and Tom, Thanks, good afternoon, everyone.
primarily of XXXX, with than The year-over-year increase results for higher with the regulated drivers financial we weather, primary As XXXX. of are associated for Tom growth, investment revenues higher in on utilities. pricing, retail $X.XX warmer year and mentioned, earnings had increased share, the second quarter usage our $X.XX per adjusted the strong customer
activities utilities non-fuel of to resiliency, emerging and regulated higher effects efforts maintenance our reliability non-fuel revenue along by in long-term interest higher offset light commitments increase partially expenses. pressures. in expenses cost and with These to were O&M to advance reflects O&M The
from our and A the XX,XXX over of levels, addition reported mandatory are in XXXX see our above to customers shares XXXX pre-pandemic of and XX,XXX the Additional equity reconciliation in of nearly residential with EPS 'XX electric throughout customers year. we robust gas residential residential growth detailed and reflected August conversion units also continue results. back the
Residential customer usage hybrid outpace territories. reflecting expectations, our sustained work also continued across to service our practices
pre-pandemic sales commercial to economy beat consuming to Additionally, as for by services. the from reflecting reversion forecast goods XXXX X%, nearly our a shifts trends
forecast a we in have chemical textiles. construction the and and of and glass slowing the XXXX rates by for sales were industrial second momentum With stone, interest sectors, lower seen housing-related as rising, lumber, sales half X.X%, Industrial during by than weakening closure and such driven facility clay year.
growth slower segments retail industrial prior In the we XXXX, And on prior fourth assumption eight inflationary to of implications quarters, in X%. chain force to supply the sales participation of sales X% guidance our to top compared the our Included and as as growth quarter monitor electric of continue potential an outlook. in pressures of our of quarter. constraints, XX labor experienced is XXXX
cross-section economic increase XXX%, potential our territories distribution, of and a XXX% announcements to our investment health e-fulfillment significantly XXXX. The creation of years including in expected pipeline respectively, and service corporate bioscience. economic new an and in expansions and and The technology, with development pipeline compared industries, territories remains announcements of care recent grew projects capital development job saw to broad automotive, Southeast XXXX service robust. in compared representing in as XXXX
and business-friendly In that cost state networks, transportation addition of to factors service and lower to traditional the our living drawn businesses local historically have territory like policies.
of Another several which emerging to momentum HBCUs. continues economic the feature potential technology the workforce, university is workers our territories, trend in size and systems both in wins that diversified the and drive the especially prominently diverse pipeline development
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the our state the climate XXXX, service Strong territories continues new the as from and economic in country. Southeast of our proud Power the the Georgia areas service are Site role other in fourth attracting differentiate Power, Alabama Magazine best utilities in consecutive And activity to Selection play Georgia the territories. and U.S. subsidiaries for We our Top year named businesses that business to for development recognize development country. economic of second of significant
for our Turning now expectations XXXX. to
XXXX, Our Georgia costs continued estimate PSC year earnings $X.XX our $X.XX Unit the Expected to share adjusted of units our parent for company X interest for first versus state-regulated in expense X higher of by and offset is X financing contribution our quarter. $X.X into earnings growth seemed reflecting billion $X.XX reasonable the conversion year the excess for adjusted the costs impact related Vogtle share guidance in Units range August by subsidiaries, including service, per the drivers the in XXXX dilution, including per Vogtle with of XXXX. going We mandatory Plant to equity for share. of full and
guidance in narrowing was to order in wider $X XXXX annual in was than of three the uncertainty we providing the to advance, are years guidance typical EPS Additionally, adjusted guidance our range ranges. established which early inherent XXXX range In $X.XX acknowledge XXXX. our original
original inherent with both opportunities due was investment in renewable like constraints. deferred have requirements later range, outcomes XXXX, market upside our companies and Power supply challenging, and years and top Several consistent including our range largely our to this in electric contracting global introduced to state-regulated Since been of February largely opportunities end state-regulated the chain adverse our storage at have more assumptions. Southern been conditions,
rates Financing new in than parent low-cost Rates short-term headwind forecast on in our are significant and XXXX. issuances, securities interest as debt no higher portfolio to and significantly relative for grown which variable billion a costs, are matter parent effects negative Vogtle interest tenor, debt significantly are expected, state-regulated rate these the mature, to XXXX the Georgia company particularly Compounding by relative $X.X early our early expensive. the nearly and capital cost early X since our share of more in X plans growth has XXXX. increased and Power are company
an quarter in these providing $X per XXXX per have to adjusted range, Collectively, are our a to Vogtle the adjusted negative would solely earnings X share. narrow which be range $X.XX first for $X.XX $X.XX. we at $X.XX XXXX potential guidance XXXX $X.XX of of to impact the for would end XXXX, share the to Adding of completed factors
quarter earnings call to next plan our further narrow during this XXXX We year. range fourth early
growth to of the our total next EPS with adjusted projected in projected five billion $XX with EPS This our range. plan updated XX% a capital growth adjusted continue guidance We years X% by over the utilities. state-regulated see at is deployment X% supported to long-term rate consistent capital XXXX range, our
to served spending history Additionally, our constructive strengthen credit ratings of and O&M our strong outlook. regulation, disciplined
greater relative continues to state-regulated of Our robust utility of in utility our program serve our required the significant to further our forecast of are capital approximately and total businesses, billion excludes to increases reflects visibility $X infrastructure, our in base and These generation customer well our investment result Vogtle driven forecast. capital protect into related the increase additions technology plan investment expansions, by to complete required infrastructure Units five-year X our investments our state-regulated improve which grid X $XX fleet. investment the be in investments transformation previous and a billion as major as capital to
and compliance is that maintain increases approach that trend to or placeholders, capital and growth customer businesses. regulatory we as We Consistent past evolved practice, visibility regulated The forecasts is forecasting within to our continued obligations have our system expenditure processes as to We regulated utility don't our of grow tend years to especially the expect planning this approach later don't as earn our allowed as returns. include into capital this refined. result to expected fully we continue. state unfold long-term isn't in with capital disciplined include our
Additionally, we infrastructure facilitate has investments United Power believe opportunity of through energy continue continue across a to States. fleet growth to that the clean Southern transitions growing significant the and
profile overall counterparties and been early our focusing distinctive value long-term has risk-adjusted contracts beginnings its aligns return with proposition. model business with well that a Power's creditworthy on the in since Southern XXXXs,
to the million the XXXX in over and up base capital allocated allocations remainder period. not approximately We've of $X.X five-year These plan in of our $XXX billion forecast. million capital with annually forecast $XXX the included are for
to anchored capital base forecast $XX is plan financial billion. of Our our
realized, $XX upside we over Power state-regulated our spend I suggested, and which, billion. exists already if subsidiary our believe As in forecast in total Southern have result potential allocation, would of
to XXXX, additional opportunities achieve We net our also beyond believe years of the to as the drivers to investment continue next gas over many could same emissions. translate potential continue for zero we journey five investment greenhouse
potential consistent financing investment This need have plan, opportunities appendix is plan We've today's with planning updated year equity highlighted included deck. five-year assume investment our the slide and which a the to continues three plan our in no we capital to that horizon. capital over
discipline we value drive use disposal always, maintain all and for tools financing will the As to the our to our at flexibility shareholders.
credit investment, a profile. quality to remain maintain a Credit and to top equity believe investment-grade ratings we and credit strong priority that high-quality strong be a must continue company a
As Plant to and we X, credit to debt in our objectives. and us expected projected improvement quality in complete position X Units construction the we support Vogtle risk believe metrics FFO reduction further the
you. will over back I now Tom, to turn the call
