Multi-Utilities

Oracle and We Energies announced a nuclear power subscription deal on October 2, 2026, under which Oracle will take 10-20% of the output from the Point Beach Nuclear Plant, or 125-250 megawatts, for the $15 billion Lighthouse Campus AI data center in Port Washington, Wisconsin. The campus, co-developed by Oracle, OpenAI, and Vantage Data Centers as part of the broader Stargate initiative, is designed to house close to 1 gigawatt of AI capacity within a 1.3 gigawatt total electrical footprint, with completion targeted for 2028. Oracle has committed to fully funding the energy costs for its portion, and the deal is the primary driver of a proposed $176 million electric rate hike for We Energies customers in 2027, accounting for roughly 20% of that increase, while the utility projects the arrangement will save customers approximately $300 million in fuel costs between 2027 and 2033. The subscription, a first-of-its-kind model in Wisconsin, requires approval from the Wisconsin Public Service Commission, which is weighing whether to require tech companies to cover 100% of new power plant costs. The deal is part of an industry-wide pivot in which Big Tech has contracted over 10 gigawatts of new nuclear capacity in the United States over the past year, including Microsoft's 20-year power purchase agreement for the 835-megawatt restart of Three Mile Island, Amazon's acquisition of a nuclear-adjacent Pennsylvania campus for over $650 million and its $500 million investment in X-energy small modular reactors, and Google's order of 500 megawatts from Kairos Power. Data center power demand reached 29.6 gigawatts by late 2025, equivalent to the peak demand of New York state, and the International Energy Agency projects it will rise by 130% by 2030, even as U.S. nuclear output stayed largely flat between 2020 and 2025 and no small modular reactors are under construction in the country.

CenterPoint Energy has closed the previously announced $2.62 billion sale of its Ohio natural gas utility business to National Fuel Gas Company, completing another step in the Texas-based utility's effort to concentrate investment on its core regulated operations. The transaction covers Vectren Energy Delivery of Ohio and includes around 5,900 miles of natural gas transmission and distribution pipelines serving approximately 335,000 metered customers across West Central Ohio. National Fuel Gas will immediately take responsibility for serving those customers following the completion of required federal and state approvals, including a review by the Public Utilities Commission of Ohio. CenterPoint said the proceeds will help finance its broader investment program, which currently calls for $66.7 billion of capital spending over 10 years, directed toward electric and natural gas infrastructure across its remaining utility footprint. The divestment further narrows CenterPoint's geographic footprint; the company now serves nearly 7 million metered customers through electric transmission and distribution, power generation and natural gas distribution operations in Texas, Indiana and Minnesota, and reported approximately $48.3 billion of assets as of June 30, 2026, with about 8,800 employees. For National Fuel Gas, the acquisition expands its regulated gas utility business beyond its established operations in Western New York and Pennsylvania and adds a sizeable distribution network in Ohio.

Ningbo Energy's wholly owned subsidiary Langchen New Energy will jointly invest 386 million yuan with Ningneng Investment to acquire all equity in Yuexi Wind Power held by Huichen Fund. According to an announcement on the evening of September 28, Langchen New Energy will contribute 197 million yuan for a 51 percent stake, and Ningneng Investment will contribute 189 million yuan for a 49 percent stake. At the same time, Ningbo Energy will inject an additional 79 million yuan into Langchen New Energy, raising its registered capital to 401 million yuan after the capital increase. Once the transaction is completed, Yuexi Wind Power will become a wholly owned subsidiary of Ningbo Energy and be included in its consolidated financial statements, which will help increase the company's new energy installed capacity and enhance its competitiveness. This transaction is a related-party transaction and still needs to be submitted to the company's shareholders' meeting for approval before it can be implemented. After the market opened on September 29, Ningbo Energy's share price surged to the daily limit, last trading at 5.49 yuan per share, up 10.02 percent.

The U.S. Department of Energy selected CenterPoint Energy for a $50M award to support advanced substation technology upgrades in Texas. The funding will help strengthen grid reliability, resiliency, and capacity for the rapidly growing Greater Houston region. CenterPoint plans to deploy Siemens Energy transmission grid-stabilizing technology designed to respond rapidly to changes in electricity demand. The project is expected to increase capacity for current and future energy demand while improving reliability during periods of high usage, and is expected to create more than 500 local construction and installation jobs.

Sempra declared a quarterly dividend of $0.66 per share, payable on 2026-10-15 to shareholders of record before the 2026-09-24 ex-dividend date. The utility has paid dividends without interruption since 1984 and has raised its payout every year since 2000, a streak that earns it dividend aristocrat status. Sempra's 12-month trailing dividend yield is 3.24% and its forward yield is 3.27%, with annual dividend growth of 4.10% over three years, 4.20% over five years and 6.40% over ten years. The payout ratio stands at 0.66 as of 2026-06-30, and GuruFocus ranks the company's profitability and growth 7 out of 10. Offsetting that record, revenue per share has fallen about 5.20% a year over three years, earnings per share about 8.00% a year, and five-year EBITDA growth is negative 8.90%, each trailing a majority of global competitors.

NextEra Energy and Dominion Energy announced a "transformational" Virginia benefits package on September 14 to address concerns over their proposed $66.8 billion merger. The Virginia supplier program, worth up to $1 billion annually for five years, will direct spending toward contractors, suppliers, and service providers in the state. The companies also proposed doubling residential bill credits to four years, protecting retail customers from grid costs tied to Northern Virginia's rapidly expanding AI data centers, and committing $100 million toward workforce development in the Commonwealth. NextEra said it plans to add 600 new energy jobs in Virginia, while expecting suppliers to create another 400 positions. The expanded package follows political scrutiny of the deal, including Virginia Governor Abigail Spanberger's statement last month that she would formally intervene in the regulatory review to press for commitments on electric bill affordability, job protections, and clean-energy investments.

DTE Energy is trading at $131.61 with a BUY rating and a $148.32 price target from 24/7 Wall St., backed by 2.4 gigawatts of signed hyperscaler agreements including a 1.4 GW Oracle deal already under construction and a 1 GW Google agreement in Van Buren Township that could unlock roughly $5 billion of incremental capex through 2032. CEO Joi Harris said on the Q2 call that momentum remains strong across the development pipeline, and management stated that three gigawatts of signed contracts unlocks 8%-plus EPS growth, with another two gigawatts in advanced discussions targeting a deal by year end. Q1 2026 operating EPS of $1.95 missed the $2.03 consensus, dragged by a $25 million Energy Trading loss, though core utility earnings rose on the February rate order, and management reaffirmed 2026 operating EPS guidance of $7.59 to $7.73 with confidence toward the high end. The bear case centers on regulatory scrutiny from back-to-back rate case filings before the Michigan Public Service Commission and a $36.5 billion five-year capex program requiring $500 to $600 million of annual equity issuance through 2028, while the company protects against stranded assets with minimum billing demand of 80% and contracts of 10 years or longer. DTE offers the same data center upside as Constellation Energy but wraps it in a 3.52% dividend yield and regulated-utility stability, and its 2.4 GW of signed contracts is currently more advanced than CMS Energy's disclosed signings.

NextEra Energy and Dominion Energy have sweetened their proposed merger with an expanded package of customer benefits and Virginia investment commitments as they seek regulatory approval. The revised deal doubles previously proposed residential bill credits from two years to four years, giving eligible customers $10 per month, or $480 in relief over the four-year period. The companies said they would work with the Virginia State Corporation Commission to redirect credits that otherwise would have gone to large-scale data centers toward residential customers, and they are offering another $100 million for Dominion's EnergyShare bill assistance program through 2038. NextEra would maintain Dominion's current Virginia employee headcount for five years and create 600 additional NextEra jobs, with suppliers expected to add another 400 positions, while a new NextEra office tower would be built beside Dominion's existing Richmond headquarters at shareholder expense to serve as a co-headquarters. Dominion Energy Virginia would remain separately regulated by the Virginia State Corporation Commission, which would continue to review and set base rates.

Sempra Infrastructure has signed a 20-year sales and purchase agreement with Brazil's Petrobras for approximately 800,000 tonnes per year of liquefied natural gas from the Port Arthur LNG Phase 2 project in Jefferson County, Texas. Petrobras becomes the first South American company in Sempra Infrastructure's LNG customer portfolio. Port Arthur Phase 2 reached a final investment decision in September 2025 and is designed to add roughly 13 million tonnes per annum of liquefaction capacity through two additional trains, with capital spending estimated at around $12 billion plus approximately $2 billion for shared facilities with Phase 1. Trains 3 and 4 are expected to enter commercial service in 2030 and 2031, respectively, and once both phases are operational the Port Arthur complex could have approximately 26 million tonnes per year of LNG production capacity. Sempra had already lined up several major Phase 2 customers ahead of its investment decision, including ConocoPhillips with a 20-year agreement covering 4 Mtpa in August 2025, Japan's JERA with 1.5 Mtpa, and EQT with a 20-year agreement covering 2 Mtpa later that month.

NextEra Energy and Dominion Energy announced Monday they will extend a $10 monthly residential bill credit in Virginia to four years from two years and add 600 new jobs as they seek approval to merge. The companies said the commitments, made in response to feedback from policymakers, also include a new shareholder-funded co-headquarters tower in downtown Richmond, more money toward workforce development, a $100 million increase to a low-income financial assistance program through 2038, and maintaining current Virginia employment levels for five years. The extended residential credit would largely be paid for by ending bill credits that previously would have gone to large data center customers, with NextEra CEO John Ketchum saying both companies believe data centers need to pay their own way. NextEra disclosed its plan to acquire Dominion in May, a deal the companies say would create the world's biggest regulated electric utility business by market capitalization. Virginia Governor Abigail Spanberger, who has formally intervened in the state regulatory proceedings and said she is deeply skeptical of the acquisition, is reviewing the proposal, while legislative leaders including House Speaker Don Scott and Senate Majority Leader Scott Surovell called it a step in the right direction. The Virginia State Corporation Commission will hold an evidentiary hearing in mid-November, and the companies expect the deal to close in the second half of 2027.

Dominion Energy and NextEra Energy said they would establish a Virginia supplier program worth up to $1 billion annually for five years if their proposed merger is approved. The program would direct spending toward contractors, suppliers and service providers in Virginia. The companies also proposed extending monthly $10 bill credits to four years from two and increasing Dominion's low-income financial assistance by $100 million through 2038. Their commitments include a $100 million workforce development fund, an annual energy summit in the state, and maintaining the current employee headcount there for five years, while the combined company would get a shareholder-funded co-headquarters tower in state capital Richmond. Virginia Governor Abigail Spanberger said in August she would intervene in regulatory review of the merger, pressing for commitments on power affordability, job protections and clean energy investments. Shareholders of both companies approved the proposed $66.8 billion merger earlier this month, and the deal, awaiting regulatory approvals, is expected to close in the second half of 2027.

NextEra Energy and Dominion Energy announced an expanded Virginia benefits package tied to their proposed combination, doubling residential bill credits from two years to four years and adding 1,000 new direct jobs in the Commonwealth. The enhanced package would extend $10 per month in bill credits to four years by redirecting the portion of credits that would otherwise go to large-scale data centers toward residential customers, and would increase EnergyShare, Dominion Energy's shareholder-funded energy bill assistance program, by $100 million through 2038 while holding customers harmless from all merger costs. NextEra Energy would maintain current employee headcount levels in Virginia for five years, add 600 new NextEra Energy jobs in Virginia and work with suppliers expected to bring 400 additional jobs, and would build at shareholders' expense a new NextEra Energy office tower in Richmond beside the existing Dominion Energy headquarters as part of the combined company's co-headquarters. The companies would contribute $100 million to a Virginia workforce development fund and establish up to a $1 billion annual, five-year Virginia Supplier Program, and Dominion Energy Virginia would retain its name, local leadership under Ed Baine and accountability to the State Corporation Commission. The companies submitted additional information on the enhanced package to the SCC and continue to expect the transaction to close in the second half of 2027, subject to regulatory approvals and the expiration or termination of the Hart-Scott-Rodino waiting period.

Wynson Securities Limited announced continued progress toward the proposed all-stock combination of NextEra Energy and Dominion Energy following shareholder approval of the transaction by both companies on September 3, 2026. The combined company would serve approximately 10 million utility customer accounts across Florida, Virginia, North Carolina and South Carolina, with approximately 110 gigawatts of generation across natural gas, nuclear, renewable energy and battery storage, and more than 80% of its operations regulated. Under the terms of the agreement, Dominion Energy shareholders will receive 0.8138 shares of NextEra Energy for each Dominion Energy share they own, with NextEra Energy shareholders expected to own approximately 74.5% of the combined company and Dominion Energy shareholders approximately 25.5%. The companies have committed to providing $2.25 billion in shareholder-funded bill credits to Dominion Energy customers in Virginia, North Carolina and South Carolina over two years following completion, and have said merger-related costs will not be passed on to customers. The transaction remains subject to approvals from the Virginia State Corporation Commission, North Carolina Utilities Commission, Public Service Commission of South Carolina, Federal Energy Regulatory Commission and Nuclear Regulatory Commission, with closing currently expected in the second half of 2027.

Veolia Environnement has signed three strategic memorandums of understanding with Acwa, Ma'aden, and Khazeen to accelerate environmental security in Saudi Arabia, focusing on water technologies and hazardous waste management. The agreements aim to preserve water resources, enhance energy efficiency, decarbonize industry, and develop local skills, aligning with Saudi Vision 2030 and Veolia's GreenUp program. With Acwa, a world-leading desalination company, Veolia will optimize desalination plant performance, potentially reducing emissions by 500,000 tons of CO2 per year. With Ma'aden, a major mining player, the partnership will improve water cycle and industrial waste management. With Khazeen, a GASCO subsidiary specializing in LPG storage, Veolia will deploy environmental technologies to support decarbonization and offer integrated facility management. Veolia has been present in Saudi Arabia since 1975 and continues to support the Kingdom's essential infrastructure.

Ningbo Energy released its 2026 interim report. Total operating revenue was 2.085 billion yuan, up 11.27% year on year. Net profit attributable to the parent company was 159 million yuan, up 12.87% year on year, marking a second consecutive year of growth. Net cash inflow from operating activities was 304 million yuan, up 25.07% year on year. The asset-liability ratio fell to 63.17%, and the gross margin was 21.09%, achieving four consecutive years of improvement. Diluted earnings per share were 0.13 yuan, up 6.73% year on year.

EVN AG reported a 21% year-over-year increase in group net result to EUR525.1 million for the first three quarters of fiscal 2025-2026, with EBITDA up approximately 5%. The company raised its full-year guidance for group net result to EUR470-490 million, reflecting positive one-off effects and strong performance. The Networks segment was a key driver, with EBITDA up 21% to EUR348 million, while the Generation segment saw a 42% decline to EUR76 million due to weak hydro conditions and lower prices. Net debt declined to EUR942 million, helped by the sale of the international project business, which contributed EUR206 million. CFO Alexandra Wittmann noted a negative fourth-quarter contribution of EUR35-55 million is expected due to seasonal factors, and confirmed plans to invest up to EUR1 billion annually until 2030.

Algonquin Power & Utilities announced post-market Friday an agreement to sell its approximately 64% ownership stake in Chilean water utility Suralis S.A. to Chilean asset manager Toesca S.A. Administradora General de Fondos. The company expects to receive $126.5 million in proceeds, plus an earnout opportunity of up to $1.5 million, with the funds earmarked for debt reduction and capital recycling into its $3.2 billion capital plan for 2026-2028. CEO Rod West said the transaction simplifies the company's geographic footprint while recycling capital into core regulated utility businesses.

Veolia successfully tapped the bond market in a two-tranche transaction totaling €1.15 billion, comprising a 4-year bond for 650 million euros with a coupon of 3.678% and an 8-year bond for 500 million euros with a coupon of 4.088%. The operation attracted more than 250 orders, with overall demand peaking at 3.4 billion euros, reflecting strong oversubscription and investor confidence in Veolia's financial solidity and growth outlook. Deputy CEO Emmanuelle Menning highlighted the excellent terms achieved despite a busy market, attributing the response to trust in Veolia's business model as a global leader in ecological transformation. The company, which serves 110 million people with drinking water and generated €44.4 billion in revenue in 2025, continues to leverage favorable conditions for fundraising.

Sempra has completed the sale of its Ecogas México natural gas distribution business, generating approximately $500 million in U.S. dollar-equivalent proceeds. The divested network serves over 600,000 residential, commercial and industrial customers across the Mexicali, Chihuahua and La Laguna-Durango regions. The transaction advances Sempra's capital recycling program in support of its record five-year capital plan of approximately $65 billion, with more than 95% of planned investments directed toward regulated utility infrastructure. The Ecogas sale complements an agreement to sell a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR, which is expected to close in the third quarter of 2026. Together, these transactions are expected to support investments in Texas and California while reducing reliance on future common-equity issuances and supporting credit quality.

NiSource Inc. reported second-quarter adjusted EPS of $0.16, down from $0.22 a year earlier, yet reaffirmed its 2026 adjusted EPS guidance of $2.02 to $2.07 and long-term growth rate of 6% to 8% through 2030. The company attributed the earnings decline to higher operations and maintenance spending tied to an unusually active storm season, calling 2026 a record year for tornadoes across its service territory, along with elevated costs to keep its workforce steady during ongoing union negotiations. NiSource also received a third federal order in June requiring it to keep running the Schahfer coal plant, and is seeking to recover those compliance costs through a FERC filing within 60 days. The company's growth story increasingly runs through data centers, with the Indiana Utility Regulatory Commission approving the original Amazon special contract in June and the Alphabet partnership in July, with load expected to ramp toward full capacity by 2030. Those two agreements alone are projected to return about $1.4 billion in bill reductions to existing NIPSCO electric customers over the life of the contracts, or up to $124 a year for an average residential bill, with savings starting as early as the fourth quarter of 2026.

Microsoft has accepted the first 50 megawatts of AI cloud capacity from IREN at the Childress campus under a multibillion dollar contract. The deployment is designed for hyperscale AI workloads and forms part of Microsoft's buildout of next generation cloud infrastructure. IREN has received NVIDIA Exemplar Cloud status in connection with the project, alongside a sizable financing package to fund the build.

Ameren Corporation's board of directors declared a quarterly cash dividend of 75 cents per share on its common stock. The dividend is payable September 30, 2026, to shareholders of record at the close of business on September 8, 2026. Separately, the boards of Union Electric Company, doing business as Ameren Missouri, and Ameren Illinois Company declared regular quarterly cash dividends on all classes of their preferred stock, payable November 15 and November 1, 2026, respectively.

Dalian Thermal Power released its 2026 interim report, with net profit attributable to the parent company of 50.135 million yuan, turning from loss to profit year-on-year. The company's total operating revenue was 380 million yuan, up 0.17% from the same period last year. Net cash outflow from operating activities was 182 million yuan, narrowing from the same period last year. The company's latest asset-liability ratio was 84.15%, gross margin was 18.38%, and ROE was 13.95%.

Dalian Thermal Power released its 2026 interim report, with net profit attributable to the parent company of 50.135 million yuan, an increase of 90.8241 million yuan compared with the same period last year, turning losses into profits. The company's total operating revenue was 380 million yuan, a slight year-on-year increase of 0.17 percent. Net cash outflow from operating activities was 182 million yuan, narrower than the same period last year. The company's latest asset-liability ratio was 84.15 percent, gross margin was 18.38 percent, return on equity was 13.95 percent, and diluted earnings per share was 0.12 yuan.

Four Dividend Kings—Becton, Dickinson and Company, Consolidated Edison, Emerson Electric, and Parker-Hannifin—reported quarterly earnings last week, with all four currently carrying a Zacks Rank #3 (Hold). Becton Dickinson beat fiscal third-quarter adjusted earnings estimates with $3.23 per share versus $3.14 expected, raised its fiscal 2026 adjusted EPS midpoint to $12.62-$12.72, and saw year-to-date free cash flow rise over 44% to $1.7 billion. Consolidated Edison posted second-quarter adjusted earnings of 83 cents per share, ahead of the 74-cent estimate, and reaffirmed its fiscal 2026 adjusted EPS guidance of $6.00-$6.20 while planning nearly $38 billion in capital expenditures from 2026 through 2030. Emerson Electric's fiscal third-quarter adjusted EPS rose over 12% to $1.71, beating estimates by 3 cents, and the company raised its fiscal 2026 outlook to approximately $19 billion in net sales and adjusted EPS of around $6.55. Parker-Hannifin's fiscal fourth-quarter adjusted earnings surged 20% to $9.27 per share, easily topping the $8.29 estimate, with orders soaring 19% year over year, and management guided fiscal 2027 adjusted EPS to $34.25-$35.25 excluding pending acquisitions.

Dalian Thermal Power disclosed its semi-annual report for 2026, achieving a net profit attributable to the parent company of 50.135 million yuan in the first half, turning from a loss to a profit year on year. The company's total operating revenue for the same period was 380 million yuan, up 0.17 percent year on year. Non-recurring net profit was 44.8369 million yuan, also turning from a loss to a profit. Basic earnings per share were 0.124 yuan, and the weighted average return on equity was 15.11 percent. Net cash flow from operating activities was negative 182 million yuan, compared with negative 201 million yuan in the same period last year.

Dalian Thermal Power disclosed its semi-annual report, achieving a net profit attributable to the parent company of 50.135 million yuan in the first half of 2026, compared with a loss of 40.6891 million yuan in the same period last year, turning losses into profits year-on-year. The company's operating revenue in the first half was 380 million yuan, up 0.17 percent year-on-year; basic earnings per share were 0.124 yuan. During the reporting period, electricity sales reached 82.69 million kilowatt-hours, a decrease of 16.69 million kilowatt-hours year-on-year; steam sales were 4,000 tons, unchanged year-on-year; high-temperature water sales were 770,000 gigajoules, an increase of 138,000 gigajoules year-on-year.

NiSource Inc. declared a quarterly common stock dividend of $0.30 per share, payable November 20, 2026, to stockholders of record on October 30, 2026. The announcement was made by the company's board of directors on August 11, 2026. NiSource is a fully-regulated utility serving approximately 3.3 million natural gas and 500,000 electric customers across six states.

Public Service Enterprise Group reported second-quarter 2026 net income of $0.67 per share and non-GAAP operating earnings of $0.86 per share, and reaffirmed its full-year non-GAAP operating earnings guidance of $4.28 to $4.40 per share. PSE&G, the utility subsidiary, posted net income and non-GAAP operating earnings of $342 million, up from $332 million a year earlier, driven by investments in energy efficiency and gas system modernization. The company also reaffirmed its 5-year non-GAAP operating earnings growth outlook of 6% to 8% through 2030, supported by a $24 billion to $28 billion capital investment plan that requires no new equity or asset sales. PSE&G anticipates filing a base rate case by year-end 2026 to update rates, citing growing regulatory lag and the need to align with the state's review of the utility business model under Executive Order 1. On the generation side, PSEG Power cleared 3,600 megawatts of nuclear capacity in PJM's latest auction at $325 per megawatt-day and is pursuing bilateral contract opportunities under PJM's reliability backstop procurement process.

Black Hills reported higher second quarter 2026 sales and net income compared with the same period a year earlier, moving the stock back onto investor watchlists. The company affirmed its dividend, and analysts following Black Hills see a fair value of about $83.40 per share, above the latest close of $74.65, underpinned by regulated growth projects and a pending merger with NorthWestern Energy. Large-scale capital investments including the Ready Wyoming transmission expansion, Lange II natural gas generation, and Colorado Clean Energy Plan renewables projects are expected to materially expand the regulated rate base. The current price-to-earnings ratio of 19 times sits slightly above the global Integrated Utilities average of 18.7 times yet below the peer average of 21.2 times and an estimated fair ratio of 25.1 times.

Black Hills Corporation reported second-quarter 2026 sales of US$452.8 million and net income of US$38.2 million, while affirming a quarterly dividend of US$0.703 per share payable on September 1, 2026. The higher earnings and maintained dividend highlight the company's ability to support shareholder payouts while improving profitability year over year. The results support the income-focused thesis but do not materially change the near-term catalyst around executing major projects or the key risk of heavy capital spending pressuring cash flows if cost recovery or data center demand disappoint.

NiSource reported second-quarter 2026 adjusted earnings of $0.16 per share, down from $0.22 a year earlier, while reaffirming its full-year adjusted EPS guidance of $2.02 to $2.07 and long-term growth targets. The company maintained its five-year capital plan, which includes $21 billion in base-business investment, up to $2 billion in additional opportunities, and $7.6 billion in planned GenCo investment tied to data-center agreements with Amazon and Alphabet. Those agreements represent 4 gigawatts of signed load and are expected to reduce NIPSCO customers' bills by approximately $1.4 billion, with savings potentially beginning in the fourth quarter of 2026. Management said a recent Indiana regulatory order on gas modernization investments did not alter its capital spending, earnings outlook, or rate-case timing.