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Analyst
Alexander Calvert
Period: Reporting periods mapped to calendar 2025 Q3 – 2026 Q2 (4 quarters).
- Questions
- 10on tracked calls
- Challenge rate
- 0%none of 10 questions
- Companies
- 3questioned at least once
- Reporting periods
- 4with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 10 of 10 questions from 3 companies
DUKDuke Energy4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q4
We have seen data centers pull out of other states despite signing ESAs. So at what point does this move the needle for you?
Show response
Harry confirmed all ESA-signed data centers are under construction with zoning. Brian added risk-adjusted load forecast uses minimum billing demands. 4.5GW signed with ~9GW in late-stage pipeline.
Can you just walk us through what is driving the delta between the two?
Show response
Brian explained holding company drag and equity/debt funding mix create the gap, but revenue acceleration from 2028 ESA ramp-ups narrows it. Pointed to 6-7% CAGR as the top-half target.
Calendar 2025 Q3
is there any potential for that growth to begin ramping sooner?
Show response
Brian clarified 2028 is the inflection point driven by Florida capital ramp, Brookfield deal completion, and large-load customers coming online. Growth is durable into the early 30s.
other opportunities around asset recycling? Or should we assume equity and equity-like instruments going forward?
Show response
Harry said the focus is on executing the Florida and Tennessee transactions. Future equity funding at 30-50% of plan with details in February. Committed to 15% FFO-to-debt.
WECWEC Energy Group4 questions · 1 reporting period · 0 of 4 challenging
Calendar 2026 Q1
if you were to go ahead with building sort of incremental generation, can you maybe provide some sort of sensitivity around the CapEx opportunity there and just maybe any sense on possible timing
Show response
Lauber said PPA prices are high and they are planning to replace with gas, possibly combined cycle. First unit PPA ends ~2030, second ~2033. Replacement expected in fall 5-year plan update.
I think the revisions from the commission saw the threshold move down to a lower level, maybe 100 megawatts if I'm recalling correctly. Curious if that captures more load than you were expecting
Show response
Lauber said no current customers fall in the 100-500 MW range so the threshold change has no immediate impact. May be slightly positive by opening the door for smaller data centers to demonstrate full cost coverage.
Could you speak a little bit more to the data points that are sort of emerging along the way here? How you see conversations trending overall in the state
Show response
Lauber highlighted QIP/uncollectibles settlement with AG, ICC staff, and CUB support. Rate case driven by pipe retirement program ramping to ~$200M this year. Expects ICC staff testimony soon and further progress through summer.
Are you seeing additional interest from other hyperscaler customers in the state -- and just to add on, there's been obviously a lot of local opposition in some parts of the state
Show response
Lauber outlined 3.9 GW in plan with 4-5 GW additional potential on already-approved sites. Confirmed discussions with other hyperscalers and expects more information and potentially another announcement at Q3 call.
PNWPinnacle West2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
is that already assumed in the 20 gigawatts of uncommitted load? Or is that incremental?
Show response
Geisler said the IRP will include the full TSMC build-out as committed load; contracted uncommitted-queue projects would be additive on top.
do you see this level of growth continuing at this pace for the remainder of the year?
Show response
Cooper acknowledged robust, diversified growth closer to the 5-7% long-term range and flagged upside potential but did not revise 2026 guidance.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| DUK Duke Energy | 4 | 0%none of 4 questions |
| WEC WEC Energy Group | 4 | 0%none of 4 questions |
| PNW Pinnacle West | 2 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 4 | 0%none of 4 questions | 1 |
| 2026 Q2 | 2 | 0%none of 2 questions | 1 |
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q14 questions · challenge rate 0% (none of 4 questions) · 1 company
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand6
- Revenue Growth3
- Regulation Policy3
- Capex Investment2
- Cloud & AI2
- Capital Allocation2
- Guidance Reliability1