Financial Data and Key Metrics Changes - The company reported GAAP and recurring earnings of $1.5 per share for the first quarter, compared to $1.49 per share in the previous year, indicating a slight increase in earnings [16] - Higher utility earnings were largely offset by a decrease in parent and other earnings, with electric transmission earnings increasing by $0.04 per share due to increased revenues from system investments [17] - The natural gas segment saw improved results of $0.06 per share, primarily due to higher revenues from infrastructure investments [17] Business Line Data and Key Metrics Changes - Electric distribution earnings increased by $0.03 per share, benefiting from grid modernization and rate mechanisms in New Hampshire and Massachusetts [17] - Water earnings remained comparable year over year, as the first quarter is typically a low usage period [18] - Parent losses increased by $0.12 per share in 2025, primarily due to higher interest expenses and the absence of capitalized interest from the offshore wind investment [18] Market Data and Key Metrics Changes - The company is projecting an 8% rate base growth over the next five years, with a strategic shift towards higher distribution spending in Massachusetts to meet electrification goals [6] - The company is examining numerous opportunities related to the ISO New England's new RFP for transmission operators to address future load growth [7] Company Strategy and Development Direction - The company aims to leverage its strengths in transmission and distribution investment opportunities, reaffirming its 2025 EPS guidance and long-term EPS growth rate of 5% to 7% through 2029 [5] - The company is focused on customer innovation and affordability, investing in advanced technologies to enhance reliability and efficiency [8] - The divestment of Aquarion Water is a key strategic initiative expected to close by the end of the year, which will improve the company's FFO to debt ratio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive value for customers and shareholders, emphasizing a commitment to sustained growth and strategic vision [14] - The management highlighted ongoing efforts to address affordability and stabilize rates in response to high gas bills due to increased demand [10] - The company is optimistic about its future growth opportunities, particularly in transmission and distribution, as well as customer-focused investments [28] Other Important Information - The company is actively working with state leaders to develop long-term solutions for rate stability and transparency [11] - The company has made significant progress in its AMI project, with 40% of the communication network deployment completed [9] - The company expects to see a 6% reduction in average residential customer rates in Connecticut due to the implementation of an annual rate adjustment mechanism [20] Q&A Session Summary Question: Tariff exposure related to offshore projects - Management confirmed that all necessary equipment has been procured and does not anticipate significant challenges related to tariffs for the Revolution project [32][34] Question: Regulatory approval timeline for Aquarion - Management expects the transaction to close in 2025, with no anticipated issues in the regulatory approval process [39][41] Question: Impact of securitization on equity needs - Management indicated that if securitization occurs, they would revisit their equity needs [46] Question: Update on AMI process - Management is seeking clarity on the recovery of expenditures related to the AMI process [47] Question: PURA composition and timing for certainty - Management expressed eagerness for a stable regulatory climate but could not predict the timing for filling the PURA seats [52] Question: FFO to debt improvement expectations - Management expects significant improvement in FFO to debt metrics due to enhanced cash flows from operations [60] Question: Millstone recontracting rates - Management noted that it is too early to determine the impact of the Millstone contract, which is up in 2029 [68] Question: GSEP rule changes impact - Management stated that the GSEP filing's impact is manageable and they continue to support safe and reliable gas services [76] Question: Completion percentage of the Revolution project - Management did not provide a specific percentage but confirmed that construction is progressing well [78]

EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT May 2, 2025 EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Safe Harbor Statement All per-share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The first quarters 2025 and 2024 earnings discussion includes a financial measure, EPS by business, that is not recognized under generally accepted accounting principles (non-GA ...

Core Insights - Dominion Energy reported revenue of $4.08 billion for the quarter ended March 2025, reflecting a 12.2% increase year-over-year and a surprise of +6.76% over the Zacks Consensus Estimate of $3.82 billion [1] - Earnings per share (EPS) for the quarter was $0.93, compared to $0.55 in the same quarter last year, resulting in an EPS surprise of +20.78% against the consensus estimate of $0.77 [1] Revenue Breakdown - Total operating revenue for Dominion Energy Virginia was $2.79 billion, exceeding the average estimate of $2.63 billion by analysts, marking a year-over-year increase of +12.3% [4] - Total operating revenue from Contracted Energy was $307 million, slightly above the estimated $299.84 million, but showing a year-over-year decline of -0.3% [4] - Total operating revenue for Dominion Energy South Carolina reached $951 million, surpassing the average estimate of $920.84 million, with a year-over-year increase of +6.5% [4] Stock Performance - Over the past month, shares of Dominion Energy have returned -3.3%, compared to a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Korea Electric Power Corporation (KEPCO) has filed its annual report for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission, indicating a commitment to transparency and regulatory compliance [1]. Group 1 - The annual report includes audited consolidated financial statements, which are essential for investors to assess the company's financial health [1]. - The report is accessible on KEPCO's official website and the U.S. Securities and Exchange Commission's website, providing easy access for investors [2]. - Investors can request a hard copy of the 2024 Annual Report on Form 20-F free of charge, demonstrating the company's willingness to facilitate investor engagement [2].

Core Insights - Consolidated Edison (ED) reported a revenue of $4.8 billion for the quarter ended March 2025, reflecting a year-over-year increase of 12.1% and surpassing the Zacks Consensus Estimate by 8.98% [1] - The earnings per share (EPS) for the quarter was $2.25, slightly below the consensus estimate of $2.30, resulting in an EPS surprise of -2.17% [1] Revenue Performance - Operating revenues for CECONY were $4.44 billion, exceeding the average estimate of $4.09 billion from three analysts [4] - Operating revenues for O&R reached $356 million, surpassing the estimated $313.27 million [4] - O&R's gas operating revenues were $141 million, compared to the average estimate of $102.18 million, marking a year-over-year increase of 24.8% [4] - CECONY's electric operating revenues were $2.69 billion, exceeding the estimate of $2.50 billion, with a 10% increase year-over-year [4] - CECONY's gas operating revenues were $1.40 billion, above the estimate of $1.26 billion, reflecting a 12.7% year-over-year increase [4] - CECONY's steam operating revenues were $354 million, surpassing the estimated $301.58 million, with a year-over-year increase of 23.3% [4] - O&R's electric operating revenues were $215 million, slightly above the estimate of $210.49 million, showing a 10.3% year-over-year increase [4] - Gas operating revenues totaled $1.54 billion, exceeding the average estimate of $1.37 billion, with a year-over-year change of 13.8% [4] - Electric operating revenues were $2.90 billion, surpassing the estimate of $2.71 billion, reflecting a 10.1% year-over-year increase [4] Operating Income - Operating income for O&R was reported at $62 million, exceeding the average estimate of $58.52 million [4] - Operating income for CECONY was $1.07 billion, surpassing the average estimate of $1.02 billion from three analysts [4] Stock Performance - Shares of Consolidated Edison have returned +2.9% over the past month, while the Zacks S&P 500 composite experienced a -0.7% 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]

Core Insights - Ameren reported revenue of $2.1 billion for the quarter ended March 2025, reflecting a 15.5% increase year-over-year and surpassing the Zacks Consensus Estimate of $1.98 billion by 5.73% [1] - The company's EPS was $1.07, up from $0.98 in the same quarter last year, although it fell short of the consensus estimate of $1.08 by 0.93% [1] Revenue Performance - Total electric sales for Ameren reached 17,808 GWh, exceeding the two-analyst average estimate of 16,855.46 GWh [4] - Electric revenues from Ameren Missouri totaled $893 million, surpassing the average estimate of $821.85 million, marking a year-over-year increase of 25.1% [4] - Electric revenues from Ameren Illinois Electric Distribution amounted to $572 million, exceeding the average estimate of $519.30 million, with a year-over-year change of 13% [4] - Electric revenues from Ameren Transmission were reported at $210 million, above the average estimate of $194.26 million, reflecting a year-over-year increase of 13.5% [4] - Operating revenues from natural gas reached $475 million, compared to the estimated $459.92 million, representing a 5.1% year-over-year increase [4] - Gas revenues from Ameren Illinois Natural Gas totaled $411 million, exceeding the average estimate of $400.24 million, with a year-over-year change of 5.1% [4] - Operating revenues from electric sources were $1.62 billion, surpassing the average estimate of $1.46 billion, indicating an 18.9% year-over-year increase [4] - Gas revenues from Ameren Missouri were reported at $64 million, exceeding the average estimate of $60.11 million, with a year-over-year change of 4.9% [4] Stock Performance - Ameren's shares have returned -1.6% over the past month, compared to a -0.7% change in the Zacks S&P 500 composite [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 Performance - Con Edison reported adjusted earnings per share (EPS) of $2.26 for 1Q 2025, the same as the GAAP EPS[10] - The company reaffirmed its 2025 adjusted EPS guidance range of $5.50 - $5.70[10] - The company declared a quarterly dividend of 85 cents a share on its common stock on April 17, 2025[44] - Net income for common stock for CET includes pre-tax investment income of $7.4 million from MVP and $9.0 million from New York Transco LLC for the three months ended March 31, 2025[103] Regulatory Updates and Capital Investments - Con Edison forecasts approximately $38 billion in capital investments from 2025 to 2029, targeting an 8.2% annual utility rate base growth[9] - CECONY submitted rate cases to the NYSPSC in January 2025, requesting new electric and gas rates effective January 1, 2026, and filed updates in April 2025, including a proposed 10% return on equity and a 48% equity ratio[17] - O&R's electric and gas rate plans were approved by the NYSPSC in March 2025, with a 9.75% return on equity and a 48% equity ratio[10, 36] - CECONY's updated climate change resilience plans propose investments of $645.4 million between 2025 and 2029, while O&R's plans propose $184.1 million for the same period[39] - The company identified $72 billion in investments from 2025-2034 in CECONY Integrated Long-Range Plan for Electric, Gas and Steam Services[26, 28] Customer Support and Affordability - Approximately 466,000 CECONY and O&R customers, or 14% of the customer base, receive public assistance[33] - CECONY and O&R's Energy Affordability Programs (EAP) aim to reduce energy burden to 6% of wallet for enrolled customers[35] - The CECONY EAP provided $311 million in discounts in 2024, a 17% increase over 2023[35]

Dividend Announcements - Vistra's board declared a quarterly dividend of $0.2250 per share, amounting to an estimated total payment of approximately $75 million for the quarter, reflecting a 3% increase from the second quarter 2024 dividend [1] - A semi-annual dividend of $35.00 per share was declared for the 7.0% Series B Fixed-Rate Reset Cumulative Green Redeemable Perpetual Preferred Stock, equating to $70.00 on an annualized basis [2] - The board also declared a semi-annual dividend of $44.375 per share for the 8.875% Series C Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, which translates to $88.75 on an annualized basis [3] Company Overview - Vistra is a leading Fortune 500 integrated retail electricity and power generation company, providing essential resources across the United States from California to Maine [4] - The company focuses on energy transformation with an emphasis on reliability, affordability, and sustainability, operating a diverse power generation fleet including natural gas, nuclear, coal, solar, and battery energy storage facilities [4]

Core Points - Ameren Corporation reported a first quarter 2025 net income of $289 million, or $1.07 per diluted share, an increase from $261 million, or $0.98 per diluted share in the same period of 2024 [1][2][19] - The increase in earnings was attributed to higher infrastructure investments and increased retail sales in Ameren Missouri due to colder winter temperatures, although this was partially offset by higher interest and storm-related expenses [2][7] - The company reaffirmed its 2025 earnings guidance range of $4.85 to $5.05 per share, assuming normal temperatures for the remainder of the year [3][6] Financial Performance - First quarter 2025 adjusted net income was $289 million, compared to $272 million in the first quarter of 2024, which had adjusted earnings of $1.02 per diluted share [1][4] - Ameren Missouri's earnings for the first quarter 2025 were $42 million, up from $25 million in 2024, reflecting increased infrastructure investments and retail sales [7] - The Ameren Transmission segment reported earnings of $89 million for the first quarter 2025, compared to $72 million in the previous year, driven by infrastructure investments [9] Revenue and Expenses - Total operating revenues for the first quarter 2025 were $2.097 billion, an increase from $1.816 billion in the same period of 2024 [19] - Operating expenses rose to $1.667 billion in the first quarter 2025 from $1.445 billion in 2024, with significant increases in fuel and purchased power costs [21] - The company reported a total operating income of $430 million for the first quarter 2025, compared to $371 million in the prior year [21] Cash Flow and Investments - Net cash provided by operating activities was $431 million in the first quarter 2025, down from $492 million in the same period of 2024 [22] - Capital expenditures increased to $1.064 billion in the first quarter 2025, compared to $890 million in 2024, reflecting ongoing investments in infrastructure [22] - The company reported a net cash used in investing activities of $1.087 billion for the first quarter 2025, compared to $906 million in the previous year [22] Shareholder Information - The weighted-average common shares outstanding increased to 271.4 million in the first quarter 2025 from 266.8 million in 2024 [19][21] - Dividends on common stock paid in the first quarter 2025 were $191 million, compared to $178 million in the same period of 2024 [22]

Core Insights - Dominion Energy Inc. reported first-quarter 2025 operating earnings of 93 cents per share, exceeding the Zacks Consensus Estimate of 77 cents by 20.8% and showing a 69.1% increase from the previous year [1] - Revenues reached $4.07 billion, surpassing the Zacks Consensus Estimate of $3.81 billion by 6.8% and increasing 12.2% from $3.63 billion in the year-ago quarter [2] Financial Performance - Total operating expenses rose 1.9% year over year to $2.85 billion, attributed to increased operations and maintenance expenses [3] - Operating earnings for the quarter were $803 million, reflecting a 65.6% year-over-year increase [4] Segment Performance - Dominion Energy Virginia reported net income of $561 million, up 32.3% year over year [5] - Dominion Energy South Carolina's net income increased by 90% to $152 million [5] - Contracted Energy segment net income decreased by 10.6% to $109 million [5] - Corporate and Other segment reported a net loss of $19 million, an improvement from a loss of $141 million in the prior year [5] Financial Position - Current assets as of March 31, 2025, were $355 million, up from $310 million as of December 31, 2024 [6] - Total long-term debt increased to $35.4 billion from $33.03 billion as of December 31, 2024 [6] - Cash used in operating activities was ($1.18 billion), compared to $1.98 billion in the year-ago period [6] Guidance - Dominion Energy reiterated its 2025 operating earnings guidance of $3.28-$3.52 per share, with the Zacks Consensus Estimate at $3.38 per share [7] - The company expects to achieve annual operating earnings growth of 5-7% through 2029 and plans to invest $50 billion from 2025 to 2029 [7]