A $0.27 per share negative variance was driven by a planned outage at the Dearborn industrial facility and other factors including financing activities and lower sales volumes.
Adjusted net income was $518 million, benefiting from favorable weather and constructive regulatory outcomes.
CMS Energy reported adjusted earnings per share of $1.73 for the first half of 2025, ahead of budget and full-year guidance.
Full-year guidance remains at $3.54 to $3.60 per share, with confidence toward the high end.
Increased vegetation management caused a $0.04 per share negative variance, partially offset by a regulatory asset from storm deferral costs.
Moody's reaffirmed CMS Energy's credit ratings in May; S&P review is ongoing.
Rate relief net of investment-related expenses added $0.09 per share due to electric and gas rate case outcomes.
Strong appetite continues for tax credit transfers, with $700 million expected to be executed in the 5-year plan.
The company has completed most of its 2025 financing plan, including $350 million in equity contracts, derisking about 70% of planned equity needs.
Weather contributed a positive variance of $0.32 per share, mainly due to favorable conditions in Q2 and a normal winter in Q1.
Annualized earnings growth rate reaffirmed at 5% to 7% through 2028, with expectation to be at midpoint or better.
Capital financing progress includes nearly 80% of planned long-term debt issued, strong investor demand, and $700 million of planned equity needs priced via ATM and forward agreements.
Exelon earned $0.39 in operating earnings per share in Q2 2025, above expectations from the Q1 call, driven by favorable timing and cost management at utilities.
Full year 2025 operating earnings guidance reaffirmed at $2.64 to $2.74 per share, with a goal to be at midpoint or better.
Q2 2025 earnings were $0.08 lower than Q2 2024, primarily due to higher distribution and transmission rates, timing differences at ComEd, a $50 million customer relief fund, higher storm costs at PECO, and higher interest costs.
Year-to-date performance remains strong despite significant storm activity and customer support initiatives.
2025 capital forecast was modestly reduced due to efficiencies in capital execution but continues to support growth and customer needs.
Commercial load increased slightly by 0.3% overall or 0.7% weather-adjusted.
EPS drivers included a $0.32 increase in total revenue, partially offset by decreases from power costs, other operating expenses, and business transformation expenses.
For the second quarter, Portland General Electric reported GAAP net income of $62 million or $0.56 per diluted share and non-GAAP net income of $73 million or $0.66 per share.
Q2 2025 non-GAAP results exclude business transformation and optimization expenses related to customer affordability commitment and corporate structure updates.
This compares to second quarter GAAP net income of $72 million or $0.69 per diluted share in the prior year.
Total liquidity at the end of Q2 was $980 million with credit ratings and outlook remaining stable.
Total load increased 4.9% overall and 6.1% weather-adjusted compared to Q2 2024, driven by strong industrial demand growth, especially from data centers with 16.5% increase.
Dafinchi