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Analyst
Julien Dumoulin-Smith
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 272on tracked calls
- Challenge rate
- 4%12 of 272 questions
- Companies
- 33questioned 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 272 of 272 questions from 33 companies
CMSCMS Energy15 questions · 7 reporting periods · 1 of 15 challenging
Calendar 2026 Q2
I wanted to ask, how accretive is this transaction, as best you guesstimate here today?
Show response
Maddipati would not put a number on accretion, redirecting to an unchanged 6% to 8% growth outlook with a changed composition weighted toward the utility and more efficient parent financing.
Is there a way to think about what the contribution would have been, shall we say it this way
Show response
Pressed a second time for a pre- and post-transaction 2030 contribution, Maddipati again declined to quantify, describing only that retained DIG earnings and cash offset parent drag over time.
Calendar 2026 Q1
has anything shifted in how you are thinking about NorthStar strategically, or is DIG still something you see being part of CMS Energy Corporation
Show response
Garrick said no change in NorthStar positioning despite elevated IPP trading multiples and DIG recontracting beyond 2030.
given the Gaines Township tabling on April 15, can you reaffirm the "as early as 2028" online date for your final-stages prospect
Show response
Garrick confirmed 2028 for early electrons with ramp over 2029-2030. Timelines unchanged despite Gaines Township tabling.
is the prospect you have reached commercial agreement with the same one tied to the Gaines process or a different site
Show response
Garrick confirmed at least 2 hyperscalers in advanced negotiation with 1 at contract finalization, but declined to connect specific customers to specific locations.
Calendar 2025 Q4
can you give us a little bit more of a sense as to where we stand on data centers in Michigan?
Show response
Garrick said the data center pipeline has grown with 2 new data centers and 2 large manufacturing customers recently entering the funnel. The Q2 data center has extraordinary facilities agreement in place and rate contract at near final terms. Regulatory approval expected to be a short process given pre-approvals.
what's in and what's out of the plan and how you would think about the pieces here? Because you got a 10.5% against the 6% to 8%
Show response
Rejji walked through the full bridge: 10.5% rate base CAGR plus ~1 point from NorthStar/FCM = low double-digit gross CAGR. Offset by ~3.5% equity dilution and parent bond refinancing at higher rates. Nets to 7.5-8% effective guide. Compounding off actuals and weather contingency absorb remaining cushion.
Calendar 2025 Q3
can you elaborate a little bit on just what the timing is on the large load tariff? Just again, I suspect that this is more mundane in process than anything else
Show response
Garrick said 3 large data centers are in final pipeline stages representing up to 2 GW. Large load tariff expected November 7. The Q2 data center at bottom of funnel expected to move through quickly after tariff approval. Other 2 have land and zoning with red lines being worked through.
potentially maybe there's some upside even within the 6% to 8% or above the 6% to 8%?
Show response
Garrick noted $25B+ knocking at the door incremental to the $20B plan, with data centers further incremental. Emphasized compounding off actuals as unique in the industry and committed to 6-8% toward high end. More detail expected at Q4 call.
Calendar 2025 Q2
that 9 gigawatt number on the pipeline side, how are you seeing that evolve here? I mean I think it's flat quarter-over-quarter
Show response
Garrick said the 9 GW is conservative with some customers exchanging terms and conditions. Data center tariff finalization is the next stage gate for additional conversions. Also noted over 200 non-data-center customers in the pipeline, highlighting strong manufacturing base.
How about this gigawatt that you announced this morning? I just would love to get a little bit more details here. I mean, how do you think about the ramp in the load?
Show response
Garrick said counterparty has committed significant capital for materials and design. Early ramp starts in 2029 or 2030, exact ramp rate still being determined. CMS is long on capacity, already building renewables, storage, and preparing for gas capacity build-out to serve incremental load.
Calendar 2025 Q1
you lose the potential settlement. Certainly, a possibility in other states as well. Could that be paired up with a more formal commercial arrangement?
Show response
Garrick rejected special contracts as creating long-term risk. The filed tariff is the preferred mechanism, and tariff clarity will be the catalyst for data center commitments.
How are you thinking about what's included in the 900 megawatts of demand in the current plan? Are there puts and takes in that
Show response
Garrick said 2-3% growth is conservatively planned with line-of-sight into construction. Goshen pause is offset by data center acceleration and manufacturing expansion.
Calendar 2024 Q4
Just with respect to the permitting, you guys have a lot going on the renewable front. I'd love to hear your thoughts about the ability to execute
Show response
Garrick explained all projects are on private lands, not federal, and local community engagement is their advantage. Clear and confident response.
I'm thinking about the sort of the data center avenue. And to what extent is that reflected in that 2% to 3%?
Show response
Garrick emphasized contracted load, not pipeline estimates. Nine gigawatt pipeline is 65% data centers. Rejji added projects are either signed or imminently signed.
NINiSource15 questions · 7 reporting periods · 0 of 15 challenging
Calendar 2026 Q2
How are you thinking about tracker recovery and multiyear rate plan risk at this point?
Show response
Yates addressed the order directly, framing it as not reflective of Indiana's broader environment and noting recovery remains available via other trackers, FMCA or rate cases.
can you speak a little bit to the backdrop here on the 3 gigawatts
Show response
Yates confirmed the pipeline sizing but declined to comment on the specific Microsoft/LaPorte County opportunity, deferring disclosure until agreements are signed.
Calendar 2026 Q1
on the 3 gigawatts in strategic negotiations, what are the gating items for conversion?
Show response
Lloyd confirmed multiple counterparties beyond Amazon and Alphabet. Organization structured for efficient execution. Shawn confirmed $400-$600M annual ATM already contemplated in filed structure with capacity to handle volume without impact.
how do you think about bifurcating the $0.15 to $0.18 move up in guide between rate base and owned generation versus contracts?
Show response
Lloyd confirmed likely significant ownership of generation. Shawn noted accretion doesn't require owning all assets, monetizing capacity attributes attractive to both retail customers ($1.4B savings) and shareholders. Not functioning off return-on-rate-base model.
Calendar 2025 Q4
Should we think about announcement of the next Genco deal as contingent on receiving the first IURC approval for the special contract filing?
Show response
Michael clearly confirmed next deal not contingent on Amazon IURC approval. Lloyd noted no specific timeline but emphasized better focus and processes should lead to faster execution than Amazon transaction.
how should we think about the timing, you know, for the Nipsco gas rate case filing this year?
Show response
Confirmed no determination made to file NIPSCO gas rate case. Taking everything into consideration but no filing planned at this time.
Calendar 2025 Q3
can you elaborate a little bit of what's reflected here? I mean, is it just the CapEx, the first $7 billion here through the first 5 years?
Show response
Shawn confirmed $6-7B covers September customer fully plus some capital positioning for pipeline. $0.25-$0.45 reflects announced customer with higher end including some strategic negotiations. No per-GW earnings disclosure.
if you got the full amount of that 3 gigawatt and again, I'd love to hear your confidence on being able to pursue this full 3 gigawatt
Show response
Michael cited regulatory model speed, EPC partnership, long-lead equipment security and execution track record as basis for high confidence. Shawn added potential to accelerate demand ahead of 2033.
Thoughts on the state of Indiana, your relationship. I'm sure you've talked with the governor's office
Show response
Lloyd confirmed positive governor relationship. State interested in more opportunities with affordability on forefront. $1B customer flowback directly supports state affordability priorities.
Calendar 2025 Q2
How do you think about potential to provide any kind of example transaction or something that is a little bit more tangible
Show response
Lloyd corrected conflation of GenCo and counterparty processes. Confirmed GenCo order expected Q3, counterparty discussions complex and ongoing. Will announce when ready.
Your load forecast, your '24 IRP, could you potentially view that as stale at this point?
Show response
Lloyd declined to characterize demand numbers but emphasized huge data center demand unchanged. Reiterated 2025 execution timeline and four guiding principles. Shawn added Ohio/Virginia gas pipeline demand.
Calendar 2025 Q1
can you speak to how that might provide a further avenue for your data center filings
Show response
Positioned SB 1007 as backup path giving additional options. Genco remains preferred for its four-pillar alignment. 1007 provides expedited CPCN process as fallback.
how you guys are thinking about that juxtaposed against your plan. And specifically how you think about potentially extending the lives of your assets
Show response
Acknowledged deep assessment underway on executive order impacts. Plan unchanged but not ready to commit either way. Would work with federal and state regulators.
Calendar 2024 Q4
Can you speak to just your latest updated load forecast around data center prospects
Show response
Reiterated IRP reference/upside cases without providing new numbers beyond those disclosed. Described ongoing discussions as positive and accretive to objectives.
Can you speak to how you imagine and have potentially negotiated some of these risk-sharing considerations here
Show response
Management explained Genco as regulated entity that protects existing customers, enables speed/flexibility, and maintains NIPSCO financial integrity. Detailed framework clearly.
PNWPinnacle West15 questions · 7 reporting periods · 0 of 15 challenging
Calendar 2026 Q2
what drove the IRP move from August to the end of October? And did the scope change at all?
Show response
Geisler said the delay lets the IRP capture the Cholla conversion, updated TSMC ramp, and latest load-growth trends plus stakeholder engagement.
this meaningfully ahead of plan sales growth thus far includes a flat TSMC thus far year-to-date
Show response
Geisler confirmed the strong weather-normalized growth reflects diversity, with the bulk of TSMC's contribution still to come.
Calendar 2026 Q1
How should we think about the cadence of that 200 basis points? Is a 50 basis point ROE gap by 2029 still the goal, or is there potential to move that forward?
Show response
Ted confirmed 50bp ROE gap target by 2029 remains achievable. Rebuttal position and formula rate design elements, combined with constructive rate case outcome, support this timeline.
what could we see on the August 3 IRP filing, and how do you think about that refresh cycle? What kind of clues could we get to kick off the summer ahead of any broader post–rate case update?
Show response
Ted confirmed IRP will show long-term load across all sectors with committed 4.5 GW but not uncommitted queue. Near-term action window specific; longer-term directional. Subscription contracts still on track to file with Commission this year.
Calendar 2025 Q4
can you break that down a little bit? And maybe you can comment a little bit on where you stand on kind of translating further uncommitted into the committed bucket?
Show response
Ted said majority is data centers plus TSMC. 4.5 GW does NOT include any TSMC expansion. Subscription negotiations ongoing; if finalized before IRP may be included, otherwise filed separately with commission.
implications from the UNS case of late, especially the formula rate decision, being set. Any thoughts, reactions on your front in terms of readthrough
Show response
Ted noted UNS got 86% of revenue ask, formula rate in perpetuity without pilot, and healthy ROE. Disagreed with ROE reduction concept. Noted UNS is different: gas utility, less growth, 16 years since last case.
Calendar 2025 Q3
maybe speak a little bit more to the sequencing of getting this pipeline built in time and in service to align with what seems like a fairly tight time frame altogether to build out this generation.
Show response
Ted confirmed pipeline in 2029, Desert Sun Phase 1 in 2030 serving committed customers. Key equipment secured, land and interconnection in place. Phase 2 being marketed via 1.2 GW subscription tranche.
How is that progress going on the subscription part? You talked about this 1.2 gigawatt opportunity. Where are you in sort of "filling that bucket" or that opportunity?
Show response
Ted said Tranche 1 conversations are active with counterparties. Model well-received by market. Timing matched to Phase 2 and pipeline in-service. Future tranches expected beyond initial 1.2 GW.
you've got this $0.55 bump here on transmission. That's a sustainable level, right? That's a pretty big bump.
Show response
Andrew confirmed it reflects the capital plan trajectory. FERC formula rate enables consistent recovery as transmission CapEx steps up from $300-400M run rate toward $850M+.
Calendar 2025 Q2
can you talk about the opportunity to scale beyond just this RFP here for '28 through '30? I mean, obviously, you've got 2 gigawatts and change there. But the ability to potentially tap into some o...
Show response
Ted explained pipeline was foundational for long-term gas generation. APS is anchor shipper with ability to procure more capacity as needed for both committed and uncommitted queue.
What's the scale of the opportunity on transmission and then to marry that up with what you just talked a second ago on generation. And ultimately, when do you guys provide a reveal of longer-term ...
Show response
Ted outlined three layers: new gen interconnection, local system expansion, and large regional transmission. Andrew noted run rate doubled from $150-200M to $300-400M with strategic projects accelerating into end of decade.
Calendar 2025 Q1
how are you thinking about providing a longer term view beyond the three-year period? I mean, notable the way that you responded on QIP, et cetera. Is there a longer dated view coming here in a mor...
Show response
Andrew acknowledged longer disclosure is being evaluated but wants formula rate design clarity first. Mentioned linking IRP five-year action window to capital plan.
upsizing the present RFP, you said a minimum of 2 gigs, but there's potentially a real likelihood for a meaningful expansion of that?
Show response
Ted confirmed potential to upsize significantly, noting prior RFP resulted in procuring meaningfully more than the minimum requested.
Calendar 2024 Q4
how do you think about CapEx trends beyond the 2027 period? I just wanna start to needle a little bit on that just given the trends we're seeing from some of your peers
Show response
Andrew explained longer-dated generation and high-voltage transmission projects extend beyond the 3-year plan, with formula rate enabling more capital allocation flexibility.
How do you think about, you know, a test case here being able to be settled? Right? Do you need to fully litigate in order to see and implement formula rates
Show response
Ted acknowledged settlements can lead to good outcomes but the formula rate is new and they want to ensure correct implementation through full hearing process.
DUKDuke Energy14 questions · 6 reporting periods · 0 of 14 challenging
Calendar 2026 Q2
Obviously, we're having some hearings later this week on the backdrop of affordability and implications.
Show response
Management emphasized a shared focus on affordability, reliability and low cost, and collaboration with the Commission ahead of the MYRP filing.
can you expand a little bit on how you all see this coming together?
Show response
Management said it will not advance new nuclear until first-of-a-kind and financial risks are offset; no timeline set, discussions with the federal government ongoing.
Calendar 2026 Q1
How do you think about any potential to settle them up here partially or otherwise here?
Show response
Sideris said they are open to settlement after intervenor testimony but confident in litigating. Cited $5B+ customer savings tools and strong track record of constructive regulatory outcomes.
Can you give us a little bit of an update in South Carolina, where do we stand on the generic large load tariff docket?
Show response
Management described active discussions across all states to codify data center contract provisions including minimum take, deposits, and clawback protections. Emphasized billions in customer value.
Calendar 2025 Q3
you think the FFO to debt, regardless of where this lands, you're going to stick with this updated level
Show response
Harry confirmed absolute commitment to 15% FFO-to-debt regardless of where capital lands in the $95-105B range.
what's comprised within that? Is that principally just transmission and generation for new data centers?
Show response
Brian said the increase includes transmission, generation, LDC investments at Piedmont Natural Gas, and additional T&D from the bullpen. Full details and financing plan in February.
the move up from $87 billion to -- by $10 billion could be ratable across the forecast period or it could be heavily weighted to that final year
Show response
Brian said capital is being added in every year, not concentrated in 2030. Harry added it's driven by data center growth, economic development, and generation modernization.
Calendar 2025 Q2
How do you think about this positioning yourself within the EPS CAGR, right? I only see net accretive actions before us.
Show response
Harry said the transactions solidify confidence in the 5-7% range and specifically in earning the top half in 2028-2029 as the $4B Florida investment comes in.
Around the latest Carolinas legislation, can you elaborate just a little bit further about how that shifts your plan?
Show response
Harry said the legislation enhances attractiveness for growth and provides credit support through annual CWIP recovery but the all-of-the-above resource plan remains intact.
Calendar 2025 Q1
it's too early to talk about, shall we say, moving within the range, but how do you think about putting more latitude
Show response
Brian confirmed a strong Q1 helps derisk every year ahead and that 2026 planning is well underway, reaffirming confidence in the 5-7% growth range.
How do you think about the 19 turbine commitments? I mean, just against what you guys have in the plan
Show response
Harry framed the GE Vernova deal as providing supply chain flexibility to quickly serve load growth as projects mature, rather than a specific commitment beyond the plan.
is it actually accelerating actively versus what you guys had contemplated initially?
Show response
Harry confirmed the 1GW signing was contemplated within existing plans. The team is focused on accelerating projects through the pipeline funnel to serve customers faster.
Calendar 2024 Q4
I'd also love to hear a little bit about customer deposits and how you think about that impacting rate base
Show response
Lynn acknowledged creative tariff structures for large load but characterized deposits as noise given Duke's scale. Julien pressed on 7.7% vs 7.2% translation; Lynn said 12% rate base growth is strong.
Can we talk a little bit about cost savings? Just the ability to drive more efficiencies out of the organization
Show response
Brian cited long-term O&M CAGR of ~1%, well below asset and customer growth. Harry added programmatic approach to generation build and supply chain agreements as cost advantages.
NRGNRG Energy14 questions · 7 reporting periods · 1 of 14 challenging
Calendar 2026 Q2
it seems that some of your sites have the opportunity to expand to that full 2.4 gigawatt
Show response
Rob confirmed the shown returns are the committed expectation; Bruce added serial 1.2 GW blocks roughly annually after the late-2029 first COD.
Calendar 2026 Q1
if you were to define the strategy in a way with your fingerprint here, how would you add or evolve what I would describe
Show response
Gaudette articulated a shift toward contracted, long-duration cash flows including data center deals, new build generation, and potentially partnering with regulated entities that lack NRG's development capabilities.
how do you think about offsets for '26 and then probably more importantly here, you think about what we've seen in the power curve moves
Show response
Gaudette acknowledged weak physical markets with recency bias in traded curves. Cited macro uncertainty impacting large C&I customer hedging behavior. CFO Chung noted business is seasonally weighted to last 3 quarters.
Calendar 2025 Q4
As you think about this rollout of VPP, I mean, just any -- when would you expand that?
Show response
Brad Bentley confirmed PJM VPP launch planned for early Q2 2026, along with continued scaling of GoodLeap and Sunrun battery partnerships.
the 14% here. Just to break that down a little bit further here, how much latitude do you have in that
Show response
Bruce Chung confirmed $1B buybacks locked in for near term with ample room to fund projects. Flexibility increases in outer years after deleveraging.
Calendar 2025 Q3
do you have a certain time frame that you need to move some of this equipment, use it or lose it, if you will?
Show response
Management declined to disclose specific slot commitment deadlines but expressed strong confidence in meeting all requirements.
How meaningful, right? We've seen a few announcements here with a couple of hundred megawatts here
Show response
Management anchored on 5.4GW GEV/Kiewit capacity with potential for additional expansion beyond, emphasizing the enormous scale.
Can you speak a little bit more broadly? Obviously, you guys have Illinois site, PJM is talking increasingly about bringing new assets
Show response
Management confirmed PJM focus will accelerate after LS Power close, with existing Illinois sites providing foundation.
Calendar 2025 Q2
is there more to come beyond this gigawatt? Can you talk even about the specific sites that are contemplated
Show response
Management declined specifics on sites but emphasized this is just the beginning of a much larger opportunity, with 4GW of LOIs in pipeline.
How do you think about the margin profile? I get it's a little bit commercially sensitive to talk about, but how do you think about this contributing to the bottom line or EBITDA? I mean is this mo...
Show response
Management characterized data center deals as C&I contracts with premium margins, longer duration, with indexing and hedging to protect margins.
Calendar 2025 Q1
How do you think about this enabling you? Because this kind of flips the equation from earlier to do more retail
Show response
Management highlighted the exponential increase in opportunity set across all customer segments, with zero retail or CPower growth assumed.
you're assuming $50 and $47 for the PGM and ERCOT, respectively. I think that's below market forwards today
Show response
Management chose conservative pricing assumptions for apples-to-apples comparability, noting higher market prices would make numbers significantly better.
Calendar 2024 Q4
How does the latest announcement position and signal on future opportunities on data centers?
Show response
Management addressed timing expectations candidly, indicating 2026-2029 time frame for plants but declined to commit to quarterly updates.
What kind of line of sight do you have on LOIs there? I mean, certainly, it's a big and specific number here
Show response
Management confirmed best line of sight is on the initial 2 turbine slots, with additional development projects being worked on.
SOSouthern Company14 questions · 7 reporting periods · 2 of 14 challenging
Calendar 2026 Q2
But is there an opportunity to come back with bigger rate credit here? I mean, obviously, the number
Show response
Womack explicitly declined to get ahead of any commission process, redirecting to the existing rate stability message without addressing the credit size.
how do you take this load growth and put it into rates? Again, I know you have got this rate CMP.
Show response
Womack walked through the Alabama CMP and RFP sequencing and noted the commission has codified contract approval procedures.
Calendar 2026 Q1
Is there a chance that that number gets revised higher as you see this contracted large load number head higher?
Show response
CEO declined to quantify further bill credits ahead of regulators but confirmed storm/fuel recovery proceedings could lower bills and large load contracts support downward rate pressure.
if I look at the 4Q 2025 Georgia Power large load economic development report, it shows some degree of softening in contracted commitments
Show response
CEO characterized Georgia changes as timing/churn from collateral requirements shaking out speculative projects, with activity spreading to Alabama and Mississippi. CFO called it portfolio strengthening.
Calendar 2025 Q4
let's talk about the procurement side and try to feather that against how you would think about that increase in CapEx even through 2030
Show response
Poroch provided a $2B per GW rule of thumb for incremental generation cost. Noted the pipeline short-end contracting brings more precision and higher-quality opportunities to the front of the line.
What exactly are customers doing? Are they deferring initial energization dates? Are they starting at lower utilization? Are they restructuring the ramp profiles
Show response
Poroch explained contracts have minimum bills designed to recover 100% of incremental cost to serve. Counterparties post collateral which motivates sharpening of asks. Womack added they're learning from existing data center ramp profiles with 17% year-over-year growth.
Calendar 2025 Q3
The $9 billion of equity you guys talked about here a second ago, in theory, if you were to get this incremental $5 billion
Show response
Poroch clarified the $4B Georgia PSC upside plus ~$1B FERC gas pipeline is additive to the $9B equity need, likely financed at ~40% equity. Not yet included in the $9B figure.
a lot of folks are very curious to understand what the metrics that you're looking at, whether it's operational or regulatory
Show response
Womack cited economy performance, interest rates, large load contracts, and other factors. Not a specific list but significant progress made. More clarity expected at February call.
Calendar 2025 Q2
any updated thoughts about where those contracts could land and/or maybe on the pipeline side, any updates there as to opportunities in terms of size and scale
Show response
Poroch highlighted Southern Power recontracting opportunities in early 2030s with potential to reprice capacity at higher levels. No speculative placeholders in plan per company discipline.
Can we talk about what you're seeing? You guys have been very diligent in providing commentary about the pipeline
Show response
Womack confirmed pipeline still growing above 50GW with advanced discussions across all electric territories. Commission expected to rule on the additional 10GW certification before year end.
Calendar 2025 Q1
Can you elaborate a little bit as you think about marrying up an improving balance sheet with your comments about the rebate potentially in 2027
Show response
Tucker said they won't be at 17% by 2027 but will need confidence in foreseeable path. $2B of regulatory asset debt (under-recovered fuel + Hurricane Helene storm costs) rolling off naturally improves metrics.
are you seeing any churn in the underlying composition of who, and the kind of data centers and the geography that you're seeing
Show response
Womack emphasized the diversity of customers beyond just hyperscalers, including developers. Momentum continues broadly across the board with wide diverse nature of interest.
Calendar 2024 Q4
How do you think about leveraging the sites themselves for co-location opportunities or supplementing not just with repowering
Show response
Tucker explained co-location is not part of their vertically integrated market design, but Southern Power can serve load-serving entities that in turn serve data centers.
Is there any kind of metric you can disclose around the cumulative earnings trajectory that you guys are seeing there today
Show response
Tucker described Southern Power as a steady contributor with upside from recontracting, repowering, and new builds mostly in 2030s time frame. No specific earnings metric disclosed.
Show 27 more companies
XELXcel Energy14 questions · 6 reporting periods · 2 of 14 challenging
Calendar 2026 Q2
How do you think about the ITP plan coming out this year? It seems like it could be another record outcome.
Show response
Frenzel confirmed expected ITP upside and reframed SPS growth around Permian oil and gas electrification as much as data centers; Van Abel added none of it sits in the base plan.
How do you think about your objectives when it comes to wildfire in Colorado, right?
Show response
Frenzel gave an unusually detailed four-bucket answer covering situational awareness, operational mitigants, system hardening and customer communication, plus 2027 legislation plans.
Calendar 2026 Q1
what's the geographic footprint that you're contemplating here in incremental announcements? I mean, obviously, the different states have different tax regimes
Show response
CEO clarified Upper Midwest has most near-term length, Colorado and Southwest are longer-term opportunities. NextEra 2GW is inclusive of the 4GW target.
how do you think about the prior guidance of this 50 to 60 basis points of lag here? How do you think about that being attainable
Show response
CFO confirmed 50-60bps lag guidance intact contingent on constructive settlement, noting staff/UCA ROE positions provide decent starting point.
I think it's still planned retirement in '26, right
Show response
CEO confirmed Sherco retirement still planned for year-end 2026 with replacement transmission and generation in place.
Calendar 2025 Q3
is the idea that the 9% is sort of at this point in time and the 6% to 8% plus is designed to be for any eventual roll forwards
Show response
6-8% is long-term sustainable view balancing affordability; the 'plus' represents current 5-year 9% driven by $60B infrastructure investment.
what are the more substantive pieces? I mean it seems like the SPP element could be more substantive
Show response
Colorado generation biggest driver of back-end investment; unannounced SPP/MISO transmission second biggest.
Calendar 2025 Q2
it does seem like a low teens rate base CAGR, which admittedly would it be all that different from your, should we say, regional peers
Show response
CFO confirmed low-teens rate base CAGR math is correct; guided 25 bps of rate base per incremental $1B capital.
are you guys actually going to refresh the full suite of guidance in a more affordable way with that roll forward
Show response
Full roll forward on Q3 call covering sales, capital, rate base, earnings growth, and financing.
How do you think about the improvement in earned returns there just a little bit again
Show response
Distribution rider partially implemented this year, fully next year. Rate cases in Colorado expected to improve electric side ROE.
Calendar 2025 Q1
can you provide some further elaboration on what's in this Colorado wildfire mitigation plan settlement agreement
Show response
Unanimous settlement: $1.9B plan ($1.6B capital, $300M O&M), insurance deferral extension, and securitization of $1.2B by 2029.
would that suffice in most of your cases? I get everything is discrete and specific, but do you see that sort of meaningfully offsetting the equity risk scenario here
Show response
CFO confirmed alternative flow-back mechanism significantly reduces equity impact; noted rate base goes up with tax inefficiency.
Calendar 2024 Q4
you guys dropped the sales growth number from the slides itself, I can't discern is that - was that purposeful
Show response
Management dismissed the concern, reaffirmed 2025 3% sales growth and 5% five-year outlook unchanged.
How do you think about where you're positioned on '25 and getting "back on track"
Show response
CFO acknowledged 2024 was anomalous and expressed strong confidence in 2025 delivery at or above midpoint.
CNPCenterPoint Energy13 questions · 6 reporting periods · 1 of 13 challenging
Calendar 2026 Q2
You just clarify how much of that latitude is reflected in this updated plan here?
Show response
Explicitly listed three unbooked tailwinds: demand charges, temporary generation transaction, and the CAMT recovery in 2027.
Can we kick off a little bit on the timing of the transmission update? You made the allusion that later
Show response
Reaffirmed the H2 timeline and argued the 765 kV debate is about how to build, not whether Texas should slow down.
Calendar 2025 Q4
Can you comment a little bit about the deferrals and any opportunities there? How are you leveraging that versus your peers
Show response
Wells confirmed Texas gas legislation benefit is already reflected in current guidance. CenterPoint pursued it early, had line of sight earlier than peers, and incorporated it into existing guidance.
should we expect sort of incremental cadence in coming quarters again? Or would it rather be at some point having a bigger 765 update
Show response
Wells confirmed conservative approach: additional 765 kV opportunities are in the $10B+ CapEx upside. Will incorporate serially as ERCOT confirms need, not as one comprehensive update.
Is there any risk that you perceive on timing here ultimately
Show response
Wells advised customers to complete load studies quickly for spring submission. Firmly committed projects have completed large load requests. Expects approvals under current rules or Batch Zero consistent with outlined timing.
Calendar 2025 Q3
how would you characterize today where you are around that and the opportunities that exist more in the longer term
Show response
Wells described two components: 5 medium units (5 MW each) currently being marketed in strong market, and 15 large units (~30 MW each) supporting San Antonio grid until late 2026/early 2027, then remarketed at improved pricing.
how do you think about the cadence of that rolling in? When do we start to get some visibility around that
Show response
Wells outlined pilot in 2026, PUCT filing, then fulsome deployment beginning 2027. Key benefit: home-level load shedding instead of circuit-level (Winter Storm Uri lesson). Part of $10B+ upside opportunities.
Is the scope of the contribution from that legislation fully included in the plan
Show response
Wells confirmed legislation benefit is in the plan for identified investments. As additional gas capital is folded in from the $10B+ upside, the legislation could further enhance the plan.
Calendar 2025 Q2
How long do you expect that to remain a drag there? Just given the dynamics here on those assets over time
Show response
Wells clarified drag lasts until units leave San Antonio (fall 2026 to spring 2027). After that, remarketing at doubled market rates will flip to a tailwind.
with Beryl, can you go back a little bit on just time line and expectations to close that out here
Show response
Foster confirmed mediation underway this week with hearings set for next Thursday. Wells broke down 6 GW growth: ~2/3 data centers, ~1/3 advanced manufacturing/energy exports/life sciences. Customers seeking 2026-2028 interconnections.
Calendar 2025 Q1
When you think about the $3 billion additional opportunities, can you just clarify a little bit of the various pieces
Show response
Wells provided detailed walkthrough: $2B electric transmission, $1B gas ring around Houston extending into 2030s. Additional upside from system resiliency 2029-2030, Indiana MISO projects, generation/data center opportunities.
Calendar 2024 Q4
With respect to the store recoveries, you're obviously making a filing for the subsequent storm here in 2Q
Show response
Foster confirmed on-plan timing and resolution expectations for the $1.1B Hurricane Beryl filing, with costs driven primarily by mutual aid crews for power restoration.
I just wanted to make it very crystal clear about this. With respect to what's assumed from a cash perspective
Show response
Wells described net cash flow tailwind from units given market rates have doubled. If ERCOT declines, would immediately begin marketing to third parties, limited downside given favorable mobile power market.
AEPAmerican Electric Power12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
would love to hear your latest thoughts of how you think about just engaging in non-utility avenues
Show response
Bill pointed to generation already purchased for Indiana Michigan Power and framed PJM's delivery reach as an advantage for serving hyperscalers locating in rural areas.
how do you think about new nuclear in the context of a GenCo, or how do you think about the new nuclear construct
Show response
Bill kept nuclear at the evaluation stage, conditioning any move on robust capital protection measures, balance sheet safeguards and clear regulatory support.
You said you're committed to this greater than 9% growth rate over the five-year period.
Show response
Trevor declined to reframe the growth rate, deferring any change to the third quarter plan update despite the analyst pressing for more latitude.
Calendar 2026 Q1
timeline on that decision and if you would or how you participate in the backstop just to make sure I hear that right
Show response
Fehrman said they will assess backstop opportunities through unregulated businesses but provided no specific timeline for PJM membership decisions.
How do you think about the cadence of the line of sight for that next $10 billion as you think about it
Show response
Mihalik explained roughly $8B of the $10B relates to Piketon and Wyoming, with additional generation opportunities, calling the $78B plan conservative.
Calendar 2025 Q4
how do you all think about the prospects for contracted generation to effectively backstop and serve some of this 56 that you guys are talking about here
Show response
Fehrman framed Bloom and contracted generation as customer service to bridge grid interconnection timelines. Mihalik added the 20-year PPA with creditworthy counterparty is similar to a regulated return.
with respect to PJM, any comments on that front? As how you think about tackling it?
Show response
Fehrman said AEP fully supports the administration's work on accelerating PJM interconnection. Has equipment and contractors secured; ready to execute once RTO processes complete.
Calendar 2025 Q3
To what extent could you actually see positive revisions further as you convert some of the interest into more of those LOA, ESA term sheets?
Show response
Mihalik emphasized the 28GW is conservative given 190GW in various stages of discussion backing it. Even a fraction coming online would be compelling upside to the current plan.
if you're accelerating towards the end of the plan, naturally, you'd ask, how does that trend beyond the current plan?
Show response
Mihalik deferred guidance beyond 2030, emphasizing delivering on current 5-year commitments first. Noted additional LOAs being signed that aren't in the 28GW yet, providing potential upside.
Calendar 2025 Q2
what portion of that is like hyperscalers, for instance, if you can speak to that?
Show response
Fehrman detailed 24GW split: ERCOT 13GW (5GW crypto, 2GW data centers), PJM 9GW (3.7GW Ohio DC, 3.1GW I&M DC), SPP 2.5GW (2.1GW DC, 0.3GW crypto). Texas becoming crypto center.
Calendar 2025 Q1
I just wanted to say a little bit of what's already approved here. What do you have line of sight even within that $10 billion bucket?
Show response
Mihalik said roughly half of $10B is transmission and the rest mostly generation projects. Formal revised five-year plan expected at Q3 call before EEI. Texas 765kV is $1-2B upside.
what is in that 5 billion generation bucket? Can you speak a little bit to how you think about that
Show response
Mihalik described the generation upside as a mix of RFPs, wind/renewable projects, and potential combined cycles based on capacity needs across service territories.
WECWEC Energy Group12 questions · 5 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
How are you thinking about potentially a third or other hyperscalers or other data center parties following the lead
Show response
Direct: confirmed active discussions and sized prospective customers at 400 to 500 megawatts, smaller than the first two.
And then what is the status of the VLC tariff? And what do the PCA contracts cover?
Show response
Direct: walked through the PCA-to-service-agreement sequence, the June 1 service agreement date, and confirmed the A- credit requirement stands.
Calendar 2026 Q1
How do you think about settlement and any specific items that might stand out here in the filing
Show response
Lauber characterized filing as balanced with modest 4.7% and 4.5% base rate increases for 2027 and 2028, with VLC customers paying significant share of capital additions.
how is this enabling or catalyzing developments? And can you speak to the expansion opportunity a little bit more specifically
Show response
Lauber said VLC provides transparency; Point Beach replacement viewed more for native load and affordability in 2030-2033 rather than data center enablement.
Calendar 2025 Q4
it seems that the other parcel here might even be bigger than the first one. Can you just elaborate a little bit about what we understand in sort of the multistage?
Show response
Confirmed 570 acres maps to 500 MW. Additional hundreds of undeveloped acres plus more land being sought, but declined to get ahead of Microsoft's plans.
Can you elaborate a little bit more about the 500 megawatts that you're putting in here now? I mean, to what extent is there even more beyond that?
Show response
Lauber confirmed 500 MW addition comes from Microsoft developing north of Highway 11. More land purchases expected with multiyear delivery mentioned on Microsoft's own call.
How are the negotiations progressing at what point do you need to make a decision about the 500 megawatts there for replacement power or what have you? For the 2030 piece.
Show response
PPAs expire 2030 and early 2033. Still in communication with NextEra. Sees potential upside to plan if replacement generation needed. Will factor into fall capital plan update.
Calendar 2025 Q3
you raised the transmission CapEx by slightly less than $1 billion. But I think the Port Washington transmission project itself with ATC was 1.3%
Show response
Most transmission factored in at 60% ownership. Some upside from Port Washington project that came after ATC forecast. Transmission capacity somewhat limiting.
How should we interpret that as being incremental or not to the plan if eventually there's something folds in there?
Show response
Referenced Microsoft conference call naming Wisconsin's Fairwater data center. Cited potential to scale to 2 GW. More growth expected in next 5 years.
The ramp in Illinois seems a little bit more than perhaps some were expecting. Again, it's a pretty healthy number here with the $1.5 billion
Show response
Confirmed $1.5B in plan is consistent with ramp to $500M/yr by 2028. Illinois legislation not expected to have significant impact.
Calendar 2024 Q4
Do we have any sense of timing at all on the ramp? And similarly for Phase 3, what would be contemplated on ramp?
Show response
Provided construction start estimate of fall 2025 with energy flowing in 2028-2029 timeframe.
that staff recommendation for Option 3 at seven point, this was $1.9 billion. That was a big number
Show response
Quantified the delta: would need $200M+ annually above current plan to match staff recommendation.
DTEDTE Energy10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
any comments about legislative reforms or ballot efforts here if you care?
Show response
Harris ruled out legislative changes this calendar year and described candidate education efforts on bill growth, data centers, and reliability progress.
Can you talk about just the postings waterfall, if you will, just credit protection, just both in terms of any
Show response
Ruud confirmed downgrade-triggered collateral requirements exist and expects no project impact, but declined to disclose specifics at the counterparty's request.
speaking of counterparties, a new hyperscaler or is that an expansion of an existing arrangement here?
Show response
Harris clarified the 2 GW represents multiple new customers, not two, while leaving open the possibility of expansions with Oracle or Google.
Calendar 2026 Q1
How do you think about that if you layer in the data center opportunity -- is another way to just talk about the pieces that go into the 6% to 8% here
Show response
CEO confirmed Vantage data center project at ~350 MW nearing closure. Technology is transferable to other hyperscalers/colocators. Counterparty has expansion interest. Asset rotation examined annually with nothing imminent.
if it's approved and comes online as planned, how does that impact the electric state here? Can you elaborate just a little bit about some of the parameters here
Show response
CEO explained mechanism captures excess margin for customer benefit in subsequent filing, enabling multi-cycle stay-out. Google approval layered on top could push out rate cases even further. Each additional data center incrementally extends timeline.
Calendar 2025 Q3
how do you think about the time line for its ramp? I know that you already cautioned that it wasn't entirely clear cut. But how do you think about it being accretive versus perhaps serial and an ex...
Show response
CEO indicated additional data center CapEx would be accretive starting late 2029/early 2030s given material lead times and construction cycles. Next year's IRP will dictate timing and resource mix.
Calendar 2025 Q2
How do you think about that -- the visibility on that piece here and the IRP and the potential to have that CapEx ramp in that -- those tail end, '27 through '29 period
Show response
COO outlined storage in 2026-27 increments, combined cycle at tail-end requiring certificate of need through IRP. Already in MISO queue for one or two plants.
Is there a potential that you actually are ramping up even more, shall we say, multiple parallel data centers to achieve more than a gigawatt?
Show response
COO acknowledged visibility limited to ~1 GW near-term; load ramps still a negotiation point. CFO clarified storage extends excess capacity so 1 GW storage enables nearly 2 GW of load.
Calendar 2024 Q4
how are you thinking about 45Z and just the ongoing ability to tap some kind of credits, you know, as far as it goes to sustain or continue to grow that Vantage piece
Show response
CEO confirmed no reliance on tax credits post-2027, with utility CapEx driving growth and data centers providing potential upside.
Can you speak a little bit on the data center front just to how the timeline here?
Show response
COO indicated goal for definitive agreements this year, with near-term load serviceable from existing capacity and longer-term requiring new baseload generation.
NEENextEra Energy10 questions · 7 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
how do you think about potentially looking at the strategic nature of your business and expanding your footprint?
Show response
CEO laid out the vertical integration case across generation, storage, transmission, pipelines and gas marketing, citing the Symmetry acquisition.
can you talk a little bit about what you're seeing on the ground in terms of Florida
Show response
FPL CEO credited the May legislation and baseload fleet; CFO confirmed material news would be disclosed as it happens rather than held for a quarterly call.
Calendar 2026 Q1
how would you set expectations for other non-Japanese tide projects as far as the BTM effort goes
Show response
Dunne explained behind-the-meter islanded solutions gaining traction where load interconnect takes 5-7 years. Highlighted NVIDIA collaboration to flex data center load as dispatchable resource during scarcity events.
can you talk a little bit about -- is this an acquisitive strategy potentially?
Show response
Ketchum explained preference for greenfield leveraging existing generation development capabilities, but open to opportunistic acquisitions. Pipeline expansion also leverages same greenfield skills plus market knowledge from Symmetry acquisition.
Calendar 2025 Q4
what's the expectations on the cadence of announcements to hit these targets, whether the 15 or 30 gigawatts
Show response
John said 15x35 is one origination channel feeding base expectations. Composition: ~6 GW gas by 2032, balance renewables and storage. Market share targets: renewables 15-20%, storage 20-30%, gas only 5-10%. Armando confirmed expectation of FPL large load announcements in 2026. Page 13 expectations are the tracking benchmark.
how do you think about, say, chunkier announcements, you know, say, Google here making specific announcements around that
Show response
John said will not wait for quarterly calls to announce larger deals. As hub discussions advance, expect announcements as they happen rather than batched quarterly.
Calendar 2025 Q3
with respect to the gas and contracted gas strategy, can you speak a little bit to what you're expecting or what success you've had thus far
Show response
John described 'a lot in the hopper' but deferred details to December investor conference. Esmeralda project was development only on BLM land, not in backlog, no money spent. Jackalope extending with customer discussions ongoing. 1.5x coverage provides ample pipeline flexibility.
Calendar 2025 Q2
how do you think about your EPS growth and sort of the waterfall, if you will, of credits
Show response
John deferred detailed EPS growth outlook to upcoming Analyst Day later this year or early next. Emphasized pull-forward opportunities and small developer attrition. Duane Arnold advancing well with on-site reviews. Also evaluating SMR opportunities alongside Point Beach nuclear.
Calendar 2025 Q1
You're talking about going to the higher end of the range here
Show response
John pointed to 9% Q1 growth as strong foundation. Business plan execution confidence. Also detailed $150M tariff exposure mechanics: most contracts have suppliers taking all risk, some have small risk-sharing slivers. $150M on $75B CapEx is less than 0.2%.
Calendar 2024 Q4
How do you think about getting into this gas business? I know you talked about development kind of in the 2030 plus
Show response
John said no acquisition needed. Already have land team, permitting team, gas infrastructure capability, transmission business. Easy pivot given existing development platform. Capital recycling plan unchanged with no impact on equity needs. Brian added they've recycled several billion through non-XPLR avenues.
PCGPG&E Corporation10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2025 Q4
how do you think about that $5 billion and when you would be in a position to around that
Show response
CFO favors option two (prioritizing affordability-linked capital) over making plan bigger or longer. Avoids equity at current valuations while maintaining mid-teens FFO-to-debt.
Any specific milestones after April 1 that you would be looking towards
Show response
CEO said no specific public milestones after April 1. Legislative conversations may be handled through subcommittees. Remains to be seen how much will be public.
Calendar 2025 Q3
if you can speak a little bit to what transpired there with the 500-megawatt reduction
Show response
CEO emphasized final engineering growth (1.6 GW, 95% online by 2030) matters more than top-of-funnel fluctuations. CFO outlined three options: plan bigger (least likely), better (affordability), or longer (extend growth runway).
How do you think about that conversation fitting into a broader, more comprehensive focus in the state on reform of insurance
Show response
CEO said too early for specifics but governor's whole of government approach to insurance and utilities is encouraging. Utilities essential to California's future, tech industry, clean energy, prosperity.
Calendar 2025 Q2
how do you think about inverse condemnation as being part of the reform conversation
Show response
CEO advocated for comprehensive approach beyond utilities: functioning insurance market, building codes, forest management, claims limitations. Compared to earthquake model.
How do you think about a ratable or delayed contribution here
Show response
CEO explained fund plays dual role for customers (rate smoothing) and investors (liability cap). Longer-term payment schedule matches pace of claims payouts.
Calendar 2025 Q1
you added some statistics on idled and abandoned line activity
Show response
CEO explained 64 de-energized lines with no future use removed. Deactivated lines retained for future use reviewed for induction risk and proper grounding.
How does that put your bill increase target? Right? You talked about this 2% to 4%
Show response
CEO confirmed $1.6B per GW investment threshold still reduces rates by 1%. Benefits not yet in financial plan, conservative planning. GRC will be lowest ask in a decade.
Calendar 2024 Q4
wanna speak to the prospects of a, quote, new fund or or or re contributing to the fund?
Show response
CEO strongly argued shareholders should not contribute to wildfire fund, citing inverse condemnation principles and need to attract capital to state.
how do you think about the totality of the wildfire, undergrounding efforts today
Show response
CEO focused on ignition prevention and situational awareness. Emphasized industry-leading WMP execution and continuous learning from new technologies.
PEGPublic Service Enterprise Group9 questions · 4 reporting periods · 0 of 9 challenging
Calendar 2026 Q1
is there timing on when you could follow through on contracted new generation, whether gas or more specific storage or solar?
Show response
LaRossa deferred specifics until RBA rules are finalized, reiterated preference for utility-like rate base opportunities over merchant market exposure.
How do you think about your participation—whether in a bilateral context or outright in some other permutation?
Show response
LaRossa stressed customer protection and reliability first, stated they want utility-like investments (rate base, 30-year PPAs) not pure market risk.
Tangibly, what would the next step look like to show progress if there is to be something to happen?
Show response
LaRossa outlined requirements: federal support, state support, offtake agreements from states and hyperscalers, streamlined permitting. Multiple pieces must align.
Calendar 2025 Q4
how do you think about what the breakdown is between the regulated utility side of that year-over-year increase versus what is reflected in power
Show response
Cregg declined to break down utility vs power. Provided hedge profile: 95% for 2026, largely hedged for 2027, fair amount of 2028 hedged, 2029-2030 more subject to market forces. Emphasized the top end of 5-7% was driven by scarcity, warranting the shift to 6-8%.
Let us talk about the overlap between the BPU here and what next steps are from both and how they might overlap
Show response
LaRossa acknowledged the legislative and BPU processes interact. BPU can already procure gas and nuclear but needs more legislative direction for a cleaner process. The scarcity issue creates urgency.
Calendar 2025 Q2
how do you think we could look at the auction in just PJM and New Jersey's relationship going forward
Show response
LaRossa highlighted the governance paradox: governors need member committee votes to get a seat at the table. The collar provides time, but does not solve long-term structural problems.
what's the willingness to participate in this initial bid process that seems ongoing now of the gigawatt
Show response
LaRossa characterized batteries as part of an all-of-the-above solution, noting PSEG filed a utility battery proposal 5+ years ago. Declined to comment on specific participation plans.
Calendar 2025 Q1
what would you say specifically, you all bring to the table or would potentially bring to the table in a long-term and short-term sense here
Show response
LaRossa laid out three short-term solutions (assistance programs, energy efficiency, levelized billing) and long-term options (rate-based generation, new wires, incenting competitive generation).
Would that be effective here as soon as the start of next year as far as your ability to offset the full ramp
Show response
LaRossa confirmed LIPA offset would be immediate through cost removal and revenue replacement opportunities already being pursued, maintaining confidence in $0.05-$0.07 impact guidance.
SRESempra9 questions · 5 reporting periods · 2 of 9 challenging
Calendar 2026 Q2
any view on timing changes on some of these Certificate of Convenience and Necessity approvals
Show response
Jeff described things as on track and stressed capital-plan flexibility on the ~$5 billion of 765 kV Permian import spend; direct.
Calendar 2026 Q1
Can you talk a bit more about the progress of securing that for the remainder of your base plan
Show response
Nye confirmed first three years fully secured, outer two years have line of sight with key suppliers. Board authorized procurement beyond five-year horizon years ago, enabling early 765-kV equipment acquisition.
can you talk about how you are thinking about LNG as a long-term component of your business strategy
Show response
Martin said Sempra will reduce capital allocation to LNG and focus on U.S. utilities, especially Texas. Only about $1B of $9B upside opportunities is LNG-related. Bird noted positive momentum on Port Arthur Phase 2 offtake discussions.
Calendar 2025 Q4
do something of an analyst day or full look? Or you think, look, you have given us an incredible FY30 to begin with
Show response
Jeff was receptive to the idea of an analyst day, noting the opportunity for more visibility and transparency has improved dramatically over the last twelve months as the business has simplified.
What else really would move the deal? Right? You talked about the $9 billion. You talked about the SIP. What else would really drive you within that range here
Show response
Jeff emphasized three drivers: getting Texas settlement approved for regulatory certainty through 2030, closing the SI transaction for balance sheet improvement, and executing the 2028 California GRC. Defended California's strategic value as a credit and cash flow complement to Texas growth.
Calendar 2025 Q3
Clearly, this wasn't contemplated when you articulated that 7% to 9% earlier. How do you think about the various pieces that go into this
Show response
Jeff reaffirmed the long-term 7-9% growth rate while highlighting positive catalysts including improved Oncor capital efficiency, PA Phase 2 FID extending EBITDA growth visibility, KKR transaction EPS accretion, and balance sheet as a strategic resource.
What's your confidence on being able to earn the ROEs at that level, just given that cadence of spend is pretty historic
Show response
Jeff explained two sources of ROE under-earning, regulatory lag (mostly resolved by UTM with material capital efficiency improvement) and stale 2021 test year (resolved when base rate review completes with 2024 test year), giving confidence in material ROE improvement.
Calendar 2025 Q1
where do you stand with respect to Moody's today
Show response
Allen confirmed confidence in the credit plan, noting rolling 12-month FFO-to-debt is consistent with year-end levels and transactions will reduce equity needs.
at least the level that was implied from the last transaction, is that kind of a fair baseline
Show response
Jeff outlined three factors supporting higher valuation: EBITDA growth, near-term projects, and expanded development pipeline breadth.
AESAES Corporation8 questions · 4 reporting periods · 1 of 8 challenging
Calendar 2025 Q3
What exactly does this specific partnership with the data center look like? Is this co-located with a gas plant versus renewables?
Show response
Andres confirmed it's a co-located opportunity interconnected with grid and renewables. AES develops the site with an associated PPA. More details to come upon joint announcement with the customer.
Can you give us a little bit of a sense of how far things are advanced there? I mean you obviously take note of what happened with NiSource here recently
Show response
Ricardo disclosed IRP scenarios range from 520 MW to 2.5 GW, with deals expected in the 1.5-2.5 GW range to be announced within months. Ohio has 2.1 GW signed with more opportunities in discussion.
Calendar 2025 Q2
how would you broadly set expectations about the back half of this decade given that sort of -- whatever the timing is of that phase out given that phase out?
Show response
Andres emphasized financial goals over MW goals, noting international experience without tax credits at higher margins. Steve added EBITDA per MW actually increases without tax credits, requiring fewer projects for similar returns.
can you elaborate a little bit about the situation. It was a bit ambiguous as to understand the strategic development here. What actions has the board taken did you all initiate this?
Show response
Andres declined to comment on strategic review or Uplight sale rumors per company policy. Noted Maximo robotic technology could become more valuable with 2027 construction deadlines.
Calendar 2025 Q1
is it principally that you've got a recovery from your suppliers, i.e., they are taking the risk when you guys provide this 0.3% that effectively the risk burden is effectively put on the vast majo...
Show response
Ricardo explained the $50M max exposure is shared with the Korean supplier, being actively reduced. Andres noted 400 MW is not a run-rate cadence, PPA signings are lumpy with large projects.
How do you think about that transaction just in terms of the prospective EBITDA impact, just when you think about the financials here?
Show response
Steve quantified EBITDA impact at $25-30M and characterized the $450M as low-cost equity financing reinvested at mid-teens returns.
Calendar 2024 Q4
Can you just elaborate, I mean, to what extent have you gotten in front of Moody's with this plan? And just if you could elaborate a little bit on how you're thinking through 2027 on that evolution...
Show response
Steve confirmed ongoing Moody's engagement with metrics tracking at or better than prior expectations, driven by EBITDA growth from backlog execution and cost reductions.
are you actually selling down stakes in more renewables in order to reduce that need for contributions? Or is the aggregate level of renewable investment per year slowing down here?
Show response
Andres confirmed post-2027 renewables growth will be lower in MW terms. Ricardo noted retained coal will be less than 8% of capacity by end of 2027. Steve added coal assets are accretive to credit metrics.
VSTVistra Corp.8 questions · 4 reporting periods · 1 of 8 challenging
Calendar 2026 Q1
Can you talk about like hedging capacity? We saw one of your smaller peers here put up a 12-year capacity deal
Show response
Burke deflected the MISO capacity-hedging comparison, saying coal fleet assets have limited remaining life but sites have redevelopment potential. Did not directly address capacity hedging strategy.
leading the charge on that front, whether it's in Illinois in response to both the backstop and/or the state mandates
Show response
Burke was skeptical of wholesale battery economics, noting ITC challenges and lack of price declines. Said batteries may play a role in customer-specific solutions but standalone returns are questionable.
Calendar 2025 Q2
the backup generation or adjacency opportunity here, I mean, I know we're principally talking about a nuclear contract
Show response
Burke declined to comment on specific arrangement but noted customer preferences vary, some want to self-manage backup generation as core competency, others seek turnkey solutions. Could go either way.
is there just an expectation here that you'd say, look, we're going to try to get it done before 9/1
Show response
Burke emphasized deal will work regardless of SB6 timing. Not extending timeline for regulatory reasons. Customer wants to be part of reliability solution, not a problem.
On '27, any comments yet about where you guys are relative to what you said about '26?
Show response
Burke said curves down slightly but not enough to change views. Vistra more bullish than where curves sit. Previous comments about 2026-2028 trending in right direction still hold.
Calendar 2025 Q1
Can you guys comment briefly on '27? I mean, the curve has been moving around
Show response
Burke confirmed 2027-2028 earnings profile looks strong and consistent with 2026. Not fully hedged that far out due to market depth, but existing asset base becoming more valuable.
Calendar 2024 Q4
So you still think something could happen this year though, right after the summer for legislative session?
Show response
Burke expressed expectation of progress but acknowledged customers have many options and are sophisticated negotiators. Legislative clarity would help.
How do you think about the additionality? Right? And I mean that in a more complex sense
Show response
Burke argued the reliability issue is limited to super peak hours, not average days. Combined cycles run 50-60% capacity factor, and data center backup resources can help during peaks.
CEGConstellation Energy7 questions · 4 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
How do you think about the time line here inasmuch as where are you in those negotiations vis-a-vis this potential RBP
Show response
Asked about bilateral negotiation timing relative to the RBP; Joe said the RBP is one avenue but not the exclusive path, and Dan Eggers noted signed contracts are not dependent on FERC/PJM outcomes.
Calendar 2026 Q1
How do you think about Calvert here versus Limerick or versus any other permutation? Is there -- sort of given the evolution of the regulatory dialogues
Show response
Management declined to specify which site will close first, preferring to let customers announce transactions. On additionality ratios, expects a wide mix from full curtailability to full backup generation depending on customer sophistication.
Is there a specific threshold docket you're looking for to really unlock things?
Show response
Management expects the filing itself will provide clarity for some customers. Others may wait for backstop or colocation final orders. Emphasized unprecedented speed of PJM action, expects clarity on all issues by end of year.
Calendar 2025 Q4
Are you guys assuming this $5 billion buyback is executed in the core EPS?
Show response
Shane confirmed no buyback benefit is included in the 20% base EPS CAGR. Share repurchases are entirely upside, reflected in the $0.50 sensitivity on Slide 23. Preserving flexibility on execution timing.
you have this 10% rolling CAGR. Can you describe a little bit about how to think about that?
Show response
Shane confirmed 10% is the minimum rolling 3-year base EPS CAGR target beyond the initial 20% CAGR period. Starting next year, each subsequent 3-year window targets at least 10% with upside from the optionality levers.
Calendar 2025 Q3
are there more Limericks out there in terms of effectively providing an upgrade that's tantamount to the size of an SMR?
Show response
900-1,000 MW of uprates identified with completed engineering at LaSalle, Limerick, and Calvert Cliffs. Good demand around Limerick area for data economy.
the uprates seem to be the next wave here of where you could really win on additionality and in contracting
Show response
Joe confirmed uprates have superior economics vs new nuclear since they add output without incremental O&M, people, or fuel costs. Not binary with new nuclear though.
ESEversource Energy6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
I just wanted to follow-up on that AMI filing in Connecticut. Particularly relating to the benefit cost analysis prepared
Show response
John explained rising costs (not lower benefits) narrowed the NPV as the docket dragged on, but maintained AMI is the right long-term move to give customers tools.
following up on the long term EPS guidance. I noticed the disclosure with the earnings report projects cumulative 5% to 7% EPS CAGR through 2030
Show response
John reiterated the trajectory moves toward the upper half of 5-7% by the end of 2028 and sustains through 2029-2030.
Calendar 2025 Q3
any early indications, especially as it pertains to transmission and long lead time right time investments where you perhaps had some visibility
Show response
Moreira indicated outer-year capital spending will be increasing rather than declining as historically seen, driven by clarity on transmission projects in queue. Full 5-year plan update expected at Q4 earnings call.
how would you frame expectations here from gas onto the electric PBR? Just with respect to the backdrop here
Show response
Moreira noted NSTAR Electric PBR is a 10-year deal with 5-year assessment in 2028, not annual like gas. Company has performed well on electric metrics. Gas denial was first touch point under PBR structure with 3 of 18 metrics failed on subjective customer surveys.
Calendar 2025 Q1
Just wanted to understand a little bit more about how you're seeing that happen because if I remember right, I think last quarter you guys were talking about this, I think it was a 45% number on im...
Show response
Moreira emphasized CFO improvement is more impactful than debt reduction. Q1 showed $750M quarter-over-quarter improvement in cash flows from operations.
On the corporate drag, just to talk about that super quickly, I see the $0.16 drag and I think for full year 2024 you had about $0.16
Show response
Moreira explained Q1 parent drag elevated by loss of offshore wind capitalized interest and full impact of $1.4B holding company debt. 2025 tax rate expected 22.5-23.5% vs upper teens in 2024.
LNTAlliant Energy6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2025 Q3
how would you characterize the probability of conversion over time for the remaining 3 to 3.5 gigs there
Show response
Barton expressed high confidence in entire pipeline. Highlighted Alliant advantages: 75% of Iowa communities, 40% of Wisconsin, surrounded by transmission, plug-in-ready sites.
are you confident that there's a possibility here post '27 into the '28 time frame, you could be considering an 8% plus EPS guide
Show response
Barton tied upside to data center timing. Noted Google accelerated load ramp as positive indicator. Committed to transparent updates without speculation.
Calendar 2025 Q2
can you elaborate a little bit more about the timeline about formalizing that
Show response
Barton sized QTS-Madison at over half of the mature opportunities bucket. Cedar Rapids load ramp: ~200 MW in 2026, 300-1000 in 2027, full 1600 in 2028.
How do you think about crystallizing this into an updated plan
Show response
Barton confirmed Q3 CapEx update. Highlighted flexible resource planning, no litigated IRP process, can adapt in real time.
Calendar 2024 Q4
how you think about safe harboring and to what extent you guys have along with your partners, ensured access to the tax credits
Show response
Durian confirmed safe harboring of substantial majority of renewables and storage through four-year plan via down payments and construction initiation.
Can you talk a little bit on the timeline here to get up to that full, I don't know, 2.9 ish
Show response
Barton described upside opportunities as active discussions. Committed to all-of-the-above resource approach. Full details deferred to Q1.
PWRQuanta Services6 questions · 4 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
what do you think about your willingness to participate in the gas generation side of the business?
Show response
Duke said Quanta is installed as EPC across generation types but will not take combined-cycle or some single-cycle risk without the right contracts; he expects much of the Charlie 1 Horse work to enter backlog in the third quarter.
Can you speak a little bit to how you're scaling that business?
Show response
Duke said the Cupertino platform is building a technology TAM as large as the utility TAM, showing up direct to hyperscalers, with self-perform enabling balance-of-plant builds worth roughly 80% to 90% of a data center less chips.
Calendar 2025 Q4
How do you think about this setting the tone for a high teens earnings growth, if you will, through the back half of the decade?
Show response
Duke sized data center work at ~10% of business, fastest-growing backlog segment with multi-decade visibility. Same management team, better markets.
Calendar 2025 Q3
How about getting sort of inside the house? Obviously, you guys have done a couple of acquisitions here.
Show response
Duke confirmed capability to build entire data centers from generation to rack, emphasizing convergence of utility and technology customer relationships.
Calendar 2024 Q4
can you speak a little bit to your confidence in the execution on the Sun's deal project specifically, both in terms of operations and permit considerations
Show response
Duke expressed full confidence in SunZia completion with no permitting issues, and noted replacement work is already in backlog.
what's the timeline and cadence that you're expecting for some of the flow into your backlog?
Show response
Duke confirmed active discussions with RTOs on larger transmission projects, noting the numbers from recent planning processes are staggering.
WMBWilliams Companies6 questions · 4 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
How are you thinking about the lockup here on the shares here being issued as part of the transaction?
Show response
Rob Wingo described a 180-day release plus trading restrictions, minimizing share pressure; direct.
Calendar 2026 Q1
how do you think about actually seeing the time line of some of this materialize? You talk about time to power
Show response
Zamarin said not to focus on precision with 6-gigawatt figure but that backlog remains robust. Team is focused on layering projects for steady, predictable growth.
what about creative financing solutions here, right, for PI? Obviously, you had some latitude here on the balance sheet
Show response
Porter said leverage above target is a timing dynamic, expects enormous earnings growth in 2028. Seeing great interest from potential partners for PI projects.
Calendar 2025 Q4
if I can keep going with what Keith was, I think getting at. As you think about that 8%, right, you guys threw out base plan, 8%.
Show response
Dumoulin-Smith pushed hard on reconciling the 8% base plan to 10%+, noting power backlog math alone seems insufficient. Porter acknowledged the difference between lining up equipment and getting PPAs signed, counseling conservative expectations on power until contracts close. On financing, Porter pointed to an enormous earnings inflection in 2028 driving leverage back below 3.5x.
Calendar 2025 Q3
How should we interpret that removal? And then specifically, it's notable you're targeting a 20-plus percent ROIC
Show response
Zamarin deferred specifics to February Analyst Day but said balance sheet capacity and project pipeline suggest exciting next chapter. Will provide guidance over couple of years plus directional longer-term view.
is it about expanding existing sites, adding more total duration and ramp? Or do you think this is more about just finding new geographies
Show response
Zamarin said Socrates already upsized from $1.6B to $2B. Customers view as multi-decade investments that will scale over time. Expect both expansion of existing sites and new geographies.
AEEAmeren5 questions · 3 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
Let me just kick it off here with the 4 GW number that you guys threw out there.
Show response
Marty detailed ESA progress: 2.8 GW signed, 4 GW more with completed interconnection studies, and Google/Amazon groundbreakings underway.
there was talk about self-perform, just more of a reflection on the state of the E&C market and EPC availability
Show response
Michael said the 2.1 GW combined cycle uses a non-traditional EPC structure with Missouri-based suppliers and appropriate risk sharing given a difficult EPC market.
Calendar 2025 Q4
Do you think about that strategically here? And is that accretive to the plan when you talk about being near the upper end of six to eight?
Show response
Lyons said hybrids may be slightly accretive near-term but neutral over time due to interest cost. ATM issuances remain the primary equity tool.
on the 2.2 gigs of executed ESAs, any caveats on why not to include it here?
Show response
Lyons explained that 1.2 GW by 2030 is the base in guidance. The 2.2 GW ESAs are pure upside. Many project milestones still ahead, but gives potential to exceed the upper end of 6-8%.
Calendar 2024 Q4
as you think about regulatory lag in front of you in this investment cycle, can you speak to that a little bit here and what you're facing
Show response
Moehn and Lyons detailed O&M discipline, technology investments, and legislative initiatives (SB4 consolidation) supporting regulatory lag management.
FSLRFirst Solar5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
How do you think about the safe harbor having played into the latest quarter here?
Show response
Bradley gave no firm Southeast Asia timeline beyond the 232 decision; Widmar separately said most bookings landed in July, outside the safe harbor date.
Calendar 2025 Q4
Can you comment a little bit about just what you are seeing here of late? Separately, can you comment a little bit about what you are actually seeing in terms of sell-through on volumes out of Asia?
Show response
Alex explained 700 MW gap from inventory drawdown. Mark detailed India producing ~3 GW sold domestically with strong Q4 and Q1 demand. Southeast Asia at ~20% utilization maintained as option value pending 232 and FEOC outcomes. Half of SE Asia capacity going to South Carolina finishing line.
Calendar 2025 Q3
Can you elaborate under what conditions you would look to seek to open multiple new lines on the finishing front?
Show response
Mark explained current plan is 2 finishing lines totaling 3.7 GW. Additional lines possible in increments of roughly half that capacity. Decision depends on market demand, policy outcomes, and evaluation of whether to include Series 7 as well.
Calendar 2025 Q2
how do you think about use of cash here? Again, obviously, you've got a final decision on the finishing line
Show response
Alex outlined waterfall approach: core operations, manufacturing expansion/finishing lines, R&D (including potential M&A), then capital returns. Decision timing tied to tariff and policy clarity.
Calendar 2025 Q1
how do you think about the re-pricing risk on the balance here?
Show response
Mark confirmed no re-pricing risk on domestic backlog. The 12 GW international portion depends on customer negotiations and willingness to absorb or share tariff costs.
KMIKinder Morgan5 questions · 3 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
on the approval for the almost $400 million of projects not yet in backlog, can you give color on those
Show response
Kim said the ~$400M of projects have designs, costs, and agreed commercial terms, with contract signatures likely weeks to a month away.
Calendar 2025 Q4
Can you talk a little bit about what you're seeing actively on that front
Show response
Kim cited Georgia Power IRP projecting 53 GW of demand by early 2030s as an example, roughly 10 Bcf/day if 100% gas. Similar stories across Georgia, South Carolina, Louisiana, Arkansas, Texas, New Mexico, and Colorado. Wood Mac projects power demand growth between 2030-2035 greater than 2025-2030. This opportunity expected to last a decade.
What are you looking to move forward on that? How are you thinking about timing
Show response
Sital said strong customer interest in the Southeast with scope dependent on final subscription. Expects more than compression, likely brownfield looping. Competitive situation. Signed deals drive announcements.
Calendar 2025 Q3
Can you elaborate a little bit on how you're seeing the opportunities emerge as it pertains to the shadow backlog
Show response
Kim listed data centers, coal retirements, and peaker needs to back up renewables in Texas. Power opportunities across New Mexico, Arizona, Colorado, Arkansas, and Florida. Storage is a huge factor with greenfield opportunities. Sital added Mexico connectivity for power and data center demand, Southeast IRP-driven growth, and Gulf Coast debottlenecking as major themes.
does that line up with what we're seeing right now in the generation resource planning
Show response
Sital confirmed Southeast IRP demand is a subset of the $10B opportunity set. Kim declined to share Western Gateway construction costs due to competitive dynamics with the competing Sunbelt project.
ATOAtmos Energy4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
just given the benefits we've seen of late, can we expect it like maybe remain a discrete earnings benefit in '27?
Show response
Explained HB 4384 / Rule 7.7102 is a one-time fiscal 2026 step change, with YoY growth moderating to a 6% to 8% framework thereafter.
Calendar 2025 Q4
you just commented in your remarks and in the Q here about the $35 million benefit for the quarter. Can you talk a little bit about how we should think about that ratably through the year here?
Show response
CFO acknowledged the strong start but declined to extrapolate, maintaining guidance at $8.15-$8.35 and cautioning against simple multiplication given CapEx timing variability.
I was thinking about the just the balance sheet and the earnings impact from the winter storm in the last couple of weeks cumulatively
Show response
CEO emphasized Storm Fern was far less impactful than Uri, with upstream supply performing well and storage backfilling minimal disruptions. No material financial impact expected.
would you assume that that's a good run rate, at least for the purposes this year? I know it's CapEx timing driven. Any reason why you wouldn't, for the purposes of our conversation, start to do that
Show response
CFO explicitly cautioned against annualizing Q1's $35 million, noting Winter Storm Fern temporarily reduced construction activities and Q4 FY2025 already included HB4384 impact.
ETREntergy4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q2
How do you think about that fitting into the financing plan, if you can speak to it, not just in terms of what you're recognizing here with the $570 million
Show response
CFO confirmed 10-15% equity run rate framework continues. Nuclear PTCs and Arkansas riders improve cash flows, helping absorb higher capital without additional equity.
there's upside outside of the plan that you're alluding to, but it seems like you guys have made tangible actions
Show response
CEO provided clear timeline: 7 GW of additional turbines would come online 2029-2031, 9-12 months after turbine deliveries. Incremental capital possible near back end of forecast.
Calendar 2024 Q4
Texas is really contemplating a new nuclear fund of sorts. Any thoughts about tapping into that?
Show response
CEO expressed interest in potential Texas nuclear fund as risk management tool, alongside federal support, customer partnerships, and consortium ownership models.
how you think about earned ROEs as you lean into this ramp in spend? Are you thinking that there could be some pressure on earned returns
Show response
CFO confirmed improving ROEs from 9% to 9.5% over forecast, consistent with Analyst Day disclosure. Explained 2026 credit dip from Louisiana tax rate change.
EVRGEvergy4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2026 Q1
how do you think about spare capacity versus transposing incremental ESAs into further generation and supply resources of various flavors?
Show response
Campbell explained capital impact varies by ESA, noted turbine reservations beyond current ESAs, and confirmed at least one more ESA expected in 2026 with upward bias to capital plan.
How do you think about ATM or block? I mean just as the cumulative capital accelerates here, how do you think about funding it or prefunding it?
Show response
Buckler confirmed $700M-$900M annual equity plan unchanged through 2029, no 2030 needs, $125M already priced in 2026 with remainder via ATM dribble.
Calendar 2024 Q4
How do you think about the timeline to develop that associated generation? You specifically called in the slides here 2026 to 2029.
Show response
Campbell confirmed they have transmission and generation plans for current categories, but the 2031 CCGT and 2032 CT are not yet in the capital plan.
In terms of IRP, would you be going back and amending that and then subsequently going out with some sort of new procurement effort here?
Show response
Campbell confirmed next IRP filings in March and April will reflect latest demand expectations, noting IRPs are more dynamic now than in the past.
EXCExelon4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q1
you all are framing these as 80% and 50% probability. They're fairly high numbers in isolation. How do you think about the timing here and how that it perhaps is juxtaposed against the backdrop of ...
Show response
Jeanne clearly separated the 16GW pipeline from FERC colocation proceedings. Noted additional 16GW under study with 70% in Phase 1 status.
how do you think about what that timeline looks like and what that settlement process could be?
Show response
Colette Honorable emphasized consensus in the docket record and willingness to participate in settlement discussions while pushing for quick FERC decision.
Calendar 2024 Q4
how do you think about settlement abilities here? I mean, I know there are a few different dockets few different, efforts afoot with respect to teaching policy and colocation
Show response
Calvin emphasized Exelon's core tenants around affordability and equitable grid sharing while remaining open to resolution with stakeholders.
how do you think about these deposits here in as much as that seems like a wider industry trend and certainly as an offset to rate base growth
Show response
Jeanne explained deposits reduce rate base but signal growing investment needs. C&I class growing 4% weather normal year-over-year at ComEd. Net load now growing 1-2%.
EPDEnterprise Products Partners L.P.3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
we're seeing a sequentially stronger quarter in crude, I think, both from a volumetric and a per barrel margin standpoint
Show response
Management attributed the stronger crude quarter to higher Midland-to-Houston pipeline spreads and higher dock margins on strong cash premiums, plus continued high contracting on the Midland ecosystem.
Calendar 2025 Q4
can you talk a little bit about the opportunities there, especially if you think about volumes ultimately landing
Show response
Justin confirmed expansion backed by Exxon with 12 downstream agreements. UJI structure gives Exxon origin connection rights; proportionately consolidated.
Can you speak to how much of that initial f 'twenty seven CapEx is spoken for
Show response
Randy confirmed 2026 range up to $2.9B includes unFID'd projects with visibility. 2027 remains $2-$2.5B. 10% EBITDA growth in 2027 over 2026.
GEVGE Vernova3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
can you elaborate a little bit about the EPC dynamics in 2029, specifically in the back half of this year?
Show response
Explained the SRA-to-order conversion inflection expected in 2H as customer and EPC progress operationalizes slot reservations; answered the 2029 EPC question directly.
Calendar 2025 Q1
the FCF range, you got about a half billion for the two to two and a half. You talk about three to four hundred million in tax here
Show response
Strazik noted 200GW in the interconnect queue but permitting clarity and tax incentive direction are needed for orders to accelerate, remaining cautious on timing of wind inflection.
Calendar 2024 Q4
Can you speak a little bit more to the extent to which that might be accelerating given the availability dynamics and the supply constraints
Show response
Strazik confirmed F-class is easier to ramp with existing supply base and serves growing simple-cycle demand in PJM/ERCOT, but 2026 capacity is unchanged and 20GW annual target by 2027 holds.
OKEONEOK1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
How much would you say, if any, of the mid- to high single digit is predicated on those bolt-on acquisitions
Show response
Norton said the majority of long-term growth is organic, with M&A remaining intentional and disciplined.
TRGPTarga Resources1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
what are the variables that can surprise the upside to this 3 plant per year model
Show response
Matt said both Permian macro strength (rising GORs) and episodic commercial wins drive additions, with five plants underway and more Midland and Delaware plants being evaluated.
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 |
|---|---|---|
| CMS CMS Energy | 15 | 7%1 of 15 questions |
| NI NiSource | 15 | 0%none of 15 questions |
| PNW Pinnacle West | 15 | 0%none of 15 questions |
| DUK Duke Energy | 14 | 0%none of 14 questions |
| NRG NRG Energy | 14 | 7%1 of 14 questions |
| SO Southern Company | 14 | 14%2 of 14 questions |
| XEL Xcel Energy | 14 | 14%2 of 14 questions |
| CNP CenterPoint Energy | 13 | 8%1 of 13 questions |
| AEP American Electric Power | 12 | 0%none of 12 questions |
| WEC WEC Energy Group | 12 | 0%none of 12 questions |
- CMSCMS Energy · 15 questions7%1 of 15 questions
- NINiSource · 15 questions0%none of 15 questions
- PNWPinnacle West · 15 questions0%none of 15 questions
- DUKDuke Energy · 14 questions0%none of 14 questions
- NRGNRG Energy · 14 questions7%1 of 14 questions
- SOSouthern Company · 14 questions14%2 of 14 questions
- XELXcel Energy · 14 questions14%2 of 14 questions
- CNPCenterPoint Energy · 13 questions8%1 of 13 questions
- AEPAmerican Electric Power · 12 questions0%none of 12 questions
- WECWEC Energy Group · 12 questions0%none of 12 questions
Show all 33 companies
| Company | Questions | Challenge rate |
|---|---|---|
| DTE DTE Energy | 10 | 0%none of 10 questions |
| NEE NextEra Energy | 10 | 0%none of 10 questions |
| PCG PG&E Corporation | 10 | 0%none of 10 questions |
| PEG Public Service Enterprise Group | 9 | 0%none of 9 questions |
| SRE Sempra | 9 | 22%2 of 9 questions |
| AES AES Corporation | 8 | 13%1 of 8 questions |
| VST Vistra Corp. | 8 | 13%1 of 8 questions |
| CEG Constellation Energy | 7 | 14%1 of 7 questions |
| ES Eversource Energy | 6 | 0%none of 6 questions |
| LNT Alliant Energy | 6 | 0%none of 6 questions |
| PWR Quanta Services | 6 | 0%none of 6 questions |
| WMB Williams Companies | 6 | 0%none of 6 questions |
| AEE Ameren | 5 | 0%none of 5 questions |
| FSLR First Solar | 5 | 0%none of 5 questions |
| KMI Kinder Morgan | 5 | 0%none of 5 questions |
| ATO Atmos Energy | 4 | 0%none of 4 questions |
| ETR Entergy | 4 | 0%none of 4 questions |
| EVRG Evergy | 4 | 0%none of 4 questions |
| EXC Exelon | 4 | 0%none of 4 questions |
| EPD Enterprise Products Partners L.P. | 3 | 0%none of 3 questions |
| GEV GE Vernova | 3 | 0%none of 3 questions |
| OKE ONEOK | 1 | —Rate withheld: fewer than 3 questions |
| TRGP Targa Resources | 1 | —Rate withheld: fewer than 3 questions |
- DTEDTE Energy · 10 questions0%none of 10 questions
- NEENextEra Energy · 10 questions0%none of 10 questions
- PCGPG&E Corporation · 10 questions0%none of 10 questions
- PEGPublic Service Enterprise Group · 9 questions0%none of 9 questions
- SRESempra · 9 questions22%2 of 9 questions
- AESAES Corporation · 8 questions13%1 of 8 questions
- VSTVistra Corp. · 8 questions13%1 of 8 questions
- CEGConstellation Energy · 7 questions14%1 of 7 questions
- ESEversource Energy · 6 questions0%none of 6 questions
- LNTAlliant Energy · 6 questions0%none of 6 questions
- PWRQuanta Services · 6 questions0%none of 6 questions
- WMBWilliams Companies · 6 questions0%none of 6 questions
- AEEAmeren · 5 questions0%none of 5 questions
- FSLRFirst Solar · 5 questions0%none of 5 questions
- KMIKinder Morgan · 5 questions0%none of 5 questions
- ATOAtmos Energy · 4 questions0%none of 4 questions
- ETREntergy · 4 questions0%none of 4 questions
- EVRGEvergy · 4 questions0%none of 4 questions
- EXCExelon · 4 questions0%none of 4 questions
- EPDEnterprise Products Partners L.P. · 3 questions0%none of 3 questions
- GEVGE Vernova · 3 questions0%none of 3 questions
- OKEONEOK · 1 question—rate withheld: under 3 questions
- TRGPTarga Resources · 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 | 39 | 3%1 of 39 questions | 21 |
| 2025 Q1 | 34 | 3%1 of 34 questions | 19 |
| 2025 Q2 | 35 | 0%none of 35 questions | 18 |
| 2025 Q3 | 46 | 4%2 of 46 questions | 22 |
| 2025 Q4 | 40 | 0%none of 40 questions | 20 |
| 2026 Q1 | 37 | 14%5 of 37 questions | 17 |
| 2026 Q2 | 41 | 7%3 of 41 questions | 25 |
- 2024 Q439 questions · challenge rate 3% (1 of 39 questions) · 21 companies
- 2025 Q134 questions · challenge rate 3% (1 of 34 questions) · 19 companies
- 2025 Q235 questions · challenge rate 0% (none of 35 questions) · 18 companies
- 2025 Q346 questions · challenge rate 4% (2 of 46 questions) · 22 companies
- 2025 Q440 questions · challenge rate 0% (none of 40 questions) · 20 companies
- 2026 Q137 questions · challenge rate 14% (5 of 37 questions) · 17 companies
- 2026 Q241 questions · challenge rate 7% (3 of 41 questions) · 25 companies
Topics
Topics tagged on this analyst’s questions.
- Capex Investment95
- Regulation Policy88
- Demand85
- Capital Allocation44
- Cloud & AI37
- Guidance Reliability32
- Revenue Growth29
- Competitive Dynamics19
- Geographic Expansion14
- M&A11
Show all 19 topics
- Pricing11
- Credit9
- Margin9
- Supply Chain8
- Innovation & R&D7
- Subscriber Growth4
- Cost Pressure3
- Macroeconomic3
- Trade Tariffs2