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Achieved 2025 ongoing earnings of $1.81 per share, representing 7.1% growth driven by incremental returns on capital and sustained cost discipline.
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Outperformed O&M savings targets by $20,000,000, reaching $170,000,000 in run-rate savings a year ahead of schedule to support customer affordability.
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Attributed strong reliability performance to intentional infrastructure investment, despite industry-wide headwinds from more frequent and severe weather events.
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Expanded the Pennsylvania data center pipeline to 25.2 gigawatts, while receiving approval in Kentucky for an ‘extremely high load factor’ tariff designed to protect existing customers from the impacts of large data center loads.
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Positioned the Blackstone joint venture to address the ‘bring-your-own-generation’ (BYOG) demand from hyperscalers seeking speed to market in PJM.
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Maintained a disciplined capital allocation strategy, funding $4,400,000,000 in 2025 investments while keeping residential bill increases below the rate of inflation.
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Issued 2026 ongoing earnings guidance of $1.90 to $1.98 per share, with growth expected to accelerate in 2027 as new rate cases take full effect.
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Increased four-year capital investment plan to $23,000,000,000, a $3,000,000,000 increase primarily for electric transmission and distribution to support data center growth.
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Projected a 10.3% rate base CAGR through 2029, with 80% of the expected generation rate base increase already approved by the Kentucky Public Service Commission.
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Targeted total equity needs of approximately $3,000,000,000 through 2029, with $1,000,000,000 already executed and $2,000,000,000 remaining to be issued opportunistically.
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Modified the annual dividend growth target to 4% to 6% to balance capital requirements while maintaining a 50% to 60% payout ratio.
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Received Kentucky rate case orders approving $233,000,000 in annual revenue increases and higher ROEs, though management is reassessing the timing of the next case after an earnings sharing mechanism was rejected.
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Identified Rhode Island 2025 earnings pressure of $0.06 per share due to non-recurring system and storm costs, which are not expected to persist into future periods.
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Flagged PJM energy supply costs as the primary driver of customer bill increases, rising 200% since 2020 and necessitating new regional generation supply.
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Noted that the Blackstone JV is excluded from the current base plan, representing pure upside potential for the back end of the 2029 planning horizon.
