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Analyst
Christopher Jeffrey
Period: Reporting periods mapped to calendar 2024 Q3 – 2025 Q3 (5 quarters; questions recorded in 4).
- Questions
- 10on tracked calls
- Challenge rate
- 0%none of 10 questions
- Companies
- 2questioned 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 2 companies
ATOAtmos Energy7 questions · 3 reporting periods · 0 of 7 challenging
Calendar 2025 Q2
Just wanted to follow up on the project discussed in the Abilene area with the data center. Just curious if you could kind of size up how big of a capital outlay
Show response
CEO confirmed strong data center inquiry pipeline across service territory but declined to size the Abilene capital outlay, deferring clarity to the 5-year plan update.
Is that just in Texas? Or are you talking about Atmos a whole entity?
Show response
CEO confirmed 80% figure is company-wide, with majority of the increase from APT investment in system expansion and storage.
should we think of the increase from the tax benefit at APT or distribution?
Show response
CFO specified the Q4 legislation benefit splits approximately 2/3 distribution and 1/3 APT based on asset-in-service timing.
Calendar 2025 Q1
I just noticed the timing for the Colorado rate case expectation got pushed back a bit. Just any kind of thoughts on timing there
Show response
CEO downplayed the delay, framing it as normal prioritization across jurisdictions.
expectations for that to be implemented more wholesale across Texas or any other states? Does that kind of change how you're approaching thinking about those types of costs
Show response
CFO described cloud computing treatment as a lag-reduction strategy that will be evaluated for replication in other states after Texas Railroad Commission votes.
Calendar 2024 Q3
you had mentioned, about taking the O&M from 3.5% to 4%. Just curious, maybe what you're seeing there? Is that related at all to the SSI rider at APT?
Show response
CFO confirmed SSI rider accounts for ~$20-25M in FY25 (vs $6-7M in FY24), plus increased compliance spending, AMLD monitoring, and employee costs.
Just kind of how you're thinking about that year-over-year, and kind of versus this year's level?
Show response
CEO described new $107M rider benchmark and expectation that spreads will normalize as additional takeaway capacity comes online.
NINiSource3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2025 Q3
Just regarding the decision to keep on Blackstone as a 20% stakeholder in GenCo. Just kind of curious how much of a consideration there was to retaining 100%
Show response
Shawn cited Blackstone familiarity with Indiana, reduced financing needs, lower cost of capital, diversification from capital markets, and 19.9% commitment growing with pipeline. Provides pricing certainty for growing business.
there seems to be a lot in 2029. I was just wondering if that's any like specific bespoke projects
Show response
Shawn detailed plan mix: 50% gas, 25% NIPSCO electric, 25% GenCo support. 2029 spike from MISO D-LOL compliance generation, PHMSA Ohio compliance in 27-28, and MISO long-range transmission pickup.
Calendar 2025 Q1
as far as the run rate from here, are you expecting Apollo to kind of have deflationary impacts from here
Show response
Shawn confirmed flat O&M expectation at ~$1.4B since 2016. Project Apollo drives efficiency, quarter-over-quarter variation from vegetation management and leakage timing.
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 |
|---|---|---|
| ATO Atmos Energy | 7 | 0%none of 7 questions |
| NI NiSource | 3 | 0%none of 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 Q3 | 2 | 0%none of 2 questions | 1 |
| 2024 Q4 | No questions recorded | — | — |
| 2025 Q1 | 3 | 0%none of 3 questions | 2 |
| 2025 Q2 | 3 | 0%none of 3 questions | 1 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
- 2024 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2024 Q4No questions recorded
- 2025 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q23 questions · challenge rate 0% (none of 3 questions) · 1 company
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Regulation Policy5
- Capex Investment3
- Cost Pressure2
- Margin2
- Demand1
- Cloud & AI1
- Capital Allocation1