Utilities Top Q1 and Reaffirm 2026 Plans on Rising Data‑Center Power Demand

Overview

• Across the sector, large regulated utilities reported better‑than‑expected first‑quarter results and kept their 2026 guidance and multi‑year capital programs in place, underscoring stable cash flows from rate‑regulated businesses.
• NextEra Energy said its Energy Resources unit logged a record quarter, adding 4 GW of long‑term contracted renewables and storage to lift its backlog to about 33 GW, and it reaffirmed its 2026 adjusted EPS target.
• PG&E beat on revenue and earnings and reaffirmed full‑year core EPS guidance of $1.64 to $1.66, while leaving its five‑year $73 billion capital plan through 2030 unchanged to fund grid hardening and growth.
• Edison International and FirstEnergy topped Q1 expectations and reiterated 2026 outlooks, with FirstEnergy pointing to higher rates, stronger load from power‑hungry data centers, and a 2026 capex plan focused on grid upgrades.
• Constellation’s nuclear restart at Three Mile Island faces a long delay after grid operator PJM indicated the unit may not reconnect until 2031, highlighting execution and timing risks even as demand accelerates.