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Analyst
Fei She
Period: Reporting periods mapped to calendar 2024 Q3 – 2025 Q4 (6 quarters; questions recorded in 5).
- Questions
- 15on tracked calls
- Challenge rate
- 0%none of 15 questions
- Companies
- 3questioned 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 15 of 15 questions from 3 companies
ATOAtmos Energy8 questions · 4 reporting periods · 0 of 8 challenging
Calendar 2025 Q3
Would you be able to just parse out how much incremental reg like improvement are you seeing in this refresh plan? Is it mostly coming from the Texas legislation? Or is there something else baked i...
Show response
CEO confirmed all incremental regulatory lag improvement is from HB4384, which now includes APT capital in deferral treatment. No other new regulatory features assumed in the 5-year plan.
just on O&M budgeting for '26. Could you just help clarify on how are we getting to a lower assumption for '26 and how those ramping to a 4% annual increase would evolve going deeper into the longe...
Show response
CFO explained FY2026 O&M midpoint is consistent with FY2025, noting FY2025 included opportunistic pull-forward of compliance spending as APT market conditions allowed. O&M to grow 4% annually from compliance, monitoring, and employee costs.
Calendar 2025 Q2
how does that affect your thoughts on financing the future growth, and do you see any possibility to moderate external equity needs?
Show response
IR VP confirmed the stronger operating cash flow was already contemplated in the 5-year financing plan, so no expected moderation in external equity needs.
it sounds like we should annualize that. Just Wondering how should we think about that lumping that into the 6% to 8% annual CAGR going to long term?
Show response
CFO cautioned against simple annualization, noting impact depends on timing of assets placed into service. Full update to come with November 5-year plan.
Calendar 2025 Q1
can you update us on the equity financing for the rest of the year, if there is any changes from the messaging from last quarter?
Show response
CFO reaffirmed balanced financing strategy with $1.7B priced on ATM covering FY2025 and FY2026 equity needs. Interest rate swap locked in for anticipated fall 30-year issuance.
is there any pipeline of projects you're working on or if there's any quantifiable backlog that you can discuss?
Show response
CEO cited WA Loop and Bethel-Groesbeck as priority projects and 85% safety/reliability capital focus, but declined to quantify a demand project pipeline.
Calendar 2024 Q3
going forward and deeper into the plan, how should we think about doing more interest rate swaps, and kind of maintaining the current debt-to-capitalization ratio
Show response
CFO confirmed comfort with current debt-to-capitalization ratio and signaled continued opportunistic interest rate hedging strategy.
how should we think about the run rate going forward? And also, could you, just discuss a little bit of about how should we think about financing this higher capital plan
Show response
CFO provided clear framework: assume 50% equity / 50% debt split on $15B incremental financing, satisfied through ATM and long-term debt issuance.
PNWPinnacle West5 questions · 2 reporting periods · 0 of 5 challenging
Calendar 2025 Q4
Can you discuss the cadence to reach that mid-teens level target and where you 2025 year end metric landed?
Show response
Andrew confirmed year-end HoldCo debt at 17%, within mid-teens target range. 2026 financing plan intends to keep levels modest and within bandwidth.
Can you just update us on the latest thinking on the IRP planning, including timing this year? And generally, how should we think about the incremental transmission and gas generation opportunities
Show response
Ted confirmed IRP midyear. Will reflect committed 4.5 GW demand plus organic growth but NOT uncommitted queue. Subscription contracts would be incremental to both IRP and current capital plan.
Calendar 2025 Q3
What's the true incremental equity needs for '26 through '28, especially when we look at the $1 billion to $1.2 billion total equity used for the 3-year guidance period?
Show response
Andrew noted 85% of 2026 equity derisked. $1-1.2B total for 2026-2028. Mitigation comes from rate case improving retained earnings and subscription model securing upfront cash from large customers.
Could you just comment on your assumption on annual transmission CapEx post 2028? And how should we interpret the $6 billion plus, especially on what's contributing and driving the upside?
Show response
Andrew explained base run rate now $300-400M (up from under $200M). The $850M+ in 2028 represents core plus strategic projects from 10-year plan with 500-600 miles of high-voltage lines.
can you comment on your confidence level to possibly extend the 7% to 9% rate base growth further into the horizon?
Show response
Andrew noted larger projects come into service in 2029-2030. Long runway of confidence but specific rate base growth rate post-2028 depends on Desert Sun and strategic transmission development progress.
AESAES Corporation2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q2
on new project construction time line, so seeing 80% of the projects completed for the remaining 1.3 gigawatts. Can you talk about the project online timing for the rest of the year?
Show response
Ricardo confirmed bulk of remaining 1.3 GW coming online Q3 with small portion in Q4. Steve added tax attributes roughly split between Q3 and Q4. Guidance extension expected at February 2026 call.
do you see private markets would still value your business higher than where the public market is currently?
Show response
Andres acknowledged persistent undervaluation, citing backlog strength, execution track record, customer base, and all-of-the-above technology flexibility including gas capabilities.
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 | 8 | 0%none of 8 questions |
| PNW Pinnacle West | 5 | 0%none of 5 questions |
| AES AES Corporation | 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 |
|---|---|---|---|
| 2024 Q3 | 2 | 0%none of 2 questions | 1 |
| 2024 Q4 | No questions recorded | — | — |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 4 | 0%none of 4 questions | 2 |
| 2025 Q3 | 5 | 0%none of 5 questions | 2 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
- 2024 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2024 Q4No questions recorded
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q24 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q35 questions · challenge rate 0% (none of 5 questions) · 2 companies
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Capex Investment7
- Capital Allocation5
- Guidance Reliability3
- Regulation Policy2
- Margin2
- Demand2
- Cost Pressure1
- Revenue Growth1
- Competitive Dynamics1