Core Viewpoint - Entergy Corporation has elected retired Admiral Frank Caldwell as an independent director, effective November 1, 2025, enhancing the board's expertise in nuclear operations and leadership [1][2]. Group 1: Board Composition and Leadership - With Admiral Caldwell's election, Entergy's board now consists of 12 directors, and he will serve on the nuclear and operations oversight, and talent and compensation committees [2]. - Drew Marsh, Entergy's chair and CEO, emphasized Admiral Caldwell's valuable perspective in meeting customer needs and regional demand [2]. Group 2: Admiral Caldwell's Background - Admiral Caldwell, aged 66, has a distinguished naval career, most recently serving as the director of the Naval Nuclear Propulsion Program from August 2015 until January 2024, overseeing operations for all U.S. Navy nuclear propulsion plants and a team of over 85,000 [3][4]. - His extensive experience includes roles such as director of the U.S. Navy Staff and Commander of the Submarine Force for the U.S. Pacific Fleet [4]. - He holds a bachelor's degree in marine engineering and a master's in operations research, along with numerous military honors [5]. Group 3: Company Overview - Entergy Corporation (NYSE: ETR) provides electricity to approximately 3 million customers across Arkansas, Louisiana, Mississippi, and Texas, focusing on growth, reliability, and affordable energy rates [5]. - The company is investing in cleaner energy generation, including natural gas, nuclear, and renewable sources, and contributes over $100 million annually in economic benefits to its communities [5].

Core Insights - Public Service Enterprise Group (PSEG) reported a net income of $622 million for Q3 2025, up from $520 million in Q3 2024, translating to earnings per share of $1.24 compared to $1.04 in the previous year [1][5] - For the nine months ended September 30, 2025, PSEG's net income reached $1.796 billion, an increase from $1.486 billion in the same period of 2024, with earnings per share rising to $3.59 from $2.97 [2][5] Financial Performance - Q3 2025 Non-GAAP Operating Earnings were $565 million, up from $448 million in Q3 2024, resulting in earnings per share of $1.13 compared to $0.90 [1][5] - For the nine months ended September 30, 2025, Non-GAAP Operating Earnings totaled $1.667 billion, an increase from $1.418 billion in 2024, with earnings per share of $3.33 compared to $2.84 [2][5] Segment Performance - PSE&G's net income for Q3 2025 was $515 million, up from $379 million in Q3 2024, while PSEG Power & Other reported a net income of $107 million, down from $141 million [5] - Year-to-date results for PSE&G showed net income of $1.393 billion, compared to $1.169 billion in 2024, while PSEG Power & Other's year-to-date net income increased to $403 million from $317 million [5] Operational Highlights - PSEG is focused on operational excellence and cost discipline, reaffirming a five-year Non-GAAP Operating Earnings growth outlook of 5% to 7% through 2029 [4] - The company plans to invest between $22.5 billion and $26 billion over the next five years to enhance its energy infrastructure and meet growing customer demand [4] Market Context - PSEG noted a nearly 20% rise in summer electric bills due to a generation supply-demand imbalance and PJM's capacity market results [4] - The company is collaborating with state stakeholders to address resource adequacy in the mid-Atlantic region [4] Nuclear Operations - PSEG Nuclear supplied 7.9 TWh of reliable, carbon-free energy in Q3 2025, contributing to the company's financial flexibility for regulated investments [7] - The Hope Creek unit operated for 499 continuous days since its last refueling outage and extended its fuel cycle from 18 to 24 months [7]

Core Points - Entergy's board of directors declared a quarterly dividend payment of $0.64 per share, an increase of $0.04 per share, payable on December 1, 2025, to shareholders of record as of November 13, 2025 [1] - Entergy has consistently paid cash dividends on its common stock since 1988 [1] Company Overview - Entergy produces, transmits, and distributes electricity to approximately 3 million customers across Arkansas, Louisiana, Mississippi, and Texas [2] - The company is focused on investing for growth, improving reliability and resilience of its energy system, and maintaining affordable energy rates for customers [2] - Entergy is investing in cleaner energy generation, including modern natural gas, nuclear, and renewable energy sources [2] - The company delivers over $100 million in economic benefits annually to the communities it serves through philanthropy, volunteerism, and advocacy [2] - Entergy is a Fortune 500 company headquartered in New Orleans, Louisiana, with around 12,000 employees [2]

Core Insights - TXNM Energy reported its Q3 2025 results, showing a slight decline in GAAP net earnings and diluted EPS compared to Q3 2024, with GAAP net earnings at $130.7 million and diluted EPS at $1.22 [1][8] - The company has not affirmed its previously issued earnings guidance for 2025 due to a pending transaction with Blackstone Infrastructure, which is expected to close in the second half of 2026 [1][4] Financial Performance - Q3 2025 GAAP net earnings attributable to TXNM Energy were $130.7 million, down from $131.2 million in Q3 2024 - Q3 2025 ongoing net earnings were $142.8 million, compared to $129.3 million in Q3 2024 - Year-to-date (YTD) 2025 GAAP net earnings were $161.2 million, down from $226.4 million in YTD 2024, while ongoing net earnings for YTD 2025 were $185.5 million, down from $220.6 million in YTD 2024 [1][8] Segment Reporting - PNM's Q3 2025 EPS was $0.95, down from $1.20 in Q3 2024 - TNMP's Q3 2025 EPS was $0.38, slightly down from $0.39 in Q3 2024 - Corporate and Other segment reported a loss of $0.11 in Q3 2025, unchanged from Q3 2024 [10][14] Regulatory and Transaction Updates - TXNM Energy is in the process of obtaining regulatory approvals for its acquisition by Blackstone Infrastructure, with applications filed with NMPRC, PUCT, and FERC [3][4] - The acquisition agreement was approved by shareholders on August 28, 2025, at a price of $61.25 per share [2][8] Cost Recovery and Investments - TNMP's second Transmission Cost of Service (TCOS) filing for 2025 was approved, allowing recovery for $87 million of rate base [5] - PNM filed an application for a Certificate of Convenience and Necessity (CCN) to construct 30 megawatts of energy storage at an estimated cost of $78 million [6]

Core Points - PG&E Corporation Foundation is awarding $500,000 in grants to five community-based organizations in Northern and Central California for environmental stewardship initiatives [1][2][3] - Each organization will receive $100,000 through the Better Together Nature Positive Innovation Grant program, focusing on preserving California's biodiversity [2][3] - The funding is sourced from PG&E shareholders, not customers, emphasizing the company's commitment to community-driven environmental projects [3] Summary by Sections Grant Recipients and Projects - The grants support various projects aimed at environmental stewardship, including cultural land management, youth empowerment, and habitat restoration [4][7] - Recipients include: - Sorrel Leaf Healing Center (Humboldt County) for integrating traditional land management practices [4] - Butte Environmental Council (Butte County) for a water stewardship project [7] - Literacy for Environmental Justice (San Francisco) for a youth-focused environmental justice initiative [7] - Watsonville Wetlands Watch (Santa Cruz County) for wetland restoration and community engagement [7] - Fresno Metro Ministry (Fresno County) for promoting urban agriculture and food sovereignty [7] Program Goals and Eligibility - The grant program aims to build sustainable habitats and foster local partnerships, prioritizing projects that benefit disadvantaged communities [6][7] - Eligible applicants include government organizations, educational institutions, and 501(c)(3) nonprofits [8] Company Background - PG&E Corporation is a combined natural gas and electric utility serving over 16 million people across 70,000 square miles in Northern and Central California [8] - The PG&E Corporation Foundation operates as an independent nonprofit organization, separate from PG&E [9]

Core Points - Duke Energy and the Duke Energy Foundation are contributing $100,000 to the One SC Fund to support food banks in South Carolina [1] - The initiative is part of a broader campaign to address food insecurity, with over $500,000 allocated to more than 60 feeding programs leading up to Thanksgiving [4][10] - Duke Energy has dedicated more than $2.6 million since 2021 to support food assistance agencies [10] Company Contributions - Duke Energy's annual campaign will kick off next week, focusing on organizations that combat hunger in South Carolina [4] - The campaign will highlight community partners such as Harvest Hope Food Bank and Second Harvest Food Bank of Metrolina [5] - Duke Energy employees will volunteer their time to assist these organizations throughout the month [5] Community Impact - As colder weather and holidays approach, many families in South Carolina rely on assistance programs, which are currently facing challenges [2] - The contribution to the One SC Fund is aimed at encouraging other corporate entities and citizens to support the fight against hunger [11] - Gov. Henry McMaster emphasized the importance of community support during uncertain times [11]

Core Insights - Quanta Services, Inc. reported third-quarter consolidated revenues of $7.63 billion for 2025, a significant increase from $6.49 billion in the same quarter of 2024, reflecting strong demand and operational performance [1][2] - The company achieved a net income attributable to common stock of $339.4 million, or $2.24 per diluted share, compared to $293.2 million, or $1.95 per diluted share, in the prior year [1][6] - Adjusted diluted earnings per share rose to $3.33 from $2.72 year-over-year, indicating robust earnings growth [1][6] Financial Performance - Year-to-date cash flow from operations reached $1.1 billion, with free cash flow of $726.3 million [1] - For the nine months ended September 30, 2025, revenues totaled $20.64 billion, up from $17.12 billion in the same period of 2024, with net income attributable to common stock increasing to $712.9 million from $599.7 million [6][1] - The adjusted diluted earnings per share for the nine months was $7.59, compared to $6.03 in the previous year [6] Backlog and Future Outlook - Quanta Services reported a record backlog of $39.2 billion, driven by accelerating demand in the Electric segment and strong activity across various end markets [2][3] - The company anticipates continued double-digit earnings per share growth in 2026, supported by its strategic focus on delivering certainty to customers and expanding addressable markets [3][2] - Quanta's long-term outlook remains positive, with expectations for revenues in 2025 to range between $27.8 billion and $28.2 billion, and net income attributable to common stock projected between $987.1 million and $1.06 billion [8][7] Strategic Developments - Quanta has expanded its total solutions platform to address growing power generation and infrastructure needs, particularly in response to increasing electricity demand from sectors like data centers and manufacturing [4][11] - The company was selected by NiSource to provide power generation and grid infrastructure solutions capable of producing approximately 3 gigawatts of power for a large load customer [11][4] - Quanta completed five acquisitions in the first nine months of 2025, enhancing its capabilities and market reach [4][11]

Core Insights - CMS Energy reported earnings per share of $0.92 for Q3 2025, an increase from $0.84 in Q3 2024, with adjusted earnings per share at $0.93 compared to $0.84 in the same quarter last year [1][2] - For the first nine months of 2025, the company reported earnings per share of $2.59, up from $2.45 in 2024, with adjusted earnings per share at $2.66 compared to $2.47 in 2024, attributed to favorable regulatory outcomes and weather conditions [1][2] Financial Performance - Operating revenue for Q3 2025 was $2.021 billion, compared to $1.743 billion in Q3 2024, while operating expenses increased to $1.540 billion from $1.376 billion [6] - Net income for Q3 2025 was $272 million, up from $247 million in Q3 2024, with net income available to common stockholders at $275 million compared to $251 million in the previous year [6][7] - The company raised its 2025 adjusted earnings guidance to a range of $3.56 to $3.60 per share and initiated 2026 adjusted earnings guidance of $3.80 to $3.87 per share [2] Strategic Outlook - CMS Energy's long-term adjusted EPS growth is reaffirmed at 6 to 8 percent, with confidence towards the high end of this range [2] - The company emphasizes its strong track record of constructive regulatory outcomes, particularly in natural gas rate cases and renewable energy plans [2] Cash Flow and Capitalization - Net cash provided by operating activities for the nine months ended September 30, 2025, was $1.757 billion, while net cash used in investing activities was $(2.926) billion [7] - Total assets as of September 30, 2025, were $38.008 billion, an increase from $35.920 billion at the end of 2024 [6]

Core Insights - Southern Company is recognized as the highest-ranked U.S. energy company on Newsweek's World's Most Trustworthy Companies 2025 list, reflecting its commitment to trust among customers, investors, and employees [1][2]. Company Recognition - The recognition is based on an independent survey involving over 65,000 participants across 23 industries and 20 countries, focusing on investor trust, customer trust, and employee trust [3][4]. - Southern Company's Chairman, President, and CEO, Chris Womack, emphasized the company's goal to be a trusted partner and its commitment to serving customers and communities [3]. Company Values and Mission - Southern Company adheres to values such as safety, intentional inclusion, integrity, and superior performance, which align with its mission to provide clean, safe, reliable, and affordable energy [4][5]. - The company aims for net-zero greenhouse gas emissions by 2050, showcasing its commitment to sustainability and innovation [5]. Financial Information - Southern Company announced a regular quarterly dividend of 74 cents per share, payable on December 8, 2025 [7]. - The company plans to release its third-quarter earnings on October 30, 2025 [8].

Core Insights - American Electric Power (AEP) reported third-quarter 2025 GAAP earnings of $972 million or $1.82 per share, an increase from $960 million or $1.80 per share in the same quarter of 2024 [1] - Operating earnings for the same period were $963 million or $1.80 per share, down from $985 million or $1.85 per share in third-quarter 2024 [1] - AEP reaffirmed its 2025 operating earnings guidance range of $5.75 to $5.95 per share, expecting results to be in the upper half of this range [1][9] Financial Performance - AEP's revenue for the third quarter of 2025 was $6,010.4 million, up from $5,420.1 million in the same quarter of 2024, reflecting a change of $590.3 million or 10.9% [8] - Year-to-date revenue increased from $15,025.0 million in 2024 to $16,560.7 million in 2025, a change of $1,535.7 million or 10.2% [8] - Year-to-date GAAP earnings rose from $2,303.0 million in 2024 to $2,998.0 million in 2025, an increase of $695.0 million or 30.2% [8] Growth Strategy - AEP announced a new long-term operating earnings growth rate of 7-9% over the next five years, supported by a $72 billion capital plan [2] - The capital plan is expected to drive a 10% annual growth in rate base, with operating earnings per share anticipated to increase at a 9% compounded annual growth rate over the five-year period [2] - AEP's peak system demand is projected to rise to 65 GW by 2030, up from the current peak of 37 GW, necessitating a $30 billion investment in transmission assets [4] Infrastructure Investments - AEP's capital plan includes over $20 billion in generation resources to meet customer demands in fast-growing regions, with $17 billion dedicated to enhancing the distribution network [5] - The company is confident in securing 28 GW of load additions by 2030, supported by Electric Service Agreements and an additional 190 GW of load requests at various development stages [3] Customer Commitment and Regulatory Engagement - AEP is implementing new tariff structures requiring large power demand customers to make financial commitments based on load forecasts, ensuring fair cost allocation [7] - The company emphasizes listening to regulators and policymakers to improve regulatory outcomes and develop solutions for customer needs [7]