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Analyst
Brian Russo
Period: Reporting periods mapped to calendar 2025 Q1 – 2026 Q1 (5 quarters).
- Questions
- 14on tracked calls
- Challenge rate
- 0%none of 14 questions
- Companies
- 4questioned at least once
- Reporting periods
- 5with 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 14 of 14 questions from 4 companies
AEEAmeren6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2025 Q3
there was about 1.7 gigawatts of existing customer expansion cited in some of the large tariff testimony. That's incremental to the 3 gigawatts. Is that correct?
Show response
Lyons confirmed 2 GW in advanced discussions is incremental to 3 GW signed, bringing total near-term pipeline to 5 GW in Missouri alone. Overall funnel is 18 GW per state.
are there anything in that bill that could lead to incremental investments for the Ameren utilities
Show response
Lyons said the main investment opportunity is energy efficiency, with spending expected to double to ~$250M/yr treated as regulatory asset with rate base recovery.
Calendar 2025 Q2
how meaningful is that? Is there any sort of time line? Maybe just put it in the context with the 2.3 gigawatts you're referencing
Show response
Lyons said expansion requests are meaningful but timing is uncertain. ESAs will firm up ramp rates and load growth expectations beyond 2032.
Calendar 2025 Q1
Could that be done without additional equity to offset the $300 million? Is there another way for you to accomplish that?
Show response
Moehn confirmed manageable without additional equity, noting much of the credits relate to in-service or safe-harbored projects unlikely to be affected.
how confident are you on the time line that’s proposed and then the total cost of the $16.2 billion
Show response
Moehn detailed secured turbines with >$100M in payments, solar materials on site, and combined cycle RFP expected complete by year-end.
do you see the cadence of your rate case filings changing? And then a follow-on to that would just be kind of the earned returns that you expect
Show response
Moehn said current 2-year cadence may extend given SB4 and data center revenue, noting statutory maximum is 4 years due to FAC.
WECWEC Energy Group4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q2
Will those 2 items need to be contemplated and assessed in this upcoming CapEx update?
Show response
Port Washington being evaluated for potential additional capacity. NextEra discussions described as productive with expected resolution by year-end.
I suppose that could ramp up closer to that 3.5 gigawatts, maybe towards the latter half of that plan?
Show response
Confirmed working with Vantage weekly but too early to quantify beyond 1.3 GW commitment.
can we talk about some of the other CapEx opportunities you have as you roll forward or update in the fall
Show response
Detailed gas PRP ramp to $500M+/yr by 2028, ATC capital plan growth from tranche 1 remainder and tranche 2, plus economic development substations.
Calendar 2025 Q1
on the recent MISO capacity auction results, could we get your thoughts on your base generation CapEx spend or any upside CapEx maybe for data centers?
Show response
Explained system is tight, building to meet MISO demand requirements. Gas generation approvals expected by mid-2025. Already planning for 2030-2031 capacity.
PWRQuanta Services2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q1
is the GenCo model generating additional pipeline opportunities, conversations beyond NiSource, particularly in that Midwest region?
Show response
Duke confirmed the Midwest opportunity is growing, with CCGT and generation work expected to enter backlog in the later half of the year as air permits progress.
How should we think about the relationship with the AEP and the cadence of those transmission projects stacking up in the future backlog
Show response
Duke confirmed strong AEP relationship with Quanta investing in U.S.-based supply chain for 765kV build, noting they are just getting started.
XELXcel Energy2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q4
the $10 billion CapEx pipeline, right, that only includes kind of that low end of the 5,000 to 14,000 gigawatts of range of potential capacity data center-driven needs in Colorado
Show response
CEO confirmed $10B+ pipeline reflects low end of Colorado data center needs; significant upside as large load tariff filing enables additional generation.
I want to just understand more clearly what the upcoming filings in Colorado for the JTS and how that ties into the large tariff filing
Show response
Large load tariff filing targeted for early Q2 2026 in Colorado; 6 GW across the system with near-term focus on Upper Midwest; Colorado and other states to follow.
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 |
|---|---|---|
| AEE Ameren | 6 | 0%none of 6 questions |
| WEC WEC Energy Group | 4 | 0%none of 4 questions |
| PWR Quanta Services | 2 | —Rate withheld: fewer than 3 questions |
| XEL Xcel Energy | 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 Q1 | 4 | 0%none of 4 questions | 2 |
| 2025 Q2 | 4 | 0%none of 4 questions | 2 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
- 2025 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q24 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 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 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Capex Investment7
- Demand6
- Regulation Policy4
- Cloud & AI3
- Subscriber Growth2
- Capital Allocation2
- Revenue Growth1
- Credit1
- Supply Chain1
- Margin1