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Analyst
Andrew Weisel
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 131on tracked calls
- Challenge rate
- 7%9 of 131 questions
- Companies
- 16questioned at least once
- Reporting periods
- 7with 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 131 of 131 questions from 16 companies
WECWEC Energy Group21 questions · 7 reporting periods · 1 of 21 challenging
Calendar 2026 Q2
as you think about serving these data centers, how should we think about future generation capacity additions
Show response
Direct: signalled a possible shift from simple cycle to combined cycle in the next plan for energy rather than capacity.
Are these issues with Oracle causing any slowdown or any concerns among these customers?
Show response
Direct: said collateral will not be a long-term issue and cited all 3 rating agencies endorsing the filing.
How are you thinking about the potential for settlements? Wisconsin, obviously has a good history of deal making
Show response
Direct: framed Wisconsin as a real settlement opportunity after mid-August testimony and Illinois as low probability.
Calendar 2026 Q1
to what degree do you see the referendum on data centers? Is there either challenging the current 1.3 gigawatt build-out
Show response
Lauber stated referendum relates to TIF district and should not affect any data center growth up to 3.5 GW; may affect general economic development needing TIF.
The weather-adjusted natural gas deliveries were down over 2 point--or down 2.1% year-on-year
Show response
Liu Xia said decline was slightly worse than forecast, attributed to residential usage changes as people return to office; filed expected decline in test year 2027-2028.
do you think it's isolated to that specific area? Do you think other -- from your conversation with customers
Show response
Lauber said no other referendums seen, though a couple areas have 1-year moratoriums to review data center facts.
Calendar 2025 Q4
I'm hoping you can clarify a little the interplay between the VLC tariff and the general rate case. I've been getting enough questions. I think there's some confusion
Show response
Total company filing will separate VLC, wholesale, and general customers transparently. All directly assigned and allocated costs shown for VLC customers.
how should we think about kind of this idea if data center activity exceeds expectations, would that help the rest of the customers by lowering their rates, or just leave them unimpacted?
Show response
Corporate allocations spread across larger rate base benefits all customers over time. Data center rate base expected to reach 14-15% of earnings. More visible in 2028-2030 timeframe.
Is it important that the first one concludes before the second one begins, or do you see them as independent tracks?
Show response
VLC tariff and GRC will run as independent proceedings. Filing expected around the same time or slightly before VLC final decision.
The gap charge you took related to Illinois, is there a cash component to that, or might there be one going forward?
Show response
Two components: $130M rate base reduction (prospective, in final rate order) and $125M cash credits ($50M year one, $37.5M each in years two and three). Acknowledged slight FFO-to-debt pressure.
Calendar 2025 Q3
Is that increase related to data center projects you've been talking about ramping up? Or is it some of the other manufacturing activity
Show response
1.3 GW from Vantage, remainder from SE Wisconsin including data centers, Eli Lilly, Amazon, residential construction.
for '28 to '30, are you implying 8% or like 7.5% to 8%?
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Lauber confirmed approximately 8% annual growth for 2028-2030. Liu clarified distinction between annual and compound basis.
when I add up the pieces on Page 18, I'm calculating a total of $8.1 billion. So I don't know if it's rounding
Show response
Acknowledged ~$400M gap from additional gas distribution and smaller items not highlighted in presentation.
Calendar 2025 Q2
How much of your plan is already safe harbored? And to whatever degree you might not qualify
Show response
40-50% safe harbored with vintage going back to 2023. Evaluating combined cycle and batteries as alternatives if IRA benefits reduced.
Was that a function of stronger-than-expected near-term demand or any delays in construction of the new supply
Show response
Decision driven by higher MISO summer prices and capacity tightness. No political pressure. No significant additional CapEx needed.
Calendar 2025 Q1
any early thoughts on roughly how big of an opportunity that might be and how quickly you might be able to get those efforts going?
Show response
Provided detailed ramp: kick off some projects in 2025, ramp in 2026-2027, full run rate of $500M+ by 2028.
How should we think about that? Is that any kind of reflection on the market uncertainty in tariffs, view on your stock price
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Liu explained pace reflects stock price, cash needs, and ATM mechanics. Confident in achieving $700-800M for full year.
Can you just elaborate on that, maybe what you're hearing and seeing from the company?
Show response
Lauber confirmed direct conversations with Microsoft validating 1.8 GW demand forecast. Expressed confidence in site.
Calendar 2024 Q4
when we might get the next updates to the long-term spending plans. You typically give those in November
Show response
Confirmed October/November timing; ATC and data center CapEx mostly impacts later years of plan.
how do you think about your appetite for incremental unregulated projects? You obviously have a ton of utility opportunities
Show response
Clearly stated no planned WECI investments given enormous regulated growth opportunity.
you made the comment about a quiet regulatory calendar, but how do we juxtapose that with a very busy environment
Show response
Distinguished between quiet rate case calendar and very active project approval docket with $5B pending.
CMSCMS Energy14 questions · 6 reporting periods · 0 of 14 challenging
Calendar 2026 Q2
Would that suggest that you’ll be including generation related to that data center customer?
Show response
Rochow confirmed the data center load growth goes into the September IRP alongside 13 gigawatts of pre-approved renewables, battery storage and 1.5 gigawatts of simple-cycle gas, but explicitly decoupled the gas turbines from data centers.
Would you worry about over-using the mechanism relative to traditional storm cost recovery
Show response
Rochow pointed to reliability moving from fourth to third quartile and 92% of customers restored within 24 hours in the first half. Maddipati said the precedent from last year supports the mechanism and CMS can wait through the summer before deciding on anything incremental.
Am I understanding correctly that the 2027 guidance assumes that some assets will be sold
Show response
Maddipati confirmed the 2027 guide embeds an assumed sell-down of some NorthStar assets alongside retained assets, but declined to break out the individual contributions.
Calendar 2026 Q1
Can you elaborate on options and how proactive you need to be?
Show response
Rejji said countermeasures are related to ratemaking capital structure and cost of capital. Exploring qualitative and quantitative measures over the next 12-18 months. Not prepared to elaborate on specifics but described them as fairly intuitive.
Of the 110 new, when do you expect that to connect and ramp? Does that take you to the high end of the 2% to 3%?
Show response
Garrick said connection timing varies by customer. Michigan Potash timeline not yet shareable. The 2-3% load growth forecast is being supported by concrete examples like this 110 MW of new contracts, giving confidence in delivery.
would you consider splitting NorthStar into pieces—DIG versus the renewables development business?
Show response
Garrick declined to comment, consistent with long-standing M&A policy.
Calendar 2025 Q4
how should we think about that going forward? Should it be consistent, should it be ramping up
Show response
Rejji said equity ramps with CapEx at the $0.40 per dollar ratio. Aggregate equity needs up from $2.2B to $3.75B. Just over $1.5B of junior subordinated notes planned for 2027-2028. Equity somewhat front-end loaded, matching CapEx profile. Will be opportunistic with ATM program.
Should we think of that as pulling from the opportunities bucket into the formal plan?
Show response
Rejji said CMS dipped into the $25B backlog but it's not symmetric: IRP will drive additional needs, data center conversions would add further, and some CapEx opportunity converts to capital-light PPAs via FCM. Described the CapEx backlog as quite infinite.
Calendar 2025 Q3
can you just kind of explain what kind of shape is the plant in? What kind of maintenance might be required if it were to run through 2028?
Show response
Garrick praised workforce flexibility. Costs treated as regulatory asset per FERC-approved 202 complaint, spread across 9 MISO North and Central states. Michigan customers to be refunded their share once MISO recovery flows. Rejji confirmed regulatory asset treatment with minimal capital investment to date.
how much excess capacity do you currently have to serve that load with a couple of gigawatts potentially coming soon
Show response
Garrick clarified 450 MW is connected load already being served. Some excess capacity exists, and the capacity profile is expanding with roughly 1 GW of renewables under construction this year plus battery storage projects.
The IRP-related spending opportunity of $5 billion, am I right, that won't be included in the February update for CapEx, right?
Show response
Garrick said a portion of IRP spending will filter into the 5-year plan, particularly in the tail end, because turbine procurement and EPC contracts require current investment to deliver over the horizon.
Calendar 2025 Q1
What grade would you give yourselves in terms of reliability from this storm?
Show response
Garrick graded storm response B-plus, citing positive customer and policymaker sentiment versus negative aftermath in 2023. Still sees room for improvement.
are you already in cost-cutting mode storm, or are you just reminding us of your proven ability to do that?
Show response
Rejji said they entered implementation mode in March before the storm, already limiting hiring, reducing consultants, and eliminating discretionary spending.
Calendar 2024 Q4
how should we think about the dividend growth? I understand it's a board decision
Show response
Rejji outlined DPS growth of ~5% YoY, keeping payout ratio in high-50s to low-60s range to retain earnings for rate base growth rather than recycling through external markets.
FEFirstEnergy13 questions · 7 reporting periods · 1 of 13 challenging
Calendar 2026 Q2
should we think of that as being incremental to the plan and everything else you would typically do?
Show response
Confirmed the plant is incremental to the current $36 billion plan and addressed the Pennsylvania LTIP/DISC recovery question.
you've shown in the slide that you expect another 1.5 gigawatts of data centers to be contracted in the next 2 weeks
Show response
Answered candidly on negotiation status and named West Virginia, Pennsylvania and Maryland with phasing mostly to 2031.
Calendar 2026 Q1
O&M expenses were down 5% year-over-year and came in below the levels approved in the latest rate case
Show response
Taylor characterized savings as sustainable from shift to predictive/proactive analytics-driven decision-making since 2022. Tierney added business model shift to 5 business units shrinking service core.
Calendar 2025 Q4
what are the priorities for 2026 in the next few years, whether that is on the regulatory side or execution
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Tierney confirmed Ohio legacy fully behind them; filing three-year rate plan to get firmly footed in new regulatory regime. Business as usual going forward.
where are you seeing the most activity in which state
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Taylor highlighted Maryland as most active currently, followed by PA and OH, with huge activity expected between 2031-2035.
Calendar 2025 Q3
are you expecting to reallocate some spending away from the other segments and businesses? Or do you think the balance sheet and the labor force could handle
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Tierney confirmed no reallocation needed, increases are additive across all five states with tailored plans per jurisdiction.
Can you speak more broadly? I think I may have asked you this on prior calls as well, but it sounds like generally flattish for the industrial customers
Show response
Taylor noted steel/metals rebounding; expects mid-single-digit industrial load growth by Q2 next year, significantly higher by Q4 from data centers.
Calendar 2025 Q2
when would the next CapEx refresh be coming
Show response
Taylor indicated CapEx plan update likely on Q4 call after getting clarity on transmission open window results.
can you tell us what's the current level of data center demand you're seeing today
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Taylor quantified 400 MW active, with most pipeline in Ohio/Maryland/WV and growing interest in Pennsylvania (1/3 of new studies).
Calendar 2025 Q1
Does one need to happen prior to the other? Does one depend on the other? And could a settlement happen before the legislation becomes official
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Tierney confirmed legislative and rate case timelines are independent and can proceed on parallel paths.
I noticed in the quarter, the industrial group was down 3%. And really, if I look back over the past several quarters, it's been a downward trend
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Taylor attributed decline primarily to steel sector slowdown tied to automotive; data centers on track but may be slightly delayed.
Calendar 2024 Q4
with the rebased earnings outlook to core as a payout ratio, you're a little bit above the high end of the targeted 60% to 70% range
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Tierney indicated dividend will grow with core earnings and the board is comfortable with near-range positioning.
Can you please talk a little bit about demand trends? You mentioned a couple of times that sales were lower than expected
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Taylor explained PA energy efficiency programs impacted residential, some steel customers offline in Q4 for industrial, but expects rebound from data center activity.
DTEDTE Energy12 questions · 6 reporting periods · 1 of 12 challenging
Calendar 2026 Q2
are you making any changes to your counterparty approach around protections going forward, or do you feel confident
Show response
Ruud defended the existing structure with specifics: contracted load ramp, minimum monthly charges at 80% of minimum billing demand, and 10-year-plus terms.
The total now is 5 to 6 rather than 5. I don’t — maybe I’m just looking too far into it, but was that meant to be a
Show response
Harris flatly denied any signal in the wording change, describing it as the same pipeline with normal movement between stages.
You continue to point to the high end of the range for 2026 EPS, but you’ve had some challenges related to mild
Show response
Ruud named three specific offsets, March electric rate relief, a September gas order, and timing reversals at the utilities, plus non-utility performance.
Calendar 2026 Q1
do you have different requirements for different customers based on credit risk profiles
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CEO confirmed data center load concentration will be roughly 40% at full ramp. Credit protections are bespoke based on counterparty strength. Specific Oracle vs Google terms are commercial and not public. Protections insulate customers from stranded assets and rate shopping.
what kind of responses are you giving from key stakeholders like regulators, the staff, local community leaders, politicians?
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CEO confirmed storms not more expensive than prior years; recent 70 mph wind event impacted 300K customers vs 750K+ in similar past event. Commission podcast publicly praising DTE improvements. Customers and stakeholders acknowledging progress.
Calendar 2025 Q3
Can you discuss some examples of what might be included in there? What type of actions you're referring to? And then as we look to '26 and beyond, how should we think about the O&M outlook for the ...
Show response
CEO explained non-emergent maintenance backlogs allowed to rise during warm weather years are being unwound in 2025 now that overall DTE is ahead. Current O&M represents normal run rate going forward with built-in flexibility.
are you expecting the new data centers and this specific deal to be neutral to residential customer rates or monthly bills or deflationary?
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CEO confirmed data centers lower rate ask in future cases by utilizing excess capacity. Benefit flows through in form of lower incremental asks in next rate case cycle. Contract protections prevent stranded assets.
Calendar 2025 Q2
did you issue any equity during the quarter? And Dave, I think you reiterated the $0 to $100 million per year
Show response
CFO confirmed minimal equity through 2027 ($0-$100M), $200-$300M incremental in 2028-2029, with more detail on financing to come with fall plan update.
how are you thinking about that philosophy? I think I heard you say that you're not expecting to grow EPS faster than the high end of 6% to 8%
Show response
Incoming CEO Harris affirmed conservative philosophy, emphasizing consistent delivery and high-confidence plans with built-in flexibility.
Calendar 2025 Q1
How are you thinking about the path to get there? Are you hoping to get it kind of all in one shot, or will it be gradually ramping over time?
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COO described tiered IRM proposal ramping over 3 years with two options for commission flexibility; if $1B approved, could extend 6-8 years between filings.
Calendar 2024 Q4
What exactly does that mean? Are you talking about pulling forward expenses from 2028 and 2029?
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CEO clarified the company doesn't need Z credits post-2027 but wants flexibility to pull forward expenses and produce higher-quality future years.
Can you remind us the timing of the 2026 IRP, when it would be filed, approved, and implemented?
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COO laid out IRP timeline: file end of 2026, result by end of 2027/early 2028. Tariff can be done outside of rate case.
LNTAlliant Energy12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
it looks like you're taking up the numbers for 2026, now 2%-3% from 1% previously.
Show response
Robert attributed higher load growth to data centers and durable core-business strength, and framed first-half O&M as expected timing rather than a permanent step-up.
Calendar 2026 Q1
Help us understand the thinking behind pursuing simple cycles as opposed to bigger baseload CCGTs with higher run times
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Barton confirmed 2031 CT in-service date. CTs and batteries preferred over CCGTs for speed to market in wind-rich Iowa. Can add steam turbine later to convert to combined cycle. Slice-of-system approach, not one plant per data center.
should we expect more CTs per capacity, more likely than CCGTs
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Barton confirmed CTs and batteries as primary resource additions going forward. All-of-the-above approach tied to low/medium/high load growth scenarios in flexible resource planning.
Calendar 2025 Q4
some spending moved up from 2027 to 2026, and then a little bit got pushed back from 2028 to 2029
Show response
Durian characterized year-over-year shifts as modest refinements under $100M per year. Not material changes.
does that cover everything related to the three gigawatts for the four projects that have ESAs
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Barton confirmed generation coverage is for 3 GW only. 2-4 GW upside being addressed separately through recent RFP activity.
Calendar 2025 Q2
The $10 billion is obviously a huge number, and yet the chart is unchanged
Show response
Barton clarified Cedar Rapids QTS was already in plan. QTS-Madison and other opportunities are in the dark blue (not yet in CapEx).
would you maybe need some CCGTs in the plan
Show response
Durian confirmed if safe harbor fails for remaining 450 MW wind, they would pivot to alternative technologies rather than build wind without credits.
Calendar 2025 Q1
Would the ATM presumably be large enough to the $1.4 billion over years? Would you consider a forward or a block perhaps
Show response
Durian detailed ~$100M from share direct plans, remaining $1.3B via ATM or forward. Currently assumed ratable 2026-2028 but flexible.
What exactly was added to the CapEx plan? It obviously went up by $600 million give or take
Show response
Durian confirmed biggest CapEx increase was natural gas generation to meet peak demand from data center customers, with 1.5 GW of new gas through 2030.
Calendar 2024 Q4
How do you think about that in terms of adding or limiting your
Show response
Barton sees IRP legislation as neutral to positive, can file anytime, low/medium/high scenarios provide flexibility.
Can you talk about the proposed legislation and and how it maybe might clarify things going forward
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Durian described expansion to include all-of-the-above energy solutions, lowered threshold to 40 MW, expanding eligibility.
is Big Cedar essentially fully booked up at this point
Show response
Barton initially said yes, then corrected to note some remaining room at Big Cedar. New Beaver Dam site adds Wisconsin optionality.
ETREntergy10 questions · 5 reporting periods · 1 of 10 challenging
Calendar 2026 Q2
What role do the hyperscalers play in those efforts, if any? Are they treated just like any other CNI customers
Show response
Marsh said hyperscalers like Meta are full-tariff customers that indirectly support resilience by picking up securitization/storm charges and funding more resilient infrastructure.
there’s obviously this unavoidable nationwide trend of pushback and NIMBYism. Are you seeing much of that?
Show response
Marsh acknowledged pockets of concern such as a New Orleans moratorium and described working with stakeholders to address concerns and lift restrictions.
Calendar 2026 Q1
how that works from a timing and cash flow perspective? If you're not going to collect the revenue or how and when will you collect the revenues relative to the construction
Show response
Kimberly explained Fair Share benefits flow through embedded cost recovery and new customer cost allocations, with FFO/debt maintained at 15%+ throughout the construction period.
The 15% industrial sales growth in the first quarter was notably better than your guidance of 10% for the year
Show response
Kimberly confirmed Q1 industrial strength was expected from customer ramp-ups but maintained full-year guidance, noting minimum bills provide downside protection even if volumes soften.
Calendar 2025 Q4
I see you increased the CAGRs, but the numbers in the bar chart went down. Am I right, that's just because you roll forward the starting point from '24 to '25
Show response
CFO confirmed step-up from large customer ramps in 2027-2029 but couldn't confirm specific terawatt numbers off the top of her head. Offered to follow up with specifics.
help us understand the 2 different perspectives and how to reconcile these 4-year terms versus the 15 years
Show response
CFO clearly distinguished two separate transactions: 15-year ESA with Meta parent guarantee (termination fees, minimum bills) vs Meta's separate Blue Owl capital structure. ESA protections fully intact regardless of Blue Owl arrangement.
Calendar 2025 Q3
Can you maybe preview the filing a little bit in terms of customer bill impacts and what role Google might play
Show response
CEO declined to get ahead of team on rate case details. Expects similar customer benefit dynamics as other jurisdictions from large customer cost-sharing.
how are you thinking about the potential for some of these data centers to build on-site power generation themselves
Show response
CEO argued generation built near customer provides similar benefits to behind-the-meter. Hyperscalers prefer deploying capital on compute rather than generation. Competitively well positioned.
Calendar 2025 Q1
how much of that is already included in the CapEx plan? And is there sort of a risk adjustment for some or all of these projects
Show response
CFO confirmed investment proposals on Slide 15 are all within $37B plan. Additional customers beyond current plan would require incremental capital.
you're saying it's about the pace of new customers ramping, not about usage from existing customers. Is that right
Show response
CFO confirmed sales guide reduction is new customer ramp timing, not existing customer usage weakness. Industrial growth still close to 11-12% range.
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SOSouthern Company10 questions · 6 reporting periods · 2 of 10 challenging
Calendar 2026 Q2
Are you able to give any guidance on how to think about the pace of equity and when it will actually hit
Show response
Poroch gave shape (mirroring capital outlays, tied to the 17% FFO to debt goal) but declined year-by-year detail, which the analyst accepted.
I know that the press release talks about long-term savings for customers, Have you quantified that?
Show response
Womack described the peak-shaving benefit qualitatively and confirmed it is a first for a data center, but never quantified the savings asked for.
Calendar 2026 Q1
the $26.5 billion of DOE loan guarantees—am I right that that would reduce traditional debt dollar for dollar without impacting the equity?
Show response
CFO confirmed DOE loans reduce capital market needs, with 40% equity proportion on incremental capital (Southern Power upgrades). Remaining equity need of $1.8B through 2030.
What would be the timing of when the process is completed and when you would have visibility into the company-owned resources
Show response
CEO/CFO outlined timeline: selection through 2026, certification through 2027, spend starting 2028, delivery 2032-2033. Rule of thumb: 1GW = $2B+ CapEx.
Calendar 2025 Q4
I think you mentioned the potential to accelerate the dividend growth. Could you elaborate? I think that's new commentary from you
Show response
Poroch said they'll grow earnings into the payout ratio, targeting the 60% window, and then revisit the pace of dividend growth. Emphasized dividend as integral to the long-term value proposition.
Calendar 2025 Q3
only 1 incremental gigawatt is contracted and 1 additional gigawatt of committed. How much of that would you say is the same projects ramping up
Show response
Poroch explained the 2030s column includes all 2029 projects plus ramp-ups. Contracts are tailor-made with ramp periods of approximately 5 years, varying by contract.
Calendar 2025 Q2
how are you feeling about the outlook for demand and it's sticking for at least the next 3 years
Show response
Poroch highlighted the flexible regulatory structure allows repeated load forecast updates and is not precluded from filing an IRP update if circumstances warrant.
How confident are you in those counterparties' ability to execute on timing? It seems a little aggressive from an EPC and turbine delivery perspective
Show response
Tucker clarified the 2028 PPAs are for existing capacity rolling off other contracts, not newbuild. No construction execution risk on those units.
Calendar 2025 Q1
Even after adjusting for the Leap Day each customer class a sequential slowdown. Data centers, in particular, still grew at a double-digit pace, but down from 17%
Show response
Tucker attributed slowdown to leap year effect (~1% impact on C&I), higher comparison base for data centers, timing of industrial outages and delayed steel manufacturer start. No systemic economic concerns.
The slide say well over 50. Did I hear you right? Did you say 52 gigawatts now?
Show response
Tucker clarified 52GW is Georgia alone; consolidated pipeline across all three electric territories is over 50GW and grew quarter-over-quarter. Being less precise on total to avoid fixation on headline numbers.
CNPCenterPoint Energy9 questions · 4 reporting periods · 0 of 9 challenging
Calendar 2026 Q1
would that be meaningful enough to impact equity
Show response
Foster confirmed CAMT benefit (~$150M/year cash tax elimination plus prior period refunds) equivalent to adding $1B incremental CapEx without equity. Convertible debt also helped reduce near-term floating rate pressure.
do you have a rough ballpark number of what would be required or cremental gigawatt of demand going forward
Show response
Wells could not provide per-GW cost sensitivity due to project-specific variables (import line costs, intra-regional needs, system stability). Confirmed directionally it will bring further customer benefits by spreading fixed costs over larger base. Transmission study will provide specifics.
Calendar 2025 Q4
Just wondering if there's any noise in the data or anything to call out
Show response
Foster highlighted weighting shift towards C&I growth, with roughly 7% industrial growth across 2025. Cited Eli Lilly $15B Houston investment and data center ecosystem manufacturing jobs as confidence builders.
Can you walk us through what drove that? Was that about preserving the balance sheet
Show response
Wells confirmed increase driven by 765 kV line. Gas reduction from pull-forward of integrity work into 2025, creating outer-year flexibility. Not a signal of a long-term trend in gas CapEx.
Calendar 2025 Q2
talk a little bit more about timing and potential magnitude of when the spending might show up in the capital plan
Show response
Wells noted work is beginning now on convention center substation. CNP's work is front-end loaded over 5-6 years. Larger interstate burial is multi-decade city project.
how high can that go? I know you're going to give the more detailed update later this quarter
Show response
Wells confirmed capacity for order of magnitude more than $500M increase without equity, but deferred specifics to Q3 plan refresh.
what exactly was in the $500 million increase today? What is that spending going towards
Show response
Foster broke down: primarily electric transmission, some system resiliency, and small amount of Texas Gas investments.
Calendar 2025 Q1
the interconnection queue has grown by seven gigawatts. Can you get more details in terms of what types of customers
Show response
Wells broke down: ~6 GW data centers, ~0.5 GW manufacturing, ~0.5 GW industrial demand. Continues diversified load growth drivers.
conversations you've been having with the rating agencies and hopefully getting off of the negative watches
Show response
Foster noted progress on May storm securitization (ahead of plan with settlement). Rating agency focus on Hurricane Beryl prudency review, filing within weeks. Key period is the ~5-month review window.
ESEversource Energy9 questions · 5 reporting periods · 2 of 9 challenging
Calendar 2026 Q1
What would you be booking on a prospective basis in terms of earnings—say, 2027 and beyond? Will you assume the 11.39% up until FERC or a court indicates
Show response
Moreira confirmed current 2026 guidance assumes 9.57% ROE and said 2027 guidance will incorporate the 205 outcome once determined.
From an accounting perspective, have you taken any reserves, or will you have to, or is that just looming while the challenges and appeals play out?
Show response
Moreira stated only the 15-month refund period has been booked; no additional reserve for the broader retroactive exposure based on legal counsel assessment.
Calendar 2025 Q3
It looks like the 2025 outlook went up by about $200 million, and you removed the comment that the majority of the outlook will be issued in the back half
Show response
Moreira said near-term equity needs satisfied at $465M (37-38% of total). Majority still expected toward tail end of forecast period. Aquarion net cash of $1.6B and CT securitization in 2027 expected to cover intervening years. Later corrected that he misspoke about 'next year', majority of equity still toward latter half of forecast.
you talked about the land acquisition strategy. I know Mystic was a big one last year. Can you talk a little more how you're thinking about this
Show response
Nolan emphasized acquisitions are for regulated business use, strategic for energy injection. Not pursuing data centers. Pursuing single-and-double strategy to unlock captive New England generation. Teased news on another strategic site.
Calendar 2025 Q2
What made you turn it on during the last quarter? And I know last year, you had that similar run rate of $1 billion over the year
Show response
Moreira said $200M was raised entirely in June to provide liquidity. Equity needs tied to Aquarion timing and commercial paper balances. Once Aquarion closes, does not see need to raise equity for some time.
do you think you're positioned to redeploy some of the capital back into the state
Show response
Moreira said more constructive data points needed from PURA before reassessing CT capital. Watching Yankee Gas outcome closely. Nolan added AMI reconsideration could also provide opportunity if fair rules emerge.
Calendar 2025 Q1
which threshold are you referring to when you talk about the 100 basis point cushion? Is it the 12% at S&P
Show response
Moreira confirmed the 100+ bps cushion applies to both S&P (12%) and Moody's (13%) thresholds on their respective calculation bases.
when you talk about tariffs and the Massachusetts mechanism around performance-based rate making and inflation, please just remind me how would that work
Show response
Moreira explained PBR inflation adjustment capped at 5% using GDP-PI mechanism. Last year's NSTAR Electric adjustment was about 3.2%. Capital tariff impact (3-6%) separate from O&M inflation recovery.
Calendar 2024 Q4
what do you think about where what that might become, and what are the odds it might turn into a sizable investment opportunity
Show response
Mystic site not in current CapEx plan but Nolan confirmed comfort with billion-plus investment given FERC regulation and favorable Massachusetts regulatory climate.
NRGNRG Energy5 questions · 3 reporting periods · 0 of 5 challenging
Calendar 2026 Q1
Would you only pursue those if they're backed by a long-term contract, whether bilateral or from the auction?
Show response
Gaudette firmly stated no capital deployment without contracts or long-term revenue support. Could build new in PJM but only with bilateral deal or auction backstop, not on merchant basis.
do you think there are any additional assents you can take specifically to protect you from these weather events
Show response
Gaudette framed LS Power acquisition as the key derisking move, providing physical generation hedge in Eastern markets. No better hedge than flexible dispatchable natural gas assets.
Calendar 2025 Q4
Is your goal to announce the gigawatt, but the financial impact would be upside? Or does the guidance include that gigawatt
Show response
Management confirmed the 1GW+ data center target is entirely incremental to guidance, pure upside not embedded in the 14% CAGR outlook.
How are you thinking about the batching proposal? Do you worry that might slow things down?
Show response
Rob Gaudette praised the batching approach as accelerating interconnection versus the prior serial process. Very positive for NRG and customers.
Calendar 2025 Q3
Is that a function of LS Power and TEF CapEx, which is sort of onetime in nature? Or should we think of the $1 billion as a good run rate
Show response
Bruce Chung confirmed $1 billion buyback is temporary during deleveraging, consistent with LS Power announcement commitments.
AEPAmerican Electric Power3 questions · 2 reporting periods · 1 of 3 challenging
Calendar 2026 Q1
If you could speak to the timing and pricing of gas turbines. You keep adding generation to the outlook
Show response
Fehrman confirmed Mitsubishi and GE as primary suppliers with future turbine access but declined to share pricing citing confidentiality agreements.
I think you used the term that you're protected, can you discuss that a little bit
Show response
Mihalik disclosed a cost-plus 10% put-back provision, June deadline, and 6-month extension for relocation. Strong contractual risk mitigation.
Calendar 2025 Q1
it looks like it was 13.2% on a TTM basis through March, that's down from 14% last year. Can you just talk a little bit about the moving pieces
Show response
Mihalik detailed the FFO bridge: 14% pre-Moody's fuel change → 13.5% post-methodology → 13.2% TTM. Minority sale adds 40-60bps. Deferred fuel issue rolls off by end 2026.
DUKDuke Energy3 questions · 1 reporting period · 0 of 3 challenging
Calendar 2025 Q2
With a stronger balance sheet and pointing to a little bit faster earnings growth, any thoughts on the pace of dividend growth?
Show response
Brian said 2% annual dividend growth remains appropriate given the capital investment cycle, and they will continue to drive down the payout ratio.
what was the impetus for these sales? Was it wanting to improve the balance sheet? Were you looking to unlock more CapEx or something else?
Show response
Harry said the deals enable Florida to grow at full potential and efficiently fund the generation build. Brian added they were having to rotate capital away from Tennessee.
the $4 billion upside to CapEx, is that entirely going to Florida?
Show response
Harry confirmed all $4B is Florida, starting with the next multiyear rate plan in 2028-2029, covering grid, generation, and growth investments.
PEGPublic Service Enterprise Group3 questions · 1 reporting period · 0 of 3 challenging
Calendar 2025 Q3
are you thinking that you'll be able to continue to stay no equity
Show response
Cregg expressed continued confidence in managing without equity. LaRossa praised the balance sheet management by Cregg and predecessors. Full details deferred to Q4 roll-forward.
Can you detail how much of that is data centers versus manufacturers? And then just very roughly the timing of the ramp-up schedules
Show response
LaRossa confirmed pipeline is almost exclusively data centers with some EV load tapering off. The ~20% conversion rate continues to hold as pipeline grows, with mostly edge computing rather than hyperscale.
How are you thinking about it in terms of not only overall affordability, but focusing on low and lower customers
Show response
LaRossa cited analysis identifying 500,000 potentially SNAP-impacted customers and proactive outreach. Cregg pointed to the percent-of-wallet slide showing lower-income customers are not disproportionately burdened, crediting state and company programs.
VSTVistra Corp.3 questions · 1 reporting period · 0 of 3 challenging
Calendar 2025 Q4
can you talk about the flexibility under the 10b5-1 program?
Show response
Moldovan explained program accelerates during price pressure (leaned in during Jan-Feb weakness at $200M). 2025 full year program beat weighted average price by ~$10/share. Continues to optimize structure in open windows.
I think you've talked about potential in the neighborhood of about 600. You've identified the 400 and change with Meta
Show response
Moldovan confirmed 433 MW Meta uprates are in process, 200 MW Comanche Peak still requires further work as future opportunity. That covers the full uprate scope for existing plants.
The news about the batching process potentially impact those?
Show response
Moldovan confirmed decision made on Permian peakers with advantaged economics. TEF process continues and doesn't prohibit locking in revenue. Dore clarified batching process is for load interconnection, doesn't affect TEF generation units.
CEGConstellation Energy2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q3
You talked about the 700 megawatts of natural gas capacity. I believe that's existing assets
Show response
Lightly used gas turbines in Midwest and New England can be rapidly redeployed to Maryland with state-of-the-art heat rates. Units already refurbished and ready.
with the announcements from the federal government, has that changed your comfort level
Show response
Joe outlined prerequisites: durable PPA, clear constructable pricing, and CEG's unique land/talent/infrastructure value. Cautious but gaining confidence daily.
EXCExelon2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
Can you talk a bit about that? Given that the state is in PJM, what exactly is the goal here?
Show response
Jones said the IRP gives Illinois a clearer supply-demand view and the authority to expand energy efficiency, storage procurement, and distributed generation programs.
how are you thinking about CapEx levels and categories? Are your conversations pointing toward minimizing spending
Show response
Innocenzo described categories tied to customer value, economic development, safety and resilience, and cited a $50 million RISE PA grant, but gave no CapEx figure for the next filing.
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 |
|---|---|---|
| WEC WEC Energy Group | 21 | 5%1 of 21 questions |
| CMS CMS Energy | 14 | 0%none of 14 questions |
| FE FirstEnergy | 13 | 8%1 of 13 questions |
| DTE DTE Energy | 12 | 8%1 of 12 questions |
| LNT Alliant Energy | 12 | 0%none of 12 questions |
| ETR Entergy | 10 | 10%1 of 10 questions |
| SO Southern Company | 10 | 20%2 of 10 questions |
| CNP CenterPoint Energy | 9 | 0%none of 9 questions |
| ES Eversource Energy | 9 | 22%2 of 9 questions |
| NRG NRG Energy | 5 | 0%none of 5 questions |
- WECWEC Energy Group · 21 questions5%1 of 21 questions
- CMSCMS Energy · 14 questions0%none of 14 questions
- FEFirstEnergy · 13 questions8%1 of 13 questions
- DTEDTE Energy · 12 questions8%1 of 12 questions
- LNTAlliant Energy · 12 questions0%none of 12 questions
- ETREntergy · 10 questions10%1 of 10 questions
- SOSouthern Company · 10 questions20%2 of 10 questions
- CNPCenterPoint Energy · 9 questions0%none of 9 questions
- ESEversource Energy · 9 questions22%2 of 9 questions
- NRGNRG Energy · 5 questions0%none of 5 questions
Show all 16 companies
| Company | Questions | Challenge rate |
|---|---|---|
| AEP American Electric Power | 3 | 33%1 of 3 questions |
| DUK Duke Energy | 3 | 0%none of 3 questions |
| PEG Public Service Enterprise Group | 3 | 0%none of 3 questions |
| VST Vistra Corp. | 3 | 0%none of 3 questions |
| CEG Constellation Energy | 2 | —Rate withheld: fewer than 3 questions |
| EXC Exelon | 2 | —Rate withheld: fewer than 3 questions |
- AEPAmerican Electric Power · 3 questions33%1 of 3 questions
- DUKDuke Energy · 3 questions0%none of 3 questions
- PEGPublic Service Enterprise Group · 3 questions0%none of 3 questions
- VSTVistra Corp. · 3 questions0%none of 3 questions
- CEGConstellation Energy · 2 questions—rate withheld: under 3 questions
- EXCExelon · 2 questions—rate withheld: under 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 |
|---|---|---|---|
| 2024 Q4 | 12 | 0%none of 12 questions | 6 |
| 2025 Q1 | 19 | 11%2 of 19 questions | 10 |
| 2025 Q2 | 18 | 0%none of 18 questions | 8 |
| 2025 Q3 | 21 | 5%1 of 21 questions | 10 |
| 2025 Q4 | 20 | 0%none of 20 questions | 9 |
| 2026 Q1 | 23 | 13%3 of 23 questions | 11 |
| 2026 Q2 | 18 | 17%3 of 18 questions | 8 |
- 2024 Q412 questions · challenge rate 0% (none of 12 questions) · 6 companies
- 2025 Q119 questions · challenge rate 11% (2 of 19 questions) · 10 companies
- 2025 Q218 questions · challenge rate 0% (none of 18 questions) · 8 companies
- 2025 Q321 questions · challenge rate 5% (1 of 21 questions) · 10 companies
- 2025 Q420 questions · challenge rate 0% (none of 20 questions) · 9 companies
- 2026 Q123 questions · challenge rate 13% (3 of 23 questions) · 11 companies
- 2026 Q218 questions · challenge rate 17% (3 of 18 questions) · 8 companies
Topics
Topics tagged on this analyst’s questions.
- Capex Investment46
- Demand40
- Regulation Policy36
- Capital Allocation30
- Guidance Reliability13
- Cloud & AI13
- Cost Pressure7
- Pricing7
- Credit6
- Supply Chain5
Show all 18 topics
- Revenue Growth4
- Margin3
- Innovation & R&D3
- Competitive Dynamics3
- M&A2
- Subscriber Growth1
- Trade Tariffs1
- Geographic Expansion1