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 ...

Core Insights - Wall Street analysts expect Consolidated Edison (ED) to report quarterly earnings of $0.66 per share, reflecting an 11.9% year-over-year increase, with revenues projected at $3.61 billion, up 12.2% from the previous year [1] Earnings Estimates - The consensus EPS estimate has been revised 3.7% lower in the last 30 days, indicating a reevaluation of initial estimates by analysts [1][2] - Analysts predict 'Operating revenues- CECONY' at $3.17 billion, showing a year-over-year increase of 5.9% [4] - 'Operating revenues- O&R' is expected to be $213.26 million, reflecting a decline of 4.8% year-over-year [4] - 'Operating revenues- O&R- Gas' is projected at $50.71 million, indicating a 15.3% increase year-over-year [4] Revenue Breakdown - 'Operating revenues- CECONY- Electric' is estimated at $2.51 billion, a 5.8% increase from the prior year [5] - 'Operating revenues- CECONY- Gas' is expected to reach $553.34 million, suggesting a 2.9% year-over-year change [5] - 'Operating revenues- CECONY- Steam' is projected at $97.89 million, indicating an 11.2% increase year-over-year [5] - 'Operating revenues- O&R- Electric' is estimated at $151.68 million, reflecting a 15.7% decline year-over-year [6] - 'Operating revenues- Gas' is expected to be $604.05 million, indicating a 12.3% increase from the previous year [6] - 'Operating revenues- Electric' is forecasted to reach $2.64 billion, reflecting an 11.3% increase year-over-year [6] Operating Income - 'Operating Income- CECONY' is expected to be $480.86 million, compared to $314.00 million in the same quarter last year [7] - 'Operating Income- O&R' is projected at $12.73 million, up from $9.00 million reported in the same quarter of the previous year [7] Stock Performance - Shares of Con Ed have increased by 4.1% over the past month, outperforming the Zacks S&P 500 composite, which moved up by 0.6% [8]

Core Insights - Indiana Michigan Power (I&M) has filed a special joint contract with Google to enhance its capacity needs through clean generation and a Demand Response structure [1][2][7] - The contract aims to support I&M's ability to provide reliable and affordable service amid significant economic growth in the region [1][3] Company Overview - Indiana Michigan Power (I&M) serves over 600,000 customers and has approximately 2,000 employees [9] - In 2023, more than 85% of the energy delivered by I&M was emission-free, with a diverse generation portfolio including 2,278 MW of nuclear, 450 MW of wind, over 22 MW of hydro, and approximately 35 MW of solar generation [9] Contract Details - The contract, filed with the Indiana Utilities Regulatory Commission (IURC), outlines a custom Demand Response structure that allows Google to shift electricity demand during less stressful grid hours [2][3] - Google's participation is expected to reduce I&M's peak load during high energy demand periods, benefiting all I&M customers by lowering overall energy costs [3][7] Strategic Importance - The partnership with Google is seen as critical for managing generation and transmission resources effectively as new large loads are added to I&M's system [4] - Google plans to build a $2 billion data center in Fort Wayne, which is one of the largest economic development projects in Indiana [8] Future Outlook - The collaboration is positioned to support future power needs, especially as AI growth accelerates and the demand for machine learning workloads increases [6] - If approved, the agreement will reduce I&M's long-term generation requirements and financial commitments, benefiting all customers [7]

Core Viewpoint - Mississippi Power has appointed Pedro Cherry as chairman and CEO, succeeding Anthony Wilson, who retired after over 40 years of service [1][2]. Company Leadership - Pedro Cherry has been elected as chairman and CEO by the board of directors, having previously served as president since March [1][2]. - Cherry has 30 years of experience in the energy industry, with nearly 25 years within the Southern Company system [2]. Community Engagement - Cherry has prioritized engagement with community organizations, customers, and employees to better understand and support the needs of Southeast Mississippi [3]. Future Outlook - Cherry expressed optimism about Mississippi's future, highlighting the company's commitment to safety, reliability, and service as it enters its next century [4]. Company Background - Mississippi Power, a subsidiary of Southern Company, has been in operation for 100 years, serving over 192,000 customers across 23 counties in Southeast Mississippi [5]. - The company has received recognition for its safety performance and outstanding storm response, including awards from the Southeastern Electric Exchange and the Edison Electric Institute [5].

Core Insights - PSE&G's energy efficiency programs are significantly benefiting New Jersey customers by saving money and energy, with nearly 465,000 participants saving over $720 million annually on utility bills [1][2][5] - The programs include home energy assessments, rebates for energy-efficient appliances, and support for businesses, leading to substantial energy savings and operational cost reductions [2][3][4] Customer Participation and Savings - Approximately 740 million dollars in rebates have been provided to customers, facilitating energy-saving upgrades [2] - More than 18,500 businesses have implemented around 28,000 projects to enhance operational efficiency and comfort [3] - The Small Business Direct Install program is projected to save over 19 million dollars annually for more than 1,500 small businesses [4] Energy and Environmental Impact - Residential and business customers are expected to save about 2.8 million megawatt-hours of electricity annually, enough to power over 406,000 homes [5] - Natural gas savings are anticipated to exceed 75 million therms per year, contributing to a reduction of approximately 2.1 million metric tons of carbon emissions annually [5] Workforce Development - The Clean Energy Jobs Program has placed over 4,100 individuals in clean energy roles, enhancing the skilled workforce in New Jersey [6] Program Recognition and Awards - PSE&G's energy efficiency programs have received 75 industry awards for excellence in program delivery, workforce development, and marketing [6] Affordability and Future Outlook - PSE&G emphasizes affordability as a priority, recognizing the challenges customers face in managing energy costs [7] - The company is prepared to collaborate with the state to address electricity supply challenges and expand reliable energy sources [9]

Core Viewpoint - Constellation Energy operates as a competitive power producer, selling unregulated electricity directly to consumers and businesses, distinguishing itself from regulated utilities that have government-granted monopolies in their service areas [1][2]. Group 1: Business Model and Volatility - Constellation Energy's business model is characterized by volatility, contrasting with regulated utilities that experience slow and consistent growth due to government regulation [3]. - The company relies heavily on market rates for power, leading to potential fluctuations in revenue and earnings based on market conditions [5]. - Investments made by Constellation Energy carry greater risks without the safety net of government regulation [6]. Group 2: Nuclear Power Focus - Constellation Energy has a strong focus on nuclear power, which is carbon-free and provides consistent, high-level energy output, making it a reliable baseload power source [7][8]. - The company is capitalizing on the growing demand for clean energy, particularly in energy-intensive industries like data centers and AI, by securing significant nuclear power contracts with major tech companies [9]. Group 3: Valuation Concerns - Constellation Energy's current dividend yield is approximately 0.5%, significantly lower than the average utility stock yield of around 2.8%, raising concerns about its valuation [10]. - The price-to-earnings ratio exceeds 30x, which is considered high for a company in the electricity production sector [10]. - Historical trends indicate that the stock has experienced significant pullbacks, suggesting that potential investors should monitor valuation closely for better entry points [12][13].

Core Viewpoint - Pacific Gas & Electric (PG&E) is experiencing a significant shift in investor sentiment, driven by a combination of operational stability and new growth opportunities linked to the artificial intelligence (AI) boom [2][12]. Group 1: Investor Sentiment and Trading Activity - A notable increase in bullish call options trading for PG&E stock was observed, with a surge of over 380% in volume compared to its daily average, indicating heightened investor confidence [2][12]. - Investors are targeting options expiring in September 2025 with strike prices of $16, $19, and $20, suggesting expectations of a sustained stock rally with potential upside of 20% to 50% [3][12]. Group 2: Financial Performance and Stability - PG&E reaffirmed its full-year non-GAAP core earnings per share (EPS) guidance of $1.48 to $1.52, reflecting management's confidence in operational stability [4][12]. - The company is proactively managing its regulatory environment, recently submitting its smallest rate increase request in a decade, which supports its $63 billion, five-year financial plan [5][12]. Group 3: Growth Catalysts - The demand for PG&E's new data center pipeline has surged to 10 gigawatts, driven by the AI revolution in Northern California, presenting a unique growth opportunity [6][7]. - Capital investments required to meet this new demand will be added to PG&E's rate base, supporting the company's goal of at least 9% annual EPS growth through 2028 [8][12]. Group 4: Customer and Regulatory Impact - Each gigawatt of new data center load can reduce residential bills by 1-2%, as fixed costs are spread over increased sales, benefiting both customers and regulators [9][12]. - PG&E's partnerships with major tech companies, such as Microsoft, enhance its position as a key player in the AI economy [9][12]. Group 5: Operational Improvements - In Q2, PG&E placed 32 miles of powerlines underground and strengthened 103 miles of grid infrastructure in high-risk fire zones, demonstrating commitment to safety and operational improvements [11][12]. - The parent company, PG&E Corp., holds a positive credit outlook from S&P Global Ratings, positioning it for an investment-grade rating that could lower borrowing costs [11][12].

Core Viewpoint - TXNM Energy reported disappointing financial results for Q2 2025, with significant earnings misses and margin compression, primarily due to increased costs and ongoing acquisition processes [1][5][14] Financial Performance - Ongoing (non-GAAP) earnings per share for Q2 2025 were $0.25, missing analyst expectations of $0.41 by 39% [1][2] - GAAP net earnings fell to $21.6 million, down from $48.0 million a year earlier, representing a 55% decline [1][2] - Revenue increased by 2.9% year-over-year to $502.4 million, but operating income (GAAP) dropped by 31% due to rising operating expenses [1][5] - Key cost drivers included an 8.3% increase in energy costs to $167.6 million and a 27.6% rise in administrative expenses to $76.0 million [5][6] Business Overview - TXNM Energy operates as a regulated utility through its subsidiaries PNM and TNMP, serving over 800,000 customers in New Mexico and Texas [3] - The company focuses on modernizing grid infrastructure, expanding renewable energy, and managing customer demand growth [4] Strategic Developments - The company secured a $105 million rate increase for PNM and a $176 million rate base increase for TNMP, crucial for cost recovery and future investments [9][10] - TXNM Energy received regulatory approval to add 450 megawatts of solar and battery storage capacity, supporting its goal for a carbon-free generation portfolio by 2040 [10][11] Acquisition and Future Outlook - TXNM Energy is in the process of being acquired by Blackstone Infrastructure for $61.25 per share, with the transaction expected to close in the second half of 2026 [13][14] - Financial guidance remains uncertain due to the pending acquisition, with management focusing on regulatory approvals and infrastructure investments [14]