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.
PSEG maintained total available liquidity of $3.6 billion as of June 30, 2025, including $186 million in cash.
PSEG Power & Other reported net income of $253 million in Q2 2025 versus $132 million in Q2 2024, with non-GAAP operating earnings rising to $52 million from $11 million, benefiting from higher nuclear output and absence of last year's refueling outage.
PSEG reported net income of $1.17 per share for Q2 2025, up from $0.87 in Q2 2024, and non-GAAP operating earnings of $0.77 per share, up from $0.63 in Q2 2024, reflecting over 20% growth year-over-year.
PSE&G segment net income and non-GAAP operating earnings were $332 million in Q2 2025 compared to $302 million in Q2 2024, driven by new distribution rates and higher generating volume.
PSEG's nuclear fleet achieved a capacity factor of 88.8% in Q2 2025, producing approximately 7.5 terawatt hours, up 0.5 terawatt hours from the prior year period.
Corporate & Other was unfavorable by $56 million quarter-over-quarter due primarily to timing of taxes and higher interest expense, expected to reverse during the year.
DTE Electric earnings were $318 million, $39 million higher than Q2 2024, driven by rate implementation and tax timing, partially offset by higher O&M and rate base costs and warmer weather last year.
DTE Gas operating earnings were $6 million, $6 million lower than Q2 2024 due to higher O&M and rate base costs, partially offset by cooler weather.
DTE is positioned to achieve the high end of its 2025 operating EPS guidance range of $7.09 to $7.23.
DTE maintains a strong balance sheet and investment-grade credit rating with modest equity issuances of $0 to $100 million annually through 2027.
DTE Vantage operating earnings were $31 million, a $17 million increase from 2024, driven by RNG production tax credits and higher custom energy solutions earnings.
Energy Trading earned $24 million for the quarter, with strong margins in contracted and hedged physical power portfolio.
Operating earnings for Q2 2025 were $283 million, translating to $1.36 per share.
The 5-year capital investment plan totals $30 billion, supporting customer-focused reliability and cleaner generation investments.
Adjusted EBITDA totaled $50 million, 15% of revenue, and decreased 32% compared to the prior quarter, including $14 million lease expense related to electric fleets.
Capital expenditures paid were $37 million and incurred were $73 million, including $30 million for maintenance and $43 million supporting PROPWR orders.
Cash and liquidity remain strong with $75 million in cash and $178 million total liquidity including $103 million available capacity under the ABL credit facility.
Free cash flow for the Completions business was $26 million, demonstrating sustainable cash flow despite challenging market conditions.
Net loss totaled $7 million or $0.07 loss per diluted share compared to net income of $10 million or $0.09 income per diluted share for the first quarter of 2025.
No shares were repurchased in Q2 2025 as the company prioritized launching and scaling the PROPWR business.
ProPetro generated total revenue of $326 million, a decrease of 9% compared to the prior quarter.
Dafinchi