"我们的电网设备老化严重。它永远无法承受那样的极端数字——即所需要的天量级别电量规模。所以 我在告诉他们，他们可以自己建电厂。他们将自己发电，自行单独用电。这将确保公司获得足够电力的 能力，同时也会降低你们的电价，"他表示。 他没有点名涉及哪些科技或者电力基础设施相关公司，也没有说明该计划将如何实施或如何执行。有媒 体报道称，白宫预计将在3月初邀请相关公司，正式落实这项重大举措。 智通财经APP获悉，美国总统唐纳德·特朗普表示，在他所称美国政府新近谈妥的"电价缴费者保护承 诺"(rate protection pledge)之下，建设超大规模人工智能数据中心的美国科技巨头们将不得不自行承担其 电力需求以及相关费用。特朗普在向国会发表国情咨文演讲时表示，科技企业们将被政府要求为其不断 扩张的AI基础设施版图建设专用级别的电力供应系统，而不是从地方电网额外取电以及大幅增加负 荷。 特朗普在国情咨文中抛出的消费者电力费率保护承诺，本质上是在把AI数据中心新增负荷的"成本归 因"重新写进政策框架，大型科技公司要么自建/自备电源类大型基础设施(on-site / behind-the-meter generation) ...

Core Viewpoint - ComEd, under parent company Exelon, is launching The Exelon Promise, a strategy aimed at providing immediate customer relief and addressing the root causes of rising energy costs for families and small businesses in northern Illinois [1] Group 1: Customer Relief Initiatives - The Exelon Promise focuses on delivering immediate customer relief amid increasing energy bills [1] - ComEd is committed to implementing this strategy on the ground to ensure customers receive necessary support [1] Group 2: Long-term Solutions - The strategy includes strong protections for customers as demand for energy grows [1] - Long-term solutions are being developed to tackle the underlying issues contributing to higher energy costs [1]

Core Viewpoint - Exelon commended the U.S. Department of the Treasury for issuing a corporate alternative minimum tax (CAMT) notice that supports energy affordability and infrastructure investments [1] Group 1 - The CAMT notice can save customers up to $200 million over four years [1] - The action makes it more cost-effective for Exelon to invest in necessary grid improvements [1]

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that by 2040, humanoid robots could create a market worth $250 trillion, representing a major shift in the global economy driven by AI innovation [2][3] - Major firms like PwC and McKinsey acknowledge the potential of AI to unlock multi-trillion-dollar opportunities, reinforcing the optimistic outlook on AI's economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is seen as a catalyst for redefining work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, suggesting that it could be a significant investment opportunity [4][6] - Prominent figures in technology and investment, including Bill Gates and Warren Buffett, recognize AI as a major technological advancement with the potential for substantial social benefits [8]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $572 million, with adjusted EBITDA of $99 million and non-GAAP EPS of $2.46, reflecting strong execution and demand for Grid Edge Intelligence [5][11] - Free cash flow reached $112 million in Q4, up from $70 million a year ago, indicating improved earnings growth and working capital management [12] - Full year 2025 revenue was $2.37 billion, down 3% year-over-year, attributed to the absence of catch-up revenue seen in 2024 [17] Business Line Data and Key Metrics Changes - Device Solutions revenue decreased by 7% year-over-year, primarily due to a decline in legacy electricity products [13] - Network Solutions revenue fell by 15% year-over-year, mainly due to project deployment timing [14] - Outcomes revenue increased by 22% year-over-year, driven by delivery services and recurring revenue growth [14] - The new Resiliency Solutions segment contributed $3 million in revenue since its inception in November 2025 [14] Market Data and Key Metrics Changes - Fourth quarter bookings totaled $737 million, with a backlog of $4.5 billion, indicating strong demand for Grid Edge solutions [7] - Annual recurring revenue (ARR) reached approximately $368 million at the end of Q4, up 20% year-over-year [30] Company Strategy and Development Direction - The company is focused on enhancing utility resiliency through strategic acquisitions, including Urbint and Locusview, which will expand its offerings in emergency preparedness and digital construction management [9][10] - Itron aims to support customers throughout the asset lifecycle, emphasizing the importance of data-driven solutions for grid transformation [24][25] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment for utilities is evolving, creating both opportunities and challenges, but remains confident in the company's strategic direction [23] - The company anticipates 2026 revenue to be between $2.35 billion and $2.45 billion, with non-GAAP EPS expected to range from $5.75 to $6.25 [19][20] Other Important Information - Total debt at the end of Q4 was $1.265 billion, with cash and equivalents at $1.02 billion, reflecting a decrease due to acquisitions and stock buybacks [18] - The company expects the two recent acquisitions to be accretive to revenue growth and gross margins but dilutive to EPS in 2026 [20][21] Q&A Session Summary Question: Update on utility demand and behavior trends - Management reported strong fourth quarter bookings of $737 million and noted that the market is constructive, with no further delays in project timelines [28][29] Question: Clarification on ARR metric - The ARR of $368 million at the end of Q4 is an annualized run rate, with expectations for continued growth in 2026 [31][35] Question: Barriers to entry in resiliency solutions - Management highlighted the stickiness of their solutions due to extensive field service usage, which enhances customer value and retention [44][46] Question: Revenue and margin seasonality in new segment - Management does not anticipate significant seasonality in the Resiliency Solutions segment, expecting steady growth over time [48] Question: Utility ordering patterns and project trends - Management indicated that ordering patterns have normalized, with a healthy book and ship business, particularly in the electricity sector [52][54] Question: Insights on pipeline growth and market share - Management noted a 27% increase in pipeline growth and indicated that the company is gaining market share in core markets [29][64] Question: Expectations for future bookings and growth - Management expressed confidence in the trajectory of the business, with a focus on the growing Outcomes backlog and normalized project activity [81][82]

Core Viewpoint - Exelon Corporation (EXC) reported Q4 and full-year results that pleased investors, driven by data center tailwinds and a significant increase in capital expenditures for the upcoming year [1] Financial Performance - The company’s outlook is positively influenced by the growth in data centers, indicating a strong demand for energy services in this sector [1] Investment Strategy - The company is focusing on a long-term investment horizon, particularly targeting a 5-10 year timeframe, which aligns with its strategy of maintaining a balanced portfolio of growth, value, and dividend-paying stocks [1]

Core Insights - NextEra Energy Transmission and Exelon have received approval from the PJM Board for a proposed ~220-mile, 765-kV transmission line aimed at enhancing electric reliability and affordability in West Virginia, Pennsylvania, and the MidAtlantic region [1] Project Significance - The project addresses reliability risks and ensures long-term grid stability, which is crucial as electricity supply struggles to meet rising demand [1] - The PJM Board's decision indicates that localized upgrades are insufficient to tackle extraordinary demand growth, necessitating comprehensive solutions [1] Benefits of the Transmission Line - The project is expected to create good-paying jobs during construction and beyond [1] - It will attract industrial investment and promote economic development in the region [1] - The transmission line will ensure a supply of affordable electricity for families and small businesses [1] - It enables new generation sources to connect to the grid, adding critically-needed capacity to meet rising demand [1] Company Statements - Matt Valle, president of NextEra Energy Transmission, emphasized that the transmission line will provide long-term safe, reliable, and affordable power, benefiting both residents and the local economy [1] - Carim Khouzami, executive vice president of Exelon, highlighted the importance of this investment in meeting the energy needs of families and small businesses while maintaining customer affordability [1] Next Steps - NextEra Energy Transmission and Exelon plan to engage transparently with community members and hold open houses later this year to minimize impacts on landowners and the broader community [1] Company Profiles - NextEra Energy Transmission is a leading competitive transmission company in North America, operating over 3,100 miles of transmission lines across 18 states and Canada [1] - Exelon is a Fortune 200 company serving nearly 11 million customers through six regulated utilities, focusing on reliable and efficient energy delivery [1]

Investment and Infrastructure - Exelon anticipates investing approximately $41 billion over the next four years in electric and natural gas infrastructure improvements, which is projected to increase the current rate base by approximately $23 billion by the end of 2029[67]. - Estimated customer program energy efficiency investments across Utility Registrants for 2026 to 2029 total $4.9 billion, aimed at driving customer energy efficiency[93]. - PECO's capital expenditures for infrastructure improvements are projected to be $200 million in 2024, a 15% increase from 2023[115]. - BGE is investing $150 million in new technology to enhance grid reliability and customer service by 2025[116]. - ComEd plans to expand its service area by 10% in the next two years, focusing on underserved regions[114]. Environmental Goals and Emissions - Exelon aims to collectively reduce its operations-driven GHG emissions by 50% by 2030 against a 2015 baseline and to achieve net-zero operations-driven GHG emissions by 2050[68]. - Exelon's verified GHG emissions for 2024 were just over 4.6 million metric tons CO2 equivalent, with 0.4 million metric tons being operations-driven emissions[91]. - The company aims to reduce operations-driven GHG emissions by 50% by 2030 from a 2015 baseline and achieve net-zero emissions by 2050[92]. - Maryland aims to reduce GHG emissions by 40% from 2006 levels by 2030, with further updates proposing a 60% reduction by 2031[101]. - Exelon is collaborating with national labs and universities to research and develop clean technologies to support its Path to Clean goal[93]. - The company is subject to various state and regional GHG reduction programs, impacting its operations and compliance costs[98]. - Exelon is actively involved in public policy advocacy for vehicle electrification and clean energy initiatives[94]. Operational Performance and Strategy - Exelon is focused on maintaining operational excellence and ensuring timely recovery on investments to enable customer benefits while supporting clean energy policies[64]. - The company faces various regulatory, legislative, operational, market, and financial factors that could affect its success in pursuing its strategies[69]. - Exelon's management continually evaluates growth opportunities aligned with its businesses and markets to offer sustainable returns[66]. - Exelon’s strategy includes leveraging its scale and expertise across utilities to achieve improved operational and financial results[66]. Employee and Workforce Insights - Approximately 42% of Exelon's employees participate in collective bargaining agreements (CBAs), with a total of 8,656 employees covered by CBAs as of December 31, 2025[78]. - The average turnover rate for Exelon employees from 2023 to 2025 is 2.39% for retirement age, 2.58% for voluntary turnover, and 0.96% for non-voluntary turnover[82]. - The company is committed to fostering a safe, inclusive, and engaging workplace to attract and retain talent, with a focus on professional development and competitive benefits[71]. Financial Performance - ComEd reported a revenue increase of 5% year-over-year, reaching $4.5 billion for the fiscal year 2023[114]. - PECO's customer base grew by 3%, adding approximately 50,000 new customers, bringing the total to 1.7 million[115]. - BGE achieved a 4% increase in operating income, totaling $1.2 billion, driven by improved efficiency and cost management[116]. - PHI, Pepco, DPL, and ACE announced a strategic investment of $300 million in renewable energy projects over the next five years[117]. - PHI, Pepco, DPL, and ACE reported a 6% increase in customer satisfaction scores, reflecting improved service delivery[117]. - ComEd's new energy efficiency programs are expected to save customers $50 million annually starting in 2024[114]. - PECO is exploring potential acquisitions to enhance its market position and expand service offerings in the region[115].

Core Insights - Exelon Corporation's fourth-quarter 2025 earnings of 59 cents per share exceeded the Zacks Consensus Estimate of 53 cents by 11.3%, although it represented a 7.8% decrease from the previous year's earnings of 64 cents [1][3][9] Financial Performance - Total revenues for Exelon in the fourth quarter were reported at $5.41 billion, missing the Zacks Consensus Estimate of $5.54 billion by 2.3% and reflecting a 1.1% decrease from the year-ago figure of $5.47 billion [4][9] - For the full year 2025, total revenues reached $24.26 billion, marking a 5.3% increase year over year [4] - Operating income for the quarter was $1.19 billion, an 8% increase from the previous year [6] - Adjusted earnings per share for 2025 were $2.77, up 10.8% from $2.50 in 2024 [3] Segment Performance - Commonwealth Edison Company (ComEd) reported adjusted earnings of $252 million in the fourth quarter, a 3.7% increase year over year due to investments and increased allowance for funds used during construction [7] - PECO Energy Company (PECO) saw adjusted operating earnings decrease by 17.3% year over year to $162 million, primarily due to increased income taxes and contracting costs [8] - Baltimore Gas and Electric Company (BGE) reported adjusted earnings of $181 million, up 3.4% year over year, driven by higher distribution rates [10] - Pepco Holdings LLC (PHI) experienced a 29.5% increase in adjusted operating earnings to $171 million, attributed to higher distribution and transmission rates [10] Operational Highlights - Exelon served more customers in the reported quarter, with total electric deliveries reaching 86,585 gigawatt hours, a 2.7% increase from the previous year [5] - Total operating expenses decreased by 3.3% year over year to $4.23 billion [5] - Cash and cash equivalents as of December 31, 2025, totaled $626 million, up from $357 million a year earlier [11] Future Guidance - Exelon expects earnings for 2026 to be in the range of $2.81-$2.91 per share, indicating over 6% growth from 2025 guidance [12] - The company plans to invest $41.3 billion in energy infrastructure from 2026 to 2029 [12]

Financial Data and Key Metrics Changes - For 2025, the company reported adjusted operating earnings per share of $2.77, exceeding expectations and continuing a track record of exceeding the midpoint of guidance each year as a standalone utility [6][17] - The company achieved a 7.4% annual earnings growth rate and 8% rate base growth since 2021, demonstrating its ability to navigate changes and execute consistently [6][13] - The company reported GAAP earnings of $2.73 per share for the full year and $0.58 for the fourth quarter, with non-GAAP earnings of $2.77 and $0.59 respectively, reflecting strong year-over-year growth [17][18] Business Line Data and Key Metrics Changes - The company maintained top quartile reliability metrics across its utilities, ranking first, second, fourth, and seventh among peers based on 2024 benchmarking data [7][8] - The company plans to invest $41.3 billion in capital over the next four years, with over 70% of the increase driven by transmission investments [10][24] - The company expects to achieve annualized earnings growth of 5%-7% through 2029, with a projected rate base growth of approximately 8% [13][34] Market Data and Key Metrics Changes - The company anticipates load growth exceeding 3% through 2029, supported by a large load pipeline and an increasing number of signed Transmission Security Agreements [11][12] - The company reported that its average customer bill as a percentage of median income has remained relatively flat since 2021, growing only 10 basis points while maintaining top quartile reliability [31][32] Company Strategy and Development Direction - The company is focused on executing its capital plan efficiently, maintaining industry-leading operational performance, and driving affordability through disciplined cost management [40][41] - The company is actively partnering with federal, RTO, and state leaders to address high supply prices and emerging reliability risks, advocating for policies that support energy security and affordability [15][33] - The company emphasizes a customer-focused approach and aims to capture meaningful opportunities for sustainable growth while maintaining a strong balance sheet [16][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to lead the energy transformation and meet unprecedented demand, highlighting the importance of continuous improvement and targeted investments [5][6] - The management acknowledged the challenges posed by high supply prices but remains optimistic about the national focus on advancing policies to incentivize new generation and improve affordability [15][16] - The company is committed to maintaining a strong balance sheet while funding its capital needs and achieving a balanced funding strategy [37][38] Other Important Information - The company executed a $60 million customer relief fund to support low and moderate-income customers facing higher supply costs [14] - The company has made significant progress on the regulatory front, achieving key milestones in rate cases and filings [10][21] Q&A Session Questions and Answers Question: Could you comment on the rate-based growth and financing lag? - Management noted that actual rate base growth has been about 8% and earnings growth at 7.4%, indicating a continuation of this track record [46] Question: How is the regulatory strategy for 2026 being approached? - Management is in constant conversations with stakeholders and is considering the best approach for rate cases in Pennsylvania and Maryland, focusing on affordability and reliability [49] Question: What is the company's stance on supply challenges and the RBA process? - Management supports the development of a reliability backstop option and emphasizes the need for utility-generated power to lower customer costs and improve reliability [53][54] Question: How are legislative conversations progressing regarding affordability? - Management is actively engaging with legislators across jurisdictions to find collaborative solutions to the affordability dilemma [68][69]