Operating Revenue

64% increase (from $2,489M to $4,076M)

The substantial revenue jump can be attributed to improved sales performance—including higher electric utility retail sales and market‐rate adjustments—compared to a lower base in Q1 2024. This suggests that conditions such as favorable weather and increased customer usage, which were less robust in the previous quarter, drove an additional approximately $1,587M in revenue. " "

Net Income

39% increase (from $465M to $646M)

Net income rose by $181M due to enhanced operational profitability and improved margins. The improved performance likely reflects a combination of higher overall sales volume, better cost management, and stronger investment returns relative to Q1 2024’s figures, where prior period challenges limited earnings. " "

Income from Operations

Nearly 70% increase (from $720M to $1,223M)

The operating income surge of $503M indicates that the improved revenue mix and operational efficiencies translated directly into earnings before non-operating expenses. This nearly 70% improvement over Q1 2024 suggests that reduced variances in expenses or better absorption of fixed costs augmented the operating results beyond the revenue jump. " "

Cash and Cash Equivalents

34% increase (from $265M to $355M)

Higher liquidity levels reflect stronger operating cash flows in Q1 2025 and a favorable deal structure in financing activities compared with Q1 2024. The additional $90M boost in cash represents improved cash generation and better balance between operating, investing, and financing activities. " "

Balance Sheet Summary

Total assets +2.5% (to $104,555M); total liabilities slightly declined supporting stable equity at $27,365M

Modest asset growth and a decline in liabilities underline a balanced financial position. Continued capital investments and possible removal or repayment of short-term obligations from the previous periods improved the total asset base and reduced liabilities, thus preserving shareholder equity relative to Q1 2024. " "

Operating EPS

FY 2025

$3.28 to $3.52 per share, midpoint $3.40 " "

$3.28 to $3.52 per share, midpoint $3.40 "

no change

Annual Operating Earnings Growth

FY 2025

5% to 7% annually through 2029 " "

no current guidance

removed

Dividend Guidance

FY 2025

$2.67 per share annually " "

no current guidance

removed

Capital Investment Forecast

FY 2025

$50 billion (16% increase from prior guidance) " "

no current guidance

removed

Credit Guidance

FY 2025

Target: Mid BBB range for the parent; Single A range for regulated companies " "

Maintaining consolidated credit metrics within strong credit ratings guidelines "

no change

Equity Issuance Guidance

FY 2025

no prior guidance

Approximately $1 billion of forward-settled common equity at ~$57 plus an additional $200 million DRIP-related issuance "

no prior guidance

Transfer Tax Credits

FY 2025

no prior guidance

Average of $175 million annually from 2025 through 2029 "

no prior guidance

Coastal Virginia Offshore Wind (CVOW) Project

Q2–Q4 discussions detailed construction milestones, on‐time/on‐budget performance, and cost-sharing mechanisms with completion percentages in the 42%–50% range " " " "

Q1 2025 update shows progress at 55% complete with more detailed quantitative tariff cost projections and cost-sharing updates " "

Consistent progress with incremental increases in completion status and a heightened focus on tariff-related cost risks.

Robust Data Center Demand

Q2–Q4 calls emphasized unprecedented load growth, rising contracted capacity, and investments driven by data center expansion " " "

Q1 2025 reaffirms strong, continued high demand from data centers, with plans extending into the 2030s and increased capital investments " " "

Sustained bullish sentiment with growing capacity and revenue opportunities.

Tariff Exposure and Import Cost Uncertainties

Q4 2024 touched on uncertainties related to tariffs on imported materials for offshore wind (e.g. steel/aluminum), with limited or no mention in Q2–Q3 " "

Q1 2025 provides detailed quantitative outlook on tariff costs (e.g. $4M to projected $500M cumulatively) and underscores cost-sharing arrangements "

An increased emphasis in the current period with more detailed and quantified risk disclosures.

Regulatory and Permitting Challenges

Q2–Q4 earnings calls consistently discussed rate case filings, regulatory lag (e.g. in South Carolina), permitting for CVOW, and challenges with approval delays " " " " "

Q1 2025 outlines rate case updates (including a review filing since 1992), PJM network upgrade costs, and reiterates strong permit status for CVOW " " " " "

Persistently important, with evolving focus (e.g. new rate class for large users) while overall confidence remains high.

Financial Performance & Earnings Guidance with Short‐Term EPS Headwinds

Q2–Q4 provided detailed operating and GAAP earnings, reaffirmed guidance ranges, and noted headwinds from higher financing costs or adverse weather (e.g. interest rate impacts, timing effects) " " " "

Q1 2025 reports strong Q1 operating & GAAP earnings, reaffirms 2025 guidance, and mentions normalization of timing benefits as a short‐term EPS headwind " "

Steady and confident outlook with consistent guidance despite expected near-term normalization challenges.

Capital Investment Requirements and Execution Risks

Q2 and Q3 highlighted a multi‐billion dollar spending plan (e.g. $6B CVOW, updated 5‑year forecast of $50B in Q4) and discussed execution risks, budgeting contingencies, and financing approaches " " " "

Q1 2025 did not specifically expand on capital investment details, with only brief references to infrastructure projects, showing a less detailed discussion compared to earlier periods " "

Previously emphasized with robust details, the focus has slightly softened in the current period.

Weather‐Related Risks

Q2 reported mixed weather impacts, Q3 highlighted significant natural disaster impacts (e.g. Hurricane Helene with extensive restoration costs) and Q4 noted adverse weather affecting earnings " " " " "

Q1 2025 notes a favorable weather contribution of $0.03 per share with no mention of major natural disasters in the quarter "

Seasonal variability persists; the current period experienced favorable conditions compared to prior severe events.

Small Modular Reactors (SMRs) & Strategic Technology Partnerships

Q2 briefly mentioned SMR evaluation at North Anna; Q3 provided extensive insights on SMR drivers, regulatory support, and potential partnerships with companies like Amazon " "

Q1 2025 does not address SMRs or related strategic technology partnerships at all [no citations]

A noticeable de‐emphasis in the current period, shifting focus away from detailed SMR discussions.

Millstone Nuclear Asset Optimization & Co‐located Data Centers

Q2, Q3, and Q4 consistently discussed Millstone’s role in providing over 90% of Connecticut’s carbon‐free power, its optimized contracts, and potential for co‐located data center opportunities—with robust legislative and stakeholder dialogue " " " " "

Q1 2025 mentions ongoing evaluation with limited new developments regarding Millstone and associated data center options " "

Interest remains but the emphasis has moderated, with fewer concrete updates in the current period.

Integrated Resource Plan (IRP) – Gas‐Fired Generation & CCS Risks

Q2 and Q3 discussions addressed IRP scenarios that include significant gas-fired generation without CCS, noted sensitivity to EPA regulations, and potential litigation risks " " "

Q1 2025 does not mention IRP concerns or CCS issues at all [no citations]

A reduced emphasis on IRP concerns in the current period compared to earlier discussions.

REC Pricing Dynamics & LCOE Uncertainties

Q3 featured an extensive discussion on REC pricing pressures driven by legislative requirements and detailed sensitivity analyses on LCOE components; Q2 did not address this, and Q4 provided only minimal commentary " "

Q1 2025 briefly notes that the updated LCOE for CVOW is $62/MWh and benchmarks favorably, with no further detail on REC dynamics "

A diminishment in the detailed discussion of REC and LCOE uncertainties in the current period relative to Q3.