Disclaimer This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Enel S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those express ...

Rising Energy Demand Will Lift Brookfield Renewable. Buy the Stock. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Rising Energy Demand Will Lift This Stock## Renewable energy is here to stay. Investors get diversified exposure by buying t ...

Core Insights - ACCIONA Energía has successfully completed the repowering of the Tahivilla wind farm in Tarifa, Spain, enhancing its capacity to 84.4MW and replacing 98 turbines with 13 new units, which is expected to increase annual electricity production by 72% to approximately 254 GWh [1][2] Group 1: Project Details - The repowering project is projected to avoid around 108,000 tonnes per annum (tpa) of carbon dioxide (CO₂) emissions [2] - A 15-year power purchase agreement with a private client provides revenue certainty and supports the investment required for the modernization [2] - The project received funding of €8.3 million ($9.8 million) from Spain's Recovery, Transformation and Resilience Plan, financed by the EU's NextGenerationEU programme [2] Group 2: Economic and Environmental Impact - More than 1,000 jobs were created during the dismantling of the old facility and construction of the upgraded wind farm [3] - The reduction in turbine numbers has optimized land use and improved the environmental integration of the wind farm while extending its operational lifespan [3] - Repowering projects like Tahivilla may offer benefits such as social acceptance in areas accustomed to renewables, reduced environmental impact, shorter development periods, and lower investment costs and risks [4] Group 3: Future Developments - In December 2025, ACCIONA Energía began delivering renewable energy to the grid from its Logrosán biomass facility in Cáceres, Spain, which has a capacity of 50MW and is set to generate 380 GWh of electricity annually, preventing more than 187,000 tpa of CO₂ emissions [4][5]

This is where the issue of minimum viable scale becomes a problem for domestic energy producers. Renewables are cannibalizing energy production, and as in our toll road example, there may no longer be adequate revenues to support two parallel fossil fuel infrastructures for electricity production. Coal-fired power generation requires extensive mining operations and rail connections, while gas-fired plants require drilling, processing, and pipelines. In a weakening pricing environment with shrinking demand, ...

Core Viewpoint - NLC India (NLCIL) and the National Aluminium Company (NALCO) have entered into a memorandum of understanding to collaborate on thermal and renewable energy projects totaling 1.2GW, aiming to meet NALCO's long-term power needs through structured supply arrangements [1][3]. Group 1: Agreement Details - The agreement includes plans for a thermal captive power plant and renewable energy initiatives [1]. - Both companies will explore various power procurement models, including captive and group captive tie-ups, and long-term coal supply agreements to support energy needs for identified projects [3]. - The framework allows for joint project execution and the potential establishment of a joint venture (JV) company for these initiatives [3]. Group 2: Strategic Context - This collaboration is part of a broader strategy among Central Public Sector Enterprises to manage national resources, ensuring stable energy supply and supporting ongoing industrial operations [4]. - In December 2025, NLC India Renewables, a subsidiary of NLCIL, signed a JV agreement with PTC India to collaborate on renewable energy projects, which aligns with the current agreement [4][5]. Group 3: Key Executives Involved - The signing ceremony was attended by key executives from both organizations, including NLCIL chairman Prasanna Kumar Motupalli and NALCO director Jagdish Arora, among others [2].

Group 1 - Shell (SHEL) is one of the largest oil companies globally, offering an almost 4% dividend yield and a commitment to aggressive share repurchases [2] - The company has strong portfolios in natural gas and renewable energy, enhancing its value proposition [2] - The Retirement Forum focuses on building retirement portfolios through a fact-based research strategy, which includes extensive analysis of 10Ks, analyst commentary, market reports, and investor presentations [2] Group 2 - The leader of The Retirement Forum invests real money in the stocks recommended, emphasizing a hands-on approach to investment [2] - The forum provides model portfolios, macroeconomic overviews, in-depth company analysis, and retirement planning information to assist investors [2]

Core Strategy - The company's strategy is built on four fundamental pillars: growth in core gas distribution, renewable energy, energy efficiency, and economic and operational innovation [1] - The integration of economic financial objectives with social, environmental, and governance goals aims for sustainable success [1] Recent Developments - The group underwent a strategic repositioning starting in 2029, which included a gradual exit from the gas and energy sector, with a definitive transfer of minority interests to the Hera Group by 2025 [2] - This transaction enabled the company to acquire gas distribution concessions from the A2A Group, positioning Ascopiave as the second national operator and strengthening its presence in Lombardy [2] Financial Overview - As of the end of 2025, the company's invested capital is over $1.5 billion, with approximately 85% allocated to the regulated gas distribution sector, indicating a low-risk profile for the asset portfolio [3]

Ares Management Conference Call Summary Company Overview - Ares Management (NYSE: ARES) is one of the largest alternative asset managers globally, with a significant presence in non-investment grade private credit. The firm's assets under management (AUM) have increased from approximately $200 billion five years ago to $600 billion currently, marking a threefold growth [3][4]. Macro Environment and Industry Outlook - The macroeconomic backdrop for 2026 is viewed positively, with expectations for increased IPOs and M&A activity. The Federal Reserve's rate cuts and a pro-business administration are seen as supportive factors for the deal environment [4][5]. - Ares Management reported a record fourth quarter in 2025, deploying about $46 billion in capital, with a record-high pipeline as of January 2026, indicating strong transaction volumes anticipated in the first half of the year [5][6]. - The firm is optimistic about the impact of AI on investment opportunities, emphasizing that while some companies may face disruption, others will benefit from improved margins and productivity [10][11]. Strategic Priorities - Ares Management's strategic priorities for the year include: 1. Expansion in digital infrastructure, particularly in Japan, where the firm aims to diversify its product offerings [15][18]. 2. Continued development of a vertically integrated real estate approach, focusing on owning and managing real estate assets [19][20]. 3. Capturing margin opportunities across the business through technology investments and organizational redesign [20]. 4. While private equity is not a top priority, the firm remains open to expanding its capabilities in this area to meet client demand and enhance value creation [21][22]. Financial Guidance - Ares Management has reaffirmed its growth targets, aiming for a 16%-20% annual growth in fee-related earnings (FRE) and over 20% growth in revenue income (RI) [27][28]. The firm also announced a 20% increase in its dividend, reflecting confidence in its financial outlook [28]. Private Credit Insights - Ares Management is recognized as a leading non-investment grade private credit lender, with a strong performance track record attributed to its origination-led strategy and deep industry expertise [32][37]. - The firm maintains a selective investment approach, approving only 3%-5% of transactions, which contributes to its high asset selectivity and performance [32][35]. - The private credit market is characterized by a concentration of capital among top managers, with Ares Management positioned favorably due to its scale and incumbency advantages [53][54]. Market Dynamics and Competition - The relationship between banks and private credit managers is described as symbiotic rather than competitive. Ares Management benefits from banks' de-risking strategies, which create opportunities for private credit to fill the gap in the market [48][50]. - Despite some negative narratives surrounding private credit, Ares Management reports positive net flows and a strong appetite for private credit among institutional clients [43][44]. Wealth Management Strategy - Ares Management has strategically built its wealth management channel, focusing on ensuring a right-to-win in the market. The firm has achieved a top 3 distributor position in the wealth channel and aims to deepen relationships with existing distribution partners [60][62]. - The firm is cautious about adding new products, preferring to scale existing offerings and ensure they align with the overall business strategy [64][65]. AI Implementation - Ares Management has integrated AI capabilities into its operations, focusing on enhancing productivity and investment outcomes. The firm is actively deploying AI tools across various functions, including investment analysis and sales optimization [68][70]. - The early results from AI initiatives have shown promise, contributing to a slowdown in organic headcount growth while maintaining productivity levels [71]. Conclusion - Ares Management is well-positioned for growth in 2026, with a strong focus on strategic priorities, financial performance, and leveraging technology to enhance its operations and investment capabilities. The firm remains optimistic about the macroeconomic environment and the opportunities presented by AI and digital infrastructure.

Core Insights - WEC Energy Group reported Q4 2025 earnings of $1.42 per share, exceeding the Zacks Consensus Estimate of $1.38 per share by 2.9%, but down 0.7% from $1.43 per share in the same quarter last year [1][2] - The company achieved adjusted earnings of $5.27 per share for 2025, reflecting an 8.0% increase from $4.88 per share in 2024 [2] Revenue Performance - Operating revenues for Q4 2025 were $2.54 billion, surpassing the Zacks Consensus Estimate of $2.45 billion by approximately 3.7%, and increased 11% from $2.28 billion in the year-ago quarter [3][7] - Total revenues for 2025 reached $9.80 billion, a 14% increase from $8.60 billion in 2024 [3] Consumption and Deliveries - Retail electricity deliveries increased by 2.2% in Michigan's Upper Peninsula and 1.1% in Wisconsin year-over-year [4] - Electricity consumption by small commercial and industrial customers rose by 1.6%, while residential consumption increased by 3.5% in 2025 [4] Operating Expenses and Income - Total operating expenses were $2.08 billion, up 23% from $1.69 billion in the previous year, primarily due to higher sales costs and increased operating and maintenance expenses [5] - Operating income fell to $452.9 million, a decrease of 23.4% from $590.9 million in the year-ago quarter [5] Financial Position - As of December 31, 2025, WEC had cash and cash equivalents of $27.6 million, up from $9.8 million at the end of 2024 [6] - Long-term debt increased to $18.50 billion from $17.18 billion in 2024 [6] - Net cash provided by operating activities was $3.38 billion, compared to $3.21 billion in the previous year [6] Future Outlook - WEC reaffirmed its 2026 earnings projection in the range of $5.51-$5.61 per share [9] - The company anticipates a 1.6% growth in retail electric sales in Wisconsin and a 5.8% increase in the large commercial and industrial segment from 2025 [9] - Planned investments include $7.4 billion in natural gas generation and LNG storage, and $12.6 billion to add 6,500 MW in renewable energy from 2026 to 2030 [9][10] Capital Expenditure - Capital expenditure for 2025 totaled $4.40 billion, compared to $2.78 billion in 2024 [8]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5.27 per share for 2025, an increase of $0.39 per share compared to 2024 [3][15] - Adjusted earnings from utility operations increased by $0.63 per share, with weather positively impacting utility earnings by approximately $0.35 [15][16] - Overall, the company achieved an 8% year-over-year growth in adjusted EPS [18] Business Line Data and Key Metrics Changes - Adjusted earnings from the energy infrastructure segment increased by $0.10 due to higher production tax credits from solar projects [17] - The investment in American Transmission Company saw earnings increase by $0.02, driven by capital investments [17] - Retail electric deliveries in Wisconsin increased by 1.1% year-over-year, with projections for a 1.6% growth in 2026 [16] Market Data and Key Metrics Changes - The company is projecting a total of 3.9 GW of electric demand growth in the I-94 corridor and north of Milwaukee over the next five years [8][9] - The capital plan has been updated to $37.5 billion over the next five years, driven by increased demand from data centers [9][21] - The company expects long-term earnings per share growth of 7%-8% annually from 2026 to 2030 [9][22] Company Strategy and Development Direction - The company is focused on executing its capital plan, which includes significant investments in natural gas generation and renewable energy [9][10] - The strategy includes maintaining a balanced generation mix and investing in modern, efficient energy solutions [9] - The company aims to enhance transparency and protect other customers through the proposed Very Large Customer tariff [11][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its capital plan and continue its growth trajectory [10][22] - The economic growth in the region is driving demand, with significant investments from partners like Microsoft and Vantage Data Centers [4][6] - Management highlighted the importance of addressing affordability in light of upcoming rate cases and political considerations [62][64] Other Important Information - The company plans to issue between $900 million and $1.1 billion of common equity in 2026 [19] - A proposed settlement in Illinois is expected to resolve approximately $2.3 billion of open dockets, including a $130 million rate-based reduction [12][86] - The board approved a 6.7% increase in dividends, marking the 23rd consecutive year of dividend increases [20] Q&A Session Summary Question: Can you elaborate on the 500 MW related to Microsoft and the additional CapEx? - Management indicated that Microsoft is expanding its data center operations, which is expected to add 500 MW of demand and $1 billion to the capital plan [24][25] Question: How are negotiations for Point Beach progressing? - Management stated that they are in communication with NextEra and are considering options for replacement power as contracts end in 2030 and 2033 [32] Question: Are there additional interests from other hyperscaler customers? - Management confirmed ongoing discussions with other potential customers and emphasized the importance of transparency and community engagement [41][43] Question: What is the expected impact of the Very Large Customer tariff on general customers? - Management explained that the tariff aims to ensure large customers pay their fair share, which could help mitigate rate increases for other customers [54][87] Question: How does the Microsoft ramp impact customer rates? - Management noted that as data centers grow, corporate allocations will spread across a larger rate base, potentially benefiting other customers in the long term [90]