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Analyst
Travis Miller
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 70on tracked calls
- Challenge rate
- 1%1 of 70 questions
- Companies
- 10questioned 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 70 of 70 questions from 10 companies
PNWPinnacle West12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
Wondering if you could characterize any thoughts, surprises, non-surprises in the conversations so far
Show response
Geisler was pleased with the strong evidentiary record and constructive staff engagement, remaining confident of resolution this year.
Calendar 2026 Q1
One high-level on the renewable energy standard repeal—any impact? Your thoughts on that process?
Show response
Ted said APS already exceeds the standard. Future renewables will be market-driven. DSM program rightsizing preserved valuable programs while delivering ~1% rate decrease to customers.
was there anything in the quarter that made this uniquely large, or is this the type of trajectory we should see again this year and then following along the upward-sloping line of transmission inv...
Show response
Andrew confirmed Q1 consistent with full-year guidance. Transmission CapEx doubled twice in five years. Formula rate provides contemporaneous recovery. Also benefits from wholesale wheeling revenue offsetting retail customer costs.
Calendar 2025 Q3
would most of that 4.5 gigawatts go into rate base? Or some of that the subscription model that you were talking about that might be outside of rate base?
Show response
Ted clarified subscription is a special rate agreement, not off-rate-base. Ensures growth pays for growth and timing alignment while potentially helping finance infrastructure to maintain healthy balance sheet.
that 4.5 gigawatts of committed customers, can you kind of elaborate on who those customers are?
Show response
Ted emphasized diversification: semiconductors (TSMC, Amkor + supply chain), data centers, plus steady residential/small business. Maricopa County ranked top for economic development 2025.
I just want to confirm on the guidance for '26. There's no contribution from the rate case. Is that correct?
Show response
Ted confirmed no rate case contribution in 2026 guidance. Case expected to resolve in Q4 2026 but too uncertain to assume. Will reevaluate forward guidance once case concludes.
Calendar 2025 Q2
on the distribution side, as you hit some of these peak demand and continue to see some of this growth, is there upside opportunity in terms of capital investment or other O&M savings, et cetera, a...
Show response
Ted noted APS has fifth-largest service territory by square miles despite being mid-sized utility. Distribution investment growing with customer additions, resiliency, and automation.
anything in your initial conversations or putting together the request that you think will be more contentious or less contentious with all the stuff that you've got in there?
Show response
Ted highlighted three filing elements: standard revenue deficiency, formula rate proposal (incorporated stakeholder feedback), and large customer cost allocation to prevent cost-shifting.
Calendar 2025 Q1
Is the filing going to be purely a formula rate plan such that they just get one filing or is there somewhat of a split here where you have to file a formula rate plan option and a general rate cas...
Show response
Ted clarified it's one filing: traditional rate case with 2024 test year plus a formula rate proposal for future annual adjustments, not two separate proceedings.
if you strip out the outages, strip out the RES DSM, how is that trending, that core O&M? Is that trending towards your expectations in the first quarter or anything unusual in the first quarter on...
Show response
Andrew confirmed core O&M on plan. Q1 lumpiness from Four Corners outage and IT project in O&M phase that transitions to capital over the year.
Calendar 2024 Q4
how does that go together? Right? Would it be then the next rate case that you would implement formula rates because obviously this would be the historical
Show response
Ted explained the next case uses historic test year, concluding by end of 2026, with formula rate adjustments starting one year later to keep costs trued up.
Any chance that if this is successful that you would shift around CapEx, or is there some opportunity to shift around CapEx between transmission
Show response
Andrew confirmed formula rate approval would unlock distribution and IT investments currently held back by periodic rate case recovery constraints.
NINiSource11 questions · 6 reporting periods · 0 of 11 challenging
Calendar 2026 Q2
how you're thinking about schedule and time line as you move through this affordability discussion
Show response
Yates said the August 7 outcomes would inform rate case timing, and that multiyear rate planning still requires a filing in the second half of 2028.
Calendar 2026 Q1
do you need approval from the IURC for any new assets or any contracts outside of approval for just the data center contracts?
Show response
Michael confirmed special contract filings include asset information. No separate CPCN approvals required for pooled resources. Pool strategy effectuated through special contracts that IURC approves.
the 9% to 10% growth includes only the existing Amazon, Amazon expansion, and Alphabet—none of the pipeline, right?
Show response
Shawn and Michael confirmed growth guidance reflects only signed contracts. $1.4B savings defined within each special contract as credit against retail electric generation customer bills, not volumetric reduction but contractual mechanism credit.
Calendar 2025 Q4
Schaeffer, economics run time, plans to retire, what is beside what you said in the opening comments?
Show response
Lloyd confirmed 202 order received December 23, filed FERC cost recovery. Capital plan flexible enough. Run time determined by MISO demand/availability. Environmental constraints limit long-term operation. Expect new orders every 90 days.
What are you seeing across your jurisdictions in terms of electric and gas coordination?
Show response
Lloyd described national-level involvement as former AGA chair. SVP Operations leading GEAR task force on gas-electric coordination. Processes improving with tighter coordination for reliability and resilience. US-wide issue, not regional.
Calendar 2025 Q3
Why battery? Why would you add a battery on to this?
Show response
Lloyd explained battery provides capacity and quick response for system reliability. Diversity of assets required across renewables, batteries, and gas. System reliability and grid strength drive technology selection.
In the contract, is there any cash inflow from the customer before they start ramping?
Show response
Shawn confirmed cash flow comes before full customer ramp. Contract structured to prioritize cash during construction. Financing reflected in $300-500M equity guidance range.
Calendar 2025 Q1
are there any parties that are strictly opposed to this or is it just a matter of devil's in the details
Show response
Declined to discuss specific party positions citing active settlement. Standard response for ongoing regulatory proceedings.
I wonder if you could characterize what some of those milestones are, what you're waiting to see or hear transpire
Show response
Shawn outlined two requirements: operational/construction cost certainty and regulatory recovery mechanism clarity. MISO Tranche 2 expected toward latter part of plan horizon.
Calendar 2024 Q4
if you could give an update on the La Porte facility, the Microsoft or is is there still going on the ground
Show response
Confirmed no physical construction yet at La Porte. Still finalizing framework and contract structure with multiple counterparties. Progress described as continuing.
do you see an opportunity there to serve behind the meter or on the flight? Generation through your guests
Show response
Confirmed increased gas demand from data center customers, particularly in Virginia and possibly Ohio. Identified as additional CapEx opportunity for company.
EVRGEvergy9 questions · 4 reporting periods · 0 of 9 challenging
Calendar 2025 Q3
How much of that $17.5 billion would actually be subject to a typical rate case filing, right? Essentially, how much of that can you recover without going through a regular rate case
Show response
Campbell noted about 1/3 is new generation (benefiting from CWIP) and 2/3 is traditional grid modernization subject to rate case recovery.
how much competition is there at the local level in terms of attracting some of these large loads?
Show response
Campbell described strong Kansas-Missouri collaboration through the Kansas City Area Development Council with legislative truces against cross-border poaching.
Calendar 2025 Q2
the difference between that 8.5% rate base growth and of 4% to 6% EPS growth. Is there a big piece missing? And obviously, there's a finance drag
Show response
Campbell noted capital plan is back-loaded with rate base growth higher in later years, and deferred updated earnings outlook to year-end call.
The 8.5% rate base growth, does that now include those gas plants in solar? Or is there upside to 8.5%?
Show response
Campbell confirmed 8.5% reflects the $17.5B plan including approved projects, with IRP slide showing which resources are in vs not in the capital plan.
At what point is the system -- does this now balance the entire system, you perhaps said to generation shortage
Show response
Campbell expressed confidence in achieving balance but acknowledged dynamic environment with customer flexibility in bringing generation resources.
Calendar 2025 Q1
On the residential demands, the weather-adjusted demand decline, can you go over that again or explain what happens in that residential category
Show response
Campbell attributed the decline to declining block pricing structure where winter rates drop 45% at higher tiers, plus snow disruptions to commercial activity.
is that the typical timeline that you're seeing among either large load customers or even specifically, data center customers, that kind of four-year type of build and ramp?
Show response
Campbell confirmed multi-year ramp is typical for large load customers, with 500 MW expected through 2029 from actively building and 600 MW from finalizing.
Calendar 2024 Q4
What's your thought in terms of maybe a different or additional corporate type structure, all regulated or maybe not regulated? To handle some of this large investment.
Show response
Campbell acknowledged the size of growth could lead to creativity but confirmed Evergy is not currently pursuing a Genco structure.
does that correspond to the 800 megawatts on slide six or is there some mixing and matching there? Right? Trying to understand exactly what's in that 800 megawatts
Show response
Campbell confirmed the 800 MW actively building matches slide 6 exactly: Google, Panasonic, Meta, and two additional data centers, with 500 MW expected to reach full load by 2029.
DTEDTE Energy8 questions · 5 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
On the IRP, aside from the data centers, renewable energy plan, any other variables that we should watch for
Show response
Harris confirmed data center load and RPS updates are the only material additions beyond what has already been discussed.
If there are delays in that project, is that going to have an impact on either ’26 or ’27 earnings?
Show response
Harris ruled out any 2026 earnings impact and framed the project as location-flexible rather than at risk, though 2027 was not directly addressed.
Calendar 2025 Q4
How does the data center growth impact your rate case cadence, do you think over the next 4, 5 years with the ramps coming on?
Show response
CEO identified IRM growth as primary lever for rate case deferral, with staff supportive of expansion. Data center load growth also provides opportunity to put distance between filings over time.
Calendar 2025 Q3
there's really no incremental capital that you would fund because they're funding the storage, right?
Show response
CFO clarified DTE invests in storage assets (funded through 15-year storage contract from data center customer) with quick cash flow ramp. This drives the additional equity need and capital pull-forward.
how many gigawatts or megawatts?
Show response
CEO confirmed 1 GW of storage with 2/3 self-build and 1/3 tolling agreements per IRP settlement structure. DTE earns FCM on tolling portion.
Calendar 2025 Q1
is that capital that would be incremental or is that capital that you are already planning, already in plan
Show response
COO confirmed IRM expansion covers capital already in the 5-year plan, not incremental spend above it.
Any discussion at the Federal level about those pro-work going away or are those pretty much locked in?
Show response
CFO expressed confidence in RNG credits with $15M already booked in Q1, though final rulemaking still ongoing.
Calendar 2024 Q4
how much CapEx is in your plan that you would hope to flow through the IRM, assuming that the regulators continue to approve that
Show response
COO quantified IRM expansion filing at $590M growing to $720M, with pole top maintenance identified as potential upside from the Liberty audit.
XELXcel Energy8 questions · 4 reporting periods · 0 of 8 challenging
Calendar 2025 Q4
if you get that large load tariff in place, is that upside to the six gigawatts
Show response
6 GW target is through 2027; remaining 4 GW (beyond 2 GW contracted) not specified by territory; significant interest across all operating companies; development continues beyond 2027.
Wonder if you could quickly go over what's the regulatory process for some of these ESAs that either you're signing now or that you're negotiating in the Upper Midwest
Show response
New Upper Midwest data center deal requires regulatory filing and commission approval; large load tariffs in process across MN, WI, CO, TX to streamline future ESA approvals.
obviously, hearing a lot around the country, etcetera, about bring your own generation. What's that look like in your area
Show response
CEO: data centers prefer utility-owned generation; in regulated markets XEL brings incremental generation, price-protects existing customers, and spreads grid fixed costs; BYOG expected to be small subset.
Calendar 2025 Q3
how easy or difficult is it to identify specific customers who might pay for some of this transmission spend
Show response
Data center lateral transmission 100% customer-funded; regional transmission regionally allocated across SPP/MISO, not 100% on XEL retail.
Calendar 2025 Q1
more uncertainty on the power generation side, demand forecasting outside of your area in Texas, if that makes sense
Show response
SPS has robust demand from oil and gas electrification independent of ERCOT; de minimis interconnection between systems via DC tie.
anything in other -- those other bills out there that would impact you directly at all, again, kind of the power generation focused stuff
Show response
Nuclear siting legislation passed in Wisconsin and North Dakota; Colorado recognizes nuclear as clean energy. SMRs likely next decade.
Calendar 2024 Q4
What about labor a lot of questions about equipment, and tariffs, et cetera, et cetera. But what about labor availability
Show response
Management acknowledged labor competition for human capital across vendor and company side; investing in workforce development programs.
do you anticipate any specific regulatory filings, for any of the customers either you have signed
Show response
Regulatory approval expected for data center hookups; customers understand need to demonstrate benefit to existing customers.
SOSouthern Company7 questions · 5 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
In terms of meeting any future equity needs as you add to the CapEx, any interest in taking minority
Show response
Poroch ruled out minority interest partners for the foreseeable future, citing strong market receptiveness to existing securities issuance.
what made that location unique and why both you and OpenAI decided that location could handle a project
Show response
Womack described the site selection criteria and confirmed other suitable sites exist, but declined to say where, citing proprietary information.
Calendar 2025 Q4
what's the status of the gas supply and then for the battery ones, battery components. And then in addition, anything beyond 2030
Show response
Womack confirmed gas supply and battery components are physically secured for 2028-2029 projects, not just financially hedged.
Calendar 2025 Q3
If I run through those numbers that you broke out in terms of projects and gigawatts, it looks like average projects somewhere less than 0.5 gigawatt
Show response
Poroch said projects range from 100MW to north of 1GW. Each is tailor-made so straight math on averages is misleading. Full 50+ GW universe is in various stages of evaluation.
Calendar 2025 Q1
how much is midstream becoming a constraint. And then you've also identified that to an extent as part of the upside CapEx opportunities
Show response
Tucker said Southern is well positioned with firm gas transportation locked up via multiple expansion projects. Upside investments are brownfield looping of existing pipelines, very little greenfield exposure.
anything that the Board is looking at? I know you've been on that $0.08 and even $0.07 for a long time increase
Show response
Tucker said modest dividend growth continues to support equity needs and drive payout ratio toward low 60% range. Board may reevaluate once capital needs and equity position stabilize at back end of plan.
Calendar 2024 Q4
I wonder if you could talk a little bit about the dynamic between generation CapEx and transmission CapEx, especially in '28 '29
Show response
Tucker explained transmission has better line of sight and can't be purchased from third parties, while generation is pending 13GW of RFPs. Once RFPs resolve, generation CapEx from the $10-15B incremental bucket will fill in.
Show 4 more companies
CMSCMS Energy6 questions · 4 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
What exactly is for sale if we just took the assets or renewable assets not in Michigan?
Show response
Rochow itemized retained assets as DIG, the Kalamazoo and Livingston peakers and four Michigan commercial solar projects, with out-of-state constructed and development renewables plus some Michigan assets being dispositioned. Maddipati sized the combined funding offset at about $500 million.
Calendar 2026 Q1
Any change in your rate case cadence—electric in spring and gas in fall?
Show response
Garrick confirmed no change: electric rate case filing in June, gas case PFD expected in August with final order September-October if going full distance.
does anything get done in an election year? Any impact on your cadence of regulatory filings?
Show response
Garrick said the state budget will dominate the session. Does not expect significant policy movement but CMS is engaged where affordability-improving bills exist. Purple state dynamics make budget contentious as they were last year.
Calendar 2025 Q3
I was wondering if you could characterize some of how you're thinking about the timing and the mix between the self-build and the PPA
Show response
Garrick said safe harbor through 2029 drives front-loading of renewables. Competitive bid process favors self-build but not opposed to capital-light PPAs at ~9% returns. Rejji said $10B estimate assumes ~50-50 owned vs PPA for solar, closer to 100% owned for wind.
the manufacturing growth, the new customers you're seeing there and the new pipeline customers, can you characterize that
Show response
Garrick said growth includes new customers, existing expansions, and reshoring across aerospace and defense (4,000 businesses in Michigan), advanced manufacturing, and food processing driven by proximity to Michigan's agriculture base.
Calendar 2025 Q1
wonder if there were any lessons learned or aside from the headline numbers, anything in the case, decision that you'd like to go back for
Show response
Garrick noted need to better align capital and O&M filing, especially vegetation management that wasn't in the case when Liberty Audit arrived mid-process. Rejji added wildfire mitigation plan on wish list.
ETREntergy4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q1
have you changed any of your strategic conversations when you're thinking about contracting with these customers
Show response
CEO confirmed contracting strategy largely unchanged. Leveraged existing frameworks with credit provisions, minimum bills, and termination features for data center contracts.
is there a precedent either in Louisiana or other states you serve or other states you've researched for a decision like this
Show response
CEO noted all investment components are standard for commission review. Existing high factor load-serving tariff in Louisiana directly applicable to new data center customer.
Calendar 2024 Q4
with the large load customers who you're competing against essentially for these large contracts
Show response
CEO framed competition as global, then outlined Entergy's advantages: vertically integrated complete technical solutions, extensive large customer experience, strong community relationships.
The Amazon facility. Wonder if you had any update on progress there, filings, et cetera. The Mississippi
Show response
CEO confirmed Amazon facility under construction with first substation live and serving load. Expects first phase to lead to additional Mississippi growth.
PEGPublic Service Enterprise Group3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
Is the ball now in your court in terms of putting together proposals, best ideas, stuff like that to present to the BPU?
Show response
Ralph said Phase 2 stakeholder proceedings come next and PSEG will participate while awaiting finalized BPU orders.
Calendar 2025 Q2
if the state were to go to a regulated generation option, would that need FERC approval
Show response
LaRossa confirmed no FERC approval needed for state-directed regulated generation, though an FRR or other procurement mechanism details would need to be worked through.
is the concern among New Jersey, the legislatures, BPU, etc, that there aren't enough electrons, either energy or capacity in New Jersey
Show response
LaRossa gave historical context: the focus cycles between affordability, reliability, and environmental concerns. Currently affordability dominates, but reliability (2003 blackout, Sandy) and environmental concerns are never far behind.
ESEversource Energy2 questions · 2 reporting periods · 1 of 2 challenging
Calendar 2026 Q1
what flexibility do you have on your transmission investments and your CapEx? Is that an area where you could potentially move around some CapEx if there is a decision
Show response
Moreira acknowledged flexibility to adjust transmission CapEx but deflected specifics, pivoting to the broader argument that transmission owners should be incentivized to invest.
Calendar 2025 Q1
if you could just give a little bit of a list here what you got in the first quarter and the ones you expect
Show response
Moreira detailed the $900M RAM rate increase (July through April) as the primary recovery driver, worth about 300 basis points of FFO-to-debt. New RAM lowered recovery by $142M effective May 1.
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 |
|---|---|---|
| PNW Pinnacle West | 12 | 0%none of 12 questions |
| NI NiSource | 11 | 0%none of 11 questions |
| EVRG Evergy | 9 | 0%none of 9 questions |
| DTE DTE Energy | 8 | 0%none of 8 questions |
| XEL Xcel Energy | 8 | 0%none of 8 questions |
| SO Southern Company | 7 | 0%none of 7 questions |
| CMS CMS Energy | 6 | 0%none of 6 questions |
| ETR Entergy | 4 | 0%none of 4 questions |
| PEG Public Service Enterprise Group | 3 | 0%none of 3 questions |
| ES Eversource Energy | 2 | —Rate withheld: fewer than 3 questions |
- PNWPinnacle West · 12 questions0%none of 12 questions
- NINiSource · 11 questions0%none of 11 questions
- EVRGEvergy · 9 questions0%none of 9 questions
- DTEDTE Energy · 8 questions0%none of 8 questions
- XELXcel Energy · 8 questions0%none of 8 questions
- SOSouthern Company · 7 questions0%none of 7 questions
- CMSCMS Energy · 6 questions0%none of 6 questions
- ETREntergy · 4 questions0%none of 4 questions
- PEGPublic Service Enterprise Group · 3 questions0%none of 3 questions
- ESEversource 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 | 12 | 0%none of 12 questions | 7 |
| 2025 Q1 | 16 | 0%none of 16 questions | 9 |
| 2025 Q2 | 7 | 0%none of 7 questions | 3 |
| 2025 Q3 | 13 | 0%none of 13 questions | 7 |
| 2025 Q4 | 7 | 0%none of 7 questions | 4 |
| 2026 Q1 | 7 | 14%1 of 7 questions | 4 |
| 2026 Q2 | 8 | 0%none of 8 questions | 6 |
- 2024 Q412 questions · challenge rate 0% (none of 12 questions) · 7 companies
- 2025 Q116 questions · challenge rate 0% (none of 16 questions) · 9 companies
- 2025 Q27 questions · challenge rate 0% (none of 7 questions) · 3 companies
- 2025 Q313 questions · challenge rate 0% (none of 13 questions) · 7 companies
- 2025 Q47 questions · challenge rate 0% (none of 7 questions) · 4 companies
- 2026 Q17 questions · challenge rate 14% (1 of 7 questions) · 4 companies
- 2026 Q28 questions · challenge rate 0% (none of 8 questions) · 6 companies
Topics
Topics tagged on this analyst’s questions.
- Regulation Policy33
- Capex Investment24
- Demand18
- Cloud & AI10
- Capital Allocation6
- Competitive Dynamics6
- Guidance Reliability4
- Revenue Growth4
- Supply Chain4
- Cost Pressure3
Show all 18 topics
- Innovation & R&D2
- Margin2
- M&A1
- Credit1
- Geographic Expansion1
- Subscriber Growth1
- Macroeconomic1
- Labor Market1