Core Viewpoint - National Grid (NGG) has received a Zacks Rank 1 (Strong Buy) upgrade, indicating a positive earnings outlook that could lead to increased stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system is based on changes in earnings estimates, which are a significant factor influencing stock prices [2][4]. - An increase in earnings estimates typically correlates with higher stock prices, as institutional investors adjust their valuations based on these estimates [4][5]. Recent Earnings Estimate Revisions - National Grid is projected to earn $5.25 per share for the fiscal year ending March 2026, showing no year-over-year change [8]. - Over the past three months, the Zacks Consensus Estimate for National Grid has increased by 6.3% [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions [9][10].

Financial Data and Key Metrics Changes - The company reported second quarter 2025 adjusted EPS of $0.89, consistent with the prior period's results [7][27] - Full year 2025 adjusted EPS guidance remains affirmed at $4.3 to $4.7, with 2026 EPS guidance at $4.8 to $5.3 [8] - Second quarter 2025 GAAP earnings were $461 million or $0.71 per share, compared to $713 million or $1.12 per share in the same quarter of 2024 [26] Business Line Data and Key Metrics Changes - Sempra California saw a $5 million increase primarily from higher regulatory awards and electric transmission margin, offset by lower CPUC base operating margin [28] - Sempra Texas reported $6 million of higher equity earnings due to increased invested capital and customer growth, despite higher operating and interest expenses [29] - Sempra Infrastructure experienced a $26 million increase in revenues from contract modifications and higher power volumes [29] Market Data and Key Metrics Changes - The company is focusing on regulatory compacts in Texas, with the passage of House Bill 5247 expected to improve earned return on equity by 50 to 100 basis points over time [18] - The legislative environment in Texas is supportive of infrastructure expansion, enhancing growth opportunities for Sempra's Texas operations [17] Company Strategy and Development Direction - The company is transitioning towards a more utility-focused business model, with a capital plan targeting $13 billion in investments for 2025, primarily in U.S. utilities [8][12] - The Fit for 2025 campaign aims to improve customer affordability by reducing internal costs and enhancing productivity [13] - The company is advancing capital recycling initiatives and expects higher contributions from regulated utilities, improving overall credit and business risk profile [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 goals, citing steady execution on value creation initiatives [7] - The macroeconomic backdrop for LNG is strengthening, with growing demand in Europe and Asia expected to support Sempra's LNG assets [84][86] - The company anticipates significant growth opportunities in Texas, driven by legislative support and increasing demand for energy [17][44] Other Important Information - Sempra Infrastructure is making progress on major construction projects, including ECA LNG Phase 1 and Port Arthur LNG Phase 1, with expected revenue generation starting in 2026 [22][24] - The company has successfully hardened 100% of its transmission system in high fire threat areas, demonstrating commitment to operational excellence and safety [14] Q&A Session Summary Question: Can you provide details on the KKR LOI regarding the Sempra Infrastructure Partner sale process? - Management indicated that the LOI with KKR contemplates an equity sale in the 15% to 30% range, with flexibility based on valuation [34][36] Question: What is the timing of the capital plan update related to incremental capital at Encore in Texas? - Management expects to confirm the capital plan at the board meeting in October, with updates likely in 2026 following the base rate review [40][41] Question: How does the company view the LNG market and contracting opportunities for Port Arthur? - Management maintains a bullish outlook on LNG, driven by energy security needs in Europe and growing demand in Asia [84][86] Question: What is the expected impact of the Unified Tracker Mechanism (UTM) on earned ROE? - Management anticipates a positive impact on earned ROE of about 50 to 100 basis points, with the first UTM filing expected in the first half of next year [102][104]

Financial Data and Key Metrics Changes - The company reported second quarter 2025 adjusted EPS of $0.89, consistent with the prior period's results [6][27] - Full year 2025 adjusted EPS guidance remains affirmed at $4.3 to $4.7, with 2026 EPS guidance of $4.8 to $5.3 [6] - Second quarter 2025 GAAP earnings were $461 million or $0.71 per share, compared to $713 million or $1.12 per share in the same quarter of 2024 [26] Business Line Data and Key Metrics Changes - Sempra California saw a $5 million increase primarily from higher regulatory awards and electric transmission margin, offset by lower CPUC base operating margin [28] - Sempra Texas reported $6 million of higher equity earnings due to increased invested capital and customer growth, despite higher operating and interest expenses [29] - Sempra Infrastructure experienced a $26 million increase in revenues, mainly from a contract modification and higher power volumes [29] Market Data and Key Metrics Changes - The company is focusing on regulatory compacts in Texas, with the recently passed House Bill 5247 expected to improve earned return on equity by 50 to 100 basis points over time [16][30] - The legislative environment in Texas is supportive of infrastructure expansion, which is critical for the company's growth strategy [15] Company Strategy and Development Direction - The company is transitioning towards a more utility-focused business model, with a capital plan targeting $13 billion in investments for 2025, primarily in U.S. Utilities [6][11] - The Fit for 2025 campaign aims to improve customer affordability by reducing internal costs and enhancing productivity [12] - The company is advancing its capital recycling initiatives and expects higher contributions from regulated utilities, improving overall credit and business risk profile [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving solid financial performance for the year, with ongoing progress on value creation initiatives [27][30] - The company anticipates a notable increase in earnings contributions from regulated utilities, particularly in Texas, which is expected to enhance overall value [11][30] - Management highlighted the importance of legislative developments in Texas for future growth and profitability [16][30] Other Important Information - The company has made significant investments in operational excellence and safety measures, including wildfire mitigation efforts [13] - Sempra Infrastructure is advancing multiple construction projects, including ECA LNG Phase 1 and Port Arthur LNG Phase 1, which are expected to drive cash flow growth [21][23] Q&A Session Summary Question: Inquiry about KKR LOI and stake sales - Management indicated that the LOI with KKR contemplates an equity sale in the 15% to 30% range, with flexibility based on valuation [34][36] Question: Update on capital plan and execution confidence - Management confirmed that the incremental capital opportunities at Encore are outside the current base plan, with confidence in executing the capital plan due to supportive legislative developments [38][40] Question: LNG market and contracting opportunities - Management expressed a bullish view on LNG demand driven by energy security in Europe and growing needs in Asia, positioning Gulf Coast assets favorably [85][88] Question: Timing of UTM filings and ROE improvement - Management expects the first UTM filing in the first half of next year, anticipating a low-end impact on ROE this year, with potential for higher contributions in subsequent years [102][104]

Financial Data and Key Metrics Changes - The company reported second quarter adjusted EPS of $0.22, bringing the year-to-date total to $1.19, which is an increase of $0.13 from the same period last year [8][24]. - The 2025 adjusted EPS guidance has been narrowed to the upper half of the previously stated range of $1.85 to $1.89 [9][25]. - The company is reaffirming long-term financial commitments, targeting 6% to 8% annual adjusted EPS growth and 8% to 10% rate base growth through 2029 [25][29]. Business Line Data and Key Metrics Changes - Strong performance was noted in both the NIPSCO and Columbia segments, which continue to outperform expectations [24]. - The operational excellence initiatives, including Project Apollo and WAM, have enabled consistent and high-quality results across the business [24]. Market Data and Key Metrics Changes - Customer growth in the electric business was nearly 1% and 0.6% in the gas business, both surpassing forecasts [26]. - The metro growth in Columbus, Ohio was reported to be 38% higher than the national average last year, indicating strong economic tailwinds [26]. Company Strategy and Development Direction - The company focuses on disciplined capital deployment, operational excellence, and constructive regulatory relationships to drive value [6][7]. - The regulatory agenda has seen progress with approved rate cases in Virginia and Indiana, supporting significant revenue increases and investments [12][13]. - The company is advancing initiatives to support broader economic development, including revitalizing infrastructure to attract new industrial customers [14][15]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for data centers in Northern Indiana and emphasized a disciplined approach to executing opportunities [32][33]. - The company remains focused on maximizing opportunities for stakeholders while ensuring financial integrity [32][33]. - The outlook for 2025 is positive, with expectations to deliver strong financial results and continued growth [28][29]. Other Important Information - The company has successfully issued $1.65 billion of senior notes to meet 2025 funding needs while maintaining a strong credit profile [27]. - The company is exploring AI capabilities to enhance operational efficiency and improve service delivery [9][10]. Q&A Session Summary Question: How is the company thinking about the data center opportunity, especially in the NISCO territory? - Management highlighted a strong demand for data centers in Northern Indiana and emphasized a disciplined approach to executing this opportunity while protecting existing customers [32][33]. Question: Can you provide an update on the Genco operating model and its timeline? - Management confirmed that the Genco declination process is moving forward, with an order expected by the third quarter of this year [36][64]. Question: How does the company plan to finance the Genco structure? - Management indicated that flexibility in financing will be retained, evaluating options once customer contracts are in place [57][58]. Question: What is the status of the coal plant retirements? - The company plans to retire the Schaeffer plant by the end of the year but will work closely with state officials to align with any new directives [54]. Question: Can you clarify the timeline for converting the Genco opportunity into reality? - Management reiterated that they are on track to execute the Genco opportunity in 2025 [76].

Financial Performance - For the quarter ended June 2025, PSEG reported revenue of $2.81 billion, up 15.8% year-over-year, and EPS of $0.77, compared to $0.63 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $2.34 billion, representing a surprise of +19.62%, while the EPS surprise was +8.45% against a consensus estimate of $0.71 [1] Key Metrics - PSEG's shares returned +9.5% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - Gas sold and transported totaled 702.00 MDth, exceeding the average estimate of 542.52 MDth [4] - Electric sales were reported at 9,455.00 KWH, below the estimated 10,225.33 KWH [4] - Revenue from PSE&G was $2.03 billion, surpassing the estimated $1.97 billion, reflecting a +9% change year-over-year [4] - Revenue from PSEG Power & Other was $920 million, significantly higher than the estimated $453.29 million, marking a +34.5% year-over-year change [4] - Operating income for Power & Other was $325 million, compared to the average estimate of $72.68 million [4]

Core Viewpoint - NiSource (NI) is set to release its second-quarter 2025 results on August 6, with an earnings surprise of 8.9% in the previous quarter [1] Factors Impacting Q2 Performance - The second-quarter earnings are expected to benefit from new electric and gas rates effective in the company's service regions [2][8] - The completion of the Dunns Bridge II solar and storage project by Northern Indiana Public Service Company LLC (NIPSCO) is anticipated to positively impact performance [2][8] - Increased investments in infrastructure enhancement and capital programs, along with flat operation and maintenance expenses, are expected to support the bottom line [3][8] - However, higher depreciation and amortization expenses may offset some of these positive factors [3] Q2 Expectations - The Zacks Consensus Estimate for earnings is 21 cents per share, indicating no change from the previous year [4] - The Zacks Consensus Estimate for revenues is $1.15 billion, reflecting a 6.1% increase from the year-ago figure [4] Earnings Prediction Model - The current model does not predict an earnings beat for NiSource, with an Earnings ESP of 0.00% [5] - NiSource holds a Zacks Rank of 2 (Buy) [6] Comparable Stocks - Spire (SR) is expected to report an earnings beat with an Earnings ESP of +14.81% and a Zacks Rank 3 [7] - ONE Gas (OGS) is also likely to report an earnings beat with an Earnings ESP of +3.22% and a Zacks Rank 2 [9] - MDU Resources Group (MDU) is predicted to have an earnings beat with an Earnings ESP of +20% and a Zacks Rank 2 [10]

Core Insights - Ameren reported strong second-quarter 2025 results, with GAAP revenue of $2,221 million, exceeding analyst estimates by 24.7% and GAAP EPS of $1.01, beating consensus by 2.0% [1][2] - The growth was driven by new electric rates in Missouri and continued capital investments, despite challenges such as rising interest expenses and a dip in retail electric sales due to normal weather patterns [1][5] Financial Performance - GAAP EPS increased by 4.1% year-over-year from $0.97 in Q2 2024 to $1.01 in Q2 2025 [2] - GAAP revenue rose by 31.2% year-over-year from $1,693 million in Q2 2024 to $2,221 million in Q2 2025 [2] - Operating income reached $411 million, up 13.8% from $361 million in Q2 2024 [2] - Net income attributable to common shareholders was $275 million, a 6.6% increase from $258 million in Q2 2024 [2] Business Overview - Ameren is a regulated utility based in St. Louis, providing electric and natural gas services primarily in Missouri and Illinois [3] - The company focuses on operating the electric grid, generating electricity, distributing natural gas, and investing in infrastructure to meet customer and regulatory demands [3] Strategic Focus - Recent strategic initiatives include regulatory strategy, energy transition, supply chain management, and talent development [4] - The long-term growth plan emphasizes renewable energy, natural gas generation expansion, and network upgrades for reliability [4] Revenue Drivers and Segment Results - New service rates in Missouri, effective June 1, 2025, significantly boosted revenue, contributing to a $439.82 million revenue beat [5] - Ameren Missouri recorded $150 million in GAAP profits, up from $128 million in Q2 2024, while Ameren Illinois electric distribution earned $64 million, slightly up from $61 million in Q2 2024 [6] Retail Sales and Market Dynamics - Retail electric sales in Missouri decreased by 3.1% year-over-year, with total electric load at 7,211 GWh in Q2 2025 compared to 7,441 GWh in Q2 2024 [7] - Off-system electricity sales fell sharply to 662 GWh in Q2 2025 from 1,484 GWh in Q2 2024 due to fewer wholesale market opportunities [7] Capital Investments and Sustainability - Capital expenditures totaled $2.13 billion in the first half of 2025, up from $1.89 billion in the first half of 2024 [8] - The company is advancing renewable generation projects and has secured key equipment for new gas-fired plants scheduled for completion in 2027 and 2028 [9] Supply Chain and Workforce Management - Ameren's supply chain operations remained stable, utilizing early procurement strategies to mitigate global trade disruptions [10] - The company reported that grid investments have prevented over 114,000 potential customer outages in 2025 [10] Regulatory Developments and Future Outlook - Management reaffirmed its full-year 2025 guidance for GAAP diluted EPS of $4.85 to $5.05, with expectations leaning towards the upper half of the range [13] - A pipeline of $63 billion in total capital investments is planned over the next decade to support grid resilience and clean generation [13]

Core Insights - Exelon reported Q2 2025 adjusted (non-GAAP) earnings per share of $0.39, exceeding analyst expectations of $0.37, while GAAP revenue reached $5,427 million, indicating a mixed performance across segments and a year-over-year decline in net income [1][5][11] Financial Performance - Adjusted (non-GAAP) EPS fell 17.0% from $0.47 in Q2 2024 to $0.39 in Q2 2025 [2][5] - GAAP revenue for Q2 2025 was $5,427 million, slightly above the consensus estimate [5] - ComEd segment reported adjusted (non-GAAP) operating earnings of $228 million, down 20.0% year-over-year [2][6] - PECO segment saw a 46.2% increase in adjusted (non-GAAP) operating earnings to $136 million [2][6] - BGE segment's adjusted (non-GAAP) earnings rose 22.2% to $55 million [2][6] - PHI segment reported an 11.1% decline in adjusted (non-GAAP) operating earnings to $144 million [2][6] Business Overview and Strategy - Exelon operates through regulated subsidiaries including ComEd, PECO, BGE, and PHI, focusing on electricity and gas distribution [3] - The company is enhancing grid infrastructure and engaging with regulators to support clean energy goals [4] Capital Investment and Infrastructure - Exelon invested $3.96 billion in capital spending in the first half of 2025, part of a $38 billion four-year plan for grid modernization and capacity expansion [8] - Approximately 80% of planned 2025 debt financing has been completed, reducing future financing risks [8] Regulatory Environment - No significant new rate cases were settled in Q2 2025, but ongoing proceedings in New Jersey and Delaware are progressing [9] - The Next Generation Energy Act in Maryland introduces new requirements for utilities regarding cost recovery and grid updates [9] Dividend and Financial Health - The quarterly dividend was maintained at $0.40 per share, with a solid balance sheet showing $27.6 billion in equity and $1.25 billion in cash [10] Future Outlook - Management reaffirmed full-year adjusted (non-GAAP) operating earnings guidance of $2.64 to $2.74 per share, targeting 5–7% annual EPS growth through 2028 [11] - The company anticipates $10 to $15 billion in additional transmission opportunities due to increased grid investment needs [11]

Financial Data and Key Metrics Changes - The company reported second quarter earnings per share (EPS) of $0.76, a $0.09 increase compared to the same period last year [4][11] - Year-to-date EPS through June was $1.76, reflecting a $0.16 increase over the same period last year [11] - Net earnings for the quarter were $384 million [11] - The company raised over $1 billion in debt to repay borrowings and fund its capital program [15] - Fitch assigned a first-time BBB+ credit rating to the company, supporting cost-effective capital market funding options [16] Business Line Data and Key Metrics Changes - Central Hudson contributed a $0.04 increase in EPS, driven by rate-based growth and a higher allowed return on equity (ROE) effective July 1, 2024 [12] - EPS contribution from UNS Energy remained unchanged from the previous year, with increased transmission revenue offset by regulatory lag [12] - Western Canadian Utilities saw a $0.30 increase in EPS, largely due to rate base growth [12] - The Corporate and Other segment experienced a decrease in EPS due to timing of income tax recoveries and higher finance costs [14] Market Data and Key Metrics Changes - Tucson Electric Power (TEP) filed a general rate application seeking new retail rates effective September 1, 2026, with a proposed rate base of $4.3 billion, an increase of approximately $750 million since the last rate case [17][18] - The application aims to phase out certain adjuster mechanisms and request an annual formula rate adjustment [19] Company Strategy and Development Direction - The company is focused on delivering reliable and affordable service to customers while providing compelling long-term returns to shareholders [21] - A significant capital expenditure of nearly $3 billion was made in the first half of the year, with plans for continued investment in grid upgrades and new energy resources [4][18] - The company aims to convert approximately 800 megawatts of coal-fired generation to natural gas by 2030, with a target to be coal-free by 2032 [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong results for the first half of the year and progress on regulatory fronts, positioning the company well for the remainder of 2025 and beyond [21] - The company is reassessing its 2030 and 2035 interim greenhouse gas targets and will share results once complete [8] - Management highlighted ongoing negotiations for additional capacity to support data center demands in Arizona [9] Other Important Information - The company achieved a 34% reduction in Scope 1 greenhouse gas emissions compared to 2019 levels [5] - The first phase of the Roadrunner reserve battery storage project was placed in service, facilitating the integration of renewable energy onto the electric grid [6] Q&A Session Summary Question: Regarding the data center opportunity in Arizona, how quickly could generation be developed to support these assets? - Management indicated that the first 300 megawatts would utilize existing and planned capacity, with the goal to have it operational by 2027. The second phase would go through an RFP process, aiming for service by 2030 to 2031 [25][27] Question: Is it fair to assume that the greatest upside potential is in Arizona and ITC? - Management confirmed that significant opportunities exist in Arizona and ITC, while also exploring additional prospects across the entire portfolio [28] Question: Can you comment on the Springerville position and its impact on the five-year plan? - Management acknowledged that the conversion of Springerville may take longer to achieve interim GHG targets but emphasized the affordability benefits for customers [32][34] Question: What are the latest thoughts on gas infrastructure in BC? - Management noted a positive outlook for LNG opportunities and ongoing regulatory processes for LNG storage tanks, with a review of CleanBC policies expected later this year [39] Question: Is UNS involved in discussions regarding new interstate pipeline capacity into Arizona? - Management confirmed ongoing discussions related to gas supply for the Springerville repowering project, emphasizing the need for additional infrastructure in the long term [61][64]

Core Insights - Fortis Inc. reported strong second quarter results for 2025, with net earnings of $384 million or $0.76 per common share, reflecting a $53 million increase from the same period in 2024 [3][8] - The company is executing a disciplined capital plan and regulatory growth strategy, positioning itself well for achieving its objectives for the year [3] Financial Performance - Net earnings for the first half of 2025 reached $883 million, or $1.76 per common share, an increase of $93 million compared to the same period in 2024 [4] - The increase in earnings was driven by rate base growth across utilities, including FortisBC Energy's Eagle Mountain Pipeline project and higher earnings at Central Hudson [3][4] - The weighted average number of common shares outstanding increased, largely due to the dividend reinvestment plan [5] Capital and Growth Updates - Fortis is on track with its $5.2 billion annual capital plan, having invested $2.9 billion in the first half of 2025 [6] - The Roadrunner Reserve 1 battery storage project, with a capacity of 200 MW, was placed in service, facilitating renewable energy integration [6] - Tucson Electric Power (TEP) plans to convert 793 MW of coal-fired generation to natural gas by 2030, which will not materially impact the current five-year capital plan [7] Regulatory Developments - TEP filed a general rate application for new rates effective September 1, 2026, requesting a net increase of US$172 million in retail revenue [13] - Central Hudson filed a joint proposal for a three-year rate plan with a continuation of a 9.5% allowed return on equity [14] Sustainability Efforts - Fortis achieved a 34% reduction in scope 1 greenhouse gas emissions through 2024 compared to 2019 levels [15] - The company aims for a coal-free generation mix by 2032 and a net-zero goal by 2050, although interim GHG reduction targets may take longer to achieve [16] Outlook - Fortis expects its $26.0 billion five-year capital plan to increase the midyear rate base from $39.0 billion in 2024 to $53.0 billion by 2029, with a compound annual growth rate of 6.5% [18] - The company anticipates long-term growth in rate base will drive earnings that support dividend growth guidance of 4-6% annually through 2029 [18]