Electric Utilities

9501 Tokyo Electric Power (TEPCO)

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥5.48T

9502 Chubu Electric Power

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥2.57T

9503 Kansai Electric Power

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥2.94T

AEP American Electric Power Company Inc.

Electric markets served by AEP's public utility subsidiaries.

Owner earnings 2016–2025 $4.4B$4.3B$5.2B$3.4B$3.8B$4.9B$6.4B$3.5B

Retained capital Retained $5.3B of earnings over 2016–2025; annual owner earnings grew $282M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $46.9B · dividend paid 8 of 8 yrs, never cut

AES AES Corp.

AES Corp. is an outline of our strategy and our businesses by SBU, including key financial drivers.

Owner earnings 2016–2025 $1.7B$1.3B$1.3B$1.4B$1.7B$846M$1.4B$1.7B$1.5B$3.1B

Retained capital Paid out $2.9B more than it earned over 2016–2025; annual owner earnings grew $628M.

Balance sheet net position not read (debt under-captured) · buybacks at an average near $9.08 · dividend paid 10 of 10 yrs, never cut

AQN Algonquin Power & Utilities Corp.

Revenue is led by Regulated electricity (53%) and Regulated Gas (25%), with 3 more lines behind.

Owner earnings 2017–2025 $75M$270M$327M$191M($245M)$164M$274M$86M$193M

Retained capital Paid out $2.4B more than it earned over 2017–2025; annual owner earnings fell $40M.

Balance sheet Heavy net debt, $6.5B · dividend paid 9 of 9 yrs, cut at least once

AQNB Algonquin Power & Utilities Corp.

Revenue is led by Regulated electricity (53%) and Regulated Gas (25%), with 3 more lines behind.

Owner earnings 2017–2025 $75M$270M$327M$191M($245M)$164M$274M$86M$193M

Retained capital Paid out $2.4B more than it earned over 2017–2025; annual owner earnings fell $40M.

Balance sheet Heavy net debt, $6.5B · dividend paid 9 of 9 yrs, cut at least once

AXIA AXIA Energia

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2015–2024 R$2.4B(R$1.3B)(R$512M)R$3.2B(R$1.2B)R$4.2BR$5.9BR$3.6BR$4.4BR$9.3B

Retained capital Retained R$36.1B of earnings over 2015–2024; annual owner earnings grew R$5.6B, R$0.15 per R$1 retained.

Balance sheet Modest net debt, R$37.3B · dividend paid 5 of 10 yrs

BEP BROOKFIELD RENEWABLE PARTNERS L.P.

We have comprehensive operational and development capabilities located in each of our core markets which we believe positions us to maintain and increase the value of our asset base while competitively positioning us for continued growth.

Owner earnings 2016–2025 $263M$573M$1.0B$1.1B$849M($767M)$128M$13M($736M)($1.3B)

Retained capital Paid out $9.3B more than it earned over 2016–2025; annual owner earnings fell $1.3B.

Balance sheet Net debt against an operating loss, $1.4B · dividend paid 10 of 10 yrs, cut at least once

BEPC BROOKFIELD RENEWABLE CORPORATION

Revenue is led by Hydroelectric (67%) and Utility-scale solar (17%), with 2 more segments behind.

Owner earnings 2018–2025 $986M$950M$619M($959M)$437M$575M($400M)($636M)

Retained capital Paid out $3.8B more than it earned over 2018–2025; annual owner earnings fell $1.0B.

Balance sheet net position not read (debt under-captured) · dividend paid 5 of 8 yrs

BEPH BROOKFIELD RENEWABLE PARTNERS L.P.

We have comprehensive operational and development capabilities located in each of our core markets which we believe positions us to maintain and increase the value of our asset base while competitively positioning us for continued growth.

Owner earnings 2016–2025 $263M$573M$1.0B$1.1B$849M($767M)$128M$13M($736M)($1.3B)

Retained capital Paid out $9.3B more than it earned over 2016–2025; annual owner earnings fell $1.3B.

Balance sheet Net debt against an operating loss, $1.4B · dividend paid 10 of 10 yrs, cut at least once

BEPI BROOKFIELD RENEWABLE PARTNERS L.P.

We have comprehensive operational and development capabilities located in each of our core markets which we believe positions us to maintain and increase the value of our asset base while competitively positioning us for continued growth.

Owner earnings 2016–2025 $263M$573M$1.0B$1.1B$849M($767M)$128M$13M($736M)($1.3B)

Retained capital Paid out $9.3B more than it earned over 2016–2025; annual owner earnings fell $1.3B.

Balance sheet Net debt against an operating loss, $1.4B · dividend paid 10 of 10 yrs, cut at least once

BEPJ BROOKFIELD RENEWABLE PARTNERS L.P.

We have comprehensive operational and development capabilities located in each of our core markets which we believe positions us to maintain and increase the value of our asset base while competitively positioning us for continued growth.

Owner earnings 2016–2025 $263M$573M$1.0B$1.1B$849M($767M)$128M$13M($736M)($1.3B)

Retained capital Paid out $9.3B more than it earned over 2016–2025; annual owner earnings fell $1.3B.

Balance sheet Net debt against an operating loss, $1.4B · dividend paid 10 of 10 yrs, cut at least once

BKH Black Hills

Black Hills Corporation is a customer-focused, growth-oriented utility company headquartered in Rapid City, South Dakota.

Owner earnings 2016–2025 $145M$240M$292M$296M$317M($301M)$334M$688M$449M$390M

Retained capital Retained $856M of earnings over 2016–2025; annual owner earnings grew $283M, $0.33 per $1 retained.

Balance sheet Heavy net debt, $4.5B · dividend paid 10 of 10 yrs, never cut

CEG Constellation Energy

We operate the largest emissions-free generation fleet in the nation and are one of the largest competitive electric generation companies in the nation, as measured by owned and contracted MWs.

Owner earnings 2020–2025 ($1.2B)($2.7B)($4.0B)($7.7B)($5.0B)$1.3B

Retained capital not read

Balance sheet Modest net debt, $3.7B

CEPU Central Puerto S.A.

Central Puerto is a private-sector electricity generator in Argentina. It owns and runs power plants and sells the electricity and generation capacity they produce. Much of the output goes to the country's state-controlled wholesale-market administrator under a regulated remuneration scheme, with some sold under negotiated contracts priced in U.S. dollars.

Owner earnings 2015–2024 ARS 1.1BARS 2.0BARS 3.8BARS 5.4BARS 20.6BARS 46.1BARS 125.3BARS 354.6BARS 252.1BARS 147.1B

Retained capital Retained ARS 481.8B of earnings over 2015–2024; annual owner earnings grew ARS 249.0B, ARS 0.52 per ARS 1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

CIG Comp En De Mn Cemig ADS

CEMIG's market consists of sales of energy to: Regulated customers in CEMIG's concession area in the State of Minas Gerais.

Owner earnings 2015–2024 R$2.9BR$1.1BR$497MR$931MR$2.0BR$8.5BR$3.5BR$6.4BR$5.6BR$4.8B

Retained capital Retained R$20.9B of earnings over 2015–2024; annual owner earnings grew R$4.1B, R$0.20 per R$1 retained.

Balance sheet Modest net debt, R$10.0B · dividend paid 7 of 10 yrs, cut at least once

CNP CenterPoint Energy Inc (Holding Co)

CenterPoint Energy's operating subsidiaries own and operate electric transmission, distribution and generation facilities and natural gas distribution systems.

Owner earnings 2016–2025 $797M$381M$906M$413M$806M($1.3B)$522M$2.5B$700M$956M

Retained capital Retained $3.4B of earnings over 2016–2025; annual owner earnings grew $683M, $0.20 per $1 retained.

Balance sheet Heavy net debt, $22.4B · dividend paid 10 of 10 yrs, cut at least once

CWEN Clearway Energy Inc.

Clearway Energy, Inc. is a publicly-traded energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America.

Owner earnings 2016–2025 $557M$327M$415M$249M$421M$550M$675M$490M$483M$369M

Retained capital Retained $459M of earnings over 2016–2025; annual owner earnings grew $14M, $0.03 per $1 retained.

Balance sheet Heavy net debt, $8.4B · dividend paid 3 of 10 yrs, never cut

D Dominion Energy Inc.

Dominion Energy is required to provide collateral to counterparties under some circumstances.

Owner earnings 2016–2019 $2.6B$2.6B$3.1B$2.9B

Retained capital Retained $101M of earnings over 2016–2019; annual owner earnings grew $110M.

Balance sheet Heavy net debt, $49.2B · dividend paid 4 of 4 yrs, never cut

DTB DTE Energy Co

DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million customers in southeastern Michigan.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $25.6B

DTE DTE Energy Company

DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million customers in southeastern Michigan.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $25.6B

DTG DTE Energy Co

DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million customers in southeastern Michigan.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $25.6B

DTW DTE Energy Co

DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million customers in southeastern Michigan.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $25.6B

EDN EDENOR

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2015–2024 ARS 2.7BARS 3.0BARS 6.6BARS 14.8BARS 11.4BARS 31.8BARS 74.3BARS 116.9B(ARS 24.6B)ARS 91.4B

Retained capital Retained ARS 279.5B of earnings over 2015–2024; annual owner earnings grew ARS 57.1B, ARS 0.20 per ARS 1 retained.

Balance sheet net position not read (debt under-captured)

EIX Edison International

Edison International is the ultimate parent holding company of SCE and Edison Energy, LLC, doing business as Trio.

Owner earnings 2016–2025 $1.2B$1.5B$1.2B($2.1B)($766M)($2.3B)$583M$766M$2.1B$2.6B

Retained capital Retained $2.1B of earnings over 2016–2025; annual owner earnings grew $534M, $0.26 per $1 retained.

Balance sheet Heavy net debt, $37.8B · buybacks at an average near $78.29 · dividend paid 10 of 10 yrs, never cut

ELLO ELLOMAY CAPITAL LTD.

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2015–2024 €4M€2M(€2M)€3M(€3M)(€9M)€1M(€4M)(€7M)(€8M)

Retained capital Paid out €18M more than it earned over 2015–2024; annual owner earnings fell €8M.

Balance sheet Net cash, +€5M · dividend paid 1 of 10 yrs, never cut

ELPC Companhia Paranaense de Energia (COPEL)

Companhia Paranaense de Energia (COPEL) offer innovative and digital services and products.

Owner earnings 2015–2022 R$568MR$769MR$258MR$1.0BR$2.6BR$3.7BR$3.0BR$3.4B

Retained capital Retained R$12.8B of earnings over 2015–2022; annual owner earnings grew R$2.8B, R$0.22 per R$1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 8 yrs, cut at least once

EMA Emera Incorporated

Revenue is led by Florida Electric Utility (49%) and Canadian Electric Utilities (22%), with 3 more segments behind.

Owner earnings 2016–2025 C$465MC$337MC$762MC$614MC$738MC$270M(C$46M)C$1.2BC$1.5BC$504M

Retained capital Retained C$3.1B of earnings over 2016–2025; annual owner earnings grew C$534M, C$0.17 per C$1 retained.

Balance sheet Heavy net debt, C$19.1B · dividend paid 10 of 10 yrs, never cut

ENIC Enel Chile S.A.

Enel Chile is a Chilean electric utility. It does two things: it generates electricity — from water, wind, and sun alongside other kinds of plants — and it owns the wires that carry power to homes and businesses in central Chile, including the Santiago area. It earns by selling that power and by charging to deliver it across its network, with the delivery side run as a regulated local monopoly.

Owner earnings 2015–2024 CLP 423.3BCLP 453.0BCLP 482.9BCLP 520.3BCLP 507.1BCLP 525.9BCLP 202.0BCLP 506.5BCLP 452.3BCLP 1.24T

Retained capital Retained CLP 1.12T of earnings over 2015–2024; annual owner earnings grew CLP 278.3B, CLP 0.25 per CLP 1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

ENLT Enlight Renewable Energy Ltd.

Our transformation has been driven by a tailored strategy of gradual entry into new markets, coupled with a clear focus on execution.

Owner earnings 2020–2025 $24M$33M$48M$126M$146M$133M

Retained capital Retained $156M of earnings over 2020–2025; annual owner earnings grew $100M, $0.64 per $1 retained.

Balance sheet Modest net debt, $355M · dividend paid 6 of 6 yrs, cut at least once

ES Eversource Energy (D/B/A)

Eversource Energy, headquartered in Boston, Massachusetts and Hartford, Connecticut, is a public utility holding company subject to regulation by the Federal Energy Regulatory Commission under the Public Utility Holding Company Act of 2005.

Owner earnings 2016–2025 $1.4B$1.1B$759M$929M$523M$628M$758M$830M$383M$1.7B

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings fell $130M, $-0.07 per $1 retained.

Balance sheet Heavy net debt, $28.0B · dividend paid 10 of 10 yrs, never cut

ETR Entergy Corporation

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2016–2025 $875M$545M$345M$634M$2.4B$2.1B$600M$2.2B$2.3B$2.8B

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings grew $1.9B, $0.67 per $1 retained.

Balance sheet Heavy net debt, $28.3B · dividend paid 10 of 10 yrs, never cut

FE FirstEnergy Corp.

Revenue is Electricity, US Regulated (81%), Transmission (15%) and Other (4%).

Owner earnings 2016–2025 $1.4B$2.1B$26M$1.3B$224M$1.1B$1.4B($74M)$1.3B$2.0B

Retained capital Paid out $8.0B more than it earned over 2016–2025; annual owner earnings fell $90M.

Balance sheet Heavy net debt, $25.5B · dividend paid 10 of 10 yrs, never cut

FTS Fortis Inc.

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2016–2025 C$901MC$1.6BC$1.4BC$1.3BC$1.3BC$1.4BC$1.4BC$1.8BC$2.0BC$2.0B

Retained capital Retained C$8.8B of earnings over 2016–2025; annual owner earnings grew C$631M, C$0.07 per C$1 retained.

Balance sheet Heavy net debt, C$33.5B · dividend paid 10 of 10 yrs, cut at least once

HE Hawaiian Electric Industries Inc.

Electric Company, Limited, are regulated electric public utilities that provide essential electric service to approximately 95% of Hawaii's population through the operation of five separate grids that serve communities on the islands of Oahu, Hawaii, Maui, Lanai and Molokai.

Owner earnings 2016–2025 $291M$198M$244M$234M$139M$61M$184M$269M$143M$50M

Retained capital Paid out $577M more than it earned over 2016–2025; annual owner earnings fell $90M.

Balance sheet Heavy net debt, $1.9B · dividend paid 8 of 10 yrs, cut at least once

HNRG Hallador Energy Company

Hallador Energy Company is a vertically integrated, independent power producer and fuel company with operations primarily in Indiana.

Owner earnings 2019–2025 $3M$32M$20M$149K($16M)$13M$40M

Retained capital Paid out $197M more than it earned over 2019–2025; annual owner earnings fell $6M.

Balance sheet Meaningful net debt, $129M · dividend paid 2 of 7 yrs, cut at least once

IDA IDACORP

IDACORP's other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small PURPA-qualifying hydropower generation projects.

Owner earnings 2016–2025 $197M$269M$323M$193M$212M$184M$178M$67M$366M$343M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings fell $4M, $-0.00 per $1 retained.

Balance sheet Heavy net debt, $3.2B · dividend paid 10 of 10 yrs, never cut

KEN Kenon Holdings Ltd.

Kenon's market capitalization was $4 billion, as compared to our initial market capitalization at the time of our listing of $1.0 billion.

Owner earnings 2016–2025 $136M$362M$23M$51M$59M$187M$715M$199M$179M$217M

Retained capital Retained $678M of earnings over 2016–2025; annual owner earnings grew $25M, $0.04 per $1 retained.

Balance sheet Heavy net debt, $426M · dividend paid 8 of 10 yrs, cut at least once

KEP Korea Electric Power Corporation

Korea Electric Power Corporation, KEPCO, is South Korea's predominant electric utility. It generates electricity and owns the transmission and distribution network that carries power to homes and businesses across the country, and it earns its money selling that electricity. The South Korean government is its controlling shareholder and oversees the rates it is allowed to charge.

Owner earnings 2015–2024 ₩8.60T₩7.56T₩1.48T(₩5.59T)(₩2.92T)(₩72.8B)(₩8.20T)(₩35.82T)(₩12.39T)₩1.66T

Retained capital Paid out ₩16.78T more than it earned over 2015–2024; annual owner earnings fell ₩21.40T.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

NEE NextEra Energy Inc.

NextEra is an electric utility holding company built from two parts. One is Florida Power & Light, a rate-regulated utility that delivers electricity to homes and businesses in Florida and earns a return, set by state regulators, on the poles, wires, and power plants it is allowed to build into its rate base. The other is its competitive arm, which builds and operates wind, solar, and battery generation and sells the power, much of it under long-term contracts.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $90.2B

NRG NRG Energy

NRG Energy is a competitive power company in the United States: it owns a fleet of electricity-generating plants and it sells electricity and natural gas directly to homes and businesses in deregulated retail markets, where customers choose their own supplier. So it earns its keep two ways — generating power and selling it into wholesale markets, and signing up retail customers to capture the spread between what it pays to source energy and what it charges them. It is capital-intensive and carries debt against its plants.

Owner earnings 2016–2025 $1.4B$1.4B$989M$1.2B$1.6B$224M($7M)($819M)$1.8B$766M

Retained capital Paid out $1.8B more than it earned over 2016–2025; annual owner earnings fell $643M.

Balance sheet Heavy net debt, $11.9B · buybacks at an average near $50.53 · dividend paid 10 of 10 yrs, cut at least once

OGE OGE Energy

OGE Energy is a holding company whose primary investment provides electricity in Oklahoma and western Arkansas.

Owner earnings 2016–2025 $322M$501M$630M$327M$322M($646M)$492M$726M$273M$577M

Retained capital Retained $1.3B of earnings over 2016–2025; annual owner earnings grew $41M, $0.03 per $1 retained.

Balance sheet Heavy net debt, $5.4B · dividend paid 10 of 10 yrs, never cut

ORA Ormat Technologies Inc.

We are a leading vertically integrated company primarily engaged in the geothermal power business.

Owner earnings 2016–2025 $53M$130M$14M$88M$108M$76M$82M$85M$148M$43M

Retained capital Retained $716M of earnings over 2016–2025; annual owner earnings grew $26M, $0.04 per $1 retained.

Balance sheet Heavy net debt, $2.5B · dividend paid 10 of 10 yrs, cut at least once

OTTR Otter Tail

Otter Tail Corporation is a holding company which has strategically invested in a portfolio of diversified operations including an electric utility and manufacturing and plastic pipe businesses.

Owner earnings 2016–2025 $90M$101M$69M$107M$130M$140M$297M$307M$346M$268M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $220M, $0.19 per $1 retained.

Balance sheet Modest net debt, $663M · dividend paid 9 of 10 yrs, never cut

PAM Pampa Energia S.A.

Pampa Energia S.A. is the fifth-largest gas producer with 9% of the country's gas output and the third-largest shale gas producer with 10% market share.

Owner earnings 2017–2024 ($46M)$155M$376M$569M$523M$203M($183M)($12M)

Retained capital Retained $2.3B of earnings over 2017–2024; annual owner earnings fell $159M, $-0.07 per $1 retained.

Balance sheet Meaningful net debt, $1.3B · dividend paid 6 of 8 yrs, cut at least once

PNM PNM Resources

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2016–2025 $166M$255M$153M$202M$171M$228M$226M$197M$85M$101M

Retained capital Retained $250M of earnings over 2016–2025; annual owner earnings fell $63M, $-0.25 per $1 retained.

Balance sheet Heavy net debt, $5.4B · dividend paid 9 of 10 yrs, never cut

PNW Pinnacle West

Pinnacle West Pinnacle West is an investor-owned electric utility holding company based in Phoenix, Arizona with consolidated assets of approximately $30 billion.

Owner earnings 2016–2025 $458M$507M$626M$293M$280M$141M$424M$354M$654M$835M

Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $84M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $9.8B · dividend paid 10 of 10 yrs, never cut

POR Portland General Electric

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2016–2025 $241M$252M$248M$137M$113M$128M$257M($38M)$282M$540M

Retained capital Retained $716M of earnings over 2016–2025; annual owner earnings grew $14M, $0.02 per $1 retained.

Balance sheet Heavy net debt, $4.6B · dividend paid 10 of 10 yrs, never cut

PPL PPL Corporation

PPL, through its regulated utility subsidiaries, delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.

Owner earnings 2016–2025 $2.0B$1.5B$1.7B$1.5B$1.7B$1.2B$549M$504M$1.1B$1.3B

Retained capital Paid out $859M more than it earned over 2016–2025; annual owner earnings fell $754M.

Balance sheet Heavy net debt, $17.8B · dividend paid 10 of 10 yrs, cut at least once

PPLC PPL Corporation Corporate

PPL, through its regulated utility subsidiaries, delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.

Owner earnings 2016–2025 $2.0B$1.5B$1.7B$1.5B$1.7B$1.2B$549M$504M$1.1B$1.3B

Retained capital Paid out $859M more than it earned over 2016–2025; annual owner earnings fell $754M.

Balance sheet Heavy net debt, $17.8B · dividend paid 10 of 10 yrs, cut at least once

RNW ReNew Energy Global plc

We are a leading decarbonization solutions company.

Owner earnings 2019–2025 ₹20.5B₹23.8B₹20.1B₹28.6B₹49.7B₹51.3B₹46.9B

Retained capital Paid out ₹21.5B more than it earned over 2019–2025; annual owner earnings grew ₹27.8B.

Balance sheet Heavy net debt, ₹682.3B

SO Southern Company (The)

Southern Company is a holding company for regulated electric and gas utilities in the U.S. Southeast. Its three traditional operating companies — Alabama Power, Georgia Power, and Mississippi Power — run as vertically integrated electric utilities, generating, transmitting, and selling power to retail customers; a separate generation unit builds and owns power plants, including battery storage, and sells that output to wholesale buyers; and a gas unit distributes natural gas. The bulk of the revenue comes from the regulated electric business, with gas distribution the smaller piece.

Owner earnings 2016–2025 $2.0B$2.9B$3.4B$2.5B$2.8B$2.2B$2.2B$2.6B$4.5B$3.8B

Retained capital Retained $5.2B of earnings over 2016–2025; annual owner earnings grew $852M, $0.16 per $1 retained.

Balance sheet Heavy net debt, $64.0B · dividend paid 10 of 10 yrs, never cut

SOJC Southern Co

Southern Company is a holding company that owns all of the outstanding common stock of three traditional electric operating companies, Southern Power Company, and Southern Company Gas.

Owner earnings 2016–2025 $2.0B$2.9B$3.4B$2.5B$2.8B$2.2B$2.2B$2.6B$4.5B$3.8B

Retained capital Retained $5.2B of earnings over 2016–2025; annual owner earnings grew $852M, $0.16 per $1 retained.

Balance sheet Heavy net debt, $64.0B · dividend paid 10 of 10 yrs, never cut

SOJD Southern Co

Southern Company is a holding company that owns all of the outstanding common stock of three traditional electric operating companies, Southern Power Company, and Southern Company Gas.

Owner earnings 2016–2025 $2.0B$2.9B$3.4B$2.5B$2.8B$2.2B$2.2B$2.6B$4.5B$3.8B

Retained capital Retained $5.2B of earnings over 2016–2025; annual owner earnings grew $852M, $0.16 per $1 retained.

Balance sheet Heavy net debt, $64.0B · dividend paid 10 of 10 yrs, never cut

SOJE Southern Co

Southern Company is a holding company that owns all of the outstanding common stock of three traditional electric operating companies, Southern Power Company, and Southern Company Gas.

Owner earnings 2016–2025 $2.0B$2.9B$3.4B$2.5B$2.8B$2.2B$2.2B$2.6B$4.5B$3.8B

Retained capital Retained $5.2B of earnings over 2016–2025; annual owner earnings grew $852M, $0.16 per $1 retained.

Balance sheet Heavy net debt, $64.0B · dividend paid 10 of 10 yrs, never cut

SOMN Southern Co

Southern Company is a holding company that owns all of the outstanding common stock of three traditional electric operating companies, Southern Power Company, and Southern Company Gas.

Owner earnings 2016–2025 $2.0B$2.9B$3.4B$2.5B$2.8B$2.2B$2.2B$2.6B$4.5B$3.8B

Retained capital Retained $5.2B of earnings over 2016–2025; annual owner earnings grew $852M, $0.16 per $1 retained.

Balance sheet Heavy net debt, $64.0B · dividend paid 10 of 10 yrs, never cut

TAC TransAlta Corporation

TransAlta maintains the flexibility to return the mothballed unit to service when market fundamentals or contracting opportunities are secured.

Owner earnings 2016–2025 C$386MC$288MC$543MC$432MC$216MC$521MC$278MC$843MC$485MC$397M

Retained capital Paid out C$1.0B more than it earned over 2016–2025; annual owner earnings grew C$169M.

Balance sheet Heavy net debt, C$3.4B · dividend paid 10 of 10 yrs, cut at least once

TLN Talen Energy Corporation

Talen is a leading independent power producer and energy infrastructure company dedicated to powering the future.

Owner earnings 2013–2025 ($173M)$46M$317M($45M)$171M$606M

Retained capital Paid out $2.7B more than it earned over 2013–2025; annual owner earnings grew $181M.

Balance sheet Net debt against an operating loss, $6.1B · buybacks at an average near $151

TXNM TXNM Energy Inc.

TXNM's core values of Safety, Caring and Integrity are the foundation for the Company's business objectives focused on safety excellence and customer satisfaction, including reliability.

Owner earnings 2016–2025 $166M$255M$153M$202M$171M$228M$226M$197M$85M$101M

Retained capital Retained $250M of earnings over 2016–2025; annual owner earnings fell $63M, $-0.25 per $1 retained.

Balance sheet Heavy net debt, $5.4B · dividend paid 9 of 10 yrs, never cut

VST Vistra

Vistra is an integrated retail electricity and power generation company that provides essential power resources to customers, businesses, and communities from California to Maine.

Owner earnings 2017–2025 $1.3B$941M$2.0B$2.1B($1.2B)($816M)$3.8B$2.5B$2.1B

Retained capital Paid out $5.6B more than it earned over 2017–2025; annual owner earnings grew $1.4B.

Balance sheet Heavy net debt, $16.3B · dividend paid 7 of 9 yrs, never cut

WAVE Eco Wave Power Global AB (publ)

We are a wave energy company primarily engaged in the development of a smart and cost-efficient WEC technology that converts ocean and sea waves into clean electricity.

Owner earnings 2019–2025 ($1M)($2M)($3M)($2M)($3M)($2M)($3M)

Retained capital not read

Balance sheet Net cash, +$6M

XIFR XPLR Infrastructure LP Common

XPLR also plans to pursue investment opportunities in areas adjacent to its existing clean energy projects, with a focus on assets that are expected to provide incremental cash flows and opportunities for growth.

Owner earnings 2016–2025 $202M$209M$337M$253M$418M$564M$398M$227M$559M$195M

Retained capital Retained $806M of earnings over 2016–2025; annual owner earnings grew $78M, $0.10 per $1 retained.

Balance sheet Net debt against an operating loss, $5.2B