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Analyst
Steve Fleishman
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 178on tracked calls
- Challenge rate
- 6%11 of 178 questions
- Companies
- 21questioned 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 178 of 178 questions from 21 companies
CNPCenterPoint Energy16 questions · 7 reporting periods · 0 of 16 challenging
Calendar 2026 Q2
on the Indiana customer, do you think there will be an ability to get more visibility on that by the end of this year?
Show response
Hoped for a definitive announcement before year end but hedged on timing; quantified only the previously disclosed savings figure.
the 65% that you talk about growth, is that just from the large load and that does not include the growth
Show response
Confirmed 65% is batch zero only and said total growth will be well north of that once distribution demand is added.
Calendar 2026 Q1
Could you give us some sense of the investment opportunity there, both physically and then also in dollars
Show response
Wells outlined ~$1B CapEx opportunity: existing capacity + MISO Q transmission project + simple cycle to combined cycle conversion unlocks at least 1.5 GW. Timeline is 2027-2029. Additional large load customers could drive even more incremental CapEx.
Your what the numbers that you have for your region territory within that, they're consistent with what we heard today
Show response
Wells clarified CNP submitted ~4 GW in the ERCOT table plus an 11 GW large load study not captured in ERCOT's reported numbers. The 9 GW to be filed in coming weeks is incremental and meets all batching process commitments.
Calendar 2025 Q4
You have mentioned in the past potentially looking at something in Indiana. Is there any update on that
Show response
Wells noted continued active conversations in Indiana and optimism about securing at least one large data center. However, hyperscaler focus has shifted to existing capacity in Texas where power is available at scale within 2 years.
I assume this growth helps with your customer bills long term? Or should we think about that
Show response
Wells confirmed large load connections spread fixed costs over wider base, driving down bills. This has kept rates flat over the last decade in Houston. Now projecting rates flat through 2028.
how would you kind of think about the -- how much excess do you have left, if at all
Show response
Wells confirmed roughly 10 GW of existing capacity remains. Base plan included 200+ transmission projects. Acceleration creates need for more import capacity and intra-regional ties. Does not foresee challenges accommodating additional large loads.
if you don't change your capital plan, where would FFO to debt be by, I don't know, end of '26 or '27
Show response
Foster indicated holding everything constant, FFO-to-debt would be roughly 15%, a meaningful improvement from the current 13.8% and well above target cushion.
Calendar 2025 Q3
just any update on prospects of data center activity in Indiana
Show response
Wells highlighted excess capacity, simple cycle plant now online for CCGT conversion. On affordability, cancelled ~$1B in renewables and pushed out final coal retirement. Rates expected to grow in line with inflation going forward.
more color on the sales growth in Texas, which obviously that's very strong. Just what sectors are driving
Show response
Wells highlighted diverse drivers: 0.5+ GW data center connections this year, strong energy/refining/export demand, and 18% QoQ export increase at Port of Houston. Growth is materializing now, not aspirational.
Calendar 2025 Q2
could you give us a sense of any timing on the gas LDC sale process and closing
Show response
Foster targeting announcement by year-end with closing about a year later. Strong inbound interest already. Emphasized no earnings rebasing from asset recycling.
data centers in Indiana. Is there anything to kind of update there
Show response
Wells highlighted Indiana's compelling value proposition: abundant land, water access, excess capacity, and simple cycle plant being commissioned now that's designed for CCGT conversion. Active discussions with hyperscalers.
Calendar 2025 Q1
in the last few calls, you've given some data center backlog numbers. Do you have any updated data center backlog numbers
Show response
Data center queue grew to roughly 20 GW. High-tech manufacturing ecosystem growing with Foxconn, Apple, NVIDIA expanding server rack production in Houston, attracting more data center demand.
Just maybe you could just frame the options. Is it just seven sixty five or lower and just, you know, scenarios for your capital plan
Show response
Wells discussed substations included in 765 kV buildout, including path through Houston. Also mentioned HVDC line opportunity for voltage support. Significant CapEx upside extending into 2030s.
Calendar 2024 Q4
any update on kind of rating agency views? I know you gave the metrics just when -- are they going to
Show response
Foster identified three factors agencies are watching: constructive Texas regulation, Houston Electric rate case settlement, and storm cost securitizations. Noted progress ahead of plan on securitizations.
on the growth forecast that you gave, is there any way to kind of compare what you gave to what you -- to what ERCOT might have used last year
Show response
Wells provided clear comparison: last year CNP submitted less than 1 GW. Now adding 10 GW. Estimated at least $3B in incremental transmission CapEx not in plan, likely higher under 765 kV standard.
AEPAmerican Electric Power15 questions · 6 reporting periods · 1 of 15 challenging
Calendar 2026 Q2
Is there any way to tie what's actually in the current capital plan for expected growth for AEP Texas to that?
Show response
Trevor tied the $78 billion plan to 13 gigs of Texas interconnection versus the 45 gigs now contracted, while cautioning it is not a dollar for dollar increase.
One of the things that FirstEnergy mentioned yesterday was also looking at kind of bridging opportunities
Show response
Trevor said AEP pioneered bridging with Bloom Energy, has reasonable near-term capacity in West Virginia, and that customers have been pleased with the optionality.
Do you have any idea, just the likelihood that ERCOT's going to change them when they finalize?
Show response
Trevor called the 45 gigs pretty firm, with the worst case a slip from Batch Zero to Batch One, and cited ERCOT's 205 gigs of eligible load as context.
Calendar 2026 Q1
could you maybe give a little more color on kind of what -- a little more on why and what you're assessing
Show response
Fehrman directly addressed that AEP is evaluating all options but not committing to exit, framing it as pushing for faster interconnection processes.
just how confident are you about these requirements being met in the second quarter to move forward with that
Show response
Management expressed confidence and noted AEP is protected with put-back provisions at cost plus 10% if the project does not proceed.
Calendar 2025 Q4
is there any more info you can share on each one and the rough investment
Show response
Mihalik broke down: ~$2.7B SPP, ~$1.5B PJM, ~$0.5B MISO = ~$4.7B transmission. Plus $2.7B Bloom fuel cells = ~$7.4B total. Only MISO piece extends past 2030 (2031 in-service).
how much risk there might be that these are just, like, options being put on the table and, you know,
Show response
Mihalik noted over 50% of ERCOT load is hyperscaler with significant capital at risk. SB6 is filtering only committed loads. 180GW+ backlog provides confidence in backfill if any LOAs lapse.
Calendar 2025 Q3
What's -- can you just clarify what the difference is between an LOA and an ESA?
Show response
Mihalik explained LOAs are first step with financial obligations; ESAs are more binding. In Texas/ERCOT only LOAs are signed (no ESAs). Some LOAs are executed but not included in the 28GW as they work toward ESA conversion.
Is there like -- is there some type of shaping to that over those periods? Like does it accelerate higher? Or is it just pretty consistently 9% or better those years?
Show response
Mihalik indicated the 9%+ growth is relatively flat across 2028-2030 but noted potential for incremental deployments as LOAs and ESAs continue to be signed.
you mentioned something about a partnership with an infrastructure provider. Could you maybe give more color there? And just the turbine orders, like I think those are somewhat new, kind of when do...
Show response
Fehrman confirmed long-term framework agreements for turbines and high-voltage transformers are in place. Bloom partnership continues with additional megawatts being marketed to potential customers; more to report at EEI.
Calendar 2025 Q2
Maybe you can give a little more color on kind of that plans there and just how you're looking at kind of protecting the risk on that?
Show response
Fehrman detailed Virginia allowing up to $125M for early site permit work with recovery. Focus is on site preparation only. Any future commitment requires capital protections and regulatory support.
I guess maybe just it would be good to get an update on the West Virginia case
Show response
Fehrman said all regulatory work is complete with positive stakeholder engagement. Securitization option was well received. Commission order expected late August or early September.
Calendar 2024 Q4
Just what kind of color are you getting from your customers on their plans? Is anything changed, good or bad?
Show response
Fehrman confirmed zero change from data center customers after DeepSeek. Conversations with multiple customers showed continued commitment and full speed ahead on expansion.
there's these PJM transmission that the joint venture that you have and the like that's being decided the next month or so. Is that that would be upside to the plan
Show response
Michalek confirmed PJM projects are entirely upside to the $54B plan. Expects PJM approval in Q1 2025. Plans to roll out revised capital plan on Q3 call.
Just how are you feeling about the likelihood to get, you know, into that full gigawatt, or is it too early to kind of say?
Show response
Fehrman expressed strong enthusiasm for Bloom partnership, noting first 100MW customers secured. Capital is not in $54B plan but part of $10B incremental upside being evaluated.
SRESempra15 questions · 6 reporting periods · 2 of 15 challenging
Calendar 2026 Q2
talk to some of the recent political commentary on the 765 kV approval process and thoughts on any risk of that changing
Show response
Jeff stayed constructive and framed added process time as worthwhile, but did not quantify or dismiss the timing risk.
Calendar 2026 Q1
Is that the key milestone, or are there other things that the rating agencies are looking at
Show response
Sedgwick confirmed SI closing is the main catalyst but not immediate. Moody's also wants construction milestones. Threshold improvement expected end of year or early 2027.
your confidence in moving to California on getting changes to the wildfire liability law this session?
Show response
Martin said the right people and issues are at the table. CEA report lays out different paths. Winn highlighted three priorities: victims first, coordinated statewide approach, and progress this session.
On the Sempra Infrastructure closing, what steps do you still have to achieve to close that?
Show response
Bird detailed FERC, Korea antitrust, HSR, and Mexico approvals received. Remaining items are Cameron partner and Japanese ECA consents plus transition services.
Calendar 2025 Q4
Could you maybe give a little sense of timeline when we will know the likelihood of that happening
Show response
Jeff confirmed the $9B upside layers into the back half of the plan (2028-2030) and Allen detailed the four categories: $3B ERCOT non-Permian/STEP, $2.5B transmission upgrades pending ERCOT approval, $2.7B SRP updates, and $1.2B LC&I interconnections.
Could you give us some sense of just the shaping of the 2028 to 2030? Is it a little more linear just given that it is driven by the rate base growth and the UTM
Show response
Jeff declined to specify annual shaping but emphasized improved certainty of cash flows from Texas capital efficiency improvements, and that 7-9% long-term growth remains the guidepost beyond the plan period.
Calendar 2025 Q2
you mentioned, I think, in the capital recycling potentially getting to the point where you deconsolidate. Just could you talk to how that might impact kind of maybe the metrics and the risk view f...
Show response
Jeff explained two potential credit benefits: moving downgrade thresholds 1-2 notches down at 90%+ regulated earnings, and deconsolidating SI debt from Sempra's balance sheet depending on equity ownership, governance control, and materiality tests.
Can you just remind us that your plan right now does not include that $12 billion? Or does it include some of it
Show response
Jeff confirmed the $12B incremental is entirely outside the base $36B plan and all represents upside.
any sense on timing of moving forward this LOI with KKR? Is this something by the next call
Show response
Jeff declined to commit to a timeline but emphasized active engagement from both sides and said they will update upon reaching a definitive agreement.
how do you feel about being able to kind of time the sale with this kind of obviously rising CapEx at Oncor
Show response
Jeff outlined the goal of matching SI proceeds to rising Texas CapEx needs while improving EPS, credit, and minimizing additional equity issuances.
Calendar 2025 Q1
the pending Unified Tracker bill. And maybe you could talk a little bit about how that would interact, if at all, with your rate case
Show response
Jeff separated the UTM from the rate case, noting the UTM addresses regulatory lag while the rate case addresses the outdated cost structure from 2021.
on the last call, you were pretty optimistic on something maybe done this year on the wildfire fund changes
Show response
Jeff outlined the Governor's three focus areas: wildfire fund durability, insurance reform, and regulatory reform. SDG&E highlighted 17 years without a significant utility-caused wildfire.
Calendar 2024 Q4
kind of what earned ROEs are you earning and know, like, rough cut looks like they're still, like, 7% to 8%
Show response
Jeff explained earned ROEs are depressed by regulatory lag and a 2021 test year, but SRP and periodic rate cases should push them closer to the 9.7% authorized.
could you give us some sense of where FFO to debt is at the, I guess, 2024 and 2025
Show response
Karen acknowledged being below FFO-to-debt metrics but guided to meeting them in 2025 through equity issuance and hybrids.
could you say we talked to folks, like, you're gonna do differently to make sure you hit this 9% or better
Show response
Jeff outlined three priorities: earlier financial planning, better regulatory outcomes, and disciplined capital allocation toward highest-value opportunities.
NEENextEra Energy14 questions · 7 reporting periods · 1 of 14 challenging
Calendar 2026 Q2
it looked like it might imply earnings growth for the stand-alone company, 9% or better
Show response
CFO quantified the S-4 delta and attributed it to better renewables and storage origination, while restating the 8% plus growth expectation.
So maybe you could just talk to what's caused any delay? Is it just more logistical timing things?
Show response
CEO reframed to the broader hub program and said things are ahead of schedule, without giving a revised date for the federal agreements.
Calendar 2026 Q1
Do you have any data point on the price increase price change in the new contracts versus the old ones?
Show response
Management provided specific $20/MWh average price increase on recontracting, demonstrating strong pricing power in current electricity demand environment.
have anything you could share on milestones and time line to get to a final agreement there?
Show response
Ketchum provided specific 2-3 month timeline for definitive agreements, confirmed ample turbine supply, and highlighted strategic gas pipeline access at Texas site through Comstock partnership.
Calendar 2025 Q4
Google announced the acquisition of Intersect, the renewables developer. So I'm curious kind of how does that fit in
Show response
John said Intersect is smaller developer concentrated in California and ERCOT with limited safe harbor position and supply chain. NextEra's national footprint, 1.5x inventory coverage, secured supply through 2029, and 20 data center hubs make competitive risk negligible. Small developers lack scale for large builds.
we've seen a little more noise just on kind of data center fighting opposition or concerns about causing rates to go up
Show response
Scott Borys said senate legislation is more constructive, aligned with existing tariff protecting general customers. John said national trend favors BYOG where hyperscalers pay for their own generation. White House and 13 Mid-Atlantic governors proposed framework addressing PJM affordability. NextEra positioned as low-cost builder across value chain.
Calendar 2025 Q3
there was a gigawatt removed from the backlog. Could you maybe just talk about that 1 gigawatt removal
Show response
650 MW removed for development reasons on smaller projects, expected to return in 2026-2027. 250 MW shifted from 2025 to 2026 for permitting delay. Total 900 MW is ~1/30 of backlog. No impact on financial expectations. 2028 and beyond shaping up well.
can you give us any sense on what the cost of restart might be and also the buy-in price of the 30%
Show response
John declined specific CapEx numbers but said plant in great shape and team that decommissioned will recommission. 30% buyout of CIPCO and Corn Belt was in exchange for assuming decommissioning liability with more than ample funds already set aside.
Calendar 2025 Q2
have you started seeing signs from -- what have been the reaction of customers for the bill
Show response
John sees natural pull-forward breaking points: 2027 placed-in-service acceleration, then 2028-2029 where small developers without safe harbor create bigger opportunities for NextEra. Customers still digesting OBBB provisions.
the safe harbor start of construction issue and how much OBBB has effectively maybe codified that
Show response
John explained begin construction has settled meaning under decade-plus of treasury guidance. 4-year continuity safe harbor. NextEra has begun construction on sufficient projects to cover development expectations through 2029. Federal land permitting: most backlog has secured permits already.
Calendar 2025 Q1
a lot of focus these days on IRA, obviously, and changes and specifically on transferability
Show response
John detailed why transferability is essential: utilities can't use tax equity, nuclear requires it, 45X manufacturing incentives depend on it. 21 Republican House Representatives and 4 senators signed letters supporting credits and transferability. Gas turbines hit harder by tariffs at $2,600-$2,800/kW.
the battery portion where you're moving a lot domestic, I assume that means you're also getting domestic battery cells
Show response
John confirmed batteries assembled in US with some imported components, qualifying for domestic content. Contractual protections on domestic content qualification and tariff exposure. Strong supplier incentive to deliver given NextEra's buying power and contractual credits.
Calendar 2024 Q4
where things stand on IRA risks? Would love any commentary on those topics
Show response
John embraced energy dominance agenda. No offshore wind exposure, all onshore on private land except one project. 80% of jobs and investments in Republican states. Spending a lot of time on IRA advocacy in Washington. Customers need these projects built now.
on the GEV framework agreement announcement, could you maybe give a little more color on, would you co-own projects with them
Show response
John said 50-50 JV with long-term contracted assets. Could contemplate build-on-transfer for gas if part of larger transaction including renewables. Leverages 80-year GE relationship and NextEra's gas-fired generation experience.
CEGConstellation Energy12 questions · 6 reporting periods · 1 of 12 challenging
Calendar 2026 Q2
Can you give us any sense of how things are trending within that range?
Show response
Pressed on where contract pricing is trending within the $20 to $50 a megawatt hour sensitivity range; Shane declined to narrow it to protect customer sensitivity.
Calendar 2026 Q1
Any updates on the time line there? And just what should we be watching for to suggest that maybe it comes on sooner than the 2031 connection?
Show response
Management confirmed plant will start sooner than 2031, the timeline is about full capacity credit. FERC filing for CIR transfer from Eddystone to Crane targeting 2027 capacity credit, response expected June-July.
We do have this first lockup coming up for the Calpine holders the end of June. Any kind of sense on where their heads are at?
Show response
Management declined to speak for Calpine holders but confirmed $5B authorization provides flexibility. 25M shares unlock June 30 2026, remaining 25M June 30 2027.
Calendar 2025 Q4
In the plan to '29 and outlook that you have, what are you assuming or doing with cash in '28 and '29
Show response
Shane confirmed 2028-2029 free cash flow is sitting as cash earning interest income in the plan. Any deployment above that is accretive upside, contributing to the $0.50 sensitivity on Slide 23.
you've mentioned renewables a couple of times. You did talk again here a little bit about nuclear. Could you just, maybe on those specific topics
Show response
Joe said not yet at confidence level to commit to new nuclear path; needs more data on cost, schedule, and operating costs. On renewables, looking for platforms that unlock hyperscaler contracting, but returns often underwhelming.
How about just like balance sheet targets? Because your EBITDA is going up a lot
Show response
Shane confirmed 2x debt-to-EBITDA target, implying significantly more leverage capacity in 2028-2029 as EBITDA rises following base EPS trajectory.
Calendar 2025 Q3
There were some stories about a potential delay in the asset sale process by you?
Show response
Joe explained they have more time for divestitures than initially expected and want to target the right assets as DOJ and FERC use different tests. Market is supportive.
we just keep hearing different new entrants to the Power business, whether it's oil companies, gas companies
Show response
Joe said new entrants reflect durability of growth cycle. Investment in data centers projected at $0.75 trillion. CEG's unique advantage is available-now power with scaling capability.
Calendar 2025 Q2
you mentioned interconnection being kind of maybe a crux issue. Could you just talk to the time line for that specific one
Show response
Joe expects the late-inning deal to close this year, with interconnection work in utility hands. All utilities have become more responsive to speed.
Has your kind of strategy change there? Like are you more willing now to invest in new nuclear?
Show response
Joe described incremental confidence growth through detailed cost analysis of SMR designs. Believes not all designs will be commercially viable but has a view on likely winners.
Calendar 2025 Q1
one of the issues that's come up is transferability and whether they keep transferability
Show response
Management said transferability loss would be de minimis since post-Calpine they have ample tax capacity and might even buy others' credits at a discount.
any sense on whether the pricing we've seen is an indicator of pricing
Show response
Joe hinted pricing should be consistent with Talen deal and cost of new entry levels but declined specifics citing competitive sensitivity. Confirmed transmission costs borne by customers.
ETREntergy10 questions · 4 reporting periods · 0 of 10 challenging
Calendar 2026 Q1
it sounds like there is meaningful earnings that come from the Meta CapEx, even though it is largely in play through '29, the earnings tail a little later
Show response
Kimberly confirmed AFUDC earnings during construction period with similar growth rate continuing into 2030.
is that before KAYAK or after KAYAK because we don't have rate base to kind of match up to from you
Show response
Kimberly clarified the $14B is largely overnight CCCT costs, excluding transmission and financing costs.
You also mentioned this renewables RFP separate from Meta, the 4.5 gigawatts, of which 2/3 would be owned. Is that in your plan
Show response
Kimberly confirmed roughly half of the 4.5 GW renewables pipeline is not yet in the capital plan, representing meaningful upside.
Calendar 2025 Q2
how are you feeling about the EPC and just overall ability to get all these projects done on time and budget
Show response
CEO cited strong EPC relationships, recent construction experience, simplified one-on-one designs with larger Mitsubishi turbines, and secured supply chain for critical equipment.
you went quickly through the changes on the storm recovery, and I guess, particularly the Louisiana. Could you just kind of go through that again
Show response
CEO explained LA expedited securitization: estimated costs filed pre-meeting, reviewed at subsequent commission meeting. Reduces carrying costs, supports credit, gives vendor confidence.
Calendar 2025 Q1
on the sales guide for '25, you took it down a little bit. Just any -- I know it's still really good, but just any explanation
Show response
CFO attributed reduction to timing of industrial customer ramps rather than demand weakness. Still at 5.5% overall sales growth.
you had the second Mississippi customer that you kind of announced but hadn't been named. Is there any more clarity on that customer
Show response
CEO confirmed moving forward but customer has not self-announced. All necessary preparation work continues.
staff came out against it more because they thought you should have had an RFP. Just could you talk to your views
Show response
CEO noted universal agreement on need for generation. Prior Orange County RFP had no competing bids. Major components were bid out. Confident in record support for moving forward.
Calendar 2024 Q4
on the credit metrics we've been waiting, I think, for the nuclear PTC piece of it for you all. Is that still not included in your metrics
Show response
CFO confirmed nuclear PTC not in credit metrics yet. Views it as credit positive. Will decide how to proceed if treasury doesn't define it later this year.
you mentioned legislative activity in Texas and Arkansas to support growth. Could you talk to a little bit more what you’re either seeing
Show response
CEO detailed potential bills in both states: Arkansas focused on economic development facilitation, Texas on resilience including accelerated cost recovery and asset retirement management.
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NINiSource10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2026 Q1
on the recent governor letter to utilities in Pennsylvania, how are you interpreting that and what does it mean for your future rate case strategy
Show response
Lloyd confirmed active stakeholder engagement on response. Evaluating future regulatory mechanisms including trackers. Five-year plan built with flexibility. Emphasizing safety, compliance, reliable operations, and strong balance sheet.
How much more time-to-power access in the next few years could you feasibly do? Because that clearly is something customers want. And then, on the 9 gigawatt total, is that some kind of limit
Show response
Michael confirmed 9 GW is current focus not ultimate limit. Indiana advantages: geography, proximity to Chicago, 345 kV transmission backbone with redundancy, gas supply. Continuing to provide speed to power underpins pipeline confidence.
Calendar 2025 Q3
So just the $0.25 to $0.45 because that includes both the current deal plus the strategic negotiations, you don't need more capital to get to that range beyond what you said?
Show response
Shawn clarified $0.25-$0.45 is September customer only; higher end requires additional customers and incremental capital. Developing opportunities are a separate bucket entirely. $7B covers announced customer fully.
relative to $7 billion, when you look at the incremental equity for your plan, it's relatively modest. So I assume there's stuff structured here that -- that's been able to help minimize equity need
Show response
Confirmed contract structured to prioritize cash flow during construction. Customer ramp begins 2027 with significant strengthening around 2030. Full ramp by 2032 outside guided plan horizon.
Calendar 2025 Q2
Could you just clarify that you think you can convert this into reality in 2025?
Show response
Lloyd provided emphatic and unambiguous confirmation. Added NiSource is 2.5 quarters into the year and right where they need to be. Strongest language yet on timing commitment.
Could you just remind us what process is left from here?
Show response
Confirmed final filings due Friday represent last procedural step. Commission order expected by end of Q3. Clear and definitive on timeline.
Calendar 2025 Q1
Could you talk a little more on what you're doing in Ohio and Virginia related there and opportunities for you
Show response
Ohio seeing data center activity with teams working with state entities. Virginia and Ohio opportunity primarily in gas pipeline infrastructure to serve data center energy needs.
just any kind of broader thoughts from that, because obviously a big uptick in pricing
Show response
Acknowledged evaluation of MISO auction results but offered minimal detail. Confirmed well-positioned within current IRP plans.
Calendar 2024 Q4
on the declination filing, do we have do you know do we know where other parties are on this yet?
Show response
Confirmed awareness of intervenor positions and active engagement answering questions. Expected IURC ruling by Q3 2025 through standard procedural process.
subsequent to the Deepseek kind of event, the last few weeks. Did have you seen any change in tone from the customers
Show response
Emphatically stated no change in tone from DeepSeek, with increased demand continuing. Viewed AI efficiency gains as beneficial to all customers rather than demand-reducing.
PCGPG&E Corporation10 questions · 6 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
Do you feel like the policymakers are, like, seeing this and understanding that these improvements are here
Show response
Poppe acknowledged perceptions lag performance but cited a legislator confirming he had received the message on PG&E's five rate reductions.
Calendar 2026 Q1
are there any of the ones that best met what you want and you think other parties stakeholders as well
Show response
CEO highlighted three pillars: community hardening against spread, liability limits for prudent operators, and state backstop for tail risk. Don't need everything in report, multiple paths work.
whether that actually adds more impetus to address this wildfire law this year or the other way around
Show response
CEO noted Newsom's legacy interest in wildfire reform as leading governor in the nation on the issue. Legislative leadership has expressed desire to engage. Executive order and CEA process reflect commitment.
Calendar 2025 Q4
we did get this view from the CPUC last week, and I am kind of curious your take on that
Show response
CEO welcomed CPUC's supportive position on reform. Noted CPUC's role in confirming financially healthy utilities and affordability. PG&E's performance makes it easier for CPUC to advocate for reforms.
with this better visibility from the data centers, you now have kind of line of sight to higher growth
Show response
CEO confirmed load growth visibility improved. 2-4% load growth in model with 4% toward back end of five-year plan. O&M savings also increased. EV penetration at 18% in Q4 as additional driver.
Calendar 2025 Q3
is there any better sense of in these steps, whether those would be made available that we can see
Show response
CEO outlined milestone dates: stakeholder abstracts due November 3, full submissions December 12, state agency recommendations January 30, CEA final study April 1. Uncertain what will be public.
at this point on the cost of capital case, are we just basically waiting for a proposed order
Show response
CFO confirmed strong case filed with PD expected November 2025. Process complete, just waiting for proposed decision.
Calendar 2025 Q2
if those were to pass, just your confidence in hitting the growth rate
Show response
CEO reaffirmed guidance under range of legislative outcomes. Opposes securitization as counter to affordability. Said no reason to assume upfront equity payment for wildfire fund.
Calendar 2024 Q4
talk about anything that you see related to what you've been doing in your wildfire mitigation that's kinda relevant
Show response
CEO emphasized transmission has been part of wildfire mitigation plans, with PSPS events routinely including transmission lines. Not afraid to use transmission PSPS.
Can you just talk about legislative process and timing and tense of urgency
Show response
CEO expressed confidence that incremental fix possible this calendar year, citing state track record of constructive action and importance of attracting capital.
SOSouthern Company10 questions · 4 reporting periods · 1 of 10 challenging
Calendar 2026 Q2
Can you just give us maybe a little lay of the land there and is there any kind of appreciation growing
Show response
Womack acknowledged county-level moratoriums and conceded both Southern and the hyperscalers need to communicate benefits better.
in Georgia, for OpenAI and other customers who maybe are not investment-grade credits? Or strong investment-grade.
Show response
Poroch answered in detail on collateral structure and later returned unprompted to correct that the roughly $21 billion figure covers the whole 17 GW portfolio, not OpenAI alone.
Calendar 2025 Q4
when you talk about the upside to the growth rate, is that within the plan to 2030? Or is it thinking like beyond 2030 or both
Show response
Poroch said the 7-8% growth trajectory extends beyond 2030, supported by signed contracts, near-term deals, and regulatory accomplishments. Cannot commit to indefinite duration but it goes beyond the planning horizon.
you mentioned the 3 gigawatts that are in late stage, highly likely. Just would those impact the current plan
Show response
Poroch confirmed the 3GW near-term contracts are baked into the forecast with risk-adjusted load modeling. Ramp rates extend beyond the current planning horizon.
there's been, I think, generally more noise in a lot of states, but also in Georgia on data center siting and zoning
Show response
Womack stated the 10GW are under construction, providing high confidence. Acknowledged conversations but said projects continue to advance and progress across their states.
Calendar 2025 Q2
how much are you maybe looking also at asset sales? And I think there have been some stories out about PowerSecure on that regard
Show response
Womack declined to comment on specific rumors but noted they continuously evaluate opportunities. If a better owner exists and is willing to pay, they would be a seller.
you've talked about the kind of rebates in '27 maybe towards the top end of 5% to 7% going back to, I don't know, '25 and then kind of high end of 5% to 7%
Show response
Tucker confirmed no change from prior framework. Gaining line of sight on needed variables but not getting ahead of themselves. Could happen as early as 2027 but many variables at play.
could you maybe give us a sense of how kind of the year-by-year rough pace of getting to the 17%, like where do you expect to be in '25, '26
Show response
Tucker disclosed current FFO/debt at 14.3-14.4% unadjusted, 15.3% ex-Helene. Equity already issued adds ~70bps. Target 17% near back end of planning horizon, with path potentially extended by incremental capital.
Calendar 2024 Q4
I think you recently got approval for a change in the way that you can contract with data centers in Georgia
Show response
Womack explained the GPSC codified practices already in use: credit requirements, longer-term contracts (5-15 years), minimum billing. New collateral requirements will help weed out speculative projects.
why is '27 kind of a key year for that that might drive it? And is there any way to give any sense of the size of rebasing
Show response
Tucker declined to quantify but explained 2027 timing relates to back-end loaded capital ramp and revenue from large load, plus current interest rate headwinds moderating after parent debt refinancing.
FEFirstEnergy9 questions · 5 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
Could you maybe just talk to where you are on equity for the current plan and how to think about funding upside CapEx?
Show response
Confirmed no change to the current financing plan and gave a 30% to 40% incremental equity target that customer milestone payments could reduce.
could you maybe talk to the timing, like how many of these hit within -- potentially within the current 5-year period
Show response
Deferred quantification to the autumn plan update; Taylor added colour on urgency but no sizing was provided.
Calendar 2026 Q1
we had Shapiro's comments early in the year, then we see unanimous -- pretty much unanimous settlement with PPL still to be approved
Show response
Tierney downplayed PA regulatory concerns. Views state as wanting investment and reliability while being cognizant of affordability. Governor Shapiro saved PJM customers billions with capacity caps.
any sense of kind of where the final costing kind of ends up on it
Show response
Tierney confirmed $2.5B estimate with contingencies included. Acknowledged seller's market but expects equipment suppliers to be measured on pricing given political implications.
Calendar 2025 Q4
what do they actually need to approve? In this order
Show response
Taylor detailed approval scope: certificate of need, interim CWIP financing, and long-term financing plan including DOE loan. Commission expected to fast-track.
the $2,000,000,000 up to $2,000,000,000 kind of the the timing
Show response
Taylor confirmed ratable issuance over 5 years at ~1% of market cap including DRIP; will explore hybrids to reduce common equity needs.
Calendar 2025 Q3
should we assume those are embedded in there already? Or would those be upside to that
Show response
Tierney confirmed very modest open window assumption in plan; Taylor added portfolio is resilient with hundreds of fill-in projects for reliability.
Calendar 2024 Q4
Could you just give us an update of kind of where you ended the year on like funded status of the pension
Show response
Taylor gave direct answer on pension status, explaining asset underperformance offset the lower liability from higher rates.
I think, Brian, you just said you're going to respond in 30 days to it. Is there any other schedule to the case at this point
Show response
Tierney confirmed no procedural schedule yet but expects order by year-end. On ESP legislation, emphasized tracker importance for incentivizing Ohio investment.
VSTVistra Corp.9 questions · 4 reporting periods · 1 of 9 challenging
Calendar 2026 Q1
could you talk about some of the options you're looking at there for customers
Show response
Burke explained bridge power has evolved as a workaround for slow grid connections, with gas emerging as the preferred technology. Customers ultimately want to scale to grid.
we did have Constellation come out in the last month or 2 and talk about a little bit of a pause
Show response
Burke directly pushed back on the pause narrative, saying activity levels remain at all-time highs. Acknowledged customers want clarity but load is still coming.
Calendar 2025 Q4
how do you feel about your equipment and EPC capability to meet needs not too far out
Show response
Dore confirmed strong OEM relationships, access to high-voltage equipment, and long-tenured EPC providers. Third parties approaching with turbines looking for deployment sites. Customers and PPAs are the gating item, not equipment.
how you're thinking about balance sheet targets beyond '27? And then what you going to do with the cash?
Show response
Moldovan targeting strong investment-grade (not edge). Can grow into it without heavy debt paydown. Will stay balanced: buybacks, organic/inorganic growth at mid-teens returns, and maintaining balance sheet flexibility.
Calendar 2025 Q3
maybe you could talk to how to balance those -- how you're looking at balancing those things?
Show response
Moldovan noted discussing cushion with rating agencies to remain opportunistic post-upgrade. $4B at 2.3x leverage with room for more. Equity could be used for right deal. Targeting investment-grade within 12-18 months.
why not have you considered maybe a little less hedging kind of than the ratable you've done in the past?
Show response
Burke explained hedging discipline provides certainty for buybacks, dividends, and CapEx. Fleet produces 200+ TWh/year making tactical shifts impractical. Uses point-of-view approach with flexibility to lean in during favorable periods.
Calendar 2025 Q1
could you give us a sense of cash available beyond the kind of current buyback commitment?
Show response
Moldovan quantified: at $5.8B 2025 and $6B 2026 EBITDA with 55-60% conversion, approximately $1.5B unallocated. As 2026 number increases, unallocated cash approaches $2B.
how would you characterize your views on that today versus maybe the year-end, call a couple months ago
Show response
Burke expressed rising confidence driven by hyperscaler CapEx recommitments through DeepSeek uncertainty. Customer discussions at more advanced stage. Noted AI business model still proving itself but overall trajectory positive.
with the Trump administration executive order on coal, any kind of updated thoughts on your coal retirement plans
Show response
Moldovan noted MATS delay could affect Martin Lake and Oak Grove (no retirement dates). Illinois/Ohio retirements driven by state rules still in place. Some plants evaluating coal-to-gas conversion.
EXCExelon8 questions · 3 reporting periods · 1 of 8 challenging
Calendar 2026 Q1
things that can be done by PJM or transmission owners to deal with the interconnection timeline and get it done quicker
Show response
Colette Honorable noted PJM reopened the queue but flagged that only 19% of projects reach operation, with 54 gigawatts delayed by permitting and supply chain.
if you did not lower distribution, would that have happened anyway? Is there more coming from the data centers
Show response
Jones confirmed transmission projects were on the horizon regardless and the portfolio's diversification allows capital reallocation without changing the upside opportunity range.
you did not really mention the governor's letter. It seemed like a more adverse regulatory structure
Show response
Butler characterized the governor's letter as consistent with prior stakeholder feedback, not a new threat, and pointed to $350 million cost reductions as responsive action.
Calendar 2025 Q4
are we going to get a Maryland lessons learned
Show response
Calvin expressed frustration matching Steve's but confirmed expectation for lessons learned in 2026. Jeanne noted BGE filing likely first half with or without lessons learned due to rates expiring in 2027.
curious your take so far under the new governor.
Show response
Mike Innocenzo noted constructive executive orders despite campaign headlines. Behind-the-scenes conversations focused on affordability through bringing more affordable supply.
with the move to more transmission continuing, that 9% to 10% earned ROE range
Show response
Jeanne confirmed trajectory toward higher earned ROEs driven by transmission shift, though noted some longer-dated projects will take time to contribute.
Calendar 2024 Q4
specifically, this is a topic in the Illinois grid plan on large loads. Could you give us and I think they kind of pulled out the capital for that
Show response
Jeanne detailed ~$400M distribution capital not approved but reconcilable if forecast proves correct, plus ~$1B transmission increase at ComEd driven by high-density load.
the new FERC chair Christie was, I think, quoted last week saying you would have more clarity on their policy on the colocation in the near future
Show response
Calvin and Colette expressed optimism about getting clarity on colocation from FERC, with decision on 205 docket possible by February 24th.
DDominion Energy7 questions · 3 reporting periods · 0 of 7 challenging
Calendar 2025 Q4
is the PJM transmission that you noted, the open season, is that I assume that is is that in the plan
Show response
Blue confirmed all PJM awards through 2023 are captured in the updated plan. Some projects extend beyond 2030. McFarland noted incremental capital opportunities continue to emerge biased towards early 2030s and beyond.
Is that is that something that thus, we would kind of apply to kind of your thinking on the timing of resuming dividend growth
Show response
McFarland acknowledged peer trend of reducing payouts to fund enlarged capital plans. No final decision yet. Math around EPS growth and current dividend suggests some time before determination needed.
you were talking about making a decision on kind of nuclear technology preference, maybe by the end of last year. Is there any update on that
Show response
Blue confirmed still evaluating SMR technology. Virginia rider exists for SMR development cost recovery. No SMR capital in the five-year plan. IRP shows SMR deployment still years away. Wants to pursue in a way respectful of customers and balance sheet.
Calendar 2025 Q3
the IRP was interesting on the nuclear, where it looked like at least for now, you actually delayed the SMR new nuclear by 5 years
Show response
Blue attributed delay to financing, technology evaluation, and coordination with broader construction program. Cautioned against reading too much into the timeline change.
there's nothing related to the government shutdown or any political stuff that's affecting the timing
Show response
Blue confirmed definitively that Charybdis delay is purely a technical punch list issue with no political or government shutdown component.
Can you give us a sense of like cadence there? My recollection is maybe the first set a little slower
Show response
Blue confirmed first few turbines will be slower then pace increases, similar to monopile installation ramp. Will provide regular cadence updates.
Calendar 2025 Q1
Has any electric topics kind of including CVOW kind of been in the political spectrum at all from either side
Show response
Blue noted both Republican and Democratic nominees have shown support for CVOW. Topic has not been contentious in the governor race.
XELXcel Energy7 questions · 4 reporting periods · 0 of 7 challenging
Calendar 2026 Q1
do you expect most of that to be company-owned or some -- will some of this be PPAs
Show response
CFO guided 50-50 company-owned/PPA split publicly but noted they've exceeded that in prior RFPs, with goal to do better through competitive regulated development.
just the famous Slide 8, can you spend a quick minute just on the noncheck marked items and when we'll have visibility on them
Show response
CFO walked through each catalyst: SPS RFP (Q2 filing, 1,500-3,000MW), NSP RFP (filing later this year, 4,000+ MW), Colorado GTS (RFP later this year), SPP 765 transmission (competitive bid this year).
Calendar 2025 Q3
at times you've given kind of some rough idea of the range of spending on the upside cases
Show response
6,000-9,000 MW from outstanding RFPs plus transmission; management expects to win about half of generation plus transmission, $10B+ pipeline.
the CapEx plan and the rate base growth, it's very heavily front-end loaded and then CapEx actually falls right now, '29, '30
Show response
Back-end lighter due to pending RFPs in Colorado and SPS; SPP transmission and MISO Tranche 2 expected to fill in 2029-2030.
Calendar 2025 Q2
do we need to be concerned at all about kind of federal land issue with respect to your kind of renewable projects
Show response
No projects on federal land; no exposure to federal land restrictions.
your slides also continue to show that a lot of the damage was already kind of happening from the first ignition
Show response
Management detailed first ignition spread theory with near 100 mph winds for over an hour; proportional damages based on causality remains defense.
Calendar 2024 Q4
did that - is that number the same as before? Did that go up? And just maybe on that topic, just a little more on the tone of conversations
Show response
Pipeline unchanged at 8,900 MW; hyperscaler conversations post-DeepSeek showed no change in tone or slowing.
PPLPPL Corporation6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
how should we think about funding the joint venture and the projects? And just how much is likely to be equity from PPL?
Show response
Management outlined off-balance-sheet construction-period financing to limit near-term dilution, with permanent financing at COD.
Calendar 2025 Q4
Is it fair to say that it would be mainly other gas-fueled technologies, or would you even be looking at things like fuel—well, I guess, fuel cells
Show response
Sorgi confirmed all options on the table including gas, fuel cells, and storage for the alternative generation solutions.
what were these customers thinking they were going to get their generation from? Just, like, buy it off PJM market
Show response
Sorgi said hyperscalers originally assumed market procurement. Now pressure from White House/governors/PJM is driving urgency. Not seeing anyone pulling out, actually getting more comfortable with PA after reliable performance during cold spell.
Calendar 2025 Q3
how does that compare to what is in the kind of in whatever latest load forecast you gave to PJM?
Show response
Sorgi confirmed latest PJM submission was 16GW with timing differences from quarterly updates. PJM haircuts utility forecasts by 20-30%.
what is the customer savings that you used to give a ratio of how much T&D rates maybe would be saved, customer reductions
Show response
Sorgi said approximately 10% savings on transmission per GW (~$3) for existing customers, though benefit dilutes as more load is added. Still net positive each increment.
The 11 gigawatts of publicly announced data centers, could you give us a little more color on the details of that?
Show response
Sorgi declined specifics for confidentiality but shared $800M CapEx for 11.3GW publicly announced and $400M for 5GW under construction. Some announced at Pittsburgh summit.
PWRQuanta Services6 questions · 4 reporting periods · 2 of 6 challenging
Calendar 2026 Q1
this 3-mile island restart not being interconnected until 2031 potentially was kind of shocking. Just what are things that can be done
Show response
Duke highlighted Quanta's transformer manufacturing investment derisking lead times, their planning group working with utilities, and support for permitting reform.
how confident are you that you can get significant share with while also being careful? Are you losing business to competitors
Show response
Duke acknowledged they will not win all CCGT projects but emphasized the organic build of capabilities and prudent approach to risk that sophisticated customers value.
Calendar 2025 Q3
AEP talking about a potential partner for their high-voltage transmission opportunities. Maybe I'd be curious if you could comment on whether that would likely be you?
Show response
Duke confirmed AEP relationship and 765 kV collaboration but noted none of the 765 work is in backlog yet, still in LNTP and discussion stage.
Calendar 2025 Q1
is that just first quarter beating your expectations? Or is there anything you'd specifically point to for raising the midpoint?
Show response
Duke said they looked at the whole year, felt comfortable raising the midpoint to show confidence while remaining prudent about the back half.
Any sense on when that would actually be a business that could be backlog and just view of likelihood of you getting a fair share of that?
Show response
Duke noted Quanta has built the majority of 765 kV in the country historically, expressing high confidence in securing share.
Calendar 2024 Q4
I just, like, would just ask, is there anything that you're watching or wary up there? But certainly didn't look like it with the backlog increase you got.
Show response
Duke acknowledged monitoring PTC policy but expressed comfort with top ten clients who are sophisticated and have safe harbored.
ESEversource Energy5 questions · 2 reporting periods · 0 of 5 challenging
Calendar 2026 Q1
who are the parties in this case at FERC? Is it your state advocates? Is it transmission customers?
Show response
Moreira explained the broad stakeholder group including all six New England states' consumer advocates and Attorneys General.
what are we actually waiting for at this point to decide whether to close or not?
Show response
Moreira gave a specific date: June 14, 2026, for the appeal period to expire at the commission level.
it sounds like, as you said, you can implement subject to refund by a certain date. Is there a deadline where they actually have to rule by?
Show response
Clear timeline provided: 60 days plus up to 5 months suspension, so within 7 months from filing the rate should be implemented subject to refund.
Calendar 2024 Q4
there was, like, nuance on Orsted's call where they had said it was had previously said it would be on by 2026
Show response
Nolan confirmed no changes to Revolution Wind timeline, 20th turbine being loaded. Moreira said no additional write-off expected.
did you actually give an FFO to debt number target in the answer to the question before
Show response
Moreira disclosed 2024 FFO/debt ended in low double digits (10.5-11%), well below Moody's 13% threshold. Declined to set a specific target.
DUKDuke Energy4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
it seems like you're capturing a lot of the tax credit cash flow from the nuclear and the batteries in the near term
Show response
CFO said cash generation keeps growing, shifting from earning tax credits now to returns on investments later, and is durable into the late 2030s.
Any kind of update in your thoughts between AP1000 large-scale versus SMR?
Show response
Management said it is keeping options open across SMR and AP1000 sites, with AP1000 leading given scale and generation need.
Calendar 2025 Q2
Should we assume you need to kind of complete the Florida sell-down steps to get to the 15%.
Show response
Brian confirmed partial but not full tranche completion is needed to reach the 15% target.
a rough ratio of how much would be funded with equity. Does that change when we kind of look to a refresh
Show response
Harry confirmed 30-50% equity funding range. On nuclear, outlined three prerequisites: first-of-a-kind risk resolution, overrun protection, and balance sheet protection before proceeding.
AESAES Corporation2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q3
How are you thinking about that as you get into this next period? And are you going to really focus more on the EBITDA guide or still try and target like an earnings growth?
Show response
Steve confirmed EBITDA remains primary metric due to tax credit lumpiness in EPS. Highlighted $250M new renewables EBITDA, $100M utilities EBITDA, and $150M incremental cost savings driving 2026 inflection.
how important is it going to be to get -- do you think the consumer groups or at least one of them on board in this settlement?
Show response
Ricardo noted AES Indiana reduced original revenue request by $105M (53%), committing to no rate base increase until 2030–2% annual increase vs cumulative inflation since 2022. OUCC welcome to join at any time.
EIXEdison International2 questions · 1 reporting period · 1 of 2 challenging
Calendar 2024 Q4
it seems like you and they could just go there and watch and look just what -- maybe you can give more color on what the issue is there?
Show response
CEO explained protocol requires agreement among all parties on how to handle, remove, and inspect equipment to preserve evidence integrity. Court process oversees discussions.
any sense of where the rating agencies are on kind of what the updated impact of these fires might be in ratings?
Show response
CFO acknowledged S&P negative outlook, noted cost of capital filing in March would capture any changes to SCE's cost of debt. EIX can manage within existing range.
NRGNRG Energy1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q1
Could you just go through the path of deleveraging in terms of just like where are you after year one of closing
Show response
Management outlined clear path: ~3.5x at year one post-close, ticking down to 3x target over the following two years.
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 |
|---|---|---|
| CNP CenterPoint Energy | 16 | 0%none of 16 questions |
| AEP American Electric Power | 15 | 7%1 of 15 questions |
| SRE Sempra | 15 | 13%2 of 15 questions |
| NEE NextEra Energy | 14 | 7%1 of 14 questions |
| CEG Constellation Energy | 12 | 8%1 of 12 questions |
| ETR Entergy | 10 | 0%none of 10 questions |
| NI NiSource | 10 | 0%none of 10 questions |
| PCG PG&E Corporation | 10 | 0%none of 10 questions |
| SO Southern Company | 10 | 10%1 of 10 questions |
| FE FirstEnergy | 9 | 0%none of 9 questions |
- CNPCenterPoint Energy · 16 questions0%none of 16 questions
- AEPAmerican Electric Power · 15 questions7%1 of 15 questions
- SRESempra · 15 questions13%2 of 15 questions
- NEENextEra Energy · 14 questions7%1 of 14 questions
- CEGConstellation Energy · 12 questions8%1 of 12 questions
- ETREntergy · 10 questions0%none of 10 questions
- NINiSource · 10 questions0%none of 10 questions
- PCGPG&E Corporation · 10 questions0%none of 10 questions
- SOSouthern Company · 10 questions10%1 of 10 questions
- FEFirstEnergy · 9 questions0%none of 9 questions
Show all 21 companies
| Company | Questions | Challenge rate |
|---|---|---|
| VST Vistra Corp. | 9 | 11%1 of 9 questions |
| EXC Exelon | 8 | 13%1 of 8 questions |
| D Dominion Energy | 7 | 0%none of 7 questions |
| XEL Xcel Energy | 7 | 0%none of 7 questions |
| PPL PPL Corporation | 6 | 0%none of 6 questions |
| PWR Quanta Services | 6 | 33%2 of 6 questions |
| ES Eversource Energy | 5 | 0%none of 5 questions |
| DUK Duke Energy | 4 | 0%none of 4 questions |
| AES AES Corporation | 2 | —Rate withheld: fewer than 3 questions |
| EIX Edison International | 2 | —Rate withheld: fewer than 3 questions |
| NRG NRG Energy | 1 | —Rate withheld: fewer than 3 questions |
- VSTVistra Corp. · 9 questions11%1 of 9 questions
- EXCExelon · 8 questions13%1 of 8 questions
- DDominion Energy · 7 questions0%none of 7 questions
- XELXcel Energy · 7 questions0%none of 7 questions
- PPLPPL Corporation · 6 questions0%none of 6 questions
- PWRQuanta Services · 6 questions33%2 of 6 questions
- ESEversource Energy · 5 questions0%none of 5 questions
- DUKDuke Energy · 4 questions0%none of 4 questions
- AESAES Corporation · 2 questions—rate withheld: under 3 questions
- EIXEdison International · 2 questions—rate withheld: under 3 questions
- NRGNRG Energy · 1 question—rate withheld: under 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 28 | 11%3 of 28 questions | 14 |
| 2025 Q1 | 20 | 0%none of 20 questions | 10 |
| 2025 Q2 | 24 | 0%none of 24 questions | 11 |
| 2025 Q3 | 27 | 7%2 of 27 questions | 13 |
| 2025 Q4 | 30 | 3%1 of 30 questions | 12 |
| 2026 Q1 | 32 | 13%4 of 32 questions | 14 |
| 2026 Q2 | 17 | 6%1 of 17 questions | 10 |
- 2024 Q428 questions · challenge rate 11% (3 of 28 questions) · 14 companies
- 2025 Q120 questions · challenge rate 0% (none of 20 questions) · 10 companies
- 2025 Q224 questions · challenge rate 0% (none of 24 questions) · 11 companies
- 2025 Q327 questions · challenge rate 7% (2 of 27 questions) · 13 companies
- 2025 Q430 questions · challenge rate 3% (1 of 30 questions) · 12 companies
- 2026 Q132 questions · challenge rate 13% (4 of 32 questions) · 14 companies
- 2026 Q217 questions · challenge rate 6% (1 of 17 questions) · 10 companies
Topics
Topics tagged on this analyst’s questions.
- Regulation Policy64
- Capex Investment53
- Demand43
- Capital Allocation26
- Cloud & AI18
- Revenue Growth17
- Competitive Dynamics12
- Credit12
- Guidance Reliability12
- Innovation & R&D11
Show all 17 topics
- M&A9
- Supply Chain8
- Pricing6
- Margin4
- Macroeconomic3
- Geographic Expansion3
- Trade Tariffs2