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Analyst
Durgesh Chopra
Period: Reporting periods mapped to calendar 2024 Q4 – 2025 Q1 (2 quarters).
- Questions
- 59on tracked calls
- Challenge rate
- 8%5 of 59 questions
- Companies
- 21questioned at least once
- Reporting periods
- 2with 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 59 of 59 questions from 21 companies
AESAES Corporation5 questions · 2 reporting periods · 0 of 5 challenging
Calendar 2025 Q1
the hydrogen project that was canceled in Texas, are we still pursuing other customers for contracted the power generation that I believe it was over 1 gig?
Show response
Andres confirmed the 1+ GW Texas site remains in the pipeline with active customer pursuit given attractive location on private land.
in an event the transferability is eliminated, do you go back to tax equity and perhaps even frame for us what percentage of your plan is being provided by cash financing, is being provided by tran...
Show response
Steve explained majority of financing still uses tax equity; transferability removal would have no impact on cash or credit profile. AES has deep relationships with sophisticated tax equity partners.
Can you just frame for us the $40 million or so average distributions a year? What is that as a percentage of total cash generated for that business?
Show response
Steve disclosed AGIC generates ~$100M cash annually; distributions represent 35-40%. Structure is self-amortizing over 20 years with year-5 call option, no economic ownership flip.
Calendar 2024 Q4
maybe can you help us with where you landed on a federal debt basis and referring to sort of on a Moody's adjusted basis for 2024 relative to your credit downgrade thresholds
Show response
Steve provided specific credit metrics: recourse at 22% vs 20% threshold, Moody's at 10% targeting 12%+ by 2026. Expects mid-twenties recourse by end of guidance period.
$300 million annual target, you know, it's pretty substantial when I look at your EBITDA number, roughly 10%. Maybe just can you give us some examples of what cost reductions are these? Are these p...
Show response
COO Ricardo Fallu provided concrete detail: development resizing, early-stage cost cuts, 10% workforce reduction, elimination of management layers. Andres emphasized actions are already taken.
CMSCMS Energy5 questions · 2 reporting periods · 0 of 5 challenging
Calendar 2025 Q1
What percentage of capital is going towards solar storage, and then just given the IRA discussion and repeal risk
Show response
Garrick noted NorthStar is ~5% of EPS, zero storage spend. Panels secured through 2030 with safe harbor on transformers through 2028. Rejji added ~$2.5B gross NorthStar investment with capital recycling.
the deferred accounting order on the storm cost have you guys done that before?
Show response
Garrick said this is the first filing of this kind outside a rate case. Not presupposing approval. Liberty Audit recommends extreme weather mechanisms as best practice.
Calendar 2024 Q4
China tariffs and in fact, now as you know, when they stay on for a prolonged period of time, just thinking about how it impacts you
Show response
Garrick detailed 10-12% total supply chain exposure (direct + indirect) to Canada/Mexico/China, with no direct China sourcing. Also noted only 2% gross margin from automotive.
Quick clarification on the long-term opportunities. When you put the numbers $10 billion on the reliability roadmap
Show response
Garrick confirmed $20B+ is entirely incremental to the five-year plan, to be incorporated into future updates as filings progress.
is there a chance that you could get off of that kinda one-year rate case cadence, maybe extend it to two years
Show response
Garrick said annual rate case cadence will continue as their strategy favors smaller annual increases and active commission dialogue over larger multi-year filings.
AEPAmerican Electric Power4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q1
A couple weeks ago the IPP came out and sort of suggested settlement talks any color you can share there on what might be happening
Show response
Fehrman reiterated AEP is not anti-colocation but insists on fair transmission cost allocation. Continuing to follow FERC process without committing to settlement specifics.
Are you going into the balance of the year higher than where you expect it to be, just any color there would be helpful
Show response
Fehrman said Q1 was roughly in line with expectations despite the weather benefit. Reaffirmed $5.75-$5.95 guidance and committed to disciplined capital allocation.
Calendar 2024 Q4
from an equity standpoint, you're done for 2025, or could you still kind of punch in, you know, more equity
Show response
Michalek indicated the $2.8B transaction significantly reduces 2025 pressure. Combined with securitization potential and other levers, equity needs are much more manageable.
could you still work in agreement with them? I guess, what I'm trying to get at with this is, is there an active dialogue conversations happening with them
Show response
Fehrman clarified two settlements were filed (data centers' own and AEP's with staff). Hearing completed, now awaiting commission ruling. Open to continued dialogue.
DUKDuke Energy4 questions · 2 reporting periods · 1 of 4 challenging
Calendar 2025 Q1
What are the financial implications of that merger, when and if approved, cost savings?
Show response
Harry cited over $1B in customer savings from operational and fuel savings, combined reserve margin management, reduced regulatory proceedings. Filing planned for summer, targeting January 2027.
Can you just size how many customers is that? Just trying to get a flavor for are these one or two large customers
Show response
Harry confirmed the nearly 1 gigawatt of April data center letter agreements came from two customers.
Calendar 2024 Q4
when I think about 2025 guidance and I compare it to the 2024 original guidance midpoint, it's a 5% EPS growth
Show response
Brian explained O&M catch-up from hurricane-delayed projects and set-aside for storm costs as the modest drag. Expressed high confidence in $6.30 midpoint.
The Ohio Kentucky is still considerably below your other subsidiary ROE averages. Just wondering what steps
Show response
Harry acknowledged the gap and mentioned rate cases and rider mechanisms. Lynn advised evaluating returns over a longer-term period given year-to-year variability.
EVRGEvergy4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q1
Bryan, you mentioned $0.05 below your expectations, and you mentioned that was a number after some mitigating actions. Maybe just give us what the gross number is
Show response
Buckler clarified $0.05 shortfall is before mitigation, and the company fully expects to reach $4.02 midpoint for the full year.
any color you can share on the timing of the 1.3 gigawatts? Nice to see the 300 megawatts moved into the execution mode here
Show response
Campbell expressed high confidence in customer discussions, expecting agreements linked to LLPS tariff finalization by Q3-Q4, with no softness in demand.
Calendar 2024 Q4
Can you share some additional color? You mentioned protections for existing customers. Maybe just compare and contrast to, you know, that tariff to what is in place today
Show response
Campbell outlined tariff protections including minimum bill, fifteen-year contract period, and exit fees, noting framework is consistent with other jurisdictions.
Would you need sort of the green light from the commission on these tariffs before you announce something as it relates to the 1.6 gigawatt opportunity
Show response
Campbell clarified customer announcements are not dependent on tariff finalization, citing Panasonic as precedent for parallel activity.
VSTVistra Corp.4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q1
if it passes in its current form, what does that mean for future data center deals? Is that a bottleneck?
Show response
Burke confirmed concerns persist around disconnect switch and co-location treatment. But said if Texas revises SB6 in House, it could set Texas up extremely well to win AI race.
are you in settlement discussions currently with the T&D operators there in that region? What does that say?
Show response
Burke said Vistra didn't seek settlement, record is ample for FERC to rule. Dore added specific solutions filed for FERC to adopt. Expect clarity within couple of months without settlement; if settlement ordered, adds 60-90 days.
Calendar 2024 Q4
there's still a disconnect between where forward ERCOT prices might be in 2028, 2029. What do you think of it to be?
Show response
Burke explained deal pricing is a spectrum depending on site characteristics, speed to market, and customer motivation. Acknowledged frustration with pace but emphasized deals will be announced when real.
Kris, you mentioned the $500 million associated with Moss Landing. What is that exactly? Is that the insurance coverage?
Show response
Moldovan directly confirmed $500M is the insurance policy limit covering Moss Landing battery assets. Expectation is to receive up to the full limit.
Show 15 more companies
WECWEC Energy Group4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q1
the higher $500 million per year rate which you get to in '27, '28, that is not going to be recovered by a tracker, correct?
Show response
Confirmed no tracker; costs will be included in forward-looking test year rate cases with ongoing regulatory review and safety monitor oversight.
Maybe just a little bit cutter on the higher ROE, how do you come up with 70 basis points higher than the current authorized
Show response
Explained 10.48% ROE reflects 20-30 year commitment with locked-in certainty for both sides. Developed collaboratively with customers.
Calendar 2024 Q4
with these tariffs, how should we - how should investors think about implications to Wisconsin and just broadly utilities?
Show response
Described tariff impact as manageable: solar sourcing affected somewhat, gas cost impact minor ($3 to $3.30).
any updates on Point Beach. I know you were kind of talking with NextEra. Are there any updates there since we last spoke?
Show response
Acknowledged no material progress, provided timeline context that contracts extend to 2030/2033 so no urgency.
CNPCenterPoint Energy3 questions · 2 reporting periods · 1 of 3 challenging
Calendar 2025 Q1
on the $3 billion in additional capital opportunities, I just want to be clear that's on top of the billion today
Show response
Wells broke down: $2B regular electric transmission, ~$1B gas high-pressure distribution ring around Houston. 765 kV standard could add substantially more. Not impacted by the 765 kV decision itself.
can you help us reconcile the CapEx? Is a billion dollars higher. The equity just increased modestly
Show response
Foster clarified the Q4 increase already included associated equity. Going forward, 50/50 funding continues. Timing is back-weighted as electric transmission and resiliency plan ramp in 2027-2028.
Calendar 2024 Q4
can you help us bridge in 2024, what was included for temporary generation? And in 2025, what are you excluding
Show response
Wells and Foster explained units shift from regulated to unregulated. No write-down expected since market value has doubled. Earnings impact manageable due to rapid amortization. Both gains and losses excluded from non-GAAP.
ESEversource Energy3 questions · 2 reporting periods · 1 of 3 challenging
Calendar 2025 Q1
Aquarion still on track for year end? And then what kind of regulatory approval timeline
Show response
Nolan confirmed Aquarion on track for 2025 close, filings made in all three states. Connecticut timeline is October for approval.
Can you just frame for us if you already have the equipment on hand, I know there's one monopile that is being manufactured
Show response
Nolan confirmed all equipment procured for Revolution Wind except one monopile under construction. Substation from Canada already in the US. No material tariff risk expected.
Calendar 2024 Q4
this is, you know, year over year is 4% growth below the target. And I do the math on your equity issuance. It's about ten cents
Show response
Moreira confirmed equity dilution is the primary drag, plus inability to fully benefit from $1.6B Aquarion sale proceeds until 2026 closing.
XELXcel Energy3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2025 Q1
any conversations with stakeholders as we're approaching trial here this fall? Anything new there
Show response
Two new causation theories from plaintiffs; mediation deadline May 29; management noted strong indemnity agreements on pole attachments.
Calendar 2024 Q4
the trials start in September 2025. What should we be tracking between now and '25? Could there be sort of a settlement
Show response
Management reiterated disagreement with causation theories and preparation for September liability-only trial.
the China tariffs are now in effect. So if they're going to be sort of there for a prolonged period of time, how are you thinking that impacts your plan
Show response
Management noted China tariffs were anticipated and supply chain actions already taken.
AEEAmeren2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
where are you tracking on FFO to debt? And are you positioned strongly enough with this capital plan to be at Baa1 or are we thinking about Baa2?
Show response
Moehn affirmed confidence in maintaining Baa1/BBB+ ratings, noting metrics are closer to upgrade than downgrade thresholds.
what is in the five-year plan? And then what are the quantum of opportunities if there's a way to size the capital amount
Show response
Moehn detailed $5B LRTP pipeline with $2B in first 5 years, $1.3B newly awarded in Tranche 2.1, plus $6.5B competitive bid upside.
AWKAmerican Water Works2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
should we be including the ten cents, you know, the remarketing of the loans here as our base, or should we be excluding that
Show response
David Bowler clearly confirmed the $0.10 incremental HOS interest income should be excluded from the 7-9% EPS growth base.
I was just curious if anything has changed from your perspective on your strategy to attack PFAS
Show response
Cheryl Norton directly confirmed no changes to PFAS capital plans, stating the company will meet all regulatory requirements.
DTEDTE Energy2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q1
the PBR kind of ruling, has that been factored into this rate case filing?
Show response
COO explained PBR mechanism capped at $10M takes effect in 2026, all metrics currently green, and filing aligns with IRM expansion and Liberty audit.
Can you clarify what your margin exposure is? I know the sales number is pretty big as it relates to autos
Show response
CFO quantified auto margin exposure at 3-4%, noting data center load growth of 4% would further reduce relative auto weighting.
EXCExelon2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
a lot of focus also on the two zero five with FERC. Are there any discussions with maybe just update us when your what your latest costs are with stakeholders
Show response
Colette Honorable provided detailed update on FERC proceedings, noting two recent reform approvals and ongoing engagement with stakeholders.
what are you expecting out of the reconciliation decision? How is that going to impact your future rate case filings?
Show response
Management expressed confidence in prudent cost recovery and collaborative process, noting resolution expected in first half of year.
NINiSource2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
As we think about returns, this should look like regulated returns. Right?
Show response
Lloyd directly stated Genco structure enables above-regulated returns through counterparty negotiations. Clear differentiation from traditional rate base model.
when should we see earnings from these kind of opportunities start accumulating
Show response
Reiterated 2025 timing for definitive information but did not specify when earnings would begin accruing. Committed to disclosure upon signed contracts.
NRGNRG Energy2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
can you speak to the legislative session in Texas? You've seen a couple of bills there
Show response
Management views SB6 positively as it clarifies cost allocation so data centers pay fair share without retail rate shock.
This is gonna be new megawatts, right, coming to the market? These are all an existing assets
Show response
Rob Gaudette confirmed all data center developments represent additional capacity, not redirection of existing fleet.
PEGPublic Service Enterprise Group2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q1
from a demand perspective and the tone from your large load customer perspective, has that changed over the last few months
Show response
Cregg directly refuted any softness in nuclear contracting interest. LaRossa reinforced by pointing to unique utility-level inquiries continuing to grow, with the pipeline now exceeding 6,400 MW.
what to expect there? I believe there are some meetings here at end of May
Show response
LaRossa provided real-time update: LIPA Board voted down management's recommendation to switch providers within the hour. Next Board meeting May 22 for next steps.
PPLPPL Corporation2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
should we assume that ratable $2.5 billion or just any color and timing on how you initiate that equity
Show response
Joe provided clear guidance on equity timing: $400-500M in 2025, then tracking capital plan, with flexibility on ATM vs hybrid structures.
on the Kentucky CPCN. Maybe just updated thoughts there. What are you as you get closer to our filing, how many megawatts capital investment
Show response
Vince provided detailed breakdown of generation CapEx including two CCGTs, 400MW battery storage, and environmental upgrades.
SOSouthern Company2 questions · 2 reporting periods · 1 of 2 challenging
Calendar 2025 Q1
are we going to get concrete data points from the RFP in July itself
Show response
Tucker confirmed they expect to speak to incremental capital from the largest all-source RFP and possibly other RFPs by the Q2 earnings call, addressing most of the upside capital opportunity.
Calendar 2024 Q4
Just reconciling the CapEx increase to equity -- so CapEx went up $13 billion and it looks like -- and you only give
Show response
Tucker cited multiple factors: cash flow improvements, tax credit transferability, prior equity content financing, and pragmatic long-term view on credit objectives without rushing to hit targets in any single year.
DDominion Energy1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q1
Just kind of thinking through how the first quarter earnings tracked versus your own expectations for the rest of the year
Show response
Ridge gave thorough bridge from Q1 2024 $0.55 to Q1 2025 $0.93: $0.08 weather, $0.04 sales, $0.05 rate cases, $0.08 rider growth, $0.08 interest expense. Sticking with $3.40 midpoint.
SRESempra1 question · 1 reporting period · 1 of 1 challenging
Calendar 2025 Q1
will they'll be patient here and see through your asset sale process if it goes the full distance in 18 months
Show response
Karen confirmed constructive conversations with agencies, who understand the 12-18 month timeframe and that the process could be shorter.
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 |
|---|---|---|
| AES AES Corporation | 5 | 0%none of 5 questions |
| CMS CMS Energy | 5 | 0%none of 5 questions |
| AEP American Electric Power | 4 | 0%none of 4 questions |
| DUK Duke Energy | 4 | 25%1 of 4 questions |
| EVRG Evergy | 4 | 0%none of 4 questions |
| VST Vistra Corp. | 4 | 0%none of 4 questions |
| WEC WEC Energy Group | 4 | 0%none of 4 questions |
| CNP CenterPoint Energy | 3 | 33%1 of 3 questions |
| ES Eversource Energy | 3 | 33%1 of 3 questions |
| XEL Xcel Energy | 3 | 0%none of 3 questions |
- AESAES Corporation · 5 questions0%none of 5 questions
- CMSCMS Energy · 5 questions0%none of 5 questions
- AEPAmerican Electric Power · 4 questions0%none of 4 questions
- DUKDuke Energy · 4 questions25%1 of 4 questions
- EVRGEvergy · 4 questions0%none of 4 questions
- VSTVistra Corp. · 4 questions0%none of 4 questions
- WECWEC Energy Group · 4 questions0%none of 4 questions
- CNPCenterPoint Energy · 3 questions33%1 of 3 questions
- ESEversource Energy · 3 questions33%1 of 3 questions
- XELXcel Energy · 3 questions0%none of 3 questions
Show all 21 companies
| Company | Questions | Challenge rate |
|---|---|---|
| AEE Ameren | 2 | —Rate withheld: fewer than 3 questions |
| AWK American Water Works | 2 | —Rate withheld: fewer than 3 questions |
| DTE DTE Energy | 2 | —Rate withheld: fewer than 3 questions |
| EXC Exelon | 2 | —Rate withheld: fewer than 3 questions |
| NI NiSource | 2 | —Rate withheld: fewer than 3 questions |
| NRG NRG Energy | 2 | —Rate withheld: fewer than 3 questions |
| PEG Public Service Enterprise Group | 2 | —Rate withheld: fewer than 3 questions |
| PPL PPL Corporation | 2 | —Rate withheld: fewer than 3 questions |
| SO Southern Company | 2 | —Rate withheld: fewer than 3 questions |
| D Dominion Energy | 1 | —Rate withheld: fewer than 3 questions |
| SRE Sempra | 1 | —Rate withheld: fewer than 3 questions |
- AEEAmeren · 2 questions—rate withheld: under 3 questions
- AWKAmerican Water Works · 2 questions—rate withheld: under 3 questions
- DTEDTE Energy · 2 questions—rate withheld: under 3 questions
- EXCExelon · 2 questions—rate withheld: under 3 questions
- NINiSource · 2 questions—rate withheld: under 3 questions
- NRGNRG Energy · 2 questions—rate withheld: under 3 questions
- PEGPublic Service Enterprise Group · 2 questions—rate withheld: under 3 questions
- PPLPPL Corporation · 2 questions—rate withheld: under 3 questions
- SOSouthern Company · 2 questions—rate withheld: under 3 questions
- DDominion Energy · 1 question—rate withheld: under 3 questions
- SRESempra · 1 question—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 | 32 | 9%3 of 32 questions | 17 |
| 2025 Q1 | 27 | 7%2 of 27 questions | 15 |
- 2024 Q432 questions · challenge rate 9% (3 of 32 questions) · 17 companies
- 2025 Q127 questions · challenge rate 7% (2 of 27 questions) · 15 companies
Topics
Topics tagged on this analyst’s questions.
- Regulation Policy26
- Capex Investment12
- Demand11
- Capital Allocation11
- Margin7
- Cloud & AI7
- Guidance Reliability6
- Revenue Growth6
- Credit5
- Trade Tariffs5
Show all 16 topics
- Cost Pressure3
- Competitive Dynamics3
- M&A1
- Supply Chain1
- Pricing1
- Macroeconomic1