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    Agnieszka Storozynski

    Managing Director and Senior Equity Research Analyst at BofA Securities

    Agnieszka Storozynski is a Managing Director and Senior Equity Research Analyst at Seaport Global Holdings LLC, specializing in the utilities and power sectors in the US and Canada. She has covered leading utility companies such as Eversource and FirstEnergy, consistently producing high-performing investment recommendations, including a notable 364% return on Vistra (VST) over a one-year period and maintaining an average analyst rating of 4.81 stars with a strong success rate. Storozynski began her career more than two decades ago, with previous roles at Macquarie Capital and HSBC before joining Seaport Global. She holds a Master's degree from SGH Warsaw School of Economics, is ACCA qualified, and recognized for her financial acumen and accuracy in equity research.

    Agnieszka Storozynski's questions to Vistra (VST) leadership

    Agnieszka Storozynski's questions to Vistra (VST) leadership • Q1 2025

    Question

    Agnieszka Storozynski commented on management's measured tone, questioning why it didn't sound more upbeat given the 'once in a generation' upside from AI. She also asked why Vistra was not formally updating its 2026 outlook, given the high hedge levels and strong underlying fundamentals.

    Answer

    President and CEO James Burke explained that Vistra's communication style is intentionally measured, preferring to announce deals only when they are finalized due to the competitive landscape and complexity of customer negotiations. Regarding the 2026 outlook, he stated that while they are confident in performance 'significantly above $6 billion,' they are not providing formal guidance yet due to remaining variables like the capacity auction and open hedge positions, and plan to return to their normal guidance cadence on the Q3 call.

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    Agnieszka Storozynski's questions to Vistra (VST) leadership • Q3 2024

    Question

    Agnieszka Storozynski asked about the timeline for data center deals to contribute meaningfully to EBITDA, the pricing differential between nuclear and gas assets for these deals, and the transmission capacity around PJM assets like Beaver Valley.

    Answer

    President and CEO James Burke stated that a meaningful EBITDA impact is unlikely in the 2026-2027 timeframe due to long project development cycles. While not providing specifics, he noted nuclear assets would likely command a premium over gas. Head of Strategy Stacy Dore added that a study for Beaver Valley has already confirmed co-located load can be added without negative grid impact, highlighting the speed-to-market advantage of co-location.

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    Agnieszka Storozynski's questions to Vistra (VST) leadership • Q2 2024

    Question

    Agnieszka Storozynski inquired about Vistra's strategy for managing concerns from regulated utilities about load growth and potential market interventions in PJM, the timing of colocation deals amidst regulatory scrutiny, and whether the company prefers behind-the-meter or front-of-the-meter projects.

    Answer

    James Burke, President and CEO, emphasized that competitive markets have a strong track record and that there are sufficient opportunities for both competitive generators and regulated utilities to invest and meet customer needs. He explained that the timing of colocation deals is driven by customer diligence, not just Vistra's pace. He also clarified that Vistra sees opportunities for both behind-the-meter and front-of-the-meter projects and is actively pursuing both.

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    Agnieszka Storozynski's questions to PPL (PPL) leadership

    Agnieszka Storozynski's questions to PPL (PPL) leadership • Q1 2025

    Question

    Agnieszka Storozynski questioned the lack of public announcements for the 11 gigawatts of data center load in Pennsylvania and asked about PPL's stance on a model tariff for large loads, as discussed in a recent PUC hearing. She also inquired about PPL's 'time to power' advantage and whether it is disproportionately attracting data center growth to its service territory.

    Answer

    CEO Vincent Sorgi expressed no concern over the timing of announcements, noting PPL doesn't control them but has already signed Energy Services Agreements (ESAs) for multiple gigawatts. He explained that these ESAs already protect existing customers from stranded asset risk through minimum revenue commitments and letters of credit, making a model tariff not strictly necessary. He confirmed PPL's ability to provide study results in weeks, not months, remains a significant competitive advantage that data center customers consistently highlight.

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    Agnieszka Storozynski's questions to PPL (PPL) leadership • Q4 2024

    Question

    Agnieszka Storozynski from Seaport Research Partners questioned why the significant increase in rate base growth did not lead to a higher EPS growth trajectory and asked about the drivers of the HoldCo drag in 2024.

    Answer

    CFO Joe Bergstein responded that maintaining a strong balance sheet is a strategic priority that supports long-term value, justifying the equity issuance. He noted the gap between rate base and earnings growth is partly due to financing needs. He clarified the 2024 HoldCo drag was impacted by a year-over-year comparison against a 2023 tax benefit from the WPD sale, which is not a recurring item.

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    Agnieszka Storozynski's questions to PPL (PPL) leadership • Q3 2024

    Question

    Agnieszka Storozynski highlighted PPL's competitive advantages for attracting data centers in Pennsylvania and asked for confirmation that the resulting transmission benefits would flow to customers rather than boosting PPL's earnings.

    Answer

    President and CEO Vincent Sorgi agreed '100%' that PPL has a strong competitive advantage, noting that the 8 gigawatts of advanced-stage projects are not duplicates and that adding more load makes the system cheaper on a per-unit basis for all users. He confirmed that the transmission revenue benefits from new data center load directly reduce bills for all customers and are not an earnings driver for PPL.

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    Agnieszka Storozynski's questions to Constellation Energy (CEG) leadership

    Agnieszka Storozynski's questions to Constellation Energy (CEG) leadership • Q1 2025

    Question

    Agnieszka Storozynski asked if the hyperscaler shift from training to inference facilities has altered demand, making location more critical again. She also questioned the reasons for the recent pullback in forward power curves in Northern Illinois and whether there was any political backlash against large load growth in the state.

    Answer

    President and CEO Joe Dominguez responded that inference centers are also growing much larger, making power availability and interconnection speed more critical than proximity to population centers. Regarding Illinois, he does not see a specific political backlash, but rather a broadening of customers' geographic searches to wherever they can connect easiest and fastest, which benefits Constellation due to its wide reach.

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    Agnieszka Storozynski's questions to CALIFORNIA WATER SERVICE (CWT) leadership

    Agnieszka Storozynski's questions to CALIFORNIA WATER SERVICE (CWT) leadership • Q1 2025

    Question

    Agnieszka Storozynski of BofA Securities inquired about the 2024 California General Rate Case (GRC), asking for the key points of contention preventing a global settlement and which areas of agreement have been reached with the California Public Advocates.

    Answer

    Martin Kropelnicki, Chairman and CEO, explained that while he could not discuss specific details of the settlement negotiations, the company is working to identify non-contested areas to streamline the upcoming evidentiary hearings. He expressed confidence in the process, noting that the commissioner, judge, and advocates have all indicated a strong desire to keep the rate case on its original schedule, a positive sign compared to previous cycles.

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    Agnieszka Storozynski's questions to NRG ENERGY (NRG) leadership

    Agnieszka Storozynski's questions to NRG ENERGY (NRG) leadership • Q4 2024

    Question

    Agnieszka Storozynski asked for details on the structure of the $70-$90/MWh long-term power contracts, including how they would be structured (spark spread vs. tolling) and how credit and commodity risks would be managed. She also questioned NRG's competitive position against regulated utilities, which appear to be progressing faster on new gas builds, and asked if large industrial customers in ERCOT are now seeking to lock in long-term power prices.

    Answer

    Robert Gaudette, Head of NRG Business, explained that contract structures will vary but are essentially locked-in heat rates, making gas the primary exposure, which NRG's large commercial platform is built to manage. Lawrence Coben, Chair, President and CEO, countered the idea that NRG is slow, arguing its new partnerships provide unmatched speed. Gaudette confirmed a 'dramatic increase' in large customers looking to lock in power for 5+ years, validating concerns about market tightening.

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    Agnieszka Storozynski's questions to NRG ENERGY (NRG) leadership • Q3 2024

    Question

    Agnieszka Storozynski of Seaport Research Partners questioned the economics of the Virtual Power Plant (VPP), asking if it could face the same price cannibalization issues as batteries in Texas. She also asked why Texas forward power curves are not reacting to significant data center load growth announcements and inquired about the free cash flow yield at which share buybacks might become unattractive.

    Answer

    An executive, likely Robert Gaudette, explained that the VPP's value is derived from acting as a cost-effective insurance hedge for NRG's consumer portfolio, making it less susceptible to market price arbitrage dynamics than standalone batteries. He attributed the lack of reaction in power curves to a short-sighted market view following a mild summer. Chair and CEO Lawrence Coben responded that with a double-digit free cash flow yield, the stock remains significantly undervalued, and share repurchases continue to be a highly attractive use of capital.

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    Agnieszka Storozynski's questions to American Water Works Company (AWK) leadership

    Agnieszka Storozynski's questions to American Water Works Company (AWK) leadership • Q4 2024

    Question

    Agnieszka Storozynski asked if the company would consider using hybrid financing instead of traditional equity, how it manages earnings lumpiness from M&A with organic CapEx, and what options are being pursued to challenge the partial decoupling decision in California.

    Answer

    EVP and CFO David Bowler responded that hybrid securities are not seen as cost-effective or less dilutive than straight equity. EVP and COO Cheryl Norton explained that if M&A deals are delayed, the company has a pipeline of other capital projects it can pull forward to meet spending targets and smooth EPS growth. Mr. Bowler confirmed that the company has filed a motion for a rehearing with the commission in California to challenge the decoupling decision.

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    Agnieszka Storozynski's questions to American Water Works Company (AWK) leadership • Q3 2024

    Question

    Agnieszka Storozynski of Seaport Research Partners inquired about the company's electricity procurement strategy amid inflation, how it plans to replace earnings from the HOS note interest income after 2026, and the rationale behind the frequency of its rate cases, questioning if plans assume earning the full allowed ROE.

    Answer

    CEO M. Hardwick explained that electricity cost risk is well-mitigated through multiple long-term contracts, some extending to 2029. President John Griffith reiterated that the accelerated capital plan, funded in part by the HOS note proceeds which avoid new debt/equity issuance, generates the regulated earnings to replace the interest income. CEO Hardwick also clarified that the rate case cycle is driven by the high level of necessary capital investment and the need for timely recovery, not just by a goal to hit a specific rate of return.

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    Agnieszka Storozynski's questions to EVERSOURCE ENERGY (ES) leadership

    Agnieszka Storozynski's questions to EVERSOURCE ENERGY (ES) leadership • Q4 2024

    Question

    Agnieszka Storozynski asked about potential regulatory roadblocks for the Aquarion sale approval in Connecticut, focusing on the 'customer benefit' standard, particularly since the buyer is a municipal authority.

    Answer

    Chairman, President and CEO Joseph Nolan expressed confidence in the approval process, stating that as long as the law is followed, the transaction should be approved. He addressed a key concern by noting that the buyer can and should continue making payments to municipalities, as tax costs are already embedded in customer rates.

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    Agnieszka Storozynski's questions to EVERSOURCE ENERGY (ES) leadership • Q3 2024

    Question

    Agnieszka Storozynski asked to quantify the earnings benefit from the New England Clean Energy Connect (NECEC) line and whether Eversource would consider reviving its own large-scale transmission projects now that it is a pure-play regulated utility.

    Answer

    EVP, CFO and Treasurer John Moreira clarified the NECEC benefit is a remuneration of approximately 2.25% on the value billed to customers under the PPA. Chairman, President and CEO Joseph Nolan firmly stated the company will not pursue merchant transmission projects, as it would deviate from its strategy to be a pure-play regulated utility focused on lower-risk investments.

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    Agnieszka Storozynski's questions to AES (AES) leadership

    Agnieszka Storozynski's questions to AES (AES) leadership • Q3 2024

    Question

    Agnieszka Storozynski of Seaport Research Partners challenged the flat performance of the renewables cash EBITDA since 2022, questioning the lack of growth despite heavy investment and its implications for future parent free cash flow. She also asked for confirmation on the large Q4 catch-up required for subsidiary distributions.

    Answer

    CEO Andres Gluski and CFO Stephen Coughlin asserted that renewables EBITDA will grow substantially in 2025. They attributed the 2024 underperformance to one-time, record-breaking weather events in South America and noted that strong U.S. growth more than offsets the Brazil sale. Mr. Coughlin confirmed that a large Q4 catch-up in distributions is a normal seasonal pattern and that he is confident in hitting the full-year target.

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    Agnieszka Storozynski's questions to FIRSTENERGY (FE) leadership

    Agnieszka Storozynski's questions to FIRSTENERGY (FE) leadership • Q3 2024

    Question

    Agnieszka Storozynski challenged the company's critique of PJM's generation procurement timeline, questioned the fairness of adding load in power-importing Ohio, and asked if withdrawing the ESP V filing introduces more regulatory uncertainty.

    Answer

    Executive Brian Tierney defended the critique by contrasting the 'hope' of PJM's market signals with the certainty of a state-run auction with contracts and milestones. He clarified that Ohio has transmission capacity, and the entire region needs new generation. He firmly stated that reverting to ESP IV reduces risk and increases certainty by aligning regulatory processes.

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    Agnieszka Storozynski's questions to EDISON INTERNATIONAL (EIX) leadership

    Agnieszka Storozynski's questions to EDISON INTERNATIONAL (EIX) leadership • Q3 2024

    Question

    Agnieszka Storozynski questioned the potential impact of data center demand on growth plans and electricity prices, and asked if customers recognize the total energy cost savings from electrification. She also probed the sensitivity of growth plans to higher electricity prices.

    Answer

    President and CEO Pedro Pizarro noted that while hyperscale training centers are unlikely, they are seeing growth from AI inference centers, which is factored into forecasts. He and Executive Steven Powell acknowledged the challenge of customer education in recognizing total energy bill savings (electricity, gas, gasoline), stating it's a critical area of focus. Pizarro concluded that while price fluctuations might affect adoption rates year-to-year, California's firm commitment to Net Zero by 2045 means the electrified endpoint remains the same.

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    Agnieszka Storozynski's questions to SJW leadership

    Agnieszka Storozynski's questions to SJW leadership • Q2 2024

    Question

    Asked about the company's strategy for managing rising electricity costs, the potential for water utilities to gain a competitive advantage in affordability, and the expected synergies from in-state M&A like the potential Aquarion deal.

    Answer

    The company recovers electricity costs through a balancing account in California and advance power contracts elsewhere, while also investing in solar to fix costs. They believe water is highly affordable, with bills under 1% of median household income, and they continue to pursue cost savings. For M&A, they see potential for O&M savings around 10%, consistent with industry norms, especially in contiguous consolidations.

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    Agnieszka Storozynski's questions to Talen Energy (TLN) leadership

    Agnieszka Storozynski's questions to Talen Energy (TLN) leadership • Q1 2024

    Question

    Agnieszka Storozynski questioned if the company's free cash flow CAGR target of over 10% was too conservative, inquired about strategic priorities beyond buybacks like M&A or replicating the data center strategy, and asked for an outlook on PJM capacity prices.

    Answer

    CEO Mark McFarland defended the guidance as a conservative figure with high visibility from contracted revenues. He highlighted ongoing work on the AWS deal, the Nautilus Bitcoin mine exit, and recent transactions, while declining to comment on M&A. Regarding PJM, he noted that tightening markets should be reflected in capacity prices and that Talen's gas plants are increasingly an energy play, not just a capacity play.

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    Agnieszka Storozynski's questions to Talen Energy (TLN) leadership • Q1 2024

    Question

    Agnieszka Storozynski questioned if the projected 10%+ free cash flow CAGR was conservative given strong market drivers, asked about strategic initiatives beyond buybacks like M&A or new data center deals, and sought an outlook on PJM capacity prices.

    Answer

    CEO Mark McFarland stated the company prefers a conservative approach to guidance to ensure delivery on expectations, noting that much of the visible growth comes from contracted revenues like the AWS deal. He highlighted recent achievements including the ERCOT sale and term loan repricing, but declined to comment on potential M&A or new commercial deals. Regarding PJM capacity prices, he acknowledged market tightening but avoided front-running the auction, emphasizing that gas plants are now also an energy spark play, not just a capacity play.

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    Agnieszka Storozynski's questions to AY leadership

    Agnieszka Storozynski's questions to AY leadership • Q1 2024

    Question

    Asked about the valuation gap between development and operating assets in the M&A market, the low multiple paid for the U.K. acquisition, and the strategy for U.S. wind assets with expiring PPAs in the current power price environment.

    Answer

    The executive declined to comment on broad M&A valuation trends but explained the U.K. acquisition was an attractive, hard-to-find deal in the less competitive mid-market. For U.S. assets with expiring PPAs, they are tactically keeping them merchant to capture favorable market prices while evaluating the best long-term repowering options.

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    Agnieszka Storozynski's questions to DTE ENERGY (DTE) leadership

    Agnieszka Storozynski's questions to DTE ENERGY (DTE) leadership • Q1 2024

    Question

    Agnieszka Storozynski inquired if accelerating load growth might alter DTE's coal plant retirement plans and how incremental load from data centers would impact earnings versus customer affordability, given DTE's long power position.

    Answer

    Chairman and CEO Gerardo Norcia affirmed DTE's plan includes adequate reserve margins, citing the new combined cycle plant and the Belle River gas conversion. He noted that post-2028, more dispatchable generation (likely gas with CCS) will be needed. He explained that significant load growth from 24/7 data centers would require new generation and could accelerate the next IRP. He expects such investments would pay for themselves, benefit customer bills, and add rate base value for investors, creating a 'win-win.'

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    Agnieszka Storozynski's questions to AGR leadership

    Agnieszka Storozynski's questions to AGR leadership • Q3 2023

    Question

    Asked about the company's future financing strategy for renewables, including the mix of tax equity and IRA transferability and the potential use of project-level debt. Also inquired about the PNM merger, asking about a potential price renegotiation and contingency plans for an unfavorable court ruling.

    Answer

    The CFO explained that IRA transferability is a valuable new tool, especially for PTC and repowering projects, but tax equity will still be used for large ITC projects to manage NOLs. On PNM, the CEO stated they are awaiting the court's decision and will not speculate on outcomes, adding that M&A prices are based on long-term value and not typically renegotiated on short-term market changes.

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