Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2012-03-31 | 2010-09-30 | 2009-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating revenues | 3,220,625,000 | 2,838,068,000 | 4,118,355,000 | 2,971,488,000 | 3,063,224,000 | 2,533,522,000 | 3,332,575,000 | 2,694,238,000 | 2,791,482,000 | 2,629,342,000 | 3,795,643,000 | 3,029,740,000 | 3,215,645,000 | 2,572,641,000 | 3,471,310,000 | 2,481,913,000 | 2,432,794,000 | 2,122,538,000 | 2,825,840,000 | 2,233,933,000 | 2,343,642,000 | 1,953,128,000 | 2,373,726,000 | 2,050,386,000 | 2,175,797,000 | 1,884,495,000 | 2,415,792,000 | 2,034,958,000 | 2,271,425,000 | 1,853,856,000 | 2,287,962,000 | 1,895,494,000 | 1,988,512,000 | 1,762,811,000 | 2,105,135,000 | 1,776,604,000 | 2,039,706,000 | 1,099,623,000 | 1,243,337,000 | 1,593,483,000 |
operating expenses: | ||||||||||||||||||||||||||||||||||||||||
purchased power, purchased natural gas and transmission | 1,049,254,000 | 818,747,000 | 1,340,337,000 | 740,833,000 | 917,858,000 | 841,431,000 | 1,235,956,000 | 935,329,000 | 1,168,599,000 | 1,161,067,000 | 1,903,246,000 | |||||||||||||||||||||||||||||
operations and maintenance | 518,341,000 | 467,557,000 | 487,451,000 | 575,100,000 | 510,439,000 | 464,424,000 | 462,964,000 | 513,140,000 | 500,711,000 | 427,290,000 | 454,562,000 | 486,431,000 | 454,289,000 | 452,174,000 | 472,433,000 | 473,931,000 | 389,065,000 | 411,147,000 | 465,542,000 | 474,104,000 | 332,031,000 | 332,055,000 | 342,062,000 | 368,453,000 | 331,054,000 | 328,010,000 | 335,597,000 | 364,332,000 | 344,475,000 | 293,858,000 | 332,549,000 | 343,747,000 | 300,421,000 | 302,714,000 | 330,265,000 | 357,965,000 | 324,734,000 | |||
depreciation | 395,388,000 | 385,595,000 | 379,579,000 | 372,853,000 | 366,145,000 | 354,591,000 | 339,914,000 | 343,363,000 | 329,528,000 | 319,995,000 | 312,955,000 | 308,535,000 | 302,143,000 | 294,238,000 | 289,330,000 | 280,811,000 | 276,846,000 | 274,647,000 | 270,704,000 | 260,201,000 | 244,453,000 | 240,516,000 | 236,211,000 | 228,646,000 | 222,599,000 | 219,084,000 | 214,948,000 | 207,853,000 | 208,671,000 | 199,140,000 | 204,266,000 | 202,650,000 | 194,466,000 | 189,881,000 | 186,805,000 | 183,685,000 | 181,288,000 | 80,839,000 | 70,954,000 | 76,983,000 |
amortization | 108,246,000 | 109,103,000 | 455,449,000 | 215,369,000 | 243,957,000 | -114,137,000 | -2,325,000 | -51,657,000 | -143,979,000 | -218,422,000 | -76,059,000 | 30,248,000 | 111,287,000 | 70,409,000 | 236,948,000 | 73,105,000 | 45,236,000 | 5,611,000 | 108,013,000 | 46,992,000 | 57,515,000 | 23,397,000 | 49,776,000 | 11,620,000 | 73,854,000 | 38,945,000 | 70,961,000 | 77,918,000 | 92,711,000 | 36,203,000 | 45,194,000 | |||||||||
energy efficiency programs | 173,104,000 | 135,290,000 | 257,550,000 | 165,007,000 | 148,054,000 | 145,288,000 | 213,479,000 | 160,145,000 | 162,425,000 | 145,823,000 | 222,952,000 | 159,343,000 | 162,545,000 | 136,679,000 | 199,484,000 | 131,961,000 | 143,796,000 | 128,955,000 | 188,063,000 | 126,966,000 | 145,047,000 | 115,354,000 | 148,393,000 | 118,584,000 | 136,832,000 | 105,837,000 | 140,116,000 | 106,218,000 | 129,965,000 | 101,955,000 | 134,241,000 | 89,074,000 | 129,205,000 | 116,398,000 | 146,158,000 | 127,697,000 | 149,121,000 | |||
taxes other than income taxes | 287,610,000 | 258,727,000 | 271,595,000 | 257,487,000 | 264,371,000 | 239,427,000 | 236,614,000 | 235,370,000 | 243,645,000 | 232,927,000 | 228,414,000 | 227,150,000 | 240,047,000 | 223,031,000 | 220,364,000 | 206,160,000 | 213,881,000 | 200,486,000 | 209,459,000 | 196,059,000 | 197,112,000 | 178,019,000 | 181,594,000 | 173,399,000 | 171,965,000 | 181,083,000 | 184,588,000 | 182,598,000 | 187,291,000 | 177,431,000 | 182,433,000 | 197,109,000 | 168,193,000 | 156,234,000 | 155,222,000 | 154,853,000 | 164,942,000 | 86,038,000 | 84,427,000 | 86,429,000 |
total operating expenses | 2,531,943,000 | 2,175,019,000 | 3,191,961,000 | 2,623,649,000 | 2,450,824,000 | 1,931,024,000 | 2,486,602,000 | 2,135,690,000 | 2,260,929,000 | 2,068,680,000 | 3,046,070,000 | 2,507,503,000 | 2,658,352,000 | 2,117,072,000 | 2,808,255,000 | 2,009,095,000 | 1,949,463,000 | 1,670,933,000 | 2,240,272,000 | 1,779,205,000 | 1,782,412,000 | 1,519,473,000 | 1,834,606,000 | 1,614,821,000 | 1,666,559,000 | 1,733,507,000 | 1,921,092,000 | 1,634,935,000 | 1,805,404,000 | 1,462,502,000 | 1,845,430,000 | 1,444,650,000 | 1,485,909,000 | 1,307,124,000 | 1,596,116,000 | 1,338,572,000 | 1,529,837,000 | 1,043,704,000 | 1,376,201,000 | |
operating income | 688,682,000 | 663,049,000 | 926,394,000 | 347,839,000 | 612,400,000 | 602,498,000 | 845,973,000 | 558,548,000 | 530,553,000 | 560,662,000 | 749,573,000 | 522,237,000 | 557,293,000 | 455,569,000 | 663,055,000 | 472,818,000 | 483,331,000 | 451,605,000 | 585,568,000 | 454,728,000 | 561,230,000 | 433,655,000 | 539,120,000 | 435,565,000 | 509,238,000 | 150,988,000 | 494,700,000 | 400,023,000 | 466,021,000 | 391,354,000 | 442,532,000 | 450,844,000 | 502,603,000 | 455,687,000 | 509,019,000 | 438,032,000 | 509,869,000 | 214,393,000 | 199,633,000 | 217,282,000 |
yoy | 12.46% | 10.05% | 9.51% | -37.72% | 15.43% | 7.46% | 12.86% | 6.95% | -4.80% | 23.07% | 13.05% | 10.45% | 15.30% | 0.88% | 13.23% | 3.98% | -13.88% | 4.14% | 8.62% | 4.40% | 10.21% | 187.21% | 8.98% | 8.88% | 9.27% | -61.42% | 11.79% | -11.27% | -7.28% | -14.12% | -13.06% | 2.92% | -1.43% | 112.55% | 154.98% | 101.60% | ||||
qoq | 3.87% | -28.43% | 166.33% | -43.20% | 1.64% | -28.78% | 51.46% | 5.28% | -5.37% | -25.20% | 43.53% | -6.29% | 22.33% | -31.29% | 40.23% | -2.18% | 7.03% | -22.88% | 28.77% | -18.98% | 29.42% | -19.56% | 23.77% | -14.47% | 237.27% | -69.48% | 23.67% | -14.16% | 19.08% | -11.56% | -1.84% | -10.30% | 10.30% | -10.48% | 16.21% | -14.09% | 137.82% | 7.39% | -8.12% | |
operating margin % | ||||||||||||||||||||||||||||||||||||||||
interest expense | 318,065,000 | 293,193,000 | 300,849,000 | 288,696,000 | 300,576,000 | 271,316,000 | 250,749,000 | 231,301,000 | 222,283,000 | 207,313,000 | 194,543,000 | 186,765,000 | 178,174,000 | 160,090,000 | 153,245,000 | 151,172,000 | 147,962,000 | 145,435,000 | 137,766,000 | 135,385,000 | 134,066,000 | 134,285,000 | 134,715,000 | 133,543,000 | 135,216,000 | 132,705,000 | 131,734,000 | 126,071,000 | 125,201,000 | 126,404,000 | 121,129,000 | 102,278,000 | 108,719,000 | 107,329,000 | 103,429,000 | 102,393,000 | 99,865,000 | 65,898,000 | 70,977,000 | |
losses on offshore wind | 284,000,000 | |||||||||||||||||||||||||||||||||||||||
other income | 85,830,000 | 95,363,000 | 92,344,000 | 91,612,000 | 112,555,000 | 115,285,000 | 91,030,000 | 85,089,000 | 79,123,000 | 94,875,000 | 88,981,000 | 90,835,000 | 89,831,000 | 93,861,000 | 71,561,000 | 36,694,000 | 43,768,000 | 46,619,000 | 34,201,000 | 25,025,000 | 29,218,000 | 30,243,000 | 24,104,000 | 28,959,000 | 26,968,000 | 45,866,000 | 30,985,000 | 27,710,000 | 16,718,000 | 50,149,000 | 33,789,000 | 21,704,000 | 21,184,000 | 21,543,000 | 13,577,000 | 22,231,000 | 13,641,000 | 8,773,000 | 10,118,000 | 4,182,000 |
income/(loss) before income tax (benefit)/expense | 172,447,000 | |||||||||||||||||||||||||||||||||||||||
income tax (benefit)/expense | -196,982,000 | |||||||||||||||||||||||||||||||||||||||
net income/ | 369,429,000 | |||||||||||||||||||||||||||||||||||||||
net income attributable to noncontrolling interests | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,880,000 | 1,493,000 | 1,411,000 | |
net income/(loss) attributable to common shareholders | 367,549,000 | |||||||||||||||||||||||||||||||||||||||
basic earnings/(loss) per common share | 990 | |||||||||||||||||||||||||||||||||||||||
diluted earnings/(loss) per common share | 990 | |||||||||||||||||||||||||||||||||||||||
weighted-average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||
basic | 371,914,953,000 | 368,661,995,000 | 367,320,246,000 | 357,482,965,000 | 359,520,518,000 | 353,212,378,000 | 350,717,114,000 | 349,580,638,000 | 349,704,155,000 | 349,462,359,000 | 349,217,147,000 | 346,783,444,000 | 347,297,411,000 | 345,893,714,000 | 345,156,346,000 | 343,972,926,000 | 344,023,846,000 | 343,844,626,000 | 343,678,243,000 | 338,836,147,000 | 343,076,614,000 | 337,946,663,000 | 331,102,237,000 | 321,416,086,000 | 324,037,169,000 | 319,664,998,000 | 317,624,593,000 | 317,370,369,000 | 317,360,110,000 | 317,344,596,000 | 317,397,052,000 | 317,411,097,000 | 317,393,029,000 | 317,391,365,000 | 317,463,151,000 | 317,650,180,000 | 317,787,836,000 | 178,055,716,000 | 176,752,714,000 | |
diluted | 372,262,732,000 | 368,917,187,000 | 367,677,618,000 | 357,779,408,000 | 359,817,657,000 | 353,419,658,000 | 350,997,220,000 | 349,840,481,000 | 349,851,969,000 | 349,729,982,000 | 349,612,013,000 | 347,246,768,000 | 347,762,693,000 | 346,295,478,000 | 345,661,133,000 | 344,631,056,000 | 344,669,782,000 | 344,435,696,000 | 344,334,689,000 | 339,847,062,000 | 343,773,602,000 | 338,561,649,000 | 332,937,153,000 | 322,941,636,000 | 326,008,342,000 | 320,388,490,000 | 318,316,082,000 | 317,993,934,000 | 317,967,311,000 | 317,885,187,000 | 317,992,999,000 | 318,031,580,000 | 317,949,396,000 | 317,947,194,000 | 318,124,536,000 | 318,454,239,000 | 318,577,079,000 | 178,437,453,000 | ||
income before income tax expense | 465,219,000 | 717,889,000 | 446,467,000 | 686,254,000 | 269,656,750 | 387,393,000 | 47,224,000 | 644,011,000 | 426,307,000 | 468,950,000 | 389,340,000 | 581,371,000 | 358,340,000 | 379,137,000 | 352,789,000 | 482,003,000 | 344,368,000 | 456,382,000 | 329,613,000 | 428,509,000 | 330,981,000 | 400,990,000 | 64,149,000 | 393,951,000 | 301,662,000 | 357,538,000 | 315,099,000 | 355,192,000 | 370,270,000 | 415,068,000 | 369,901,000 | 419,167,000 | 357,870,000 | 423,645,000 | 156,719,000 | 143,853,000 | 150,487,000 | |||
income tax expense | 110,611,000 | 165,221,000 | 76,355,000 | 76,537,000 | 109,246,000 | 162,526,000 | -67,059,000 | 45,850,000 | 29,922,000 | 150,972,000 | 104,269,000 | 117,661,000 | 95,598,000 | 136,045,000 | 49,762,000 | 94,091,000 | 86,389,000 | 113,980,000 | 70,565,000 | 108,242,000 | 75,501,000 | 91,876,000 | 79,064,000 | 80,226,000 | 30,815,000 | 83,393,000 | 68,475,000 | 66,278,000 | 70,452,000 | 83,766,000 | 130,971,000 | 152,818,000 | 137,272,000 | 157,829,000 | 126,811,000 | 156,446,000 | 55,964,000 | 41,918,000 | 51,423,000 | |
net income | 354,608,000 | 552,668,000 | 337,221,000 | 523,728,000 | 212,971,000 | 341,543,000 | 17,302,000 | 493,039,000 | 322,038,000 | 351,289,000 | 293,742,000 | 445,326,000 | 308,578,000 | 285,046,000 | 266,400,000 | 368,023,000 | 273,803,000 | 348,140,000 | 254,112,000 | 336,633,000 | 251,917,000 | 320,764,000 | 33,334,000 | 310,558,000 | 233,187,000 | 291,260,000 | 244,647,000 | 271,426,000 | 239,299,000 | 262,250,000 | 232,629,000 | 261,338,000 | 231,059,000 | 267,199,000 | 100,755,000 | 101,935,000 | 99,064,000 | |||
yoy | 5.16% | 5.53% | 1849.03% | 6.22% | -33.87% | -2.77% | -94.11% | 10.71% | 4.36% | 23.24% | 10.26% | 21.00% | 12.70% | -18.12% | 4.84% | 9.32% | 8.69% | 8.53% | 662.32% | 8.40% | 8.03% | 10.13% | -86.37% | 14.42% | -2.55% | 11.06% | 5.17% | 3.86% | 3.57% | -1.85% | 130.89% | 156.38% | 133.24% | |||||||
qoq | -35.84% | -35.61% | 145.92% | -37.64% | 1874.01% | -96.49% | 53.10% | -8.33% | 19.59% | -34.04% | 44.32% | 8.26% | 7.00% | -27.61% | 34.41% | -21.35% | 37.00% | -24.51% | 33.63% | -21.46% | 862.27% | -89.27% | 33.18% | -19.94% | 19.05% | -9.87% | 13.43% | -8.75% | 12.73% | -10.99% | 13.10% | -13.53% | 165.20% | -1.16% | 2.90% | |||||
net income margin % | ||||||||||||||||||||||||||||||||||||||||
net income attributable to common shareholders | 352,728,000 | 550,788,000 | 335,341,000 | 521,848,000 | 211,561,250 | 339,663,000 | 15,422,000 | 491,159,000 | 320,158,000 | 349,409,000 | 291,862,000 | 443,446,000 | 306,698,000 | 283,166,000 | 264,520,000 | 366,143,000 | 271,923,000 | 346,260,000 | 252,232,000 | 334,753,000 | 250,037,000 | 318,884,000 | 31,454,000 | 308,678,000 | 231,307,000 | 289,380,000 | 242,767,000 | 269,546,000 | 237,419,000 | 260,370,000 | 230,749,000 | 259,458,000 | 229,179,000 | 265,319,000 | ||||||
basic earnings per common share | 960 | 950 | 605 | 970 | 920 | 1,010 | 1,280 | 890 | 820 | 1,070 | 790 | 1,010 | 770 | 980 | 720 | 910 | 730 | 830 | 570 | |||||||||||||||||||||
diluted earnings per common share | 960 | 950 | 605 | 970 | 920 | 1,000 | 1,280 | 890 | 820 | 1,060 | 790 | 1,010 | 760 | 980 | 730 | 910 | 720 | 830 | ||||||||||||||||||||||
basic and diluted earnings per common share | 1,500 | 1,490 | 40 | 1,410 | 840 | 770 | 750 | 1,010 | 100 | 970 | 760 | 850 | 590 | 820 | 720 | 820 | 560 | |||||||||||||||||||||||
losses on offshore wind investments | 464,019,000 | |||||||||||||||||||||||||||||||||||||||
(loss)/income before income tax expense | 273,270,250 | -39,640,000 | ||||||||||||||||||||||||||||||||||||||
net (loss)/income | 186,193,000 | -116,177,000 | ||||||||||||||||||||||||||||||||||||||
net (loss)/income attributable to common shareholders | 184,783,250 | -118,057,000 | ||||||||||||||||||||||||||||||||||||||
basic (loss)/earnings per common share | 522.5 | -330 | ||||||||||||||||||||||||||||||||||||||
diluted (loss)/earnings per common share | 520 | -330 | ||||||||||||||||||||||||||||||||||||||
impairment of offshore wind investment | 100,250,000 | 401,000,000 | ||||||||||||||||||||||||||||||||||||||
purchased power, fuel and transmission | 929,569,500 | 1,388,041,000 | 940,541,000 | 1,389,696,000 | 843,127,000 | 880,639,000 | 650,087,000 | 998,491,000 | 674,883,000 | 806,254,000 | 630,132,000 | 876,570,000 | 714,119,000 | 730,255,000 | 620,904,000 | 974,882,000 | 696,016,000 | 842,291,000 | 653,915,000 | 946,747,000 | 580,142,000 | 651,776,000 | 549,704,000 | 753,649,000 | 498,899,000 | 665,810,000 | ||||||||||||||
impairment of northern pass transmission | 239,644,000 | |||||||||||||||||||||||||||||||||||||||
dividends declared per common share | 380 | 510 | 510 | 510 | 357.5 | 480 | 480 | 480 | 335 | 450 | 290 | 260 | 240 | |||||||||||||||||||||||||||
amortization of regulatory assets | 31,928,000 | 41,848,000 | 24,017,000 | 6,209,000 | 50,341,000 | 21,691,000 | ||||||||||||||||||||||||||||||||||
amortization of regulatory (liabilities)/assets | -7,807,000 | |||||||||||||||||||||||||||||||||||||||
amortization of regulatory assets/(liabilities) | 14,055,750 | 43,942,000 | ||||||||||||||||||||||||||||||||||||||
fuel, purchased and net interchange power | 398,013,000 | 494,125,000 | 838,920,000 | |||||||||||||||||||||||||||||||||||||
other operating expenses | 225,958,000 | 233,472,000 | ||||||||||||||||||||||||||||||||||||||
maintenance | 69,826,000 | 49,951,000 | 48,836,000 | |||||||||||||||||||||||||||||||||||||
amortization of rate reduction bonds | 18,347,000 | 60,434,000 | 55,897,000 | |||||||||||||||||||||||||||||||||||||
interest expense: | ||||||||||||||||||||||||||||||||||||||||
interest on long-term debt | 59,968,000 | 57,802,000 | 55,684,000 | |||||||||||||||||||||||||||||||||||||
interest on rate reduction bonds | 1,431,000 | 4,661,000 | 10,625,000 | |||||||||||||||||||||||||||||||||||||
other interest | 5,048,000 | 3,435,000 | 4,668,000 | |||||||||||||||||||||||||||||||||||||
net income attributable to controlling interests | 99,262,000 | 100,524,000 | 97,674,000 | |||||||||||||||||||||||||||||||||||||
the accompanying notes are an integral part of these unaudited condensed consolidated financial statements. | ||||||||||||||||||||||||||||||||||||||||
fully diluted earnings per common share | 570 | |||||||||||||||||||||||||||||||||||||||
weighted-average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||
basic | 371,914,953,000 | 368,661,995,000 | 367,320,246,000 | 357,482,965,000 | 359,520,518,000 | 353,212,378,000 | 350,717,114,000 | 349,580,638,000 | 349,704,155,000 | 349,462,359,000 | 349,217,147,000 | 346,783,444,000 | 347,297,411,000 | 345,893,714,000 | 345,156,346,000 | 343,972,926,000 | 344,023,846,000 | 343,844,626,000 | 343,678,243,000 | 338,836,147,000 | 343,076,614,000 | 337,946,663,000 | 331,102,237,000 | 321,416,086,000 | 324,037,169,000 | 319,664,998,000 | 317,624,593,000 | 317,370,369,000 | 317,360,110,000 | 317,344,596,000 | 317,397,052,000 | 317,411,097,000 | 317,393,029,000 | 317,391,365,000 | 317,463,151,000 | 317,650,180,000 | 317,787,836,000 | 178,055,716,000 | 176,752,714,000 | |
fully diluted | 177,012,278,000 | |||||||||||||||||||||||||||||||||||||||
operation - | ||||||||||||||||||||||||||||||||||||||||
other | 247,445,000 | |||||||||||||||||||||||||||||||||||||||
net income attributable to noncontrolling interests: | ||||||||||||||||||||||||||||||||||||||||
preferred dividends of subsidiary | 1,390,000 | |||||||||||||||||||||||||||||||||||||||
basic and fully diluted earnings per common share | 600 | |||||||||||||||||||||||||||||||||||||||
basic common shares outstanding | 162,340,475,000 | |||||||||||||||||||||||||||||||||||||||
fully diluted common shares outstanding | 162,925,167,000 | |||||||||||||||||||||||||||||||||||||||
the accompanying notes are an integral part of these condensed consolidated financial statements. |
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