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Angie Storozinski

Managing Director and Senior Equity Research Analyst at Seaport

Angie Storozynski is a Managing Director and Senior Equity Research Analyst at Seaport Global Holdings LLC and Seaport Research Partners, specializing in US and Canadian utilities and power sectors. She actively covers major power and utility companies such as NRG Energy and has earned accolades for the accuracy of her financial estimates and stock picking performance, drawing on more than twenty years of equity research experience. Angie began her career in corporate finance at ING in 1999 and progressed through vice president and managing director roles at HSBC and Macquarie Capital before joining Seaport in 2020, enhancing her reputation for insightful analysis and client engagement. She holds a Master’s degree from SGH Warsaw School of Economics and is ACCA certified, with advanced expertise in accounting and finance, and is recognized for integrating ESG considerations into her investment research.

Angie Storozinski's questions to PPL (PPL) leadership

Question · Q4 2025

Angie Storozinski (Seaport Global Securities LLC) inquired about PPL's potential contracting with Independent Power Producers (IPPs) in Pennsylvania, specifically whether it would involve existing or new generation assets, and the expected earnings benefit for the Pennsylvania utility. She also asked how such capacity would integrate into PJM planning and capacity auctions, and sought clarification on the $0.06 earnings drag in Rhode Island for 2025, asking if it was purely one-time or if some deficiencies would be remediated by the recent rate case filing.

Answer

PPL President and CEO, Vince Sorgi, clarified that the proposed legislation for Long-Term Resource Adequacy Agreements (LCRAA) in Pennsylvania is intended to promote new generation builds by IPPs, not for existing assets, and also allows utilities to own generation. He explained that both the load and new generation would participate in PJM auctions, with the expectation that hyperscalers bringing new load would also bring commensurate new generation. PPL CFO, Joe Bergstein, stated that the $0.06 Rhode Island earnings drag was "a little bit of both," with some issues being true-ups that are truly one-time and others being remediated by the rate case, leading to an expectation of positive earnings performance going forward.

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Angie Storozinski's questions to NRG ENERGY (NRG) leadership

Question · Q3 2025

Angie Storozinski from Seaport inquired about the absence of the gross margin sensitivity slide, the impact of PJM price movements on pro forma EBITDA, NRG's competitive position against new power developers, interest in single asset transactions before the LS Power close, and the effect of the LS Power acquisition on NRG's tax shield and 2026 free cash flow guidance.

Answer

Larry Coben, Chair, President, and CEO, stated that the margin sensitivity slide would be updated post-LS Power acquisition and declined to provide current PJM price impact details. He expressed strong confidence in NRG's competitive position for building power plants and serving hyperscalers, emphasizing a focus on tangible results over announcements. Mr. Coben also noted an opportunistic interest in single asset transactions, though not a necessity. Bruce Chung, EVP and CFO, clarified that the standalone cash tax increase is due to expiring tax credits, not disappearing NOLs, and confirmed the LS Power transaction would enhance NRG's tax shield, benefiting cash flow.

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