We will also refer to non-GAAP measures, including earnings from ongoing operations or ongoing earnings on this call. Adjusting for special items, third-quarter earnings from ongoing operations were $0.48 per share. Building on this strong performance, we've narrowed our 2025 ongoing earnings forecast range to $1.78-$1.84 per share, maintaining our midpoint of $1.81 per share. Looking ahead, we continue to project $20 billion in infrastructure investments from 2025 through 2028, driving average annual rate-based growth of 9.8%.
We also remain well-positioned to deliver 6%-8% annual EPS and dividend growth through at least 2028, with EPS growth expected to be in the top half of that range. As is customary, we'll provide an updated business plan on our year-end call, including our formal 2026 earnings forecast and roll forward of our longer-term outlook. The agreement, filed with the Commission on October 20th, includes a revised aggregate increase of approximately $235 million in annual revenues and an authorized ROE of 9.9%. The tariff helps to attract these customers and continues to drive economic growth in our service territories while ensuring adequate safeguards are in place for all customers.
These investments will ensure we continue to meet Kentucky's growing energy needs driven by record-breaking economic development and data center expansion, all while maintaining reliability and affordability for our customers. The requested increase supports our need to build and maintain a stronger, smarter, and more resilient electric grid to better withstand increasingly severe weather, prevent outages, and improve service to our customers. We are requesting a net revenue increase of just over $300 million, or 8.6%. As more than $50 million of the base rate request includes revenue that is already reflected in customer bills through riders like the DSIC.
| Metric | Period | Current guidance |
|---|---|---|
| 2025 ongoing earnings per share | FY2025 | $1.78-$1.84 with $1.81 midpoint, at least midpoint (range narrowed, midpoint maintained) |
| Annual EPS and dividend growth | through at least 2028 | 6% to 8%, top half of range (maintained) |
| 2025 infrastructure investment | FY2025 | approximately $4.3 billion (refined) |
| Metric | YoY | Note |
|---|---|---|
| GAAP EPS | $0.43 vs $0.29 in Q3 2024 | Special items of $0.05 per share, primarily IT transformation costs and Rhode Island Energy integration costs. |
| Ongoing EPS | $0.48 vs $0.42 in Q3 2024 (up $0.06) | Higher revenues from formula rates and rider recovery mechanisms and lower operating costs, partially offset by higher interest expense. |
| Kentucky segment | up $0.02 per share | Higher sales volumes from favorable Q3 2025 weather, lower operating costs, and higher earnings from capital investments, partially offset by higher interest expense. |
| Pennsylvania regulated segment | up $0.02 per share | Higher transmission revenue from capital investments and higher distribution rider recovery, partially offset by higher interest expense. |
| Rhode Island segment | up $0.01 per share | Lower operating costs. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Data center load pipeline (PA) | 14.4 GW in advanced stages | 20.5 GW in advanced stages, over 11 GW publicly announced, 70 GW more in queue | Growing rapidly |
| Kentucky generation recovery | CPCN stipulation filed July 2025 | CPCN largely approved, but Mill Creek 2 and Mill Creek 6 mechanisms denied and moved to rate proceedings | Partial setback, addressable |
| Equity financing de-risking | about $1.4 billion target framing | approximately $1.4 billion of $2.5 billion forecasted needs locked via forwards | Progressing |
| Blackstone JV | announced prior quarter | no announcement yet but lots of activity; hyperscalers shifting focus toward securing generation | Advancing |