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Pinnacle West is a holding company whose principal subsidiary is Arizona Public Service, a vertically integrated electric utility serving approximately 1.4 million customers across a 35,000-square-mile territory in central Arizona, including the Phoenix area. APS owns or leases 6.5 gigawatts of power generation capacity, including a 29% ownership stake in one of the largest nuclear plants in the US, Palo Verde. Half of the electricity that APS supplies to customers comes from clean energy sources, including nuclear.

CMS Energy is an energy holding company with three principal businesses. Its regulated utility, Consumers Energy, provides regulated natural gas service to 1.8 million customers and electric service to 1.9 million customers in Michigan. NorthStar Clean Energy plans to retain its contracted Michigan-based fossil-fuel and renewable energy power generation assets following its strategic review in 2026. CMS sold EnerBank in October 2021.

Eversource Energy is largely a pure-play transmission and distribution business. It provides electric service and natural gas to 4.6 million customers (of which 3.4 million are electric customers) in Massachusetts, Connecticut, and New Hampshire. The utility has almost 60,000 miles of distribution lines and 4500 miles of transmission lines, of which about 30% are underground. Eversource's core regulated subsidiaries are Connecticut Light & Power, which serves most of Connecticut; Yankee Gas Services Co.; Public Service Co. of New Hampshire, which serves three-quarters of New Hampshire; NSTAR Electric, which serves eastern Massachusetts; and NSTAR Gas, which serves customers in Boston and eastern Massachusetts. Many residences in Eversource's service region use heating oil to heat their homes, which tightens the utility's demographic growth. Eversource also owns water operations with subsidiary Aquarion pending a final sale of the asset to the South Central Connecticut Regional Water Authority. The company has also exited the windfarm business, so cost liability on a remaining project should not affect earnings beyond 2026. Total operating revenues in 2025 were $13.5 billion. About 85% of earnings are from electric transmission and distribution operations. It is targeting carbon neutrality by 2030, in line with other pure-play transmission utilities. The company's market cap is about $26.8 billion.

The major indices are lower at midday. The labor market showed signs of strength last month. Nonfarm payrolls surprised, coming in at 162,000 for August, above expectations of 53,000 and last month's decline of 23,000. The unemployment rate stayed steady at 4.1%. The strong labor market added to the elevated inflation data in last week have bumped up odds of a rate hike to 60% at the next Fed meeting later this month. Crude oil is at $90 per barrel. The yield on the 10-year note is at 4.79%.