Financial Performance - Q3 2025 Adjusted EBITDA reached $830 million, driven by new renewables projects, US utilities rate base investment, and cost savings[16] - Q3 2025 Adjusted EPS increased to $075, influenced by Adjusted EBITDA drivers and a lower adjusted tax rate[16] - Year-to-Date 2025 Renewables SBU Adjusted EBITDA increased by 46%, primarily due to 3 GW of new projects and higher returns[19] - The company reaffirms its 2025 Adjusted EBITDA guidance, projecting between $2650 million and $2850 million[78] - The company reaffirms Adjusted EPS guidance for 2025, estimating between $210 and $226[79] Strategic Objectives - The company is on track to sign at least 4 GW of PPAs in full year 2025, with 22 GW already signed or awarded year-to-date, including 16 GW with data center customers[16] - The company is on track to add 32 GW of new projects in full year 2025, having completed construction of 29 GW year-to-date[16] - The backlog of projects under signed PPAs has reached 111 GW[16] - The company anticipates an average annual Adjusted EBITDA growth of 5% to 7% through 2027[81] Capital Allocation - The company projects discretionary cash sources and uses between $2615 million and $2815 million[85]

Financial Data and Key Metrics Changes - The company generated $302 million of funds from operations (FFO) during the quarter, or $0.46 per unit, representing a 10% year-over-year increase [3][22] - The hydroelectric segment delivered FFO of $119 million, up over 20% from the prior year, driven by solid generation and higher pricing [22] - The wind and solar segments generated a combined $177 million of FFO, supported by acquisitions, although offset by the sale of certain wind assets [22] Business Line Data and Key Metrics Changes - The hydroelectric segment's strong performance reflects growing demand for scale base load power and improved pricing [22] - The distributed energy, storage, and sustainable solutions segments generated FFO of $127 million, up from the prior year, supported by growth from acquisitions [22] - The company signed contracts to deliver approximately 4,000 gigawatt-hours per year, including a significant 20-year contract with Microsoft [25] Market Data and Key Metrics Changes - There is accelerating demand for power across nearly all markets, driven by electrification, reindustrialization, and energy demand from hyperscalers [4][5] - The company is well-positioned to capture increasing demand for hydro capacity, with approximately five terawatt hours of generation coming up for recontracting [9] - The battery storage market is seeing costs decrease by over 50% in the past year, with increased interest in long-term capacity contracts [10] Company Strategy and Development Direction - The company is focusing on strategic investments in critical technologies to support energy demand and grid reliability [3] - A strategic partnership with the U.S. government aims to support the deployment of new Westinghouse nuclear reactors, with an investment value of at least $80 billion [5][13] - The company is committed to maintaining high levels of liquidity and access to capital to capitalize on growth opportunities [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects of the business, driven by strong demand for clean, dispatchable base load power [12][79] - The partnership with the U.S. government is expected to catalyze growth in the nuclear sector and enhance the value of Westinghouse [19][62] - Management noted that while permitting processes are improving, execution on the ground remains a bottleneck to growth [31][32] Other Important Information - The company has a sector-leading balance sheet with strong liquidity of $4.7 billion and a BBB Plus investment-grade rating [24] - The company executed $7.7 billion in financings during the quarter, with total financings over the last 12 months reaching $38 billion [24] - The company is actively pursuing capital recycling opportunities, having closed sales expected to generate $2.8 billion [26] Q&A Session Summary Question: Improvements in permitting pace in the U.S. - Management noted that while there is intent to accelerate permitting, progress has been incremental rather than dramatic [31][32] Question: Data center power discussions outside the U.S. - Management indicated that discussions about power for data centers are occurring globally, with significant activity in Western Europe, Australia, India, and South America [33] Question: Timeline for U.S. buildout associated with the Westinghouse agreement - Management expects the first projects to begin development in the next quarter or two, with revenues starting relatively quickly [38][41] Question: Capital investment in the Santee Cooper project - Management stated that any investment would require appropriate protections around cost overruns and risks [42][43] Question: Potential for Brookfield to be a source of capital for nuclear projects - Management expressed confidence in Brookfield's position to play a significant role in nuclear power growth, contingent on appropriate risk protections [46][48] Question: Federal tax credits eligibility for U.S. development pipeline - Management confirmed that the entire U.S. development pipeline has been safe-harbored through 2029, with ongoing monitoring of federal tax credit definitions [67][69] Question: Valuations in private markets versus public markets - Management noted that valuations for high-quality operating cash-generative renewables assets are significantly higher in private markets than in public markets [70][72] Question: Nuclear deployment strategy and potential growth - Management indicated that nuclear currently represents about 5% of the business and is expected to grow over time, with no internal constraints on capital allocation [77][78]

Core Insights - Boralex Inc. will release its third quarter results for 2025 on November 7, 2025, at 11 a.m. ET, with a conference call for financial analysts and investors [1][2] Group 1: Financial Results Announcement - The financial results will be made available through a press release and on Boralex's website at 7 a.m. on the same day [3] - A live conference call will be held for interested parties to listen to the presentation, with a replay available on the company's website until November 7, 2026 [3] Group 2: Company Overview - Boralex has been a provider of affordable renewable energy for over 35 years and is a leader in the Canadian market, as well as the largest independent producer of onshore wind power in France [4] - The company has increased its installed capacity by over 50% in the past five years, reaching over 3.3 GW, and is developing a portfolio of projects totaling 8.2 GW in wind, solar, and storage [4] - Boralex is recognized as the Best Corporate Citizen in Canada and is committed to corporate social responsibility and combating global warming [4]

Group 1 - Archer Aviation's midnight aircraft has been selected by the Tokyo Metropolitan Government for phase one of Tokyo's EV toll implementation project, marking a significant step in the development of air taxi services in Japan [1][2] - The initiative aims to evaluate market readiness and infrastructure ahead of planned demonstration flights, advancing Archer's partnership with Japan Airlines and Sumitomo's Soracle joint venture [2] - Plug Power has begun installing a 5 megawatt electrolyzer for the H2 Hollandia project, which is the Netherlands' first decentralized green hydrogen hub connected to a 115 megawatt solar park [3][4] Group 2 - The H2 Hollandia project is expected to produce approximately 300,000 kg of green hydrogen annually by 2026, setting a model for localized renewable hydrogen production for regional transport and industry [4] - ChargePoint has secured its third consecutive source well cooperative purchasing contract, allowing public agencies in the US and Canada to access its EV charging solutions through a streamlined process with preferred pricing [4]

Core Insights - Green Rain Energy Holdings Inc. has filed for a special stock dividend with FINRA to combat unregulated short-selling, which has negatively impacted the value of emerging public companies [1][2] - The company is working with Lucosky Brookman LLP to ensure compliance with regulatory standards, enhancing investor confidence and market credibility [2] - Green Rain Energy has secured a $400,000 utility incentive from Rochester Gas & Electric and launched an EV Infrastructure Survey, positioning itself strategically in the clean energy sector [3] Company Overview - Green Rain Energy Holdings Inc. is a clean energy development company based in Wyoming, focusing on renewable infrastructure through its subsidiaries [4] - The company specializes in EV charging networks, solar installations, and energy efficiency projects, utilizing an ESCO model to enable revenue participation without incurring debt [4]

Financial Performance - Q3 2025 - Sales and Merchandising Revenues increased to $2678 million, compared to $2621 million in Q3 2024[14] - Gross Profit was $171 million, slightly lower than the $177 million in Q3 2024[14] - Pretax Income Attributable to ANDE decreased to $20 million, compared to $38 million in Q3 2024[14] - Adjusted Pretax Income Attributable to ANDE was $31 million, compared to $35 million in Q3 2024[14] - Adjusted EPS was $084, compared to $072 in Q3 2024[14] Segment Highlights - Agribusiness revenues increased to $1989 million, compared to $1876 million in Q3 2024[24] but Pretax income decreased to $1 million, compared to $23 million in Q3 2024[24] - Renewables revenues decreased to $689 million, compared to $745 million in Q3 2024[30] but Pretax income attributable to ANDE increased to $37 million, compared to $26 million in Q3 2024[30] Capital and Debt - Capital investments are expected to be around $200 million for 2025[20] - The company is focused on maintaining a long-term debt-to-EBITDA ratio below 25x, currently at 20x[20] Agribusiness - Agribusiness Adjusted EBITDA decreased to $29 million, compared to $45 million in Q3 2024[24] Renewables - Renewables Adjusted EBITDA increased to $67 million, compared to $63 million in Q3 2024[30]

Market Overview - A-shares experienced a volatile upward trend today, with the Shanghai Composite Index rising by 0.23% to 3969.25 points, the Shenzhen Component Index increasing by 0.37%, and the ChiNext Index up by 1.03% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 1.872 trillion yuan, a decrease of about 43.42 billion yuan compared to the previous trading day [1] Sector Performance - The anti-involution theme maintained strong performance, with solar energy, carbon neutrality, and new energy vehicles leading the gains [1] - The TMT sector faced a pullback, with integrated circuits and computers showing the largest declines [1][2] Investment Sentiment - The risk appetite today was neutral, with nearly 3,400 stocks rising [1] - Growth stocks outperformed value stocks, and there was a divergence within the innovation-driven sectors [1] TMT Sector Analysis - The TMT sector's slowdown may limit the upward trend to other sectors, with focus expected to remain on AI and anti-involution sectors [2] - Public funds' allocation to the TMT sector reached a historical high of 40% in Q3, suggesting potential for a slowdown in future gains [2][4] Economic Indicators - The October PMI was reported at 49.0, slightly above the seasonal decline, with production and new orders being the main drag [10] - Domestic demand remains weak, impacting companies' pricing power and the effectiveness of anti-involution policies [10] Bond Market Outlook - The bond market may perform well in Q4, with limited upward space for government bond yields following the resumption of government bond trading [7][12] - Investors are advised to focus on ten-year government bond ETFs as the macroeconomic environment shows signs of pressure [7][13]

Drax has signed a low-carbon contract for difference with the UK government covering its four biomass units, finalizing an agreement that analysts had expected to be delayed until next year https://t.co/A22QXAVdNB ...

Core Insights - Clean energy investments have significantly outperformed the broader market, with the S&P Global Clean Energy Transition Index rising by 50% compared to a 17% increase in the S&P 500 [2] - The global investment in renewable energy reached nearly $400 billion in the first half of 2025, with solar energy accounting for over half of this amount [3] - China remains the largest player in clean energy, responsible for 40% of global spending, while emerging markets show increasing investment opportunities [4] Investment Trends - The demand for clean energy materials, such as solar panels, has surged due to the need for expedited project completion, despite challenges like halted turbine projects and expiring tax credits [2] - In the US, spending on wind and solar energy was approximately $35 billion in the first half of the year, reflecting an 18% decrease year-over-year [3] - Renewables have contributed to 93% of the growth in US energy capacity this year, driven in part by energy consumption from new AI data centers [3] Company Performance - First Solar, the largest panel manufacturer in the US, raised its lower sales forecast for 2025 following record sales in Q3, with its stock increasing by 42% year-to-date [3] - Bloom Energy's stock has seen a remarkable increase of 460% this year, highlighting strong performance in the clean energy sector [3] Regional Insights - Emerging markets, excluding mainland China, have seen investments grow from $49 billion in 2015 to $140 billion last year, although investment progress is concentrated in a few markets [4] - Developed economies accounted for 42% of global clean energy spending, indicating a competitive landscape among different regions [4]

Group 1 - Tokyo Gas Co., Ltd has entered into an agreement to invest in Truong Thanh Duyen Hai Wind Power Joint Stock Co. in Vietnam, focusing on a nearshore onshore wind power generation project [1] - The project aims to expand the existing nearshore onshore wind power plant, which has a total capacity of 48,000 kW, by developing an additional 48,000 kW of power [2] - A business feasibility assessment is scheduled for 2025, with a final investment decision expected in 2026 [2] Group 2 - The Tokyo Gas Group is committed to achieving net-zero CO2 emissions as part of its management vision, Compass 2030, and will continue to pursue renewable energy sources with a focus on capital efficiency and investment discipline [3]