Dafinchi AI

Xcel Energy Inc.

XEL

Energy & Utilities

2w

Significant Upward Revision of Capital Investment Plan from $45B to Over $60B

Xcel Energy now estimates a need for an additional $15 billion of capital investment beyond the initial $45 billion forecast, largely within the current 5-year plan and some beyond.
Drivers include increased energy demand, generation, and transmission needs, especially in Texas, New Mexico, and the Upper Midwest.
The company plans to file for regulatory approval for nearly 5,200 MW of generation/storage projects by 2030, with decisions expected in 2026.
The incremental investment is driven by reliability, growth, and evolving energy policy landscape, including federal legislation and tax credits.

PG&E Corporation

PCG

Energy & Utilities

2w

Financial Performance Summary

First half results were impacted by dilution from December equity financings and the CPUC cost of capital phase 2 decision from October 2024.
Nonfuel O&M cost reductions exceeded $200 million annually in 2022, 2023, and 2024, with confidence to continue beating the 2% target in 2025 and beyond.
PG&E reported core earnings per share of $0.31 for Q2 2025 and $0.54 for the first half of 2025, consistent with internal plans but light relative to a full year run rate due to timing factors.
PG&E's $63 billion capital investment plan through 2028 remains reaffirmed, with an additional at least $5 billion of customer beneficial work not included in the plan.
The 2027 general rate case (GRC) proposal is the lowest GRC percentage increase requested in 10 years, aiming to stabilize customer bills with a modest increase in base GRC revenues offset by reductions in other items.
The company has no plans for further equity issuance through 2028 and targets a 20% dividend payout by 2028.
The company reaffirmed full year EPS guidance of $1.48 to $1.52 for 2025, with a bias toward the midpoint, representing a 10% increase over 2024.

NRG Energy, Inc.

NRG

Energy & Utilities

1w

Long-term Data Center Power Agreements Validating Growth Strategy

Announced 295 MW retail power agreement with data center operator, initial 10-year term with options to extend to 20 years.
Pricing above target range midpoint with protected margins, operations expected to reach full capacity in 2030.
Active efforts to expand agreement to 500 MW with a long-term path to 1 GW across additional sites.
Over 4 GW of joint development agreements and LOIs with multiple data center sites.
Natural gas turbines reserved for future development supporting long-term data center contracts.
Highlights the strategic importance of data center demand for growth and recurring cash flow.

Atmos Energy Corporation

ATO

Energy & Utilities

1w

Impact of Texas Legislation HB 4384 on Capital Spending and Earnings

The legislation, effective June 20, 2025, allows deferral of certain carrying costs, depreciation, and taxes for unrecovered gas gross plant, increasing the scope of capital spending eligible for deferral from 45% to approximately 80%.
Most of the new capital covered by this legislation is associated with Atmos Energy's APT segment, which is expected to benefit from the deferral treatment, potentially improving earnings.
The company anticipates that the impact of this legislation will increase EPS in Q4 of fiscal 2025 by about $0.10, representing a significant regulatory benefit.
Atmos is in the process of updating its fiscal 2026 capital budget and 5-year plan, with a full update to be provided during the Q4 earnings call in November.
The legislation's implementation will likely lead to more flexible capital recovery, supporting ongoing system modernization and expansion efforts.

CenterPoint Energy, Inc.

CNP

Energy & Utilities

3w

Financial Performance Summary

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.

Edison International

EIX

Energy & Utilities

2w

Financial Performance Summary

Core EPS variance was primarily driven by higher O&M expense and the net impact of regulatory decisions, while EIX Parent and Other's variance was mainly due to higher interest expense.
Edison International reported second quarter core earnings per share of $0.97 compared to $1.23 a year ago, with the year-over-year comparison impacted by the absence of a final decision in SCE's 2025 general rate case.
SCE continues to book revenues at 2024 authorized levels adjusted for the change in ROE and will record a true-up when it receives a final decision.
SCE reaffirmed its 2025 EPS guidance range of $5.94 to $6.34 and long-term EPS growth expectations of 5% to 7% CAGR through 2028.
The proposed decision in SCE's 2025 DRC would authorize base revenue of $9.8 billion in 2025, increasing to $11 billion by 2028, generally aligning with the current range case rate base forecast.

Clearway Energy, Inc.

CWEN

Energy & Utilities

1w

Financial Performance Summary

Clearway Energy reported adjusted EBITDA of $343 million and CAFD of $152 million for Q2 2025.
Flexible generation results were consistent with sensitivities, influenced by mild weather and maintenance timing.
Lower-than-expected wind resources and maintenance optimization impacted Q2 results, with expectations for in-line performance in Q3.
The Catalina Solar acquisition contributed to the raised 2025 CAFD guidance.
The company expects to generate $270 million or more of retained CAFD from 2025 to 2027 to fund growth investments.
The company updated its 2025 CAFD guidance range to $405 million to $440 million, targeting the higher end of the range.

CNX Resources Corporation

CNX

Energy & Utilities

3w

Impact and Timing of 45Z Tax Credit Extension to 2029

The 45Z tax credit program is currently in initial guidance stage, with final rulemaking pending.
First-year eligibility to claim credits is expected in 2025, with potential to realize a $30 million annual run rate starting in 2026.
The program has been extended through 2029, with re-extension possible.
Timing of cash realization depends on tax filings in 2025 and 2026.

New Jersey Resources Corporation

NJR

Energy & Utilities

2w

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.