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NextEra Energy's regulated utility, Florida Power & Light, is the largest rate-regulated utility in Florida. The utility distributes power to over 6 million customer accounts in Florida and owns 36 gigawatts of generation. FP&L contributes roughly 70% of NextEra's consolidated operating earnings. NextEra Energy Resources, the renewable energy segment, generates and sells power throughout the United States and Canada with more than 37 GW of generation capacity, including natural gas, nuclear, wind, and solar.

Exelon Corp. is a gas and electric utility. It is a leading pure-play energy provider with transmission and distribution operations in the U.S. and headquarters in Chicago. Exelon spun off its generation business in 2022, which was about 60% nuclear, as Constellation Energy. Constellation is now a publicly traded company (CEG) focused on generation and competitive distribution, while Exelon focuses on regulated transmission and distribution. Exelon shares were repriced as a result of this separation. As of the beginning of 2025, Exelon has about 9.2 million electric customers and 1.4 million gas customers through its six regulated utility subsidiaries. Its service regions are primarily in central Maryland (Baltimore Gas & Electric Co.), northern Illinois (ComEd), and southeastern Pennsylvania (PECO). Revenues in 2024 were about $23 billion. Of 2024 adjusted operating earnings, about 45% were from ComEd and 30% from PHI. The company aims to cut emissions by 50% by 2030 and to achieve net-zero emissions by 2050. The shares are a component of the S&P 500. Exelon's market cap is about $44 billion.

Fed Week The Federal Reserve meets this week, with a much-anticipated decision on interest rates coming on Wednesday. Last week, the Dow Jones Industrial Average rose 0.5%, the S&P 500 0.3%, and the Nasdaq 0.1%. Year to date, the Dow is up almost 13%, the S&P 500 almost 17%, and the Nasdaq just over 22%. On the earnings calendar, Toll Brothers reports on Monday; AutoZone and Campbell's on Tuesday; Oracle and Adobe on Wednesday; and Broadcom, Costco, Ciena, and Lululemon on Thursday. Some 97% of S&P 500 companies have reported as of November 28, with earnings for the quarter up 15% from the prior-year quarter. That follows 13% growth in 2Q EPS and 14% growth in 1Q EPS, according to LSEG I/B/E/S. For this quarter, Information Technology is the leading sector, up 30%, and Energy is at the bottom, down 2%. On the economic calendar, the delayed October JOLT (Job Openings and Labor Turnover) report will be published on Tuesday and the Federal Reserve will release its headline-grabbing interest-rate decision on Wednesday (with remarks from Chairman Jerome Powell to follow0. The market is pricing in an 87% chance that the Fed will lower its benchmark funds rate by 25 basis points. In addition, government-issued reports are starting to trickle back in. The key November jobs report will be published next week on December 16. The issuer, the Bureau of Labor Statistics, will skip the release of the October jobs report due to the government shutdown. Turning to other data, we are currently using the Chicago Fed Labor Market Indicator as a proxy for the government-issued unemployment rate, with the final forecast for November at 4.44%. Elsewhere, the Atlanta Fed GDPNow measure calls for GDP of 3.5% in the third quarter, down from the forecast last week. The Cleveland Fed Inflation Nowcast forecasts a 3.0% rate for CPI in November and 2.9% in December. Mortgage rates continue to decline, with the average 30-year fixed-rate mortgage now at 6.19%, according to FreddieMac. Gas prices were down seven cents last week and average $2.99 per gallon for regular gas. After this week's Federal Open Market Committee meeting (the last in 2025), the Fed next meets on January 28. The odds for another 25-basis-point rate cut at that meeting (assuming this week's cut is as expected) are at 25%, according to the CME FedWatch rate tool. Taking a deeper dive into performance, U.S. stocks are lagging global stocks. A leading industrialized global stock market index (ETF EFA) has surged 27% year to date, while the leading emerging market ETF (EEM) has gained 31%. U.S. growth stocks, with a year-to-date gain of 18% (ETF IWF) have taken the edge over value stocks (ETF IWD), which have booked an advance of 14%. In other asset classes for the year to date, AGG bonds are up 3%, gold is up 63%, crude oil is down 15%, and Bitcoin is off 4%. The U.S. dollar is down 8%, tracking DXY. The VIX Volatility Index settled Friday at 15.4, down from a high of 26 in late November. Looking at leading and lagging sectors so far in 2025, Communication Services, (+34%) and Information Technology (+24%) are the top performers, followed by Utilities (+18%), and Industrials (+19%), all outperforming the broader market. Healthcare (+14%) and Financials (+10%) are close behind. Defensive sectors like Materials (+6%), Energy, (+5%), Consumer Discretionary (+5%), Consumer Staples (+3%), and Real Estate (+3%) are at the bottom of the performance list.

Ameren owns rate-regulated generation, transmission, and distribution networks that deliver electricity and natural gas through the company's two main subsidiaries, Ameren Missouri and Ameren Illinois. It serves 2.5 million electricity customers and 800,000 natural gas customers across its two service territories.