Core Viewpoint - Georgia Power is expanding its energy mix to meet the growing energy needs of Georgia, with a focus on reliability and economic efficiency through a diverse range of resources including natural gas, battery energy storage systems (BESS), and solar energy [1][3]. Group 1: New Resource Certification - Georgia Power has requested certification from the Georgia Public Service Commission (PSC) for approximately 9,900 megawatts (MW) of new resources, primarily sourced from an "all-source" request for proposals (RFP) [1]. - The majority of the resources, about 8,000 MW, were selected based on bids from the RFP, which was approved in the 2022 Integrated Resource Plan (IRP) [1][2]. - The company is also seeking approval for an additional 1,886 MW of supplemental resources to meet near-term energy needs not covered by the initial RFP [2]. Group 2: Natural Gas and Emission Reduction - Georgia Power is incorporating cleaner natural gas into its generation mix, which has led to a reduction in overall carbon emissions by over 60% since 2007 [4]. - The filings include a request to certify five new combined cycle (CC) units totaling 3,692 MW, strategically located to ensure grid stability and support economic growth [4]. Group 3: Battery Energy Storage Systems (BESS) - The company is actively integrating BESS technology to enhance the reliability and resilience of the electric system, allowing for better management of renewable energy resources [5]. - Construction is underway for 765 MW of new BESS across Georgia, with additional requests for 10 new BESS facilities totaling 3,022.5 MW [6]. - The new BESS facilities will be strategically placed to maximize efficiency and reliability, with projects including solar energy integration [7]. Group 4: Project Details - Specific projects include: - Plant Bowen: Two CCs with a combined capacity of 1,482 MW [6]. - Plant McIntosh: One CC with a capacity of 757 MW [6]. - Plant Wansley: Two CCs with a combined capacity of 1,453 MW [6]. - Additional projects include eleven PPAs totaling 2,821 MW for new BESS facilities and natural gas generation [7].

Financial Performance - GAAP EPS for Q2 2025 was $0.75, compared to $0.54 in Q2 2024[4] - Year-to-date GAAP EPS for 2025 was $1.59, compared to $1.42 in 2024[4] - The company reaffirmed its 2025 EPS guidance of $3.75 to $3.85[4] - The company's base capital plan is $45 billion, reflecting 9.4% rate base growth[34] Capital Investments and Projects - The company invested $2.6 billion in resilient and reliable energy infrastructure in Q2 2025[4] - Segments 2 and 3 of the Colorado Power Pathway were in-serviced four months ahead of schedule[4] - The company sees a line of sight to over $15 billion of additional capital investment opportunities[4, 34] - A recommended portfolio was filed in SPS for approximately 5,200 MW of generation, with about 4,500 MW company-owned[4, 7] Regulatory and Sales Growth - The company anticipates constructive outcomes in all pending regulatory proceedings, including requests for deferral of incremental insurance costs associated with wildfire risk and recovery of O&M costs associated with wildfire mitigation plans[31] - The company projects an increase of approximately 3% in weighted average retail electric sales[31] - The company projects an increase of approximately 1% in weighted average retail firm natural gas sales[31] Wildfire Risk Mitigation - The Colorado commission approved a settlement for the Colorado Wildfire Mitigation Plan[4, 60] - The Texas commission approved a settlement for the SPS System Resiliency Plan[4, 60] - Constructive wildfire legislation was passed in Texas and North Dakota[4]

Core Insights - WEC Energy Group reported Q2 2025 earnings of 76 cents per share, exceeding the Zacks Consensus Estimate of 71 cents by 7% and increasing 13.4% from 67 cents in the same quarter last year [1][8] - Operating revenues reached $2.01 billion, surpassing the Zacks Consensus Estimate of $1.86 billion by approximately 8.2%, and also reflecting a 13.4% increase from $1.77 billion in the prior year [2][8] Revenue and Sales Performance - Electricity consumption by small commercial and industrial customers rose by 0.6%, while large commercial and industrial customers, excluding the iron ore mine, saw an increase of 0.8% [2] - On a weather-normal basis, retail electricity deliveries, excluding the iron ore mine, increased by 1.1% [3] - Total electric sales volume for the quarter was 10,656 thousand megawatt-hours, up 2.7% year over year [3] Operating Expenses and Income - Total operating expenses amounted to $1.6 billion, up 13.4% from $1.41 billion in the previous year, driven by higher sales costs and increased operating and maintenance expenses [3] - Operating income totaled $404.9 million, reflecting an 11% increase from $364.8 million in the year-ago quarter [3] Financial Position - As of June 30, 2025, WEC had cash and cash equivalents of $23 million, up from $9.8 million as of December 31, 2024 [5] - Long-term debt stood at $17.11 billion, slightly down from $17.18 billion as of December 31, 2024 [5] - Net cash provided by operating activities during the first half of 2025 was $2.01 billion, compared to $1.9 billion in the same period last year [5] Guidance and Future Outlook - WEC reaffirmed its 2025 earnings projection in the range of $5.17-$5.27 per share, with the Zacks Consensus Estimate at $5.23 per share, which is higher than the midpoint of the company's guidance [6] - The company plans to invest $28 billion during the 2025-2029 period [6]

Core Insights - FirstEnergy (FE) reported second-quarter 2025 operating earnings of 52 cents per share, exceeding the Zacks Consensus Estimate of 50 cents by 4% and showing an increase from 51 cents per share in the same quarter last year [1][7] Financial Performance - The year-over-year increase in core earnings was attributed to new base rates in Pennsylvania and growth in transmission rate base under formula rate programs, although milder temperatures reduced customer demand by nearly 3% [2] - Total revenues for FE were $3.38 billion, which was 3% higher than the $3.28 billion recorded in the year-ago quarter but missed the Zacks Consensus Estimate of $3.41 billion by 1% [3][7] - Operating expenses decreased to $2.73 billion, down 4.5% from $2.86 billion in the prior-year quarter, leading to an operating income of $646 million, up 52.7% from $423 million [5] Segment Performance - Distribution segment revenues totaled $1.68 billion, up 1.6% from the prior-year quarter [4] - Integrated segment revenues amounted to $1.26 billion compared to $1.18 billion in the year-ago quarter [4] - Stand-Alone Transmission segment revenues were $456 million, slightly down from $468 million in the prior-year quarter [4] Future Guidance - FirstEnergy expects 2025 core earnings per share (EPS) in the range of $2.40-$2.60, with the Zacks Consensus Estimate at $2.53 per share [6] - The company anticipates a long-term EPS growth rate of 6-8% and has a capital investment plan of $28 billion for the 2025-2029 period, with $5 billion expected for 2025 [6]

Financial Performance - 2Q25 Core EPS was $052/share, compared to $051/share in 2Q24[15] - YTD25 Core EPS grew by 19% to $119/share, compared to $100/share in YTD24[15] - YTD25 Investments reached $25 billion, a 29% increase compared to $19 billion in YTD24[15] Investment and Growth - The company reaffirmed its 2025 Core EPS guidance and a 6-8% Core EPS CAGR from 2025-2029[9, 11] - The company reaffirmed its 2025-2029 Base Investment Plan of $28 billion, expecting a 9% Rate Base growth[11] - Transmission investments are expected to increase up to 20% in the next 5-year plan[28] Pennsylvania Investments - Pennsylvania accounts for approximately 35% of the company's Rate Base[18] - The company is investing $15 billion in Pennsylvania from 2025-2029, including nearly $10 billion in capital investments and ~$5 billion in operating expenses[22] Data Center Demand - Long-term pipeline demand for data centers (beyond 2029F) increased by over 80% since February 2025, reaching 11,130 MW[26] - Contracted demand for data centers in 2029F increased by approximately 25% since February 2025, reaching 2,695 MW[26]

Core Insights - Southern Company reported second-quarter earnings of $0.9 billion, or $0.80 per share, in 2025, a decrease from $1.2 billion, or $1.10 per share, in the same quarter of 2024 [1][2] - For the first half of 2025, earnings totaled $2.2 billion, or $2.01 per share, compared to $2.3 billion, or $2.13 per share, for the same period in 2024 [1][2] - Operating revenues for the second quarter of 2025 were $7.0 billion, reflecting a 7.9% increase from $6.5 billion in the second quarter of 2024 [5][26] - The company emphasized its commitment to balancing growth, reliability, and affordability for customers, while achieving operational and financial performance [6] Financial Performance - Excluding certain items, Southern Company earned $1.0 billion, or $0.92 per share, in the second quarter of 2025, down from $1.2 billion, or $1.10 per share, in the same quarter of 2024 [2][3] - For the six months ended June 30, 2025, excluding these items, earnings were $2.4 billion, or $2.15 per share, compared to $2.3 billion, or $2.13 per share, for the same period in 2024 [2][3] - The average shares outstanding increased slightly from 1,096 million in 2024 to 1,101 million in 2025 [3][12] Revenue Breakdown - Retail electric revenues for the second quarter of 2025 included $1.139 billion from fuel and $3.619 billion from non-fuel sources, contributing to total operating revenues of $6.973 billion [26] - Natural gas revenues increased to $979 million in the second quarter of 2025, up from $831 million in the same quarter of 2024 [26] - Total operating revenues for the first half of 2025 reached $14.748 billion, a 12.5% increase from $13.109 billion in the first half of 2024 [5][26] Operational Insights - Adjusted earnings drivers included higher non-fuel operations and maintenance expenses, prior year gains on transmission asset sales, milder weather, and increased income taxes, depreciation, and interest expenses [4] - The company reported a net income of $880 million for the second quarter of 2025, down from $1.203 billion in the same quarter of 2024 [12][26] - Significant factors impacting earnings per share included increased operations and maintenance expenses and higher interest expenses [16][20]

Core Insights - FirstEnergy reported revenue of $3.38 billion for the quarter ended June 2025, reflecting a 3.1% increase year-over-year, but fell short of the Zacks Consensus Estimate of $3.41 billion, resulting in a surprise of -1% [1] - The company's EPS was $0.52, down from $0.56 in the same quarter last year, but exceeded the consensus estimate of $0.50, leading to an EPS surprise of +4% [1] Financial Performance Metrics - Total Electric Distribution Deliveries were 34,510 MWh, below the two-analyst average estimate of 36,000.49 MWh [4] - Distribution revenues were reported at $1.68 billion, matching the two-analyst average estimate [4] - Stand-Alone Transmission revenues were $456 million, slightly below the average estimate of $467.85 million [4] - Consolidated external revenues were $3.38 billion, compared to the estimated $3.47 billion by two analysts [4] - Revenues from Total Corporate/Other & Reconciling Adjustments were -$12 million, better than the estimated -$13.29 million, but represented a -14.3% change compared to the year-ago quarter [4] - Integrated revenues were $1.26 billion, surpassing the average estimate of $1.21 billion [4] Stock Performance - FirstEnergy's shares returned +3.5% over the past month, slightly outperforming the Zacks S&P 500 composite's +3.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - FirstEnergy Corp. reported second quarter 2025 GAAP earnings of $268 million, or $0.46 per share, on revenue of $3.4 billion, a significant increase from $45 million, or $0.08 per share, on revenue of $3.3 billion in the same quarter of 2024 [1][9] - Core Earnings (non-GAAP) for the second quarter of 2025 were $0.52 per share, slightly up from $0.51 per share in the second quarter of 2024, reflecting a year-over-year growth [2][10] - The company has deployed $2.5 billion in capital investments through the first half of 2025, aligning with its $5 billion investment plan for 2025 and a broader $28 billion Energize365 program for 2025-2029 [1][3] Financial Performance - Year-to-date GAAP earnings for June 2025 reached $1.09 per share, with Core Earnings at $1.19 per share, marking a 19% increase in Core Earnings year-over-year [1][10] - FirstEnergy affirmed its full-year 2025 Core Earnings guidance of $2.40 to $2.60 per share, targeting the upper half of this range [3][4] - The company expects a compounded annual growth rate of 6-8% in Core Earnings from 2025 through 2029, supported by its capital investment strategy [3][4] Segment Performance - In the Distribution segment, Core Earnings increased by $0.06 per share compared to the second quarter of 2024, primarily due to new base rates in Pennsylvania and lower operating expenses [5] - The Integrated segment's Core Earnings remained flat year-over-year, benefiting from a 14% growth in transmission rate base but offset by lower customer demand [6] - The Stand-Alone Transmission segment saw a decrease of $0.01 per share in Core Earnings compared to the previous year, despite an 8% increase in rate base due to capital investments [7] Special Items and Adjustments - The GAAP results for both the second quarter and first half of 2025 reflect the impact of special items, which include various adjustments that management believes are not indicative of ongoing core activities [12][16] - For the second quarter of 2025, total special items amounted to $0.06 per share, compared to $0.43 per share in the same quarter of 2024 [12]

Core Viewpoint - Dominion Energy is expected to report its second-quarter 2025 results on August 1, with a prior earnings surprise of 20.78% in the last quarter [1] Group 1: Factors Impacting Q2 Performance - Earnings are likely to benefit from ongoing regulated investment, new electric rates, higher demand in service territories, and nuclear production tax credits [2][8] - Robust commercial load growth driven by data centers and customer growth in Virginia and South Carolina is expected to contribute positively [3] - However, higher financing costs, share dilution, planned nuclear unit outages, and increased depreciation, depletion, and amortization (DD&A) may offset some of these positives [3][8] Group 2: Q2 Expectations - The Zacks Consensus Estimate for earnings is set at 69 cents per share, indicating a year-over-year increase of 25.4% [4][8] - Revenue is estimated at $3.64 billion, reflecting a 4.55% increase from the previous year [4] Group 3: Earnings Prediction Model - The current Earnings ESP for Dominion Energy is 0.00%, suggesting that an earnings beat is not predicted this time [5][6] - The company holds a Zacks Rank of 3, indicating a hold position [6] Group 4: Comparisons with Other Stocks - Essential Utilities (WTRG) is expected to report an earnings beat with an Earnings ESP of +6.90% and a Zacks Rank of 2 [7] - IDACORP (IDA) and ONE Gas Inc. (OGS) are also anticipated to report earnings beats, with respective Earnings ESPs of +4.55% and +3.22% [9][10]

Financial Data and Key Metrics Changes - The company reported second quarter adjusted earnings per share (EPS) of $1.05, maintaining guidance for 2025 results [5][29] - Adjusted EPS for the quarter was $1.50, driven by net investments for customers, higher retail sales volume, and increased other income [29][30] - Weather-adjusted retail sales growth was strong at 4.5%, with industrial sales growing close to 12% [30] Business Line Data and Key Metrics Changes - The company secured significant new growth in Arkansas, expecting a four-year industrial sales growth rate of approximately 13% [9] - The four-year capital plan has been updated to $40 billion, focusing on customer-driven generation, including 3 gigawatts of solar and 1.4 gigawatts of battery storage [9][10] - The company has signed roughly 8 gigawatts of electric service agreements since the beginning of last year [9] Market Data and Key Metrics Changes - The company has over 3 million customers, primarily residential, achieving a Net Promoter Score in the first quartile for utility residential service [6] - The economic development model is attracting new businesses to the service area, contributing to job growth and tax base [8][12] Company Strategy and Development Direction - The company aims to be the premier utility, focusing on sustainable value creation for stakeholders [5] - A significant investment of $8 billion in transmission is planned, including projects that enhance grid resilience [15] - The company is working on an accelerated resilience program to better manage storm impacts, with $2 billion approved for projects [12][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on 2025 guidance, despite challenges such as higher MISO capacity costs [37] - The company is optimistic about future growth opportunities, supported by a higher capital plan and strong customer demand [38] - Regulatory changes are expected to improve storm cost recovery and reduce financial risks for customers [102][104] Other Important Information - The company completed the sale of its gas LDC businesses to Delta Utilities, allowing a focus on core electric operations [19][20] - The company has been recognized as a top community-minded company, contributing over 122,000 volunteer hours valued at over $4 million [26] Q&A Session Summary Question: Inquiry about new Arkansas customer details - Management stated they cannot disclose specifics about the customer but will provide details in upcoming regulatory filings [44] Question: Clarification on gas generation capacity - The seven gigawatts mentioned are related to projects not yet publicly announced, available for future customer growth [46] Question: Update on Meta's Hyperion data center regulatory approval - Management confirmed no regulatory process has started for the upsizing of Hyperion and emphasized excitement about potential expansion [50][51] Question: Discussion on nuclear upgrades and risk management - Management indicated that the operating companies are not large enough to take on construction risks for nuclear units and are exploring various support options [55] Question: Clarification on storm recovery mechanisms - Management explained a new mechanism in Louisiana allows for quicker recovery of securitization costs, benefiting customers and improving credit metrics [102][104] Question: Concerns about gas plant construction timelines - Management expressed confidence in managing project timelines through strong relationships with EPCs and simplified designs [106][108] Question: Coexistence of storm resilience and data center customers - Management noted that data centers are locating further from the coast and emphasized building modern infrastructure to reduce storm risks [116]