Significant Investment and Regulatory Progress in Utility and Clean Energy Projects
NJR raised its full-year guidance and increased CapEx projections driven by utility investments, advanced projects through the CEV pipeline, and regulatory progress.
Reported robust investment at New Jersey Natural Gas under the SAVEGREEN program, with a 30% increase in 2025 capital projections to $90-$95 million.
Advancement of the CEV pipeline, with 63 MW placed into service so far in 2025, and a pipeline of 131 MW scheduled for the next two years, representing $350 million of investment.
CenterPoint Energy reported diluted GAAP earnings per share of $0.30 and non-GAAP EPS of $0.29 for Q2 2025, compared to $0.36 non-GAAP EPS in Q2 2024.
Equity issuances of $500 million last year, including a $250 million pull forward, resulted in a $0.01 unfavorable variance quarter-over-quarter.
The first half of 2025 non-GAAP EPS is approximately 46% of the midpoint of the full year guidance range of $1.74 to $1.76, in line with expectations.
Through the first half of 2025, $2.4 billion of base capital work was invested, on track to meet the revised 2025 capital investment target of $5.3 billion.
Trailing 12-month adjusted FFO to debt ratio was 14.1% at quarter end, with credit metrics expected to strengthen through the year.
Unfavorable variances included $0.01 from rate recovery netted with depreciation and taxes, $0.03 from O&M due to accelerated vegetation management, and $0.03 from higher interest expense and financing costs.
Weather and usage contributed a favorable $0.01 variance, mainly from Houston Electric's warmer start to 2025 compared to 2024.
Dominion Energy reported second quarter operating earnings of $0.75 per share, including $0.02 from RNG 45Z credits and $0.01 from better-than-normal weather.
GAAP earnings for the quarter were $0.88 per share.
Positive earnings drivers included $0.07 from regulated investment growth, $0.07 from increased sales, and $0.05 from the DESC rate case settlement in 2024.
Sales remain strong, driven by data center expansion and economic growth, with multiple all-time peak demand days recorded in Virginia and South Carolina.
The company completed its 2025 ATM equity issuance and is derisking the 2026 ATM program, maintaining balance sheet conservatism and credit rating targets.
The company reaffirmed 2025 operating earnings guidance of $3.28 to $3.52 per share, with a midpoint of $3.40, inclusive of RNG 45Z income.
The quarter included a $0.07 impact from the Millstone Unit 3 refueling outage.
Improved Free Cash Flow Conversion and Balance Sheet Strengthening
Vistra expects to increase its free cash flow conversion rate to at or above 60% over the medium term, up from 55-60%.
This improvement is driven by higher EBITDA, tax benefits from the recent legislation, and operational efficiencies.
The company aims to deleverage quickly, targeting a net leverage ratio below 3x, with plans to achieve investment-grade credit ratings within 12-18 months.
Dafinchi