billion, a 4.7% increase from $7.17 billion in the prior year, surpassing the Zacks Consensus Estimate of $7.34 billion by 2.3% [2][9] - The Regulated electric unit generated operating revenues of $6.97 billion, up 3.3% year over year, contributing 92.8% to total revenues [2] - Revenues from the Regulated natural gas business increased significantly by 33.1% year over year to $462 million [2] Expense and Income Analysis - Total operating expenses were $5.69 billion, up 4% year over year, driven by higher costs in natural gas, operation, maintenance, depreciation, and property taxes [4] - Operating income rose 7.2% to $1.83 billion from $1.71 billion in the previous year [4] Segment Performance - Electric Utilities & Infrastructure segment earnings increased to $1,194 million from $1,090 million in the second quarter of 2024 [6] - Gas Utilities & Infrastructure segment earnings remained stable at $6 million, consistent with the previous year [6] - The Non-regulated Electric and Other segment reported revenues of $78 million, a decrease of 1.3% year over year, with losses widening to $228 million from a loss of $200 million in the prior year [3][7][9] Financial Condition - As of June 30, 2025, cash and cash equivalents stood at $344 million, up from $314 million at the end of 2024 [10] - Long-term debt increased to $78.91 billion from $76.34 billion as of December 31, 2024 [10] - Net cash from operating activities for the first half of 2025 was $5.04 billion, down from $5.43 billion in the same period last year [10] Future Guidance - Duke Energy reaffirmed its 2025 adjusted EPS guidance, expecting a range of $6.17-$6.42, with the Zacks Consensus Estimate at $6.31 [11] - The company projects long-term EPS growth of 5-7% through 2029 [11]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.25 for the second quarter of 2025, an increase from $1.18 in 2024, reflecting strong performance across electric utilities [19][7] - The company is reaffirming its 2025 guidance range of $6.17 to $6.42 and a long-term EPS growth rate of 5% to 7% through 2029 [25][7] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.10 compared to last year, driven by top line growth from new rates implemented across Carolinas, Florida, and Indiana [19] - Gas Utilities and Infrastructure results remained flat compared to last year, consistent with the seasonality of the LDC business [19] Market Data and Key Metrics Changes - Population migration in the Southeast and Midwest continues to drive sustained customer growth, particularly over 2% in the Carolinas [20] - The economic development pipeline remains robust, with significant projects like the $10 billion AWS data center investment in North Carolina expected to create at least 500 new high-skilled jobs [22][9] Company Strategy and Development Direction - The company is increasing its Florida capital plan by $4 billion, funded by a portion of the sale proceeds from the Tennessee LDC business [6][5] - The strategic transactions, including the minority investment from Brookfield Infrastructure, are aimed at efficiently financing record growth and enhancing the credit profile [5][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the targeted EPS and credit objectives for 2025, supported by strong regulatory outcomes and operational performance [19][20] - The company is focused on advancing large-scale economic development projects and securing favorable regulatory outcomes to meet growing demand [10][8] Other Important Information - The company has announced the sale of its Tennessee LDC business for $2.5 billion, reflecting a premium valuation [6] - The company is actively advancing regulatory approval processes for new generation investments and plans to file its next Carolinas resource plan by October 1 [14] Q&A Session Summary Question: How do you think about positioning yourself within the EPS CAGR? - Management indicated that recent transactions enhance confidence in achieving the EPS growth range and solidify the company's position for the back end of the plan [31] Question: Can you elaborate on the latest Carolinas legislation? - Management noted that the legislation enhances growth attractiveness in North Carolina and supports customer affordability while maintaining the overall plan [34] Question: How are you thinking about additional opportunities across the portfolio? - Management stated that they are comfortable with the equity plans laid out and will focus on implementing current transactions [40] Question: What feedback have you received from rating agencies regarding the increased FFO to debt target? - Management reported that rating agencies have been supportive of their metrics and the recent transactions will enhance that support [42] Question: Should we assume you need to complete the Florida sell-down steps to get to the 15% FFO to debt? - Management indicated that progress through the deal is necessary to reach the 15% target [49] Question: Can you provide any color on the timing of the Amazon investment? - Management stated that the Amazon deal will ramp up starting in 2027 and will be included in future capital plans [76] Question: What drove the decisions for the recent sales? - Management emphasized the need for efficient funding of growth and maximizing opportunities in Florida [81]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.25 for Q2 2025, an increase from $1.18 in Q2 2024, reflecting strong operational performance [18][6] - The company reaffirmed its 2025 earnings guidance range of $6.17 to $6.42 and a long-term EPS growth rate of 5% to 7% through 2029 [25][26] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.10 in earnings per share compared to the previous year, driven by new rate implementations across Carolinas, Florida, and Indiana [18] - Gas Utilities and Infrastructure results remained flat year-over-year, consistent with the seasonal nature of the LDC business [19] Market Data and Key Metrics Changes - Population migration in the Southeast and Midwest continues to drive customer growth, particularly over 2% in the Carolinas [20] - The economic development pipeline remains robust, with significant projects like the $10 billion AWS data center investment in North Carolina expected to create at least 500 new high-skilled jobs [22][8] Company Strategy and Development Direction - The company is increasing its Florida capital plan by $4 billion, funded by a portion of the proceeds from the Brookfield Infrastructure investment [5] - The company is focused on advancing large-scale economic development projects and securing favorable regulatory outcomes to support growth [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving targeted EPS and credit objectives for 2025, supported by strong regulatory outcomes and operational performance [19][24] - The company highlighted the importance of legislative support, such as the Power Bill Reduction Act in North Carolina, which aids in managing customer affordability while supporting credit quality [11][12] Other Important Information - The company announced the sale of its Tennessee LDC business for $2.5 billion, reflecting a premium valuation and allowing for efficient financing of future growth [5][4] - The company is targeting a long-term FFO to debt ratio of 15%, which provides a cushion above downgrade thresholds set by rating agencies [24][40] Q&A Session Summary Question: How do you think about positioning yourself within the EPS CAGR? - Management indicated that recent transactions enhance confidence in achieving the EPS growth range and solidify the company's position for the latter years of the plan [32] Question: Can you elaborate on the latest Carolinas legislation? - Management noted that the legislation enhances growth attractiveness in North Carolina and supports the company's existing plans [34] Question: What are the plans for additional opportunities across the portfolio? - Management stated that they are comfortable with the current equity plans and will focus on implementing existing transactions [39] Question: What feedback have you received from rating agencies regarding the increased FFO to debt target? - Management reported that rating agencies have been supportive of their metrics and the recent transactions will enhance that support [41] Question: Will you need to complete the Florida sell-down steps to reach the 15% FFO to debt target? - Management indicated that progress through the deal is necessary to reach the target [48] Question: What drove the decisions for the recent sales? - Management emphasized the need for efficient funding of growth and maximizing opportunities in Florida [77] Question: What types of investments will the $4 billion in Florida go towards? - Management confirmed that the investments will focus on grid and generation improvements to support customer growth in Florida [79] Question: Any thoughts on the pace of dividend growth? - Management stated that the board has approved a 2% growth in dividends, which aligns with their capital allocation strategy [81]

Financial Performance & Guidance - Q2 2025 diluted EPS was $1.85[9], compared to $2.07 in Q2 2024, representing a decrease of approximately 10%[11] - Year-to-date diluted EPS decreased by approximately 10% from $3.84 in 2024 to $3.46 in 2025[11] - The company increased its 2025 EPS guidance to a range of $6.06 to $6.46, up from the previous guidance of $5.68 to $6.08, representing an increase of approximately 6% at the midpoint[9, 12] - The company reaffirmed a 7% EPS growth for the Electric segment[9] - The company's Return on Equity (ROE) is 17%[9] Capital Investments & Rate Base - The company anticipates a $1.4 billion capital investment spending plan to remain intact[19] - Significant rate base growth is expected, with a Compound Annual Growth Rate (CAGR) of 9%[26] - The company expects to convert rate base growth into electric EPS growth near a 1:1 ratio[29] Projects & Regulatory Updates - Regulatory approval was obtained for the direct assignment of Abercrombie Solar and Solway Solar projects, totaling 345 MW[9] - A South Dakota rate case was filed, seeking a $5.7 million net revenue increase, representing a 12.5% increase, with a proposed ROE of 10.8%[9, 23] - The company is investing an estimated $230 million in wind repowering projects, with completion dates in 2024 and 2025[30] - The company is investing an estimated $80 million in Solway Solar, with completion dates in 2026-2027[30] - The company is investing an estimated $450 million in Abercrombie Solar, with completion dates in 2028[30] Manufacturing Platform - PVC pipe sales prices have declined since late 2022[48] - Year-over-year trends show sales prices down 15% QTD and 13% YTD, while sales volumes are up 11% QTD and 12% YTD[48]

Core Insights - Duke Energy reported $7.51 billion in revenue for the quarter ended June 2025, a year-over-year increase of 4.7% and an EPS of $1.25 compared to $1.18 a year ago, exceeding Zacks Consensus Estimates for both revenue and EPS [1] Revenue Performance - Regulated natural gas operating revenues were $462 million, a 33.1% increase year-over-year, but below the estimated $685.12 million [4] - Regulated electric operating revenues reached $6.97 billion, reflecting a 3.3% year-over-year increase and surpassing the estimated $6.86 billion [4] - Nonregulated electric and other revenues were $78 million, a 1.3% decrease year-over-year, slightly below the estimated $80.56 million [4] - Gas Utilities and Infrastructure revenues were $493 million, a 29.4% increase year-over-year, exceeding the estimated $407.76 million [4] - Electric Utilities and Infrastructure revenues totaled $7.05 billion, a 3.3% year-over-year increase, slightly above the estimated $7.04 billion [4] Stock Performance - Duke Energy shares returned +5.9% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Q2 / 2025 Earnings Review and Business Update Harry Sideris / President and CEO Brian Savoy / Executive Vice President and CFO August 5, 2025 This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward- looking statements. The factors that could cause actual results to differ are discussed herein and in Duke Energy's SEC filings, available at www.sec.gov. Regulation G disclosure SECOND QUARTER 2025 EARNINGS ...

Financial Performance - Public Service Enterprise Group (PSEG) reported a net income of $585 million for Q2 2025, compared to $434 million in Q2 2024, resulting in earnings per share (EPS) of $1.17, up from $0.87 year-over-year [1][2] - For the first half of 2025, net income reached $1.174 billion, an increase from $966 million in the same period of 2024, with EPS rising to $2.35 from $1.93 [2][29] - Non-GAAP operating earnings for Q2 2025 were $384 million, compared to $313 million in Q2 2024, translating to $0.77 per share, up from $0.63 [1][2] Guidance and Outlook - PSEG maintains its 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, representing a 9% increase at the midpoint compared to 2024 results [3][4] - The financial outlook for 2025 includes new distribution rates from a 2024 settlement and a refueling outage at the Hope Creek nuclear unit, aimed at extending its fuel cycle [3] Operational Highlights - PSEG successfully managed a peak load of 10,229 MW on June 24, 2025, the highest since 2013, demonstrating the effectiveness of its infrastructure investments [5] - The company is on track to execute a $3.8 billion regulated investment program, aiming for a 5% to 7% compound annual growth in non-GAAP operating earnings from 2025 to 2029 [4] Segment Performance - PSE&G's net income for Q2 2025 was $332 million, up from $302 million in Q2 2024, while PSEG Power & Other reported net income of $253 million, significantly higher than $132 million in the prior year [8] - PSEG Nuclear generated approximately 7.5 terawatt hours (TWh) of energy in Q2 2025, an increase of 0.5 TWh compared to the same period in 2024 [10] Customer and Market Insights - PSE&G observed a significant increase in large load inquiries for new service connections, growing to over 9,400 megawatts as of June 30, 2025, primarily driven by data center customers [9] - The latest PJM auction results indicated a capacity price of $329 per megawatt-day for the 2026/2027 energy year, up from $270 per megawatt-day for the previous year [6][11] Legislative and Regulatory Developments - Recent federal tax legislation preserved the nuclear production tax credit and extended 100% bonus depreciation for qualified business property, supporting PSEG's planned power uprate at Salem [7]

Group 1 - The extreme heat wave this summer has significantly increased electricity demand in Europe, with a 7.5% year-on-year rise in overall electricity demand in the EU during the peak heat wave period from June 23 to July 3 [1] - The heat wave has caused substantial operational challenges for power plants, leading to a 40% month-on-month decrease in hydroelectric generation for the UK power company SSE due to high temperatures and severe drought [1] - Many inland nuclear power plants in France and Switzerland have had to temporarily shut down or reduce output due to cooling difficulties caused by high temperatures [1] Group 2 - The demand for air conditioning and cooling devices has surged, with 6% of households in Germany currently having air conditioning, projected to rise to 8% by 2030 [2] - Air conditioning sales on the European shopping platform Galaxus skyrocketed by 233% year-on-year in June, marking a historical high, with first-half shipments surpassing the total for the previous year [2] - The EU has emphasized the need for new energy assets and infrastructure to be designed with climate resilience to withstand extreme heat, as solar power generation in June increased by 22% year-on-year, reaching a historical high [2]

配电价改革中统筹疏导。 二、本次电价政策对公司的影响 关于居民生活用电执行低谷电价政策的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 四川省发展和改革委员会近日发布《关于地方电网居民生活用电 执行低谷电价政策有关事项的通知》（川发改价格〔2025〕369 号）， 因乐山电力股份有限公司（简称"公司"）计量设施和营销系统暂不 具备条件，计划自 2025 年 9 月 1 日起执行。现将本次电价政策的主 要内容及对公司的影响公告如下： 一、本次电价政策的主要内容 行低谷时段电价政策，合表用户不执行低谷时段电价政策。 至次日 07:00，下同)用电价格按照 0.175 元/千瓦时执行；枯、平 水期(11 月-次年 5 月)低谷时段用电价格按照 0.2535 元/千瓦时执 行。低谷时段用电量纳入阶梯电量计算范围，阶梯电量和阶梯加价标 准按各地方电网现行政策执行。 证券代码：600644 证券简称：乐山电力 公告编号：2025-044 乐山电力股份有限公司 该测算仅为初步测算数据，最终影响金额以公司 2025 年度经审 计的年度财 ...