Financial Performance & Outlook - Black Hills Corp reaffirmed its full-year 2025 EPS guidance in the range of $400 to $420, reflecting approximately 5% year-over-year growth at the midpoint[7] - The company is targeting long-term EPS growth of 4% to 6%, planning to deliver in the upper half of this range starting in 2026, off a 2023 base of $375 per share[7,8] - Black Hills Corp is forecasting $1 billion in capital investment for 2025 and a total of $47 billion from 2025 to 2029[7] - The company targets a dividend payout ratio of 55% to 65%[7] Capital Investments & Growth Initiatives - Black Hills Corp plans to invest $47 billion in capital projects from 2025 to 2029, with key investment categories including customer growth, safety and system integrity, and electric generation and transmission[7,9,13] - The company is developing plans to serve more than 1 GW of total data center demand within the next 10 years, including 500 MW in the current plan by 2029, expecting data center EPS contribution to grow to more than 10% beginning in 2028[16] - The Ready Wyoming transmission project, a 260-mile electric transmission expansion costing $350 million, is on track for completion by year-end 2025[41,69] - The company obtained approval for a 99 MW dispatchable natural gas generation project (Lange II) in South Dakota, with an estimated investment of $280 million, expected to be in service in the second half of 2026[49,50,51] Regulatory & Reliability - A unanimous black box settlement was approved for Kansas Gas, providing $108 million in new annual revenues with new rates effective August 1, 2025[52] - Black Hills Corp is requesting recovery of $453 million of investments and inflationary impacts in Nebraska Gas application NG-124, with interim rates expected to be effective August 1, 2025[52]

2025 SECOND QUARTER EARNINGS Delivering For Customers AND Investors July 31, 2025 1 Forward-Looking Statements This presentation and the oral remarks made in connection with it contain statements regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") future performance, including expectations, objectives, and forecasts about operating results (including 2025 non-GAAP core earnings), debt and equity issuances, refinancing activity, rate base growth, capital expenditures, cash flo ...

Financial Performance & Outlook - PPL reported Q2 2025 GAAP earnings of $025 per share and ongoing earnings of $032 per share[6] - The company reaffirmed its 2025 ongoing EPS forecast range of $175 - $187 per share[7] - PPL is on track to complete approximately $43 billion in capital investments and achieve at least $150 million in cumulative O&M savings in 2025[10] - PPL issued approximately $350 million of equity via the ATM year-to-date[30] Capital Investment & Growth - PPL projects $20 billion of capital investment needs through 2028, resulting in an average annual rate base growth of 98% over the period[10] - The company anticipates 6%-8% annual EPS and dividend growth through at least 2028[10,38] - The company is targeting 16%-18% FFO/CFO to debt throughout the plan[10,40] Strategic Initiatives & Regulatory Updates - A constructive agreement was reached to advance generation needs for LG&E and KU, supporting the approval for two new 645MW NGCC units[11,13] - A base rate case was filed in Kentucky on May 30, 2025, requesting an increase in annual electricity revenues of approximately $105 million and $226 million at LG&E and KU, respectively, and an increase in annual gas revenues of approximately $60 million at LG&E[14,16] - PPL Electric is enabling speed to market for data centers with $13 billion invested in Pennsylvania Grid since 2013[18] - PPL is in a joint venture with Blackstone Infrastructure, with PPL owning 51% of the interest, to build new electric generation stations to power data centers under long-term energy services agreements[19]

Financial Data and Key Metrics Changes - For the first half of 2025, the company reported adjusted earnings per share of $1.73, exceeding budget expectations and aligning with full-year guidance [25][28] - The full-year guidance remains at $3.54 to $3.6 per share, with confidence towards the high end [26] - Adjusted net income for 2025 was $518 million, benefiting from favorable weather and constructive regulatory outcomes [28][29] Business Line Data and Key Metrics Changes - The company has reached an agreement with a new data center expected to add up to one gigawatt of load, part of a nine gigawatt pipeline [5][6] - The renewables portion of the business is small, typically completing one to two solar projects a year with utility-like returns [16] Market Data and Key Metrics Changes - Michigan has been ranked as one of the best states for business, with strong housing starts and positive growth among residential and commercial customers [7][21] - The company anticipates long-term annual sales growth estimates of 2% to 3% [7] Company Strategy and Development Direction - The company is focused on customer affordability and plans to spread fixed costs over a larger customer base as demand grows [10] - Significant investments are planned in the electric grid and renewable energy to meet Michigan's clean energy law [11][12] - The integrated resource plan (IRP) will be filed in mid-2026, addressing capacity needs and potential additional storage and gas capacity [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory environment and the company's ability to deliver on financial objectives [25][31] - The company is well-positioned to meet growing energy needs and is prepared for future investments [35][36] Other Important Information - The company has completed the majority of its financing plan for 2025, executing 40 equity contracts totaling approximately $350 million [32][33] - Moody's reaffirmed the company's credit ratings, and the company is working through the review process with S&P [31] Q&A Session Summary Question: Details on the new data center agreement and its ramp-up - Management confirmed the agreement is part of a nine gigawatt pipeline, with early megawatts expected to show up in 2029 or 2030 [41][42] Question: Interaction between the new data center and the $5 billion CapEx upside in the IRP - Management indicated that the $5 billion figure is based on current sales growth and would need to be adjusted if additional capacity is added [54][58] Question: Status of the gas case and potential for settlement - Management reported a positive outlook for the gas case, with 80% of the revised ask and 95% of capital approved, while remaining open to settlement [60][61] Question: Financing plans for 2026 - Management stated that they are considering funding needs for 2026 and may pull ahead some financing if opportunities arise [62][63]

Core Insights - Exelon reported revenue of $5.43 billion for the quarter ended June 2025, reflecting a 1.2% increase year-over-year, but fell short of the Zacks Consensus Estimate by 1.91% [1] - The company's EPS was $0.39, down from $0.47 in the same quarter last year, but exceeded the consensus estimate of $0.37 by 5.41% [1] Revenue Performance - PECO's operating revenues were $1 billion, surpassing the average estimate of $984.62 million, marking a 12.2% year-over-year increase [4] - ComEd's operating revenues were $1.84 billion, below the average estimate of $2.05 billion, showing an 11.7% decline year-over-year [4] - BGE's operating revenues reached $1.03 billion, exceeding the average estimate of $999.01 million, with a 10.9% year-over-year increase [4] - PHI's operating revenues were $1.58 billion, above the average estimate of $1.51 billion, reflecting a 7.3% year-over-year increase [4] Electric and Natural Gas Revenues - ComEd's electric revenues were $2.06 billion, slightly above the average estimate of $2.05 billion, with a year-over-year decrease of 3% [4] - ACE's electric revenues were $397 million, exceeding the average estimate of $376.69 million, showing a 1.7% decline year-over-year [4] - DPL's electric revenues reached $387 million, surpassing the average estimate of $380.36 million, with a 7.2% year-over-year increase [4] - Pepco's electric revenues were $791 million, above the average estimate of $728.13 million, reflecting a 14.5% year-over-year increase [4] - PECO's natural gas revenues were $120 million, below the average estimate of $136.18 million, but showed a 29% year-over-year increase [4] - BGE's electric revenues were $853 million, slightly above the average estimate of $829.28 million, with a 6.6% year-over-year increase [4] - PECO's electric revenues were $872 million, below the average estimate of $886.01 million, with a 10% year-over-year increase [4] - BGE's natural gas revenues were $184 million, below the average estimate of $195.24 million, reflecting a 22.7% year-over-year increase [4] Stock Performance - Exelon's shares returned +3.1% 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), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - GAAP earnings for Q2 2025 were $0.46 per share, compared to $0.08 in Q2 2024 [6] - Core earnings were $0.52 per share for the quarter, up from $0.51 in the same quarter last year, indicating a strong performance [7][22] - Year-to-date core earnings reached $1.19 per share, reflecting a 19% increase compared to 2024 [23] - Consolidated return on equity was 9.7%, aligning with the targeted range of 9.5% to 10% [23] Business Line Data and Key Metrics Changes - The distribution and integrated businesses showed meaningful increases due to the execution of regulated strategies and higher customer demand [23] - Operating expenses were approximately 4% below plan, contributing to favorable financial performance [51] - Capital investments for 2025 are on track with over $1.4 billion deployed in Q2 and more than $2.5 billion in the first half of the year, which is 29% ahead of the same period in 2024 [25] Market Data and Key Metrics Changes - The data center pipeline has increased over 80% to 11.1 gigawatts since February, with contracted data center load rising approximately 25% to 2.7 gigawatts [12] - Requests for large load studies greater than 500 megawatts have surged, with over 95 gigawatts requested since the beginning of 2024 [13] Company Strategy and Development Direction - The company is focused on a $28 billion capital investment plan through 2029 to enhance system resiliency and reliability [9][20] - Significant investments in Pennsylvania are planned, with $15 billion expected through 2029, including $4.3 billion in distribution and $5.5 billion in transmission capital investments [11] - The company aims to be recognized as a premier electric utility, targeting a compound annual growth rate of 6% to 8% through 2029 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving core earnings in the upper half of the guidance range of $2.4 to $2.6 per share for 2025 [19] - The leadership team is focused on optimizing performance and financial strength, with a commitment to delivering stable growth [19][29] - Management highlighted the need for new dispatchable generation in West Virginia and is prepared to invest accordingly [40] Other Important Information - The company successfully sold its minority ownership in the Signal Peak coal mine for $47.5 million, eliminating any remaining financial or operational liabilities [29] - The company is committed to maintaining a strong balance sheet and investment-grade metrics, targeting a funds from operations to debt ratio of 14% plus through 2029 [28] Q&A Session Summary Question: Clarification on transmission CapEx upside - The company indicated that the 20% increase in CapEx is gross and includes approximately $2.3 billion to $4 billion identified for shareholders [34][35] Question: Balance sheet capacity and equity considerations - Management stated they are keeping all options open regarding balance sheet capacity and would consider equity if necessary, but are not currently concerned [36][37] Question: Data center pipeline and negotiations - The pace of negotiations is driven by customer demand, with legitimate developers willing to sign contracts [43] Question: Incremental generation needs in West Virginia - The company anticipates needing to add about 1,000 megawatts of dispatchable gas combined cycle generation over the next ten years [45] Question: Ohio regulatory strategy post-rate case - Future regulatory strategy will depend on the outcomes of the current rate case, with plans to file under the new framework as soon as practicable [91][92]

Core Viewpoint - Georgia Power is expanding its energy mix to meet the growing energy needs of Georgia, with a focus on reliability and economic efficiency through a diverse range of resources including natural gas, battery energy storage systems (BESS), and solar energy [1][3]. Group 1: New Resource Certification - Georgia Power has requested certification from the Georgia Public Service Commission (PSC) for approximately 9,900 megawatts (MW) of new resources, primarily sourced from an "all-source" request for proposals (RFP) [1]. - The majority of the resources, about 8,000 MW, were selected based on bids from the RFP, which was approved in the 2022 Integrated Resource Plan (IRP) [1][2]. - The company is also seeking approval for an additional 1,886 MW of supplemental resources to meet near-term energy needs not covered by the initial RFP [2]. Group 2: Natural Gas and Emission Reduction - Georgia Power is incorporating cleaner natural gas into its generation mix, which has led to a reduction in overall carbon emissions by over 60% since 2007 [4]. - The filings include a request to certify five new combined cycle (CC) units totaling 3,692 MW, strategically located to ensure grid stability and support economic growth [4]. Group 3: Battery Energy Storage Systems (BESS) - The company is actively integrating BESS technology to enhance the reliability and resilience of the electric system, allowing for better management of renewable energy resources [5]. - Construction is underway for 765 MW of new BESS across Georgia, with additional requests for 10 new BESS facilities totaling 3,022.5 MW [6]. - The new BESS facilities will be strategically placed to maximize efficiency and reliability, with projects including solar energy integration [7]. Group 4: Project Details - Specific projects include: - Plant Bowen: Two CCs with a combined capacity of 1,482 MW [6]. - Plant McIntosh: One CC with a capacity of 757 MW [6]. - Plant Wansley: Two CCs with a combined capacity of 1,453 MW [6]. - Additional projects include eleven PPAs totaling 2,821 MW for new BESS facilities and natural gas generation [7].

Financial Performance - GAAP EPS for Q2 2025 was $0.75, compared to $0.54 in Q2 2024[4] - Year-to-date GAAP EPS for 2025 was $1.59, compared to $1.42 in 2024[4] - The company reaffirmed its 2025 EPS guidance of $3.75 to $3.85[4] - The company's base capital plan is $45 billion, reflecting 9.4% rate base growth[34] Capital Investments and Projects - The company invested $2.6 billion in resilient and reliable energy infrastructure in Q2 2025[4] - Segments 2 and 3 of the Colorado Power Pathway were in-serviced four months ahead of schedule[4] - The company sees a line of sight to over $15 billion of additional capital investment opportunities[4, 34] - A recommended portfolio was filed in SPS for approximately 5,200 MW of generation, with about 4,500 MW company-owned[4, 7] Regulatory and Sales Growth - The company anticipates constructive outcomes in all pending regulatory proceedings, including requests for deferral of incremental insurance costs associated with wildfire risk and recovery of O&M costs associated with wildfire mitigation plans[31] - The company projects an increase of approximately 3% in weighted average retail electric sales[31] - The company projects an increase of approximately 1% in weighted average retail firm natural gas sales[31] Wildfire Risk Mitigation - The Colorado commission approved a settlement for the Colorado Wildfire Mitigation Plan[4, 60] - The Texas commission approved a settlement for the SPS System Resiliency Plan[4, 60] - Constructive wildfire legislation was passed in Texas and North Dakota[4]

Core Insights - WEC Energy Group reported Q2 2025 earnings of 76 cents per share, exceeding the Zacks Consensus Estimate of 71 cents by 7% and increasing 13.4% from 67 cents in the same quarter last year [1][8] - Operating revenues reached $2.01 billion, surpassing the Zacks Consensus Estimate of $1.86 billion by approximately 8.2%, and also reflecting a 13.4% increase from $1.77 billion in the prior year [2][8] Revenue and Sales Performance - Electricity consumption by small commercial and industrial customers rose by 0.6%, while large commercial and industrial customers, excluding the iron ore mine, saw an increase of 0.8% [2] - On a weather-normal basis, retail electricity deliveries, excluding the iron ore mine, increased by 1.1% [3] - Total electric sales volume for the quarter was 10,656 thousand megawatt-hours, up 2.7% year over year [3] Operating Expenses and Income - Total operating expenses amounted to $1.6 billion, up 13.4% from $1.41 billion in the previous year, driven by higher sales costs and increased operating and maintenance expenses [3] - Operating income totaled $404.9 million, reflecting an 11% increase from $364.8 million in the year-ago quarter [3] Financial Position - As of June 30, 2025, WEC had cash and cash equivalents of $23 million, up from $9.8 million as of December 31, 2024 [5] - Long-term debt stood at $17.11 billion, slightly down from $17.18 billion as of December 31, 2024 [5] - Net cash provided by operating activities during the first half of 2025 was $2.01 billion, compared to $1.9 billion in the same period last year [5] Guidance and Future Outlook - WEC reaffirmed its 2025 earnings projection in the range of $5.17-$5.27 per share, with the Zacks Consensus Estimate at $5.23 per share, which is higher than the midpoint of the company's guidance [6] - The company plans to invest $28 billion during the 2025-2029 period [6]

Core Insights - FirstEnergy (FE) reported second-quarter 2025 operating earnings of 52 cents per share, exceeding the Zacks Consensus Estimate of 50 cents by 4% and showing an increase from 51 cents per share in the same quarter last year [1][7] Financial Performance - The year-over-year increase in core earnings was attributed to new base rates in Pennsylvania and growth in transmission rate base under formula rate programs, although milder temperatures reduced customer demand by nearly 3% [2] - Total revenues for FE were $3.38 billion, which was 3% higher than the $3.28 billion recorded in the year-ago quarter but missed the Zacks Consensus Estimate of $3.41 billion by 1% [3][7] - Operating expenses decreased to $2.73 billion, down 4.5% from $2.86 billion in the prior-year quarter, leading to an operating income of $646 million, up 52.7% from $423 million [5] Segment Performance - Distribution segment revenues totaled $1.68 billion, up 1.6% from the prior-year quarter [4] - Integrated segment revenues amounted to $1.26 billion compared to $1.18 billion in the year-ago quarter [4] - Stand-Alone Transmission segment revenues were $456 million, slightly down from $468 million in the prior-year quarter [4] Future Guidance - FirstEnergy expects 2025 core earnings per share (EPS) in the range of $2.40-$2.60, with the Zacks Consensus Estimate at $2.53 per share [6] - The company anticipates a long-term EPS growth rate of 6-8% and has a capital investment plan of $28 billion for the 2025-2029 period, with $5 billion expected for 2025 [6]