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Analyst
Moses Sutton
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 5).
- Questions
- 12on tracked calls
- Challenge rate
- 17%2 of 12 questions
- Companies
- 5questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 12 of 12 questions from 5 companies
NRGNRG Energy3 questions · 2 reporting periods · 1 of 3 challenging
Calendar 2026 Q2
would it be fair to consider the return structure as $1,150 a megawatt day, which gets you to $500 million EBITDA
Show response
Bruce declined to confirm the specific per-MW-day math but reiterated the project sits within the 12% to 15% return range.
Calendar 2026 Q1
How should we size up the upside to your uneconomic gen in Texas in terawatt hours per year. Could we see 10, 15 terawatt hours upside?
Show response
Gaudette confirmed incremental generation would be open/wholesale, not attributed to retail. Pointed to supply-demand chart on Slide 14 for modeling but declined to give specific terawatt-hour estimate.
how do you think of the battery impact on the curves in particular? I know you mentioned it a bit, but do you still see multi-gigawatt build
Show response
Gaudette expects battery build to decline due to poor economics. Batteries push peak pricing from 7-8pm to 9-10pm but still must draw from grid. Data center load growth would eat through battery capacity buffer.
SMRNuScale Power Corporation3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q1
is this sort of going to be the gateway to FIDs on TVA projects?
Show response
CFO said the U.S.-Japan framework is a strong possibility but not the only funding source, with ENTRA1 pursuing all available financing.
can you provide more detail on the fuel fabrication strategy with Framatome?
Show response
CEO said the company is in preliminary fuel design with Framatome, which has multiple global facilities, and sees no capacity bottleneck given early planning.
Calendar 2025 Q3
Will you keep pricing stable near-term to maybe incentivize module orders?
Show response
Hamady called projecting to 2040 too far out and emphasized falling production costs as volume scales, saying pricing stays commercially competitive.
FSLRFirst Solar2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q3
Was BP in the latter bucket, hence, the 20% that you're going after and litigating for that
Show response
Alex confirmed BP had no termination-for-convenience right. Cash deposits recognized as revenue, LCs applied against AR, residual parent guarantees being litigated. Mark added current-year supply was essentially all international with domestic delivery weighted to outer years.
Calendar 2025 Q2
is there a signal there that we could even see that there's more coming into the pipeline?
Show response
Mark acknowledged uncertainty on whether pipeline growth is net new demand or reallocation from Chinese supplier disruptions. Some hyperscaler/AI-related demand may be incremental.
GEVGE Vernova2 questions · 2 reporting periods · 1 of 2 challenging
Calendar 2025 Q3
On gas turbines, we're starting to hear pricing for U.S. gas turbines are perhaps peaking and softening a bit. So really a 2-part question here. A, has CCGT build truly served to 2,500 KW in the U....
Show response
Strazik confirmed 2,500 KW market figure and ~30% GE share, firmly rejected softening narrative. Q3 had more aero derivatives (higher $/MW) vs baseload units creating mix optics. SRA pricing at higher margins than existing 33GW backlog.
Calendar 2024 Q4
Is your content still tracking at 30% to 35% of that new build cost? And are pricing and bids
Show response
Strazik confirmed content share is directionally accurate, and premium pricing dynamics now extend through 2029 with little differentiation between near-term and mid-term slots.
VSTVistra Corp.2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q1
how big -- you mentioned connect and manage. How big do you think it can actually be
Show response
Burke framed this conceptually rather than giving specific sizing, referencing PJM's new market design paper. Dore added PJM needs to accelerate connect-and-manage rulemaking.
You mentioned the 30-40 type number by 2030, that's about 5%, 6% CAGR
Show response
Burke explained batch 0 could be as large as 100 GW but most of the 10-15 GW data center estimate can be served by existing energized load and baseline. Advocated for raising the bar on queue commitments.
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 |
|---|---|---|
| NRG NRG Energy | 3 | 33%1 of 3 questions |
| SMR NuScale Power Corporation | 3 | 0%none of 3 questions |
| FSLR First Solar | 2 | —Rate withheld: fewer than 3 questions |
| GEV GE Vernova | 2 | —Rate withheld: fewer than 3 questions |
| VST Vistra Corp. | 2 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | No questions recorded | — | — |
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | 3 | 33%1 of 3 questions | 3 |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 6 | 0%none of 6 questions | 3 |
| 2026 Q2 | 1 | 100%1 of 1 question | 1 |
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q1No questions recorded
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q33 questions · challenge rate 33% (1 of 3 questions) · 3 companies
- 2025 Q4No questions recorded
- 2026 Q16 questions · challenge rate 0% (none of 6 questions) · 3 companies
- 2026 Q21 question · challenge rate 100% (1 of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand5
- Pricing4
- Competitive Dynamics3
- Regulation Policy2
- Capex Investment1
- Revenue Growth1
- Innovation & R&D1
- Capital Allocation1
- Supply Chain1
- Cloud & AI1
Show all 11 topics
- Guidance Reliability1