# Utilities - Regulated Electric — company-by-company sector analysis

> Utilities - Regulated Electric: Duke Energy Corporation owns the largest revenue base; DTE Energy Company has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Utilities - Regulated Electric has underperformed S&P 500 by 4.4% over 52 weeks and 2.9% over 13 weeks. 13 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 17 of 29 beat the sector itself. Duke Energy Corporation leads with revenue of $33,166 million, based on 27 of 29 comparable companies through Mar 2026.

### Is the Utilities - Regulated Electric sector outperforming S&P 500?

Utilities - Regulated Electric has underperformed S&P 500 by 4.4% over 52 weeks and 2.9% over 13 weeks. 13 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 17 of 29 beat the sector itself.

### Which Utilities - Regulated Electric company is largest by revenue?

Duke Energy Corporation leads with revenue of $33,166 million, based on 27 of 29 comparable companies through Mar 2026.

### Which Utilities - Regulated Electric company is growing fastest?

DTE Energy Company has the fastest current revenue growth at 20.9%, across 27 of 29 comparable companies.

### Which Utilities - Regulated Electric company has the strongest 4-Factor Sector Score?

Dominion Energy, Inc. ranks first at 68.6/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Utilities - Regulated Electric company reports the most CAPEX?

National Grid plc reports the largest latest CAPEX at $5,545 million, with 29 of 29 companies comparable.

### Which Utilities - Regulated Electric company has the least gross debt?

IDACORP, Inc. has the lowest comparable gross debt at $4,009 million. NextEra Energy, Inc. has the highest at $104,403 million.

### Which Utilities - Regulated Electric company has the lowest comparable PEG?

Edison International has the lowest comparable Guarded PEG at 0.26, among 27 of 29 companies that pass the metric’s comparability rules.

### How much history does this Utilities - Regulated Electric comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Utilities - Regulated Electric has underperformed S&P 500 by 4.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 2.9%. 13 of 29 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Edison International is the strongest against the sector itself at +16.4%.

13-week sector return versus NIFTY 500: -2.9%
52-week sector return versus NIFTY 500: -4.4%
Stocks leading NIFTY: 13/29
Stocks leading sector: 17/29

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 29
Combined market value: ₹12.7 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Dominion Energy, Inc. (D): 69/100 — Favorable setup; evidence 82%
   - Growth & earnings 21.7/35 | Capital efficiency 12.1/25 | Valuation 15.3/20 | Relative strength 19.5/20
   - Exact sum: 21.7 + 12.1 + 15.3 + 19.5 = 68.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Companhia Paranaense de Energia - COPEL (ELPC): 64/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 18.6/35 | Capital efficiency 17.4/25 | Valuation 14.9/20 | Relative strength 13.1/20
   - Exact sum: 18.6 + 17.4 + 14.9 + 13.1 = 64
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Eversource Energy (ES): 61/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 24.1/35 | Capital efficiency 11.8/25 | Valuation 11.1/20 | Relative strength 14.2/20
   - Exact sum: 24.1 + 11.8 + 11.1 + 14.2 = 61.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Public Service Enterprise Group Incorporated (PEG): 60/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 26.5/35 | Capital efficiency 14.4/25 | Valuation 15.2/20 | Relative strength 4.3/20
   - Exact sum: 26.5 + 14.4 + 15.2 + 4.3 = 60.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -8.5% and the one-year return is -11.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5. Edison International (EIX): 59/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 14.9/35 | Capital efficiency 8.0/25 | Valuation 16.5/20 | Relative strength 20.0/20
   - Exact sum: 14.9 + 8 + 16.5 + 20 = 59.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 14.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Ameren Corporation (AEE): 59/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 25.2/35 | Capital efficiency 11.6/25 | Valuation 13.9/20 | Relative strength 8.1/20
   - Exact sum: 25.2 + 11.6 + 13.9 + 8.1 = 58.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. PG&E Corporation (PCG): 54/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.6/35 | Capital efficiency 8.0/25 | Valuation 11.4/20 | Relative strength 15.4/20
   - Exact sum: 19.6 + 8 + 11.4 + 15.4 = 54.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Consolidated Edison, Inc. (ED): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.5/35 | Capital efficiency 15.4/25 | Valuation 9.6/20 | Relative strength 11.8/20
   - Exact sum: 17.5 + 15.4 + 9.6 + 11.8 = 54.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Emera Incorporated (EMA): 52/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 16.0/35 | Capital efficiency 13.7/25 | Valuation 9.2/20 | Relative strength 13.5/20
   - Exact sum: 16 + 13.7 + 9.2 + 13.5 = 52.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 0.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10. American Electric Power Company, Inc. (AEP): 52/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 20.3/35 | Capital efficiency 10.0/25 | Valuation 12.4/20 | Relative strength 8.9/20
   - Exact sum: 20.3 + 10 + 12.4 + 8.9 = 51.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. FirstEnergy Corp. (FE): 51/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 16.2/35 | Capital efficiency 10.1/25 | Valuation 13.5/20 | Relative strength 11.6/20
   - Exact sum: 16.2 + 10.1 + 13.5 + 11.6 = 51.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Evergy, Inc. (EVRG): 51/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 14.9/35 | Capital efficiency 10.8/25 | Valuation 11.0/20 | Relative strength 14.4/20
   - Exact sum: 14.9 + 10.8 + 11 + 14.4 = 51.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 1.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13. PPL Corporation (PPL): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 20.0/35 | Capital efficiency 15.2/25 | Valuation 11.5/20 | Relative strength 2.6/20
   - Exact sum: 20 + 15.2 + 11.5 + 2.6 = 49.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Entergy Corporation (ETR): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 16.9/35 | Capital efficiency 7.3/25 | Valuation 10.9/20 | Relative strength 12.9/20
   - Exact sum: 16.9 + 7.3 + 10.9 + 12.9 = 48
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. IDACORP, Inc. (IDA): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 19.5/35 | Capital efficiency 11.1/25 | Valuation 4.1/20 | Relative strength 13.2/20
   - Exact sum: 19.5 + 11.1 + 4.1 + 13.2 = 47.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Duke Energy Corporation (DUK): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 18.9/35 | Capital efficiency 13.4/25 | Valuation 7.6/20 | Relative strength 8.0/20
   - Exact sum: 18.9 + 13.4 + 7.6 + 8 = 47.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Pinnacle West Capital Corporation (PNW): 47/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 20.1/35 | Capital efficiency 4.1/25 | Valuation 7.1/20 | Relative strength 15.6/20
   - Exact sum: 20.1 + 4.1 + 7.1 + 15.6 = 46.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. NextEra Energy, Inc. (NEE): 47/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 16.7/35 | Capital efficiency 11.1/25 | Valuation 13.9/20 | Relative strength 5.1/20
   - Exact sum: 16.7 + 11.1 + 13.9 + 5.1 = 46.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. WEC Energy Group, Inc. (WEC): 46/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 13.2/35 | Capital efficiency 15.8/25 | Valuation 13.7/20 | Relative strength 3.2/20
   - Exact sum: 13.2 + 15.8 + 13.7 + 3.2 = 45.9
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
20. Fortis Inc. (FTS): 46/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 13.1/35 | Capital efficiency 13.8/25 | Valuation 5.2/20 | Relative strength 13.4/20
   - Exact sum: 13.1 + 13.8 + 5.2 + 13.4 = 45.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 0.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
21. Exelon Corporation (EXC): 44/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 12.4/35 | Capital efficiency 11.8/25 | Valuation 12.1/20 | Relative strength 7.8/20
   - Exact sum: 12.4 + 11.8 + 12.1 + 7.8 = 44.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. CenterPoint Energy, Inc. (CNP): 44/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 16.0/35 | Capital efficiency 10.4/25 | Valuation 4.7/20 | Relative strength 12.5/20
   - Exact sum: 16 + 10.4 + 4.7 + 12.5 = 43.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Alliant Energy Corporation (LNT): 41/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.4/35 | Capital efficiency 10.6/25 | Valuation 7.8/20 | Relative strength 8.5/20
   - Exact sum: 14.4 + 10.6 + 7.8 + 8.5 = 41.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Xcel Energy Inc. (XEL): 38/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 18.2/35 | Capital efficiency 9.5/25 | Valuation 7.0/20 | Relative strength 3.6/20
   - Exact sum: 18.2 + 9.5 + 7 + 3.6 = 38.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. The Southern Company (SO): 37/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 13.3/35 | Capital efficiency 9.3/25 | Valuation 5.4/20 | Relative strength 8.7/20
   - Exact sum: 13.3 + 9.3 + 5.4 + 8.7 = 36.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26. OGE Energy Corp. (OGE): 36/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 8.2/35 | Capital efficiency 10.2/25 | Valuation 5.2/20 | Relative strength 12.6/20
   - Exact sum: 8.2 + 10.2 + 5.2 + 12.6 = 36.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
27. DTE Energy Company (DTE): 36/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 12.1/35 | Capital efficiency 5.8/25 | Valuation 12.1/20 | Relative strength 6.0/20
   - Exact sum: 12.1 + 5.8 + 12.1 + 6 = 36
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
28. CMS Energy Corporation (CMS): 33/100 — Adverse evidence; evidence 82%
   - Growth & earnings 13.7/35 | Capital efficiency 9.7/25 | Valuation 5.9/20 | Relative strength 3.9/20
   - Exact sum: 13.7 + 9.7 + 5.9 + 3.9 = 33.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
29. National Grid plc (NGG): 43/100 — Thin evidence · provisional; evidence 40%
   - Growth & earnings 18.0/35 | Capital efficiency 13.7/25 | Valuation 10.6/20 | Relative strength 1.0/20
   - Exact sum: 18 + 13.7 + 10.6 + 1 = 43.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Duke Energy Corporation is the scale leader at $33,166 million, 9.9% ahead of The Southern Company. DTE Energy Company's growth is 20.9% from a $16,515 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Duke Energy Corporation is the scale benchmark; DTE Energy Company is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Duke Energy Corporation's growth falls below DTE Energy Company's for two consecutive comparable reports while operating margin also compresses.

Evidence: Duke Energy Corporation · $33,166 million | 9.9% versus #2 · The Southern Company | 8/8 recent comparable periods | 27/29 companies · 537 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Duke Energy Corporation (DUK): ₹33.2K Cr
2. The Southern Company (SO): ₹30.2K Cr
3. NextEra Energy, Inc. (NEE): ₹27.9K Cr
4. Companhia Paranaense de Energia - COPEL (ELPC): ₹27.3K Cr
5. Exelon Corporation (EXC): ₹24.8K Cr

### Revenue growth — fastest growers
1. DTE Energy Company (DTE): 21%
2. Public Service Enterprise Group Incorporated (PEG): 19%
3. Companhia Paranaense de Energia - COPEL (ELPC): 18%
4. Dominion Energy, Inc. (D): 17%
5. Emera Incorporated (EMA): 13%

### 20-quarter Revenue history
- NEE: Sep 2021 ₹4.4K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹6.7K Cr | Jun 2023 ₹7.3K Cr | Sep 2023 ₹7.2K Cr | Dec 2023 ₹6.9K Cr | Mar 2024 ₹5.7K Cr | Jun 2024 ₹6.1K Cr | Sep 2024 ₹7.6K Cr | Dec 2024 ₹5.4K Cr | Mar 2025 ₹6.2K Cr | Jun 2025 ₹6.7K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹6.5K Cr | Mar 2026 ₹6.7K Cr | Jun 2026 —
- SO: Sep 2021 ₹6.2K Cr | Dec 2021 ₹5.8K Cr | Mar 2022 ₹6.6K Cr | Jun 2022 ₹7.2K Cr | Sep 2022 ₹8.4K Cr | Dec 2022 ₹7.0K Cr | Mar 2023 ₹6.5K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹6.6K Cr | Jun 2024 ₹6.5K Cr | Sep 2024 ₹7.3K Cr | Dec 2024 ₹6.3K Cr | Mar 2025 ₹7.8K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹7.8K Cr | Dec 2025 ₹7.0K Cr | Mar 2026 ₹8.4K Cr | Jun 2026 —
- DUK: Sep 2021 ₹7.0K Cr | Dec 2021 ₹5.8K Cr | Mar 2022 ₹7.0K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹7.8K Cr | Dec 2022 ₹7.4K Cr | Mar 2023 ₹7.3K Cr | Jun 2023 ₹6.6K Cr | Sep 2023 ₹8.0K Cr | Dec 2023 ₹7.2K Cr | Mar 2024 ₹7.7K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹8.2K Cr | Dec 2024 ₹7.4K Cr | Mar 2025 ₹8.2K Cr | Jun 2025 ₹7.5K Cr | Sep 2025 ₹8.5K Cr | Dec 2025 ₹7.9K Cr | Mar 2026 ₹9.2K Cr | Jun 2026 —
- NGG: Sep 2021 ₹6.9K Cr | Dec 2021 — | Mar 2022 ₹11.5K Cr | Jun 2022 — | Sep 2022 ₹9.4K Cr | Dec 2022 — | Mar 2023 ₹12.2K Cr | Jun 2023 — | Sep 2023 ₹8.5K Cr | Dec 2023 — | Mar 2024 ₹11.4K Cr | Jun 2024 — | Sep 2024 ₹8.0K Cr | Dec 2024 — | Mar 2025 ₹10.4K Cr | Jun 2025 — | Sep 2025 ₹7.1K Cr | Dec 2025 — | Mar 2026 ₹10.6K Cr | Jun 2026 —
- AEP: Sep 2021 ₹4.6K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹4.9K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹5.4K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 —
- D: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- ETR: Sep 2021 ₹3.4K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- XEL: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- EXC: Sep 2021 ₹4.9K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹5.6K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹6.0K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹6.2K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹6.7K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹7.2K Cr | Jun 2026 —
- ED: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹5.1K Cr | Jun 2026 —
- PEG: Sep 2021 ₹1.9K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- PCG: Sep 2021 ₹5.5K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.8K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹6.2K Cr | Jun 2023 ₹5.3K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹7.0K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹5.9K Cr | Dec 2024 ₹6.6K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹6.3K Cr | Dec 2025 ₹6.8K Cr | Mar 2026 ₹6.9K Cr | Jun 2026 —
- WEC: Sep 2021 ₹1.7K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 —
- AEE: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- EIX: Sep 2021 ₹5.3K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹5.2K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- DTE: Sep 2021 ₹3.7K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹5.1K Cr | Jun 2026 —
- FTS: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 —
- CNP: Sep 2021 ₹1.7K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- FE: Sep 2021 ₹3.1K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- ES: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- PPL: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- CMS: Sep 2021 ₹1.7K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- EVRG: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- LNT: Sep 2021 ₹1.0K Cr | Dec 2021 ₹927 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹943 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹912 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹961 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹894 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹976 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹961 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- EMA: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- PNW: Sep 2021 ₹1.3K Cr | Dec 2021 ₹799 Cr | Mar 2022 ₹784 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹945 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹992 Cr | Mar 2024 ₹952 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- OGE: Sep 2021 ₹864 Cr | Dec 2021 ₹581 Cr | Mar 2022 ₹589 Cr | Jun 2022 ₹804 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹712 Cr | Mar 2023 ₹557 Cr | Jun 2023 ₹605 Cr | Sep 2023 ₹945 Cr | Dec 2023 ₹567 Cr | Mar 2024 ₹597 Cr | Jun 2024 ₹663 Cr | Sep 2024 ₹965 Cr | Dec 2024 ₹761 Cr | Mar 2025 ₹748 Cr | Jun 2025 ₹742 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹726 Cr | Mar 2026 ₹753 Cr | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹5.3K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹5.1K Cr | Sep 2023 ₹5.5K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹5.7K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹6.2K Cr | Sep 2025 ₹6.8K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹7.1K Cr | Jun 2026 —
- IDA: Sep 2021 ₹447 Cr | Dec 2021 ₹335 Cr | Mar 2022 ₹344 Cr | Jun 2022 ₹359 Cr | Sep 2022 ₹518 Cr | Dec 2022 ₹423 Cr | Mar 2023 ₹430 Cr | Jun 2023 ₹414 Cr | Sep 2023 ₹511 Cr | Dec 2023 ₹412 Cr | Mar 2024 ₹449 Cr | Jun 2024 ₹451 Cr | Sep 2024 ₹529 Cr | Dec 2024 ₹398 Cr | Mar 2025 ₹432 Cr | Jun 2025 ₹451 Cr | Sep 2025 ₹524 Cr | Dec 2025 ₹405 Cr | Mar 2026 ₹403 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- NEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 54% | Dec 2022 22% | Mar 2023 132% | Jun 2023 42% | Sep 2023 6.7% | Dec 2023 12% | Mar 2024 -15% | Jun 2024 -17% | Sep 2024 5.5% | Dec 2024 -22% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 5.3% | Dec 2025 21% | Mar 2026 7.3% | Jun 2026 —
- SO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 34% | Dec 2022 22% | Mar 2023 -2.5% | Jun 2023 -20% | Sep 2023 -17% | Dec 2023 -14% | Mar 2024 2.6% | Jun 2024 12% | Sep 2024 4.2% | Dec 2024 4.9% | Mar 2025 17% | Jun 2025 7.9% | Sep 2025 7.6% | Dec 2025 10% | Mar 2026 8.0% | Jun 2026 —
- DUK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 13% | Dec 2022 28% | Mar 2023 3.8% | Jun 2023 0.2% | Sep 2023 1.9% | Dec 2023 -1.9% | Mar 2024 5.4% | Jun 2024 9.0% | Sep 2024 2.0% | Dec 2024 2.1% | Mar 2025 7.5% | Jun 2025 4.7% | Sep 2025 4.8% | Dec 2025 7.9% | Mar 2026 11% | Jun 2026 —
- NGG: Sep 2021 14% | Dec 2021 — | Mar 2022 51% | Jun 2022 — | Sep 2022 36% | Dec 2022 — | Mar 2023 6.1% | Jun 2023 — | Sep 2023 -10% | Dec 2023 — | Mar 2024 -7.0% | Jun 2024 — | Sep 2024 -6.2% | Dec 2024 — | Mar 2025 -8.3% | Jun 2025 — | Sep 2025 -11% | Dec 2025 — | Mar 2026 2.0% | Jun 2026 —
- AEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 20% | Dec 2022 20% | Mar 2023 2.1% | Jun 2023 -5.8% | Sep 2023 -3.3% | Dec 2023 -6.2% | Mar 2024 7.1% | Jun 2024 4.7% | Sep 2024 1.5% | Dec 2024 2.6% | Mar 2025 8.7% | Jun 2025 11% | Sep 2025 11% | Dec 2025 13% | Mar 2026 10% | Jun 2026 —
- D: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 25% | Dec 2022 -2.0% | Mar 2023 -9.3% | Jun 2023 -12% | Sep 2023 -3.9% | Dec 2023 -7.1% | Mar 2024 -6.5% | Jun 2024 10% | Sep 2024 3.4% | Dec 2024 -3.8% | Mar 2025 12% | Jun 2025 9.3% | Sep 2025 15% | Dec 2025 20% | Mar 2026 23% | Jun 2026 —
- ETR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 26% | Dec 2022 20% | Mar 2023 3.6% | Jun 2023 -16% | Sep 2023 -15% | Dec 2023 -17% | Mar 2024 -6.2% | Jun 2024 3.8% | Sep 2024 -5.8% | Dec 2024 0.6% | Mar 2025 1.9% | Jun 2025 13% | Sep 2025 12% | Dec 2025 7.9% | Mar 2026 12% | Jun 2026 —
- XEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 18% | Dec 2022 21% | Mar 2023 8.8% | Jun 2023 -12% | Sep 2023 -10% | Dec 2023 -15% | Mar 2024 -11% | Jun 2024 0.2% | Sep 2024 -0.5% | Dec 2024 -9.4% | Mar 2025 7.0% | Jun 2025 8.6% | Sep 2025 7.4% | Dec 2025 14% | Mar 2026 2.9% | Jun 2026 —
- EXC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.5% | Sep 2022 -0.4% | Dec 2022 5.5% | Mar 2023 4.4% | Jun 2023 14% | Sep 2023 23% | Dec 2023 15% | Mar 2024 8.6% | Jun 2024 11% | Sep 2024 2.9% | Dec 2024 1.9% | Mar 2025 11% | Jun 2025 1.2% | Sep 2025 9.0% | Dec 2025 -1.1% | Mar 2026 7.9% | Jun 2026 —
- ED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 15% | Dec 2022 18% | Mar 2023 8.5% | Jun 2023 -14% | Sep 2023 -7.0% | Dec 2023 -15% | Mar 2024 -2.8% | Jun 2024 9.4% | Sep 2024 5.7% | Dec 2024 6.5% | Mar 2025 12% | Jun 2025 12% | Sep 2025 11% | Dec 2025 8.9% | Mar 2026 6.2% | Jun 2026 —
- PEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 19% | Dec 2022 2.7% | Mar 2023 62% | Jun 2023 17% | Sep 2023 8.1% | Dec 2023 -17% | Mar 2024 -27% | Jun 2024 0.1% | Sep 2024 7.6% | Dec 2024 -5.4% | Mar 2025 17% | Jun 2025 16% | Sep 2025 22% | Dec 2025 18% | Mar 2026 19% | Jun 2026 —
- PCG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.9% | Sep 2022 -1.3% | Dec 2022 2.4% | Mar 2023 7.1% | Jun 2023 3.4% | Sep 2023 9.2% | Dec 2023 31% | Mar 2024 -5.6% | Jun 2024 13% | Sep 2024 0.9% | Dec 2024 -5.8% | Mar 2025 2.1% | Jun 2025 -1.5% | Sep 2025 5.2% | Dec 2025 2.6% | Mar 2026 15% | Jun 2026 —
- WEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 15% | Dec 2022 16% | Mar 2023 -0.7% | Jun 2023 -14% | Sep 2023 -2.3% | Dec 2023 -13% | Mar 2024 -7.2% | Jun 2024 -3.2% | Sep 2024 -4.8% | Dec 2024 3.0% | Mar 2025 18% | Jun 2025 13% | Sep 2025 13% | Dec 2025 11% | Mar 2026 9.0% | Jun 2026 —
- AEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 27% | Dec 2022 32% | Mar 2023 9.7% | Jun 2023 2.0% | Sep 2023 -11% | Dec 2023 -21% | Mar 2024 -12% | Jun 2024 -3.8% | Sep 2024 5.5% | Dec 2024 20% | Mar 2025 15% | Jun 2025 31% | Sep 2025 24% | Dec 2025 -8.2% | Mar 2026 3.8% | Jun 2026 —
- EIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 -1.3% | Dec 2022 21% | Mar 2023 -0.1% | Jun 2023 -1.1% | Sep 2023 -10% | Dec 2023 -7.7% | Mar 2024 2.8% | Jun 2024 9.4% | Sep 2024 11% | Dec 2024 7.5% | Mar 2025 -6.6% | Jun 2025 4.8% | Sep 2025 11% | Dec 2025 31% | Mar 2026 7.7% | Jun 2026 —
- DTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 63% | Sep 2022 41% | Dec 2022 -3.7% | Mar 2023 -17% | Jun 2023 -45% | Sep 2023 -45% | Dec 2023 -24% | Mar 2024 -14% | Jun 2024 7.1% | Sep 2024 0.6% | Dec 2024 1.2% | Mar 2025 37% | Jun 2025 19% | Sep 2025 21% | Dec 2025 29% | Mar 2026 16% | Jun 2026 —
- FTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 16% | Dec 2022 23% | Mar 2023 17% | Jun 2023 4.3% | Sep 2023 6.5% | Dec 2023 -8.9% | Mar 2024 -6.1% | Jun 2024 2.9% | Sep 2024 1.9% | Dec 2024 2.2% | Mar 2025 7.1% | Jun 2025 5.4% | Sep 2025 6.0% | Dec 2025 4.4% | Mar 2026 2.0% | Jun 2026 —
- CNP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 8.8% | Dec 2022 17% | Mar 2023 0.6% | Jun 2023 -3.6% | Sep 2023 -2.3% | Dec 2023 -20% | Mar 2024 -5.7% | Jun 2024 1.6% | Sep 2024 -0.2% | Dec 2024 3.7% | Mar 2025 11% | Jun 2025 2.1% | Sep 2025 7.1% | Dec 2025 11% | Mar 2026 1.9% | Jun 2026 —
- FE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.5% | Sep 2022 11% | Dec 2022 19% | Mar 2023 8.1% | Jun 2023 6.7% | Sep 2023 0.4% | Dec 2023 -1.0% | Mar 2024 1.7% | Jun 2024 9.1% | Sep 2024 6.9% | Dec 2024 1.0% | Mar 2025 15% | Jun 2025 3.1% | Sep 2025 11% | Dec 2025 20% | Mar 2026 12% | Jun 2026 —
- ES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 32% | Dec 2022 22% | Mar 2023 9.4% | Jun 2023 2.2% | Sep 2023 -13% | Dec 2023 -11% | Mar 2024 -12% | Jun 2024 -3.6% | Sep 2024 9.8% | Dec 2024 10% | Mar 2025 24% | Jun 2025 12% | Sep 2025 5.2% | Dec 2025 13% | Mar 2026 9.4% | Jun 2026 —
- PPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 41% | Dec 2022 54% | Mar 2023 36% | Jun 2023 7.5% | Sep 2023 -4.3% | Dec 2023 -11% | Mar 2024 -4.6% | Jun 2024 3.2% | Sep 2024 1.1% | Dec 2024 8.9% | Mar 2025 8.7% | Jun 2025 7.7% | Sep 2025 8.4% | Dec 2025 2.9% | Mar 2026 11% | Jun 2026 —
- CMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 17% | Dec 2022 12% | Mar 2023 -3.8% | Jun 2023 -19% | Sep 2023 -17% | Dec 2023 -14% | Mar 2024 -4.7% | Jun 2024 3.3% | Sep 2024 4.2% | Dec 2024 2.0% | Mar 2025 12% | Jun 2025 14% | Sep 2025 16% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- EVRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 18% | Dec 2022 14% | Mar 2023 6.0% | Jun 2023 -6.4% | Sep 2023 -13% | Dec 2023 -7.2% | Mar 2024 2.6% | Jun 2024 6.9% | Sep 2024 8.5% | Dec 2024 5.8% | Mar 2025 3.3% | Jun 2025 -0.8% | Sep 2025 -0.1% | Dec 2025 6.6% | Mar 2026 5.0% | Jun 2026 —
- LNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 11% | Dec 2022 14% | Mar 2023 0.8% | Jun 2023 -3.3% | Sep 2023 -5.1% | Dec 2023 -9.2% | Mar 2024 -4.3% | Jun 2024 -2.0% | Sep 2024 0.4% | Dec 2024 1.6% | Mar 2025 9.4% | Jun 2025 7.5% | Sep 2025 12% | Dec 2025 9.0% | Mar 2026 5.0% | Jun 2026 —
- EMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 60% | Dec 2022 26% | Mar 2023 21% | Jun 2023 2.8% | Sep 2023 -5.2% | Dec 2023 -16% | Mar 2024 -17% | Jun 2024 14% | Sep 2024 3.6% | Dec 2024 -11% | Mar 2025 33% | Jun 2025 23% | Sep 2025 17% | Dec 2025 14% | Mar 2026 5.1% | Jun 2026 —
- PNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.2% | Sep 2022 12% | Dec 2022 26% | Mar 2023 21% | Jun 2023 5.7% | Sep 2023 11% | Dec 2023 -1.7% | Mar 2024 0.7% | Jun 2024 17% | Sep 2024 8.0% | Dec 2024 10% | Mar 2025 8.4% | Jun 2025 3.8% | Sep 2025 2.9% | Dec 2025 3.0% | Mar 2026 11% | Jun 2026 —
- OGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 47% | Dec 2022 23% | Mar 2023 -5.4% | Jun 2023 -25% | Sep 2023 -26% | Dec 2023 -20% | Mar 2024 7.2% | Jun 2024 9.6% | Sep 2024 2.1% | Dec 2024 34% | Mar 2025 25% | Jun 2025 12% | Sep 2025 8.3% | Dec 2025 -4.6% | Mar 2026 0.7% | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.8% | Mar 2024 2.8% | Jun 2024 7.4% | Sep 2024 3.5% | Dec 2024 8.1% | Mar 2025 8.8% | Jun 2025 14% | Sep 2025 19% | Dec 2025 19% | Mar 2026 20% | Jun 2026 —
- IDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.3% | Sep 2022 16% | Dec 2022 26% | Mar 2023 25% | Jun 2023 15% | Sep 2023 -1.4% | Dec 2023 -2.6% | Mar 2024 4.4% | Jun 2024 8.9% | Sep 2024 3.5% | Dec 2024 -3.4% | Mar 2025 -3.8% | Jun 2025 0.0% | Sep 2025 -1.0% | Dec 2025 1.8% | Mar 2026 -6.7% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Emera Incorporated leads opm at 33.5%; IDACORP, Inc. leads margin change at +7.4 percentage points.

Investor read: Emera Incorporated sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Emera Incorporated · 33.5% | 1.5% versus #2 · NextEra Energy, Inc. | 5/8 recent comparable periods | 27/29 companies · 508 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Emera Incorporated (EMA): 34%
2. NextEra Energy, Inc. (NEE): 33%
3. Duke Energy Corporation (DUK): 30%
4. WEC Energy Group, Inc. (WEC): 29%
5. Fortis Inc. (FTS): 28%

### Margin change — fastest expanders
1. IDACORP, Inc. (IDA): +7.4 pp
2. Pinnacle West Capital Corporation (PNW): +5.9 pp
3. Ameren Corporation (AEE): +3.9 pp
4. Public Service Enterprise Group Incorporated (PEG): +3.2 pp
5. Xcel Energy Inc. (XEL): +1.5 pp

### 20-quarter OPM history
- NEE: Sep 2021 8.7% | Dec 2021 27% | Mar 2022 -27% | Jun 2022 18% | Sep 2022 28% | Dec 2022 33% | Mar 2023 44% | Jun 2023 38% | Sep 2023 26% | Dec 2023 39% | Mar 2024 35% | Jun 2024 28% | Sep 2024 38% | Dec 2024 18% | Mar 2025 36% | Jun 2025 29% | Sep 2025 32% | Dec 2025 24% | Mar 2026 33% | Jun 2026 —
- DUK: Sep 2021 24% | Dec 2021 21% | Mar 2022 19% | Jun 2022 22% | Sep 2022 26% | Dec 2022 16% | Mar 2023 23% | Jun 2023 22% | Sep 2023 26% | Dec 2023 26% | Mar 2024 26% | Jun 2024 24% | Sep 2024 26% | Dec 2024 29% | Mar 2025 28% | Jun 2025 24% | Sep 2025 27% | Dec 2025 27% | Mar 2026 30% | Jun 2026 —
- AEP: Sep 2021 24% | Dec 2021 17% | Mar 2022 22% | Jun 2022 22% | Sep 2022 17% | Dec 2022 12% | Mar 2023 15% | Jun 2023 20% | Sep 2023 25% | Dec 2023 14% | Mar 2024 23% | Jun 2024 15% | Sep 2024 25% | Dec 2024 23% | Mar 2025 24% | Jun 2025 28% | Sep 2025 25% | Dec 2025 21% | Mar 2026 23% | Jun 2026 —
- D: Sep 2021 27% | Dec 2021 24% | Mar 2022 23% | Jun 2022 -8.8% | Sep 2022 25% | Dec 2022 7.1% | Mar 2023 28% | Jun 2023 19% | Sep 2023 27% | Dec 2023 20% | Mar 2024 23% | Jun 2024 23% | Sep 2024 31% | Dec 2024 12% | Mar 2025 30% | Jun 2025 29% | Sep 2025 30% | Dec 2025 19% | Mar 2026 28% | Jun 2026 —
- ETR: Sep 2021 25% | Dec 2021 13% | Mar 2022 20% | Jun 2022 2.4% | Sep 2022 23% | Dec 2022 14% | Mar 2023 16% | Jun 2023 27% | Sep 2023 32% | Dec 2023 9.4% | Mar 2024 8.5% | Jun 2024 21% | Sep 2024 33% | Dec 2024 24% | Mar 2025 25% | Jun 2025 25% | Sep 2025 29% | Dec 2025 18% | Mar 2026 18% | Jun 2026 —
- XEL: Sep 2021 24% | Dec 2021 13% | Mar 2022 14% | Jun 2022 14% | Sep 2022 23% | Dec 2022 13% | Mar 2023 14% | Jun 2023 14% | Sep 2023 25% | Dec 2023 17% | Mar 2024 19% | Jun 2024 15% | Sep 2024 25% | Dec 2024 11% | Mar 2025 17% | Jun 2025 18% | Sep 2025 19% | Dec 2025 16% | Mar 2026 19% | Jun 2026 —
- EXC: Sep 2021 16% | Dec 2021 12% | Mar 2022 17% | Jun 2022 16% | Sep 2022 21% | Dec 2022 15% | Mar 2023 20% | Jun 2023 15% | Sep 2023 19% | Dec 2023 20% | Mar 2024 18% | Jun 2024 17% | Sep 2024 19% | Dec 2024 20% | Mar 2025 23% | Jun 2025 17% | Sep 2025 22% | Dec 2025 22% | Mar 2026 22% | Jun 2026 —
- ED: Sep 2021 24% | Dec 2021 20% | Mar 2022 20% | Jun 2022 11% | Sep 2022 21% | Dec 2022 14% | Mar 2023 40% | Jun 2023 9.6% | Sep 2023 19% | Dec 2023 13% | Mar 2024 24% | Jun 2024 9.9% | Sep 2024 21% | Dec 2024 13% | Mar 2025 23% | Jun 2025 9.9% | Sep 2025 21% | Dec 2025 12% | Mar 2026 23% | Jun 2026 —
- PEG: Sep 2021 -116% | Dec 2021 30% | Mar 2022 -2.2% | Jun 2022 14% | Sep 2022 7.6% | Dec 2022 31% | Mar 2023 44% | Jun 2023 33% | Sep 2023 22% | Dec 2023 27% | Mar 2024 25% | Jun 2024 24% | Sep 2024 24% | Dec 2024 18% | Mar 2025 25% | Jun 2025 29% | Sep 2025 27% | Dec 2025 18% | Mar 2026 28% | Jun 2026 —
- PCG: Sep 2021 5.6% | Dec 2021 12% | Mar 2022 9.2% | Jun 2022 8.7% | Sep 2022 14% | Dec 2022 2.4% | Mar 2023 10% | Jun 2023 9.6% | Sep 2023 6.9% | Dec 2023 16% | Mar 2024 22% | Jun 2024 19% | Sep 2024 17% | Dec 2024 15% | Mar 2025 21% | Jun 2025 19% | Sep 2025 19% | Dec 2025 18% | Mar 2026 22% | Jun 2026 —
- WEC: Sep 2021 22% | Dec 2021 15% | Mar 2022 25% | Jun 2022 19% | Sep 2022 20% | Dec 2022 15% | Mar 2023 23% | Jun 2023 23% | Sep 2023 24% | Dec 2023 15% | Mar 2024 30% | Jun 2024 21% | Sep 2024 21% | Dec 2024 26% | Mar 2025 30% | Jun 2025 20% | Sep 2025 21% | Dec 2025 18% | Mar 2026 29% | Jun 2026 —
- AEE: Sep 2021 30% | Dec 2021 13% | Mar 2022 18% | Jun 2022 18% | Sep 2022 26% | Dec 2022 14% | Mar 2023 17% | Jun 2023 19% | Sep 2023 30% | Dec 2023 16% | Mar 2024 20% | Jun 2024 21% | Sep 2024 27% | Dec 2024 10% | Mar 2025 21% | Jun 2025 19% | Sep 2025 31% | Dec 2025 20% | Mar 2026 24% | Jun 2026 —
- EIX: Sep 2021 -2.4% | Dec 2021 19% | Mar 2022 6.5% | Jun 2022 13% | Sep 2022 -0.8% | Dec 2022 19% | Mar 2023 16% | Jun 2023 18% | Sep 2023 11% | Dec 2023 21% | Mar 2024 6.0% | Jun 2024 21% | Sep 2024 19% | Dec 2024 20% | Mar 2025 56% | Jun 2025 17% | Sep 2025 25% | Dec 2025 53% | Mar 2026 26% | Jun 2026 —
- DTE: Sep 2021 11% | Dec 2021 8.9% | Mar 2022 12% | Jun 2022 3.7% | Sep 2022 10% | Dec 2022 10% | Mar 2023 17% | Jun 2023 15% | Sep 2023 19% | Dec 2023 19% | Mar 2024 16% | Jun 2024 18% | Sep 2024 18% | Dec 2024 16% | Mar 2025 14% | Jun 2025 13% | Sep 2025 18% | Dec 2025 16% | Mar 2026 8.0% | Jun 2026 —
- FTS: Sep 2021 27% | Dec 2021 25% | Mar 2022 24% | Jun 2022 25% | Sep 2022 27% | Dec 2022 24% | Mar 2023 25% | Jun 2023 25% | Sep 2023 30% | Dec 2023 27% | Mar 2024 28% | Jun 2024 28% | Sep 2024 29% | Dec 2024 29% | Mar 2025 29% | Jun 2025 28% | Sep 2025 30% | Dec 2025 28% | Mar 2026 28% | Jun 2026 —
- CNP: Sep 2021 16% | Dec 2021 15% | Mar 2022 17% | Jun 2022 18% | Sep 2022 20% | Dec 2022 13% | Mar 2023 20% | Jun 2023 20% | Sep 2023 28% | Dec 2023 15% | Mar 2024 24% | Jun 2024 25% | Sep 2024 23% | Dec 2024 21% | Mar 2025 22% | Jun 2025 22% | Sep 2025 25% | Dec 2025 22% | Mar 2026 22% | Jun 2026 —
- FE: Sep 2021 20% | Dec 2021 8.4% | Mar 2022 19% | Jun 2022 16% | Sep 2022 15% | Dec 2022 13% | Mar 2023 17% | Jun 2023 16% | Sep 2023 19% | Dec 2023 18% | Mar 2024 19% | Jun 2024 13% | Sep 2024 20% | Dec 2024 19% | Mar 2025 20% | Jun 2025 19% | Sep 2025 20% | Dec 2025 -0.6% | Mar 2026 20% | Jun 2026 —
- ES: Sep 2021 20% | Dec 2021 19% | Mar 2022 19% | Jun 2022 18% | Sep 2022 17% | Dec 2022 17% | Mar 2023 20% | Jun 2023 21% | Sep 2023 19% | Dec 2023 21% | Mar 2024 25% | Jun 2024 24% | Sep 2024 20% | Dec 2024 12% | Mar 2025 23% | Jun 2025 23% | Sep 2025 21% | Dec 2025 21% | Mar 2026 24% | Jun 2026 —
- PPL: Sep 2021 29% | Dec 2021 21% | Mar 2022 26% | Jun 2022 14% | Sep 2022 16% | Dec 2022 15% | Mar 2023 21% | Jun 2023 17% | Sep 2023 21% | Dec 2023 19% | Mar 2024 24% | Jun 2024 21% | Sep 2024 21% | Dec 2024 17% | Mar 2025 27% | Jun 2025 20% | Sep 2025 25% | Dec 2025 21% | Mar 2026 27% | Jun 2026 —
- CMS: Sep 2021 15% | Dec 2021 10% | Mar 2022 19% | Jun 2022 12% | Sep 2022 13% | Dec 2022 12% | Mar 2023 14% | Jun 2023 16% | Sep 2023 16% | Dec 2023 21% | Mar 2024 19% | Jun 2024 18% | Sep 2024 21% | Dec 2024 21% | Mar 2025 20% | Jun 2025 17% | Sep 2025 24% | Dec 2025 20% | Mar 2026 18% | Jun 2026 —
- EVRG: Sep 2021 37% | Dec 2021 13% | Mar 2022 21% | Jun 2022 23% | Sep 2022 30% | Dec 2022 7.8% | Mar 2023 22% | Jun 2023 25% | Sep 2023 29% | Dec 2023 15% | Mar 2024 20% | Jun 2024 25% | Sep 2024 35% | Dec 2024 18% | Mar 2025 21% | Jun 2025 24% | Sep 2025 36% | Dec 2025 18% | Mar 2026 22% | Jun 2026 —
- LNT: Sep 2021 28% | Dec 2021 14% | Mar 2022 23% | Jun 2022 23% | Sep 2022 27% | Dec 2022 15% | Mar 2023 21% | Jun 2023 24% | Sep 2023 30% | Dec 2023 19% | Mar 2024 22% | Jun 2024 15% | Sep 2024 29% | Dec 2024 23% | Mar 2025 23% | Jun 2025 23% | Sep 2025 29% | Dec 2025 19% | Mar 2026 21% | Jun 2026 —
- EMA: Sep 2021 -4.6% | Dec 2021 28% | Mar 2022 29% | Jun 2022 -0.7% | Sep 2022 19% | Dec 2022 31% | Mar 2023 37% | Jun 2023 8.7% | Sep 2023 16% | Dec 2023 26% | Mar 2024 22% | Jun 2024 12% | Sep 2024 12% | Dec 2024 14% | Mar 2025 35% | Jun 2025 15% | Sep 2025 23% | Dec 2025 14% | Mar 2026 34% | Jun 2026 —
- PNW: Sep 2021 33% | Dec 2021 6.3% | Mar 2022 7.0% | Jun 2022 21% | Sep 2022 28% | Dec 2022 3.6% | Mar 2023 5.4% | Jun 2023 16% | Sep 2023 32% | Dec 2023 7.5% | Mar 2024 7.0% | Jun 2024 24% | Sep 2024 31% | Dec 2024 7.7% | Mar 2025 5.5% | Jun 2025 23% | Sep 2025 32% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- OGE: Sep 2021 33% | Dec 2021 14% | Mar 2022 14% | Jun 2022 20% | Sep 2022 25% | Dec 2022 13% | Mar 2023 14% | Jun 2023 24% | Sep 2023 35% | Dec 2023 17% | Mar 2024 12% | Jun 2024 27% | Sep 2024 32% | Dec 2024 24% | Mar 2025 18% | Jun 2025 25% | Sep 2025 33% | Dec 2025 19% | Mar 2026 15% | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 12% | Mar 2023 23% | Jun 2023 17% | Sep 2023 8.1% | Dec 2023 21% | Mar 2024 19% | Jun 2024 17% | Sep 2024 20% | Dec 2024 15% | Mar 2025 23% | Jun 2025 20% | Sep 2025 14% | Dec 2025 20% | Mar 2026 21% | Jun 2026 —
- IDA: Sep 2021 28% | Dec 2021 16% | Mar 2022 18% | Jun 2022 23% | Sep 2022 25% | Dec 2022 13% | Mar 2023 16% | Jun 2023 20% | Sep 2023 25% | Dec 2023 8.9% | Mar 2024 11% | Jun 2024 23% | Sep 2024 25% | Dec 2024 10% | Mar 2025 13% | Jun 2025 22% | Sep 2025 28% | Dec 2025 13% | Mar 2026 20% | Jun 2026 —

### 20-quarter Margin change history
- NEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.3 pp | Sep 2022 +19.0 pp | Dec 2022 +6.3 pp | Mar 2023 +70.6 pp | Jun 2023 +19.8 pp | Sep 2023 −2.1 pp | Dec 2023 +5.5 pp | Mar 2024 −8.7 pp | Jun 2024 −10.6 pp | Sep 2024 +12.1 pp | Dec 2024 −21.2 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 −6.0 pp | Dec 2025 +6.9 pp | Mar 2026 −3.1 pp | Jun 2026 —
- DUK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.8 pp | Sep 2022 +1.9 pp | Dec 2022 −4.5 pp | Mar 2023 +4.3 pp | Jun 2023 −0.4 pp | Sep 2023 +0.2 pp | Dec 2023 +9.5 pp | Mar 2024 +2.6 pp | Jun 2024 +2.1 pp | Sep 2024 −0.1 pp | Dec 2024 +3.0 pp | Mar 2025 +2.8 pp | Jun 2025 +0.6 pp | Sep 2025 +1.0 pp | Dec 2025 −2.0 pp | Mar 2026 +1.3 pp | Jun 2026 —
- AEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 −7.2 pp | Dec 2022 −5.3 pp | Mar 2023 −6.5 pp | Jun 2023 −1.6 pp | Sep 2023 +8.5 pp | Dec 2023 +2.1 pp | Mar 2024 +8.3 pp | Jun 2024 −5.1 pp | Sep 2024 −0.4 pp | Dec 2024 +9.7 pp | Mar 2025 +0.2 pp | Jun 2025 +12.6 pp | Sep 2025 +0.4 pp | Dec 2025 −2.3 pp | Mar 2026 −0.9 pp | Jun 2026 —
- D: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −20.7 pp | Sep 2022 −1.4 pp | Dec 2022 −17.0 pp | Mar 2023 +5.0 pp | Jun 2023 +27.6 pp | Sep 2023 +1.9 pp | Dec 2023 +13.0 pp | Mar 2024 −4.9 pp | Jun 2024 +4.3 pp | Sep 2024 +3.9 pp | Dec 2024 −8.6 pp | Mar 2025 +7.1 pp | Jun 2025 +5.7 pp | Sep 2025 −1.3 pp | Dec 2025 +7.0 pp | Mar 2026 −2.3 pp | Jun 2026 —
- ETR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.6 pp | Sep 2022 −2.1 pp | Dec 2022 +1.2 pp | Mar 2023 −4.2 pp | Jun 2023 +24.2 pp | Sep 2023 +9.2 pp | Dec 2023 −4.3 pp | Mar 2024 −7.0 pp | Jun 2024 −5.7 pp | Sep 2024 +1.4 pp | Dec 2024 +15.0 pp | Mar 2025 +16.1 pp | Jun 2025 +4.3 pp | Sep 2025 −3.8 pp | Dec 2025 −6.0 pp | Mar 2026 −6.6 pp | Jun 2026 —
- XEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.6 pp | Sep 2022 −1.2 pp | Dec 2022 +0.1 pp | Mar 2023 +0.4 pp | Jun 2023 +0.1 pp | Sep 2023 +2.4 pp | Dec 2023 +3.7 pp | Mar 2024 +4.6 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 −5.6 pp | Mar 2025 −1.3 pp | Jun 2025 +2.8 pp | Sep 2025 −5.9 pp | Dec 2025 +5.2 pp | Mar 2026 +1.5 pp | Jun 2026 —
- EXC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.0 pp | Sep 2022 +5.4 pp | Dec 2022 +3.4 pp | Mar 2023 +3.0 pp | Jun 2023 −1.8 pp | Sep 2023 −2.1 pp | Dec 2023 +5.1 pp | Mar 2024 −1.5 pp | Jun 2024 +2.4 pp | Sep 2024 +0.6 pp | Dec 2024 −0.2 pp | Mar 2025 +4.5 pp | Jun 2025 +0.1 pp | Sep 2025 +3.0 pp | Dec 2025 +1.8 pp | Mar 2026 −0.7 pp | Jun 2026 —
- ED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.8 pp | Sep 2022 −2.2 pp | Dec 2022 −6.8 pp | Mar 2023 +19.8 pp | Jun 2023 −1.7 pp | Sep 2023 −2.7 pp | Dec 2023 −0.5 pp | Mar 2024 −15.9 pp | Jun 2024 +0.3 pp | Sep 2024 +2.5 pp | Dec 2024 −0.1 pp | Mar 2025 −0.2 pp | Jun 2025 0.0 pp | Sep 2025 +0.3 pp | Dec 2025 −0.8 pp | Mar 2026 −0.3 pp | Jun 2026 —
- PEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +30.0 pp | Sep 2022 +123.5 pp | Dec 2022 +1.2 pp | Mar 2023 +46.1 pp | Jun 2023 +18.5 pp | Sep 2023 +14.8 pp | Dec 2023 −4.1 pp | Mar 2024 −19.1 pp | Jun 2024 −8.8 pp | Sep 2024 +1.9 pp | Dec 2024 −8.5 pp | Mar 2025 −0.1 pp | Jun 2025 +5.1 pp | Sep 2025 +2.2 pp | Dec 2025 −0.6 pp | Mar 2026 +3.2 pp | Jun 2026 —
- PCG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.5 pp | Sep 2022 +7.9 pp | Dec 2022 −9.8 pp | Mar 2023 +0.9 pp | Jun 2023 +0.9 pp | Sep 2023 −6.6 pp | Dec 2023 +13.6 pp | Mar 2024 +11.7 pp | Jun 2024 +9.3 pp | Sep 2024 +10.4 pp | Dec 2024 −0.6 pp | Mar 2025 −1.3 pp | Jun 2025 −0.3 pp | Sep 2025 +2.0 pp | Dec 2025 +2.6 pp | Mar 2026 +1.0 pp | Jun 2026 —
- WEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.8 pp | Sep 2022 −2.1 pp | Dec 2022 +0.1 pp | Mar 2023 −2.0 pp | Jun 2023 +4.0 pp | Sep 2023 +3.9 pp | Dec 2023 +0.5 pp | Mar 2024 +7.1 pp | Jun 2024 −2.6 pp | Sep 2024 −3.5 pp | Dec 2024 +10.5 pp | Mar 2025 −0.5 pp | Jun 2025 −0.5 pp | Sep 2025 +0.8 pp | Dec 2025 −8.0 pp | Mar 2026 −1.3 pp | Jun 2026 —
- AEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.5 pp | Sep 2022 −3.5 pp | Dec 2022 +0.7 pp | Mar 2023 −0.6 pp | Jun 2023 +0.8 pp | Sep 2023 +3.8 pp | Dec 2023 +2.8 pp | Mar 2024 +3.4 pp | Jun 2024 +2.6 pp | Sep 2024 −2.8 pp | Dec 2024 −6.1 pp | Mar 2025 +0.1 pp | Jun 2025 −2.8 pp | Sep 2025 +3.6 pp | Dec 2025 +10.0 pp | Mar 2026 +3.9 pp | Jun 2026 —
- EIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.0 pp | Sep 2022 +1.6 pp | Dec 2022 +0.4 pp | Mar 2023 +9.1 pp | Jun 2023 +5.7 pp | Sep 2023 +11.3 pp | Dec 2023 +2.3 pp | Mar 2024 −9.6 pp | Jun 2024 +2.5 pp | Sep 2024 +8.6 pp | Dec 2024 −1.5 pp | Mar 2025 +50.0 pp | Jun 2025 −3.7 pp | Sep 2025 +5.8 pp | Dec 2025 +33.0 pp | Mar 2026 −29.8 pp | Jun 2026 —
- DTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.3 pp | Sep 2022 −0.5 pp | Dec 2022 +1.4 pp | Mar 2023 +5.1 pp | Jun 2023 +11.1 pp | Sep 2023 +8.2 pp | Dec 2023 +9.0 pp | Mar 2024 −1.3 pp | Jun 2024 +2.7 pp | Sep 2024 −0.8 pp | Dec 2024 −3.1 pp | Mar 2025 −1.9 pp | Jun 2025 −5.0 pp | Sep 2025 −0.2 pp | Dec 2025 −0.3 pp | Mar 2026 −6.1 pp | Jun 2026 —
- FTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.5 pp | Sep 2022 +0.1 pp | Dec 2022 −1.2 pp | Mar 2023 +1.2 pp | Jun 2023 +0.5 pp | Sep 2023 +2.9 pp | Dec 2023 +3.2 pp | Mar 2024 +3.1 pp | Jun 2024 +2.4 pp | Sep 2024 −0.8 pp | Dec 2024 +2.3 pp | Mar 2025 +0.4 pp | Jun 2025 +0.8 pp | Sep 2025 +0.2 pp | Dec 2025 −1.1 pp | Mar 2026 −0.4 pp | Jun 2026 —
- CNP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.1 pp | Sep 2022 +4.3 pp | Dec 2022 −1.4 pp | Mar 2023 +2.2 pp | Jun 2023 +2.2 pp | Sep 2023 +7.6 pp | Dec 2023 +1.6 pp | Mar 2024 +4.0 pp | Jun 2024 +4.2 pp | Sep 2024 −5.0 pp | Dec 2024 +6.7 pp | Mar 2025 −1.3 pp | Jun 2025 −3.0 pp | Sep 2025 +2.5 pp | Dec 2025 +0.2 pp | Mar 2026 −0.1 pp | Jun 2026 —
- FE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.0 pp | Sep 2022 −5.7 pp | Dec 2022 +4.2 pp | Mar 2023 −1.6 pp | Jun 2023 +0.1 pp | Sep 2023 +4.6 pp | Dec 2023 +5.5 pp | Mar 2024 +1.5 pp | Jun 2024 −3.1 pp | Sep 2024 +0.4 pp | Dec 2024 +1.2 pp | Mar 2025 +1.4 pp | Jun 2025 +6.2 pp | Sep 2025 +0.5 pp | Dec 2025 −19.9 pp | Mar 2026 −0.3 pp | Jun 2026 —
- ES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.6 pp | Sep 2022 −2.6 pp | Dec 2022 −1.9 pp | Mar 2023 +0.6 pp | Jun 2023 +3.6 pp | Sep 2023 +1.7 pp | Dec 2023 +3.5 pp | Mar 2024 +5.7 pp | Jun 2024 +2.5 pp | Sep 2024 +1.0 pp | Dec 2024 −9.0 pp | Mar 2025 −2.9 pp | Jun 2025 −0.4 pp | Sep 2025 +1.4 pp | Dec 2025 +9.4 pp | Mar 2026 +1.4 pp | Jun 2026 —
- PPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.7 pp | Sep 2022 −12.5 pp | Dec 2022 −6.0 pp | Mar 2023 −4.9 pp | Jun 2023 +2.4 pp | Sep 2023 +5.4 pp | Dec 2023 +4.5 pp | Mar 2024 +3.1 pp | Jun 2024 +4.0 pp | Sep 2024 −0.7 pp | Dec 2024 −2.1 pp | Mar 2025 +3.4 pp | Jun 2025 −0.7 pp | Sep 2025 +4.7 pp | Dec 2025 +3.8 pp | Mar 2026 −0.2 pp | Jun 2026 —
- CMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.8 pp | Sep 2022 −2.4 pp | Dec 2022 +1.9 pp | Mar 2023 −5.5 pp | Jun 2023 +3.3 pp | Sep 2023 +3.5 pp | Dec 2023 +8.9 pp | Mar 2024 +5.2 pp | Jun 2024 +1.9 pp | Sep 2024 +4.9 pp | Dec 2024 +0.6 pp | Mar 2025 +1.3 pp | Jun 2025 −0.4 pp | Sep 2025 +2.7 pp | Dec 2025 −1.9 pp | Mar 2026 −2.3 pp | Jun 2026 —
- EVRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.7 pp | Sep 2022 −6.9 pp | Dec 2022 −4.8 pp | Mar 2023 +0.8 pp | Jun 2023 +1.7 pp | Sep 2023 −1.2 pp | Dec 2023 +7.4 pp | Mar 2024 −2.0 pp | Jun 2024 −0.2 pp | Sep 2024 +5.5 pp | Dec 2024 +2.5 pp | Mar 2025 +1.7 pp | Jun 2025 −0.8 pp | Sep 2025 +1.8 pp | Dec 2025 +0.1 pp | Mar 2026 +0.9 pp | Jun 2026 —
- LNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.0 pp | Sep 2022 −1.0 pp | Dec 2022 +0.8 pp | Mar 2023 −2.6 pp | Jun 2023 +1.3 pp | Sep 2023 +2.7 pp | Dec 2023 +4.0 pp | Mar 2024 +0.9 pp | Jun 2024 −9.3 pp | Sep 2024 −0.9 pp | Dec 2024 +3.6 pp | Mar 2025 +1.3 pp | Jun 2025 +8.7 pp | Sep 2025 −0.2 pp | Dec 2025 −4.1 pp | Mar 2026 −1.8 pp | Jun 2026 —
- EMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.3 pp | Sep 2022 +23.1 pp | Dec 2022 +2.9 pp | Mar 2023 +8.0 pp | Jun 2023 +9.4 pp | Sep 2023 −2.9 pp | Dec 2023 −4.9 pp | Mar 2024 −15.0 pp | Jun 2024 +2.9 pp | Sep 2024 −3.6 pp | Dec 2024 −12.0 pp | Mar 2025 +12.9 pp | Jun 2025 +3.2 pp | Sep 2025 +10.8 pp | Dec 2025 +0.1 pp | Mar 2026 −1.1 pp | Jun 2026 —
- PNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.8 pp | Sep 2022 −4.4 pp | Dec 2022 −2.7 pp | Mar 2023 −1.6 pp | Jun 2023 −4.7 pp | Sep 2023 +3.1 pp | Dec 2023 +3.9 pp | Mar 2024 +1.6 pp | Jun 2024 +7.7 pp | Sep 2024 −0.6 pp | Dec 2024 +0.2 pp | Mar 2025 −1.5 pp | Jun 2025 −1.4 pp | Sep 2025 +1.1 pp | Dec 2025 +3.0 pp | Mar 2026 +5.9 pp | Jun 2026 —
- OGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.9 pp | Sep 2022 −7.9 pp | Dec 2022 −1.1 pp | Mar 2023 −0.4 pp | Jun 2023 +4.7 pp | Sep 2023 +10.0 pp | Dec 2023 +4.1 pp | Mar 2024 −1.3 pp | Jun 2024 +2.3 pp | Sep 2024 −2.6 pp | Dec 2024 +7.0 pp | Mar 2025 +5.4 pp | Jun 2025 −1.3 pp | Sep 2025 +0.3 pp | Dec 2025 −5.0 pp | Mar 2026 −2.8 pp | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +9.0 pp | Mar 2024 −3.5 pp | Jun 2024 +0.3 pp | Sep 2024 +12.1 pp | Dec 2024 −6.0 pp | Mar 2025 +4.3 pp | Jun 2025 +2.3 pp | Sep 2025 −5.8 pp | Dec 2025 +5.0 pp | Mar 2026 −2.1 pp | Jun 2026 —
- IDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.0 pp | Sep 2022 −3.0 pp | Dec 2022 −2.1 pp | Mar 2023 −1.7 pp | Jun 2023 −2.8 pp | Sep 2023 −0.1 pp | Dec 2023 −4.5 pp | Mar 2024 −4.9 pp | Jun 2024 +3.0 pp | Sep 2024 +0.6 pp | Dec 2024 +1.5 pp | Mar 2025 +1.7 pp | Jun 2025 −0.6 pp | Sep 2025 +2.3 pp | Dec 2025 +2.8 pp | Mar 2026 +7.4 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: NextEra Energy, Inc. leads with $6,555 million of TTM profit, 25.3% above Duke Energy Corporation. Eversource Energy shows ≥100% on the scoring scale (107.1% uncapped) growth from a $1,756 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: NextEra Energy, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: NextEra Energy, Inc. · $6,555 million | 25.3% versus #2 · Duke Energy Corporation | 5/8 recent comparable periods | 27/29 companies · 537 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. NextEra Energy, Inc. (NEE): ₹6.6K Cr
2. Duke Energy Corporation (DUK): ₹5.2K Cr
3. The Southern Company (SO): ₹4.4K Cr
4. American Electric Power Company, Inc. (AEP): ₹3.8K Cr
5. Edison International (EIX): ₹3.8K Cr

### Profit growth — fastest growers
1. Eversource Energy (ES): 100%
2. NextEra Energy, Inc. (NEE): 55%
3. American Electric Power Company, Inc. (AEP): 37%
4. Dominion Energy, Inc. (D): 37%
5. Entergy Corporation (ETR): 34%

### 20-quarter Net profit history
- NEE: Sep 2021 ₹304 Cr | Dec 2021 ₹953 Cr | Mar 2022 ₹-693 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹915 Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹873 Cr | Mar 2025 ₹464 Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- SO: Sep 2021 ₹1.1K Cr | Dec 2021 ₹-215 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹-87 Cr | Mar 2023 ₹862 Cr | Jun 2023 ₹838 Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹855 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹534 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹880 Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹416 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- DUK: Sep 2021 ₹1.3K Cr | Dec 2021 ₹657 Cr | Mar 2022 ₹835 Cr | Jun 2022 ₹898 Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹635 Cr | Mar 2023 ₹970 Cr | Jun 2023 ₹751 Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹931 Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- NGG: Sep 2021 ₹376 Cr | Dec 2021 — | Mar 2022 ₹1.8K Cr | Jun 2022 — | Sep 2022 ₹1.2K Cr | Dec 2022 — | Mar 2023 ₹1.5K Cr | Jun 2023 — | Sep 2023 ₹1.1K Cr | Dec 2023 — | Mar 2024 ₹1.2K Cr | Jun 2024 — | Sep 2024 ₹572 Cr | Dec 2024 — | Mar 2025 ₹2.3K Cr | Jun 2025 — | Sep 2025 ₹618 Cr | Dec 2025 — | Mar 2026 ₹2.6K Cr | Jun 2026 —
- AEP: Sep 2021 ₹797 Cr | Dec 2021 ₹539 Cr | Mar 2022 ₹718 Cr | Jun 2022 ₹521 Cr | Sep 2022 ₹683 Cr | Dec 2022 ₹383 Cr | Mar 2023 ₹400 Cr | Jun 2023 ₹516 Cr | Sep 2023 ₹958 Cr | Dec 2023 ₹338 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹343 Cr | Sep 2024 ₹962 Cr | Dec 2024 ₹666 Cr | Mar 2025 ₹802 Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹605 Cr | Mar 2026 ₹903 Cr | Jun 2026 —
- D: Sep 2021 ₹601 Cr | Dec 2021 ₹823 Cr | Mar 2022 ₹692 Cr | Jun 2022 ₹-452 Cr | Sep 2022 ₹626 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹700 Cr | Jun 2023 ₹415 Cr | Sep 2023 ₹698 Cr | Dec 2023 ₹274 Cr | Mar 2024 ₹323 Cr | Jun 2024 ₹466 Cr | Sep 2024 ₹949 Cr | Dec 2024 ₹178 Cr | Mar 2025 ₹712 Cr | Jun 2025 ₹813 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹526 Cr | Mar 2026 ₹786 Cr | Jun 2026 —
- ETR: Sep 2021 ₹536 Cr | Dec 2021 ₹245 Cr | Mar 2022 ₹280 Cr | Jun 2022 ₹164 Cr | Sep 2022 ₹556 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹312 Cr | Jun 2023 ₹392 Cr | Sep 2023 ₹670 Cr | Dec 2023 ₹988 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹646 Cr | Dec 2024 ₹287 Cr | Mar 2025 ₹362 Cr | Jun 2025 ₹472 Cr | Sep 2025 ₹698 Cr | Dec 2025 ₹241 Cr | Mar 2026 ₹391 Cr | Jun 2026 —
- XEL: Sep 2021 ₹609 Cr | Dec 2021 ₹315 Cr | Mar 2022 ₹380 Cr | Jun 2022 ₹328 Cr | Sep 2022 ₹649 Cr | Dec 2022 ₹379 Cr | Mar 2023 ₹418 Cr | Jun 2023 ₹288 Cr | Sep 2023 ₹656 Cr | Dec 2023 ₹409 Cr | Mar 2024 ₹488 Cr | Jun 2024 ₹302 Cr | Sep 2024 ₹682 Cr | Dec 2024 ₹464 Cr | Mar 2025 ₹483 Cr | Jun 2025 ₹444 Cr | Sep 2025 ₹524 Cr | Dec 2025 ₹567 Cr | Mar 2026 ₹556 Cr | Jun 2026 —
- EXC: Sep 2021 ₹457 Cr | Dec 2021 ₹309 Cr | Mar 2022 ₹481 Cr | Jun 2022 ₹465 Cr | Sep 2022 ₹676 Cr | Dec 2022 ₹432 Cr | Mar 2023 ₹669 Cr | Jun 2023 ₹343 Cr | Sep 2023 ₹700 Cr | Dec 2023 ₹617 Cr | Mar 2024 ₹658 Cr | Jun 2024 ₹448 Cr | Sep 2024 ₹707 Cr | Dec 2024 ₹647 Cr | Mar 2025 ₹908 Cr | Jun 2025 ₹391 Cr | Sep 2025 ₹875 Cr | Dec 2025 ₹594 Cr | Mar 2026 ₹919 Cr | Jun 2026 —
- ED: Sep 2021 ₹469 Cr | Dec 2021 ₹186 Cr | Mar 2022 ₹554 Cr | Jun 2022 ₹254 Cr | Sep 2022 ₹619 Cr | Dec 2022 ₹173 Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹226 Cr | Sep 2023 ₹526 Cr | Dec 2023 ₹334 Cr | Mar 2024 ₹720 Cr | Jun 2024 ₹202 Cr | Sep 2024 ₹588 Cr | Dec 2024 ₹310 Cr | Mar 2025 ₹791 Cr | Jun 2025 ₹246 Cr | Sep 2025 ₹688 Cr | Dec 2025 ₹297 Cr | Mar 2026 ₹924 Cr | Jun 2026 —
- PEG: Sep 2021 ₹-1.6K Cr | Dec 2021 ₹445 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹131 Cr | Sep 2022 ₹114 Cr | Dec 2022 ₹788 Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹591 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹687 Cr | Mar 2024 ₹532 Cr | Jun 2024 ₹434 Cr | Sep 2024 ₹520 Cr | Dec 2024 ₹286 Cr | Mar 2025 ₹589 Cr | Jun 2025 ₹585 Cr | Sep 2025 ₹622 Cr | Dec 2025 ₹315 Cr | Mar 2026 ₹741 Cr | Jun 2026 —
- PCG: Sep 2021 ₹-1.1K Cr | Dec 2021 ₹476 Cr | Mar 2022 ₹478 Cr | Jun 2022 ₹360 Cr | Sep 2022 ₹459 Cr | Dec 2022 ₹517 Cr | Mar 2023 ₹572 Cr | Jun 2023 ₹410 Cr | Sep 2023 ₹420 Cr | Dec 2023 ₹730 Cr | Mar 2024 ₹735 Cr | Jun 2024 ₹524 Cr | Sep 2024 ₹579 Cr | Dec 2024 ₹674 Cr | Mar 2025 ₹695 Cr | Jun 2025 ₹549 Cr | Sep 2025 ₹850 Cr | Dec 2025 ₹670 Cr | Mar 2026 ₹954 Cr | Jun 2026 —
- WEC: Sep 2021 ₹289 Cr | Dec 2021 ₹224 Cr | Mar 2022 ₹568 Cr | Jun 2022 ₹288 Cr | Sep 2022 ₹302 Cr | Dec 2022 ₹252 Cr | Mar 2023 ₹508 Cr | Jun 2023 ₹290 Cr | Sep 2023 ₹316 Cr | Dec 2023 ₹219 Cr | Mar 2024 ₹623 Cr | Jun 2024 ₹210 Cr | Sep 2024 ₹239 Cr | Dec 2024 ₹453 Cr | Mar 2025 ₹726 Cr | Jun 2025 ₹243 Cr | Sep 2025 ₹270 Cr | Dec 2025 ₹317 Cr | Mar 2026 ₹806 Cr | Jun 2026 —
- AEE: Sep 2021 ₹426 Cr | Dec 2021 ₹126 Cr | Mar 2022 ₹253 Cr | Jun 2022 ₹209 Cr | Sep 2022 ₹453 Cr | Dec 2022 ₹164 Cr | Mar 2023 ₹265 Cr | Jun 2023 ₹239 Cr | Sep 2023 ₹494 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹262 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹457 Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹290 Cr | Jun 2025 ₹277 Cr | Sep 2025 ₹641 Cr | Dec 2025 ₹253 Cr | Mar 2026 ₹358 Cr | Jun 2026 —
- EIX: Sep 2021 ₹-297 Cr | Dec 2021 ₹571 Cr | Mar 2022 ₹136 Cr | Jun 2022 ₹292 Cr | Sep 2022 ₹-74 Cr | Dec 2022 ₹470 Cr | Mar 2023 ₹365 Cr | Jun 2023 ₹409 Cr | Sep 2023 ₹212 Cr | Dec 2023 ₹421 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹509 Cr | Sep 2024 ₹577 Cr | Dec 2024 ₹408 Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹398 Cr | Sep 2025 ₹888 Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹570 Cr | Jun 2026 —
- DTE: Sep 2021 ₹25 Cr | Dec 2021 ₹306 Cr | Mar 2022 ₹394 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹387 Cr | Dec 2022 ₹265 Cr | Mar 2023 ₹445 Cr | Jun 2023 ₹201 Cr | Sep 2023 ₹332 Cr | Dec 2023 ₹419 Cr | Mar 2024 ₹313 Cr | Jun 2024 ₹322 Cr | Sep 2024 ₹477 Cr | Dec 2024 ₹292 Cr | Mar 2025 ₹445 Cr | Jun 2025 ₹229 Cr | Sep 2025 ₹419 Cr | Dec 2025 ₹369 Cr | Mar 2026 ₹247 Cr | Jun 2026 —
- FTS: Sep 2021 ₹342 Cr | Dec 2021 ₹371 Cr | Mar 2022 ₹393 Cr | Jun 2022 ₹330 Cr | Sep 2022 ₹371 Cr | Dec 2022 ₹420 Cr | Mar 2023 ₹484 Cr | Jun 2023 ₹346 Cr | Sep 2023 ₹445 Cr | Dec 2023 ₹435 Cr | Mar 2024 ₹512 Cr | Jun 2024 ₹387 Cr | Sep 2024 ₹478 Cr | Dec 2024 ₹451 Cr | Mar 2025 ₹558 Cr | Jun 2025 ₹444 Cr | Sep 2025 ₹474 Cr | Dec 2025 ₹485 Cr | Mar 2026 ₹562 Cr | Jun 2026 —
- CNP: Sep 2021 ₹345 Cr | Dec 2021 ₹679 Cr | Mar 2022 ₹518 Cr | Jun 2022 ₹179 Cr | Sep 2022 ₹189 Cr | Dec 2022 ₹122 Cr | Mar 2023 ₹313 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹256 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹350 Cr | Jun 2024 ₹228 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹248 Cr | Mar 2025 ₹297 Cr | Jun 2025 ₹198 Cr | Sep 2025 ₹293 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹316 Cr | Jun 2026 —
- FE: Sep 2021 ₹416 Cr | Dec 2021 ₹430 Cr | Mar 2022 ₹288 Cr | Jun 2022 ₹192 Cr | Sep 2022 ₹344 Cr | Dec 2022 ₹-385 Cr | Mar 2023 ₹310 Cr | Jun 2023 ₹254 Cr | Sep 2023 ₹441 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹267 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹466 Cr | Dec 2024 ₹296 Cr | Mar 2025 ₹414 Cr | Jun 2025 ₹318 Cr | Sep 2025 ₹532 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹466 Cr | Jun 2026 —
- ES: Sep 2021 ₹285 Cr | Dec 2021 ₹309 Cr | Mar 2022 ₹445 Cr | Jun 2022 ₹294 Cr | Sep 2022 ₹351 Cr | Dec 2022 ₹322 Cr | Mar 2023 ₹493 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹342 Cr | Dec 2023 ₹-1.3K Cr | Mar 2024 ₹524 Cr | Jun 2024 ₹337 Cr | Sep 2024 ₹-116 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹553 Cr | Jun 2025 ₹355 Cr | Sep 2025 ₹369 Cr | Dec 2025 ₹423 Cr | Mar 2026 ₹609 Cr | Jun 2026 —
- PPL: Sep 2021 ₹209 Cr | Dec 2021 ₹142 Cr | Mar 2022 ₹273 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹174 Cr | Dec 2022 ₹190 Cr | Mar 2023 ₹285 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹230 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹307 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹214 Cr | Dec 2024 ₹177 Cr | Mar 2025 ₹414 Cr | Jun 2025 ₹183 Cr | Sep 2025 ₹318 Cr | Dec 2025 ₹266 Cr | Mar 2026 ₹452 Cr | Jun 2026 —
- CMS: Sep 2021 ₹153 Cr | Dec 2021 ₹114 Cr | Mar 2022 ₹341 Cr | Jun 2022 ₹142 Cr | Sep 2022 ₹163 Cr | Dec 2022 ₹163 Cr | Mar 2023 ₹194 Cr | Jun 2023 ₹189 Cr | Sep 2023 ₹173 Cr | Dec 2023 ₹251 Cr | Mar 2024 ₹263 Cr | Jun 2024 ₹182 Cr | Sep 2024 ₹247 Cr | Dec 2024 ₹255 Cr | Mar 2025 ₹295 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹272 Cr | Dec 2025 ₹242 Cr | Mar 2026 ₹277 Cr | Jun 2026 —
- EVRG: Sep 2021 ₹451 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹124 Cr | Jun 2022 ₹196 Cr | Sep 2022 ₹429 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹144 Cr | Jun 2023 ₹180 Cr | Sep 2023 ₹353 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹208 Cr | Sep 2024 ₹467 Cr | Dec 2024 ₹79 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹173 Cr | Sep 2025 ₹476 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹152 Cr | Jun 2026 —
- LNT: Sep 2021 ₹259 Cr | Dec 2021 ₹95 Cr | Mar 2022 ₹192 Cr | Jun 2022 ₹159 Cr | Sep 2022 ₹227 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹163 Cr | Jun 2023 ₹160 Cr | Sep 2023 ₹259 Cr | Dec 2023 ₹121 Cr | Mar 2024 ₹158 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹295 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹213 Cr | Jun 2025 ₹174 Cr | Sep 2025 ₹281 Cr | Dec 2025 ₹142 Cr | Mar 2026 ₹224 Cr | Jun 2026 —
- EMA: Sep 2021 ₹-56 Cr | Dec 2021 ₹338 Cr | Mar 2022 ₹378 Cr | Jun 2022 ₹-52 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹499 Cr | Mar 2023 ₹576 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹307 Cr | Mar 2024 ₹225 Cr | Jun 2024 ₹147 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹601 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹248 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹582 Cr | Jun 2026 —
- PNW: Sep 2021 ₹344 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹169 Cr | Sep 2022 ₹331 Cr | Dec 2022 ₹-20 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹403 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹208 Cr | Sep 2024 ₹399 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹197 Cr | Sep 2025 ₹418 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- OGE: Sep 2021 ₹253 Cr | Dec 2021 ₹319 Cr | Mar 2022 ₹280 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹263 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹242 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹102 Cr | Sep 2024 ₹219 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹231 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹50 Cr | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹735 Cr | Mar 2023 ₹630 Cr | Jun 2023 ₹450 Cr | Sep 2023 ₹437 Cr | Dec 2023 ₹619 Cr | Mar 2024 ₹532 Cr | Jun 2024 ₹463 Cr | Sep 2024 ₹737 Cr | Dec 2024 ₹575 Cr | Mar 2025 ₹665 Cr | Jun 2025 ₹574 Cr | Sep 2025 ₹364 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹694 Cr | Jun 2026 —
- IDA: Sep 2021 ₹98 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹114 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹68 Cr | Jun 2026 —

### 20-quarter Profit growth history
- NEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,446% | Sep 2022 413% | Dec 2022 33% | Mar 2023 — | Jun 2023 130% | Sep 2023 -35% | Dec 2023 -28% | Mar 2024 8.5% | Jun 2024 -49% | Sep 2024 56% | Dec 2024 -4.6% | Mar 2025 -76% | Jun 2025 26% | Sep 2025 34% | Dec 2025 25% | Mar 2026 264% | Jun 2026 —
- SO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 198% | Sep 2022 34% | Dec 2022 — | Mar 2023 -16% | Jun 2023 -24% | Sep 2023 -3.4% | Dec 2023 — | Mar 2024 31% | Jun 2024 44% | Sep 2024 8.0% | Dec 2024 -38% | Mar 2025 18% | Jun 2025 -27% | Sep 2025 11% | Dec 2025 -22% | Mar 2026 1.7% | Jun 2026 —
- DUK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 11% | Dec 2022 -3.4% | Mar 2023 16% | Jun 2023 -16% | Sep 2023 4.5% | Dec 2023 79% | Mar 2024 19% | Jun 2024 24% | Sep 2024 -12% | Dec 2024 8.3% | Mar 2025 22% | Jun 2025 8.3% | Sep 2025 13% | Dec 2025 -2.0% | Mar 2026 11% | Jun 2026 —
- NGG: Sep 2021 -24% | Dec 2021 — | Mar 2022 123% | Jun 2022 — | Sep 2022 224% | Dec 2022 — | Mar 2023 -17% | Jun 2023 — | Sep 2023 -13% | Dec 2023 — | Mar 2024 -23% | Jun 2024 — | Sep 2024 -46% | Dec 2024 — | Mar 2025 96% | Jun 2025 — | Sep 2025 8.0% | Dec 2025 — | Mar 2026 16% | Jun 2026 —
- AEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.2% | Sep 2022 -14% | Dec 2022 -29% | Mar 2023 -44% | Jun 2023 -1.0% | Sep 2023 40% | Dec 2023 -12% | Mar 2024 152% | Jun 2024 -34% | Sep 2024 0.4% | Dec 2024 97% | Mar 2025 -20% | Jun 2025 276% | Sep 2025 4.0% | Dec 2025 -9.2% | Mar 2026 13% | Jun 2026 —
- D: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -268% | Sep 2022 4.2% | Dec 2022 -99% | Mar 2023 1.2% | Jun 2023 — | Sep 2023 12% | Dec 2023 3,325% | Mar 2024 -54% | Jun 2024 12% | Sep 2024 36% | Dec 2024 -35% | Mar 2025 120% | Jun 2025 74% | Sep 2025 8.3% | Dec 2025 196% | Mar 2026 10% | Jun 2026 —
- ETR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.7% | Dec 2022 -60% | Mar 2023 11% | Jun 2023 139% | Sep 2023 21% | Dec 2023 908% | Mar 2024 -75% | Jun 2024 -87% | Sep 2024 -3.6% | Dec 2024 -71% | Mar 2025 370% | Jun 2025 808% | Sep 2025 8.1% | Dec 2025 -16% | Mar 2026 8.0% | Jun 2026 —
- XEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.5% | Sep 2022 6.6% | Dec 2022 20% | Mar 2023 10% | Jun 2023 -12% | Sep 2023 1.1% | Dec 2023 7.9% | Mar 2024 17% | Jun 2024 4.9% | Sep 2024 4.0% | Dec 2024 13% | Mar 2025 -1.0% | Jun 2025 47% | Sep 2025 -23% | Dec 2025 22% | Mar 2026 15% | Jun 2026 —
- EXC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 48% | Dec 2022 40% | Mar 2023 39% | Jun 2023 -26% | Sep 2023 3.6% | Dec 2023 43% | Mar 2024 -1.6% | Jun 2024 31% | Sep 2024 1.0% | Dec 2024 4.9% | Mar 2025 38% | Jun 2025 -13% | Sep 2025 24% | Dec 2025 -8.2% | Mar 2026 1.2% | Jun 2026 —
- ED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 115% | Sep 2022 32% | Dec 2022 -7.0% | Mar 2023 158% | Jun 2023 -11% | Sep 2023 -15% | Dec 2023 93% | Mar 2024 -50% | Jun 2024 -11% | Sep 2024 12% | Dec 2024 -7.2% | Mar 2025 9.9% | Jun 2025 22% | Sep 2025 17% | Dec 2025 -4.2% | Mar 2026 17% | Jun 2026 —
- PEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 77% | Mar 2023 — | Jun 2023 351% | Sep 2023 22% | Dec 2023 -13% | Mar 2024 -59% | Jun 2024 -27% | Sep 2024 274% | Dec 2024 -58% | Mar 2025 11% | Jun 2025 35% | Sep 2025 20% | Dec 2025 10% | Mar 2026 26% | Jun 2026 —
- PCG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 — | Dec 2022 8.6% | Mar 2023 20% | Jun 2023 14% | Sep 2023 -8.5% | Dec 2023 41% | Mar 2024 29% | Jun 2024 28% | Sep 2024 38% | Dec 2024 -7.7% | Mar 2025 -5.4% | Jun 2025 4.8% | Sep 2025 47% | Dec 2025 -0.6% | Mar 2026 37% | Jun 2026 —
- WEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.4% | Sep 2022 4.5% | Dec 2022 13% | Mar 2023 -11% | Jun 2023 0.7% | Sep 2023 4.6% | Dec 2023 -13% | Mar 2024 23% | Jun 2024 -28% | Sep 2024 -24% | Dec 2024 107% | Mar 2025 17% | Jun 2025 16% | Sep 2025 13% | Dec 2025 -30% | Mar 2026 11% | Jun 2026 —
- AEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.5% | Sep 2022 6.3% | Dec 2022 30% | Mar 2023 4.7% | Jun 2023 14% | Sep 2023 9.1% | Dec 2023 -3.1% | Mar 2024 -1.1% | Jun 2024 8.8% | Sep 2024 -7.5% | Dec 2024 31% | Mar 2025 11% | Jun 2025 6.5% | Sep 2025 40% | Dec 2025 22% | Mar 2026 23% | Jun 2026 —
- EIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 — | Dec 2022 -18% | Mar 2023 168% | Jun 2023 40% | Sep 2023 — | Dec 2023 -10% | Mar 2024 -86% | Jun 2024 24% | Sep 2024 172% | Dec 2024 -3.1% | Mar 2025 2,769% | Jun 2025 -22% | Sep 2025 54% | Dec 2025 371% | Mar 2026 -62% | Jun 2026 —
- DTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -79% | Sep 2022 1,448% | Dec 2022 -13% | Mar 2023 13% | Jun 2023 443% | Sep 2023 -14% | Dec 2023 58% | Mar 2024 -30% | Jun 2024 60% | Sep 2024 44% | Dec 2024 -30% | Mar 2025 42% | Jun 2025 -29% | Sep 2025 -12% | Dec 2025 26% | Mar 2026 -44% | Jun 2026 —
- FTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 8.5% | Dec 2022 13% | Mar 2023 23% | Jun 2023 4.9% | Sep 2023 20% | Dec 2023 3.6% | Mar 2024 5.8% | Jun 2024 12% | Sep 2024 7.4% | Dec 2024 3.7% | Mar 2025 9.0% | Jun 2025 15% | Sep 2025 -0.8% | Dec 2025 7.5% | Mar 2026 0.7% | Jun 2026 —
- CNP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -57% | Sep 2022 -45% | Dec 2022 -82% | Mar 2023 -40% | Jun 2023 -41% | Sep 2023 35% | Dec 2023 57% | Mar 2024 12% | Jun 2024 115% | Sep 2024 -25% | Dec 2024 29% | Mar 2025 -15% | Jun 2025 -13% | Sep 2025 52% | Dec 2025 6.5% | Mar 2026 6.4% | Jun 2026 —
- FE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 231% | Sep 2022 -17% | Dec 2022 -190% | Mar 2023 7.6% | Jun 2023 32% | Sep 2023 28% | Dec 2023 — | Mar 2024 -14% | Jun 2024 -61% | Sep 2024 5.7% | Dec 2024 54% | Mar 2025 55% | Jun 2025 224% | Sep 2025 14% | Dec 2025 -98% | Mar 2026 13% | Jun 2026 —
- ES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 23% | Dec 2022 4.2% | Mar 2023 11% | Jun 2023 -94% | Sep 2023 -2.6% | Dec 2023 -500% | Mar 2024 6.3% | Jun 2024 1,882% | Sep 2024 -134% | Dec 2024 — | Mar 2025 5.5% | Jun 2025 5.3% | Sep 2025 — | Dec 2025 472% | Mar 2026 10% | Jun 2026 —
- PPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -17% | Dec 2022 34% | Mar 2023 4.4% | Jun 2023 -5.9% | Sep 2023 32% | Dec 2023 -41% | Mar 2024 7.7% | Jun 2024 70% | Sep 2024 -7.0% | Dec 2024 57% | Mar 2025 35% | Jun 2025 -3.7% | Sep 2025 49% | Dec 2025 50% | Mar 2026 9.2% | Jun 2026 —
- CMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.2% | Sep 2022 6.5% | Dec 2022 43% | Mar 2023 -43% | Jun 2023 33% | Sep 2023 6.1% | Dec 2023 54% | Mar 2024 36% | Jun 2024 -3.7% | Sep 2024 43% | Dec 2024 1.6% | Mar 2025 12% | Jun 2025 6.0% | Sep 2025 10% | Dec 2025 -5.1% | Mar 2026 -6.1% | Jun 2026 —
- EVRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.4% | Sep 2022 -4.9% | Dec 2022 -83% | Mar 2023 16% | Jun 2023 -8.2% | Sep 2023 -18% | Dec 2023 556% | Mar 2024 -14% | Jun 2024 16% | Sep 2024 32% | Dec 2024 34% | Mar 2025 2.4% | Jun 2025 -17% | Sep 2025 1.9% | Dec 2025 8.9% | Mar 2026 20% | Jun 2026 —
- LNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.9% | Sep 2022 -12% | Dec 2022 13% | Mar 2023 -15% | Jun 2023 0.6% | Sep 2023 14% | Dec 2023 13% | Mar 2024 -3.1% | Jun 2024 -46% | Sep 2024 14% | Dec 2024 24% | Mar 2025 35% | Jun 2025 100% | Sep 2025 -4.8% | Dec 2025 -5.3% | Mar 2026 5.2% | Jun 2026 —
- EMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 48% | Mar 2023 52% | Jun 2023 — | Sep 2023 -36% | Dec 2023 -38% | Mar 2024 -61% | Jun 2024 234% | Sep 2024 -81% | Dec 2024 -44% | Mar 2025 167% | Jun 2025 4.8% | Sep 2025 978% | Dec 2025 -50% | Mar 2026 -3.2% | Jun 2026 —
- PNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -23% | Sep 2022 -3.8% | Dec 2022 -163% | Mar 2023 -95% | Jun 2023 -34% | Sep 2023 22% | Dec 2023 — | Mar 2024 2,000% | Jun 2024 87% | Sep 2024 -1.0% | Dec 2024 -175% | Mar 2025 -100% | Jun 2025 -5.3% | Sep 2025 4.8% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -35% | Sep 2022 4.0% | Dec 2022 -84% | Mar 2023 -86% | Jun 2023 21% | Sep 2023 -8.0% | Dec 2023 -4.0% | Mar 2024 -50% | Jun 2024 16% | Sep 2024 -9.5% | Dec 2024 113% | Mar 2025 232% | Jun 2025 5.9% | Sep 2025 5.5% | Dec 2025 -32% | Mar 2026 -21% | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -16% | Mar 2024 -16% | Jun 2024 2.9% | Sep 2024 69% | Dec 2024 -7.1% | Mar 2025 25% | Jun 2025 24% | Sep 2025 -51% | Dec 2025 86% | Mar 2026 4.4% | Jun 2026 —
- IDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.1% | Sep 2022 9.2% | Dec 2022 27% | Mar 2023 22% | Jun 2023 6.2% | Sep 2023 -0.9% | Dec 2023 -26% | Mar 2024 -14% | Jun 2024 30% | Sep 2024 7.6% | Dec 2024 23% | Mar 2025 25% | Jun 2025 6.7% | Sep 2025 9.7% | Dec 2025 16% | Mar 2026 13% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: National Grid plc reports $5,545 million of CAPEX; IDACORP, Inc. has the highest covered intensity at 92.3%. Coverage is only 29 of 29 companies and 536 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: National Grid plc · $5,545 million | 35.6% versus #2 · Duke Energy Corporation | 8/8 recent comparable periods | 29/29 companies · 536 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. National Grid plc (NGG): ₹5.5K Cr
2. Duke Energy Corporation (DUK): ₹4.1K Cr
3. NextEra Energy, Inc. (NEE): ₹3.1K Cr
4. Dominion Energy, Inc. (D): ₹3.0K Cr
5. Xcel Energy Inc. (XEL): ₹3.0K Cr

### CAPEX intensity — highest reinvestment intensity
1. IDACORP, Inc. (IDA): 92%
2. Xcel Energy Inc. (XEL): 75%
3. Ameren Corporation (AEE): 72%
4. Entergy Corporation (ETR): 71%
5. Dominion Energy, Inc. (D): 60%

### 20-quarter CAPEX history
- NEE: Sep 2021 ₹1.7K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- SO: Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- DUK: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- NGG: Sep 2021 ₹2.3K Cr | Dec 2021 — | Mar 2022 ₹2.8K Cr | Jun 2022 — | Sep 2022 ₹3.3K Cr | Dec 2022 — | Mar 2023 ₹3.1K Cr | Jun 2023 — | Sep 2023 ₹3.2K Cr | Dec 2023 — | Mar 2024 ₹3.7K Cr | Jun 2024 — | Sep 2024 ₹4.0K Cr | Dec 2024 — | Mar 2025 ₹4.8K Cr | Jun 2025 — | Sep 2025 ₹4.4K Cr | Dec 2025 — | Mar 2026 ₹5.5K Cr | Jun 2026 —
- AEP: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- D: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- ETR: Sep 2021 ₹1.0K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- XEL: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹942 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- EXC: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- ED: Sep 2021 ₹975 Cr | Dec 2021 ₹967 Cr | Mar 2022 ₹862 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- PEG: Sep 2021 ₹743 Cr | Dec 2021 ₹673 Cr | Mar 2022 ₹686 Cr | Jun 2022 ₹605 Cr | Sep 2022 ₹797 Cr | Dec 2022 ₹800 Cr | Mar 2023 ₹739 Cr | Jun 2023 ₹705 Cr | Sep 2023 ₹916 Cr | Dec 2023 ₹965 Cr | Mar 2024 ₹797 Cr | Jun 2024 ₹837 Cr | Sep 2024 ₹768 Cr | Dec 2024 ₹978 Cr | Mar 2025 ₹628 Cr | Jun 2025 ₹787 Cr | Sep 2025 ₹728 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹693 Cr | Jun 2026 —
- PCG: Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 — | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 ₹3.0K Cr
- WEC: Sep 2021 ₹618 Cr | Dec 2021 ₹625 Cr | Mar 2022 ₹384 Cr | Jun 2022 ₹645 Cr | Sep 2022 ₹672 Cr | Dec 2022 ₹614 Cr | Mar 2023 ₹499 Cr | Jun 2023 ₹574 Cr | Sep 2023 ₹656 Cr | Dec 2023 ₹763 Cr | Mar 2024 ₹445 Cr | Jun 2024 ₹694 Cr | Sep 2024 ₹796 Cr | Dec 2024 ₹846 Cr | Mar 2025 ₹701 Cr | Jun 2025 ₹829 Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹818 Cr | Jun 2026 —
- AEE: Sep 2021 ₹850 Cr | Dec 2021 ₹866 Cr | Mar 2022 ₹774 Cr | Jun 2022 ₹764 Cr | Sep 2022 ₹899 Cr | Dec 2022 ₹914 Cr | Mar 2023 ₹931 Cr | Jun 2023 ₹891 Cr | Sep 2023 ₹749 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹890 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹988 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- EIX: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- DTE: Sep 2021 ₹826 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹764 Cr | Jun 2022 ₹767 Cr | Sep 2022 ₹866 Cr | Dec 2022 ₹981 Cr | Mar 2023 ₹937 Cr | Jun 2023 ₹939 Cr | Sep 2023 ₹937 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹873 Cr | Jun 2025 ₹971 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- FTS: Sep 2021 ₹777 Cr | Dec 2021 ₹897 Cr | Mar 2022 ₹866 Cr | Jun 2022 ₹827 Cr | Sep 2022 ₹907 Cr | Dec 2022 ₹987 Cr | Mar 2023 ₹907 Cr | Jun 2023 ₹938 Cr | Sep 2023 ₹952 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- CNP: Sep 2021 ₹765 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹846 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹845 Cr | Jun 2024 ₹812 Cr | Sep 2024 ₹844 Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- FE: Sep 2021 ₹542 Cr | Dec 2021 ₹719 Cr | Mar 2022 ₹539 Cr | Jun 2022 ₹647 Cr | Sep 2022 ₹666 Cr | Dec 2022 ₹996 Cr | Mar 2023 ₹649 Cr | Jun 2023 ₹769 Cr | Sep 2023 ₹848 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹790 Cr | Jun 2024 ₹942 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- ES: Sep 2021 ₹788 Cr | Dec 2021 ₹964 Cr | Mar 2022 ₹765 Cr | Jun 2022 ₹784 Cr | Sep 2022 ₹804 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹977 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹983 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- PPL: Sep 2021 ₹491 Cr | Dec 2021 ₹513 Cr | Mar 2022 ₹427 Cr | Jun 2022 ₹582 Cr | Sep 2022 ₹506 Cr | Dec 2022 ₹640 Cr | Mar 2023 ₹499 Cr | Jun 2023 ₹591 Cr | Sep 2023 ₹651 Cr | Dec 2023 ₹649 Cr | Mar 2024 ₹596 Cr | Jun 2024 ₹670 Cr | Sep 2024 ₹679 Cr | Dec 2024 ₹860 Cr | Mar 2025 ₹793 Cr | Jun 2025 ₹930 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- CMS: Sep 2021 ₹564 Cr | Dec 2021 ₹634 Cr | Mar 2022 ₹520 Cr | Jun 2022 ₹568 Cr | Sep 2022 ₹650 Cr | Dec 2022 ₹636 Cr | Mar 2023 ₹617 Cr | Jun 2023 ₹570 Cr | Sep 2023 ₹612 Cr | Dec 2023 ₹608 Cr | Mar 2024 ₹613 Cr | Jun 2024 ₹681 Cr | Sep 2024 ₹806 Cr | Dec 2024 ₹918 Cr | Mar 2025 ₹888 Cr | Jun 2025 ₹884 Cr | Sep 2025 ₹978 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- EVRG: Sep 2021 ₹504 Cr | Dec 2021 ₹578 Cr | Mar 2022 ₹525 Cr | Jun 2022 ₹592 Cr | Sep 2022 ₹498 Cr | Dec 2022 ₹552 Cr | Mar 2023 ₹528 Cr | Jun 2023 ₹577 Cr | Sep 2023 ₹554 Cr | Dec 2023 ₹676 Cr | Mar 2024 ₹619 Cr | Jun 2024 ₹678 Cr | Sep 2024 ₹526 Cr | Dec 2024 ₹514 Cr | Mar 2025 ₹593 Cr | Jun 2025 ₹627 Cr | Sep 2025 ₹712 Cr | Dec 2025 ₹865 Cr | Mar 2026 ₹852 Cr | Jun 2026 —
- LNT: Sep 2021 ₹374 Cr | Dec 2021 ₹337 Cr | Mar 2022 ₹330 Cr | Jun 2022 ₹263 Cr | Sep 2022 ₹349 Cr | Dec 2022 ₹542 Cr | Mar 2023 ₹451 Cr | Jun 2023 ₹369 Cr | Sep 2023 ₹473 Cr | Dec 2023 ₹561 Cr | Mar 2024 ₹510 Cr | Jun 2024 ₹450 Cr | Sep 2024 ₹474 Cr | Dec 2024 ₹815 Cr | Mar 2025 ₹582 Cr | Jun 2025 ₹483 Cr | Sep 2025 ₹583 Cr | Dec 2025 ₹835 Cr | Mar 2026 ₹414 Cr | Jun 2026 —
- EMA: Sep 2021 ₹597 Cr | Dec 2021 ₹763 Cr | Mar 2022 ₹521 Cr | Jun 2022 ₹520 Cr | Sep 2022 ₹663 Cr | Dec 2022 ₹892 Cr | Mar 2023 ₹637 Cr | Jun 2023 ₹714 Cr | Sep 2023 ₹712 Cr | Dec 2023 ₹874 Cr | Mar 2024 ₹601 Cr | Jun 2024 ₹746 Cr | Sep 2024 ₹876 Cr | Dec 2024 ₹928 Cr | Mar 2025 ₹724 Cr | Jun 2025 ₹996 Cr | Sep 2025 ₹846 Cr | Dec 2025 ₹966 Cr | Mar 2026 ₹879 Cr | Jun 2026 —
- PNW: Sep 2021 ₹325 Cr | Dec 2021 ₹467 Cr | Mar 2022 ₹392 Cr | Jun 2022 ₹452 Cr | Sep 2022 ₹434 Cr | Dec 2022 ₹431 Cr | Mar 2023 ₹445 Cr | Jun 2023 ₹473 Cr | Sep 2023 ₹396 Cr | Dec 2023 ₹532 Cr | Mar 2024 ₹518 Cr | Jun 2024 ₹534 Cr | Sep 2024 ₹666 Cr | Dec 2024 ₹532 Cr | Mar 2025 ₹623 Cr | Jun 2025 ₹710 Cr | Sep 2025 ₹623 Cr | Dec 2025 ₹670 Cr | Mar 2026 ₹628 Cr | Jun 2026 —
- OGE: Sep 2021 ₹187 Cr | Dec 2021 ₹238 Cr | Mar 2022 ₹220 Cr | Jun 2022 ₹231 Cr | Sep 2022 ₹240 Cr | Dec 2022 ₹360 Cr | Mar 2023 ₹312 Cr | Jun 2023 ₹320 Cr | Sep 2023 ₹323 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹244 Cr | Jun 2024 ₹346 Cr | Sep 2024 ₹262 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹264 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹248 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹283 Cr | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹539 Cr | Jun 2023 ₹527 Cr | Sep 2023 ₹505 Cr | Dec 2023 ₹607 Cr | Mar 2024 ₹561 Cr | Jun 2024 ₹630 Cr | Sep 2024 ₹545 Cr | Dec 2024 ₹578 Cr | Mar 2025 ₹566 Cr | Jun 2025 ₹862 Cr | Sep 2025 ₹891 Cr | Dec 2025 ₹747 Cr | Mar 2026 ₹571 Cr | Jun 2026 —
- IDA: Sep 2021 ₹69 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹103 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹127 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹156 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹184 Cr | Mar 2024 ₹260 Cr | Jun 2024 ₹346 Cr | Sep 2024 ₹218 Cr | Dec 2024 ₹185 Cr | Mar 2025 ₹201 Cr | Jun 2025 ₹333 Cr | Sep 2025 ₹291 Cr | Dec 2025 ₹354 Cr | Mar 2026 ₹372 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- NEE: Sep 2021 40% | Dec 2021 51% | Mar 2022 79% | Jun 2022 42% | Sep 2022 30% | Dec 2022 49% | Mar 2023 34% | Jun 2023 33% | Sep 2023 37% | Dec 2023 30% | Mar 2024 41% | Jun 2024 34% | Sep 2024 26% | Dec 2024 33% | Mar 2025 38% | Jun 2025 29% | Sep 2025 31% | Dec 2025 31% | Mar 2026 46% | Jun 2026 —
- SO: Sep 2021 30% | Dec 2021 35% | Mar 2022 21% | Jun 2022 25% | Sep 2022 27% | Dec 2022 34% | Mar 2023 29% | Jun 2023 36% | Sep 2023 38% | Dec 2023 42% | Mar 2024 27% | Jun 2024 33% | Sep 2024 32% | Dec 2024 43% | Mar 2025 31% | Jun 2025 40% | Sep 2025 41% | Dec 2025 61% | Mar 2026 35% | Jun 2026 —
- DUK: Sep 2021 35% | Dec 2021 46% | Mar 2022 36% | Jun 2022 39% | Sep 2022 39% | Dec 2022 44% | Mar 2023 43% | Jun 2023 47% | Sep 2023 38% | Dec 2023 46% | Mar 2024 42% | Jun 2024 42% | Sep 2024 37% | Dec 2024 42% | Mar 2025 38% | Jun 2025 44% | Sep 2025 40% | Dec 2025 52% | Mar 2026 45% | Jun 2026 —
- NGG: Sep 2021 33% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 35% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 38% | Dec 2023 — | Mar 2024 33% | Jun 2024 — | Sep 2024 50% | Dec 2024 — | Mar 2025 46% | Jun 2025 — | Sep 2025 63% | Dec 2025 — | Mar 2026 52% | Jun 2026 —
- AEP: Sep 2021 28% | Dec 2021 40% | Mar 2022 37% | Jun 2022 32% | Sep 2022 30% | Dec 2022 40% | Mar 2023 45% | Jun 2023 47% | Sep 2023 32% | Dec 2023 37% | Mar 2024 36% | Jun 2024 35% | Sep 2024 35% | Dec 2024 53% | Mar 2025 39% | Jun 2025 38% | Sep 2025 34% | Dec 2025 47% | Mar 2026 47% | Jun 2026 —
- D: Sep 2021 47% | Dec 2021 47% | Mar 2022 38% | Jun 2022 44% | Sep 2022 51% | Dec 2022 62% | Mar 2023 57% | Jun 2023 83% | Sep 2023 61% | Dec 2023 86% | Mar 2024 76% | Jun 2024 85% | Sep 2024 76% | Dec 2024 102% | Mar 2025 79% | Jun 2025 79% | Sep 2025 67% | Dec 2025 83% | Mar 2026 60% | Jun 2026 —
- ETR: Sep 2021 31% | Dec 2021 84% | Mar 2022 52% | Jun 2022 36% | Sep 2022 27% | Dec 2022 37% | Mar 2023 39% | Jun 2023 41% | Sep 2023 30% | Dec 2023 39% | Mar 2024 41% | Jun 2024 39% | Sep 2024 45% | Dec 2024 68% | Mar 2025 58% | Jun 2025 60% | Sep 2025 50% | Dec 2025 72% | Mar 2026 71% | Jun 2026 —
- XEL: Sep 2021 31% | Dec 2021 36% | Mar 2022 25% | Jun 2022 32% | Sep 2022 32% | Dec 2022 32% | Mar 2023 31% | Jun 2023 44% | Sep 2023 45% | Dec 2023 47% | Mar 2024 42% | Jun 2024 61% | Sep 2024 49% | Dec 2024 71% | Mar 2025 51% | Jun 2025 74% | Sep 2025 78% | Dec 2025 97% | Mar 2026 75% | Jun 2026 —
- EXC: Sep 2021 40% | Dec 2021 46% | Mar 2022 36% | Jun 2022 37% | Sep 2022 35% | Dec 2022 42% | Mar 2023 34% | Jun 2023 37% | Sep 2023 31% | Dec 2023 35% | Mar 2024 29% | Jun 2024 32% | Sep 2024 28% | Dec 2024 35% | Mar 2025 29% | Jun 2025 37% | Sep 2025 32% | Dec 2025 45% | Mar 2026 33% | Jun 2026 —
- ED: Sep 2021 27% | Dec 2021 28% | Mar 2022 21% | Jun 2022 31% | Sep 2022 27% | Dec 2022 28% | Mar 2023 27% | Jun 2023 36% | Sep 2023 26% | Dec 2023 37% | Mar 2024 29% | Jun 2024 36% | Sep 2024 28% | Dec 2024 34% | Mar 2025 24% | Jun 2025 35% | Sep 2025 23% | Dec 2025 33% | Mar 2026 23% | Jun 2026 —
- PEG: Sep 2021 39% | Dec 2021 22% | Mar 2022 30% | Jun 2022 29% | Sep 2022 35% | Dec 2022 26% | Mar 2023 20% | Jun 2023 29% | Sep 2023 37% | Dec 2023 37% | Mar 2024 29% | Jun 2024 35% | Sep 2024 29% | Dec 2024 40% | Mar 2025 20% | Jun 2025 28% | Sep 2025 23% | Dec 2025 39% | Mar 2026 18% | Jun 2026 —
- PCG: Sep 2021 34% | Dec 2021 42% | Mar 2022 40% | Jun 2022 44% | Sep 2022 53% | Dec 2022 41% | Mar 2023 37% | Jun 2023 45% | Sep 2023 41% | Dec 2023 37% | Mar 2024 45% | Jun 2024 38% | Sep 2024 44% | Dec 2024 43% | Mar 2025 44% | Jun 2025 52% | Sep 2025 — | Dec 2025 46% | Mar 2026 49% | Jun 2026 —
- WEC: Sep 2021 35% | Dec 2021 28% | Mar 2022 13% | Jun 2022 30% | Sep 2022 34% | Dec 2022 24% | Mar 2023 17% | Jun 2023 31% | Sep 2023 34% | Dec 2023 34% | Mar 2024 17% | Jun 2024 39% | Sep 2024 43% | Dec 2024 37% | Mar 2025 22% | Jun 2025 41% | Sep 2025 74% | Dec 2025 51% | Mar 2026 24% | Jun 2026 —
- AEE: Sep 2021 47% | Dec 2021 56% | Mar 2022 41% | Jun 2022 44% | Sep 2022 39% | Dec 2022 45% | Mar 2023 45% | Jun 2023 51% | Sep 2023 36% | Dec 2023 63% | Mar 2024 49% | Jun 2024 59% | Sep 2024 52% | Dec 2024 67% | Mar 2025 51% | Jun 2025 48% | Sep 2025 37% | Dec 2025 57% | Mar 2026 72% | Jun 2026 —
- EIX: Sep 2021 26% | Dec 2021 47% | Mar 2022 30% | Jun 2022 38% | Sep 2022 29% | Dec 2022 39% | Mar 2023 33% | Jun 2023 35% | Sep 2023 27% | Dec 2023 39% | Mar 2024 31% | Jun 2024 33% | Sep 2024 29% | Dec 2024 38% | Mar 2025 37% | Jun 2025 38% | Sep 2025 26% | Dec 2025 36% | Mar 2026 38% | Jun 2026 —
- DTE: Sep 2021 22% | Dec 2021 23% | Mar 2022 17% | Jun 2022 16% | Sep 2022 17% | Dec 2022 22% | Mar 2023 25% | Jun 2023 35% | Sep 2023 32% | Dec 2023 33% | Mar 2024 32% | Jun 2024 36% | Sep 2024 39% | Dec 2024 36% | Mar 2025 20% | Jun 2025 28% | Sep 2025 35% | Dec 2025 31% | Mar 2026 24% | Jun 2026 —
- FTS: Sep 2021 35% | Dec 2021 35% | Mar 2022 31% | Jun 2022 33% | Sep 2022 36% | Dec 2022 31% | Mar 2023 27% | Jun 2023 36% | Sep 2023 35% | Dec 2023 41% | Mar 2024 34% | Jun 2024 40% | Sep 2024 45% | Dec 2024 55% | Mar 2025 44% | Jun 2025 53% | Sep 2025 46% | Dec 2025 53% | Mar 2026 44% | Jun 2026 —
- CNP: Sep 2021 44% | Dec 2021 44% | Mar 2022 31% | Jun 2022 53% | Sep 2022 63% | Dec 2022 49% | Mar 2023 40% | Jun 2023 61% | Sep 2023 57% | Dec 2023 49% | Mar 2024 32% | Jun 2024 43% | Sep 2024 46% | Dec 2024 89% | Mar 2025 48% | Jun 2025 58% | Sep 2025 62% | Dec 2025 59% | Mar 2026 40% | Jun 2026 —
- FE: Sep 2021 17% | Dec 2021 27% | Mar 2022 18% | Jun 2022 23% | Sep 2022 19% | Dec 2022 31% | Mar 2023 20% | Jun 2023 26% | Sep 2023 24% | Dec 2023 35% | Mar 2024 24% | Jun 2024 29% | Sep 2024 27% | Dec 2024 41% | Mar 2025 27% | Jun 2025 36% | Sep 2025 32% | Dec 2025 31% | Mar 2026 30% | Jun 2026 —
- ES: Sep 2021 32% | Dec 2021 39% | Mar 2022 22% | Jun 2022 31% | Sep 2022 25% | Dec 2022 36% | Mar 2023 26% | Jun 2023 40% | Sep 2023 39% | Dec 2023 45% | Mar 2024 35% | Jun 2024 42% | Sep 2024 35% | Dec 2024 40% | Mar 2025 25% | Jun 2025 37% | Sep 2025 35% | Dec 2025 29% | Mar 2026 22% | Jun 2026 —
- PPL: Sep 2021 33% | Dec 2021 35% | Mar 2022 24% | Jun 2022 34% | Sep 2022 24% | Dec 2022 28% | Mar 2023 21% | Jun 2023 32% | Sep 2023 32% | Dec 2023 32% | Mar 2024 26% | Jun 2024 36% | Sep 2024 33% | Dec 2024 39% | Mar 2025 32% | Jun 2025 46% | Sep 2025 51% | Dec 2025 51% | Mar 2026 38% | Jun 2026 —
- CMS: Sep 2021 33% | Dec 2021 31% | Mar 2022 22% | Jun 2022 30% | Sep 2022 32% | Dec 2022 28% | Mar 2023 27% | Jun 2023 37% | Sep 2023 37% | Dec 2023 31% | Mar 2024 28% | Jun 2024 42% | Sep 2024 46% | Dec 2024 46% | Mar 2025 36% | Jun 2025 48% | Sep 2025 48% | Dec 2025 48% | Mar 2026 38% | Jun 2026 —
- EVRG: Sep 2021 31% | Dec 2021 52% | Mar 2022 43% | Jun 2022 41% | Sep 2022 26% | Dec 2022 43% | Mar 2023 41% | Jun 2023 43% | Sep 2023 33% | Dec 2023 57% | Mar 2024 47% | Jun 2024 47% | Sep 2024 29% | Dec 2024 41% | Mar 2025 43% | Jun 2025 44% | Sep 2025 39% | Dec 2025 65% | Mar 2026 59% | Jun 2026 —
- LNT: Sep 2021 37% | Dec 2021 36% | Mar 2022 31% | Jun 2022 28% | Sep 2022 31% | Dec 2022 51% | Mar 2023 42% | Jun 2023 41% | Sep 2023 44% | Dec 2023 58% | Mar 2024 50% | Jun 2024 50% | Sep 2024 44% | Dec 2024 84% | Mar 2025 52% | Jun 2025 50% | Sep 2025 48% | Dec 2025 79% | Mar 2026 35% | Jun 2026 —
- EMA: Sep 2021 52% | Dec 2021 41% | Mar 2022 26% | Jun 2022 38% | Sep 2022 36% | Dec 2022 38% | Mar 2023 26% | Jun 2023 50% | Sep 2023 41% | Dec 2023 44% | Mar 2024 30% | Jun 2024 46% | Sep 2024 49% | Dec 2024 53% | Mar 2025 27% | Jun 2025 50% | Sep 2025 40% | Dec 2025 48% | Mar 2026 31% | Jun 2026 —
- PNW: Sep 2021 25% | Dec 2021 58% | Mar 2022 50% | Jun 2022 43% | Sep 2022 30% | Dec 2022 43% | Mar 2023 47% | Jun 2023 42% | Sep 2023 24% | Dec 2023 54% | Mar 2024 54% | Jun 2024 41% | Sep 2024 38% | Dec 2024 49% | Mar 2025 60% | Jun 2025 52% | Sep 2025 34% | Dec 2025 59% | Mar 2026 55% | Jun 2026 —
- OGE: Sep 2021 22% | Dec 2021 41% | Mar 2022 37% | Jun 2022 29% | Sep 2022 19% | Dec 2022 51% | Mar 2023 56% | Jun 2023 53% | Sep 2023 34% | Dec 2023 3.4% | Mar 2024 41% | Jun 2024 52% | Sep 2024 27% | Dec 2024 1.7% | Mar 2025 35% | Jun 2025 3.0% | Sep 2025 24% | Dec 2025 2.5% | Mar 2026 38% | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 10% | Jun 2023 10% | Sep 2023 9.1% | Dec 2023 11% | Mar 2024 10% | Jun 2024 12% | Sep 2024 9.5% | Dec 2024 9.6% | Mar 2025 9.6% | Jun 2025 14% | Sep 2025 13% | Dec 2025 10% | Mar 2026 8.1% | Jun 2026 —
- IDA: Sep 2021 15% | Dec 2021 31% | Mar 2022 30% | Jun 2022 26% | Sep 2022 21% | Dec 2022 30% | Mar 2023 27% | Jun 2023 38% | Sep 2023 30% | Dec 2023 45% | Mar 2024 58% | Jun 2024 77% | Sep 2024 41% | Dec 2024 47% | Mar 2025 47% | Jun 2025 74% | Sep 2025 56% | Dec 2025 87% | Mar 2026 92% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Companhia Paranaense de Energia - COPEL has the clearest covered balance-sheet capacity with $598 million and gross debt of $5,774 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: IDACORP, Inc. · $4,009 million | 30.6% versus #2 · Companhia Paranaense de Energia - COPEL | 0/8 recent comparable periods | 28/29 companies · 527 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. IDACORP, Inc. (IDA): ₹4.0K Cr
2. Companhia Paranaense de Energia - COPEL (ELPC): ₹5.8K Cr
3. OGE Energy Corp. (OGE): ₹5.9K Cr
4. Alliant Energy Corporation (LNT): ₹11.8K Cr
5. Pinnacle West Capital Corporation (PNW): ₹15.0K Cr

### Net debt — lowest net debt
1. Companhia Paranaense de Energia - COPEL (ELPC): ₹598 Cr
2. IDACORP, Inc. (IDA): ₹3.7K Cr
3. OGE Energy Corp. (OGE): ₹5.9K Cr
4. Alliant Energy Corporation (LNT): ₹11.7K Cr
5. Pinnacle West Capital Corporation (PNW): ₹15.0K Cr

### 20-quarter Gross debt history
- NEE: Sep 2021 ₹55.3K Cr | Dec 2021 ₹54.8K Cr | Mar 2022 ₹59.7K Cr | Jun 2022 ₹63.6K Cr | Sep 2022 ₹64.8K Cr | Dec 2022 ₹65.0K Cr | Mar 2023 ₹70.6K Cr | Jun 2023 ₹72.2K Cr | Sep 2023 ₹73.3K Cr | Dec 2023 ₹73.2K Cr | Mar 2024 ₹79.9K Cr | Jun 2024 ₹82.6K Cr | Sep 2024 ₹82.8K Cr | Dec 2024 ₹82.3K Cr | Mar 2025 ₹89.7K Cr | Jun 2025 ₹93.2K Cr | Sep 2025 ₹93.1K Cr | Dec 2025 ₹95.6K Cr | Mar 2026 ₹1.0 L Cr | Jun 2026 —
- SO: Sep 2021 ₹54.6K Cr | Dec 2021 ₹55.5K Cr | Mar 2022 ₹55.9K Cr | Jun 2022 ₹56.5K Cr | Sep 2022 ₹56.7K Cr | Dec 2022 ₹59.1K Cr | Mar 2023 ₹60.6K Cr | Jun 2023 ₹62.4K Cr | Sep 2023 ₹62.3K Cr | Dec 2023 ₹63.5K Cr | Mar 2024 ₹65.2K Cr | Jun 2024 ₹65.5K Cr | Sep 2024 ₹65.1K Cr | Dec 2024 ₹66.3K Cr | Mar 2025 ₹70.1K Cr | Jun 2025 ₹70.8K Cr | Sep 2025 ₹73.7K Cr | Dec 2025 ₹74.1K Cr | Mar 2026 ₹76.0K Cr | Jun 2026 —
- DUK: Sep 2021 ₹66.0K Cr | Dec 2021 ₹68.1K Cr | Mar 2022 ₹70.4K Cr | Jun 2022 ₹71.2K Cr | Sep 2022 ₹73.9K Cr | Dec 2022 ₹74.6K Cr | Mar 2023 ₹77.0K Cr | Jun 2023 ₹78.6K Cr | Sep 2023 ₹79.4K Cr | Dec 2023 ₹80.5K Cr | Mar 2024 ₹82.3K Cr | Jun 2024 ₹83.4K Cr | Sep 2024 ₹85.0K Cr | Dec 2024 ₹85.2K Cr | Mar 2025 ₹87.5K Cr | Jun 2025 ₹88.5K Cr | Sep 2025 ₹89.6K Cr | Dec 2025 ₹90.9K Cr | Mar 2026 ₹91.2K Cr | Jun 2026 —
- AEP: Sep 2021 ₹37.9K Cr | Dec 2021 ₹36.7K Cr | Mar 2022 ₹37.9K Cr | Jun 2022 ₹38.2K Cr | Sep 2022 ₹38.4K Cr | Dec 2022 ₹41.6K Cr | Mar 2023 ₹43.4K Cr | Jun 2023 ₹44.7K Cr | Sep 2023 ₹42.9K Cr | Dec 2023 ₹43.6K Cr | Mar 2024 ₹44.2K Cr | Jun 2024 ₹44.3K Cr | Sep 2024 ₹44.2K Cr | Dec 2024 ₹45.8K Cr | Mar 2025 ₹46.9K Cr | Jun 2025 ₹46.6K Cr | Sep 2025 ₹47.9K Cr | Dec 2025 ₹49.5K Cr | Mar 2026 ₹51.8K Cr | Jun 2026 —
- D: Sep 2021 ₹41.5K Cr | Dec 2021 ₹40.6K Cr | Mar 2022 ₹41.8K Cr | Jun 2022 ₹43.9K Cr | Sep 2022 ₹44.0K Cr | Dec 2022 ₹41.3K Cr | Mar 2023 ₹48.1K Cr | Jun 2023 ₹48.6K Cr | Sep 2023 ₹41.9K Cr | Dec 2023 ₹44.2K Cr | Mar 2024 ₹41.5K Cr | Jun 2024 ₹41.6K Cr | Sep 2024 ₹43.0K Cr | Dec 2024 ₹41.8K Cr | Mar 2025 ₹46.3K Cr | Jun 2025 ₹46.4K Cr | Sep 2025 ₹48.5K Cr | Dec 2025 ₹48.9K Cr | Mar 2026 ₹51.8K Cr | Jun 2026 —
- ETR: Sep 2021 ₹25.6K Cr | Dec 2021 ₹27.1K Cr | Mar 2022 ₹28.6K Cr | Jun 2022 ₹26.9K Cr | Sep 2022 ₹27.6K Cr | Dec 2022 ₹26.8K Cr | Mar 2023 ₹27.6K Cr | Jun 2023 ₹27.3K Cr | Sep 2023 ₹27.5K Cr | Dec 2023 ₹26.2K Cr | Mar 2024 ₹28.4K Cr | Jun 2024 ₹28.8K Cr | Sep 2024 ₹29.0K Cr | Dec 2024 ₹28.9K Cr | Mar 2025 ₹30.9K Cr | Jun 2025 ₹30.4K Cr | Sep 2025 ₹30.4K Cr | Dec 2025 ₹30.9K Cr | Mar 2026 ₹34.1K Cr | Jun 2026 —
- XEL: Sep 2021 ₹24.8K Cr | Dec 2021 ₹24.7K Cr | Mar 2022 ₹24.7K Cr | Jun 2022 ₹25.2K Cr | Sep 2022 ₹25.3K Cr | Dec 2022 ₹26.0K Cr | Mar 2023 ₹26.0K Cr | Jun 2023 ₹26.8K Cr | Sep 2023 ₹27.1K Cr | Dec 2023 ₹27.5K Cr | Mar 2024 ₹28.6K Cr | Jun 2024 ₹30.6K Cr | Sep 2024 ₹29.8K Cr | Dec 2024 ₹30.3K Cr | Mar 2025 ₹32.3K Cr | Jun 2025 ₹33.3K Cr | Sep 2025 ₹35.5K Cr | Dec 2025 ₹36.0K Cr | Mar 2026 ₹39.2K Cr | Jun 2026 —
- EXC: Sep 2021 ₹41.7K Cr | Dec 2021 ₹34.5K Cr | Mar 2022 ₹39.5K Cr | Jun 2022 ₹38.7K Cr | Sep 2022 ₹38.7K Cr | Dec 2022 ₹40.1K Cr | Mar 2023 ₹41.8K Cr | Jun 2023 ₹42.6K Cr | Sep 2023 ₹43.2K Cr | Dec 2023 ₹44.0K Cr | Mar 2024 ₹45.4K Cr | Jun 2024 ₹46.2K Cr | Sep 2024 ₹46.1K Cr | Dec 2024 ₹46.6K Cr | Mar 2025 ₹48.3K Cr | Jun 2025 ₹48.8K Cr | Sep 2025 ₹49.9K Cr | Dec 2025 ₹50.1K Cr | Mar 2026 ₹51.2K Cr | Jun 2026 —
- ED: Sep 2021 ₹24.2K Cr | Dec 2021 ₹25.4K Cr | Mar 2022 ₹25.2K Cr | Jun 2022 ₹26.2K Cr | Sep 2022 ₹26.1K Cr | Dec 2022 ₹24.4K Cr | Mar 2023 ₹22.3K Cr | Jun 2023 ₹23.8K Cr | Sep 2023 ₹23.8K Cr | Dec 2023 ₹25.0K Cr | Mar 2024 ₹25.0K Cr | Jun 2024 ₹26.6K Cr | Sep 2024 ₹26.3K Cr | Dec 2024 ₹27.8K Cr | Mar 2025 ₹26.2K Cr | Jun 2025 ₹27.1K Cr | Sep 2025 ₹26.7K Cr | Dec 2025 ₹28.4K Cr | Mar 2026 ₹27.2K Cr | Jun 2026 —
- PEG: Sep 2021 ₹20.0K Cr | Dec 2021 ₹19.6K Cr | Mar 2022 ₹19.5K Cr | Jun 2022 ₹21.2K Cr | Sep 2022 ₹20.1K Cr | Dec 2022 ₹20.4K Cr | Mar 2023 ₹20.4K Cr | Jun 2023 ₹19.8K Cr | Sep 2023 ₹19.9K Cr | Dec 2023 ₹20.4K Cr | Mar 2024 ₹22.0K Cr | Jun 2024 ₹21.6K Cr | Sep 2024 ₹22.1K Cr | Dec 2024 ₹22.9K Cr | Mar 2025 ₹23.5K Cr | Jun 2025 ₹23.4K Cr | Sep 2025 ₹23.5K Cr | Dec 2025 ₹24.2K Cr | Mar 2026 ₹24.4K Cr | Jun 2026 —
- PCG: Sep 2021 ₹44.3K Cr | Dec 2021 ₹46.2K Cr | Mar 2022 ₹46.7K Cr | Jun 2022 ₹49.7K Cr | Sep 2022 ₹52.0K Cr | Dec 2022 ₹53.5K Cr | Mar 2023 ₹55.2K Cr | Jun 2023 ₹55.7K Cr | Sep 2023 ₹56.0K Cr | Dec 2023 ₹57.7K Cr | Mar 2024 ₹58.6K Cr | Jun 2024 ₹60.6K Cr | Sep 2024 ₹54.9K Cr | Dec 2024 ₹58.3K Cr | Mar 2025 ₹60.0K Cr | Jun 2025 ₹59.7K Cr | Sep 2025 ₹59.8K Cr | Dec 2025 ₹61.3K Cr | Mar 2026 ₹56.3K Cr | Jun 2026 ₹64.7K Cr
- WEC: Sep 2021 ₹14.7K Cr | Dec 2021 ₹15.6K Cr | Mar 2022 ₹15.1K Cr | Jun 2022 ₹15.3K Cr | Sep 2022 ₹16.3K Cr | Dec 2022 ₹17.3K Cr | Mar 2023 ₹17.9K Cr | Jun 2023 ₹18.1K Cr | Sep 2023 ₹18.2K Cr | Dec 2023 ₹18.8K Cr | Mar 2024 ₹18.6K Cr | Jun 2024 ₹18.8K Cr | Sep 2024 ₹19.3K Cr | Dec 2024 ₹20.3K Cr | Mar 2025 ₹20.5K Cr | Jun 2025 ₹20.5K Cr | Sep 2025 ₹21.2K Cr | Dec 2025 ₹22.3K Cr | Mar 2026 ₹22.3K Cr | Jun 2026 —
- AEE: Sep 2021 ₹13.1K Cr | Dec 2021 ₹13.6K Cr | Mar 2022 ₹14.2K Cr | Jun 2022 ₹14.6K Cr | Sep 2022 ₹15.0K Cr | Dec 2022 ₹15.1K Cr | Mar 2023 ₹15.5K Cr | Jun 2023 ₹16.0K Cr | Sep 2023 ₹16.0K Cr | Dec 2023 ₹16.5K Cr | Mar 2024 ₹17.2K Cr | Jun 2024 ₹17.8K Cr | Sep 2024 ₹18.3K Cr | Dec 2024 ₹18.7K Cr | Mar 2025 ₹19.6K Cr | Jun 2025 ₹20.0K Cr | Sep 2025 ₹20.1K Cr | Dec 2025 ₹19.8K Cr | Mar 2026 ₹21.3K Cr | Jun 2026 —
- EIX: Sep 2021 ₹28.7K Cr | Dec 2021 ₹29.5K Cr | Mar 2022 ₹30.0K Cr | Jun 2022 ₹31.1K Cr | Sep 2022 ₹31.9K Cr | Dec 2022 ₹33.1K Cr | Mar 2023 ₹34.6K Cr | Jun 2023 ₹34.7K Cr | Sep 2023 ₹34.8K Cr | Dec 2023 ₹35.3K Cr | Mar 2024 ₹36.7K Cr | Jun 2024 ₹37.5K Cr | Sep 2024 ₹36.6K Cr | Dec 2024 ₹37.8K Cr | Mar 2025 ₹39.6K Cr | Jun 2025 ₹39.5K Cr | Sep 2025 ₹39.4K Cr | Dec 2025 ₹41.5K Cr | Mar 2026 ₹42.7K Cr | Jun 2026 —
- DTE: Sep 2021 ₹17.7K Cr | Dec 2021 ₹18.3K Cr | Mar 2022 ₹18.6K Cr | Jun 2022 ₹19.2K Cr | Sep 2022 ₹19.9K Cr | Dec 2022 ₹19.2K Cr | Mar 2023 ₹19.6K Cr | Jun 2023 ₹19.9K Cr | Sep 2023 ₹20.5K Cr | Dec 2023 ₹21.0K Cr | Mar 2024 ₹22.1K Cr | Jun 2024 ₹23.2K Cr | Sep 2024 ₹24.8K Cr | Dec 2024 ₹23.2K Cr | Mar 2025 ₹23.4K Cr | Jun 2025 ₹24.0K Cr | Sep 2025 ₹25.3K Cr | Dec 2025 ₹26.3K Cr | Mar 2026 ₹27.0K Cr | Jun 2026 —
- FTS: Sep 2021 ₹25.6K Cr | Dec 2021 ₹25.9K Cr | Mar 2022 ₹26.2K Cr | Jun 2022 ₹27.0K Cr | Sep 2022 ₹29.1K Cr | Dec 2022 ₹29.0K Cr | Mar 2023 ₹29.5K Cr | Jun 2023 ₹29.5K Cr | Sep 2023 ₹30.4K Cr | Dec 2023 ₹30.0K Cr | Mar 2024 ₹31.0K Cr | Jun 2024 ₹31.7K Cr | Sep 2024 ₹32.0K Cr | Dec 2024 ₹33.7K Cr | Mar 2025 ₹34.4K Cr | Jun 2025 ₹33.8K Cr | Sep 2025 ₹34.4K Cr | Dec 2025 ₹34.6K Cr | Mar 2026 ₹35.4K Cr | Jun 2026 —
- CNP: Sep 2021 ₹17.5K Cr | Dec 2021 ₹17.0K Cr | Mar 2022 ₹14.7K Cr | Jun 2022 ₹15.7K Cr | Sep 2022 ₹16.1K Cr | Dec 2022 ₹17.4K Cr | Mar 2023 ₹17.1K Cr | Jun 2023 ₹17.5K Cr | Sep 2023 ₹18.9K Cr | Dec 2023 ₹19.2K Cr | Mar 2024 ₹19.7K Cr | Jun 2024 ₹19.7K Cr | Sep 2024 ₹20.5K Cr | Dec 2024 ₹21.6K Cr | Mar 2025 ₹22.9K Cr | Jun 2025 ₹22.4K Cr | Sep 2025 ₹22.9K Cr | Dec 2025 ₹23.5K Cr | Mar 2026 ₹25.3K Cr | Jun 2026 —
- FE: Sep 2021 ₹23.7K Cr | Dec 2021 ₹23.9K Cr | Mar 2022 ₹23.2K Cr | Jun 2022 ₹21.1K Cr | Sep 2022 ₹21.3K Cr | Dec 2022 ₹21.7K Cr | Mar 2023 ₹22.7K Cr | Jun 2023 ₹24.0K Cr | Sep 2023 ₹24.5K Cr | Dec 2023 ₹24.9K Cr | Mar 2024 ₹24.5K Cr | Jun 2024 ₹24.0K Cr | Sep 2024 ₹23.7K Cr | Dec 2024 ₹24.0K Cr | Mar 2025 ₹24.8K Cr | Jun 2025 ₹25.8K Cr | Sep 2025 ₹27.5K Cr | Dec 2025 ₹26.6K Cr | Mar 2026 ₹28.1K Cr | Jun 2026 —
- ES: Sep 2021 ₹19.4K Cr | Dec 2021 ₹20.2K Cr | Mar 2022 ₹20.9K Cr | Jun 2022 ₹21.4K Cr | Sep 2022 ₹22.3K Cr | Dec 2022 ₹22.9K Cr | Mar 2023 ₹23.8K Cr | Jun 2023 ₹24.8K Cr | Sep 2023 ₹26.1K Cr | Dec 2023 ₹26.8K Cr | Mar 2024 ₹28.3K Cr | Jun 2024 ₹29.0K Cr | Sep 2024 ₹28.5K Cr | Dec 2024 ₹29.1K Cr | Mar 2025 ₹29.4K Cr | Jun 2025 ₹29.8K Cr | Sep 2025 ₹29.8K Cr | Dec 2025 ₹30.1K Cr | Mar 2026 ₹30.3K Cr | Jun 2026 —
- PPL: Sep 2021 ₹11.1K Cr | Dec 2021 ₹11.2K Cr | Mar 2022 ₹12.1K Cr | Jun 2022 ₹13.6K Cr | Sep 2022 ₹13.8K Cr | Dec 2022 ₹14.2K Cr | Mar 2023 ₹14.6K Cr | Jun 2023 ₹14.8K Cr | Sep 2023 ₹14.9K Cr | Dec 2023 ₹15.6K Cr | Mar 2024 ₹16.0K Cr | Jun 2024 ₹16.1K Cr | Sep 2024 ₹16.5K Cr | Dec 2024 ₹16.8K Cr | Mar 2025 ₹17.3K Cr | Jun 2025 ₹17.8K Cr | Sep 2025 ₹19.0K Cr | Dec 2025 ₹19.4K Cr | Mar 2026 ₹20.2K Cr | Jun 2026 —
- CMS: Sep 2021 ₹12.7K Cr | Dec 2021 ₹12.5K Cr | Mar 2022 ₹12.5K Cr | Jun 2022 ₹12.4K Cr | Sep 2022 ₹13.8K Cr | Dec 2022 ₹14.3K Cr | Mar 2023 ₹14.5K Cr | Jun 2023 ₹15.1K Cr | Sep 2023 ₹15.5K Cr | Dec 2023 ₹15.6K Cr | Mar 2024 ₹15.8K Cr | Jun 2024 ₹15.8K Cr | Sep 2024 ₹16.2K Cr | Dec 2024 ₹16.6K Cr | Mar 2025 ₹17.0K Cr | Jun 2025 ₹18.0K Cr | Sep 2025 ₹18.1K Cr | Dec 2025 ₹18.9K Cr | Mar 2026 ₹19.1K Cr | Jun 2026 —
- EVRG: Sep 2021 ₹10.8K Cr | Dec 2021 ₹11.2K Cr | Mar 2022 ₹11.6K Cr | Jun 2022 ₹11.9K Cr | Sep 2022 ₹11.7K Cr | Dec 2022 ₹12.0K Cr | Mar 2023 ₹12.4K Cr | Jun 2023 ₹12.9K Cr | Sep 2023 ₹12.8K Cr | Dec 2023 ₹13.1K Cr | Mar 2024 ₹13.6K Cr | Jun 2024 ₹14.1K Cr | Sep 2024 ₹13.8K Cr | Dec 2024 ₹14.1K Cr | Mar 2025 ₹14.4K Cr | Jun 2025 ₹14.8K Cr | Sep 2025 ₹14.7K Cr | Dec 2025 ₹15.2K Cr | Mar 2026 ₹15.9K Cr | Jun 2026 —
- LNT: Sep 2021 ₹7.4K Cr | Dec 2021 ₹7.9K Cr | Mar 2022 ₹8.0K Cr | Jun 2022 ₹8.1K Cr | Sep 2022 ₹8.6K Cr | Dec 2022 ₹8.7K Cr | Mar 2023 ₹9.1K Cr | Jun 2023 ₹9.0K Cr | Sep 2023 ₹9.3K Cr | Dec 2023 ₹9.5K Cr | Mar 2024 ₹9.7K Cr | Jun 2024 ₹9.8K Cr | Sep 2024 ₹10.7K Cr | Dec 2024 ₹10.4K Cr | Mar 2025 ₹10.6K Cr | Jun 2025 ₹11.3K Cr | Sep 2025 ₹11.9K Cr | Dec 2025 ₹12.1K Cr | Mar 2026 ₹11.8K Cr | Jun 2026 —
- EMA: Sep 2021 ₹15.8K Cr | Dec 2021 ₹16.4K Cr | Mar 2022 ₹16.2K Cr | Jun 2022 ₹16.9K Cr | Sep 2022 ₹18.4K Cr | Dec 2022 ₹19.0K Cr | Mar 2023 ₹19.3K Cr | Jun 2023 ₹19.4K Cr | Sep 2023 ₹19.6K Cr | Dec 2023 ₹19.8K Cr | Mar 2024 ₹20.0K Cr | Jun 2024 ₹19.5K Cr | Sep 2024 ₹18.7K Cr | Dec 2024 ₹19.8K Cr | Mar 2025 ₹20.1K Cr | Jun 2025 ₹20.2K Cr | Sep 2025 ₹20.6K Cr | Dec 2025 ₹21.5K Cr | Mar 2026 ₹24.0K Cr | Jun 2026 —
- PNW: Sep 2021 ₹7.5K Cr | Dec 2021 ₹8.1K Cr | Mar 2022 ₹8.2K Cr | Jun 2022 ₹8.5K Cr | Sep 2022 ₹8.5K Cr | Dec 2022 ₹8.8K Cr | Mar 2023 ₹9.7K Cr | Jun 2023 ₹10.0K Cr | Sep 2023 ₹10.0K Cr | Dec 2023 ₹10.2K Cr | Mar 2024 ₹10.4K Cr | Jun 2024 ₹11.1K Cr | Sep 2024 ₹11.2K Cr | Dec 2024 ₹10.9K Cr | Mar 2025 ₹12.0K Cr | Jun 2025 ₹13.8K Cr | Sep 2025 ₹14.0K Cr | Dec 2025 ₹14.1K Cr | Mar 2026 ₹15.0K Cr | Jun 2026 —
- OGE: Sep 2021 ₹4.9K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹12.7K Cr | Dec 2022 ₹12.7K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹15.2K Cr | Dec 2023 ₹15.2K Cr | Mar 2024 ₹17.6K Cr | Jun 2024 ₹16.9K Cr | Sep 2024 ₹16.6K Cr | Dec 2024 ₹17.6K Cr | Mar 2025 ₹19.1K Cr | Jun 2025 ₹20.2K Cr | Sep 2025 ₹21.2K Cr | Dec 2025 ₹20.3K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 —
- IDA: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —

### 20-quarter Net debt history
- NEE: Sep 2021 ₹54.6K Cr | Dec 2021 ₹54.2K Cr | Mar 2022 ₹58.2K Cr | Jun 2022 ₹60.7K Cr | Sep 2022 ₹62.3K Cr | Dec 2022 ₹63.4K Cr | Mar 2023 ₹68.4K Cr | Jun 2023 ₹70.6K Cr | Sep 2023 ₹71.8K Cr | Dec 2023 ₹70.5K Cr | Mar 2024 ₹78.3K Cr | Jun 2024 ₹81.1K Cr | Sep 2024 ₹80.5K Cr | Dec 2024 ₹80.8K Cr | Mar 2025 ₹87.3K Cr | Jun 2025 ₹91.5K Cr | Sep 2025 ₹90.7K Cr | Dec 2025 ₹92.8K Cr | Mar 2026 ₹1.0 L Cr | Jun 2026 —
- SO: Sep 2021 ₹52.5K Cr | Dec 2021 ₹53.7K Cr | Mar 2022 ₹54.3K Cr | Jun 2022 ₹54.7K Cr | Sep 2022 ₹54.6K Cr | Dec 2022 ₹57.2K Cr | Mar 2023 ₹59.5K Cr | Jun 2023 ₹60.3K Cr | Sep 2023 ₹60.6K Cr | Dec 2023 ₹62.7K Cr | Mar 2024 ₹64.5K Cr | Jun 2024 ₹64.4K Cr | Sep 2024 ₹64.1K Cr | Dec 2024 ₹65.2K Cr | Mar 2025 ₹67.8K Cr | Jun 2025 ₹69.6K Cr | Sep 2025 ₹70.4K Cr | Dec 2025 ₹72.4K Cr | Mar 2026 ₹75.0K Cr | Jun 2026 —
- DUK: Sep 2021 ₹65.4K Cr | Dec 2021 ₹67.7K Cr | Mar 2022 ₹69.6K Cr | Jun 2022 ₹70.8K Cr | Sep 2022 ₹73.5K Cr | Dec 2022 ₹74.2K Cr | Mar 2023 ₹76.6K Cr | Jun 2023 ₹78.2K Cr | Sep 2023 ₹79.1K Cr | Dec 2023 ₹80.2K Cr | Mar 2024 ₹81.9K Cr | Jun 2024 ₹83.0K Cr | Sep 2024 ₹84.6K Cr | Dec 2024 ₹84.9K Cr | Mar 2025 ₹87.0K Cr | Jun 2025 ₹88.1K Cr | Sep 2025 ₹89.0K Cr | Dec 2025 ₹90.6K Cr | Mar 2026 ₹89.1K Cr | Jun 2026 —
- AEP: Sep 2021 ₹36.3K Cr | Dec 2021 ₹36.0K Cr | Mar 2022 ₹37.0K Cr | Jun 2022 ₹37.4K Cr | Sep 2022 ₹37.6K Cr | Dec 2022 ₹40.8K Cr | Mar 2023 ₹42.8K Cr | Jun 2023 ₹44.1K Cr | Sep 2023 ₹42.2K Cr | Dec 2023 ₹43.0K Cr | Mar 2024 ₹43.7K Cr | Jun 2024 ₹43.9K Cr | Sep 2024 ₹43.7K Cr | Dec 2024 ₹45.3K Cr | Mar 2025 ₹46.4K Cr | Jun 2025 ₹46.1K Cr | Sep 2025 ₹46.6K Cr | Dec 2025 ₹49.0K Cr | Mar 2026 ₹51.2K Cr | Jun 2026 —
- D: Sep 2021 ₹41.3K Cr | Dec 2021 ₹40.3K Cr | Mar 2022 ₹41.3K Cr | Jun 2022 ₹43.6K Cr | Sep 2022 ₹43.8K Cr | Dec 2022 ₹41.2K Cr | Mar 2023 ₹46.3K Cr | Jun 2023 ₹48.5K Cr | Sep 2023 ₹41.8K Cr | Dec 2023 ₹44.1K Cr | Mar 2024 ₹41.2K Cr | Jun 2024 ₹41.4K Cr | Sep 2024 ₹41.2K Cr | Dec 2024 ₹41.4K Cr | Mar 2025 ₹46.0K Cr | Jun 2025 ₹46.0K Cr | Sep 2025 ₹47.6K Cr | Dec 2025 ₹48.7K Cr | Mar 2026 ₹51.4K Cr | Jun 2026 —
- ETR: Sep 2021 ₹24.6K Cr | Dec 2021 ₹26.6K Cr | Mar 2022 ₹27.9K Cr | Jun 2022 ₹26.3K Cr | Sep 2022 ₹26.6K Cr | Dec 2022 ₹26.5K Cr | Mar 2023 ₹25.6K Cr | Jun 2023 ₹26.1K Cr | Sep 2023 ₹26.0K Cr | Dec 2023 ₹26.1K Cr | Mar 2024 ₹27.1K Cr | Jun 2024 ₹27.4K Cr | Sep 2024 ₹27.6K Cr | Dec 2024 ₹28.1K Cr | Mar 2025 ₹29.4K Cr | Jun 2025 ₹29.2K Cr | Sep 2025 ₹28.9K Cr | Dec 2025 ₹29.0K Cr | Mar 2026 ₹30.5K Cr | Jun 2026 —
- XEL: Sep 2021 ₹24.1K Cr | Dec 2021 ₹24.6K Cr | Mar 2022 ₹24.6K Cr | Jun 2022 ₹24.9K Cr | Sep 2022 ₹25.2K Cr | Dec 2022 ₹25.9K Cr | Mar 2023 ₹25.9K Cr | Jun 2023 ₹26.5K Cr | Sep 2023 ₹26.5K Cr | Dec 2023 ₹27.4K Cr | Mar 2024 ₹28.1K Cr | Jun 2024 ₹29.0K Cr | Sep 2024 ₹28.3K Cr | Dec 2024 ₹30.1K Cr | Mar 2025 ₹31.2K Cr | Jun 2025 ₹31.9K Cr | Sep 2025 ₹34.5K Cr | Dec 2025 ₹35.8K Cr | Mar 2026 ₹37.4K Cr | Jun 2026 —
- EXC: Sep 2021 ₹38.3K Cr | Dec 2021 ₹33.5K Cr | Mar 2022 ₹36.5K Cr | Jun 2022 ₹36.9K Cr | Sep 2022 ₹37.5K Cr | Dec 2022 ₹39.1K Cr | Mar 2023 ₹40.9K Cr | Jun 2023 ₹41.8K Cr | Sep 2023 ₹42.5K Cr | Dec 2023 ₹43.1K Cr | Mar 2024 ₹44.2K Cr | Jun 2024 ₹44.7K Cr | Sep 2024 ₹44.9K Cr | Dec 2024 ₹45.8K Cr | Mar 2025 ₹46.7K Cr | Jun 2025 ₹47.6K Cr | Sep 2025 ₹47.9K Cr | Dec 2025 ₹48.9K Cr | Mar 2026 ₹50.0K Cr | Jun 2026 —
- ED: Sep 2021 ₹24.1K Cr | Dec 2021 ₹24.4K Cr | Mar 2022 ₹25.1K Cr | Jun 2022 ₹25.1K Cr | Sep 2022 ₹26.0K Cr | Dec 2022 ₹23.1K Cr | Mar 2023 ₹21.5K Cr | Jun 2023 ₹21.9K Cr | Sep 2023 ₹23.2K Cr | Dec 2023 ₹23.8K Cr | Mar 2024 ₹24.9K Cr | Jun 2024 ₹25.1K Cr | Sep 2024 ₹26.2K Cr | Dec 2024 ₹26.5K Cr | Mar 2025 ₹25.9K Cr | Jun 2025 ₹25.6K Cr | Sep 2025 ₹26.5K Cr | Dec 2025 ₹26.7K Cr | Mar 2026 ₹27.0K Cr | Jun 2026 —
- PEG: Sep 2021 ₹18.2K Cr | Dec 2021 ₹18.8K Cr | Mar 2022 ₹17.9K Cr | Jun 2022 ₹19.0K Cr | Sep 2022 ₹19.7K Cr | Dec 2022 ₹20.0K Cr | Mar 2023 ₹19.2K Cr | Jun 2023 ₹19.3K Cr | Sep 2023 ₹19.9K Cr | Dec 2023 ₹20.4K Cr | Mar 2024 ₹20.8K Cr | Jun 2024 ₹21.4K Cr | Sep 2024 ₹21.9K Cr | Dec 2024 ₹22.7K Cr | Mar 2025 ₹22.7K Cr | Jun 2025 ₹23.2K Cr | Sep 2025 ₹23.2K Cr | Dec 2025 ₹24.1K Cr | Mar 2026 ₹24.0K Cr | Jun 2026 —
- PCG: Sep 2021 ₹43.9K Cr | Dec 2021 ₹45.9K Cr | Mar 2022 ₹46.5K Cr | Jun 2022 ₹49.5K Cr | Sep 2022 ₹51.7K Cr | Dec 2022 ₹52.8K Cr | Mar 2023 ₹54.1K Cr | Jun 2023 ₹54.9K Cr | Sep 2023 ₹55.4K Cr | Dec 2023 ₹57.1K Cr | Mar 2024 ₹57.9K Cr | Jun 2024 ₹59.3K Cr | Sep 2024 ₹54.2K Cr | Dec 2024 ₹57.4K Cr | Mar 2025 ₹57.9K Cr | Jun 2025 ₹59.2K Cr | Sep 2025 ₹59.4K Cr | Dec 2025 ₹60.6K Cr | Mar 2026 ₹55.9K Cr | Jun 2026 ₹63.7K Cr
- WEC: Sep 2021 ₹14.7K Cr | Dec 2021 ₹15.6K Cr | Mar 2022 ₹15.1K Cr | Jun 2022 ₹15.3K Cr | Sep 2022 ₹16.3K Cr | Dec 2022 ₹17.3K Cr | Mar 2023 ₹17.9K Cr | Jun 2023 ₹18.0K Cr | Sep 2023 ₹18.2K Cr | Dec 2023 ₹18.8K Cr | Mar 2024 ₹18.6K Cr | Jun 2024 ₹18.6K Cr | Sep 2024 ₹19.0K Cr | Dec 2024 ₹20.3K Cr | Mar 2025 ₹20.4K Cr | Jun 2025 ₹20.5K Cr | Sep 2025 ₹21.1K Cr | Dec 2025 ₹22.3K Cr | Mar 2026 ₹22.3K Cr | Jun 2026 —
- AEE: Sep 2021 ₹13.0K Cr | Dec 2021 ₹13.6K Cr | Mar 2022 ₹14.2K Cr | Jun 2022 ₹14.6K Cr | Sep 2022 ₹14.9K Cr | Dec 2022 ₹15.1K Cr | Mar 2023 ₹15.5K Cr | Jun 2023 ₹16.0K Cr | Sep 2023 ₹16.0K Cr | Dec 2023 ₹16.5K Cr | Mar 2024 ₹17.1K Cr | Jun 2024 ₹17.8K Cr | Sep 2024 ₹18.2K Cr | Dec 2024 ₹18.7K Cr | Mar 2025 ₹19.6K Cr | Jun 2025 ₹20.0K Cr | Sep 2025 ₹20.1K Cr | Dec 2025 ₹19.8K Cr | Mar 2026 ₹21.3K Cr | Jun 2026 —
- EIX: Sep 2021 ₹28.2K Cr | Dec 2021 ₹29.1K Cr | Mar 2022 ₹29.8K Cr | Jun 2022 ₹30.9K Cr | Sep 2022 ₹31.6K Cr | Dec 2022 ₹32.2K Cr | Mar 2023 ₹33.8K Cr | Jun 2023 ₹34.5K Cr | Sep 2023 ₹34.3K Cr | Dec 2023 ₹35.0K Cr | Mar 2024 ₹35.7K Cr | Jun 2024 ₹37.0K Cr | Sep 2024 ₹36.4K Cr | Dec 2024 ₹37.6K Cr | Mar 2025 ₹38.2K Cr | Jun 2025 ₹39.4K Cr | Sep 2025 ₹39.1K Cr | Dec 2025 ₹41.4K Cr | Mar 2026 ₹42.5K Cr | Jun 2026 —
- DTE: Sep 2021 ₹17.6K Cr | Dec 2021 ₹18.2K Cr | Mar 2022 ₹18.4K Cr | Jun 2022 ₹19.1K Cr | Sep 2022 ₹19.9K Cr | Dec 2022 ₹19.2K Cr | Mar 2023 ₹19.5K Cr | Jun 2023 ₹19.8K Cr | Sep 2023 ₹20.4K Cr | Dec 2023 ₹20.9K Cr | Mar 2024 ₹21.5K Cr | Jun 2024 ₹23.1K Cr | Sep 2024 ₹22.7K Cr | Dec 2024 ₹23.2K Cr | Mar 2025 ₹23.3K Cr | Jun 2025 ₹23.9K Cr | Sep 2025 ₹25.2K Cr | Dec 2025 ₹26.0K Cr | Mar 2026 ₹26.7K Cr | Jun 2026 —
- FTS: Sep 2021 ₹25.4K Cr | Dec 2021 ₹25.8K Cr | Mar 2022 ₹25.9K Cr | Jun 2022 ₹26.7K Cr | Sep 2022 ₹28.7K Cr | Dec 2022 ₹28.8K Cr | Mar 2023 ₹29.0K Cr | Jun 2023 ₹28.8K Cr | Sep 2023 ₹29.6K Cr | Dec 2023 ₹29.4K Cr | Mar 2024 ₹30.4K Cr | Jun 2024 ₹31.1K Cr | Sep 2024 ₹31.1K Cr | Dec 2024 ₹33.4K Cr | Mar 2025 ₹33.9K Cr | Jun 2025 ₹33.6K Cr | Sep 2025 ₹34.0K Cr | Dec 2025 ₹34.3K Cr | Mar 2026 ₹35.1K Cr | Jun 2026 —
- CNP: Sep 2021 ₹16.4K Cr | Dec 2021 ₹15.3K Cr | Mar 2022 ₹13.8K Cr | Jun 2022 ₹14.5K Cr | Sep 2022 ₹15.5K Cr | Dec 2022 ₹16.9K Cr | Mar 2023 ₹16.5K Cr | Jun 2023 ₹16.8K Cr | Sep 2023 ₹18.2K Cr | Dec 2023 ₹18.6K Cr | Mar 2024 ₹19.1K Cr | Jun 2024 ₹19.1K Cr | Sep 2024 ₹19.8K Cr | Dec 2024 ₹21.0K Cr | Mar 2025 ₹21.0K Cr | Jun 2025 ₹21.6K Cr | Sep 2025 ₹22.3K Cr | Dec 2025 ₹23.0K Cr | Mar 2026 ₹24.1K Cr | Jun 2026 —
- FE: Sep 2021 ₹23.0K Cr | Dec 2021 ₹22.3K Cr | Mar 2022 ₹22.8K Cr | Jun 2022 ₹20.6K Cr | Sep 2022 ₹21.0K Cr | Dec 2022 ₹21.4K Cr | Mar 2023 ₹22.5K Cr | Jun 2023 ₹23.8K Cr | Sep 2023 ₹24.3K Cr | Dec 2023 ₹24.7K Cr | Mar 2024 ₹23.6K Cr | Jun 2024 ₹23.8K Cr | Sep 2024 ₹23.2K Cr | Dec 2024 ₹23.9K Cr | Mar 2025 ₹24.6K Cr | Jun 2025 ₹25.2K Cr | Sep 2025 ₹26.0K Cr | Dec 2025 ₹26.5K Cr | Mar 2026 ₹28.0K Cr | Jun 2026 —
- ES: Sep 2021 ₹19.3K Cr | Dec 2021 ₹20.2K Cr | Mar 2022 ₹20.8K Cr | Jun 2022 ₹21.4K Cr | Sep 2022 ₹21.8K Cr | Dec 2022 ₹22.6K Cr | Mar 2023 ₹23.8K Cr | Jun 2023 ₹24.8K Cr | Sep 2023 ₹26.0K Cr | Dec 2023 ₹26.7K Cr | Mar 2024 ₹28.0K Cr | Jun 2024 ₹28.9K Cr | Sep 2024 ₹28.4K Cr | Dec 2024 ₹29.1K Cr | Mar 2025 ₹29.3K Cr | Jun 2025 ₹29.4K Cr | Sep 2025 ₹29.6K Cr | Dec 2025 ₹30.0K Cr | Mar 2026 ₹30.1K Cr | Jun 2026 —
- PPL: Sep 2021 ₹6.4K Cr | Dec 2021 ₹7.6K Cr | Mar 2022 ₹7.9K Cr | Jun 2022 ₹13.3K Cr | Sep 2022 ₹13.4K Cr | Dec 2022 ₹13.9K Cr | Mar 2023 ₹14.1K Cr | Jun 2023 ₹14.5K Cr | Sep 2023 ₹14.5K Cr | Dec 2023 ₹15.3K Cr | Mar 2024 ₹15.8K Cr | Jun 2024 ₹15.9K Cr | Sep 2024 ₹16.0K Cr | Dec 2024 ₹16.5K Cr | Mar 2025 ₹17.0K Cr | Jun 2025 ₹17.5K Cr | Sep 2025 ₹17.9K Cr | Dec 2025 ₹18.3K Cr | Mar 2026 ₹19.0K Cr | Jun 2026 —
- CMS: Sep 2021 ₹12.5K Cr | Dec 2021 ₹12.0K Cr | Mar 2022 ₹12.0K Cr | Jun 2022 ₹12.3K Cr | Sep 2022 ₹13.6K Cr | Dec 2022 ₹14.1K Cr | Mar 2023 ₹13.9K Cr | Jun 2023 ₹14.7K Cr | Sep 2023 ₹15.3K Cr | Dec 2023 ₹15.4K Cr | Mar 2024 ₹14.9K Cr | Jun 2024 ₹15.0K Cr | Sep 2024 ₹15.7K Cr | Dec 2024 ₹16.4K Cr | Mar 2025 ₹16.4K Cr | Jun 2025 ₹17.1K Cr | Sep 2025 ₹17.6K Cr | Dec 2025 ₹18.3K Cr | Mar 2026 ₹18.8K Cr | Jun 2026 —
- EVRG: Sep 2021 ₹10.8K Cr | Dec 2021 ₹11.1K Cr | Mar 2022 ₹11.5K Cr | Jun 2022 ₹11.9K Cr | Sep 2022 ₹11.6K Cr | Dec 2022 ₹12.0K Cr | Mar 2023 ₹12.3K Cr | Jun 2023 ₹12.9K Cr | Sep 2023 ₹12.7K Cr | Dec 2023 ₹13.1K Cr | Mar 2024 ₹13.6K Cr | Jun 2024 ₹14.0K Cr | Sep 2024 ₹13.8K Cr | Dec 2024 ₹14.0K Cr | Mar 2025 ₹14.4K Cr | Jun 2025 ₹14.8K Cr | Sep 2025 ₹14.7K Cr | Dec 2025 ₹15.2K Cr | Mar 2026 ₹15.9K Cr | Jun 2026 —
- LNT: Sep 2021 ₹7.4K Cr | Dec 2021 ₹7.8K Cr | Mar 2022 ₹7.9K Cr | Jun 2022 ₹8.1K Cr | Sep 2022 ₹8.3K Cr | Dec 2022 ₹8.7K Cr | Mar 2023 ₹8.9K Cr | Jun 2023 ₹9.0K Cr | Sep 2023 ₹9.1K Cr | Dec 2023 ₹9.4K Cr | Mar 2024 ₹9.6K Cr | Jun 2024 ₹9.7K Cr | Sep 2024 ₹9.9K Cr | Dec 2024 ₹10.3K Cr | Mar 2025 ₹10.6K Cr | Jun 2025 ₹11.0K Cr | Sep 2025 ₹11.2K Cr | Dec 2025 ₹11.6K Cr | Mar 2026 ₹11.7K Cr | Jun 2026 —
- EMA: Sep 2021 ₹15.3K Cr | Dec 2021 ₹16.0K Cr | Mar 2022 ₹15.8K Cr | Jun 2022 ₹16.6K Cr | Sep 2022 ₹17.8K Cr | Dec 2022 ₹18.7K Cr | Mar 2023 ₹19.0K Cr | Jun 2023 ₹19.1K Cr | Sep 2023 ₹19.3K Cr | Dec 2023 ₹19.2K Cr | Mar 2024 ₹19.7K Cr | Jun 2024 ₹19.2K Cr | Sep 2024 ₹18.4K Cr | Dec 2024 ₹19.6K Cr | Mar 2025 ₹19.8K Cr | Jun 2025 ₹19.9K Cr | Sep 2025 ₹20.4K Cr | Dec 2025 ₹21.1K Cr | Mar 2026 ₹21.5K Cr | Jun 2026 —
- PNW: Sep 2021 ₹7.5K Cr | Dec 2021 ₹8.1K Cr | Mar 2022 ₹8.2K Cr | Jun 2022 ₹8.5K Cr | Sep 2022 ₹8.5K Cr | Dec 2022 ₹8.8K Cr | Mar 2023 ₹9.7K Cr | Jun 2023 ₹10.0K Cr | Sep 2023 ₹10.0K Cr | Dec 2023 ₹10.2K Cr | Mar 2024 ₹10.4K Cr | Jun 2024 ₹11.1K Cr | Sep 2024 ₹11.1K Cr | Dec 2024 ₹10.9K Cr | Mar 2025 ₹12.0K Cr | Jun 2025 ₹13.8K Cr | Sep 2025 ₹14.0K Cr | Dec 2025 ₹14.1K Cr | Mar 2026 ₹15.0K Cr | Jun 2026 —
- OGE: Sep 2021 ₹4.9K Cr | Dec 2021 — | Mar 2022 — | Jun 2022 ₹5.0K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹10.0K Cr | Dec 2022 ₹10.0K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹9.6K Cr | Dec 2023 ₹9.6K Cr | Mar 2024 ₹13.4K Cr | Jun 2024 ₹9.6K Cr | Sep 2024 ₹9.0K Cr | Dec 2024 ₹13.4K Cr | Mar 2025 ₹13.1K Cr | Jun 2025 ₹17.3K Cr | Sep 2025 ₹17.3K Cr | Dec 2025 ₹17.2K Cr | Mar 2026 ₹598 Cr | Jun 2026 —
- IDA: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Companhia Paranaense de Energia - COPEL leads ROCE at 2.9%, 0.6 percentage points above Emera Incorporated. Public Service Enterprise Group Incorporated has the strongest latest improvement at +0.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Companhia Paranaense de Energia - COPEL sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Companhia Paranaense de Energia - COPEL · 2.9% | 26.1% versus #2 · Emera Incorporated | 2/8 recent comparable periods | 29/29 companies · 546 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Companhia Paranaense de Energia - COPEL (ELPC): 2.9%
2. Emera Incorporated (EMA): 2.3%
3. WEC Energy Group, Inc. (WEC): 2.2%
4. Public Service Enterprise Group Incorporated (PEG): 2.1%
5. Eversource Energy (ES): 2.0%

### ROCE change — fastest improvers
1. Public Service Enterprise Group Incorporated (PEG): +0.5 pp
2. Pinnacle West Capital Corporation (PNW): +0.3 pp
3. Duke Energy Corporation (DUK): +0.2 pp
4. Eversource Energy (ES): +0.2 pp
5. IDACORP, Inc. (IDA): +0.2 pp

### 20-quarter ROCE history
- NEE: Sep 2021 0.3% | Dec 2021 1.2% | Mar 2022 -0.6% | Jun 2022 0.8% | Sep 2022 1.5% | Dec 2022 1.6% | Mar 2023 2.2% | Jun 2023 2.1% | Sep 2023 1.4% | Dec 2023 1.9% | Mar 2024 1.4% | Jun 2024 1.1% | Sep 2024 1.9% | Dec 2024 0.6% | Mar 2025 1.4% | Jun 2025 1.1% | Sep 2025 1.5% | Dec 2025 0.9% | Mar 2026 1.2% | Jun 2026 —
- SO: Sep 2021 1.5% | Dec 2021 -0.3% | Mar 2022 1.2% | Jun 2022 1.4% | Sep 2022 1.8% | Dec 2022 0.1% | Mar 2023 1.0% | Jun 2023 1.1% | Sep 2023 1.7% | Dec 2023 1.0% | Mar 2024 1.4% | Jun 2024 1.5% | Sep 2024 1.8% | Dec 2024 0.8% | Mar 2025 1.5% | Jun 2025 1.3% | Sep 2025 1.9% | Dec 2025 0.7% | Mar 2026 1.5% | Jun 2026 —
- DUK: Sep 2021 1.1% | Dec 2021 0.8% | Mar 2022 0.9% | Jun 2022 0.9% | Sep 2022 1.3% | Dec 2022 0.8% | Mar 2023 1.1% | Jun 2023 0.9% | Sep 2023 1.3% | Dec 2023 1.2% | Mar 2024 1.2% | Jun 2024 1.0% | Sep 2024 1.3% | Dec 2024 1.3% | Mar 2025 1.4% | Jun 2025 1.1% | Sep 2025 1.4% | Dec 2025 1.2% | Mar 2026 1.6% | Jun 2026 —
- NGG: Sep 2021 1.2% | Dec 2021 2.3% | Mar 2022 2.3% | Jun 2022 1.5% | Sep 2022 1.5% | Dec 2022 1.7% | Mar 2023 1.7% | Jun 2023 1.2% | Sep 2023 1.2% | Dec 2023 1.5% | Mar 2024 1.5% | Jun 2024 0.7% | Sep 2024 0.7% | Dec 2024 2.0% | Mar 2025 2.0% | Jun 2025 0.8% | Sep 2025 0.8% | Dec 2025 2.0% | Mar 2026 2.0% | Jun 2026 —
- AEP: Sep 2021 1.5% | Dec 2021 0.9% | Mar 2022 1.3% | Jun 2022 1.3% | Sep 2022 1.2% | Dec 2022 0.7% | Mar 2023 0.9% | Jun 2023 1.1% | Sep 2023 1.7% | Dec 2023 0.8% | Mar 2024 1.4% | Jun 2024 0.8% | Sep 2024 1.6% | Dec 2024 1.3% | Mar 2025 1.5% | Jun 2025 1.5% | Sep 2025 1.6% | Dec 2025 1.2% | Mar 2026 1.4% | Jun 2026 —
- D: Sep 2021 1.0% | Dec 2021 1.1% | Mar 2022 1.1% | Jun 2022 -0.4% | Sep 2022 1.1% | Dec 2022 0.3% | Mar 2023 1.2% | Jun 2023 0.7% | Sep 2023 1.2% | Dec 2023 0.8% | Mar 2024 0.9% | Jun 2024 0.9% | Sep 2024 1.4% | Dec 2024 0.4% | Mar 2025 1.3% | Jun 2025 1.2% | Sep 2025 1.4% | Dec 2025 0.8% | Mar 2026 1.4% | Jun 2026 —
- ETR: Sep 2021 1.6% | Dec 2021 0.7% | Mar 2022 1.0% | Jun 2022 0.2% | Sep 2022 1.8% | Dec 2022 0.9% | Mar 2023 0.9% | Jun 2023 1.4% | Sep 2023 2.1% | Dec 2023 0.5% | Mar 2024 0.4% | Jun 2024 1.1% | Sep 2024 2.0% | Dec 2024 1.2% | Mar 2025 1.2% | Jun 2025 1.4% | Sep 2025 1.9% | Dec 2025 0.9% | Mar 2026 0.9% | Jun 2026 —
- XEL: Sep 2021 1.6% | Dec 2021 0.8% | Mar 2022 1.0% | Jun 2022 0.9% | Sep 2022 1.7% | Dec 2022 1.0% | Mar 2023 1.1% | Jun 2023 0.8% | Sep 2023 1.6% | Dec 2023 1.0% | Mar 2024 1.2% | Jun 2024 0.8% | Sep 2024 1.5% | Dec 2024 0.6% | Mar 2025 1.1% | Jun 2025 0.9% | Sep 2025 1.1% | Dec 2025 0.8% | Mar 2026 1.1% | Jun 2026 —
- EXC: Sep 2021 0.6% | Dec 2021 0.4% | Mar 2022 0.9% | Jun 2022 0.7% | Sep 2022 1.0% | Dec 2022 0.7% | Mar 2023 1.3% | Jun 2023 0.8% | Sep 2023 1.3% | Dec 2023 1.2% | Mar 2024 1.2% | Jun 2024 1.0% | Sep 2024 1.3% | Dec 2024 1.2% | Mar 2025 1.6% | Jun 2025 0.9% | Sep 2025 1.5% | Dec 2025 1.2% | Mar 2026 1.5% | Jun 2026 —
- ED: Sep 2021 1.5% | Dec 2021 1.2% | Mar 2022 1.4% | Jun 2022 0.7% | Sep 2022 1.5% | Dec 2022 1.0% | Mar 2023 3.0% | Jun 2023 0.5% | Sep 2023 1.2% | Dec 2023 0.8% | Mar 2024 1.7% | Jun 2024 0.5% | Sep 2024 1.4% | Dec 2024 0.8% | Mar 2025 1.8% | Jun 2025 0.6% | Sep 2025 1.5% | Dec 2025 0.7% | Mar 2026 1.7% | Jun 2026 —
- PEG: Sep 2021 -5.1% | Dec 2021 2.1% | Mar 2022 -0.1% | Jun 2022 0.7% | Sep 2022 0.4% | Dec 2022 2.3% | Mar 2023 3.8% | Jun 2023 1.9% | Sep 2023 1.3% | Dec 2023 1.6% | Mar 2024 1.5% | Jun 2024 1.3% | Sep 2024 1.4% | Dec 2024 0.9% | Mar 2025 1.6% | Jun 2025 1.7% | Sep 2025 1.7% | Dec 2025 1.0% | Mar 2026 2.1% | Jun 2026 —
- PCG: Sep 2021 0.4% | Dec 2021 0.8% | Mar 2022 0.6% | Jun 2022 0.5% | Sep 2022 0.8% | Dec 2022 0.1% | Mar 2023 0.7% | Jun 2023 0.5% | Sep 2023 0.4% | Dec 2023 1.1% | Mar 2024 1.2% | Jun 2024 1.0% | Sep 2024 0.9% | Dec 2024 0.9% | Mar 2025 1.1% | Jun 2025 0.9% | Sep 2025 1.0% | Dec 2025 1.0% | Mar 2026 1.2% | Jun 2026 1.0%
- WEC: Sep 2021 1.2% | Dec 2021 1.0% | Mar 2022 2.1% | Jun 2022 1.2% | Sep 2022 1.1% | Dec 2022 1.0% | Mar 2023 1.8% | Jun 2023 1.1% | Sep 2023 1.2% | Dec 2023 0.9% | Mar 2024 2.1% | Jun 2024 0.9% | Sep 2024 1.0% | Dec 2024 1.5% | Mar 2025 2.3% | Jun 2025 1.0% | Sep 2025 1.0% | Dec 2025 1.0% | Mar 2026 2.2% | Jun 2026 —
- AEE: Sep 2021 1.8% | Dec 2021 0.6% | Mar 2022 1.0% | Jun 2022 0.9% | Sep 2022 1.8% | Dec 2022 0.8% | Mar 2023 1.0% | Jun 2023 1.0% | Sep 2023 1.8% | Dec 2023 0.7% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 1.6% | Dec 2024 0.5% | Mar 2025 1.1% | Jun 2025 1.0% | Sep 2025 2.0% | Dec 2025 0.8% | Mar 2026 1.2% | Jun 2026 —
- EIX: Sep 2021 -0.2% | Dec 2021 1.0% | Mar 2022 0.4% | Jun 2022 0.8% | Sep 2022 -0.1% | Dec 2022 1.1% | Mar 2023 0.9% | Jun 2023 1.1% | Sep 2023 0.7% | Dec 2023 1.1% | Mar 2024 0.3% | Jun 2024 1.2% | Sep 2024 1.4% | Dec 2024 1.1% | Mar 2025 2.7% | Jun 2025 1.0% | Sep 2025 1.8% | Dec 2025 3.4% | Mar 2026 1.3% | Jun 2026 —
- DTE: Sep 2021 1.1% | Dec 2021 1.1% | Mar 2022 1.4% | Jun 2022 0.5% | Sep 2022 1.5% | Dec 2022 1.3% | Mar 2023 1.8% | Jun 2023 1.1% | Sep 2023 1.4% | Dec 2023 1.7% | Mar 2024 1.3% | Jun 2024 1.2% | Sep 2024 1.3% | Dec 2024 1.3% | Mar 2025 1.4% | Jun 2025 1.0% | Sep 2025 1.3% | Dec 2025 1.5% | Mar 2026 0.9% | Jun 2026 —
- FTS: Sep 2021 1.1% | Dec 2021 1.2% | Mar 2022 1.3% | Jun 2022 1.1% | Sep 2022 1.3% | Dec 2022 1.4% | Mar 2023 1.5% | Jun 2023 1.2% | Sep 2023 1.4% | Dec 2023 1.3% | Mar 2024 1.5% | Jun 2024 1.2% | Sep 2024 1.3% | Dec 2024 1.4% | Mar 2025 1.5% | Jun 2025 1.2% | Sep 2025 1.3% | Dec 2025 1.3% | Mar 2026 1.4% | Jun 2026 —
- CNP: Sep 2021 0.9% | Dec 2021 1.1% | Mar 2022 1.5% | Jun 2022 1.1% | Sep 2022 1.2% | Dec 2022 1.1% | Mar 2023 1.7% | Jun 2023 1.1% | Sep 2023 1.5% | Dec 2023 0.9% | Mar 2024 1.7% | Jun 2024 1.3% | Sep 2024 1.1% | Dec 2024 1.3% | Mar 2025 1.7% | Jun 2025 1.1% | Sep 2025 1.3% | Dec 2025 1.4% | Mar 2026 1.6% | Jun 2026 —
- FE: Sep 2021 1.6% | Dec 2021 0.6% | Mar 2022 1.4% | Jun 2022 1.1% | Sep 2022 1.2% | Dec 2022 1.0% | Mar 2023 1.3% | Jun 2023 1.1% | Sep 2023 1.6% | Dec 2023 1.3% | Mar 2024 1.4% | Jun 2024 1.0% | Sep 2024 1.7% | Dec 2024 1.4% | Mar 2025 1.7% | Jun 2025 1.4% | Sep 2025 1.7% | Dec 2025 0.0% | Mar 2026 1.7% | Jun 2026 —
- ES: Sep 2021 1.2% | Dec 2021 1.1% | Mar 2022 1.6% | Jun 2022 1.0% | Sep 2022 1.2% | Dec 2022 1.2% | Mar 2023 1.6% | Jun 2023 1.2% | Sep 2023 1.1% | Dec 2023 1.2% | Mar 2024 1.7% | Jun 2024 1.2% | Sep 2024 1.2% | Dec 2024 0.7% | Mar 2025 1.8% | Jun 2025 1.2% | Sep 2025 1.3% | Dec 2025 1.3% | Mar 2026 2.0% | Jun 2026 —
- PPL: Sep 2021 1.2% | Dec 2021 1.0% | Mar 2022 1.4% | Jun 2022 0.7% | Sep 2022 1.0% | Dec 2022 1.0% | Mar 2023 1.5% | Jun 2023 0.9% | Sep 2023 1.3% | Dec 2023 1.1% | Mar 2024 1.5% | Jun 2024 1.1% | Sep 2024 1.2% | Dec 2024 1.0% | Mar 2025 1.8% | Jun 2025 1.1% | Sep 2025 1.5% | Dec 2025 1.2% | Mar 2026 1.9% | Jun 2026 —
- CMS: Sep 2021 1.0% | Dec 2021 0.8% | Mar 2022 1.7% | Jun 2022 0.9% | Sep 2022 0.9% | Dec 2022 1.0% | Mar 2023 1.1% | Jun 2023 0.9% | Sep 2023 0.9% | Dec 2023 1.4% | Mar 2024 1.4% | Jun 2024 0.9% | Sep 2024 1.2% | Dec 2024 1.3% | Mar 2025 1.5% | Jun 2025 1.0% | Sep 2025 1.4% | Dec 2025 1.3% | Mar 2026 1.4% | Jun 2026 —
- EVRG: Sep 2021 2.4% | Dec 2021 0.6% | Mar 2022 1.0% | Jun 2022 1.3% | Sep 2022 2.3% | Dec 2022 0.4% | Mar 2023 1.1% | Jun 2023 1.3% | Sep 2023 1.9% | Dec 2023 0.7% | Mar 2024 1.0% | Jun 2024 1.3% | Sep 2024 2.3% | Dec 2024 0.8% | Mar 2025 1.0% | Jun 2025 1.2% | Sep 2025 2.3% | Dec 2025 0.8% | Mar 2026 1.1% | Jun 2026 —
- LNT: Sep 2021 1.8% | Dec 2021 0.8% | Mar 2022 1.5% | Jun 2022 1.3% | Sep 2022 1.8% | Dec 2022 0.9% | Mar 2023 1.2% | Jun 2023 1.2% | Sep 2023 1.8% | Dec 2023 1.0% | Mar 2024 1.2% | Jun 2024 0.7% | Sep 2024 1.6% | Dec 2024 1.1% | Mar 2025 1.3% | Jun 2025 1.1% | Sep 2025 1.6% | Dec 2025 0.9% | Mar 2026 1.2% | Jun 2026 —
- EMA: Sep 2021 -0.2% | Dec 2021 1.9% | Mar 2022 2.0% | Jun 2022 0.0% | Sep 2022 1.1% | Dec 2022 2.3% | Mar 2023 2.9% | Jun 2023 0.4% | Sep 2023 0.8% | Dec 2023 1.5% | Mar 2024 1.3% | Jun 2024 0.5% | Sep 2024 0.6% | Dec 2024 0.7% | Mar 2025 2.5% | Jun 2025 0.8% | Sep 2025 1.3% | Dec 2025 0.7% | Mar 2026 2.3% | Jun 2026 —
- PNW: Sep 2021 2.2% | Dec 2021 0.3% | Mar 2022 0.3% | Jun 2022 1.1% | Sep 2022 2.1% | Dec 2022 0.2% | Mar 2023 0.2% | Jun 2023 0.9% | Sep 2023 2.4% | Dec 2023 0.3% | Mar 2024 0.3% | Jun 2024 1.4% | Sep 2024 2.4% | Dec 2024 0.4% | Mar 2025 0.2% | Jun 2025 1.3% | Sep 2025 2.3% | Dec 2025 0.5% | Mar 2026 0.5% | Jun 2026 —
- OGE: Sep 2021 2.7% | Dec 2021 0.8% | Mar 2022 0.8% | Jun 2022 1.4% | Sep 2022 2.9% | Dec 2022 0.8% | Mar 2023 0.7% | Jun 2023 1.3% | Sep 2023 3.0% | Dec 2023 0.9% | Mar 2024 0.7% | Jun 2024 1.5% | Sep 2024 2.6% | Dec 2024 1.5% | Mar 2025 1.1% | Jun 2025 1.5% | Sep 2025 2.7% | Dec 2025 1.1% | Mar 2026 0.9% | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 3.0% | Mar 2023 — | Jun 2023 — | Sep 2023 1.0% | Dec 2023 2.7% | Mar 2024 4.4% | Jun 2024 4.1% | Sep 2024 2.5% | Dec 2024 2.0% | Mar 2025 2.9% | Jun 2025 2.5% | Sep 2025 2.0% | Dec 2025 3.0% | Mar 2026 2.9% | Jun 2026 —
- IDA: Sep 2021 1.8% | Dec 2021 0.8% | Mar 2022 0.9% | Jun 2022 1.2% | Sep 2022 1.8% | Dec 2022 0.8% | Mar 2023 1.0% | Jun 2023 1.1% | Sep 2023 1.7% | Dec 2023 0.5% | Mar 2024 0.7% | Jun 2024 1.3% | Sep 2024 1.6% | Dec 2024 0.5% | Mar 2025 0.7% | Jun 2025 1.2% | Sep 2025 1.6% | Dec 2025 0.6% | Mar 2026 0.9% | Jun 2026 —

### 20-quarter ROCE change history
- NEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +0.4 pp | Mar 2023 +2.8 pp | Jun 2023 +1.3 pp | Sep 2023 −0.1 pp | Dec 2023 +0.3 pp | Mar 2024 −0.8 pp | Jun 2024 −1.0 pp | Sep 2024 +0.5 pp | Dec 2024 −1.3 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −0.4 pp | Dec 2025 +0.3 pp | Mar 2026 −0.2 pp | Jun 2026 —
- SO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.4 pp | Mar 2023 −0.2 pp | Jun 2023 −0.3 pp | Sep 2023 −0.1 pp | Dec 2023 +0.9 pp | Mar 2024 +0.4 pp | Jun 2024 +0.4 pp | Sep 2024 +0.1 pp | Dec 2024 −0.2 pp | Mar 2025 +0.1 pp | Jun 2025 −0.2 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 0.0 pp | Jun 2026 —
- DUK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 0.0 pp | Mar 2023 +0.2 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 +0.4 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.1 pp | Mar 2025 +0.2 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 +0.2 pp | Jun 2026 —
- NGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.6 pp | Mar 2023 −0.6 pp | Jun 2023 −0.3 pp | Sep 2023 −0.3 pp | Dec 2023 −0.2 pp | Mar 2024 −0.2 pp | Jun 2024 −0.5 pp | Sep 2024 −0.5 pp | Dec 2024 +0.5 pp | Mar 2025 +0.5 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- AEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −0.2 pp | Mar 2023 −0.4 pp | Jun 2023 −0.2 pp | Sep 2023 +0.5 pp | Dec 2023 +0.1 pp | Mar 2024 +0.5 pp | Jun 2024 −0.3 pp | Sep 2024 −0.1 pp | Dec 2024 +0.5 pp | Mar 2025 +0.1 pp | Jun 2025 +0.7 pp | Sep 2025 0.0 pp | Dec 2025 −0.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- D: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −0.8 pp | Mar 2023 +0.1 pp | Jun 2023 +1.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.5 pp | Mar 2024 −0.3 pp | Jun 2024 +0.2 pp | Sep 2024 +0.2 pp | Dec 2024 −0.4 pp | Mar 2025 +0.4 pp | Jun 2025 +0.3 pp | Sep 2025 0.0 pp | Dec 2025 +0.4 pp | Mar 2026 +0.1 pp | Jun 2026 —
- ETR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.2 pp | Mar 2023 −0.1 pp | Jun 2023 +1.2 pp | Sep 2023 +0.3 pp | Dec 2023 −0.4 pp | Mar 2024 −0.5 pp | Jun 2024 −0.3 pp | Sep 2024 −0.1 pp | Dec 2024 +0.7 pp | Mar 2025 +0.8 pp | Jun 2025 +0.3 pp | Sep 2025 −0.1 pp | Dec 2025 −0.3 pp | Mar 2026 −0.3 pp | Jun 2026 —
- XEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.2 pp | Mar 2023 +0.1 pp | Jun 2023 −0.1 pp | Sep 2023 −0.1 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 −0.1 pp | Dec 2024 −0.4 pp | Mar 2025 −0.1 pp | Jun 2025 +0.1 pp | Sep 2025 −0.4 pp | Dec 2025 +0.2 pp | Mar 2026 0.0 pp | Jun 2026 —
- EXC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.3 pp | Mar 2023 +0.4 pp | Jun 2023 +0.1 pp | Sep 2023 +0.3 pp | Dec 2023 +0.5 pp | Mar 2024 −0.1 pp | Jun 2024 +0.2 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +0.4 pp | Jun 2025 −0.1 pp | Sep 2025 +0.2 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- ED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.2 pp | Mar 2023 +1.6 pp | Jun 2023 −0.2 pp | Sep 2023 −0.3 pp | Dec 2023 −0.2 pp | Mar 2024 −1.3 pp | Jun 2024 0.0 pp | Sep 2024 +0.2 pp | Dec 2024 0.0 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- PEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.5 pp | Dec 2022 +0.2 pp | Mar 2023 +3.9 pp | Jun 2023 +1.2 pp | Sep 2023 +0.9 pp | Dec 2023 −0.7 pp | Mar 2024 −2.3 pp | Jun 2024 −0.6 pp | Sep 2024 +0.1 pp | Dec 2024 −0.7 pp | Mar 2025 +0.1 pp | Jun 2025 +0.4 pp | Sep 2025 +0.3 pp | Dec 2025 +0.1 pp | Mar 2026 +0.5 pp | Jun 2026 —
- PCG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 −0.7 pp | Mar 2023 +0.1 pp | Jun 2023 0.0 pp | Sep 2023 −0.4 pp | Dec 2023 +1.0 pp | Mar 2024 +0.5 pp | Jun 2024 +0.5 pp | Sep 2024 +0.5 pp | Dec 2024 −0.2 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 +0.1 pp
- WEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 0.0 pp | Mar 2023 −0.3 pp | Jun 2023 −0.1 pp | Sep 2023 +0.1 pp | Dec 2023 −0.1 pp | Mar 2024 +0.3 pp | Jun 2024 −0.2 pp | Sep 2024 −0.2 pp | Dec 2024 +0.6 pp | Mar 2025 +0.2 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 −0.5 pp | Mar 2026 −0.1 pp | Jun 2026 —
- AEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.2 pp | Mar 2023 0.0 pp | Jun 2023 +0.1 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −0.2 pp | Dec 2024 −0.2 pp | Mar 2025 +0.1 pp | Jun 2025 0.0 pp | Sep 2025 +0.4 pp | Dec 2025 +0.3 pp | Mar 2026 +0.1 pp | Jun 2026 —
- EIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.1 pp | Mar 2023 +0.5 pp | Jun 2023 +0.3 pp | Sep 2023 +0.8 pp | Dec 2023 0.0 pp | Mar 2024 −0.6 pp | Jun 2024 +0.1 pp | Sep 2024 +0.7 pp | Dec 2024 0.0 pp | Mar 2025 +2.4 pp | Jun 2025 −0.2 pp | Sep 2025 +0.4 pp | Dec 2025 +2.3 pp | Mar 2026 −1.4 pp | Jun 2026 —
- DTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.2 pp | Mar 2023 +0.4 pp | Jun 2023 +0.6 pp | Sep 2023 −0.1 pp | Dec 2023 +0.4 pp | Mar 2024 −0.5 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 −0.4 pp | Mar 2025 +0.1 pp | Jun 2025 −0.2 pp | Sep 2025 0.0 pp | Dec 2025 +0.2 pp | Mar 2026 −0.5 pp | Jun 2026 —
- FTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.2 pp | Mar 2023 +0.2 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −0.1 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −0.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- CNP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 0.0 pp | Mar 2023 +0.2 pp | Jun 2023 0.0 pp | Sep 2023 +0.3 pp | Dec 2023 −0.2 pp | Mar 2024 0.0 pp | Jun 2024 +0.2 pp | Sep 2024 −0.4 pp | Dec 2024 +0.4 pp | Mar 2025 0.0 pp | Jun 2025 −0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- FE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +0.4 pp | Mar 2023 −0.1 pp | Jun 2023 0.0 pp | Sep 2023 +0.4 pp | Dec 2023 +0.3 pp | Mar 2024 +0.1 pp | Jun 2024 −0.1 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 +0.3 pp | Jun 2025 +0.4 pp | Sep 2025 0.0 pp | Dec 2025 −1.4 pp | Mar 2026 0.0 pp | Jun 2026 —
- ES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 0.0 pp | Jun 2023 +0.2 pp | Sep 2023 −0.1 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 −0.5 pp | Mar 2025 +0.1 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.6 pp | Mar 2026 +0.2 pp | Jun 2026 —
- PPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 0.0 pp | Mar 2023 +0.1 pp | Jun 2023 +0.2 pp | Sep 2023 +0.3 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 +0.2 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 +0.3 pp | Jun 2025 0.0 pp | Sep 2025 +0.3 pp | Dec 2025 +0.2 pp | Mar 2026 +0.1 pp | Jun 2026 —
- CMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.2 pp | Mar 2023 −0.6 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 +0.4 pp | Mar 2024 +0.3 pp | Jun 2024 0.0 pp | Sep 2024 +0.3 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- EVRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.2 pp | Mar 2023 +0.1 pp | Jun 2023 0.0 pp | Sep 2023 −0.4 pp | Dec 2023 +0.3 pp | Mar 2024 −0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.4 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 —
- LNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 −0.3 pp | Jun 2023 −0.1 pp | Sep 2023 0.0 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.5 pp | Sep 2024 −0.2 pp | Dec 2024 +0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.4 pp | Sep 2025 0.0 pp | Dec 2025 −0.2 pp | Mar 2026 −0.1 pp | Jun 2026 —
- EMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +0.4 pp | Mar 2023 +0.9 pp | Jun 2023 +0.4 pp | Sep 2023 −0.3 pp | Dec 2023 −0.8 pp | Mar 2024 −1.6 pp | Jun 2024 +0.1 pp | Sep 2024 −0.2 pp | Dec 2024 −0.8 pp | Mar 2025 +1.2 pp | Jun 2025 +0.3 pp | Sep 2025 +0.7 pp | Dec 2025 0.0 pp | Mar 2026 −0.2 pp | Jun 2026 —
- PNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.1 pp | Mar 2023 −0.1 pp | Jun 2023 −0.2 pp | Sep 2023 +0.3 pp | Dec 2023 +0.1 pp | Mar 2024 +0.1 pp | Jun 2024 +0.5 pp | Sep 2024 0.0 pp | Dec 2024 +0.1 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 +0.1 pp | Mar 2026 +0.3 pp | Jun 2026 —
- OGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 0.0 pp | Mar 2023 −0.1 pp | Jun 2023 −0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 +0.2 pp | Sep 2024 −0.4 pp | Dec 2024 +0.6 pp | Mar 2025 +0.4 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 −0.4 pp | Mar 2026 −0.2 pp | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 −0.3 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +1.5 pp | Dec 2024 −0.7 pp | Mar 2025 −1.5 pp | Jun 2025 −1.6 pp | Sep 2025 −0.5 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- IDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 +0.1 pp | Jun 2023 −0.1 pp | Sep 2023 −0.1 pp | Dec 2023 −0.3 pp | Mar 2024 −0.3 pp | Jun 2024 +0.2 pp | Sep 2024 −0.1 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 +0.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Edison International has the lowest comparable Guarded PEG at 0.26×, 38.1% below FirstEnergy Corp.. Only 27 of 29 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Edison International · 0.26× | 38.1% versus #2 · FirstEnergy Corp. | 0/8 recent comparable periods | 27/29 companies · 157 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Edison International (EIX): 0.3
2. FirstEnergy Corp. (FE): 0.4
3. NextEra Energy, Inc. (NEE): 0.5
4. Companhia Paranaense de Energia - COPEL (ELPC): 0.5
5. Dominion Energy, Inc. (D): 0.7

### P/E — lowest P/E
1. Edison International (EIX): 8.0
2. PG&E Corporation (PCG): 12.2
3. Eversource Energy (ES): 14.8
4. Public Service Enterprise Group Incorporated (PEG): 17.9
5. Exelon Corporation (EXC): 18.0

### 20-quarter Guarded PEG history
- NEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.0 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.5 | Jun 2026 —
- SO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 — | Sep 2023 — | Dec 2023 1.8 | Mar 2024 0.8 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 2.0 | Mar 2025 2.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DUK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.5 | Mar 2024 0.6 | Jun 2024 — | Sep 2024 — | Dec 2024 1.3 | Mar 2025 1.3 | Jun 2025 1.5 | Sep 2025 1.2 | Dec 2025 1.8 | Mar 2026 2.5 | Jun 2026 —
- AEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.4 | Jun 2024 0.6 | Sep 2024 1.5 | Dec 2024 0.5 | Mar 2025 — | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- D: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.2 | Sep 2023 — | Dec 2023 0.4 | Mar 2024 — | Jun 2024 — | Sep 2024 1.8 | Dec 2024 — | Mar 2025 0.4 | Jun 2025 — | Sep 2025 1.8 | Dec 2025 0.4 | Mar 2026 0.7 | Jun 2026 —
- ETR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.8 | Sep 2023 1.0 | Dec 2023 — | Mar 2024 — | Jun 2024 0.5 | Sep 2024 0.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.1 | Jun 2026 —
- XEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.5 | Sep 2024 2.9 | Dec 2024 2.7 | Mar 2025 — | Jun 2025 2.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EXC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.7 | Sep 2023 1.3 | Dec 2023 2.2 | Mar 2024 — | Jun 2024 1.6 | Sep 2024 2.1 | Dec 2024 2.1 | Mar 2025 0.9 | Jun 2025 1.6 | Sep 2025 0.9 | Dec 2025 1.4 | Mar 2026 — | Jun 2026 —
- ED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.6 | Sep 2025 2.3 | Dec 2025 2.3 | Mar 2026 1.9 | Jun 2026 —
- PEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.1 | Sep 2025 — | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 —
- PCG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.7 | Mar 2024 0.6 | Jun 2024 0.5 | Sep 2024 0.3 | Dec 2024 1.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.7 | Jun 2026 —
- WEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.6 | Jun 2024 — | Sep 2024 — | Dec 2024 1.4 | Mar 2025 1.8 | Jun 2025 1.0 | Sep 2025 0.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.0 | Jun 2023 2.0 | Sep 2023 1.7 | Dec 2023 3.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 —
- EIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.8 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 4.3 | Dec 2024 4.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.3 | Jun 2026 —
- DTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 — | Sep 2023 — | Dec 2023 0.7 | Mar 2024 2.3 | Jun 2024 — | Sep 2024 0.8 | Dec 2024 — | Mar 2025 0.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.5 | Jun 2023 1.6 | Sep 2023 1.2 | Dec 2023 1.5 | Mar 2024 2.7 | Jun 2024 2.2 | Sep 2024 — | Dec 2024 — | Mar 2025 3.5 | Jun 2025 2.9 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CNP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.6 | Jun 2024 0.5 | Sep 2024 1.0 | Dec 2024 1.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.8 | Jun 2026 —
- FE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.7 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.2 | Sep 2023 1.3 | Dec 2023 — | Mar 2024 — | Jun 2024 2.5 | Sep 2024 — | Dec 2024 1.3 | Mar 2025 0.9 | Jun 2025 1.4 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 1.1 | Jun 2026 —
- CMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.2 | Mar 2024 0.5 | Jun 2024 0.6 | Sep 2024 0.5 | Dec 2024 1.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 3.1 | Mar 2026 2.9 | Jun 2026 —
- EVRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.1 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 1.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 4.1 | Jun 2025 0.6 | Sep 2025 0.9 | Dec 2025 1.2 | Mar 2026 2.3 | Jun 2026 —
- EMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.7 | Jun 2025 1.6 | Sep 2025 — | Dec 2025 — | Mar 2026 1.8 | Jun 2026 —
- PNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.3 | Jun 2024 0.3 | Sep 2024 0.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.8 | Jun 2026 —
- OGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.3 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 0.7 | Dec 2025 3.1 | Mar 2026 — | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.7 | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.3 | Jun 2023 1.4 | Sep 2023 2.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.0 | Mar 2025 1.6 | Jun 2025 3.2 | Sep 2025 2.9 | Dec 2025 2.8 | Mar 2026 3.5 | Jun 2026 —

### 20-quarter P/E history
- NEE: Sep 2021 65.4 | Dec 2021 51.6 | Mar 2022 114.5 | Jun 2022 59.1 | Sep 2022 40.4 | Dec 2022 39.8 | Mar 2023 24.8 | Jun 2023 19.6 | Sep 2023 16.2 | Dec 2023 16.9 | Mar 2024 17.4 | Jun 2024 23.0 | Sep 2024 25.0 | Dec 2024 21.3 | Mar 2025 26.6 | Jun 2025 24.3 | Sep 2025 24.0 | Dec 2025 24.3 | Mar 2026 23.6 | Jun 2026 —
- SO: Sep 2021 22.1 | Dec 2021 30.6 | Mar 2022 26.8 | Jun 2022 21.0 | Sep 2022 18.3 | Dec 2022 21.9 | Mar 2023 22.5 | Jun 2023 24.9 | Sep 2023 23.5 | Dec 2023 19.4 | Mar 2024 18.6 | Jun 2024 18.5 | Sep 2024 21.0 | Dec 2024 20.6 | Mar 2025 22.1 | Jun 2025 23.7 | Sep 2025 23.6 | Dec 2025 22.2 | Mar 2026 24.7 | Jun 2026 —
- DUK: Sep 2021 25.2 | Dec 2021 22.4 | Mar 2022 24.9 | Jun 2022 23.0 | Sep 2022 20.0 | Dec 2022 32.5 | Mar 2023 28.9 | Jun 2023 92.5 | Sep 2023 113.2 | Dec 2023 27.4 | Mar 2024 31.5 | Jun 2024 18.4 | Sep 2024 21.2 | Dec 2024 18.9 | Mar 2025 20.2 | Jun 2025 19.2 | Sep 2025 19.5 | Dec 2025 18.6 | Mar 2026 20.1 | Jun 2026 —
- NGG: Sep 2021 20.8 | Dec 2021 19.9 | Mar 2022 18.0 | Jun 2022 14.1 | Sep 2022 10.8 | Dec 2022 7.1 | Mar 2023 5.6 | Jun 2023 5.5 | Sep 2023 5.2 | Dec 2023 8.6 | Mar 2024 18.9 | Jun 2024 17.9 | Sep 2024 24.2 | Dec 2024 18.1 | Mar 2025 16.5 | Jun 2025 17.9 | Sep 2025 18.1 | Dec 2025 18.4 | Mar 2026 19.6 | Jun 2026 —
- AEP: Sep 2021 17.1 | Dec 2021 17.9 | Mar 2022 19.2 | Jun 2022 18.9 | Sep 2022 17.9 | Dec 2022 21.2 | Mar 2023 23.5 | Jun 2023 21.8 | Sep 2023 17.3 | Dec 2023 19.2 | Mar 2024 16.0 | Jun 2024 17.5 | Sep 2024 20.6 | Dec 2024 16.5 | Mar 2025 21.1 | Jun 2025 15.2 | Sep 2025 16.4 | Dec 2025 17.4 | Mar 2026 25.7 | Jun 2026 —
- D: Sep 2021 23.0 | Dec 2021 19.1 | Mar 2022 23.7 | Jun 2022 30.1 | Sep 2022 24.9 | Dec 2022 46.1 | Mar 2023 38.8 | Jun 2023 19.2 | Sep 2023 22.8 | Dec 2023 20.9 | Mar 2024 25.6 | Jun 2024 25.9 | Sep 2024 20.8 | Dec 2024 23.1 | Mar 2025 20.9 | Jun 2025 19.6 | Sep 2025 20.7 | Dec 2025 17.0 | Mar 2026 18.3 | Jun 2026 —
- ETR: Sep 2021 16.1 | Dec 2021 20.3 | Mar 2022 22.3 | Jun 2022 18.7 | Sep 2022 16.3 | Dec 2022 21.0 | Mar 2023 19.8 | Jun 2023 15.0 | Sep 2023 13.4 | Dec 2023 9.1 | Mar 2024 10.6 | Jun 2024 12.8 | Sep 2024 16.1 | Dec 2024 31.0 | Mar 2025 27.8 | Jun 2025 20.7 | Sep 2025 22.9 | Dec 2025 23.6 | Mar 2026 28.7 | Jun 2026 —
- XEL: Sep 2021 21.4 | Dec 2021 22.9 | Mar 2022 24.1 | Jun 2022 23.5 | Sep 2022 20.9 | Dec 2022 22.1 | Mar 2023 20.9 | Jun 2023 19.7 | Sep 2023 18.1 | Dec 2023 19.3 | Mar 2024 16.1 | Jun 2024 15.9 | Sep 2024 19.4 | Dec 2024 19.6 | Mar 2025 20.8 | Jun 2025 18.9 | Sep 2025 24.6 | Dec 2025 21.6 | Mar 2026 22.9 | Jun 2026 —
- EXC: Sep 2021 20.3 | Dec 2021 25.0 | Mar 2022 29.8 | Jun 2022 26.1 | Sep 2022 19.2 | Dec 2022 20.8 | Mar 2023 18.1 | Jun 2023 18.7 | Sep 2023 17.2 | Dec 2023 15.3 | Mar 2024 16.6 | Jun 2024 14.5 | Sep 2024 17.0 | Dec 2024 15.4 | Mar 2025 17.1 | Jun 2025 16.5 | Sep 2025 16.1 | Dec 2025 16.0 | Mar 2026 18.0 | Jun 2026 —
- ED: Sep 2021 21.4 | Dec 2021 22.2 | Mar 2022 21.9 | Jun 2022 20.9 | Sep 2022 17.9 | Dec 2022 20.5 | Mar 2023 13.7 | Jun 2023 13.0 | Sep 2023 12.7 | Dec 2023 12.6 | Mar 2024 17.4 | Jun 2024 17.4 | Sep 2024 19.5 | Dec 2024 17.0 | Mar 2025 20.4 | Jun 2025 18.1 | Sep 2025 17.5 | Dec 2025 17.6 | Mar 2026 19.0 | Jun 2026 —
- PEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 41.4 | Dec 2022 29.7 | Mar 2023 13.5 | Jun 2023 11.3 | Sep 2023 10.1 | Dec 2023 11.9 | Mar 2024 18.5 | Jun 2024 22.3 | Sep 2024 21.9 | Dec 2024 23.9 | Mar 2025 22.5 | Jun 2025 21.3 | Sep 2025 20.1 | Dec 2025 19.0 | Mar 2026 17.9 | Jun 2026 —
- PCG: Sep 2021 — | Dec 2021 — | Mar 2022 170.6 | Jun 2022 166.3 | Sep 2022 15.2 | Dec 2022 19.4 | Mar 2023 18.2 | Jun 2023 19.0 | Sep 2023 18.8 | Dec 2023 17.2 | Mar 2024 15.0 | Jun 2024 14.9 | Sep 2024 15.5 | Dec 2024 17.6 | Mar 2025 15.8 | Jun 2025 12.8 | Sep 2025 12.7 | Dec 2025 13.6 | Mar 2026 13.6 | Jun 2026 12.2
- WEC: Sep 2021 21.2 | Dec 2021 23.6 | Mar 2022 23.3 | Jun 2022 23.2 | Sep 2022 20.5 | Dec 2022 21.1 | Mar 2023 22.2 | Jun 2023 20.6 | Sep 2023 18.6 | Dec 2023 20.0 | Mar 2024 17.9 | Jun 2024 18.1 | Sep 2024 23.5 | Dec 2024 19.5 | Mar 2025 21.2 | Jun 2025 20.0 | Sep 2025 21.7 | Dec 2025 21.9 | Mar 2026 23.1 | Jun 2026 —
- AEE: Sep 2021 21.2 | Dec 2021 23.2 | Mar 2022 24.0 | Jun 2022 23.2 | Sep 2022 20.2 | Dec 2022 21.5 | Mar 2023 20.7 | Jun 2023 19.1 | Sep 2023 17.0 | Dec 2023 16.5 | Mar 2024 17.0 | Jun 2024 16.1 | Sep 2024 20.6 | Dec 2024 20.2 | Mar 2025 22.3 | Jun 2025 21.1 | Sep 2025 20.1 | Dec 2025 18.7 | Mar 2026 19.8 | Jun 2026 —
- EIX: Sep 2021 27.6 | Dec 2021 34.1 | Mar 2022 45.8 | Jun 2022 47.9 | Sep 2022 29.9 | Dec 2022 39.8 | Mar 2023 32.2 | Jun 2023 28.0 | Sep 2023 19.7 | Dec 2023 23.0 | Mar 2024 31.2 | Jun 2024 29.0 | Sep 2024 25.6 | Dec 2024 24.1 | Mar 2025 8.4 | Jun 2025 7.6 | Sep 2025 7.2 | Dec 2025 5.2 | Mar 2026 8.0 | Jun 2026 —
- DTE: Sep 2021 24.7 | Dec 2021 29.2 | Mar 2022 28.4 | Jun 2022 32.3 | Sep 2022 19.9 | Dec 2022 21.3 | Mar 2023 19.4 | Jun 2023 17.1 | Sep 2023 16.4 | Dec 2023 16.3 | Mar 2024 18.4 | Jun 2024 16.6 | Sep 2024 17.4 | Dec 2024 17.8 | Mar 2025 18.7 | Jun 2025 19.1 | Sep 2025 21.2 | Dec 2025 18.4 | Mar 2026 24.1 | Jun 2026 —
- FTS: Sep 2021 21.4 | Dec 2021 23.4 | Mar 2022 23.9 | Jun 2022 23.1 | Sep 2022 19.5 | Dec 2022 19.5 | Mar 2023 19.6 | Jun 2023 19.3 | Sep 2023 16.7 | Dec 2023 17.6 | Mar 2024 17.1 | Jun 2024 16.7 | Sep 2024 19.0 | Dec 2024 18.4 | Mar 2025 19.8 | Jun 2025 19.1 | Sep 2025 21.0 | Dec 2025 21.0 | Mar 2026 22.9 | Jun 2026 —
- CNP: Sep 2021 17.3 | Dec 2021 11.9 | Mar 2022 12.7 | Jun 2022 12.8 | Sep 2022 11.7 | Dec 2022 18.7 | Mar 2023 23.2 | Jun 2023 25.1 | Sep 2023 21.1 | Dec 2023 20.9 | Mar 2024 19.9 | Jun 2024 19.1 | Sep 2024 19.5 | Dec 2024 20.1 | Mar 2025 24.3 | Jun 2025 25.7 | Sep 2025 24.6 | Dec 2025 24.0 | Mar 2026 26.5 | Jun 2026 —
- FE: Sep 2021 17.6 | Dec 2021 17.7 | Mar 2022 20.6 | Jun 2022 15.7 | Sep 2022 17.0 | Dec 2022 59.1 | Mar 2023 56.4 | Jun 2023 49.2 | Sep 2023 38.0 | Dec 2023 19.1 | Mar 2024 21.0 | Jun 2024 25.3 | Sep 2024 28.6 | Dec 2024 23.4 | Mar 2025 21.5 | Jun 2025 17.8 | Sep 2025 20.0 | Dec 2025 25.4 | Mar 2026 27.7 | Jun 2026 —
- ES: Sep 2021 23.8 | Dec 2021 25.7 | Mar 2022 23.5 | Jun 2022 22.1 | Sep 2022 19.4 | Dec 2022 20.7 | Mar 2023 18.8 | Jun 2023 21.0 | Sep 2023 17.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 25.3 | Mar 2025 26.8 | Jun 2025 27.3 | Sep 2025 19.5 | Dec 2025 14.8 | Mar 2026 14.8 | Jun 2026 —
- PPL: Sep 2021 — | Dec 2021 1,002.0 | Mar 2022 219.7 | Jun 2022 27.7 | Sep 2022 26.7 | Dec 2022 28.7 | Mar 2023 26.5 | Jun 2023 25.4 | Sep 2023 21.2 | Dec 2023 27.1 | Mar 2024 26.7 | Jun 2024 24.3 | Sep 2024 29.5 | Dec 2024 27.1 | Mar 2025 26.8 | Jun 2025 25.3 | Sep 2025 25.1 | Dec 2025 22.0 | Mar 2026 23.3 | Jun 2026 —
- CMS: Sep 2021 21.9 | Dec 2021 25.2 | Mar 2022 15.6 | Jun 2022 15.2 | Sep 2022 13.1 | Dec 2022 22.3 | Mar 2023 26.3 | Jun 2023 23.5 | Sep 2023 20.9 | Dec 2023 19.3 | Mar 2024 18.4 | Jun 2024 18.3 | Sep 2024 20.2 | Dec 2024 20.0 | Mar 2025 22.3 | Jun 2025 20.5 | Sep 2025 21.2 | Dec 2025 19.8 | Mar 2026 21.4 | Jun 2026 —
- EVRG: Sep 2021 16.2 | Dec 2021 17.9 | Mar 2022 19.0 | Jun 2022 18.0 | Sep 2022 16.8 | Dec 2022 19.2 | Mar 2023 17.0 | Jun 2023 16.5 | Sep 2023 15.8 | Dec 2023 16.5 | Mar 2024 17.3 | Jun 2024 16.5 | Sep 2024 16.8 | Dec 2024 16.2 | Mar 2025 18.1 | Jun 2025 18.9 | Sep 2025 20.7 | Dec 2025 19.8 | Mar 2026 21.6 | Jun 2026 —
- LNT: Sep 2021 22.1 | Dec 2021 23.4 | Mar 2022 23.1 | Jun 2022 21.2 | Sep 2022 20.0 | Dec 2022 20.2 | Mar 2023 20.5 | Jun 2023 20.0 | Sep 2023 17.7 | Dec 2023 18.5 | Mar 2024 18.3 | Jun 2024 20.8 | Sep 2024 23.5 | Dec 2024 22.0 | Mar 2025 22.2 | Jun 2025 18.7 | Sep 2025 21.2 | Dec 2025 20.7 | Mar 2026 22.5 | Jun 2026 —
- EMA: Sep 2021 31.4 | Dec 2021 31.9 | Mar 2022 27.2 | Jun 2022 28.7 | Sep 2022 18.7 | Dec 2022 14.7 | Mar 2023 13.1 | Jun 2023 11.9 | Sep 2023 10.9 | Dec 2023 14.0 | Mar 2024 21.3 | Jun 2024 17.7 | Sep 2024 23.8 | Dec 2024 31.4 | Mar 2025 20.6 | Jun 2025 21.2 | Sep 2025 18.1 | Dec 2025 20.0 | Mar 2026 21.9 | Jun 2026 —
- PNW: Sep 2021 14.3 | Dec 2021 12.9 | Mar 2022 14.7 | Jun 2022 15.1 | Sep 2022 13.7 | Dec 2022 17.9 | Mar 2023 19.4 | Jun 2023 22.8 | Sep 2023 17.5 | Dec 2023 16.3 | Mar 2024 16.3 | Jun 2024 14.1 | Sep 2024 16.8 | Dec 2024 16.2 | Mar 2025 18.9 | Jun 2025 18.5 | Sep 2025 18.4 | Dec 2025 17.6 | Mar 2026 18.8 | Jun 2026 —
- OGE: Sep 2021 24.8 | Dec 2021 10.4 | Mar 2022 10.8 | Jun 2022 10.8 | Sep 2022 7.8 | Dec 2022 11.9 | Mar 2023 17.9 | Jun 2023 16.4 | Sep 2023 16.0 | Dec 2023 16.9 | Mar 2024 17.4 | Jun 2024 17.5 | Sep 2024 21.3 | Dec 2024 18.8 | Mar 2025 19.1 | Jun 2025 18.3 | Sep 2025 18.7 | Dec 2025 18.3 | Mar 2026 21.6 | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12.2 | Mar 2024 11.4 | Jun 2024 10.5 | Sep 2024 8.3 | Dec 2024 9.0 | Mar 2025 10.4 | Jun 2025 12.1 | Sep 2025 17.1 | Dec 2025 14.5 | Mar 2026 20.3 | Jun 2026 —
- IDA: Sep 2021 20.9 | Dec 2021 23.4 | Mar 2022 23.7 | Jun 2022 22.3 | Sep 2022 20.1 | Dec 2022 21.1 | Mar 2023 20.4 | Jun 2023 19.0 | Sep 2023 17.5 | Dec 2023 19.1 | Mar 2024 18.7 | Jun 2024 17.4 | Sep 2024 19.1 | Dec 2024 19.9 | Mar 2025 20.6 | Jun 2025 20.3 | Sep 2025 22.7 | Dec 2025 21.5 | Mar 2026 23.8 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Companhia Paranaense de Energia - COPEL leads ev/ebitda at 6.96×; PG&E Corporation leads p/bv at 1.09×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Companhia Paranaense de Energia - COPEL · 6.96× | 8.5% versus #2 · Edison International | 0/8 recent comparable periods | 29/29 companies · 542 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Companhia Paranaense de Energia - COPEL (ELPC): 7.0
2. Edison International (EIX): 7.6
3. Eversource Energy (ES): 10.2
4. PG&E Corporation (PCG): 10.4
5. Exelon Corporation (EXC): 11.2

### P/BV — lowest P/BV
1. PG&E Corporation (PCG): 1.1
2. Emera Incorporated (EMA): 1.6
3. Eversource Energy (ES): 1.6
4. Fortis Inc. (FTS): 1.6
5. National Grid plc (NGG): 1.6

### 20-quarter EV/EBITDA history
- NEE: Sep 2021 32.4 | Dec 2021 34.5 | Mar 2022 40.0 | Jun 2022 34.3 | Sep 2022 28.3 | Dec 2022 27.0 | Mar 2023 18.7 | Jun 2023 15.7 | Sep 2023 13.0 | Dec 2023 12.6 | Mar 2024 14.2 | Jun 2024 16.5 | Sep 2024 17.6 | Dec 2024 18.1 | Mar 2025 17.8 | Jun 2025 17.1 | Sep 2025 17.9 | Dec 2025 17.9 | Mar 2026 19.9 | Jun 2026 —
- SO: Sep 2021 13.6 | Dec 2021 17.1 | Mar 2022 17.6 | Jun 2022 15.5 | Sep 2022 14.3 | Dec 2022 14.8 | Mar 2023 14.2 | Jun 2023 14.7 | Sep 2023 13.9 | Dec 2023 13.2 | Mar 2024 12.6 | Jun 2024 12.4 | Sep 2024 13.1 | Dec 2024 12.9 | Mar 2025 13.2 | Jun 2025 13.4 | Sep 2025 13.2 | Dec 2025 12.9 | Mar 2026 13.6 | Jun 2026 —
- DUK: Sep 2021 14.5 | Dec 2021 13.6 | Mar 2022 14.3 | Jun 2022 13.7 | Sep 2022 12.5 | Dec 2022 13.3 | Mar 2023 12.9 | Jun 2023 12.5 | Sep 2023 12.3 | Dec 2023 12.0 | Mar 2024 11.7 | Jun 2024 11.8 | Sep 2024 12.6 | Dec 2024 11.9 | Mar 2025 12.4 | Jun 2025 11.8 | Sep 2025 11.7 | Dec 2025 11.3 | Mar 2026 11.5 | Jun 2026 —
- NGG: Sep 2021 16.3 | Dec 2021 15.1 | Mar 2022 13.7 | Jun 2022 12.8 | Sep 2022 11.3 | Dec 2022 11.0 | Mar 2023 11.8 | Jun 2023 12.1 | Sep 2023 11.9 | Dec 2023 13.5 | Mar 2024 11.3 | Jun 2024 13.8 | Sep 2024 18.3 | Dec 2024 16.0 | Mar 2025 11.0 | Jun 2025 15.5 | Sep 2025 15.3 | Dec 2025 15.8 | Mar 2026 12.2 | Jun 2026 —
- AEP: Sep 2021 12.7 | Dec 2021 12.6 | Mar 2022 13.5 | Jun 2022 12.7 | Sep 2022 12.2 | Dec 2022 13.3 | Mar 2023 14.1 | Jun 2023 14.2 | Sep 2023 12.4 | Dec 2023 12.7 | Mar 2024 12.5 | Jun 2024 12.9 | Sep 2024 13.9 | Dec 2024 12.6 | Mar 2025 13.5 | Jun 2025 12.1 | Sep 2025 12.4 | Dec 2025 12.9 | Mar 2026 14.1 | Jun 2026 —
- D: Sep 2021 18.3 | Dec 2021 22.5 | Mar 2022 19.0 | Jun 2022 20.7 | Sep 2022 18.3 | Dec 2022 20.7 | Mar 2023 18.3 | Jun 2023 15.4 | Sep 2023 13.2 | Dec 2023 13.0 | Mar 2024 13.6 | Jun 2024 13.3 | Sep 2024 14.4 | Dec 2024 15.5 | Mar 2025 15.7 | Jun 2025 15.2 | Sep 2025 15.7 | Dec 2025 14.9 | Mar 2026 15.2 | Jun 2026 —
- ETR: Sep 2021 11.5 | Dec 2021 12.2 | Mar 2022 12.6 | Jun 2022 12.3 | Sep 2022 11.4 | Dec 2022 11.9 | Mar 2023 11.8 | Jun 2023 9.8 | Sep 2023 9.2 | Dec 2023 9.9 | Mar 2024 10.7 | Jun 2024 11.0 | Sep 2024 12.1 | Dec 2024 12.0 | Mar 2025 11.9 | Jun 2025 11.4 | Sep 2025 12.1 | Dec 2025 12.4 | Mar 2026 14.6 | Jun 2026 —
- XEL: Sep 2021 13.1 | Dec 2021 13.8 | Mar 2022 14.2 | Jun 2022 13.6 | Sep 2022 12.5 | Dec 2022 12.9 | Mar 2023 12.3 | Jun 2023 12.2 | Sep 2023 11.7 | Dec 2023 12.2 | Mar 2024 11.2 | Jun 2024 11.0 | Sep 2024 12.2 | Dec 2024 13.1 | Mar 2025 13.5 | Jun 2025 13.2 | Sep 2025 15.3 | Dec 2025 14.4 | Mar 2026 15.1 | Jun 2026 —
- EXC: Sep 2021 6.7 | Dec 2021 7.2 | Mar 2022 9.0 | Jun 2022 10.0 | Sep 2022 10.4 | Dec 2022 12.0 | Mar 2023 12.0 | Jun 2023 11.9 | Sep 2023 11.3 | Dec 2023 10.5 | Mar 2024 10.8 | Jun 2024 10.2 | Sep 2024 10.9 | Dec 2024 10.6 | Mar 2025 11.1 | Jun 2025 10.9 | Sep 2025 10.7 | Dec 2025 10.6 | Mar 2026 11.2 | Jun 2026 —
- ED: Sep 2021 10.8 | Dec 2021 11.3 | Mar 2022 12.2 | Jun 2022 12.2 | Sep 2022 11.6 | Dec 2022 12.2 | Mar 2023 9.8 | Jun 2023 9.7 | Sep 2023 10.0 | Dec 2023 10.6 | Mar 2024 12.4 | Jun 2024 12.2 | Sep 2024 13.1 | Dec 2024 11.9 | Mar 2025 13.2 | Jun 2025 11.5 | Sep 2025 11.4 | Dec 2025 11.9 | Mar 2026 12.9 | Jun 2026 —
- PEG: Sep 2021 367.4 | Dec 2021 95.9 | Mar 2022 — | Jun 2022 217.3 | Sep 2022 18.4 | Dec 2022 18.9 | Mar 2023 11.5 | Jun 2023 10.4 | Sep 2023 9.2 | Dec 2023 10.1 | Mar 2024 13.3 | Jun 2024 15.1 | Sep 2024 16.8 | Dec 2024 13.0 | Mar 2025 32.2 | Jun 2025 29.1 | Sep 2025 12.5 | Dec 2025 12.2 | Mar 2026 28.1 | Jun 2026 —
- PCG: Sep 2021 9.2 | Dec 2021 9.3 | Mar 2022 8.9 | Jun 2022 9.5 | Sep 2022 9.0 | Dec 2022 10.1 | Mar 2023 10.0 | Jun 2023 9.9 | Sep 2023 10.9 | Dec 2023 11.2 | Mar 2024 10.2 | Jun 2024 9.6 | Sep 2024 8.2 | Dec 2024 12.0 | Mar 2025 11.2 | Jun 2025 10.6 | Sep 2025 8.2 | Dec 2025 8.0 | Mar 2026 9.8 | Jun 2026 10.4
- WEC: Sep 2021 15.2 | Dec 2021 16.6 | Mar 2022 16.1 | Jun 2022 16.0 | Sep 2022 15.0 | Dec 2022 15.5 | Mar 2023 16.0 | Jun 2023 15.1 | Sep 2023 13.9 | Dec 2023 14.4 | Mar 2024 13.4 | Jun 2024 13.2 | Sep 2024 15.4 | Dec 2024 14.4 | Mar 2025 15.2 | Jun 2025 14.6 | Sep 2025 15.4 | Dec 2025 15.3 | Mar 2026 16.0 | Jun 2026 —
- AEE: Sep 2021 13.3 | Dec 2021 14.1 | Mar 2022 14.4 | Jun 2022 14.0 | Sep 2022 12.7 | Dec 2022 13.0 | Mar 2023 12.5 | Jun 2023 12.1 | Sep 2023 11.4 | Dec 2023 11.7 | Mar 2024 11.9 | Jun 2024 11.6 | Sep 2024 13.2 | Dec 2024 13.8 | Mar 2025 14.7 | Jun 2025 14.2 | Sep 2025 13.8 | Dec 2025 12.9 | Mar 2026 13.6 | Jun 2026 —
- EIX: Sep 2021 12.7 | Dec 2021 14.8 | Mar 2022 15.4 | Jun 2022 15.2 | Sep 2022 13.9 | Dec 2022 13.9 | Mar 2023 13.6 | Jun 2023 12.8 | Sep 2023 11.4 | Dec 2023 12.2 | Mar 2024 12.9 | Jun 2024 12.7 | Sep 2024 12.4 | Dec 2024 12.1 | Mar 2025 8.2 | Jun 2025 8.1 | Sep 2025 7.7 | Dec 2025 6.4 | Mar 2026 7.6 | Jun 2026 —
- DTE: Sep 2021 13.2 | Dec 2021 13.7 | Mar 2022 14.2 | Jun 2022 14.4 | Sep 2022 13.2 | Dec 2022 13.3 | Mar 2023 12.4 | Jun 2023 11.7 | Sep 2023 11.2 | Dec 2023 11.2 | Mar 2024 11.8 | Jun 2024 11.7 | Sep 2024 12.5 | Dec 2024 12.4 | Mar 2025 23.1 | Jun 2025 23.5 | Sep 2025 13.3 | Dec 2025 11.2 | Mar 2026 21.1 | Jun 2026 —
- FTS: Sep 2021 14.0 | Dec 2021 14.6 | Mar 2022 14.6 | Jun 2022 14.4 | Sep 2022 13.5 | Dec 2022 13.3 | Mar 2023 13.1 | Jun 2023 12.9 | Sep 2023 12.2 | Dec 2023 12.3 | Mar 2024 12.2 | Jun 2024 12.1 | Sep 2024 12.8 | Dec 2024 12.8 | Mar 2025 13.2 | Jun 2025 12.9 | Sep 2025 13.3 | Dec 2025 13.4 | Mar 2026 14.1 | Jun 2026 —
- CNP: Sep 2021 12.6 | Dec 2021 12.6 | Mar 2022 12.5 | Jun 2022 12.3 | Sep 2022 12.0 | Dec 2022 12.8 | Mar 2023 12.3 | Jun 2023 12.1 | Sep 2023 11.2 | Dec 2023 11.6 | Mar 2024 11.3 | Jun 2024 11.5 | Sep 2024 11.9 | Dec 2024 12.2 | Mar 2025 12.9 | Jun 2025 13.4 | Sep 2025 13.5 | Dec 2025 13.2 | Mar 2026 14.1 | Jun 2026 —
- FE: Sep 2021 12.3 | Dec 2021 13.6 | Mar 2022 15.1 | Jun 2022 12.9 | Sep 2022 13.2 | Dec 2022 14.2 | Mar 2023 14.6 | Jun 2023 14.5 | Sep 2023 13.6 | Dec 2023 10.5 | Mar 2024 14.7 | Jun 2024 14.4 | Sep 2024 14.2 | Dec 2024 9.6 | Mar 2025 14.3 | Jun 2025 15.7 | Sep 2025 16.1 | Dec 2025 12.4 | Mar 2026 21.0 | Jun 2026 —
- ES: Sep 2021 14.6 | Dec 2021 15.5 | Mar 2022 14.5 | Jun 2022 14.0 | Sep 2022 12.9 | Dec 2022 13.5 | Mar 2023 14.1 | Jun 2023 14.3 | Sep 2023 14.4 | Dec 2023 15.1 | Mar 2024 14.4 | Jun 2024 13.7 | Sep 2024 13.0 | Dec 2024 12.0 | Mar 2025 11.0 | Jun 2025 10.5 | Sep 2025 11.2 | Dec 2025 10.3 | Mar 2026 10.2 | Jun 2026 —
- PPL: Sep 2021 10.6 | Dec 2021 11.7 | Mar 2022 11.2 | Jun 2022 13.0 | Sep 2022 12.7 | Dec 2022 13.6 | Mar 2023 12.8 | Jun 2023 12.1 | Sep 2023 11.0 | Dec 2023 11.9 | Mar 2024 11.9 | Jun 2024 11.7 | Sep 2024 13.0 | Dec 2024 13.1 | Mar 2025 13.5 | Jun 2025 13.1 | Sep 2025 13.3 | Dec 2025 12.6 | Mar 2026 13.0 | Jun 2026 —
- CMS: Sep 2021 13.0 | Dec 2021 14.0 | Mar 2022 14.4 | Jun 2022 14.4 | Sep 2022 13.8 | Dec 2022 14.2 | Mar 2023 14.7 | Jun 2023 14.6 | Sep 2023 13.9 | Dec 2023 13.8 | Mar 2024 13.4 | Jun 2024 13.0 | Sep 2024 14.0 | Dec 2024 13.6 | Mar 2025 14.0 | Jun 2025 13.4 | Sep 2025 13.5 | Dec 2025 13.4 | Mar 2026 14.3 | Jun 2026 —
- EVRG: Sep 2021 10.6 | Dec 2021 11.4 | Mar 2022 11.8 | Jun 2022 11.4 | Sep 2022 10.8 | Dec 2022 11.5 | Mar 2023 11.2 | Jun 2023 11.0 | Sep 2023 10.4 | Dec 2023 10.2 | Mar 2024 10.5 | Jun 2024 10.6 | Sep 2024 10.7 | Dec 2024 10.5 | Mar 2025 11.1 | Jun 2025 11.3 | Sep 2025 11.7 | Dec 2025 11.5 | Mar 2026 12.3 | Jun 2026 —
- LNT: Sep 2021 15.1 | Dec 2021 16.0 | Mar 2022 15.7 | Jun 2022 14.8 | Sep 2022 13.8 | Dec 2022 14.1 | Mar 2023 14.2 | Jun 2023 14.1 | Sep 2023 13.5 | Dec 2023 14.0 | Mar 2024 13.7 | Jun 2024 14.4 | Sep 2024 16.0 | Dec 2024 15.4 | Mar 2025 15.8 | Jun 2025 14.5 | Sep 2025 15.1 | Dec 2025 15.1 | Mar 2026 16.1 | Jun 2026 —
- EMA: Sep 2021 18.5 | Dec 2021 18.4 | Mar 2022 16.8 | Jun 2022 17.5 | Sep 2022 14.5 | Dec 2022 13.2 | Mar 2023 12.1 | Jun 2023 11.4 | Sep 2023 11.0 | Dec 2023 12.2 | Mar 2024 14.4 | Jun 2024 13.4 | Sep 2024 14.2 | Dec 2024 16.4 | Mar 2025 14.2 | Jun 2025 13.8 | Sep 2025 13.1 | Dec 2025 13.1 | Mar 2026 13.6 | Jun 2026 —
- PNW: Sep 2021 10.6 | Dec 2021 10.6 | Mar 2022 11.0 | Jun 2022 11.0 | Sep 2022 10.3 | Dec 2022 11.3 | Mar 2023 12.1 | Jun 2023 12.7 | Sep 2023 11.4 | Dec 2023 11.0 | Mar 2024 11.1 | Jun 2024 10.6 | Sep 2024 11.0 | Dec 2024 10.7 | Mar 2025 11.8 | Jun 2025 12.4 | Sep 2025 12.4 | Dec 2025 12.2 | Mar 2026 12.9 | Jun 2026 —
- OGE: Sep 2021 11.7 | Dec 2021 13.2 | Mar 2022 13.4 | Jun 2022 12.2 | Sep 2022 10.5 | Dec 2022 11.2 | Mar 2023 10.9 | Jun 2023 10.7 | Sep 2023 10.0 | Dec 2023 10.2 | Mar 2024 10.3 | Jun 2024 10.3 | Sep 2024 11.3 | Dec 2024 10.8 | Mar 2025 11.2 | Jun 2025 10.9 | Sep 2025 10.8 | Dec 2025 10.5 | Mar 2026 11.8 | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.4 | Mar 2024 5,084.9 | Jun 2024 4,864.4 | Sep 2024 6.0 | Dec 2024 4.3 | Mar 2025 4.3 | Jun 2025 5.3 | Sep 2025 5.5 | Dec 2025 5,969.5 | Mar 2026 7.0 | Jun 2026 —
- IDA: Sep 2021 13.6 | Dec 2021 14.8 | Mar 2022 15.0 | Jun 2022 14.8 | Sep 2022 14.0 | Dec 2022 14.9 | Mar 2023 15.2 | Jun 2023 14.5 | Sep 2023 13.5 | Dec 2023 14.6 | Mar 2024 14.7 | Jun 2024 14.3 | Sep 2024 15.0 | Dec 2024 15.5 | Mar 2025 16.1 | Jun 2025 16.5 | Sep 2025 17.7 | Dec 2025 17.0 | Mar 2026 18.0 | Jun 2026 —

### 20-quarter P/BV history
- NEE: Sep 2021 4.2 | Dec 2021 4.9 | Mar 2022 4.6 | Jun 2022 4.2 | Sep 2022 4.0 | Dec 2022 4.2 | Mar 2023 3.6 | Jun 2023 3.4 | Sep 2023 2.5 | Dec 2023 2.6 | Mar 2024 2.7 | Jun 2024 3.0 | Sep 2024 3.5 | Dec 2024 2.9 | Mar 2025 2.9 | Jun 2025 2.8 | Sep 2025 2.9 | Dec 2025 3.1 | Mar 2026 3.5 | Jun 2026 —
- SO: Sep 2021 — | Dec 2021 2.6 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.7 | Mar 2026 — | Jun 2026 —
- DUK: Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.7 | Jun 2022 1.7 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.9 | Jun 2025 1.8 | Sep 2025 1.9 | Dec 2025 1.8 | Mar 2026 1.9 | Jun 2026 —
- NGG: Sep 2021 1.6 | Dec 2021 1.6 | Mar 2022 1.8 | Jun 2022 1.5 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.4 | Jun 2024 0.9 | Sep 2024 1.4 | Dec 2024 1.2 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.5 | Mar 2026 1.6 | Jun 2026 —
- AEP: Sep 2021 3.8 | Dec 2021 2.4 | Mar 2022 3.0 | Jun 2022 2.4 | Sep 2022 1.8 | Dec 2022 2.0 | Mar 2023 4.1 | Jun 2023 1.8 | Sep 2023 1.6 | Dec 2023 3.4 | Mar 2024 1.8 | Jun 2024 2.4 | Sep 2024 2.4 | Dec 2024 1.8 | Mar 2025 2.1 | Jun 2025 1.9 | Sep 2025 2.2 | Dec 2025 2.0 | Mar 2026 2.9 | Jun 2026 —
- D: Sep 2021 2.4 | Dec 2021 2.5 | Mar 2022 2.7 | Jun 2022 2.5 | Sep 2022 2.2 | Dec 2022 2.0 | Mar 2023 1.8 | Jun 2023 1.6 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.9 | Dec 2024 1.8 | Mar 2025 1.8 | Jun 2025 1.8 | Sep 2025 2.0 | Dec 2025 1.8 | Mar 2026 1.9 | Jun 2026 —
- ETR: Sep 2021 1.8 | Dec 2021 2.0 | Mar 2022 2.0 | Jun 2022 2.0 | Sep 2022 1.7 | Dec 2022 1.8 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.9 | Dec 2024 2.2 | Mar 2025 2.4 | Jun 2025 2.3 | Sep 2025 2.5 | Dec 2025 2.5 | Mar 2026 3.0 | Jun 2026 —
- XEL: Sep 2021 2.2 | Dec 2021 2.4 | Mar 2022 2.5 | Jun 2022 2.4 | Sep 2022 2.1 | Dec 2022 2.3 | Mar 2023 2.2 | Jun 2023 2.0 | Sep 2023 1.8 | Dec 2023 2.0 | Mar 2024 1.7 | Jun 2024 1.7 | Sep 2024 1.9 | Dec 2024 2.0 | Mar 2025 2.1 | Jun 2025 1.9 | Sep 2025 2.3 | Dec 2025 2.0 | Mar 2026 2.1 | Jun 2026 —
- EXC: Sep 2021 1.0 | Dec 2021 1.2 | Mar 2022 2.0 | Jun 2022 1.9 | Sep 2022 1.5 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.3 | Sep 2024 1.5 | Dec 2024 1.4 | Mar 2025 1.7 | Jun 2025 1.6 | Sep 2025 1.6 | Dec 2025 1.6 | Mar 2026 1.7 | Jun 2026 —
- ED: Sep 2021 1.3 | Dec 2021 1.5 | Mar 2022 1.6 | Jun 2022 1.7 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 1.5 | Sep 2023 1.4 | Dec 2023 — | Mar 2024 1.5 | Jun 2024 1.4 | Sep 2024 1.7 | Dec 2024 1.4 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.5 | Mar 2026 1.6 | Jun 2026 —
- PEG: Sep 2021 2.2 | Dec 2021 2.3 | Mar 2022 2.6 | Jun 2022 2.3 | Sep 2022 2.1 | Dec 2022 2.2 | Mar 2023 2.1 | Jun 2023 2.1 | Sep 2023 1.9 | Dec 2023 2.0 | Mar 2024 2.1 | Jun 2024 2.3 | Sep 2024 2.8 | Dec 2024 2.6 | Mar 2025 2.5 | Jun 2025 2.5 | Sep 2025 2.5 | Dec 2025 2.4 | Mar 2026 2.3 | Jun 2026 —
- PCG: Sep 2021 0.1 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.1 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.6 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 1.5 | Mar 2025 1.2 | Jun 2025 1.0 | Sep 2025 0.4 | Dec 2025 0.4 | Mar 2026 1.0 | Jun 2026 1.1
- WEC: Sep 2021 2.6 | Dec 2021 2.8 | Mar 2022 2.8 | Jun 2022 2.8 | Sep 2022 2.5 | Dec 2022 2.6 | Mar 2023 2.6 | Jun 2023 2.4 | Sep 2023 2.2 | Dec 2023 2.3 | Mar 2024 2.1 | Jun 2024 2.1 | Sep 2024 2.5 | Dec 2024 2.4 | Mar 2025 2.7 | Jun 2025 2.5 | Sep 2025 2.8 | Dec 2025 2.5 | Mar 2026 2.7 | Jun 2026 —
- AEE: Sep 2021 2.2 | Dec 2021 2.4 | Mar 2022 2.5 | Jun 2022 2.4 | Sep 2022 2.0 | Dec 2022 2.2 | Mar 2023 2.1 | Jun 2023 2.0 | Sep 2023 1.8 | Dec 2023 1.7 | Mar 2024 1.7 | Jun 2024 1.6 | Sep 2024 2.0 | Dec 2024 2.0 | Mar 2025 2.2 | Jun 2025 2.1 | Sep 2025 2.2 | Dec 2025 2.1 | Mar 2026 2.2 | Jun 2026 —
- EIX: Sep 2021 1.4 | Dec 2021 1.6 | Mar 2022 1.7 | Jun 2022 1.5 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 1.7 | Jun 2023 1.7 | Sep 2023 1.6 | Dec 2023 1.8 | Mar 2024 1.8 | Jun 2024 1.8 | Sep 2024 2.2 | Dec 2024 2.0 | Mar 2025 1.4 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.6 | Jun 2026 —
- DTE: Sep 2021 2.5 | Dec 2021 2.7 | Mar 2022 2.9 | Jun 2022 2.9 | Sep 2022 2.5 | Dec 2022 2.3 | Mar 2023 2.1 | Jun 2023 2.2 | Sep 2023 1.9 | Dec 2023 2.1 | Mar 2024 2.1 | Jun 2024 2.1 | Sep 2024 2.3 | Dec 2024 2.1 | Mar 2025 2.4 | Jun 2025 2.4 | Sep 2025 2.4 | Dec 2025 2.2 | Mar 2026 2.5 | Jun 2026 —
- FTS: Sep 2021 1.4 | Dec 2021 1.5 | Mar 2022 1.5 | Jun 2022 1.4 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.3 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.6 | Jun 2026 —
- CNP: Sep 2021 1.8 | Dec 2021 1.9 | Mar 2022 1.9 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 1.9 | Mar 2023 1.8 | Jun 2023 1.8 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 1.8 | Jun 2024 1.9 | Sep 2024 1.8 | Dec 2024 1.9 | Mar 2025 2.2 | Jun 2025 2.2 | Sep 2025 2.3 | Dec 2025 2.2 | Mar 2026 2.5 | Jun 2026 —
- FE: Sep 2021 2.6 | Dec 2021 2.7 | Mar 2022 3.0 | Jun 2022 2.0 | Sep 2022 2.0 | Dec 2022 2.4 | Mar 2023 2.2 | Jun 2023 2.1 | Sep 2023 1.9 | Dec 2023 2.0 | Mar 2024 1.8 | Jun 2024 1.8 | Sep 2024 2.1 | Dec 2024 1.8 | Mar 2025 1.9 | Jun 2025 1.8 | Sep 2025 2.1 | Dec 2025 2.1 | Mar 2026 2.3 | Jun 2026 —
- ES: Sep 2021 2.0 | Dec 2021 2.2 | Mar 2022 2.1 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 1.9 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 1.3 | Dec 2023 1.5 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.7 | Dec 2024 1.4 | Mar 2025 1.5 | Jun 2025 1.5 | Sep 2025 1.7 | Dec 2025 1.6 | Mar 2026 1.6 | Jun 2026 —
- PPL: Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.5 | Jun 2022 1.4 | Sep 2022 1.3 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.2 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.5 | Sep 2024 1.7 | Dec 2024 1.7 | Mar 2025 1.9 | Jun 2025 1.8 | Sep 2025 1.9 | Dec 2025 1.8 | Mar 2026 1.9 | Jun 2026 —
- CMS: Sep 2021 3.0 | Dec 2021 2.9 | Mar 2022 3.1 | Jun 2022 2.9 | Sep 2022 2.5 | Dec 2022 2.7 | Mar 2023 2.6 | Jun 2023 2.5 | Sep 2023 2.2 | Dec 2023 2.3 | Mar 2024 2.3 | Jun 2024 2.3 | Sep 2024 2.7 | Dec 2024 2.5 | Mar 2025 2.8 | Jun 2025 2.5 | Sep 2025 2.6 | Dec 2025 2.4 | Mar 2026 2.6 | Jun 2026 —
- EVRG: Sep 2021 1.5 | Dec 2021 1.7 | Mar 2022 1.7 | Jun 2022 1.6 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.3 | Sep 2024 1.4 | Dec 2024 1.4 | Mar 2025 1.6 | Jun 2025 1.6 | Sep 2025 1.7 | Dec 2025 1.6 | Mar 2026 1.9 | Jun 2026 —
- LNT: Sep 2021 2.3 | Dec 2021 2.6 | Mar 2022 2.6 | Jun 2022 2.4 | Sep 2022 2.1 | Dec 2022 2.2 | Mar 2023 2.1 | Jun 2023 2.1 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 1.9 | Jun 2024 1.9 | Sep 2024 2.2 | Dec 2024 2.2 | Mar 2025 2.3 | Jun 2025 2.2 | Sep 2025 2.4 | Dec 2025 2.3 | Mar 2026 2.5 | Jun 2026 —
- EMA: Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.6 | Jun 2022 1.5 | Sep 2022 1.4 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 1.2 | Mar 2025 1.3 | Jun 2025 1.4 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.6 | Jun 2026 —
- PNW: Sep 2021 1.4 | Dec 2021 1.4 | Mar 2022 1.5 | Jun 2022 1.4 | Sep 2022 1.2 | Dec 2022 1.4 | Mar 2023 1.5 | Jun 2023 1.6 | Sep 2023 1.3 | Dec 2023 1.3 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.5 | Dec 2024 1.5 | Mar 2025 1.7 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.7 | Jun 2026 —
- OGE: Sep 2021 1.7 | Dec 2021 1.9 | Mar 2022 1.9 | Jun 2022 1.8 | Sep 2022 1.6 | Dec 2022 1.8 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 1.6 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.8 | Dec 2024 1.8 | Mar 2025 2.0 | Jun 2025 1.9 | Sep 2025 1.9 | Dec 2025 1.7 | Mar 2026 2.0 | Jun 2026 —
- ELPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.5 | Mar 2024 980.5 | Jun 2024 990.6 | Sep 2024 1.0 | Dec 2024 0.4 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 1,683.7 | Mar 2026 1.9 | Jun 2026 —
- IDA: Sep 2021 2.0 | Dec 2021 2.2 | Mar 2022 2.2 | Jun 2022 2.0 | Sep 2022 1.8 | Dec 2022 1.9 | Mar 2023 1.9 | Jun 2023 1.8 | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.7 | Dec 2024 1.8 | Mar 2025 1.9 | Jun 2025 1.8 | Sep 2025 2.1 | Dec 2025 1.9 | Mar 2026 2.2 | Jun 2026 —

## Market action

Edison International has the strongest one-year price move in Utilities - Regulated Electric at +50.2%. It also leads on Mansfield relative strength against the S&P 500 at +14.5%. 13 of 29 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Edison International (EIX): 50%
2. Companhia Paranaense de Energia - COPEL (ELPC): 46%
3. NextEra Energy, Inc. (NEE): 27%
4. PG&E Corporation (PCG): 26%
5. Entergy Corporation (ETR): 25%

### Strongest relative strength versus NIFTY 500
1. Edison International (EIX): 15%
2. Dominion Energy, Inc. (D): 4.6%
3. Companhia Paranaense de Energia - COPEL (ELPC): 3.6%
4. Entergy Corporation (ETR): 2.9%
5. Pinnacle West Capital Corporation (PNW): 2.1%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- NextEra Energy, Inc. (NEE) — market value ₹1.9 L Cr; latest fundamentals Mar 2026
- The Southern Company (SO) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- Duke Energy Corporation (DUK) — market value ₹1.0 L Cr; latest fundamentals Mar 2026
- National Grid plc (NGG) — market value ₹80.6K Cr; latest fundamentals Mar 2026
- American Electric Power Company, Inc. (AEP) — market value ₹72.4K Cr; latest fundamentals Mar 2026
- Dominion Energy, Inc. (D) — market value ₹62.1K Cr; latest fundamentals Mar 2026
- Entergy Corporation (ETR) — market value ₹51.4K Cr; latest fundamentals Mar 2026
- Xcel Energy Inc. (XEL) — market value ₹50.1K Cr; latest fundamentals Mar 2026
- Exelon Corporation (EXC) — market value ₹48.4K Cr; latest fundamentals Mar 2026
- Consolidated Edison, Inc. (ED) — market value ₹41.3K Cr; latest fundamentals Mar 2026
- Public Service Enterprise Group Incorporated (PEG) — market value ₹39.3K Cr; latest fundamentals Mar 2026
- PG&E Corporation (PCG) — market value ₹39.2K Cr; latest fundamentals Jun 2026
- WEC Energy Group, Inc. (WEC) — market value ₹37.0K Cr; latest fundamentals Mar 2026
- Ameren Corporation (AEE) — market value ₹31.1K Cr; latest fundamentals Mar 2026
- Edison International (EIX) — market value ₹30.7K Cr; latest fundamentals Mar 2026
- DTE Energy Company (DTE) — market value ₹30.4K Cr; latest fundamentals Mar 2026
- Fortis Inc. (FTS) — market value ₹29.7K Cr; latest fundamentals Mar 2026
- CenterPoint Energy, Inc. (CNP) — market value ₹28.8K Cr; latest fundamentals Mar 2026
- FirstEnergy Corp. (FE) — market value ₹28.7K Cr; latest fundamentals Mar 2026
- Eversource Energy (ES) — market value ₹28.4K Cr; latest fundamentals Mar 2026
- PPL Corporation (PPL) — market value ₹27.3K Cr; latest fundamentals Mar 2026
- CMS Energy Corporation (CMS) — market value ₹23.0K Cr; latest fundamentals Mar 2026
- Evergy, Inc. (EVRG) — market value ₹19.7K Cr; latest fundamentals Mar 2026
- Alliant Energy Corporation (LNT) — market value ₹19.1K Cr; latest fundamentals Mar 2026
- Emera Incorporated (EMA) — market value ₹16.7K Cr; latest fundamentals Mar 2026
- Pinnacle West Capital Corporation (PNW) — market value ₹12.8K Cr; latest fundamentals Mar 2026
- OGE Energy Corp. (OGE) — market value ₹10.2K Cr; latest fundamentals Mar 2026
- Companhia Paranaense de Energia - COPEL (ELPC) — market value ₹8.7K Cr; latest fundamentals Mar 2026
- IDACORP, Inc. (IDA) — market value ₹8.2K Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Utilities - Regulated Electric company is the biggest?

Duke Energy Corporation is the largest, with trailing-twelve-month revenue of $33,166 million, ahead of The Southern Company at $30,174 million. That covers 27 of 29 companies with comparable reporting through Mar 2026.

### Which Utilities - Regulated Electric company is growing fastest?

DTE Energy Company has the fastest revenue growth at 20.9% year on year, across 27 of 29 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Utilities - Regulated Electric company has the best profit margins?

Emera Incorporated has the highest operating margin at 33.5%, from 27 of 29 comparable companies. IDACORP, Inc. shows the biggest recent improvement, at +7.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Utilities - Regulated Electric company makes the most profit?

NextEra Energy, Inc. earns the most, at $6,555 million of trailing-twelve-month net profit, from 27 of 29 comparable companies. Eversource Energy has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Utilities - Regulated Electric company earns the highest return on capital?

Companhia Paranaense de Energia - COPEL leads on return on capital employed at 2.9%, across 29 of 29 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Utilities - Regulated Electric stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Edison International screens cheapest at 0.26×. Only 27 of 29 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Utilities - Regulated Electric company has the strongest balance sheet?

IDACORP, Inc. carries the lowest comparable gross debt at $4,009 million, from 28 of 29 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Utilities - Regulated Electric company is investing most in new capacity?

National Grid plc reports the largest capital spending at $5,545 million, across 29 of 29 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Utilities - Regulated Electric sector beating the market?

Utilities - Regulated Electric has underperformed S&P 500 by 4.4% over the last 52 weeks and 2.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 13 of 29 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Utilities - Regulated Electric stock has the strongest price momentum?

Edison International has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Utilities - Regulated Electric company scores highest for research priority?

Dominion Energy, Inc. scores 68.6 out of 100 with 82% evidence confidence, from 21.7 points on growth and earnings, 12.1 on capital efficiency, 15.3 on valuation and 19.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Utilities - Regulated Electric companies does this comparison cover, and over what period?

It compares 29 listed companies over up to 20 reported quarters of fundamentals and 7 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Utilities - Regulated Electric sector?

The 29 Utilities - Regulated Electric companies on this page carry $1,271,463 million of combined market value. NextEra Energy, Inc. is the largest at $186,221 million, about 15% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Utilities - Regulated Electric sector's P/E ratio?

The median price-to-earnings ratio across the 29 Utilities - Regulated Electric companies on this page is 21.6×, measured on the 29 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Utilities - Regulated Electric sector performing?

13 of the 29 covered Utilities - Regulated Electric companies are beating S&P 500 on Mansfield relative strength. The sector itself is 4.4% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Utilities - Regulated Electric stocks are listed in the US?

This comparison covers 29 listed Utilities - Regulated Electric companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/utilities-regulated-electric