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.
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.
Dafinchi