Financial Data and Key Metrics Changes - The company reported adjusted earnings of $0.82 per share for Q2 2025, exceeding internal budget and overcoming approximately $0.09 of unfavorable weather impacts [6][26] - Year-over-year adjusted earnings decreased from $0.90 per share in Q2 2024 to $0.82 per share in Q2 2025, attributed to a 26% decrease in cooling degree days [26][27] - The company is on track for the midpoint of full-year 2025 adjusted EPS guidance of $3.92 to $4.12 per share [6][32] Business Line Data and Key Metrics Changes - The company achieved a 1.4% increase in weather-normalized demand in Q2 2025, driven by growth in residential and commercial usage [30] - The exit from the Evergy Ventures business resulted in losses of approximately $0.08 million in Q2 2025, with the remaining book value of these investments at approximately $100 million [28][29] Market Data and Key Metrics Changes - The company anticipates a peak demand of 1.1 gigawatts with 500 megawatts online by 2029, supporting an estimated demand forecast of 2% to 3% through 2029 [14][16] - The economic development pipeline includes a robust backlog of over 15 gigawatts, with significant interest from large customers in Kansas and Missouri [11][12] Company Strategy and Development Direction - The company reaffirms a long-term growth target of 4% to 6% through 2029, based on the 2025 midpoint of $4.2 per share [8][32] - The strategy focuses on affordability, reliability, and sustainability, with an emphasis on grid modernization and new generation resources [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the midpoint of adjusted EPS guidance for 2025, citing strong operational execution and favorable economic conditions [32] - The company is well-positioned to attract new customers and investments, with ongoing discussions and settlements in regulatory proceedings [20][78] Other Important Information - The Kansas Corporation Commission approved settlement agreements for new natural gas plants and solar farms, reflecting a collaborative regulatory environment [7][19] - The company is committed to investing in infrastructure to support economic development and enhance service reliability for existing and new customers [21][24] Q&A Session Summary Question: Can you expand on the timing to derisk equity needs beyond 2025? - Management indicated no planned equity raise in 2025, with approximately $600 million per year needed in 2026 and 2027, and flexibility in accessing equity markets [41][42] Question: How would a lower ramp from Panasonic impact load growth? - Management stated that the current forecast includes only 2% to 3% load growth, with additional customers potentially increasing this to 4% to 5% [43][44] Question: How does the large load customer pipeline relate to tariff proceedings? - Management noted that while tariff proceedings are important, they are not gating items for customer projects, which are advancing in parallel [76][78] Question: Are the approved solar projects subject to additional federal permitting? - Management believes the approved solar projects will qualify under current rules, but will remain flexible to adapt to any new federal guidelines [85][87]

Core Viewpoint - PPL Corporation's shares have shown resilience despite missing earnings estimates, driven by strategic investments and increasing demand from data centers [1][8][26]. Financial Performance - PPL reported Q2 earnings of 32 cents per share, missing the Zacks Consensus Estimate of 37 cents by 13.5% and down from 38 cents a year ago [1][4][8]. - Total revenues reached $2.03 billion, exceeding the Zacks Consensus Estimate of $1.98 billion by 2.15% and increasing 7.7% from the previous year's $1.88 billion [4][8]. - Interest expenses rose to $199 million, a 9.3% increase from $182 million in the same period of 2024 [9]. Operational Highlights - PPL's Kentucky Regulated segment reported adjusted EPS of 18 cents, remaining flat year over year due to lower sales volumes influenced by weather [6]. - The company sold 15,737 gigawatt hours of electricity, reflecting a 0.9% year-over-year decline [9]. - PPL is focused on reducing operating and maintenance expenses, achieving a 1.4% reduction in the reported quarter [5][17]. Strategic Initiatives - PPL plans to invest $20 billion from 2025 through 2028 to meet rising demand and improve grid reliability, with $4.3 billion and $5.2 billion allocated for 2025 and 2026 respectively [8][16]. - The company is experiencing growth in load driven by data centers, with potential demand increasing from 11 GW to 14.4 GW [14]. Shareholder Returns - PPL has a history of dividend payments, currently offering a quarterly dividend of 27.25 cents per share, with plans to increase it by 6-8% annually through at least 2028 [24][25]. - The expected dividend payout ratio is between 60-65%, supported by strong cash flow generation [25]. Market Position - PPL's trailing 12-month return on equity is 8.81%, below the industry average of 10.41% [20]. - The stock is currently trading at a premium compared to its industry on a forward 12-month P/E basis [21].

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $0.82 per share for Q2 2025, exceeding internal budget and overcoming approximately $0.09 of unfavorable weather impacts [6][28] - Year-over-year adjusted earnings decreased from $0.90 per share in Q2 2024 to $0.82 per share in Q2 2025, primarily due to a 26% decrease in cooling degree days [28][29] - The company reaffirmed its full-year adjusted EPS guidance of $3.92 to $4.12 per share, with expectations to achieve the midpoint [6][33] Business Line Data and Key Metrics Changes - The company experienced a 1.4% increase in weather-normalized demand in Q2 2025, driven by growth in residential and commercial usage [31] - The exit from the Evergy Ventures business resulted in losses of approximately $0.08 million in Q2 2025, which are excluded from adjusted earnings [30] Market Data and Key Metrics Changes - The company anticipates a peak demand of 1.1 gigawatts with 500 megawatts online by 2029, supporting an estimated demand growth forecast of 2% to 3% through 2029 [15][32] - The economic development pipeline includes a robust backlog of over 15 gigawatts, with significant interest from large customers in Kansas and Missouri [12][13] Company Strategy and Development Direction - The company is committed to a long-term growth target of 4% to 6% through 2029, focusing on affordability, reliability, and sustainability [8][33] - The company aims to invest in grid modernization and new generation resources to support higher capacity margin requirements and accommodate load growth from potential large customers [11][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a balanced approach to meet customer demand and generation needs, emphasizing the importance of flexibility in operations [68] - The company highlighted the supportive regulatory environment in Kansas and Missouri as a key factor in attracting new customers and investments [20][24] Other Important Information - The company achieved several regulatory milestones, including approvals for new natural gas plants and solar farms in both Kansas and Missouri [7][19] - The Kansas Central rate case settlement, if approved, would provide a net revenue increase of $128 million and establish a mechanism for sharing excess earnings with customers [9][10] Q&A Session Summary Question: Can you expand on the timing to derisk equity needs beyond 2025? - Management indicated no planned equity raise in 2025, with approximately $600 million needed in 2026 and 2027, and flexibility in accessing equity markets [41][42] Question: How would a lower ramp from Panasonic impact load growth? - Management stated that the current forecast includes only 2% to 3% load growth, with additional customers potentially increasing this to 4% to 5% [44] Question: What factors influence the large load customer pipeline? - Management noted that both customer development timelines and the company's ability to process and serve are critical factors [49][51] Question: Is the 8.5% rate base growth inclusive of new gas plants and solar? - Management confirmed that the 8.5% reflects the rate base growth associated with the $17.5 billion capital plan, including some approved projects [58][62] Question: How does the company view federal permitting for renewable projects? - Management expressed confidence that approved solar projects will qualify under current regulations, while remaining flexible to adapt to evolving federal guidelines [81][83]

Financial Performance - Shareholder remuneration reached R$ 4 billion in dividends[10] - Generation contribution margin increased by 21% compared to 1Q25 and 16% compared to 2Q24, offsetting a drop in transmission revenue[10] - Compulsory Loan was reduced by R$ 1.2 billion, reaching R$ 11.97 billion[10] - Investments increased by 116% compared to 1Q25[10] - Adjusted net income decreased by 176%[21] Energy Trading - Eletrobras' generation contribution margin from ACL+MCP increased from R$ 1.124 billion in 2Q24 to R$ 1.615 billion in 2Q25[39] - Uncontracted energy considering hedge estimate is 13% in 2025[43] Capital Allocation - Proposal for dividends of R$ 4 billion in 2Q25[51] - TNE's RAP is expected to increase from R$ 416 million to R$ 561.7 million in July 2025[56] - Personnel expenses fell 15% YoY, even when considering the 5.35% IPCA inflation rate in the period[29] - The company has released R$ 2.4 billion in amounts from court deposits and other guarantees since 2Q22[85]

Financial Performance - Recurring EBITDA reached R$1.3 billion, a 4.2% increase[11] - Recurring Net Income was R$452.4 million[11] - Capex totaled R$975.3 million in 2Q25 and R$1.6 billion in 1H25[11] Business Operations - Generation Company (GenCo) EBITDA increased by 12.6% compared to 2Q24[19] - Distribution Company (DisCo) EBITDA increased by 0.6% compared to 2Q24, outperforming regulatory reference by 42.8%[23] - TradeCo sales increased by 21.0% in 2Q25 compared to 2Q24, while recurring EBITDA decreased by 47.5%[27] Indebtedness and Capital Structure - The company's leverage ratio is 2.9x, excluding the acquisition of Baixo Iguaçu HPP[11] - Nominal debt cost for 2Q25 was 13.54% per year, equivalent to 90.88% of the CDI[42] Operational Efficiency - PMSO (Personnel, Materials, Third-party Services, and Others) reduced by 3.7%[30, 31]

Financial Performance - Second Quarter 2025 GAAP Earnings Per Share (EPS) was $0.74, while adjusted EPS was $0.82[19] - Second Quarter 2024 adjusted EPS was $0.90[17] - Year-to-date 2025 adjusted EPS was $1.37, compared to $1.44 in 2024[17] - The company reaffirmed its 2025 adjusted EPS guidance of $3.92 - $4.12 and a long-term adjusted EPS target of 4% to 6% off the 2025E midpoint of $4.02 through 2029E[19] Regulatory and Economic Development - A unanimous settlement agreement was filed for the Evergy Kansas Central Rate Review, projecting a $128 million net revenue increase[23] - The settlement utilizes a 9.7% Return on Equity (ROE) for transmission delivery charge filings and an 8.45% pre-tax rate of return for plant-in-service accounting (PISA) for future investments[23] - The economic development pipeline remains robust, representing over 15 gigawatts of incremental demand actively considering the service territories[27] - The company anticipates serving up to 4-6 GWs of new large load customers, with approximately 500 MW of peak demand expected by 2029 from actively building customers and a potential 600 MW from finalizing agreements[27, 28] Generation and Investment - The company is advancing an "all-of-the-above" generation strategy, including natural gas and solar projects, with a total capacity of 2,184 MW[36] - The company plans $17.5 billion in infrastructure investment from 2025E-2029E, implying an annualized rate base growth of approximately 8.5% from 2024E-2029E[56] Retail Sales Trends - Weather-normalized retail demand grew by 1.4% in the second quarter of 2025, with residential and commercial sectors growing by 1.3% and 2.6% respectively, while industrial declined by 0.9%[49]

Financial Performance - Talen Energy delivered $90 million in Adjusted EBITDA and $(78) million in Adjusted Free Cash Flow in Q2 2025 [10] - The company reaffirmed its 2025 guidance for Adjusted EBITDA to be between $975 million and $1125 million, and Adjusted Free Cash Flow to be between $450 million and $540 million [10, 33] - Talen Energy reported ~$09 billion in liquidity and a net debt to 2025E Adjusted EBITDA ratio of ~27x [24] - Since the start of 2024, Talen has repurchased ~14 million shares, representing ~23% of total outstanding shares, with ~$1 billion SRP capacity remaining through year-end 2026 [35] Acquisitions and Capacity - Talen Energy is acquiring Freedom and Guernsey plants, which are expected to increase FCF/share by >40% in 2026 and >50% in 2027-2029 [10] - The company cleared 6,702 MW at $329/MWd in the strong 2026/2027 PJM Capacity Auction results [10] - The Freedom plant is a 1,045 MW CCGT, and Guernsey is an 1,836 MW CCGT [13] Powering Data Centers - Talen Energy expanded its Amazon PPA to 19 GW, totaling ~$18 billion in revenues under a 17-year contract [10] - The expanded PPA unlocks premium value on the 2nd Unit by expanding PPA to 1,920 MW at full contract quantity through 2042 [16] Market and Generation - Talen Energy's total generation was 17 TWh, with ~44% being carbon-free generation [24] - Q2 2025 average electricity demand was flat compared to Q2 2024 [22]

Financial Performance - Oncor reported a net income of $259 million for Q2 2025, an increase from $251 million in Q2 2024, driven by higher revenues from updated interim rates and customer growth [1][2] - For the first half of 2025, net income was $440 million, down from $476 million in the same period of 2024, primarily due to increased interest and depreciation expenses [2][3] Operational Highlights - Oncor is executing a record $7.1 billion annual capital expenditure plan for 2025, focusing on system resiliency and wildfire risk mitigation [3] - The company upgraded approximately 590 circuit miles of transmission and distribution lines in Q2 2025, reflecting ongoing growth in Texas [5] Legislative and Regulatory Developments - Texas House Bill 5247 allows Oncor to record costs related to capital investments and apply for interim rate adjustments, which is expected to benefit both the company and its customers [8][9] - Oncor filed a comprehensive base rate review request with the Public Utility Commission of Texas (PUCT) to adjust electric delivery rates, with a decision expected in Q1 2026 [11] Capital Expenditure and Future Plans - Oncor anticipates that its capital expenditures for the 2025-2029 period could exceed $12 billion, with an updated five-year capital plan to be presented in October 2025 [6][7] - The company is actively involved in the Electric Reliability Council of Texas (ERCOT) Strategic Transmission Expansion Plan, with joint filings outlining approximately $10 billion in projects [4] Liquidity and Credit Position - As of August 6, 2025, Oncor's available liquidity was approximately $3.9 billion, sufficient to meet capital expenditures and operational needs for at least the next twelve months [12] - S&P Global Ratings downgraded Oncor's issuer credit rating from "A" to "A-", citing elevated wildfire risks, but revised the outlook to stable [13] Customer and Market Growth - Oncor's active large commercial and industrial interconnection queue increased by approximately 38% year-over-year, indicating strong industrial growth within its service territory [5] - Total electric energy volumes increased by 4.7% in Q2 2025 compared to Q2 2024, driven by higher consumption in commercial and industrial sectors [23]

Group 1 - Consolidated Edison, Inc. announced the election of Brendan Cavanagh to its Board of Directors, effective October 1, 2025 [1] - Brendan Cavanagh is currently the President and CEO of SBA Communications Corporation, a real estate investment trust focused on wireless communications infrastructure [1] - Cavanagh has extensive financial expertise and has overseen significant asset expansion at SBA since becoming CEO in January 2024 [1] Group 2 - Consolidated Edison, Inc. operates through subsidiaries that provide a variety of energy-related products and services, including electric, gas, and steam services [2] - The main subsidiaries include Consolidated Edison Company of New York, Inc. (CECONY), Orange and Rockland Utilities, Inc. (O&R), and Con Edison Transmission, Inc. [2] - CECONY serves New York City and parts of Westchester County, while O&R operates in a 1,300-square-mile area in southeastern New York State and northern New Jersey [2]

Core Viewpoint - Evergy (EVRG) is expected to report its second-quarter 2025 results on August 7, following a significant negative earnings surprise of 181.8% in the previous quarter [1][9]. Group 1: Factors Impacting Q2 Earnings - Continued investments in grid modernization and efforts to enhance service reliability are anticipated to positively influence Evergy's second-quarter earnings [2]. - The company's earnings are likely to benefit from energy efficiency programs and cost-saving initiatives [2]. - Economic development within Evergy's service territories has driven increased demand, particularly from data centers, which is expected to support earnings [3]. Group 2: Q2 Earnings Expectations - The Zacks Consensus Estimate for Evergy's earnings is set at 77 cents per share, reflecting a year-over-year decrease of 14.4% [4]. - Revenue expectations are pegged at $1.47 billion, indicating a 1.23% increase from the same period last year [4]. Group 3: Earnings Prediction Model - The current model does not predict an earnings beat for Evergy, with an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [5][6].