Daily Brief Utilities: Constellation Energy , Prime Road Power , Adani Energy Solutions, Evergy , Nrg Energy Inc and more

• Constellation Energy Corporation’s third quarter financial performance reflects strong operational execution across its nuclear and energy generation assets.
• The company reported GAAP earnings of $2.97 per share and adjusted operating earnings of $3.04 per share, an increase compared to the same period last year.
• This performance was attributed to fewer nuclear outage days and robust generation volumes, though the financial benefits were partially offset by nonrecurring operating and maintenance (O&M) headwinds due to stock compensation plans triggered by the company’s stock appreciation.

• Aggressive Capacity Expansion Pipeline: Prime Road Power is embarking on a significant growth trajectory, aiming to expand its renewable energy capacity from approximately 307.5 MW to 1,800 MW by 2027. This expansion is geographically diversified across Thailand, Taiwan, Cambodia, and Japan, with plans to enter the Indonesian market. Key projects include a 200-MW solar farm in Taiwan and a joint venture with the Industrial Estate Authority of Thailand (IEAT) to develop solar projects in industrial estates.
• Supportive Regulatory Environment: The company operates in a favorable regulatory landscape, particularly in its home market of Thailand. The government’s Power Development Plan (PDP) aims to increase the share of renewable energy to 51% of total power generation by 2037, creating a significant tailwind for growth. This long-term policy provides visibility and support for new renewable energy projects.
• Challenging Financial Performance: Despite strong revenue growth, the company has experienced significant net losses in recent years, as reflected in the provided financial data for 2023 and 2024. This unprofitability, coupled with negative operating and free cash flows in some periods and a high debt-to-equity ratio, presents a key challenge. The company’s ability to manage its finances and execute its ambitious growth plan profitably will be critical for future success.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Genting Berhad, Xiaomi Corp
• UST yields rose 1-3 bps yesterday, to the highest levels in two months. The move appeared to be driven by lower expectations of Fed rate cuts next year, even as the market firmly priced in 25 bps of rate reductions this week.
• The yield on the 2Y UST rose 1 bp to 3.58%, while the yield on the 10Y UST climbed 3 bps to 4.17%. Equities halted a four-day rally, with the S&P and Nasdaq down 0.3% and 0.1%, respectively.

• Evergy, Inc., a leading utility company, has reported its third quarter earnings for 2025, revealing a strong consistent performance with an adjusted earnings per share (EPS) of $2.03 compared to $2.02 in the same period last year.
• This increase was achieved largely due to the recovery on regulated investments and growth in weather-normalized demand, although offset by increased interest and depreciation expenses along with dilution from convertible debt.
• Year-to-date adjusted earnings were recorded at $3.41 per share, slightly down from $3.46 from the previous year, influenced by unfavorable weather conditions in the second and third quarters which negatively impacted results by $0.13 per share.

• NRG Energy, Inc.’s third-quarter earnings call for 2025 provided detailed insights into the company’s financial performance and strategic initiatives.
• The company reported strong results, with an impressive 32% increase in adjusted EPS from the same quarter last year and adjusted EBITDA reaching a new quarterly high.
• The quarter’s success can be credited to robust performance in both the Energy and Smart Home segments, thriving on supply optimization, expanded customer base, and enhanced retention rates.