Financial Data and Key Metrics Changes - IDACORP's diluted earnings per share increased to $2.26 in Q3 2025 from $2.12 in Q3 2024, with year-to-date EPS rising to $5.13 from $4.82 [3][4] - Net income for Q3 2025 rose by $10.8 million compared to Q3 2024, primarily driven by higher retail revenues and customer growth [14][18] - Operating cash flows through September 2025 were $464 million, up $6 million from the previous year [19] Business Line Data and Key Metrics Changes - Customer base grew by 2.3% year-over-year, with residential customers increasing by 2.5% [5][6] - Retail revenues per megawatt hour increased operating income by $17.6 million, while customer growth added $7.8 million to operating income [14][15] - O&M expenses rose by $4.2 million due to inflationary pressures and wildfire mitigation efforts [16] Market Data and Key Metrics Changes - The company reported a modest decrease in irrigation usage per customer, attributed to higher precipitation and lower temperatures compared to the previous year [15][44] - Despite lower cooling degree days, sales growth remained strong, indicating robust customer growth and operational performance [41][42] Company Strategy and Development Direction - IDACORP is focusing on maintaining customer affordability while supporting growth, with residential rates increasing less than the national average since 2014 [7][8] - The company is advancing key projects, including the Boardman to Hemingway transmission line and the Bennett Mountain gas-fired plant expansion, to meet future load growth [9][10] - A recent settlement in the Idaho general rate case aims to increase annual revenues by $110 million, supporting the company's financial health [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational performance, raising full-year EPS guidance to a range of $5.80 to $5.90 [4][22] - The company anticipates continued customer growth, particularly in manufacturing and technology sectors, driven by significant investments in the region [5][6] - Management acknowledged potential economic softening but noted no significant trends of concern regarding customer growth [40] Other Important Information - The company filed its 2026 Idaho Wildfire Mitigation Plan, outlining methods to mitigate wildfire risk [11][12] - The Idaho Commission approved a request for additional pre-collection of Hells Canyon AFUDC, increasing cash collection by about $30 million annually [19] Q&A Session Summary Question: What was in the capital plan for Jackalope, and what are the potential solutions? - Management noted that the Jackalope Wind Project was a significant capital piece, with 600 megawatts of capacity, and they are exploring gas options as replacements [25][26] Question: Can you provide insights on customer growth trends? - Management indicated that while customer growth is steady, there may be slight softening due to economic factors, but no major concerns were noted [40][42] Question: How do you plan to address the loss of the Jackalope Wind Project? - Management stated that they will update the capital forecast in February and are considering incremental resources to replace the lost capacity [77][78] Question: What are the priorities for the next general rate case? - Management is assessing the timing and need for the next rate case, considering various elements including potential tracking mechanisms [68][69] Question: How do you see the ROE outlook with new large load customers? - Management expects that revenues from large load customers will eventually increase ROE above the minimum level of 9.12% [70][71]

Financial Data and Key Metrics Changes - The company reported GAAP diluted EPS of $0.62 per share for Q3 2025, down from $0.76 in the prior period, while non-GAAP diluted EPS increased to $0.79 from $0.65 [4][8] - Year-to-date GAAP EPS stands at $2.22 compared to $2.34 last year, with adjusted EPS at $2.41 in 2025 versus $2.27 in 2024 [9][10] - The company affirmed its 2025 earnings guidance range of $3.53 to $3.65 [4] Business Line Data and Key Metrics Changes - Margin improvement contributed $0.52 to EPS, driven by rate increases ($0.35), customer usage ($0.08), and electric and gas transmission [10][11] - The company incurred $0.12 of merger-related costs during the quarter, impacting overall performance [12] Market Data and Key Metrics Changes - Mild weather negatively impacted earnings by approximately $0.05 compared to the previous year [12] - The company is awaiting outcomes from its Montana rate review, which is expected to influence future earnings [13] Company Strategy and Development Direction - The company is pursuing an all-stock merger with Black Hills Corporation, with regulatory filings already submitted [4][15] - A significant capital investment plan focuses on transmission and distribution (T&D) investments, with potential incremental opportunities in data centers and large load customers [6][14] - The company plans to file a large load tariff in Montana in Q4 2025, aiming to attract data centers [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting financial commitments and anticipates a favorable outcome from the Montana rate review [13] - The company expects to provide its 2026 outlook during the year-end call in February [14] Other Important Information - A dividend of $0.66 per share was declared, payable on December 31, 2025 [5] - The company is working on a $300 million natural gas generation project, which is not included in the current five-year CapEx plan [5] Q&A Session Summary Question: Clarification on data center activity and timelines - Management confirmed an increase in the queue count for high-level assessments and indicated that one could convert to an LOI soon [32] Question: Timeline for gas plan approval in South Dakota - Management stated that initial feedback from the Southwest Power Pool was positive, with expectations for transmission piece feedback in early 2026 [33]

Earnings Performance - IDACORP's net income for the three months ended September 30, 2025, was $124.437 million, compared to $113.605 million for the same period in 2024[13] - Diluted earnings per share increased to $2.26 for the three months ended September 30, 2025, from $2.12 in 2024[13] - For the nine months ended September 30, 2025, net income was $279.865 million, up from $251.298 million in 2024[13] - Diluted earnings per share for the nine months ended September 30, 2025, were $5.13, compared to $4.82 in 2024[13] Load and Customer Growth - The 2025 Integrated Resource Plan (IRP) forecasts an 8.3% annual growth rate for retail sales (billed MWh) over the next 5 years[14] - The 2025 IRP forecasts a 5.1% annual growth rate for annual peak demand over the next 5 years[14] - Idaho Power customer growth was 2.3% year-over-year as of September 30, 2025[17] Rate Case Settlement - A settlement has been reached for Idaho General Rate Case, requesting a $110 million increase in total annual Idaho-jurisdictional revenue, equivalent to a 7.48% rise, pending IPUC approval[29] - The settlement provides for a 9.6% Idaho-jurisdiction return on equity (ROE) and a 7.41% authorized rate of return applied to an Idaho-jurisdiction retail rate base of approximately $4.9 billion[29] Financial Outlook - IDACORP's earnings per share guidance for 2025 is $5.80 - $5.90 per diluted share[43] - Idaho Power's additional amortization of ADITC is estimated to be $50 - $60 million[43] - Idaho Power's O&M expense is projected to be $470 - $480 million[43]

Financial Data and Key Metrics Changes - The company reported third quarter 2025 earnings of $0.83 per share, which is one cent higher than the adjusted earnings for the same period in 2024 [3][12] - The earnings guidance for 2025 remains reaffirmed at a range of $5.17 to $5.27 per share, assuming normal weather conditions for the remainder of the year [3][15] - The utility operations contributed $0.12 more to earnings compared to third quarter 2024 adjusted earnings, with weather positively impacting earnings by about $0.01 [12] Business Line Data and Key Metrics Changes - Weather-normal retail electric deliveries increased by 1.8% compared to the third quarter of 2024, driven by a 2.9% growth in the large commercial and industrial segment [13] - Earnings from the American Transmission Company segment contributed an incremental $0.02 to Q3 earnings versus 2024 [14] - Earnings from corporate and other segments decreased by $0.11, primarily due to tax timing and higher interest expenses [14] Market Data and Key Metrics Changes - Wisconsin's unemployment rate stands at 3.1%, which is below the national average, supporting economic growth in the region [6] - The company expects electric demand to grow by 3.4 GW between 2026 and 2030, an increase of 1.6 GW compared to the prior plan [4][6] Company Strategy and Development Direction - The company plans to invest $36.5 billion in capital projects between 2026 and 2030, which is an increase of $8.5 billion from the previous five-year plan, representing over a 30% increase [6][8] - The updated capital plan anticipates an average asset base growth rate of just over 11% per year, supporting long-term projected earnings per share growth of 7% to 8% annually from 2026 to 2030 [6][17] - The company is focusing on an all-of-the-above approach for generation, investing in natural gas, batteries, and renewables to support economic growth and reliability [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's future and investment opportunities, citing strong economic development and load growth in Wisconsin as the foundation for the new five-year plan [17][18] - The management team highlighted that the growth from large customers is fostering small commercial and residential development throughout the service territory [5][6] Other Important Information - The company plans to file a rate case in Wisconsin for its biannual process, looking at inflation-type increases, but ensuring that costs from hyperscalers do not affect other customers [70] - The Very Large Customer tariff is designed to ensure that large customers pay their fair share without subsidizing other customers [10][52] Q&A Session Summary Question: On the updated growth outlook and back-end loading - Management explained that the compound annual growth rate (CAGR) will ramp up post-2027, with expectations of 7% to 8% growth in the outer years [20][21] Question: Timing around Point Beach conversations with NextEra - Conversations are ongoing, but may be shifting further out, with no capital included in the current plan for potential capacity replacement [23] Question: Microsoft expansion and its impact on the plan - Management confirmed that the growth in Southeastern Wisconsin is largely driven by data center projects, including Microsoft and Vantage Data Centers [27][28] Question: Clarification on capital plan increase - The increase in capital plan is primarily due to investments in regulated electric generation, transmission, and distribution [7][9] Question: Impact of Illinois legislation on growth - Management indicated that the Illinois legislation is being monitored, but does not expect it to have a significant effect on the company [32] Question: Future growth opportunities beyond the current plan - Management sees potential for additional growth both within the current five-year plan and beyond, depending on customer development [73]

Financial Data and Key Metrics Changes - The company reported third quarter 2025 earnings of $0.83 per share, which is $0.10 higher than the adjusted earnings for the same period in 2024 [4][17] - The earnings guidance for 2025 remains reaffirmed at a range of $5.17 to $5.27 per share [5][21] - Weather positively impacted earnings by approximately $0.01 compared to last year, with a favorable impact of $0.03 in 2025 versus $0.02 in 2024 [19] Business Line Data and Key Metrics Changes - Utility operations earnings increased by $0.12 compared to third quarter 2024 adjusted earnings [18] - Retail electric deliveries, excluding the iron ore mine, saw a 1.8% increase compared to 2024, driven by a 2.9% growth in the large commercial and industrial segment [19] - Earnings from the Corporate and Other segment decreased by $0.11, primarily due to tax timing and higher interest expenses [21] Market Data and Key Metrics Changes - Wisconsin's unemployment rate stands at 3.1%, which is below the national average, supporting economic development [9] - The company expects electric demand to grow by 3.4 gigawatts between 2026 and 2030, an increase of 1.6 gigawatts compared to the prior plan [6][9] Company Strategy and Development Direction - The company plans to invest $36.5 billion in capital projects between 2026 and 2030, which is an increase of $8.5 billion from the previous five-year plan [9][10] - The updated capital plan anticipates asset-based growth at an average rate of just over 11% per year [10] - The company will utilize an all-of-the-above approach for generation, investing in natural gas, batteries, and renewables [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic development and load growth in Wisconsin, which is the foundation of the new five-year plan [24] - The long-term projected earnings per share growth is expected to be 7% to 8% annually on a compound basis between 2026 and 2030 [10][22] - Management noted that the growth from large customers is fostering small commercial and residential development throughout the service territory [8] Other Important Information - The company expects to maintain a dividend payout ratio of 65% to 70% of earnings, with a growth rate of 6.5% to 7% consistent with past practices [25] - The proposed very large customer tariff is under review, designed to meet the needs of large customers while protecting other customers [14][15] Q&A Session Summary Question: On the updated growth outlook and its back-end loading - Management explained that the growth is expected to ramp up in 2027, with a compound annual growth rate of 7% to 8% in the outer years [29][31] Question: Timing around Point Beach conversations with NextEra - Conversations are ongoing, but may shift further out; no capital is assumed in the current plan for potential replacements [34][35] Question: Microsoft expansion and its impact on the plan - Management expressed confidence in growth in Southeastern Wisconsin, with Microsoft’s data center potentially scaling up to 2 gigawatts [40][41] Question: Clarification on capital plan increase - The increase in capital plan is primarily due to additional investments in regulated electric generation and transmission [12][22] Question: Engagement with other potential customers - Management confirmed ongoing discussions with other customers but emphasized that Microsoft and Vantage are the main focus currently [95][96] Question: Impact of the very large customer tariff on customer rates - The tariff is designed to ensure large customers pay their fair share without subsidizing other customers [89][90]

Core Insights - IDACORP, Inc. (IDA) reported third-quarter 2025 earnings of $2.26 per share, exceeding the Zacks Consensus Estimate of $2.23 by 1.3% and showing a year-over-year improvement of 6.6% from $2.12 [1][8] - Total revenues for the third quarter were $524.4 million, which was 1.6% lower than the Zacks Consensus Estimate of $533 million and a decline of 0.8% from $528.5 million in the same quarter last year [2] - Customer volume increased by 2.3% year over year, contributing to an operating income boost of $7.8 million compared to the prior year [3][8] Financial Performance - Total operating expenses decreased to $379.6 million, down 3.9% from the year-ago quarter [3] - Net income for IDACORP was $124.6 million, reflecting a 9.5% increase from the previous year [3] - As of September 30, 2025, cash and cash equivalents stood at $333.2 million, down from $368.9 million at the end of 2024, while long-term debt rose to $3.33 billion from $3.05 billion [4] Guidance and Future Outlook - IDACORP raised its full-year 2025 earnings guidance to a range of $5.80-$5.90 per share, up from the previous range of $5.70-$5.85, with the current Zacks Consensus Estimate at $5.84 [5] - The company anticipates capital expenditures between $1 billion and $1.1 billion for 2025 and expects O&M expenses to be in the range of $470-$480 million, slightly up from the previous estimate [5] - Management now expects to add hydropower in the range of 6.5-7 megawatt-hours (MWh) in 2025, a reduction from the earlier forecast of 7-8 MWh [6] Market Position - IDACORP currently holds a Zacks Rank 2 (Buy), indicating a favorable market position [7]

Core Insights - Xcel Energy Inc. (XEL) reported third-quarter 2025 operating earnings of $1.24 per share, missing the Zacks Consensus Estimate of $1.31 by 5.3% and also falling short of the previous year's figure by a penny [1][8] - The decline in earnings per share was attributed to higher interest charges and operating & maintenance (O&M) expenses, which were partially offset by increased recovery of infrastructure investments [1][8] Revenue Performance - Total revenues for Xcel Energy amounted to $3.92 billion, slightly missing the Zacks Consensus Estimate of $3.93 billion by 0.3%, but representing a 7.4% increase from $3.64 billion in the same quarter last year [2] - Electric segment revenues reached $3.64 billion, up 7.4% from $3.39 billion year-over-year, while natural gas revenues increased by 10.5% to $264 million from $239 million [3] Operating Expenses and Income - Total operating expenses rose by 15.8% year-over-year to $3.17 billion, driven by higher electric fuel and purchased power costs, as well as increased taxes other than income tax [4] - Operating income decreased by 17.8% year-over-year to $911 million, with total interest charges and financing costs increasing by 14.1% from $348 million to $322 million [4] Customer Volume and Growth - In the first nine months of 2025, Xcel Energy experienced a 2.5% growth in electric customer volume, while natural gas customer volume saw a slight decline of 0.3% [5] - In the third quarter, natural gas customers increased by 0.8% and electric customers by 0.9% compared to the previous year [5] Future Guidance - Xcel Energy reaffirmed its 2025 earnings per share guidance in the range of $3.75-$3.85, with the Zacks Consensus Estimate at $3.81, and initiated a 2026 earnings per share outlook of $4.04-$4.16 [6] - The company anticipates retail electric sales to increase by 3% in 2025, while natural gas sales volumes are expected to remain flat [7] - Long-term annual earnings per share growth is projected at 6-8%, with dividend growth expected at 4-6% [7] Investment Plans - Xcel Energy plans to invest $60 billion from 2026 to 2030 to further enhance its infrastructure [9]

Core Insights - CMS Energy Corporation (CMS) reported third-quarter 2025 earnings per share (EPS) of 93 cents, exceeding the Zacks Consensus Estimate of 86 cents by 8.1% and increasing 10.7% from 84 cents in the prior-year quarter [1][8] - The company raised its 2025 adjusted earnings guidance to a range of $3.56-$3.60 per share and initiated 2026 adjusted earnings guidance of $3.80-$3.87 per share [5][8] - CMS reaffirmed its long-term adjusted EPS growth target in the range of 6-8% [6] CMS' Revenues - Operating revenues for CMS totaled $2.02 billion, surpassing the Zacks Consensus Estimate of $1.82 billion by 11.2% and increasing 16.1% from $1.74 billion in the prior-year quarter [2][8] Operational Performance of CMS - Operating expenses amounted to $1.54 billion, reflecting an 11.9% increase from the year-ago quarter [3] - Operating income was reported at $481 million, up from $367 million in the prior-year quarter [3] - Interest charges totaled $203 million, which is a 14% increase from the previous year [3] Financial Condition of CMS - As of September 30, 2025, CMS had cash and cash equivalents of $362 million, up from $103 million as of December 31, 2024 [4] - Total debt and financial leases (excluding securitization debt) were $17.47 billion, compared to $15.87 billion as of December 31, 2024 [4] - Net cash flow from operating activities was $1.76 billion during the first nine months of 2025, down from $1.97 billion in the prior-year period [4] CMS' Zacks Rank - CMS Energy currently holds a Zacks Rank 3 (Hold) [7]

Core Insights - DTE Energy Company reported third-quarter 2025 operating earnings per share (EPS) of $2.25, exceeding the Zacks Consensus Estimate of $2.10 by 7.1% and showing a 1.4% increase from the previous year's figure of $2.22 [1][8] - The company reported GAAP earnings of $2.01 per share, down from $2.30 in the prior-year quarter [1] Financial Performance - Operating net income for the quarter was $468 million, compared to $460 million in the same period last year [2] - DTE Energy invested $3 billion through the third quarter of 2025, focusing on upgrading electric and natural gas infrastructure and transitioning to cleaner power generation [2][8] Segment Performance - DTE Electric segment reported earnings of $2.44 per share, an increase from $2.11 in the prior-year quarter [4] - DTE Gas segment recorded a loss of 18 cents per share, compared to a loss of 6 cents in the year-ago period [4] - Non-Utility Operations reported operating earnings of 30 cents per share, down from 35 cents in the third quarter of 2024 [4] Future Guidance - DTE Energy reiterated its 2025 operating EPS guidance, expecting it to be in the range of $7.09-$7.23, with the Zacks Consensus Estimate at the higher end of this range at $7.23 [5] Market Position - DTE Energy currently holds a Zacks Rank 3 (Hold) [6]

Core Insights - Southern Co. reported revenue of $7.82 billion for the quarter ended September 2025, reflecting a year-over-year increase of 7.6% and surpassing the Zacks Consensus Estimate of $7.54 billion by 3.78% [1] - The company's EPS for the quarter was $1.60, up from $1.43 in the same quarter last year, exceeding the consensus EPS estimate of $1.50 by 6.67% [1] Revenue Performance - Southern Power's operating revenues reached $7.82 billion, significantly exceeding the average estimate of $598.56 million by 1203.8% year-over-year [4] - Total retail sales amounted to $42.37 billion, slightly above the average estimate of $42.35 billion [4] - Southern Company Natural Gas reported operating revenues of $734 million, slightly above the estimated $729.93 million, marking a 7.6% increase from the previous year [4] - Georgia Power's other revenues were $271 million, surpassing the estimate of $220.22 million with a year-over-year increase of 29.7% [4] - Mississippi Power's retail revenues were $302 million, exceeding the average estimate of $263.7 million, representing a 9.4% year-over-year increase [4] - Alabama Power's operating revenues reached $2.32 billion, above the estimate of $2.14 billion, reflecting an 8.4% increase [4] - Georgia Power's revenues were $3.77 billion, exceeding the estimate of $3.33 billion, with an 8.6% year-over-year increase [4] - Mississippi Power's revenues were $480 million, surpassing the average estimate of $403.96 million, indicating a 16.5% increase from the previous year [4] Stock Performance - Southern Co. shares have returned -1.4% over the past month, while the Zacks S&P 500 composite has increased by 3.6% [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]