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Analyst
Nick Campanella
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 248on tracked calls
- Challenge rate
- 4%10 of 248 questions
- Companies
- 26questioned 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 248 of 248 questions from 26 companies
XELXcel Energy17 questions · 7 reporting periods · 2 of 17 challenging
Calendar 2026 Q2
And since that's generation for 2030, can you kind of talk about how that makes it into the third quarter update or not?
Show response
Van Abel could not commit to inclusion, saying it is a fourth quarter outcome and may be early for the Q3 call, but promised explicit disclosure of where it sits.
Does that -- would that change at all how you're viewing the delta between rate base growth and EPS growth?
Show response
Van Abel gave the specific 200-250 bps spread and said nothing announced changes it, while noting the gap is wider early in the plan and narrows on Colorado ROE catch-up.
Calendar 2026 Q1
at what point would you kind of revisit the 40% equity financing assumption? And then secondly, just any thoughts on defending the Baa1 outlook here with Moody's
Show response
CFO acknowledged Moody's situation but emphasized long-term commitment to strong credit metrics and balance sheet discipline.
give us some clarity on the shaping of that spend and as you roll forward the plan, I believe, to 2031, just how much of that is going to get encapsulated
Show response
CFO walked through timing of each piece, transmission by 2031, Colorado generation by 2030, wind/solar capturing tax credits.
the MISO capacity print. I mean, I know it came down a little bit earlier this past week. And do you see that as a tailwind at all to the territories
Show response
CEO dismissed MISO auction as a near-term signal, noting bilateral market dynamics and Xcel's generation length in the upper Midwest.
Calendar 2025 Q4
the six gigawatts now is pressured higher. On on the 5% long-term low growth factor. Is is that correct
Show response
Sales growth opportunity confirmed from 6 GW; timing mostly 2029-2030 with multi-year ramp schedules extending into 2030s; deepens late-plan pipeline and extends post-2030.
when we kinda look at the earned returns just for 2025 actuals, they are pretty significantly, you know, under authorized
Show response
SPS ROE impacted by Q4 weather, expects recovery; Colorado under-earning due to delayed rate case filing pending Marshall resolution; rate case decision expected late Q3 2026 with full ROE impact in 2027.
clarify what's kind of embedded in the low end of this $10 billion plus incremental bucket
Show response
Key markers: Colorado near-term tranches, 1,500-3,000 MW SPS bids received, 4,100 MW Minnesota renewables filing, new SPP 765 kV ($1.5B), plus data center generation upside; no upper bound given.
Calendar 2025 Q3
Does that start beyond '26? Or is that how you're kind of viewing this year
Show response
CFO confirmed 9% is inclusive of 2026, calculated off 2025 midpoint of $3.80.
I know you talked about $1.3 billion already priced forward. Is that kind of net against that $7 billion
Show response
CFO confirmed $7B equity is incremental for 2026-2030; prior issuances aligned with old plan. ~40% equity content on incremental capital.
Calendar 2025 Q2
if the window for safe harbor is shortened, just how do you kind of see that affecting your plan
Show response
Management started physical construction on base and incremental projects; expects treasury guidance by mid-August.
How should EPS growth kind of track against rate base growth? Should we be kind of expecting similar types of equity issuance
Show response
Already issued $2.5B of $4.5B equity plan; incremental capital funded ~40% equity; CFO hinted at being above 8% growth at times.
is settlement of that fully off the table for now? Or is there still an opportunity to do that into trial
Show response
Mediation concluded but parties can still talk; management maintains equipment didn't cause second ignition and is prepared for September trial.
Calendar 2025 Q1
If there's any kind of outcome where the tax credits get sunsetted sooner within your five-year plan, how do you kind of think about the offsets to cash flow
Show response
Management detailed multiple fallback mechanisms including 30-year PTC flow-back method and noted safe harbor positions through 2028.
the broader kind of tariff outlook and how it's affecting economic development in your service territory
Show response
Sentiment shifted but no actual activity change in consumer or C&I; oil and gas customers in SPS unchanged with mining and transportation up 9% YoY.
Calendar 2024 Q4
are any of your projects kind of in scope from either federal, or private permitting halt perspective
Show response
Management clearly stated no exposure to federal permitting issues and confirmed ~$700M/year transferability in forecast.
at which point, do you think you would reevaluate that sales CAGR? Is that more of an EEI later in the year item
Show response
Management confirmed comprehensive update at Q3 call, expects all data center contracts signed by fall 2025.
LNTAlliant Energy16 questions · 7 reporting periods · 0 of 16 challenging
Calendar 2026 Q2
Do you have visibility to some kind of larger one gigawatt deals within that
Show response
Lisa deferred specifics on pipeline conversion to the Q3 resource plan, reiterating the disciplined criteria (land control, load ramp, transmission) before signing.
Calendar 2026 Q1
What is the right dollar-per-kilowatt cost that you are seeing for those types of investments right now
Show response
Barton declined to disclose CT cost due to confidentiality. Unit will be sized per resource plan with low/medium/high load trajectories. ESAs announced quarterly. Pipeline includes various-sized deals.
could it be increased and could that customer do more? And does that represent part of the 2 to 4, or is the 370 largely locked and loaded today
Show response
Barton declined specifics on 370 MW customer expansion citing confidentiality. Noted 2-4 GW pipeline includes both new entities and expansion of existing customers.
Calendar 2025 Q4
is there anything else that you can kind of give us around your goals for timing when you could bring in another deal
Show response
Barton described three pipeline buckets but declined specific timing. Emphasized high-quality ESAs with comprehensive transmission studies and land control.
what is required there from a, you know, permitting, zoning, approval process
Show response
Barton confirmed new Iowa QTS site has land control, zoned industrial, similar demand/timing/ramp. ICR filing upcoming.
Calendar 2025 Q3
Can you just give a little bit more color on what stages of those incremental opportunities are
Show response
Barton noted progression from 1 GW at EEI last year to 2.1 GW in Q1 to 3 GW today. Active negotiations with interconnection studies done on remaining pipeline.
what's the starting point that's embedded in '26, so we have a base to work off of
Show response
Durian said 2026 load is modest, with production load starting Q4 2026. Full 3 GW ramp expected by 2030.
that would then kind of put this growth rate above 8%. Is that the right way to think about it
Show response
Barton confirmed incremental load beyond current plan would push growth above 7-8%.
What is your FFO to debt going to be at the end of '25
Show response
Durian targeting 50-100 bps FFO-to-debt cushion. Approximately $1.5-$1.6 billion tax credits in 4-year plan with strong buyer interest.
Calendar 2025 Q2
how you're thinking about like the competition for capital in your 5-year plan
Show response
Durian confirmed incremental generation for new data center load is purely additive, not displacing existing CapEx.
Is there a percentage that you're targeting for incremental capital now
Show response
Durian reiterated 40-50% equity funding ratio for any incremental CapEx additions.
Calendar 2025 Q1
where do you kinda see yourself today against those metrics
Show response
Durian confirmed strong balance sheet positioning: upper end of S&P 13-14% range, middle of Moody's 14-15% range.
if you lost a dollar of transferability, like, how much equity do you think you'd actually have to do
Show response
Durian said minimal additional financing needed through 2028. Any new needs would follow 40-50% equity mix. Barton noted bipartisan House letter supporting IRA.
Do you still see this as a five to 7% long-term EPS CAGR? And any kind of comments on how you're trending in that plan now
Show response
Durian pointed to 11% investment CAGR and cascading growth. Barton highlighted Alliant Energy Advantage, regulatory flexibility, queue length, and load acceleration.
Calendar 2024 Q4
if we were to add a dollar of CapEx like, what's the associated equity needs with that going forward
Show response
Durian gave clear 45-50% equity financing ratio for new CapEx, highlighted 35% cash flow improvement and tax credit monetization upside.
Maybe you can just kinda talk about what's different in this case versus prior cases
Show response
Durian described solar, battery, and gas path projects as main rate base additions. Standard ROE and capital structure questions expected.
FEFirstEnergy15 questions · 7 reporting periods · 1 of 15 challenging
Calendar 2026 Q2
can you talk about what the regulatory process would be and how that could differ from the current CPCN process
Show response
Laid out the FERC plus West Virginia PSC path and said it would be considerably faster than a traditional CPCN.
And then just on the RFP for the next part of the generation, kind of a similar question
Show response
Gave directional confidence on speed but no timeline or economics; the specific duration question went unanswered.
Calendar 2026 Q1
what are kind of the frameworks that we should be thinking about to facilitate the next phase of load growth in the state
Show response
Tierney noted hyperscalers willing to pay full fair share for all energy consumption. Referenced Michigan model where development lowers existing customer rates.
as we layer in some of the additional capital to the plan, just how you're thinking about the funding and financing mix
Show response
Taylor confirmed up to 35% of WV generation funded with new equity; incremental investments not expected to exceed that equity proportion.
Calendar 2025 Q4
West Virginia could be another $1,200,000,000.0 incremental to the plan and that would bring your wrap CAGR to 11%
Show response
Taylor detailed WV financing: 50% DOE loan, 15% CWIP cash recovery, 35% new equity. Will update growth rate as incremental investments are approved.
how is the increase CapEx impacting your earned returns in the state? Just relative to that 10 that you show on the slides
Show response
Taylor noted PA rate case not long ago; focus is on driving reliability investment. Roughly 45% of PA capital under LTIP with DISC surcharge recovery.
Calendar 2025 Q3
how you're thinking about rate case strategy for '26, mostly asking on Maryland, West Virginia, New Jersey, where the ROEs are trending a little lower than authorized
Show response
Taylor indicated similar cadence to prior round of rate cases, with focus on earning close to allowed returns as capital is deployed.
you kind of talked about build and transfer versus self-build. Can you maybe kind of talk about how you've recovered the capital in either scenario
Show response
Tierney explained self-build gets CWIP recovery during construction; real earnings come after asset is online.
Calendar 2025 Q2
the 20% increase that you have visibility to in the plan, is that net or gross of the minority interest ownership
Show response
Taylor confirmed 20% is gross of minority interest. Tierney quantified incremental opportunity at $2.3 billion to almost $4 billion.
What are your views on pursuing a [ Genco ] similar to some of what your peers in PJM announced
Show response
Tierney would consider regulated-like or contracted generation but won't take merchant risk; prioritizing WV integrated investment.
how are you kind of thinking about balance sheet capacity at this point and when you would have to start to lean on equity
Show response
Tierney said they keep all options open, not very concerned, much of incremental CapEx is in formula-rate recovery.
Calendar 2025 Q1
Is there just any chance that you could deal with ESP in that discussion or is that gonna be more up to commission interpretation
Show response
Tierney separated rate case from ESP, outlined three paths for ESP transition including legislation, commission action, or CapEx reallocation.
Do you still kind of expect, regardless of the outcome, do you expect to be able to offset that be within the range, and be able to kind of grow linearly here at the '26
Show response
Tierney confirmed confidence in staying within the 6-8% CAGR range regardless of Ohio outcome.
Calendar 2024 Q4
If you're going to be higher in the range, just I guess why isn't this a 7% to 8% CAGR? And what's kind of -- what are you kind of handicapping
Show response
Tierney cited traditional utility risks but emphasized more tailwinds than headwinds from data centers and competitive transmission awards.
what are your thoughts on just being able to maybe settle some of these issues with staff? And is that possible? Or are you just going to be taking this a full distance to an order
Show response
Tierney was candid that the complexity likely precludes settlement but expressed no concern about regulatory overhang.
DDominion Energy14 questions · 7 reporting periods · 0 of 14 challenging
Calendar 2026 Q2
how would you kind of frame risk of further slippage? Are there any ongoing activities
Show response
Blue expressed confidence in the updated timeline, stressing the project is substantially de-risked and already delivering power to the grid.
your expectation that the procedural schedule stays as is and just any data points you would highlight there.
Show response
Blue said stakeholder conversations have gone well and defended the existing Virginia schedule as sufficient given the commission's expertise.
Calendar 2026 Q1
the PJM upgrade costs—are they included or not in the figures you are putting out there today, or is that still downward pressure
Show response
Ridge clearly stated PJM reallocation is not yet reflected (potential downward pressure) and tariff impact estimated at approximately $200M, potentially offset by transmission reallocation.
Can you just talk about what is embedded in the plan currently for battery storage, what your recovery mechanisms would be
Show response
Ridge provided clear detail on current plan allocation, recovery via rider mechanism, and $2.5-3B/GW cost rule of thumb. Directed to upcoming IRP and capital plan updates for cadence.
Calendar 2025 Q4
How many how many turbines do you need to install per quarter to make the July 2027 timeline that you laid out
Show response
Blue confirmed majority of turbines expected in 2026 with some into 2027. Target 2.25 days per installation averaged over time. Stonepeak has contractual provisions for extended period participation.
If the timeline is going past July '27, is the overall COD, you think, still kind of intact then
Show response
Blue clarified turbines energize in strings continuously rather than single COD date. McFarland noted rate base capital effectively fixed at regulatory cap, installation timing largely EPS neutral via deferrals with cash impact absorbed by robust credit cushion.
Calendar 2025 Q3
What's the balance sheet capacity to kind of absorb higher CapEx at this point
Show response
Ridge noted FFO to debt tracking at 15% with 100-200bp cushion to downgrade thresholds. Derisked 2026-2027 ATM. Full capital update with financing plan expected early 2026.
there's no other approvals needed across offshore wind supply chain, the boat or with federal government
Show response
Blue confirmed definitively that completing the punch list is the only remaining step before turbine installation can begin.
Calendar 2025 Q2
where do you kind of stand within the fiscal '25 range? And then are you trending at or above the midpoint at this point
Show response
Ridge indicated bias to top half of range but wants Q3 execution before narrowing. Blue emphasized consistent execution on the plan as most important and would incorporate improvements only when meeting appropriately conservative criteria.
Can you just maybe talk about and expand on where you have slack in the time line, I guess, if the ship does see further hiccups
Show response
Blue corrected timeline to August vessel delivery, confirmed no time-of-day restrictions on turbine installation. Emphasized purpose-built vessel eliminates barge transfers, enhancing installation efficiency.
Calendar 2025 Q1
any update on whether you would be kind of kicking that off immediately
Show response
Blue confirmed monopile season starting May 1 as planned, referenced prior run rate of 25 monopiles per month as achievable pace, weather-dependent.
can you -- is there anything that you can kind of shed light on in terms of your conversation with them
Show response
Blue and Leopold confirmed all raw materials purchased, fabrication on or ahead of schedule, no change to delivery timelines despite tariff uncertainty.
Calendar 2024 Q4
how do you kind of think about the time line to kind of wrap some of that into the plan in the current decade
Show response
Blue declined to give a per-GW CapEx sensitivity but emphasized confidence in data center arrivals and highlighted 6 GW of additional capacity in Eastern Loudoun alone.
there seems to be a lot of focus on additionality if it comes with colocation in any form
Show response
Blue said additionality is not a gating item for potential data center colocation customers but stressed need to consider Connecticut stakeholder interests.
EIXEdison International13 questions · 7 reporting periods · 1 of 13 challenging
Calendar 2026 Q2
So can you just maybe kind of talk about what is on the table from the utility side
Show response
Pizarro walked through the GRC visibility through 2028 and no equity need through 2030 but declined to specify scenarios, conceding he had not given the specific answer asked for.
slight change in the 10-Q language around Eaton and that you believe the equipment was associated versus could have been
Show response
Pizarro explained the language was streamlining after three more months with no viable alternatives, and gave the specific claim and subrogation volumes that prevent an estimable range.
Calendar 2026 Q1
what is Edison kind of advocating for in the 3 paths? Where is the threshold in your mind for shareholder contribution just kind of keeping in mind what played out last year?
Show response
CEO emphasized return to cost-of-service model with prudency as the standard for shareholder contributions. Will evaluate all packages on merits. Legislative session ends August 31 with bills in print by August 28. Cannot predict timing but acknowledges complexity.
Calendar 2025 Q4
when do you think you would potentially have the low end of losses for the total event? And what is kind of the complicating factor at this point?
Show response
CEO provided detailed perspective on scale: 2,300 claims submitted, 590+ offers made, but 18,000 eligible properties with potential for tens of thousands of claims. Cannot estimate timeline because it depends on participation pace.
what are kind of the consideration the nonlinearity to think about for '28 and '29? Do you kind of plan to be at the high end in those years in the 5% to 7% range?
Show response
CFO confirmed high-end growth in 2027 and next couple of years after muted 2026. Beyond 2028, rate base growth is the primary driver with potential step-up from next GRC cycle filed May 2027.
Calendar 2025 Q3
is the $0.10 just a charge for both the '26 and '27 maturities? Or is that still kind of up for debate?
Show response
CFO explained $0.10 represents write-off of deferred financing costs from potential early refinancing of preferred equity. More options available now due to TKM/Woolsey securitization proceeds.
when do you think that we'll have a low-range estimate for what the liability against the fund would be?
Show response
CEO noted compensation program not yet launched, participation rate unknown. One SoBro settlement is only a single data point. Process will be long. CFO highlighted SB 254 protections including ignition-date liability cap of ~$4B.
Calendar 2025 Q2
Should we be expecting that to be more kind of one-off, as you know, you're going to communicate to the market?
Show response
CEO noted quarterly calls are normal disclosure cadence but could foresee off-cycle disclosure if information is sufficiently material for investors and community.
how would you kind of define what is or what is not an acceptable structure and whether you're open to shareholder debt or equity contributions
Show response
CEO laid out IOU principles (earn ROE, full recovery of prudent costs) and argued against upfront shareholder contributions. Noted fund administrator estimates ~$22B capacity even after existing draws.
Calendar 2025 Q1
how you're thinking about how you would reflect any liabilities from the Eaton fire? Like how that -- would that go into the financing considerations
Show response
CFO clearly distinguished post-AB 1054 approach from TKM/Woolsey era. No debt issuance needed for claims. Financing plan refresh will focus on normal course capital plan.
what drove you to kind of put that out there now versus in the fourth quarter update?
Show response
CEO explained probable disclosure driven by combination of circumstantial evidence and absence of alternative ignition hypothesis. Liability still not estimable.
Calendar 2024 Q4
how would you kind of frame the current policy environment and the conversations you've had with people and whether those conversations have been constructive
Show response
CEO highlighted constructive starting point vs 2018, noted governor retained Patterson and engaged Guggenheim for financial analysis, discussions with legislative leaders ongoing.
do you have any indication about what the number would be for damages from a starting point? Or you don't -- when do you expect to know?
Show response
Management was transparent about uncertainty, noting prior fires took 12-18 months for investigation reports and liability depends on plaintiffs filing actions.
WECWEC Energy Group13 questions · 5 reporting periods · 1 of 13 challenging
Calendar 2026 Q2
maybe can you provide an update on how you're thinking about Microsoft? And anything you'd be willing to share there?
Show response
Direct on progress but withheld the updated megawatt figure until the third quarter plan.
if you could provide an update on where that's trending? And is that in the formal capital plan today?
Show response
Direct: confirmed the line is already in the ATC forecast, decision expected by year-end, and flagged other transmission as Q3 upside.
Calendar 2026 Q1
Is it the base idea that you're going to bring in the full replacement? Or could you just be kind of targeting half of that to start
Show response
First 500 MW unit fully in plan; second unit may see some long-lead-time equipment dollars in current plan.
is this something that you expect to go fully litigated? Or do you think there could be an opportunity to settle
Show response
Lauber noted commission settled cases with other utilities last year and is optimistic but said it is too early for decisions before seeing staff audit.
can you just kind of talk about your ability to execute on that from a supply chain and equipment standpoint
Show response
Lauber expressed high confidence in execution citing years of behind-the-scenes work with customers. Confirmed incremental additions coming at Q3 call.
Calendar 2025 Q4
how do you feel about the potential to kinda settle this if that's important at all and if the window is open to do so? And then I'm also just wondering the timing on the GRC filing
Show response
Lauber prefers full commission vetting rather than settlement for VLC tariff to ensure maximum transparency. Rate case filing on track for April.
any thoughts on further derisking the plan past that? Or could there be any downside to this number if you guys were to lean on some additional hybrids
Show response
Liu confirmed significant hybrid capacity remaining after $600M issuance. $900M-$1.1B common equity plan via ATM expected to execute throughout year.
Calendar 2025 Q3
Just wondering what the appetite is to recycle capital to replace common equity needs
Show response
Open to evaluating opportunities but not actively looking to sell WECI assets. Values performance and low maintenance.
Do you have the turbines or maybe the renewable agreements to kind of execute on that?
Show response
Working with large customers daily on supply chain. Current plan reflects firm commitments. Multiple years of preparation.
what's just the state of urgency from state stakeholders to kind of further lock up this capacity through the end of the decade
Show response
Emphasized ample time with contracts to 2030/2033. Alternative generation options available if needed.
Calendar 2025 Q2
would you have clarity on that ahead of the third quarter call? Like I guess, could you settle that proceeding?
Show response
Described VLC tariff as effectively settled with large customers, now going through commission's vetting process.
the CAGR, we all love the precision, but it is probably one of the thinner ones out there across the sector
Show response
Acknowledged upside potential from economic development but deferred growth rate update to Q3 call.
I was just wondering if you can maybe talk about the 3.5 gigs of demand and how you're thinking about procuring generation for that?
Show response
Confirmed Vantage targeting 1.3 GW by end 2027. Working on purchase cancellation agreements and generation orders. System is very tight.
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CMSCMS Energy12 questions · 5 reporting periods · 1 of 12 challenging
Calendar 2026 Q2
maybe just an update on how you’re thinking about the storm deferrals in the plan that you’ve outlined today
Show response
Maddipati confirmed a constructive order is assumed in the pending docket, cited last year's precedent, and stressed the deferral is not the only offset lever for storm costs this year.
NorthStar last year was about $0.30, and our understanding is about half of that is the renewables
Show response
Maddipati pointed to retained DIG and renewables earnings plus incremental cash offsetting parent financing, and confirmed a continuing year-over-year parent benefit, but did not quantify how much of the year-to-go variance is one-time.
Calendar 2026 Q1
how are you thinking about being proactive to de-risk 2027 and 2028?
Show response
Rejji said equity needs average $750M over 2027-2030 but are front-end loaded. Already executed ~$495M of forwards in Q1 for 2026. Will prioritize 2026 needs first, then opportunistically de-risk 2027+ if stock trades above plan assumptions in H2.
strategically, is there appetite to do something like that again
Show response
Garrick declined to comment on M&A or portfolio rotation, pointing only to guidance provided on the call.
I am trying to understand more granularity on what is needed for the permit and your expectation to have that done by summer
Show response
Garrick explained the multi-step local approval process varies by township. Hyperscalers pursuing multiple properties across multiple areas. Would not predict specific dates but noted progress and forward momentum. Promised early notification.
Calendar 2025 Q4
the PSD, I would say, is just quite concerning from seeing an [ 8% ] and change ROE significantly below the national average
Show response
Garrick called the 8.2% ROE an outlier that is not well supported and won't match the environment. Noted that applying a 9.9% ROE to the ALJ's revenue deficiency of $168M yields roughly $314M, close to staff's constructive $317M position. Expects ROE of 9.9% or better.
when you would wrap in the 1 to 2 gigs, do you see it as truly incremental to the 10.5% CAGR
Show response
Garrick confirmed data centers not in the $24B plan. IRP capacity needs are for existing 2-3% load growth and plant retirements including 1 GW Karn 3 and 4 oil-fired retirement in 2031. Rejji added every GW of new load requires $2.5B-$5B+ of distribution and supply investment, and rate base CAGR would increase if data centers land.
Calendar 2025 Q2
how do you feel about the gas case at this point and the ability to potentially settle that?
Show response
Garrick said CMS is in a great spot with staff supporting 80% of revised ask and 95% of capital. Open to settlement with PFD expected in August but comfortable going to fully adjudicated order.
I wanted to pick up where you left off there and just be a little bit more clear on how the 1 gigawatt of new data center customer interacts with the $5 billion of CapEx upside in the IRP
Show response
Garrick confirmed the $5B IRP estimate covers existing 2-3% growth and plant retirements. The 1 GW data center is incremental and would require upward revision. Full capital update planned for Q4 call incorporating grid reliability, approved REP, and early IRP dollars.
Just how are you kind of thinking about '26 and whether there's an opportunity to kind of derisk the equity in '26?
Show response
Rejji said they may pull ahead some 2026 financing needs into 2025 if opportunities arise. Keeping all options open with a favorable funding environment.
Calendar 2024 Q4
I just wanted to ask just a follow-up to Jeremy's question a little bit further on, like, NorthStar and the big opportunities
Show response
Rejji said DIG upside strengthens plan length rather than extending growth rate, noting they compound off actuals which requires plan support. Already captured significant uplift.
on the REP, like, I know it's early, but just is this something that you expect to take a full distance, or is there a settlement potential
Show response
Garrick said they are open to settlement like past IRPs but prepared to take REP through full process with expected outcome in Q3 2025.
EXCExelon12 questions · 5 reporting periods · 2 of 12 challenging
Calendar 2026 Q1
a proposal around the return that would point to a lower ROE and potentially lower equity cap, depending on the mechanics
Show response
Jones deflected the specific ROE risk question by emphasizing the existing regulatory process, without directly addressing whether legislation would be required.
How much is sustainable versus one-time and can be recaptured through a rate case proceeding?
Show response
Butler characterized the $350 million as sustainable savings driven by work not being pursued, with potential to bring back investment avenues if conditions change.
What feedback are you getting from the agencies through what has transpired in Pennsylvania?
Show response
Jones acknowledged PICO is under review for downgrade but emphasized Exelon's diversified portfolio and 14% credit metric target provide cushion at the parent level.
Calendar 2025 Q4
the rate base growth is near 8%. You do have financing lag against that, you know, which maybe would be greater than 1% financing lag between equity needs and debt funding
Show response
Jeanne cited AFUDC from transmission capital growth as key offset to financing drag, enabling near top-end earnings growth alongside strong earned ROEs since separation.
how you are thinking about regulatory strategy for 2026? Whether you would file in 2026 or wait until 2027
Show response
Calvin confirmed Maryland filing in 2026, considering Pennsylvania timing with affordability front and center. Jeanne noted disclosure accommodates variety of rate case timing scenarios.
how do you see that process shaping up? Do you expect it to still be on time for, you know, a September auction?
Show response
Colette Honorable emphasized utility-generated power cost savings of $9.6-$20B citing CRA study. Focus on extending price cap, getting more supply, and improving reliability near-term.
Calendar 2025 Q3
is this something that you think you kind of get clarity on by year-end and potentially consideration for the financing outlook
Show response
Jeanne noted additional IRS guidance expected, with resolution supporting cushion toward 14% credit metric target rather than reduced equity needs.
the ACE rate case has been going on for a long time. And you're still saying that you're on track to settle this case
Show response
Calvin credited ACE team for collaborative work with stakeholders including governor. Interim rates provide leverage to keep settlement discussions moving forward.
Calendar 2025 Q1
you have this new Maryland legislation that's out there. It does prohibit reconciliations after Jan 1, 2025. And I'm just wondering if you can maybe kind of talk about how you think that could impact
Show response
Calvin expressed full confidence in guidance resilience, noting Exelon is in its fourth Maryland NYP and has experience building budgets. Highlighted five key areas of new Maryland legislation.
just curious what your response would be as a T&D, do you think or are you open to resolving this colocation issue via settlement perhaps
Show response
Calvin affirmed openness to discussions while emphasizing Exelon's principles remain unchanged. Noted EEI unified transmission owner statement to FERC.
Calendar 2024 Q4
I know legislation has been kind of a priority in Maryland from stakeholders, and I was wondering if you can kind of comment on what you would kind of expect there
Show response
Calvin described broad legislative engagement across jurisdictions with focus on resource adequacy and affordability. Karim Kusami detailed Maryland's focus on incenting in-state generation.
Slide eighteen, just when we think about the growth into twenty-seven, that just year over year of prior year twenty-six midpoint?
Show response
Jeanne confirmed year-over-year growth is measured from prior year midpoint of guidance, building to 5-7% annualized through 2028.
PEGPublic Service Enterprise Group12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
how much of the decision to file is on the back of the report versus, I guess, anything that's transpired
Show response
Ralph tied the base rate case timing to the state's EO1 goals and peer utilities also filing; answered the driver question directly.
Calendar 2025 Q4
just maybe you can talk to whether this CAGR is linear or not
Show response
Cregg emphasized PSEG's goal of predictable, linear growth. The structural shift was the supply-demand curve pushing above PTC floor, prompting the CAGR raise from 5-7% to 6-8%.
what is the latest thoughts on that at this point? I know the prior state administration was very focused on bringing data centers
Show response
Cregg identified Pennsylvania as more receptive for larger-scale nuclear contracting. New Jersey opportunities are smaller but progressing. LaRossa noted the new governor is still staffing up and will focus on economic development after the budget.
there are discussions around extending the RPM collar for another two years
Show response
Cregg directed analysts to use PECO zone pricing as the best proxy for generator bus economics, noting West Hub trades approximately 20% above actual realized prices.
Calendar 2025 Q3
is it fair to say that any deal at this point would now have to come with additionality commitments
Show response
Cregg clarified that BYOG and additionality discussions are not mandatory requirements. Different counterparties have different environmental profiles, but nothing precludes front-of-meter deals.
what are some of the negatives that we should be thinking about that kind of put you back within the 5% to 7% range
Show response
Cregg declined to discuss individual elements of the CAGR or year-by-year growth drivers, pointing entirely to the February roll-forward for a fulsome update.
Calendar 2025 Q2
how do you kind of see that impacting your ability to move forward with a multiyear contract by the end of this year
Show response
LaRossa confirmed desire to execute with current administration but will not force a deal. Emphasized this is a PJM-wide question, not just a New Jersey question.
how are you kind of framing where you are on a gross receipt basis? And I guess my question is, are you now higher in the range
Show response
Cregg explained higher capacity clears lift the capacity component of nuclear revenue. If energy markets also rise, PSEG would move above PTC threshold, but current CAGR guidance remains at PTC.
Calendar 2025 Q1
remind us on like the quantum of megawatt it could potentially be part of a commercial agreement? Would you be open to doing more than a third of it
Show response
Cregg indicated the entire nuclear portfolio is available for contracting, no artificial cap or restriction on megawatts.
do you still see executing on nuclear deal in 2025 as still on the table before the governor leaves office
Show response
Cregg confirmed no change in timeline or posture. LaRossa added that the governor is actively pursuing technology company attraction in the Middle East.
Calendar 2024 Q4
if we kind of continue to clear near the $270 level, how does that kind of impact your gross receipts calculation
Show response
Cregg explained the capacity-energy relationship and inflation adjustment to the PTC floor. Higher market prices provide upside above the PTC threshold.
if a large load customer was to be able to connect to the facility, what's the timeline for ramp?
Show response
Cregg explained timing depends on whether it's existing capacity sale (quicker) or requires new data center construction (longer). Not tied to FERC or state actions.
PCGPG&E Corporation11 questions · 6 reporting periods · 0 of 11 challenging
Calendar 2026 Q2
just understanding you have this GRC that is been filed, how does it intertwine with that?
Show response
Poppe said a capital shift would be integrated without necessarily requiring a GRC filing change or affecting timing; Burke noted FERC is $20B of the $73B plan.
Calendar 2026 Q1
how high grade is the plan if we were to kind of go that way with some of the more draconian things that are being piched right now
Show response
CEO said performance track record positions PG&E well regardless of who is elected. Affordability is shared priority with any governor. 5 rate reductions in 2 years speak for themselves.
where are you kind of drawing the line? And what is sufficient?
Show response
CEO emphasized three priorities: quantifiable tail risk for investors, whole of society reform (insurance + hardening + liability), and net improvement to status quo. Package must be evaluated in totality.
Calendar 2025 Q4
can you just give us a sense of some of the items or just how you would kind of rank what takes priority in capital allocation
Show response
CEO stated current valuation absolutely not sustainable. Ringing that bell in every corner of California. If progress stops, entire plan on table but declined to rank alternatives on the call.
if you were to kind of reflect on the CEA process, what is most encouraging to you
Show response
CEO emphasized getting it right matters more than speed. CEA focused on actionable, viable, and durable solution. Key criteria: risk reduction, recovery outcomes, affordability, and investability.
Calendar 2025 Q2
how are you thinking about the palatability to fund anything upfront at this point
Show response
CEO argued claims take years to pay out so fund doesn't need immediate liquidity. No strong reason to assume large upfront payment would be required.
Can you just kind of remind us on where you kind of stand today on balance sheet capacity
Show response
CFO confirmed $63B plan fully funded. $2B parent debt paydown deferred beyond 2026 for added flexibility. Still targeting mid-teens FFO to debt through 2028.
Calendar 2025 Q1
can you maybe expand on why you're you're confident that that's indeed happening this year just given the various things in front of the state legislature
Show response
CEO argued AB 1054 is too important not to fix, serves rate smoothing for customers, wildfire victim recovery, and capital attraction. Would not share specifics, calling it a live ball.
just maybe you can kinda talk about what you see as kinda the key differentiator in your upcoming case
Show response
CEO said GRC will reflect simple affordable model with O&M savings passed to customers. Benefits of DOE loan, investment grade, and beneficial load growth not included, all upside to filing.
Calendar 2024 Q4
what's the risk of this being, like, a multiyear legislative effort rather than something that gets done at the end of August?
Show response
CEO acknowledged bigger state issues but argued incremental fix still achievable this year because attracting capital and investor confidence are urgent priorities.
the cost of capital in the state has changed. In the last month, and just wondering if you can kinda talk about how that impacts your upcoming filing
Show response
CEO confirmed March filing proceeding as planned, acknowledged interest rates up and cost of capital increased, expects strong and effective case.
SOSouthern Company11 questions · 5 reporting periods · 0 of 11 challenging
Calendar 2026 Q2
And then maybe on the 3 GW you are finalizing stages for, is that within the 2030 window, or is it after?
Show response
Poroch answered directly on timing, placing the ramp start in 2028 and extending into the next decade.
how does that incremental sales revenue and visibility, how does that impact your ability to maybe extend
Show response
Womack and Poroch pointed to rate stability optionality and to being close to selling out approved Georgia capacity, but declined to commit to any regulatory filing.
Calendar 2026 Q1
How is that creating or changing your philosophy around regulatory strategy—when you would actually go in and file again after these next stay-outs?
Show response
CEO framed regulatory strategy around rate stability, emphasizing large load contracts with full cost recovery protect existing customers and support rate freezes through 2028-2029.
As we think about wrapping in additional capital, you have given that sensitivity for incremental equity, but what are your thoughts on portfolio rotation at this time?
Show response
CFO said they are open to both buying and selling if circumstances are right, but love the current portfolio.
Calendar 2025 Q4
would that be served entirely with gas and -- can we do the math on what that CapEx would be if it's all new build
Show response
Womack confirmed the all-of-the-above approach including gas, battery energy storage, and other resources to meet growth opportunities.
Maybe just wondering how you're kind of trending in the beyond '28 time frame at the base level
Show response
Womack cited the 10GW contracted, 3GW in final stages, 75GW pipeline, and broad economic expansion as supporting the upgraded outlook. Poroch added they target top end of guidance and see opportunities for upside.
Calendar 2025 Q2
you still expect a large load update filing in August and that would be higher than kind of the 52 that we talked about in the past
Show response
Poroch confirmed mid-August filing to Georgia PSC with updated load forecast, followed by September RFP and certification process update.
how would you frame the returns compared to your core regulated business? And then I know it's just a -- much smaller part of the business
Show response
Tucker said Southern Power returns have historically been slightly above regulated returns, with potential to expand. Stringent risk-reward parameters and credit metric requirements apply.
Have those discussions picked up with the recent momentum we've seen in the industry and the executive orders
Show response
Poroch reiterated need for new nuclear with ongoing conversations with administration and hyperscalers. Financial risk mitigation remains the key barrier. Vogtle success provides proof of concept.
Calendar 2025 Q1
do you anticipate kind of being at the higher end of your 5% to 7% through 2027, and that would kind of equate to like a new higher base
Show response
Tucker reiterated back-half positioning at or near top of 5-7%, with near-term headwinds from parent interest refinancing. If trajectory appears sustainable, provides opportunity to rebase the starting point.
are you guys still on track to kind of find that at the end of June or by July 1? And has anything kind of changed there in your rate case strategy
Show response
Womack confirmed the rate case filing is on track for early July as required by the 2022 rate case order.
SRESempra11 questions · 6 reporting periods · 1 of 11 challenging
Calendar 2026 Q2
if we could be a little bit more clear just on the batch process, just the actual next steps
Show response
Allen laid out the August 20 PUC open meeting as the next milestone after Governor Abbott's audit letter; direct.
Calendar 2025 Q4
thoughts on the remaining 25% in terms of maybe using something to fund the $9 billion or other strategic actions to limit common equity
Show response
Jeff outlined three capital sources for upside funding: improving operating cash flows ($5B increase), $2.2B SI proceeds outside plan period, and the 25% residual SI stake as a potential recycling opportunity, while emphasizing their track record of competing capital sources.
is that kind of offset that is not really, like, accelerating you beyond that $7.50 high end
Show response
Jeff explained they want to close execution risks (Texas settlement approval and SI transaction closing) before providing further upside visibility, while noting the $9B upside provides real opportunity to flex to the upper end.
Calendar 2025 Q3
since we're past testimonies now, is settlement less likely? Is this something that you're kind of still actively working towards
Show response
Allen confirmed active settlement discussions continue even as they prepare for the November 17 hearing, noting staff testimony was constructive and interim rates take effect January 1, 2026.
with the proceeds that are kind of coming in on a staggered basis, '26 and '27, just how are you kind of viewing balance sheet capacity for this increase? And is it fair to say there should be no e...
Show response
Jeff confirmed SI proceeds eliminate all previously planned equity issuance, and Karen emphasized building a solid cushion on the balance sheet with improved credit profiles expected from all rating agencies.
Calendar 2025 Q2
any high-level thoughts on your kind of participation in a potential AB 1054 solution this year as well as maybe just on some of the status of the affordability bills
Show response
Jeff expected progress on AB 1054 stabilization this session with continued improvements into 2026, noted opposition to use of shareholder dollars as a principle, and Caroline Winn detailed SDG&E's 18-year wildfire-free record and affordability initiatives including $300M program reductions and $200M tax credit passthrough.
Just is there a point at which this ROFR extension expires
Show response
Jeff declined specifics but characterized the extension as evergreen/rolling until the parties reach a definitive agreement.
Calendar 2025 Q1
What year do you kind of think that you'd be, above that 7% to 9% range
Show response
Jeff declined to specify a year but clarified they expect to be at the high end or above the 7-9% range, noting the $12B upside is not in the forecast.
is there any scenario in which you think you can kind of go beyond the 30%
Show response
Jeff indicated openness to larger stake sales if value-maximizing, while noting the 15-30% range was sized to meet the capital program.
Calendar 2024 Q4
a 1% increase in the rate base CAGR for, you know, roughly a 10% or more cut in EPS expectations just seems somewhat counterintuitive
Show response
Jeff provided extensive context about Oncor's $48B opportunity and how incremental capital adds $400-500M of upside earnings.
Is that going to be would you consider a block? And then you kind of talked about buying back stock
Show response
Jeff outlined multiple financing sources: operating cash flows, ATM program, hybrids, and asset sales at SI targeting $2-3B net equity.
NEENextEra Energy10 questions · 7 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
Just anything you can share from your conversations and reactions from local constituents?
Show response
CEO said local conversations have gone well and held the second half 2027 close while allowing for acceleration.
you brought up renewables recontracting average premium of $20 to realized pricing with a 15-year term
Show response
CFO tied the recontracting premiums and higher returns directly to the S-4 projections; CEO added returns continue to trend up across the board.
Calendar 2026 Q1
how would you kind of view the return of that opportunity to like the 13% to 20% plus equity IRR
Show response
Ketchum explained Japan projects require zero capital from NextEra. Returns are essentially infinite as company earns development, construction, and ongoing O&M fee streams. Incentives aligned with U.S. government and Japan through performance-based payments.
Is that kind of the new run rate we should expect going forward for FPL
Show response
Management clarified CapEx increase reflects proactive pull-forward of solar supply at locked-in prices to mitigate trade impacts, not a permanent run rate change. FPL well positioned for low-cost customer service.
Calendar 2025 Q4
you talked about having secured supply for four gigs. Just when would you kind of secure the additional four
Show response
John said 4 GW secured against data center hub opportunity set. Additional procurement as discussions advance across 20 hubs growing to 40 by year-end. GE Vernova partnership provides confidence on availability and pricing. Pricing consistent with December investor conference disclosure.
What is the kind of gating item more on the customer side? Like, what are your customers telling you
Show response
John said customers waiting on Tallahassee legislation outcomes on water usage, municipal/state incentives. Expects constructive outcome. Reiterated expectation of 2026 large load announcements based on ground-level interest in FPL territory.
Calendar 2025 Q3
There's a lot of momentum right now for AP1000. And just curious what your appetite would be in participating in something like that
Show response
John focused on 3 existing nuclear sites (Duane Arnold, Point Beach, Seabrook) with ~6 GW SMR capacity plus greenfield sites. Also looking at greenfield with existing renewables to anchor Phase 1 build-outs. Disciplined capital allocation on nuclear with right commercial and financial structure.
Calendar 2025 Q2
is the settlement still on the table in any way? Or are you expecting this to go right to hearings
Show response
John said preparing for hearings 3 weeks away but settlement discussions can happen any time. Mike confirmed financing model is continuation of 20-year track record with tax equity providers increasing interest by 50% in last 2 years.
Calendar 2025 Q1
where do you think returns are from an IRR perspective or an ROE perspective?
Show response
John sees tariff environment as huge opportunity. Small developers lack buying power to shift risk. Circumvention precedent: small developers failed commitments and demand came to NextEra. Started supply chain work 3 years ago. Also confirmed Duane Arnold progressing well with no showstoppers.
Calendar 2024 Q4
2% change to customers for FPL in this upcoming rate case definitely stands out in a positive way
Show response
John expects customer growth to moderate slightly vs pandemic levels but remain strong. Reserve balance ~$800M after using ~$400M in 2024. Expects slight ROE upside vs 11.4% in 2025. Capital investment in 2026-2029 to exceed the ~$36B in current settlement period.
CNPCenterPoint Energy9 questions · 5 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
can you just give us an update on where you stand on that and if you need to invest in incremental generation
Show response
Directly conceded that Indiana generation and transmission CapEx sits outside today's update and would likely require some equity.
there is been, the affordability report that was issued, and I think there is going to be a conference on August 7
Show response
Confirmed the gas cases by year end and the electric case in Q1, and framed economic development as the affordability answer.
Calendar 2025 Q4
what is the ability to bring more into the 5-year plan? Or is that kind of fully baked at this point
Show response
Wells confirmed more intra-regional transmission needed in first 5 years due to large loads in new geographies. Import lines towards tail end of decade. Does not see materials or labor constraints. Has purchasing spots for critical equipment.
Calendar 2025 Q3
any update on how local feedback has been on the ground and reception to the deal from state leadership
Show response
Wells confirmed very supportive reception with no anticipated challenges. Committed to smooth transition for 335,000 Ohio meter customers.
How are you kind of viewing it on like an FFO to debt improvement basis versus the plan
Show response
Foster outlined ~$800M OpCo debt reduction plus ~$400M net benefit to plan. Positions company to improve balance sheet near-term and potentially deploy additional accretive CapEx.
Calendar 2025 Q2
the agencies are still on negative outlook. And just is there anything else that they're kind of communicating to you
Show response
Foster noted agencies focused on two areas: interim rate execution (completed) and storm cost recovery (Beryl prudency review is key remaining step). May storms securitization on track for Q3.
a lot of other tailwinds that are not in the plan. And is this going to be more skewed towards the 10-year kind of plan
Show response
Wells emphasized both upward CapEx bias this decade and longevity extending into the next. Foster previewed potential improvement from 50-50 equity/debt funding ratio based on improved operating cash flows.
Calendar 2025 Q1
where your head is at financing these new opportunities and just recognize that you kind of trade at a more healthy multiple
Show response
Foster confirmed no 2025 incremental equity. Used forward equity to derisk 2026. Rule of thumb remains 50/50 debt/equity. Noted increased inbound interest in gas LDCs. ~5% operating cash flow improvement from completed rate cases.
your kind of philosophy and how that's changing? Can you just give us an idea if you are, I guess, reassessing the CAGR
Show response
Wells highlighted 10%+ rate base CAGR as strong foundation but deferred specifics to the comprehensive plan update later this year. Emphasized track record of delivering at or above guided range.
DUKDuke Energy9 questions · 5 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
So just any bottlenecks or issues you're seeing and how you're addressing those
Show response
Management said construction is a core Duke competency, using standardized EPC programs, common materials, and AI-based oversight.
How much of the $5 billion to $10 billion should we be thinking about can make its way into the roll forward?
Show response
CFO said the $5-10B upside is incremental but within the current 5-year plan, triggered as ESAs are signed and generation is modeled.
Calendar 2025 Q4
Just any costs or impacts from that that you could disclose? And is that already kind of embedded in the midpoint view of the $6.68?
Show response
Harry said costs are still being compiled but no impacts anticipated to 2026 guidance. Recovery mechanisms exist in the Carolinas for storm costs.
Do you need to kind of go full distance here, or do you think that you can constructively get to an agreement to settle it
Show response
Harry emphasized strong case for litigation if needed but said Duke has always tried to settle. Tax credits, utility merger, and affordability tools help mitigate increases.
Calendar 2025 Q3
what would kind of put you in the lower end of that range?
Show response
Brian explained faster-recovery investments (rider mechanisms) need less equity support, while slower-recovery investments may need closer to 50%. Last plan was 40% of incremental growth capital.
Calendar 2025 Q2
Just how are you kind of thinking about any additional opportunities across the portfolio to just knock out that remaining $4.5 billion?
Show response
Harry indicated no further asset sales are planned; remaining $4.5B equity will be issued via DRIP and ATM in the 2027-2029 timeframe.
can you just clarify what year you expect to get to that 15% range? Is it '27?
Show response
Brian said 15% will be achieved within the five-year plan, driven by legislation enabling more efficient cash recovery plus transaction proceeds. Detailed timing to come in February refresh.
Calendar 2024 Q4
if you were to do kind of junior sub or hybrid, or any type of, like, equity content-like instrument, does that change the equity means
Show response
Brian framed equity needs as modest relative to market cap and confirmed hybrids remain attractive as potential funding option alongside ATM and DRIP.
legislation in South Carolina has been a discussion point for many investors, and just curious I assume none of that's kind of your plan
Show response
Harry said the legislation is tone-setting around support for the dual state system, regulatory timelines, and all-of-the-above strategy. No plan changes expected.
NINiSource9 questions · 5 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
this is a capital tracker that would kind of true you up in '27, if I have that right?
Show response
Anderson confirmed no change to CapEx plans or EPS outlook, citing flexibility to recover the capital through the TDSIC, FMCA or rate case activity.
Calendar 2025 Q4
Can you just give us an idea of how you are thinking through your Pennsylvania strategy and what the considerations there?
Show response
Lloyd confirmed no planned Pennsylvania rate case. Working on regulatory solution to balance continued plastic pipe investment with less frequent rate filings per commissioner preferences.
talk about what investors should be looking for to know you are making kind of further progress? As it relates to that figure?
Show response
Lloyd highlighted dedicated team structure for faster execution. Michael confirmed counterparty discussions progressing well with multiple parties. Investing in long-lead equipment, turbine reservations, breakers, transformers for speed to market.
Calendar 2025 Q3
maybe you can just kind of talk a little bit about the $0.25 versus the $0.45 range and what puts you at the high end or low end of that contribution?
Show response
Shawn clarified September customer fits within range, top end includes some advanced negotiations. Full 1-3 GW pipeline would outperform top end. Customer technology choice and timeline drives variability.
what is the contribution then from the NiSource side from an equity perspective? Is it just 50% of that remaining $5 billion?
Show response
Confirmed $300-500M annual ATM equity supports entire $28B consolidated plan including GenCo. All financing costs including NCI already reflected in EPS guidance.
Calendar 2025 Q2
You have the counterparty contract process. You also have a third quarter update where I think you're going to be refreshing the long-term plan
Show response
Shawn detailed three-layer refresh: base plan timing, $2.2B upside commercialization, and data center incremental. Won't wait for Q3 call specifically but sees it as opportunity to update all three.
when we think about where you could be in that target on the base plan today, '26 and '27, should we be basing that off of 188 today
Show response
Confirmed growth is always computed off actual achieved results, not initial guidance midpoint. Validated the compounding benefit of consistent outperformance.
Calendar 2025 Q1
do you see that truly impacting your long-term procurement strategy at this point just to supplement the generation needs
Show response
Michael confirmed additional capacity needed regardless of coal retirement decisions, driven by MISO direct loss of load rules and accreditation changes.
as you think about getting to commercial agreement with any customer, that that is not explicitly tied to the timeline of the proceedings
Show response
Confirmed commercial agreement timeline is independent of regulatory proceedings with a concise, unambiguous one-word answer.
AEPAmerican Electric Power8 questions · 4 reporting periods · 1 of 8 challenging
Calendar 2025 Q3
just on the earned ROE improvement, '26 through 2030, just what are you kind of holding your team to in terms of improvement year-by-year?
Show response
Fehrman detailed ROE progress: AEP Transmission, Ohio, and I&M near or above authorized. Texas rising to 9% from 8.6% via HB5247. West Virginia affected by recent order but reconsideration filed. 20bps off target but strong improvement trajectory.
in '28, should we be growing that 9% plus off of '27? Or should we look at that as a CAGR from '26 and what 9% would imply for '28?
Show response
Mihalik walked through the math: 2025 midpoint to 2026 midpoint $6.30 is ~8%. First 2 years below midpoint of 7-9%. Back 3 years at or above 9% year-over-year. Overall 5-year CAGR of 9% from 2025 midpoint.
Calendar 2025 Q2
I believe, Chris, correct me if I'm wrong, is lower. So I was just hoping you could address that as well
Show response
Mihalik explained demand minimums in tariffs mean revenue is protected regardless of actual throughput. Data centers ramping up but paying for committed capacity already.
is there just a percentage of equity that's required that we should be thinking about, whether it's 20 or 40
Show response
Mihalik confirmed 30-40% equity range for incremental capital, consistent with industry norms. Will also use hybrids and growing FFO. No near-term growth equity issuance needed.
Calendar 2025 Q1
do you have additional levers to pull on the asset sales side or could the securitization that's pending in West Virginia impact the company's overall equity needs
Show response
Mihalik detailed pre-funding: $2.8B + $2.3B covers equity through 2029. Incremental $10B would not need near-term equity. Securitization could deploy $2.4B of cash. No further transmission sales planned.
Is there just any quantifiable exposure if transferability did go away? Would that impact your plans whatsoever?
Show response
Mihalik said all existing and anticipated tax credits through 2027 are safe-harbored. Transferability exposure is $200-300M annually, all pertaining to safe harbor and pre-IRA projects.
Calendar 2024 Q4
is this transaction lengthening to six to eight, or do you expect kind of a step higher, you know, and at the 1.7% level?
Show response
Michalek quantified the accretion at roughly 11-12 cents EPS on a full-year basis. Impact depends on closing timing in 2025; also helps credit metrics significantly.
do you guys still see opportunity to kind of prune things in the portfolio if it's accretive to your plan?
Show response
Michalek emphasized focus on deploying $54B at 1x rate base (roughly equal to market cap) with $10B upside. Positive about current footprint diversity and scale.
ETREntergy8 questions · 4 reporting periods · 0 of 8 challenging
Calendar 2026 Q1
what is the equipment outlook look like for you now
Show response
Kimberly deferred full equipment update to Investor Day in a few weeks but confirmed additional turbine procurement underway.
can you kind of talk about where the company stands on committing to large-scale NUC at this point? What the industry still needs to move forward
Show response
Drew acknowledged new nuclear is needed long-term but emphasized significant cost uncertainty and balance sheet risk. Plans to share ideas on managing risk at Investor Day.
Calendar 2025 Q2
Have you already started the regulatory approval process for the upsizing of Hyperion to the 5 gigs like they've been talking about
Show response
CEO confirmed no upsizing process started. Current filings relate to original announcements from last fall. Expressed excitement about Meta's public expansion comments.
just has the conversation pulled back a little? Or where would you kind of put that now or frame that now
Show response
CEO explained nuclear requires balance sheet support beyond utility capacity. Exploring customer, state, federal, vendor, and sovereign fund risk-sharing. Conversations ongoing but not yet resolved.
Calendar 2025 Q1
It just seems like you're off to a good start. Are you trending higher in the fiscal '25 plan just given the weather tailwinds
Show response
CFO acknowledged strong start but noted summer weather uncertainty. Comfortable delivering on outlook but not signaling upside.
is there any potential for effort by the parties to want to settle issues in the proceeding
Show response
CEO noted settlement always possible and preferred. Confident in commission process given broad support for investment.
Calendar 2024 Q4
there’s an adjacent service territory that’s also kind of running a sale process. And can you just address what your appetite is for anything inorganic
Show response
CFO deflected on specific opportunity but laid out M&A gating criteria: non-distracting, value-creating, executable. Did not confirm or deny interest.
How would you kind of simplistically frame every 1 gigawatt affecting growth? Is it – if you get another gig into the plan
Show response
CFO declined to provide simple GW-to-CAGR math, noting each customer is unique. CEO added different data center business models produce different outcomes.
NRGNRG Energy7 questions · 4 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
So just with the returns on the slide that you're looking at and the CapEx cost being kind of a little bias higher
Show response
Rob said the $/MWh framing does not matter given the capacity-payment structure, implying a usage-based equivalent around $85 to $90 plus.
Calendar 2025 Q4
I assume they're going to be project financed. So just what would your kind of targeted equity contribution be?
Show response
Bruce Chung favored corporate balance sheet financing for simplicity and transparency, implying ~3x leverage consistent with corporate capitalization.
what's kind of underpinning the $2.5 billion. I think in prior decks, you had this target price for signings above
Show response
Rob Gaudette indicated new-build pricing north of $90-95/MWh to cover equipment, returns, and capital costs. Must exceed stated hurdle rates.
Calendar 2025 Q3
your conversation with policymakers at the states you operate in, how does that look in terms of BYOP?
Show response
Management pointed to strong policy momentum from Secretary of Energy down to state regulators, driven by affordability and infrastructure needs.
Can you talk about the capacity auction and just the prospects and timing for the collar to potentially be extended
Show response
Rob Gaudette expected the auction to price at the collar cap. Whether the collar gets extended remains undetermined.
Calendar 2025 Q2
now that you've had a little bit more time after you've announced this transaction on the first quarter, how do you think the PJM opportunity is shaping up?
Show response
Management wants full Texas shakedown before expanding VPP to PJM, not expecting PJM launch this year.
what is your line of sight to kind of convert some of the 4 gigawatts to actual ESAs?
Show response
Management declined to predict quarter-by-quarter timing, noting some variables like interconnection studies are outside their control.
AESAES Corporation6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2025 Q3
are you trying to communicate that you're going to be above this range as we look out to '27 and then more within the range as we look to '26?
Show response
Steve clarified the $400M is incremental EBITDA from projects completing in/after 2027, not included in guidance period. Energy infrastructure drag is leveling off, allowing renewables and utilities growth to flow through.
what's balance sheet capacity at this point -- look like at this point? How should we think about the need for additional equity in any new plan
Show response
Steve confirmed no equity issuance plans, self-funded through 2027 and potentially beyond. Renewables returns trending to upper half of 12-15% range. Renewables EBITDA growth ~50% for full year.
Calendar 2025 Q1
just the Cochrane buyout that you disclosed in the 10-Q. Can you just give us a sense of what you're purchasing? And how much you paid for it
Show response
Steve confirmed buying out 40% minority in existing Chile contracted asset at a very low multiple, immediately accretive. Asset contracted well into next decade.
I know you kind of disclosed the Class B dividends are like $145 million to $198 million. Is that like a yearly number or is that a cumulative number?
Show response
Steve clarified distributions are cumulative over five years (~$37-40M/yr), structured conservatively with reinsurance backing. Cost roughly in line with junior subordinated debt, getting equity treatment.
Calendar 2024 Q4
You previously talked about a 12% to 15% IRR on renewables. What's the IRR of these higher quality projects that you're now targeting? And is the cost cuts just making up for the rest of that delta?
Show response
Andres confirmed IRRs are rising on average but did not provide a specific new IRR range, instead framing it as an integrated approach of fewer but larger and more profitable projects.
just on the cost savings, you know, you have $150 million, ramping to $300 million over time. I heard you, Steve, say that these are run rates
Show response
Steve confirmed cost savings are permanent run-rate across the portfolio, not one-time. Actions already taken, high confidence in execution.
DTEDTE Energy6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2025 Q2
how are you kind of thinking about it beyond that through 2029?
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COO confirmed 6-8% range maintained with RNG extension providing additional flexibility and confidence in high end; plan update coming at Q3 call or EEI.
what is the current capacity on the system to absorb that 3 gigawatts? And I guess just what is the kind of tipping point for you to have to pull forward the '26 IRP
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COO detailed that 1 GW excess capacity plus 1-to-1 storage provides near-term capacity; combined cycle needed only at tail end of plan. IRP not pulled forward.
Calendar 2025 Q1
give us a flavor of how you see this maybe impacting the auto sector, what your exposure is there?
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CEO noted auto parts tariff relief was significant; no plant adjustments or production reductions seen. CFO quantified actual sales as up with positive economic indicators.
can you give us some color on when we can maybe see an uptick to that 2.1 gigawatt number?
Show response
COO confirmed UofM increased from 100 to 220 MW, additional 3 GW pipeline active, shared goal to finalize before year-end.
Calendar 2024 Q4
could you discuss your rate filing cadence and how those different rate case outcomes or just different scenarios could drive 2025 execution
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Management expressed high confidence in 2025 execution, noting electric filing in Q2 and gas filing in Q4 2025.
as it rolls into the plan, just generally how do you think about the impact to your load growth CAGR
Show response
COO quantified data center load at 4-5% CAGR uplift, framing it as beneficial for customer affordability.
EVRGEvergy5 questions · 2 reporting periods · 0 of 5 challenging
Calendar 2026 Q1
So it just seems like you could be well above 9% here. Is there anything that you would kind of flag that's an offset to kind of that basic walk?
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Buckler confirmed the 12% rate base CAGR minus ~250 bps spread math and expressed confidence in exceeding 8% growth in later years.
Just on the new role, how are you thinking about that communication around equity in 2030?
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Buckler confirmed equity funding approach unchanged at 40-50% for incremental capital, with FFO-to-debt strengthened to 14-15% range.
Could you just expand on how many customers that's made up of?
Show response
Campbell declined specific customer counts but noted the 5 ESAs generate a 2.4 GW peak and expansion opportunities are most promising with existing ESA customers.
Calendar 2024 Q4
what are we missing in the math or, like, the offset that we should kinda be contemplating on why you wouldn't be kind of above the 6% growth rate here
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Campbell deferred on revising growth targets, saying impacts will be layered in as customer announcements are made, maintaining a systematic approach.
if you were just to bring one hundred megawatt customer online, you know, how does that impact the equity needs? Is that, like, hundreds of millions off that figure?
Show response
Buckler confirmed that the additional 600 MW from finalizing agreements could reduce equity needs by hundreds of millions over the five-year period.
PNWPinnacle West5 questions · 2 reporting periods · 0 of 5 challenging
Calendar 2025 Q2
the Southwest pipeline, you have 2 gigs of committed in the queue right now. And just this pipeline unlocks how much capacity that you could actually serve into the early 2030s
Show response
Ted corrected to 4.5 GW committed (not 2), nearly 20 GW uncommitted. Pipeline enables new generation to start contracting with uncommitted queue. More visibility later in year.
Can you just kind of talk about how you expect that lag to evolve '26, '27 and then '28 as we get through the GRC as well as the formula rate plan?
Show response
Ted laid out clear timeline: case concludes end 2026 on 2024 test year (still meaningful lag day 1), formula filing by July 31 2027, adjustment effective September 1 2027, first full year of updated costs in 2028.
the El Dorado gain, just was that expected in guidance when you set guidance? Or is that kind of incremental through this year?
Show response
Andrew confirmed El Dorado (SAI switchgear company) gain was not budgeted. It's incremental and contributed to confidence in upper half of range but is non-core legacy investment.
Calendar 2025 Q1
you have a new disclosure on your QIP balance, which definitely seems material at $3 billion to $3.5 billion. Can you just kind of confirm, can you get retail rate return on that and how exactly th...
Show response
Ted explained QIP disclosure highlights $3-3.5B of longer-dated projects (strategic transmission, Red Hawk gas plant, Palo Verde) not fully captured in the 3-year CapEx plan.
you have this 3% to 5% large load C&I forecast in your long-term outlook. Can you just kind of remind us how many fabs are in that outlook or if you were to kind of decomp that, adding another plan...
Show response
Andrew confirmed Fab 1 is in forecast with Fab 2 potentially by 2027 and Fab 3 by end of decade, noting the six-fab commitment provides a long pipeline of growth.
AEEAmeren4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q3
is the increased sales forecast a net benefit to cash flow and thus should equity needs to be lower?
Show response
Moehn confirmed sales growth is accretive and AEE has margin above 17% Moody's threshold. 2025-26 equity fully secured. Continues to explore downgrade threshold conversations.
what's your view on just what puts you lower in that 6% range now? And could that be up for kind of consideration as we look towards fourth quarter?
Show response
Lyons said he feels good about upper-end delivery and won't constrain growth. Will update guidance range in February after ESAs firm up ramp rates.
Calendar 2024 Q4
is there a point in which you would kind of like reevaluate the growth rate or do these opportunities kind of extend that premium 6% to 8%
Show response
Lyons committed to not constraining growth, saying they would reevaluate the range if tailwinds accelerate further.
does this plan and this CapEx plan create that capacity for you? I just wanted to understand that
Show response
Lyons clarified the plan supports 2 GW by 2032 with additional capacity beyond, and more demand would trigger further investment.
CEGConstellation Energy3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
can you kind of talk about if it's acceptable in your terms of long-term value, just price and term
Show response
Asked whether the new nuclear deal met long-term value on price/term and the customer type; Joe affirmed it is consistent with the fleet's value but declined to disclose pricing or the customer.
Calendar 2026 Q1
how does that kind of compare to where you were in the March 31 update? I know you spoke about some idle turbines then
Show response
Management said 5GW is probably more than before due to Calpine capabilities, but commitment to specific projects awaits more detail from PJM on the backstop proposal and bilateral contract progress.
could you maybe just talk a little bit about the cash conversion between EBITDA and free cash through '29?
Show response
CFO confirmed cash conversion won't change materially from historical patterns. Highlighted that upside levers drop to bottom line without requiring incremental investment, primarily a tax adjustment.
ATOAtmos Energy2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q4
you kind of brought up the strength in spreads. Is there a way to explicitly quantify what the margin benefit was from Waha spread this quarter?
Show response
CFO quantified the APT through-system spread benefit at approximately $7 million operating income increase quarter-over-quarter, driven by spreads widening to $3.99 from $1.56.
I just wanted to ask just the $0.21 Texas benefit in the quarter. Is that something that we can annualize? Or just how would you kind of frame that against the $0.40 guide that you originally point...
Show response
CFO corrected the $0.21 figure to $0.16, reiterated caution against simple annualization, and noted operational timing of deferrals makes quarterly extrapolation unreliable.
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 |
|---|---|---|
| XEL Xcel Energy | 17 | 12%2 of 17 questions |
| LNT Alliant Energy | 16 | 0%none of 16 questions |
| FE FirstEnergy | 15 | 7%1 of 15 questions |
| D Dominion Energy | 14 | 0%none of 14 questions |
| EIX Edison International | 13 | 8%1 of 13 questions |
| WEC WEC Energy Group | 13 | 8%1 of 13 questions |
| CMS CMS Energy | 12 | 8%1 of 12 questions |
| EXC Exelon | 12 | 17%2 of 12 questions |
| PEG Public Service Enterprise Group | 12 | 0%none of 12 questions |
| PCG PG&E Corporation | 11 | 0%none of 11 questions |
- XELXcel Energy · 17 questions12%2 of 17 questions
- LNTAlliant Energy · 16 questions0%none of 16 questions
- FEFirstEnergy · 15 questions7%1 of 15 questions
- DDominion Energy · 14 questions0%none of 14 questions
- EIXEdison International · 13 questions8%1 of 13 questions
- WECWEC Energy Group · 13 questions8%1 of 13 questions
- CMSCMS Energy · 12 questions8%1 of 12 questions
- EXCExelon · 12 questions17%2 of 12 questions
- PEGPublic Service Enterprise Group · 12 questions0%none of 12 questions
- PCGPG&E Corporation · 11 questions0%none of 11 questions
Show all 26 companies
| Company | Questions | Challenge rate |
|---|---|---|
| SO Southern Company | 11 | 0%none of 11 questions |
| SRE Sempra | 11 | 9%1 of 11 questions |
| NEE NextEra Energy | 10 | 0%none of 10 questions |
| CNP CenterPoint Energy | 9 | 0%none of 9 questions |
| DUK Duke Energy | 9 | 0%none of 9 questions |
| NI NiSource | 9 | 0%none of 9 questions |
| AEP American Electric Power | 8 | 13%1 of 8 questions |
| ETR Entergy | 8 | 0%none of 8 questions |
| NRG NRG Energy | 7 | 0%none of 7 questions |
| AES AES Corporation | 6 | 0%none of 6 questions |
| DTE DTE Energy | 6 | 0%none of 6 questions |
| EVRG Evergy | 5 | 0%none of 5 questions |
| PNW Pinnacle West | 5 | 0%none of 5 questions |
| AEE Ameren | 4 | 0%none of 4 questions |
| CEG Constellation Energy | 3 | 0%none of 3 questions |
| ATO Atmos Energy | 2 | —Rate withheld: fewer than 3 questions |
- SOSouthern Company · 11 questions0%none of 11 questions
- SRESempra · 11 questions9%1 of 11 questions
- NEENextEra Energy · 10 questions0%none of 10 questions
- CNPCenterPoint Energy · 9 questions0%none of 9 questions
- DUKDuke Energy · 9 questions0%none of 9 questions
- NINiSource · 9 questions0%none of 9 questions
- AEPAmerican Electric Power · 8 questions13%1 of 8 questions
- ETREntergy · 8 questions0%none of 8 questions
- NRGNRG Energy · 7 questions0%none of 7 questions
- AESAES Corporation · 6 questions0%none of 6 questions
- DTEDTE Energy · 6 questions0%none of 6 questions
- EVRGEvergy · 5 questions0%none of 5 questions
- PNWPinnacle West · 5 questions0%none of 5 questions
- AEEAmeren · 4 questions0%none of 4 questions
- CEGConstellation Energy · 3 questions0%none of 3 questions
- ATOAtmos Energy · 2 questions—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 | 35 | 6%2 of 35 questions | 18 |
| 2025 Q1 | 36 | 0%none of 36 questions | 18 |
| 2025 Q2 | 45 | 4%2 of 45 questions | 20 |
| 2025 Q3 | 35 | 0%none of 35 questions | 17 |
| 2025 Q4 | 38 | 5%2 of 38 questions | 18 |
| 2026 Q1 | 32 | 13%4 of 32 questions | 14 |
| 2026 Q2 | 27 | 0%none of 27 questions | 17 |
- 2024 Q435 questions · challenge rate 6% (2 of 35 questions) · 18 companies
- 2025 Q136 questions · challenge rate 0% (none of 36 questions) · 18 companies
- 2025 Q245 questions · challenge rate 4% (2 of 45 questions) · 20 companies
- 2025 Q335 questions · challenge rate 0% (none of 35 questions) · 17 companies
- 2025 Q438 questions · challenge rate 5% (2 of 38 questions) · 18 companies
- 2026 Q132 questions · challenge rate 13% (4 of 32 questions) · 14 companies
- 2026 Q227 questions · challenge rate 0% (none of 27 questions) · 17 companies
Topics
Topics tagged on this analyst’s questions.
- Regulation Policy97
- Capital Allocation63
- Capex Investment59
- Demand47
- Revenue Growth40
- Guidance Reliability36
- Cloud & AI17
- Margin15
- Credit11
- M&A10
Show all 18 topics
- Supply Chain10
- Pricing8
- Cost Pressure7
- Trade Tariffs6
- Innovation & R&D5
- Geographic Expansion4
- Competitive Dynamics3
- Macroeconomic2