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 [5][13] - Year-to-date EPS was $1.76, reflecting a $0.16 increase over the same period last year [13] - Net earnings for the quarter were $384 million [13] - Capital expenditures for the first half of the year were nearly $3 billion [5][7] 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 [14] - EPS at UNS Energy remained unchanged from the previous year, with increased transmission revenue offset by regulatory lag [14] - Western Canadian Utilities saw a $0.30 increase in EPS, primarily due to rate base growth [14] - EPS for Fortis Alberta was tempered by the expiration of a PVR efficiency mechanism and a lower allowed ROE of 8.97% effective January 1, 2025 [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 [20][21] - The company achieved a 34% reduction in Scope 1 greenhouse gas emissions compared to 2019 levels through 2024 [6] Company Strategy and Development Direction - The company is focused on delivering safe and reliable energy while advancing its growth strategy, with a projected rate base increase of approximately $14 billion to $53 billion by 2029, supporting average annual growth of 6.5% [7][8] - The company plans to convert approximately 800 megawatts of coal-fired generation at the Springerville generating station to natural gas by 2030, aiming to be coal-free by 2032 [9][10] - The company remains committed to annual dividend growth guidance of 4% to 6% through 2029 [12] 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 [23] - The company is preparing for its next integrated resource plan in Arizona, which will address changing load curves and resource needs [62] Other Important Information - Fitch assigned Fortis a first-time BBB+ credit rating, enhancing its credit profile and supporting cost-effective capital market funding options [19] - The company is pursuing various opportunities to support load growth and improve grid resilience [11] Q&A Session Summary Question: Regarding data center opportunity in Arizona - Management confirmed that the first 300 megawatts will utilize existing and planned capacity, with the second 300 megawatts expected to be in service by 2030 to 2031 [26][28] Question: Upside potential in Arizona and ITC - Management acknowledged significant upside potential in Arizona and ITC, with ongoing opportunities across the entire portfolio [29][30] Question: Springerville conversion costs - Management indicated that the costs of conversion are being evaluated in the context of the integrated resource plan, emphasizing affordability for customers [34][35] Question: Gas infrastructure outlook in BC - Management noted positive developments in LNG opportunities and ongoing regulatory processes for gas connections in BC [40][41] Question: Impact of recent legislation on Fortis - Management stated that while there are limited short-term impacts from recent legislation, longer-term implications on renewable energy and storage development will be assessed [50][54] Question: Need for interstate pipeline capacity into Arizona - Management confirmed discussions regarding gas supply for the Springerville repowering project, indicating a growing need for infrastructure in the long term [60][62]

Financial Performance - Eversource Energy reported Q2 2025 EPS of $0.96, slightly better than the prior year[22] - The company reaffirms its 2025 EPS guidance of $4.67 - $4.82 and a long-term EPS growth rate of 5% - 7% through 2029[23] - The company's FFO to Debt ratio as of March 31, 2025, was 13.7%, exceeding the Moody's downgrade threshold of 9% and S&P's threshold of 12%[50] Capital Investments and Regulatory Updates - Eversource plans a capital investment of $24.2 billion through 2029, with 60% of distribution capital investment in Massachusetts[18] - The company anticipates incremental investments of $1.5 billion - $2 billion during this forecast period[47] - A permanent rate increase of $100 million was received in New Hampshire, effective August 1, 2025, as part of the PSNH rate case[39] - Massachusetts will see an EGMA Rate Base Reset with a November 2024 rate increase of $77 million and a November 2025 rate increase of $62 million[45] Strategic Priorities - Eversource is focused on being a 100% regulated utility, investing in line with state policies while maintaining customer reliability and affordability[18] - The company aims to strengthen its balance sheet and enhance its FFO to Debt ratio[18] - Eversource is leading the energy transition in New England with approximately $2 billion in T&D energy investments through 2029[18] Balance Sheet and Credit Metrics - Eversource has an At-The-Market (ATM) program for $1.2 billion of equity, issuing 3.4 million shares through June 2025 with net proceeds of $218 million[51, 60]

Financial Performance & Capital Plan - YTD June Capital Expenditures reached $2.9 billion, and the company is on track with its 2025 annual capital plan of $5.2 billion[17] - The 2025-2029 Capital Plan totals $26 billion, with 23% allocated to major capital projects[17] - The company forecasts a 5-Year Rate Base CAGR of 6.5%, growing from $39 billion in 2024 to $53 billion in 2029[17] - Q2 2025 EPS was $0.76, compared to $0.67 in Q2 2024, and YTD 2025 EPS was $1.76, compared to $1.60 YTD 2024[35] Strategic Initiatives & Growth Opportunities - TEP plans to convert 793 MW of coal-fired generation at the Springerville Generating Station to natural gas generation by 2030, supporting a coal-free generation mix by 2032[21] - An agreement was reached with a data center customer for ~300 MW of power demand ramping up in 2027, with potential for a total of 600 MW at the initial site and an additional 500-700 MW at a subsequent site[27] - MISO LRTP Tranche 2.1 represents a ~US$3.7-$4.2 billion investment opportunity for projects in Michigan, Minnesota, and Iowa[30] Dividend & Sustainability - The company provides annual dividend growth guidance of 4-6% through 2029[33] - Fortis has reduced scope 1 emissions by 34% to the end of 2024 relative to 2019 levels[89] - FortisBC will invest $690 million to help customers save 3.8 million gigajoules of gas and 115 GWh of electricity by the end of 2027[89]

Core Insights - TXNM Energy reported a significant decline in earnings for Q2 2025 compared to Q2 2024, with GAAP net earnings attributable to TXNM Energy at $21.6 million, down from $48.0 million, and ongoing net earnings at $24.5 million, down from $54.3 million [1][21] - The company issued $600 million in equity, including $400 million to affiliates of Blackstone Infrastructure Partners, and is undergoing debt refinancing related to the proposed acquisition by Blackstone [1][3] - TXNM Energy is not affirming its previously issued earnings guidance for 2025 due to the pending transaction with Blackstone Infrastructure [1] Financial Performance - Q2 2025 GAAP diluted EPS was $0.22, a decrease from $0.53 in Q2 2024, while ongoing diluted EPS was $0.25, down from $0.60 [1][21] - Year-to-date (YTD) 2025 results show GAAP net earnings of $30.5 million compared to $95.2 million in YTD 2024, and ongoing net earnings of $42.6 million compared to $91.3 million [1] - Electric operating revenues for Q2 2025 were $502.4 million, up from $488.1 million in Q2 2024 [21] Transaction and Regulatory Updates - TXNM Energy announced an agreement for Blackstone Infrastructure to acquire its outstanding common stock at $61.25 per share, reflecting a total enterprise value of $11.5 billion [3] - The transaction is subject to shareholder and regulatory approvals and is expected to close in the second half of 2026 [3] - TXNM's regulatory outcomes include the approval of a $176 million Distribution Cost Recovery Factor (DCRF) filing and a $105 million rate increase at PNM, with further rate recovery filings planned [4][5] Segment Reporting - In Q2 2025, PNM's GAAP diluted EPS was $0.25, down from $0.34 in Q2 2024, while TNMP's GAAP diluted EPS was $0.22, down from $0.33 [6] - Corporate and Other segment reported a loss of $0.25 per share in Q2 2025, compared to a loss of $0.14 in Q2 2024 [6] - The decline in earnings per share was attributed to the issuance of additional shares and costs related to the planned acquisition [6][7] Operational Insights - The company faced increased operating expenses, with total operating expenses for Q2 2025 at $429.7 million, compared to $382.4 million in Q2 2024 [21] - Key factors affecting PNM included higher retail load and increased costs from new capital investments, while TNMP's performance was impacted by lower weather-related usage [10]

Core Insights - Ameren reported $2.22 billion in revenue for the quarter ended June 2025, marking a year-over-year increase of 31.2% and exceeding the Zacks Consensus Estimate of $1.84 billion by 20.65% [1] - The company's EPS for the same period was $1.01, up from $0.97 a year ago, with a surprise of 1% compared to the consensus estimate of $1.00 [1] Revenue Performance - Total electric sales for Ameren were 15,672 GWh, below the average estimate of 17,176.59 GWh from two analysts [4] - Electric revenues for Ameren Missouri reached $1.32 billion, surpassing the estimated $951.36 million, reflecting a year-over-year increase of 52.2% [4] - Electric revenues for Ameren Illinois Electric Distribution totaled $573 million, exceeding the $542 million estimate, with a year-over-year change of 12.6% [4] - Electric revenues from Ameren Transmission were $208 million, slightly above the $206.52 million estimate, representing an 8.9% year-over-year increase [4] - Operating revenues from natural gas were $183 million, compared to the average estimate of $175.2 million, showing a 6.4% year-over-year change [4] - Gas revenues for Ameren Illinois Natural Gas were $158 million, exceeding the estimated $152.05 million, with a year-over-year change of 6.8% [4] - Operating revenues from electric sources were $2.04 billion, surpassing the $1.62 billion estimate, indicating a year-over-year increase of 34% [4] - Gas revenues for Ameren Missouri were $25 million, compared to the average estimate of $23.41 million, reflecting a 4.2% year-over-year change [4] Stock Performance - Ameren's shares have returned 4.6% over the past month, outperforming the Zacks S&P 500 composite's 2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Edison International reported second quarter core earnings per share (EPS) of $0.97, down from $1.23 a year ago, with the year-over-year comparison being less meaningful due to the lack of a final decision in its 2025 general rate case [6][20][21] - The company remains confident in achieving its 2025 EPS guidance and delivering a 5% to 7% core EPS compound annual growth rate (CAGR) through 2028 [7][30] Business Line Data and Key Metrics Changes - SCE's core EPS variance was primarily driven by higher operating and maintenance (O&M) expenses and the net impact of regulatory decisions [20] - The proposed decision (PD) in SCE's 2025 general rate case would authorize base revenue of $9.8 billion for 2025, with incremental increases in subsequent years [12][23] Market Data and Key Metrics Changes - The PD supports significant capital investments in wildfire mitigation, grid modernization, and infrastructure replacement while considering affordability for customers [12][13] - SCE anticipates investing $6.2 billion in its wildfire mitigation plan from 2026 to 2028, which includes various safety and reliability measures [15] Company Strategy and Development Direction - The company is focused on enhancing its wildfire recovery compensation program and engaging with the community to support recovery efforts [9][19] - Edison International is optimistic about legislative support for California's regulatory framework, particularly regarding wildfire management and affordability [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the legislative process enhancing California's wildfire framework and emphasized the importance of a comprehensive approach to wildfire risk [9][10][19] - The company highlighted its commitment to operational excellence and cost management, which has resulted in the lowest system average rate among California's major industrial utilities [17] Other Important Information - The ongoing investigations into the Eaton fire are being conducted by SCE and the LA County Fire Department, with no new disclosures on ignition or estimated costs at this time [8][18] - The company is actively participating in various regulatory proceedings to de-risk its financial outlook and ensure alignment with customer needs [27][30] Q&A Session Summary Question: Regarding the proposed $18 billion fix, what is the company's stance on shareholder contributions? - Management indicated that while discussions are ongoing, they do not foresee a need for upfront contributions from shareholders, emphasizing the importance of a balanced legislative package [36][39] Question: How will the company communicate updates on the Eaton fire investigation? - Management stated that they would provide information during quarterly earnings calls but may disclose material information off-cycle if necessary [41][44] Question: Can you provide details on the proposed decision versus the range case forecast? - Management confirmed that the PD aligns with their range case forecast but noted that there are opportunities for additional capital beyond what has been flagged [48][49] Question: What are the company's thoughts on affordability legislation and securitization? - Management expressed concerns that securitization could lead to higher costs for customers in the long run and emphasized the need for alternative solutions to support affordability [57][61] Question: How does the company view the current regulatory environment and its impact on investor support? - Management acknowledged the challenges but expressed confidence in California's commitment to addressing utility needs and the clean energy transition [71][74] Question: What is the status of the Eaton investigation and potential equity issuance for wildfire fund contributions? - Management clarified that there are two separate investigations ongoing and emphasized that there is currently no need for upfront cash contributions to the wildfire fund [80][84]

Financial Data and Key Metrics Changes - Edison International reported second quarter core earnings per share (EPS) of $0.97, down from $1.23 a year ago, with the year-over-year comparison being less meaningful due to the lack of a final decision in its 2025 general rate case [5][19] - The company remains confident in achieving its 2025 EPS guidance and delivering a 5% to 7% core EPS compound annual growth rate (CAGR) through 2028 [6][29] Business Line Data and Key Metrics Changes - SCE's core EPS variance was primarily driven by higher operating and maintenance (O&M) expenses and the net impact of regulatory decisions [19] - The proposed decision (PD) in SCE's 2025 general rate case would authorize base revenue of $9.8 billion for 2025, with incremental increases in subsequent years [22] Market Data and Key Metrics Changes - The PD supports significant capital investments in wildfire mitigation, grid modernization, and infrastructure replacement while considering affordability for customers [11][12] - SCE anticipates investing $6.2 billion in its wildfire mitigation plan from 2026 to 2028, which includes various strategies to enhance safety and reliability [14] Company Strategy and Development Direction - The company is focused on enhancing California's wildfire regulatory framework and engaging with legislators to improve affordability measures [8][9] - SCE's long-term strategy includes ensuring the grid is prepared for California's electrified future, with a commitment to operational excellence and cost management [15][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in legislative actions that will enhance California's regulatory framework, particularly regarding wildfire management [18] - The company highlighted the importance of continuous engagement with the community and stakeholders to address wildfire risks and improve operational practices [7][10] Other Important Information - The ongoing investigation into the Eaton fire is being conducted by SCE and the LA County Fire Department, with no new disclosures on ignition or estimated costs at this time [6][17] - SCE has launched a wildfire recovery compensation program to provide direct payments to eligible individuals and businesses affected by the Eaton fire [8] Q&A Session Summary Question: Regarding the proposed $18 billion fix and utility contributions - Management indicated that discussions are ongoing, and the balance of the legislative package will be crucial in determining acceptable structures for utility contributions [36][40] Question: Expectations for disclosures on the Eaton fire - Management stated that they would provide information during quarterly earnings calls but may disclose material information off-cycle if necessary [42][43] Question: Details on the proposed decision versus the range case forecast - Management confirmed that the PD aligns with their range case forecast but noted that there are opportunities for additional capital beyond what has been flagged [46][47] Question: Thoughts on affordability legislation and securitization - Management emphasized the importance of operational excellence and highlighted alternative measures to support affordability without compromising the regulatory framework [55][60] Question: Status of the Eaton investigation - Management clarified that there are two separate investigations ongoing, with the official investigation led by LA County Fire and SCE's own investigation involving various stakeholders [77][80] Question: Potential equity issuance for wildfire fund contributions - Management expressed that upfront contributions would drive up the cost of capital and are not seen as necessary at this time, pending further legislative developments [81][83]

Financial Data and Key Metrics Changes - The company reported GAAP diluted EPS of $0.35, down from $0.52 in the prior period, while non-GAAP diluted EPS was $0.40 compared to $0.53 in the previous year [6][10][17] - Year-to-date results showed net income and EPS in line with 2024, indicating a flat performance against the prior period [12] - The company is initiating its 2025 earnings guidance range of $3.53 to $3.65, with a long-term earnings growth target of 4% to 6% [6][20] Business Line Data and Key Metrics Changes - Quarterly earnings were primarily driven by rate recovery, contributing 24¢ of margin improvement, offset by unfavorable weather and increased operating costs [13][14] - Electric transmission showed an improvement of $0.07, while gas transportation improved by $0.02 [14] Market Data and Key Metrics Changes - The company completed the acquisition of Energy West and Cutbank Gas facilities, adding 33,000 customers and 43 employees [7] - The company is actively pursuing large load customers, particularly in data centers, with significant interest in both Montana and South Dakota [30][31] Company Strategy and Development Direction - The company aims to invest in data centers and large load opportunities, with a focus on achieving a total return of 9% to 11% through strategic capital investments [8] - Legislative outcomes, such as the Montana wildfire bill and transmission bill, are expected to provide better regulatory certainty and support for utility investments [22][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory challenges and achieve growth targets, emphasizing the importance of the Montana rate review outcome [20][70] - The company anticipates continued interest in data centers and plans to file tariffs to support these customers [30][31] Other Important Information - A dividend of 66¢ per share was declared, payable on September 30, 2025 [7] - The company expects to conclude the year above its downside cash flow threshold despite a dip in cash flows for the quarter [17] Q&A Session Summary Question: Update on data center ESAs - Management indicated that they are wrapping up transmission service issues and expect at least one ESA to be signed by the next call in October [42][44] Question: Addressing load requirements for expanding data center interest - The company is working with data centers on potential self-generation and build-transfer capabilities to meet load requirements [44][45] Question: Timing for megawatt ramp-up on the system - Management stated that the ramp-up will primarily occur in 2027, with some smaller contributions in 2026 [62] Question: Handling costs after acquiring facilities - The company plans to make a filing to address recovery of costs associated with the acquisition and maintain options for both Montana and FERC regulated approaches [64][66]

Financial Performance - IDACORP's net income for the three months ended June 30, 2025, was $95781 thousand, compared to $89520 thousand for the same period in 2024[13] - Diluted earnings per share increased from $1.71 in Q2 2024 to $1.76 in Q2 2025[13] - For the six months ended June 30, 2025, net income was $155428 thousand, up from $137693 thousand in the first half of 2024[13] - Diluted earnings per share for the first six months of 2025 were $2.87, compared to $2.67 in the same period of 2024[13] Load and Customer Growth - The 2025 Integrated Resource Plan (IRP) forecasts a 5-year annual retail sales growth rate of 8.3% and an annual peak growth rate of 5.1%[14] - The 20-year forecasted annual growth rate for retail sales is 2.7% and for annual peak is 1.9%[14] - Customer growth for the twelve months ended June 30, 2025, was 2.5%[17] Capital Projects and Resource Planning - The Boardman-to-Hemingway (B2H) transmission line project broke ground in June 2025, with an expected in-service date in late 2027; Idaho Power's interest in B2H is approximately 45%[22, 25] - The 2025 IRP includes converting Valmy units 1 and 2 from coal to natural gas in Summer 2026[26] - The 2025 IRP preferred portfolio includes the need for 450 MW of new gas resources in 2029 and 2030 and 355 MW of peak capacity resources in 2028 and 2029[27] Regulatory and Financial Matters - Idaho Power filed a general rate case with the IPUC on May 30, 2025, requesting a $199.1 million, or 13.09%, increase in total Idaho-jurisdictional revenue, effective January 1, 2026[32] - As of June 30, 2025, Idaho Power had $400 million and IDACORP had $100 million net balance available from revolving credit facilities[34] - IDACORP has an At-the-Market Offering Program with $143.5 million net proceeds available as of June 30, 2025[34] - IDACORP entered into Forward Sale Agreements that could yield $560.4 million, settled by November 9, 2026[37] - IDACORP's earnings per share guidance for 2025 is $5.70 – $5.85 per diluted share[39]

Financial Performance - Edison International's Q2 2025 GAAP EPS was $0.89, while Core EPS was $0.97[5] - The company reaffirmed its 2025 Core EPS guidance of $5.94–6.34[5,6], which includes 44¢ from the TKM settlement (30¢ true-up + 14¢ interest reduction)[23] - Edison International reiterated a 5–7% Core EPS Compound Annual Growth Rate (CAGR) from 2025 to 2028, projecting EPS of $6.74–7.14 in 2028[5,6] - Year-to-date 2025 Core EPS was $2.34, a decrease compared to $2.37 in YTD 2024[31] Regulatory Updates and Capital Investments - A proposed decision for the 2025 General Rate Case (GRC) was issued on July 28, supporting significant capital investments while considering affordability[7] - The GRC proposed decision includes over 1,800 miles of grid hardening, shifting approximately 400 miles to covered conductor from targeted undergrounding[8] - The company anticipates investing $6.2 billion to reduce wildfire risks associated with utility equipment[14] - Edison International projects approximately 6–8% rate base growth from 2023 to 2028, driven by wildfire mitigation and grid work, resulting in a rate base of $49.4 billion in 2025, $53.0 billion in 2026, $56.8 billion in 2027 and $60.6 billion in 2028[20] Wildfire Mitigation and Cost Recovery - SCE plans to launch a Wildfire Recovery Compensation Program, with Eaton Fire investigations ongoing[5] - The company is requesting recovery of $5.4 billion of costs related to the Woolsey fire and $84 million in restoration costs[33,35] - Edison International has completed approximately $1.6 billion in securitizations of AB 1054 capital expenditures[42]