Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Analyst
Andrew Kadavy
Period: Reporting periods mapped to calendar 2025 Q4 – 2026 Q2 (3 quarters).
- Questions
- 17on tracked calls
- Challenge rate
- 6%1 of 17 questions
- Companies
- 5questioned at least once
- Reporting periods
- 3with 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 17 of 17 questions from 5 companies
EVRGEvergy6 questions · 3 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
could you maybe characterize the customer profile for the pending 2026 ESA? Is it another hyperscaler?
Show response
Campbell declined to name the customer but said the profile would resemble the signed mix of high-quality hyperscalers and experienced data center developers.
can you comment on kind of the data center moratorium becoming a campaign issue for the Kansas governor's race?
Show response
Campbell said data centers were not prominent in the Kansas primaries, described siting as location-specific like any major project, and expressed confidence in managing the issue with customers.
Calendar 2026 Q1
On the amended ESAs, was there a step-up in the amount of final load you'll be serving? Or is this just a change in the ramp profile?
Show response
Campbell clarified the 600 MW increase reflects both the new ESA (predominant driver of cumulative peak increase) and amendments with higher interim load levels.
can you give us a little detail on what's included in and what drove the $0.09 in other tailwind on bucket -- in the other bucket on Slide 11?
Show response
Buckler broke down the $0.09: ~$0.03 from COLI proceeds, higher power marketing revenues, and lower effective tax rate, with modest portion favorable to original plan.
Calendar 2025 Q4
What gives you confidence that will turn around in 2026? How much of your overall industrial load is represented by the Panasonic project?
Show response
Buckler confirmed 2026 model already incorporates industrial weakness, with January 2026 showing strong results and Panasonic ramping production.
how prescriptive are the -- is the ramp rate? How much clarity do you get on how much load you'll be serving on a year-by-year basis?
Show response
Campbell confirmed ESAs include specific megawatt-by-year schedules with minimum bills tracked to contracted capacity levels from year one.
AWKAmerican Water Works4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
intervention in the Peoples Gas case had any potential impact, maybe, on the approval of the Essential merger?
Show response
Griffith redirected to the statutory standard rather than the politics, and said the company believes its testimony demonstrates that benefit.
Has the Pennsylvania PUC commentary on the frequency of your rate cases changed your regulatory strategy in the state?
Show response
Bowler held the strategy unchanged, framing cases as investment-driven, and volunteered a broader DSIC mechanism as the alternative recovery path.
Calendar 2026 Q1
Can you give a sense of what kind of customer benefits from the merger that you're highlighting for the commissions
Show response
John Griffith described the merger process as early stage with good broad support, emphasizing affordability and top-tier customer service as the key benefits, particularly in PA as an affirmative public benefit state.
How should we think about the timing of the debt issuance for this year? Should we expect that in second quarter, third quarter
Show response
David Bowler outlined: $700M long-term debt done April 1, equity forward roughly $1B settling mid-year, and another long-term debt issuance in Q3/early Q4.
AEEAmeren3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
Can you give us a little more color on the nature of the $0.08 of investments in innovative energy technology?
Show response
Marty (answering an associate on for Shar Pourreza) confirmed the $0.08 was a non-recurring unrealized gain on equity investments in innovative infrastructure funds.
Calendar 2025 Q4
Are there any concerns on your end about the potential for cancellations with your ESAs?
Show response
Lyons declined to share ESA specifics citing confidentiality but expressed no concerns. Moehn cited tariff protections including termination provisions, minimum monthly payments, and security requirements.
a little bit of lag between your rate base growth and your earnings growth, and I just want to know how that breaks down
Show response
Lyons attributed the gap primarily to equity dilution, with data center sales growth expected to narrow it over time by reducing the gap between allowed and earned ROEs.
PPLPPL Corporation3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
could we see maybe a longer planning window next time you guys update guidance?
Show response
Management said a longer planning window is certainly possible given the timing of JV earnings contributions and CCGT service dates.
Calendar 2026 Q1
Do you see any parallels for the situation in Rhode Island? Are you considering pursuing generation there?
Show response
Sorgi discussed Rhode Island gas constraints, LNG displacement opportunity with Marcellus Shale gas, and supported proposed legislation enabling utility-owned generation.
if that long period of refunds stands through court challenges, does that affect how you think about capital allocation to transmission going forward?
Show response
Sorgi minimized the impact, tens of millions of exposure, plans to engage FERC to time refunds with the rate case. Remains as bullish on Rhode Island as when PPL acquired it.
NINiSource1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
what we should expect out of the August 7 Technical Conference on the ROEs and the trackers
Show response
Yates gave a general expectation that the conference outcome would be balanced and collaborative but offered no specifics on ROE or tracker outcomes.
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 |
|---|---|---|
| EVRG Evergy | 6 | 17%1 of 6 questions |
| AWK American Water Works | 4 | 0%none of 4 questions |
| AEE Ameren | 3 | 0%none of 3 questions |
| PPL PPL Corporation | 3 | 0%none of 3 questions |
| NI NiSource | 1 | —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 Q4 | 4 | 0%none of 4 questions | 2 |
| 2026 Q1 | 6 | 0%none of 6 questions | 3 |
| 2026 Q2 | 7 | 14%1 of 7 questions | 5 |
- 2025 Q44 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2026 Q16 questions · challenge rate 0% (none of 6 questions) · 3 companies
- 2026 Q27 questions · challenge rate 14% (1 of 7 questions) · 5 companies
Topics
Topics tagged on this analyst’s questions.
- Regulation Policy8
- Demand6
- Margin3
- Capital Allocation3
- M&A2
- Cloud & AI2
- Capex Investment1
- Guidance Reliability1
- Geographic Expansion1