Sign in

    Andrew Weisel • Scotiabank

    Andrew Weisel's questions to Alliant Energy Corp (LNT) leadership

    Andrew Weisel's questions to Alliant Energy Corp (LNT) leadership • Q2 2025

    Question

    Andrew Weisel of Scotiabank inquired why the data center demand chart was unchanged despite the $10 billion QTS investment announcement. He also asked about the potential need for new generation, such as CCGTs, to support this load and questioned the company's strategy for its wind projects if it is unable to secure safe harbor tax credits.

    Answer

    President and CEO Lisa Barton explained that the $10 billion QTS project in Cedar Rapids was already included in the plan, while the QTS Madison project resides in the 'mature opportunities' category and will drive future CapEx updates. Executive VP and CFO Robert Durian confirmed that new load growth will primarily require new generation, with an update coming in Q3. Regarding safe harbor, Durian stated they would pivot to other technologies if needed, and Barton emphasized that affordability analysis is integral to their resource planning.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Alliant Energy Corp (LNT) leadership • Q1 2025

    Question

    Andrew Weisel from Scotiabank sought more details on the $1.4 billion equity plan, asking about the potential use of an ATM versus a block trade and the timing of issuance. He also asked for a breakdown of the $600 million increase in the CapEx plan by asset type and technology.

    Answer

    Executive Robert Durian detailed that the $1.4 billion equity need would be met by ~$100 million from the direct plan and $1.3 billion from flexible instruments like an ATM or a forward transaction. The current plan assumes ratable issuance from 2026-2028, but timing is flexible. He specified that the largest driver of the CapEx increase was for new natural gas generation to support peak demand from data center customers.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Alliant Energy Corp (LNT) leadership • Q4 2024

    Question

    Andrew Weisel sought to clarify if the Big Cedar site was fully booked, asked about confidence in serving future data center demand, and questioned how proposed Iowa legislation on Integrated Resource Planning (IRP) and advanced ratemaking would impact the company's flexibility.

    Answer

    President and CEO Lisa Barton initially confirmed Big Cedar was fully booked but later corrected herself, stating there is still 'a little bit of room.' She affirmed the company is positioning itself to attract significant economic development. Barton viewed the IRP legislation as neutral to flexibility, as they can file plans anytime. EVP and CFO Robert Durian added that the advanced ratemaking legislation expands eligibility to more technologies and lowers the threshold to 40 MW, providing greater flexibility to meet new customer demand.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Alliant Energy Corp (LNT) leadership • Q3 2024

    Question

    Andrew Weisel of Scotiabank questioned the reasons for the 2024 guidance reduction, asking if it was solely due to weather. He also inquired if the updated CapEx plan includes assumptions for other economic development deals beyond the announced Phase I and pressed for reasons why the EPS growth outlook isn't higher than 6% given the significant load and CapEx increases.

    Answer

    CFO Robert Durian confirmed the 2024 guidance change was largely due to being able to offset about 75% of significant negative temperature impacts, not a full offset. He clarified that any economic development beyond the announced Phase I data centers represents upside to the current plan. Both Robert Durian and CEO Lisa Barton attributed the 6% growth outlook to a conservative approach based on timing and a commitment to not get ahead of the story until new deals are fully secured.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Duke Energy Corp (DUK) leadership

    Andrew Weisel's questions to Duke Energy Corp (DUK) leadership • Q2 2025

    Question

    Andrew Weisel of Scotiabank asked about the primary driver for the recent asset sales, the allocation and timing of the $4 billion in incremental CapEx, and whether the stronger balance sheet might alter the company's thinking on dividend growth.

    Answer

    President & CEO Harry Sideris and EVP & CFO Brian Savoy explained the sales were an efficient way to fund growth and unlock the full potential of their businesses. Sideris confirmed the $4 billion in new CapEx is entirely for Florida in the 2028-2029 timeframe. Savoy stated that the current 2% dividend growth is appropriate for the investment cycle and helps lower the payout ratio over time.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Eversource Energy (ES) leadership

    Andrew Weisel's questions to Eversource Energy (ES) leadership • Q2 2025

    Question

    Andrew Weisel of Scotiabank questioned the rationale for activating the ATM equity issuance program in Q2 and asked if Eversource is ready to redeploy capital back to Connecticut following recent legislative and court developments.

    Answer

    EVP, CFO & Treasurer John Moreira explained the ATM was used in June to provide liquidity, with future use dependent on the Aquarion sale timing and debt balances. On Connecticut, Moreira stated the company wants to see 'more constructive data points from the commission' first, specifically citing the pending Yankee Gas case outcome. CEO Joseph Nolan added that clarity on AMI would also be a factor.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Eversource Energy (ES) leadership • Q2 2025

    Question

    Andrew Weisel questioned the rationale for resuming ATM equity issuances in Q2 and asked whether Eversource is ready to redeploy capital back to Connecticut following recent legislative and court developments.

    Answer

    John Moreira, Executive VP, CFO & Treasurer, explained the Q2 equity issuance was to provide liquidity and future needs depend on the Aquarion sale timing and debt balances. On Connecticut capital, Mr. Moreira stated the company wants to see more constructive data points from the commission first, specifically citing the pending Yankee Gas rate case outcome as a key factor.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Eversource Energy (ES) leadership • Q1 2025

    Question

    Andrew Weisel of Scotiabank sought clarification on the FFO to debt cushion, how the Massachusetts PBR inflation mechanism interacts with tariffs, and the timing of a potential CL&P rate case.

    Answer

    EVP and CFO John Moreira confirmed the 100-basis-point cushion applies to both S&P and Moody's thresholds. He clarified that the PBR inflation mechanism addresses O&M, not capital, and is capped at 5%. He also stated that the company is still assessing the timing for a CL&P rate case, with the earliest potential filing being in the fall.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Eversource Energy (ES) leadership • Q4 2024

    Question

    Andrew Weisel inquired about the potential for the recently acquired Mystic site to become a major investment opportunity, possibly exceeding $1 billion, and if it was included in the current capital plan. He also asked for the expected annual value of shares from DRIP and employee programs.

    Answer

    Executive VP and CFO John Moreira stated that Mystic is not yet in the capital plan but represents a significant long-term opportunity. Chairman, President and CEO Joseph Nolan added that the company would be comfortable with a large, FERC-regulated investment there. Moreira guided to an annual value of $100 million to $120 million from DRIP and employee stock programs.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Eversource Energy (ES) leadership • Q3 2024

    Question

    Andrew Weisel inquired about the timing of the South Fork tax equity benefit and asked for clarification on the FFO to debt walk, given the increase in cash flow drivers. He also asked about the potential for shifting more capital away from Connecticut.

    Answer

    EVP, CFO and Treasurer John Moreira explained the South Fork tax benefits will likely be realized beyond 2026 as other tax attributes are being used first. He clarified the FFO/debt target range is unchanged, with the cash flow increase reflecting more quantified items. CEO Joseph Nolan reiterated that they have already moved $500 million in capital from Connecticut and will continue to monitor the regulatory climate for future investment decisions.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Southern Co (SO) leadership

    Andrew Weisel's questions to Southern Co (SO) leadership • Q2 2025

    Question

    Andrew Weisel from Scotiabank questioned the company's confidence in counterparties' ability to deliver combined cycle PPA capacity by 2028, given industry constraints. He also asked about the durability of the new demand forecast, considering the need for an interim IRP update in 2023.

    Answer

    CFO Dan Tucker clarified that the near-term combined cycle PPAs are for existing capacity that is becoming available in the market, not new builds, mitigating execution risk. David Poroch, SVP & incoming CFO, explained that the Georgia PSC regulatory structure is orderly and flexible, allowing for future IRP updates if warranted by changing circumstances, ensuring they can adapt to sustained load growth.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Southern Co (SO) leadership • Q1 2025

    Question

    Andrew Weisel questioned the sequential slowdown in electricity demand trends, particularly the deceleration in data center growth from 17% to 11% year-over-year. He also sought clarification on the size and growth of the total large load pipeline.

    Answer

    Chief Financial Officer Dan Tucker explained that there was nothing systemic to read into the quarterly numbers, citing base effects for data center growth (growing off a higher base) and timing-related industrial outages. He clarified that the 52 GW pipeline figure is for Georgia alone, and the total consolidated pipeline across all territories is 'over 50 GW' and did grow quarter-over-quarter. He cautioned against focusing too much on the headline number due to its speculative nature.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Black Hills Corp (BKH) leadership

    Andrew Weisel's questions to Black Hills Corp (BKH) leadership • Q2 2025

    Question

    Andrew Weisel of Scotiabank asked for specifics on the drivers behind the company's confidence in achieving the upper half of its 4-6% EPS growth target starting in 2026, and requested details on recent unplanned generation outages.

    Answer

    CFO & SVP, Kimberly Nooney, attributed the strong growth outlook to several factors, including full rate recovery for the Ready Wyoming project, contributions from the Lang II and Colorado Clean Energy Plan projects, and the ramp-up of Meta's data center in 2026. She clarified this outlook does not include unannounced data center growth. Regarding outages, SVP & Chief Utility Officer, Marne Jones, confirmed all generation is back online and steps have been taken to mitigate future risk. Kimberly Nooney added that the financial impact was immaterial to EPS due to offsetting factors and no further unplanned outages are assumed for the year.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Black Hills Corp (BKH) leadership • Q1 2025

    Question

    Andrew Weisel of Scotiabank inquired about the specifics of the Colorado electric rate case reconsideration, the recent franchise vote in Pueblo, and the timing of the company's equity issuance relative to its annual guidance.

    Answer

    Marne Jones, SVP and Chief Utility Officer, explained the rate case reconsideration resulted in a minor revenue increase but no change to the capital structure. She also confirmed the Pueblo franchise was renewed until 2030. Kimberly Nooney, SVP and CFO, clarified that equity is issued based on capital needs and reaffirmed the full-year target, noting future equity needs will be lower due to 2025's outsized capital plan and upcoming project cash flows.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Black Hills Corp (BKH) leadership • Q4 2024

    Question

    Andrew Weisel sought clarification on the company's credit rating commitment, the reason for the 2024 CapEx shortfall, and the slight delay in the Colorado Clean Energy Plan's in-service timeline.

    Answer

    SVP & CFO Kimberly Nooney reaffirmed the company's commitment to solid investment-grade credit ratings and its key metric targets. SVP, Utilities Marne Jones attributed the CapEx shortfall to minor project timing shifts into 2025 and explained the Clean Energy Plan timeline was updated as contract negotiations provided more precise scheduling information.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Black Hills Corp (BKH) leadership • Q3 2024

    Question

    Andrew Weisel inquired about the specifics of the unplanned generation outages, including their financial impact, and asked where earnings might land within the reaffirmed guidance range. He also questioned the potential impact of the U.S. election results on the crypto and blockchain industries and Black Hills' unique position to benefit.

    Answer

    Marne Jones, SVP of Utilities, clarified that the outage was a rollover from the prior quarter due to component failure. Kimberly Nooney, SVP and CFO, directed him to the presentation slides for the specific EPS impact but declined to comment on positioning within the guidance range. Linn Evans, President and CEO, stated that while their strategy is largely agnostic to federal policy, their decade of experience serving data centers positions them well to capitalize on any industry growth.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to FirstEnergy Corp (FE) leadership

    Andrew Weisel's questions to FirstEnergy Corp (FE) leadership • Q2 2025

    Question

    Andrew Weisel asked for the current level of data center demand, details on the significant ramp-up shown for 2026, and the expected timing for the next comprehensive CapEx plan update.

    Answer

    SVP & CFO K. Jon Taylor reported that active data center load is currently around 400 megawatts, with significant growth interest in Ohio, Maryland, West Virginia, and now Pennsylvania. He stated that the next long-term CapEx plan update will likely be provided with the fourth-quarter earnings call to incorporate results from the current PJM open window.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to FirstEnergy Corp (FE) leadership • Q1 2025

    Question

    Andrew Weisel questioned the timing interplay between the Ohio settlement talks and the pending legislation, asked about industrial sales trends, and sought clarification on whether the new PJM transmission investments were incremental to the plan.

    Answer

    Brian Tierney, Chair, President and CEO, stated that the Ohio legislation and the base rate case are on parallel but independent timelines. Jon Taylor, SVP and CFO, attributed the recent industrial sales decline primarily to the steel sector. Brian Tierney clarified that the Valley Link investment is not in the CapEx plan as it's handled via the equity method, but the other $300 million in PJM projects are included in the plan.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to FirstEnergy Corp (FE) leadership • Q4 2024

    Question

    Andrew Weisel asked for details on weak weather-adjusted sales trends, particularly in the commercial segment. He also questioned the dividend outlook, noting the payout ratio on rebased core earnings is slightly above the target range.

    Answer

    Executive K. Taylor attributed residential sales weakness in Pennsylvania to energy efficiency programs and noted some industrial softness was due to temporary steel customer outages, clarifying that data centers are in the industrial class. Executive Brian Tierney stated that while the dividend payout is slightly high, the board is comfortable with the level for 2024 and 2025 and expects dividend growth to generally track core earnings growth.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to FirstEnergy Corp (FE) leadership • Q3 2024

    Question

    Andrew Weisel asked for the specific drivers of the 2024 CapEx increase and whether it represented a pull-forward from future years. He also inquired about the expected timing for clarity on the PJM transmission project awards.

    Answer

    Executive Jon Taylor attributed the CapEx increase to storm restoration costs, reliability work in Pennsylvania, and incremental transmission opportunities, noting the overall $26 billion five-year plan remains intact. He stated the company will have a 'good sense' of the PJM project outcomes by the Q4 call, ahead of the final PJM board approval expected in February.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to WEC Energy Group Inc (WEC) leadership

    Andrew Weisel's questions to WEC Energy Group Inc (WEC) leadership • Q2 2025

    Question

    Andrew Weisel asked about the progress on safe-harboring renewable projects for tax credits, the company's backup plan if they don't qualify, and the rationale behind extending the life of the Oak Creek coal units, including whether it was driven by political pressure.

    Answer

    President and CEO Scott Lauber reported that 40-50% of renewable projects are already safe-harbored, with work continuing on the rest pending new Treasury guidance. He emphasized that the energy is needed regardless, so alternatives like combined-cycle plants would be considered. Lauber clarified the decision to extend the Oak Creek units was a business decision based on MISO market prices and regional reliability needs, with no political involvement.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to WEC Energy Group Inc (WEC) leadership • Q1 2025

    Question

    Andrew Weisel from Scotiabank asked for an update on the Illinois pipeline safety program's potential CapEx upside and timeline, the progress and confidence level in the Microsoft data center project, and the timing of the company's equity issuances for the year.

    Answer

    Executive Scott Lauber stated the Illinois pipe replacement program will ramp up in 2026-2027, targeting an annual run rate over $500 million by 2028. He also affirmed strong confidence in Microsoft's 1.8 GW demand forecast. CFO Xia Liu added that the timing of the $700-$800 million in 2025 equity issuances is actively managed based on stock price and cash needs, expressing confidence in meeting the target.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to WEC Energy Group Inc (WEC) leadership • Q3 2024

    Question

    Andrew Weisel requested a breakdown of the CapEx increases for electric generation and natural gas distribution, and asked if the transmission spending increase was related to MISO Tranche 2 projects.

    Answer

    Executive Scott Lauber clarified that the gas distribution increase reflects growth in Wisconsin, Michigan, and Minnesota, offset by a decrease in Illinois. The electric generation increase includes about $700 million for various projects like wind farm upgrades and plant resilience. He confirmed the transmission increase is for near-term economic development, with MISO Tranche 2 spending expected mostly after the current 5-year plan.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to WEC Energy Group Inc (WEC) leadership • Q2 2024

    Question

    Andrew Weisel from Scotiabank asked about the timeline for potentially reallocating capital back to Illinois, the drivers for the improved O&M outlook, and the full-year expectation for the tax impact in the Corporate and Other segment.

    Answer

    President and CEO Scott Lauber indicated the company will remain conservative on Illinois capital until there is more clarity from pending dockets, likely in early 2025. CFO Liu Xia explained the improved O&M forecast is due to a company-wide focus on cost control, a combination of one-time and sustainable efficiencies. She also noted the full-year tax impact in the Corporate segment should be slightly positive, with timing shifts driven by Illinois earnings patterns and the Delilah project delay.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to CenterPoint Energy Inc (CNP) leadership

    Andrew Weisel's questions to CenterPoint Energy Inc (CNP) leadership • Q2 2025

    Question

    Andrew Weisel from Scotiabank requested more details on the Houston Downtown project's timing and magnitude, asked for sizing on how much additional CapEx could be added this year without equity, and sought specifics on the use of the $500 million CapEx increase.

    Answer

    CEO Jason Wells explained the Houston Downtown project is gaining clarity, with work beginning now and the bulk of spending occurring over the next five to six years. He declined to quantify the limit for equity-free CapEx increases but suggested it was more than the $500 million just announced. EVP & CFO Christopher Foster specified the $500 million increase is dominated by electric transmission work, with some system resiliency and Texas Gas investments.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to CenterPoint Energy Inc (CNP) leadership • Q2 2025

    Question

    Andrew Weisel from Scotiabank asked for the reason behind the increased confidence in the Houston Downtown project, the potential size of future CapEx increases that could be funded without equity, and the specific use of the $500 million CapEx increase announced today.

    Answer

    CEO Jason Wells explained that the Houston project is gaining clarity due to city commitments, with CenterPoint's work being front-loaded over the next 5-6 years. He noted future CapEx increases without equity could be an order of magnitude larger than the current $500 million. CFO Chris Foster specified the $500 million increase is primarily for electric transmission work, system resiliency, and some Texas Gas investments.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to CenterPoint Energy Inc (CNP) leadership • Q1 2025

    Question

    Andrew Weisel from Scotiabank asked for a customer breakdown of the new 7 GW in the interconnection queue and for commentary on FFO to debt progress and discussions with rating agencies about removing the negative watch.

    Answer

    CEO Jason Wells detailed the 7 GW increase as nearly 6 GW from data centers and 1 GW from manufacturing and industrial demand. CFO Christopher Foster stated they are making good progress on the FFO to debt metric and that rating agencies are focused on the Hurricane Beryl cost recovery process, with progress on that filing being key to moving off the negative outlook.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to American Electric Power Company Inc (AEP) leadership

    Andrew Weisel's questions to American Electric Power Company Inc (AEP) leadership • Q1 2025

    Question

    Andrew Weisel asked for clarification on the moving pieces of the FFO to debt metric, which declined to 13.2%, and the path to reaching the 14-15% target. He also questioned if recent regulatory wins were already included in the $54 billion CapEx plan.

    Answer

    Trevor Mihalik, EVP and CFO, explained the year-end 14% FFO to debt was under an old methodology; the new methodology, accounting for deferred fuel, brought it to ~13.5%. He stated the minority interest transaction will add 40-60 bps, and continued focus on efficient operations will help them reach the 14-15% target range. Regarding the CapEx plan, he confirmed that while there are always puts and takes as projects are added or fall away, the plan generally incorporated expectations for such projects.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to American Electric Power Company Inc (AEP) leadership • Q3 2024

    Question

    Andrew Weisel followed up on the dividend policy, asking how quickly the payout ratio would decline, and requested more specific guidance on the timing and form of the planned equity issuance for modeling purposes.

    Answer

    EVP and CFO Chuck Zebula indicated the dividend payout ratio would drift down gradually rather than abruptly. Regarding equity, he reiterated the need for support in 2025 and 2026 and stated that all options are being considered, but did not provide a specific share count assumption for 2025.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to American Electric Power Company Inc (AEP) leadership • Q3 2024

    Question

    Andrew Weisel followed up on the dividend, asking how quickly the payout ratio would decline, and requested more specific guidance on the timing of the $5.35 billion equity need.

    Answer

    CFO Charles Zebula indicated the payout ratio decline would be gradual. He reiterated the need for equity support in 2025 and 2026 but did not provide a specific issuance schedule, noting that all financing options, including equity-like securities, are being considered.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to DTE Energy Co (DTE) leadership

    Andrew Weisel's questions to DTE Energy Co (DTE) leadership • Q1 2025

    Question

    Andrew Weisel asked for the company's trailing FFO to debt metric and for details on the proposed ramp-up of the Infrastructure Recovery Mechanism (IRM) to $1 billion.

    Answer

    EVP and CFO David Ruud provided the FFO to debt metric as being 'right at 15%'. President and COO Joi Harris explained that the IRM increase was proposed as a 3-year ramp with tiered options to give regulators flexibility. She noted a $1 billion approval would create more distance between rate case filings.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to DTE Energy Co (DTE) leadership • Q2 2024

    Question

    Andrew Weisel inquired about DTE's progress on its tree trimming program to reach a 5-year cycle and asked if the reliability spending outlined is fully funded within the current 5-year capital plan and contingent on rate case outcomes.

    Answer

    Executive Joi Harris stated that about 80% of the system is on a 5-year tree trimming cycle and the company is on track to complete it by the end of 2025. She confirmed the reliability spending is fully embedded in the capital plan but is contingent on constructive rate case outcomes. CEO Gerardo Norcia added that the program is funded by a securitized tree trim surge approved years ago.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to DTE Energy Co (DTE) leadership • Q1 2024

    Question

    Andrew Weisel asked for clarification on O&M levels, questioning if they have returned to normal after 2023's aggressive cuts or if the company is already in 'lean mode' for 2024. He also asked about the timing of taxes in the Corporate and Other segment.

    Answer

    EVP and CFO Dave Ruud characterized 2024 as feeling very different from 2023, stating that last year's O&M reductions were largely one-time. He described the company as being back to its 'normal DTE mode' of productivity and efficiency improvements, using its 'lean and invest' strategy as needed. Ruud also confirmed the negative earnings in Corporate and Other due to tax timing were consistent with the budget and will reverse by year-end.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to Entergy Corp (ETR) leadership

    Andrew Weisel's questions to Entergy Corp (ETR) leadership • Q1 2025

    Question

    Andrew Weisel sought clarification on the reduced load growth forecast, asking if it was due to the pace of new customers or usage from existing ones, and requested the new industrial growth forecast. He also asked how much of the proposed investment pipeline is already in the CapEx plan.

    Answer

    CFO Kimberly Fontan confirmed the adjustment was due to the timing and ramp-up of new customers, not usage from existing ones, and stated the industrial growth forecast remains close to the original 11-12% range. She also clarified that the significant investments listed on slide 15 are all included in the current $37 billion financial plan through 2028.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to CMS Energy Corp (CMS) leadership

    Andrew Weisel's questions to CMS Energy Corp (CMS) leadership • Q1 2025

    Question

    Andrew Weisel asked if the company is already implementing cost cuts post-storm, what would happen if the deferral is approved mid-cuts, and for a self-assessment of the storm response.

    Answer

    EVP and CFO Rejji Hayes confirmed cost-cutting is already in 'implementation mode.' He noted an approved deferral would add flexibility, possibly allowing a reversal of one-time cuts while continuing recurring savings efforts. President and CEO Garrick Rochow graded the storm response a 'B+', citing significant improvement and positive feedback from customers and policymakers, while still seeing room to improve.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to CMS Energy Corp (CMS) leadership • Q3 2024

    Question

    Andrew Weisel asked about the potential window for a settlement in the current electric rate case. He also inquired about the upcoming CapEx update, asking if the confluence of demand growth, the REP, and reliability initiatives would lead to a larger-than-usual increase and how that would be financed, particularly regarding equity needs.

    Answer

    President and CEO Garrick Rochow stated that the window for a settlement is open now and extends up to a final order, but key issues might require a fully adjudicated outcome. Regarding CapEx, Rochow noted that the benefits from the REP and IRP will be layered in over time following regulatory approvals. EVP and CFO Rejji Hayes confirmed the $17B plan will see upward pressure but that the pace of approvals and project build-outs will govern the timing. For financing, he reiterated the 'up to $350M' annual equity guidance for the current plan and provided a rule of thumb of $0.35-$0.40 of equity per incremental dollar of CapEx, though this can be mitigated by strong cash flow, tax credit monetization, and opportunistic hybrid debt issuance.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to CMS Energy Corp (CMS) leadership • Q2 2024

    Question

    Andrew Weisel asked for commentary on C&I weather-adjusted sales volumes and requested an assessment of the company's storm restoration performance during the quarter.

    Answer

    CFO Rejji Hayes explained that while Q2 sales saw a slight pullback, year-to-date trends remain strong and are outperforming conservative plans, especially when factoring in energy waste reduction. President and CEO Garrick Rochow graded storm response a 'B,' highlighting improved restoration times. Rejji Hayes added a 'B+' grade for financial efficiency, citing over $40 million in avoided costs via the CE Way.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership

    Andrew Weisel's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership • Q2 2024

    Question

    Andrew Weisel of Scotiabank asked for details on the land at Artificial Island and posed a two-part question on nuclear economics: the potential risk to the IRA's nuclear PTC from an election, and whether New Jersey's ZEC program might be revamped if data centers sign contracts, to avoid ratepayer subsidies for tech companies.

    Answer

    Daniel Cregg, EVP and CFO, declined to comment on land specifics. Ralph LaRossa, Chairman, President and CEO, addressed the ZEC program, noting it expires before any data center deal would be active. He stated he would not support New Jersey ratepayers subsidizing tech companies and believes it's unlikely a company would receive a subsidy on top of a market-based power contract. He also noted the federal PTC's definition of 'gross revenues' is still pending.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership • Q1 2024

    Question

    Andrew Weisel asked for clarification on how much of PSEG's nuclear capacity is uncommitted and available for a new dedicated customer, and also questioned the drivers behind the higher cost per kWh saved in the EE2 program.

    Answer

    Chair, President and CEO Ralph LaRossa confirmed the entire nuclear portfolio could be available for long-term contracts after the current state ZEC program ends in May 2025. He explained the higher EE2 program cost is due to a shift from simple measures like light bulbs to more complex HVAC and industrial upgrades, which aligns with the BPU's strategy. CFO Daniel Cregg added the BPU aims to fund projects that would not otherwise occur.

    Ask Fintool Equity Research AI

    Andrew Weisel's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership • Q1 2024

    Question

    Andrew Weisel of Scotiabank sought to clarify how many megawatts of nuclear capacity are available for new contracts and asked about the rationale for the higher cost of the EE2 energy efficiency program.

    Answer

    Chair, President and CEO Ralph LaRossa indicated the entire nuclear portfolio could be available for long-term contracts after the current state program ends in May 2025. Regarding the EE2 program, LaRossa and EVP/CFO Dan Craig explained the higher cost is due to shifting from simple measures like light bulbs to more complex HVAC upgrades and commercial projects, a strategy aligned with the BPU's goal to fund initiatives that would not happen otherwise.

    Ask Fintool Equity Research AI