Core Insights - Clearway Energy (CWEN) benefits from diversified assets that reduce operational risk and drive strong revenue growth, with a projected long-term earnings growth of 22.11% over the next three to five years [1] Group 1: Operational Advantages - Clearway Energy's operational efficiency is enhanced by focusing on core assets that reduce costs, while optimized resource allocation boosts revenue and strengthens financial performance [2] - The company owns and operates utility-scale renewable, natural gas, thermal, and other diversified infrastructure assets, which contribute to lower operational risk [2] Group 2: Strategic Expansion - Clearway Energy continues to expand its footprint through strategic acquisitions and partnerships, including a definitive agreement to acquire a 613 MW operational portfolio from Deriva Energy, LLC [3] - The company develops multi-technology energy complexes across five states to support rising demand from data centers, signing three new long-term power-purchase agreements with Google for 1.17 GW of capacity [4] - These agreements raise the total contracted capacity with Google to 1.24 GW, strengthening the collaboration between the two entities [4] Group 3: Market Performance - In the past three months, Clearway Energy's shares have rallied 18.8%, outperforming the industry's growth of 11.6% [6]

Core Insights - CMS Energy Corporation is enhancing its operations through targeted investments while ensuring reliable service for customers and expanding its renewable energy portfolio [1][2] Group 1: Investment Strategy - CMS Energy benefits from stable, regulated utility operations in Michigan, supported by a disciplined capital investment strategy focused on grid modernization and clean energy transition initiatives [2] - The company plans to invest approximately $24 billion in capital expenditures from 2026 to 2030 to modernize the grid and enhance clean energy generation [3][8] Group 2: Renewable Energy Growth - CMS Energy is accelerating the growth of its renewable generation portfolio, aiming to add around 8 GW of solar capacity and 2.8 GW of wind capacity over the next 20 years [4][8] - The updated renewable plan includes the addition of up to 9,000 MW of purchased renewable resources and as much as 4,000 MW of wind capacity [4] Group 3: Regulatory Environment and Risks - More than 95% of CMS Energy's earnings come from regulated electric and natural gas businesses, providing a stable revenue stream [2] - The company faces challenges from tightening carbon emission regulations, with coal comprising about 20% of its generation mix as of December 31, 2025, exposing it to compliance costs [5][8]

February 23, 2026 Clearway Energy, Inc. Safe Harbor This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as "expect," "estimate," "target," "anticipate," "forecast," "plan," "outlook," "believe" and similar terms. Such forward-looking statem ...

Investment Plans - The parent company of Consumers Energy plans to invest over $17 billion in generation, distribution, and other assets over the next five years, with generation investment increasing more than 25% compared to the previous five-year plan [1] Load Growth Projections - The utility expects robust and sustained load growth, projecting 3% weather-normalized load growth in 2026 and a run rate of 2% to 3% through 2030, primarily driven by data centers and industrial loads [2][3] Renewable Energy Investments - Consumers Energy plans to spend approximately $14 billion on renewable energy through 2045, which includes 8 GW of solar and 2.8 GW of wind [4] - The planned investment in electric generation through 2030 is around $8.8 billion, which is an increase of $2.5 billion from the prior five-year plan, focusing on renewable generation to comply with state law for 100% carbon-free electricity by 2040 [5] Data Center Developments - Ongoing negotiations for data centers are crucial, with a 1-GW data center agreement announced last July, and the company is close to finalizing a rate contract for this customer [6][7] - There are indications of more data center interests, with two proposed data centers and two new industrial loads expressing interest in Consumers' territory recently, alongside 9 GW of large-load interconnection requests in the pipeline [9]

Industry Overview - Companies in the Zacks Utility – Electric Power industry present an attractive investment case due to stable cash flows and predictable earnings supported by regulated business models [1] - Long-term power purchase agreements help shield many U.S. utilities from economic volatility, while growing electricity demand from AI-driven data centers, electric vehicle adoption, and reshoring manufacturing creates new growth opportunities [1] Company Analysis: Dominion Energy - Dominion Energy offers a strong long-term investment case due to its regulated model, stable cash flows, and reliable dividends, positioning it well for income-focused investors [3] - The company is investing $50 billion in capital expenditures from 2025 to 2029 to strengthen its operations, which is significantly higher than Vistra's $2.2 billion annual investment plan [12] - Dominion's earnings per share (EPS) estimates for 2025 and 2026 increased year over year by 22.74% and 5.93%, respectively, with long-term earnings growth pegged at 10.26% [8] - Dominion has a dividend yield of 4.51% and a lower debt-to-capital ratio of 57.71%, making it financially healthier compared to Vistra [9][15] Company Analysis: Vistra Corp. - Vistra Corp. is attractive due to a balanced mix of natural gas, nuclear, solar, and battery storage assets, providing strong cash flow visibility and disciplined capital allocation [4] - The Zacks Consensus Estimate for Vistra's EPS in 2025 decreased by 26.29% but is projected to increase by 62.33% in 2026, with long-term earnings growth pegged at 11.67% [5][8] - Vistra's current dividend yield is 0.56%, significantly lower than Dominion's, and it has a higher debt-to-capital ratio of 75.11% [11][15] Valuation and Performance - Dominion is currently trading at a forward P/E of 16.39X, which is cheaper compared to Vistra's 19.42X and the industry's average of 14.65X [16][18] - Over the past six months, Dominion's shares have gained 4.8%, while Vistra's shares have declined by 11.9%, with the sector returning 7.6% [19] Conclusion - Overall, Dominion is in a better position compared to Vistra due to stable earnings growth, better dividend yield, elaborate capital expenditure plan, lower debt usage, and cheaper valuation [24] - Dominion currently holds a Zacks Rank 2 (Buy), while Vistra carries a Zacks Rank 3 (Hold), indicating a stronger investment case for Dominion [25]

Core Insights - CMS Energy Corporation (CMS) is enhancing operations through strategic investments while expanding its renewable energy portfolio [1] - The company is exposed to risks such as a weak solvency position and costs related to coal ash disposal [1] Group 1: Growth Drivers - CMS Energy benefits from stable, regulated utility operations in Michigan, with over 95% of earnings generated from regulated electric and gas utilities, providing a low-risk revenue base [2][8] - The company has a strong capital investment plan focused on infrastructure modernization and clean energy transition, with planned capital expenditures of $20 billion from 2025 to 2029 [3][8] - CMS Energy aims to significantly expand its renewable generation portfolio by adding 9 gigawatts (GW) of solar and 4 GW of wind capacity, along with over 850 megawatts (MW) of battery storage by 2030 [4][8] Group 2: Financial Position - As of September 30, 2025, CMS Energy had $362 million in cash and equivalents, $16.77 billion in long-term debt, and $1.16 billion in current debt, indicating a weak solvency position due to higher debt than cash reserves [6] Group 3: Regulatory and Environmental Concerns - Rising stringency in carbon-emission regulations for electricity generation poses a concern, with coal still representing nearly 20% of the company's total generation as of December 31, 2024 [5] - CMS Energy is expected to spend $240 million between 2025 and 2029 to comply with regulations related to coal-ash solid waste disposal facilities [5] Group 4: Stock Performance - In the past year, CMS shares have risen 4.5%, compared to the industry's growth of 20.2% [7]

Core Insights - The AES Corporation is focusing on expanding its renewable energy generation through solar, wind, and battery storage while also increasing its presence in the liquefied natural gas (LNG) market [1] Group 1: Renewable Energy Expansion - AES aims to secure at least 4 gigawatts (GW) of power purchase agreements (PPAs) by 2025, having already signed or been awarded 2.2 GW year to date, including 1.6 GW from data center clients [2] - The company is on track to achieve its goal of 14-17 GW of PPAs for 2023-2025 and plans to bring 3.2 GW of new projects online in 2025, with 2.9 GW of construction completed this year [2] - AES completed the 1,000 MW Bellefield 1 project in June 2025, structured in two phases, each delivering 500 MW of solar and 500 MW of battery storage, totaling 2,000 MW [3] Group 2: LNG Market Development - AES is expanding its footprint in the LNG market through infrastructure development, including the operation of the Dominican Republic's sole LNG import terminal [4] - Key projects in Vietnam, such as the Son My LNG terminal and the 2,250-MW Son My 2 gas facility, are expected to enhance AES's global LNG presence [4] Group 3: Financial Performance Challenges - The decline in wholesale electricity prices due to increased renewable energy adoption and abundant natural gas supplies poses a risk to AES's financial performance [5] - As of September 30, 2025, AES had a long-term debt of $26.46 billion and cash equivalents of $1.76 billion, indicating a significant debt burden [6] Group 4: Stock Performance - Over the past six months, AES shares have increased by 19.7%, outperforming the industry's growth of 9.9% [7]

Core Insights - Statkraft, Europe's largest renewable energy producer, has signed an agreement to sell parts of its renewable energy portfolio in India to Serentica Renewables, which includes a total capacity of approximately 1.5 GWp in Rajasthan [1] - The transaction includes the operational Khidrat 445 MWp solar plant and a pipeline of solar and wind projects with an estimated capacity of 1000 MWp [1] - Statkraft's divestment aligns with its strategy to focus investments on select markets in Europe and South America, enhancing competitiveness and value creation [3][4] Company Overview - Statkraft is a leading international hydropower company and the largest generator of renewable energy in Europe, with a diversified portfolio that includes hydropower, wind power, solar power, and gas-fired power [7] - The company has a significant presence in India, having entered the market in 2004 through a joint venture, building a diverse renewable energy portfolio over two decades [5] Serentica Renewables - Established in 2022, Serentica Renewables is a prominent Indian independent power producer focused on decarbonizing hard-to-abate industries by providing reliable renewable energy solutions [6] - The company has reached a milestone of 1,000 MW of renewable energy capacity and aims to supply over 50 billion units of clean energy annually, displacing 47 million tons of CO₂ emissions [6]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $681 million for Q2 2025, an increase from $658 million in the previous year, driven by growth from new renewables projects and cost reductions [25][26] - Adjusted EPS increased by 34% to $0.51 per share compared to $0.38 in the prior year, supported by higher U.S. renewable tax attributes [26][32] Business Line Data and Key Metrics Changes - The Renewables Strategic Business Unit (SBU) saw adjusted EBITDA of $240 million, representing a 56% growth year-over-year, attributed to 3.2 gigawatts of new projects added to the portfolio [10][27] - The Utilities SBU experienced lower adjusted pretax contributions due to planned outages and the sell-down of AES Ohio, but significant growth is expected driven by new investments [29][31] Market Data and Key Metrics Changes - The company has a backlog of 12 gigawatts of signed Power Purchase Agreements (PPAs), with 4.1 gigawatts international and 7.9 gigawatts in the U.S., with plans to place 6 gigawatts in service by the end of 2027 [13][40] - Demand for electricity in the U.S. is growing rapidly, with expectations of over 600 terawatt hours of additional power needed by the end of the decade, primarily driven by data centers [19][20] Company Strategy and Development Direction - The company aims to maintain its position as a leading provider of renewables to data centers, with over 11 gigawatts of agreements signed to date [18][41] - The strategy focuses on delivering energy solutions that meet customer demands for renewables and storage, while also maintaining flexibility to adapt to market changes [21][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the backlog of renewables and energy storage projects, emphasizing that recent U.S. policy changes are largely inconsequential to their operations [12][36] - The company expects strong demand for electricity to continue, with a robust growth outlook even as tax credits expire [18][35] Other Important Information - The company is on track to invest approximately $1.4 billion in U.S. utilities in 2025, focusing on improving customer reliability and supporting economic development [22][24] - The company has implemented a supply chain strategy that mitigates risks from potential future tariffs and ensures compliance with U.S. manufacturing requirements [16][36] Q&A Session Summary Question: Project online timing and EPS/EBITDA recognition - Management confirmed that most of the remaining 1.3 gigawatts will be commissioned by the end of the year, with tax attributes expected to be split between the third and fourth quarters [46][47] Question: Value of the underlying business and potential acquisition - Management believes the company has been undervalued and highlighted the strength of their backlog and execution capabilities [51][52] Question: Risk to safe harboring from executive orders - Management expressed confidence in their robust position, noting that most projects are not exposed to potential changes in treasury guidance [58][60] Question: Load updates and demand in service territories - There is strong interest and demand in their utility sectors, particularly from data centers, with about 2 gigawatts of additional demand signed [64] Question: Details on signed PPAs - The company signed 1.6 gigawatts of new PPAs, primarily with data center customers, skewed towards solar plus batteries [70] Question: Gas generation build-out capabilities - Management confirmed ongoing capabilities to build gas plants as needed, particularly for data centers, while focusing primarily on renewables [101][102] Question: Consolidation in the renewable industry - Management anticipates opportunities for acquisitions of smaller developers and advanced-stage projects due to the current market environment [103]

Industry Overview - The Zacks Utility – Electric Power industry offers attractive investment opportunities due to stable cash flows and predictable earnings from a regulated business model [1] - U.S.-focused utilities benefit from long-term power purchase agreements, insulating them from economic fluctuations [1] - Rising electricity demand from AI data centers, electric vehicles, and reshoring manufacturing activities creates new opportunities for utilities [1] Clean Energy Transformation - The industry is transforming with a global push for decarbonization, leading utilities to invest in clean energy infrastructure like solar, wind, and battery storage [2] - Early adopters of renewable technologies are positioned to capitalize on market expansion and attract investor interest [2] Company Analysis: Dominion Energy - Dominion Energy is a solid long-term investment with a regulated utility model and reliable dividend payments [3] - The company is reshaping its energy portfolio by investing in renewables and shedding non-core assets [3] - Dominion plans to invest $50 billion through 2029 to modernize its grid and expand clean energy capacity [7][12] - The current dividend yield for Dominion is 4.6% [9][20] - Dominion's debt-to-capital ratio is 58.94% [7][14] - The long-term earnings growth per share for Dominion is projected at 13.59% [8] Company Analysis: Vistra Corp. - Vistra offers a strong investment opportunity with a diversified multi-fuel generation portfolio [4] - The company plans to invest $2.27 billion in 2025, increasing from previous years [12] - Vistra's current dividend yield is 0.46% [9][20] - The debt-to-capital ratio for Vistra is 77.12% [7][14] - The long-term earnings growth per share for Vistra is projected at 13.18% [6] Financial Metrics Comparison - Dominion is trading at a Price/Earnings Forward 12-month ratio of 16.74X, while Vistra is at 26.94X [17] - Return on Equity (ROE) for Vistra is 87.33%, compared to Dominion's 9.51% [16] - Dominion's shares have gained 3.8% month-to-date, while Vistra's shares have increased by 2.2% [18] Conclusion - Dominion is currently in a better position compared to Vistra, with a better dividend yield, cheaper valuation, lower debt usage, and superior price performance [20]