Still Fresh but Will The Deal Prove To Be Clean

研报英文原文证据摘录

Still Fresh but Will The Deal Prove To Be Clean

rgeted for the second half of 2027.

The combined company is still expected to deliver roughly 11% regulatory-capital-employed

growth and 9%+ adjusted EPS growth through 2032 (9%+ through 2035), alongside $2.25 billion

in shareholder-funded bill credits for Dominion customers. Management again called it a "merger

of addition," pointing to dual headquarters and FPL's affordability record (bills 20% lower in real

terms than in 2006) as proof points aimed as much at regulators as investors.

FPL delivered steady regulated growth. FPL's adjusted EPS rose $0.05 to $0.67, driven by

roughly 9.3% growth in regulatory capital employed. Capital expenditures were about $2.8 billion

in the quarter, with full-year capex still guided to $12–13 billion. Regulatory ROE for the twelve

months ending June 2026 is tracking at approximately 11.7%, after a roughly $110 million

reserve amortization reversal that left an after-tax balance of about $1.3 billion. FPL added over

90,000 customers, with retail sales up about 0.4% (0.6% weather-normalized), and continues to

cite bills roughly 30% below the national average, non-fuel O&M over 70% better than industry,

and top-decile reliability. The remaining $1.3 billion reserve balance still gives FPL some

earnings flexibility within the current rate framework.

Energy Resources sustained origination momentum and pricing power. Adjusted earnings

grew about 18% year over year, with new investments contributing $0.09 per share and other

drivers roughly flat. The segment added 3.6 GW to backlog (2 GW battery), its second-largest

quarter after last quarter's record 4 GW, bringing backlog to approximately 35.1 GW after 1.1

GW placed in service. The 2026–2029 backlog is now about two-thirds of the development