Operating Earnings Guidance

FY 2025

$2.64 to $2.74 per share " "

$2.64 to $2.74 per share " "

no change

Annualized Earnings Growth Rate

FY 2025

5% to 7% through 2028 " "

5% to 7% through 2028 " "

no change

Next Quarter Earnings Expectation

Q3 2025

no prior guidance

Approximately 29% of the midpoint "

no prior guidance

Regulatory Environment Dynamics

Q1 2025 and Q4 2024 calls focused on legislative reforms, supportive cost recovery, and clear FERC/policy guidance " "

Q2 2025 call emphasizes active state engagement, discussions on legislative outcomes, market volatility, and regulatory uncertainties " " "

Consistent focus with an increased emphasis on state actions and mitigating market unpredictability " "

Transmission Investment Pipeline

Q1 2025 and Q4 2024 highlighted a robust 17 GW pipeline, visibility into additional $10–15 billion opportunities and clear transmission investment needs " "

Q2 2025 details strategic organizational setup, specific transmission work (> $1 billion assignments) and financing approaches supporting $38 billion total investments " "

Continuity in opportunity with enhanced structural clarity and more detailed financing strategies " "

Data Center and High-Density Load Growth

Q1 2025 and Q4 2024 discussed a 17 GW load pipeline, advanced studies on another 16 GW, and substantial capital/trend impacts from high-density load growth " " "

Q2 2025 reiterated the 17 GW pipeline with studies on 16 GW, while also introducing novel elements like a quantum computing campus " " "

Steady growth focus with emerging elements (e.g., quantum computing) adding nuance to the sector " "

Capital Expenditure and Execution Risks

Q1 2025 and Q4 2024 emphasized a $38 billion plan, detailed annual investments (e.g. $9.1 billion for 2025) and highlighted regulatory, tariff, and project-specific challenges " " " "

Q2 2025 reaffirmed the $38 billion vision, detailed transmission-focused investments and described updated financing progress along with execution risks from legislative actions " " "

Consistent investment plans with an increased focus on financing details and evolving execution risk factors " "

Customer Affordability and Rising Cost Pressures

Q1 2025 and Q4 2024 underscored rising supply costs, significant bill impacts, and a variety of cost-relief measures (e.g. disconnection suspensions, efficiency programs, low-income assistance) " " " "

Q2 2025 highlighted enhanced customer relief initiatives (including $50 million support), clear billing impacts ($1.50–$4 increases), and stronger advocacy for state-led cost mitigation " " "

Continued focus on affordability with more robust state collaboration and direct customer-relief actions in response to cost pressures " "

Enhanced State Engagement on Utility-Owned Generation and Energy Efficiency Measures

Q1 2025 and Q4 2024 featured active discussion of utility-owned generation options, distributed resources, and aggressive energy efficiency programs (e.g. ENERGY STAR, 45 pending bills) " "

Q2 2025 reiterated strong state engagement with detailed examples (e.g., 3,000 MW request in Maryland, significant pricing caps saving $3 billion) and reaffirmed collaborative regulatory approaches " " " "

Steady commitment with heightened detail on legislative initiatives and customer cost benefits, reinforcing state-driven solutions " "

Proactive Stakeholder Engagement on T&D Issues

Q1 2025 and Q4 2024 included proactive discussions on FERC 206 proceedings, PJM capacity market improvements, and collaborative tariff solutions " " " "

Q2 2025 did not mention proactive stakeholder engagement on T&D issues [N/A]

The focus appears de‐prioritized in the current period, suggesting a potential shift away from detailed T&D stakeholder discussions [N/A]

Annualized Earnings Growth Projections

Q1 2025 and Q4 2024 reaffirmed an annualized earnings growth rate of 5–7% through 2028, with commitments to the midpoint (or better) targets " " " "

Q2 2025 maintained the 5–7% annualized growth rate projection with reaffirmation of mid-point delivery expectations " "

Consistent and stable sentiment with no significant change in growth outlook " "

Energy Security and Resource Adequacy

Q1 2025 and Q4 2024 emphasized comprehensive resource adequacy through a portfolio approach (delaying closures, new generation, efficiency programs) and strong legislative/regulatory backing " " " "

Q2 2025, while still addressing energy security, highlighted market volatility and the need for state-led solutions such as regulated generation to counter rising supply costs " "

Energy security remains critical; however, the current period shows a pivot towards state-driven interventions amid market challenges " "

Shifting Sentiment in Regulatory and Investment Outlook

Q1 2025 and Q4 2024 projected robust investment outlooks with clear regulatory reforms and positive legislative activity supporting a $38 billion investment plan " " " "

Q2 2025 portrayed a more nuanced landscape with increasing cost pressures, legislative interventions, and regulatory uncertainty influencing investment sentiment " " " "

Shift toward a more cautious tone as regulatory and cost challenges prompt deeper state involvement and adjustment in investment expectations " "