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    Brian Russo • Jefferies

    Brian Russo's questions to MDU Resources Group Inc (MDU) leadership

    Brian Russo's questions to MDU Resources Group Inc (MDU) leadership • Q2 2025

    Question

    Brian Russo from Jefferies asked for an update on the Bakken East project ahead of the North Dakota Industrial Commission meeting, requested a quantification of the drivers for the revised guidance, and questioned how much more data center load could be absorbed before requiring new generation investment.

    Answer

    CEO & President Nicole Kivisto stated that while state support for the Bakken East project would be helpful, the focus remains on securing customer commitments, with a binding open season as the next step. CFO Jason Vollmer quantified the quarterly weather impact at roughly $1 million and noted that first-half operating expense run rates are not expected to continue. Nicole Kivisto added that while there is some capacity for more capital-light data center load, MDU is also exploring investing in new generation and transmission for larger opportunities.

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    Brian Russo's questions to MDU Resources Group Inc (MDU) leadership • Q1 2025

    Question

    Brian J. Russo, on behalf of Julien Dumoulin-Smith, asked for details on the electric segment's year-over-year earnings decline despite strong volume growth, questioned if North Dakota was in its ROE sharing band, and requested an update on the Bakken East pipeline project's progress and milestones.

    Answer

    Executive Jason Vollmer attributed the electric segment's lower earnings to higher O&M expenses from generating station outages, increased payroll costs, and lower returns on nonqualified benefit plans, noting a lack of new rate relief in Q1. He clarified that the volume increase was mainly from a data center being fully online this year. He also stated it was too early to determine if the company would be in the North Dakota ROE sharing band for 2025. President and CEO Nicole Kivisto added that for the Bakken East project, they are encouraged by customer feedback but are still in discussions to finalize the route and timing.

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    Brian Russo's questions to Avista Corp (AVA) leadership

    Brian Russo's questions to Avista Corp (AVA) leadership • Q2 2025

    Question

    Brian Russo of Jefferies inquired about the composition of the 3,000 MW large load customer pipeline, the long-term strategy for the volatile non-regulated clean technology investments, and the potential for the utility's earned ROE to exceed the stated 8.8% target.

    Answer

    President & CEO Heather Rosentrater explained the 3,000 MW load is from a wide variety of sources and that the recent RFP results will help inform conversations with these potential customers. SVP & CFO Kevin Christie addressed the other businesses, stating they are reviewing strategies and moderating budgets for the venture funds, noting the need for the IPO market to recover for exits. He also affirmed the 8.8% earned ROE for the utility is an achievable target they are sticking with for now, with potential EPS upside coming from new investments and growth.

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    Brian Russo's questions to Avista Corp (AVA) leadership • Q1 2025

    Question

    Brian Russo of Jefferies asked for an update on the expected under-recovery in the Energy Recovery Mechanism (ERM) for 2026, questioning if market shifts have changed the outlook. He also inquired about the strategy to modify the ERM, including whether it could happen outside a GRC, and how Avista balances affordability with growth investments from the new RFP.

    Answer

    CFO Kevin Christie confirmed that a material change in the ERM outcome is not expected for 2025 or 2026 until the mechanism itself is reset, which is a multi-year strategy. He mentioned a multi-pronged approach to modify the ERM, including future rate cases and workshops with parties. President and CEO Heather Rosentrater added that new large load customers are viewed as an opportunity to enhance affordability for existing customers, helping to offset other cost pressures.

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    Brian Russo's questions to Primoris Services Corp (PRIM) leadership

    Brian Russo's questions to Primoris Services Corp (PRIM) leadership • Q2 2025

    Question

    Brian Russo from Jefferies questioned whether the updated 10-12% gross margin target for the Utility segment represents a sustainable, structural shift and sought clarification on the 2025 solar revenue forecast, including any project pull-forwards.

    Answer

    EVP & CFO Ken Dodgen affirmed that the new 10-12% Utility margin guidance is a sustainable, forward-looking range, accelerated by the success of strategic initiatives. He noted that about $1 billion of the updated $2.5 billion renewables revenue target was realized in H1. Dodgen clarified that revenue pull-forward was due to strong execution and timing, not tariffs, and updated the expected annual growth to $300-400 million.

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    Brian Russo's questions to Primoris Services Corp (PRIM) leadership • Q1 2025

    Question

    Brian Russo from Jefferies asked about the company's confidence in its 2024-2026 financial targets, the outlook for renewables revenue post-2025, and the timeline for the permanent CEO search.

    Answer

    CFO Ken Dodgen affirmed that Primoris is on track or ahead of its long-term targets, with accelerated margin improvement in Utilities. He expects a return to a $300-$400 million annual growth cadence in renewables post-2025. Chairman and Interim CEO David King stated the CEO search prioritizes the right candidate over a fixed timeline and seeks public company and M&A experience.

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    Brian Russo's questions to Ameren Corp (AEE) leadership

    Brian Russo's questions to Ameren Corp (AEE) leadership • Q2 2025

    Question

    Brian Russo, on behalf of Julien Dumoulin-Smith of Jefferies, asked for more detail on the significance and potential timeline for existing large load customers requesting studies for site expansions.

    Answer

    President, CEO, & Chairman Martin Lyons described the expansion interest as meaningful for long-term economic growth in the region, bringing jobs and an expanded tax base. While a specific timeline is not yet defined, he views it as extending the growth pipeline, likely beyond the 2032 timeframe. Lyons emphasized that forthcoming Energy Service Agreements (ESAs) will be crucial for firming up the load ramp schedules for the existing 2.3 gigawatts of projects.

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    Brian Russo's questions to Ameren Corp (AEE) leadership • Q1 2025

    Question

    Brian Russo inquired how Ameren would technically offset the potential loss of $300 million per year in tax credit monetization without issuing more equity, questioned the confidence in the timeline and cost of the resource plan given macro uncertainties, and asked about the future cadence of Missouri rate case filings.

    Answer

    Michael Moehn, Senior Executive VP and CFO, asserted that the potential loss of tax credits is manageable without additional equity, citing the company's strong position relative to rating agency downgrade thresholds. He expressed high confidence in the resource plan's execution, noting that long-lead-time materials for gas and solar projects have been secured. Regarding regulatory strategy, he anticipates a rate case filing cadence in Missouri of between two and four years, depending on the ramp-up of capital spending and load growth.

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    Brian Russo's questions to Ameren Corp (AEE) leadership • Q3 2024

    Question

    Brian Russo from Jefferies asked about the drivers of accelerating rate base growth at Ameren Transmission and the potential to pull forward MISO Tranche 2 projects. He also inquired about Ameren's legislative priorities for the 2025 Missouri session.

    Answer

    Martin Lyons, Chairman, President and CEO, clarified that MISO Tranche 1 projects are slated for 2026-2030 and Tranche 2.1 for 2032-2034, but the company will seek to accelerate them where possible. For the 2025 legislative session, Lyons confirmed Ameren will continue to advocate for expanding PISA to cover generation, extending the PISA sunset date, and securing a right of first refusal (ROFR) for transmission to support regional reliability and economic development.

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    Brian Russo's questions to WEC Energy Group Inc (WEC) leadership

    Brian Russo's questions to WEC Energy Group Inc (WEC) leadership • Q2 2025

    Question

    Brian Russo, on behalf of Julien Dumoulin Smith, asked for more detail on the Vantage data center's demand ramp-up, other capital expenditure opportunities like the Peoples Gas pipe program and ATC transmission projects, and whether the upcoming Point Beach PPA expiration would be addressed in the next capital plan.

    Answer

    President and CEO Scott Lauber indicated it's too early to detail the full 3.5-gigawatt ramp for Vantage but confirmed it will be in the next five-year plan. He highlighted significant CapEx increases for the Peoples Gas program, potentially reaching over $500 million annually by 2028, and expected growth in the ATC capital plan. Lauber also confirmed that discussions with NextEra regarding the Point Beach PPA are productive and an update is expected by year-end.

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    Brian Russo's questions to WEC Energy Group Inc (WEC) leadership • Q1 2025

    Question

    Brian Russo of BofA Securities inquired about the impact of recent MISO capacity auction results on base and data center-related CapEx, the long-term strategy for 'power of the future' assets, and the status of nuclear PPA negotiations.

    Answer

    Executive Scott Lauber explained that WEC was largely balanced in the MISO auction and is proactively building new gas generation to meet significant customer demand. He detailed plans to convert coal units at Port Washington and Weston to 100% natural gas by 2029, ensuring sufficient capacity through a mix of gas, renewables, and batteries to stay ahead of future capacity needs.

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    Brian Russo's questions to OGE Energy Corp (OGE) leadership

    Brian Russo's questions to OGE Energy Corp (OGE) leadership • Q2 2025

    Question

    Brian Russo asked for details on upcoming capacity procurement and how it aligns with the 2025 draft Integrated Resource Plan (IRP), sought an update on potential large data center loads, and clarified if the updated guidance includes a one-time gain.

    Answer

    Chairman, President & CEO Sean Trauschke explained that future generation additions are dependent on the timing of large new loads, such as data centers, and that negotiations with these potential customers are progressing well. CFO & Treasurer Charles Walworth confirmed that the company's expectation to finish in the top half of its guidance range does include the one-time benefit from legacy midstream operations.

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    Brian Russo's questions to OGE Energy Corp (OGE) leadership • Q3 2024

    Question

    Brian Russo questioned if accelerating load growth could pressure the current Integrated Resource Plan (IRP) projections, potentially requiring more capacity than planned in the RFP. He also sought confirmation that SPP transmission projects could be incremental CapEx without significant retail rate impact due to regional cost sharing.

    Answer

    R. Trauschke, Chairman, President and CEO, acknowledged that the company is evaluating whether to file a new IRP to reflect updated growth and other factors. He also confirmed that the cost of SPP transmission projects is largely allocated across the region, which helps manage the impact on OGE's retail customers, and that these projects will be added to the plan after receiving a Notice to Construct.

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    Brian Russo's questions to Portland General Electric Co (POR) leadership

    Brian Russo's questions to Portland General Electric Co (POR) leadership • Q2 2025

    Question

    Brian Russo from Jefferies, on behalf of Julien Dumoulin-Smith, questioned how new legislation would affect ROE trends, whether the updated CEPIRP would improve RFP win rates, and how the proposed HoldCo structure might alter future financing plans.

    Answer

    CFO Joe Trpik responded that the company expects to maintain its current earned ROE band and does not anticipate additional regulatory lag. CEO Maria Pope noted that actual RFP win rates have historically exceeded the baseline forecast. Trpik added that the HoldCo's financing impact will be evaluated after the structure is finalized to maximize flexibility and efficiency.

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    Brian Russo's questions to Portland General Electric Co (POR) leadership • Q3 2024

    Question

    Brian Russo, on for Julien Dumoulin, asked about the remaining capacity need for the next RFP, milestones for the North Plains Connector project, and specifics on the tax credit strategy for the Constable and Seaside battery projects.

    Answer

    SVP & CFO Joe Trpik clarified that the original IRP need was 3,200 MW, with the current RFP shortlist covering 1,700 MW, and a future IRP will update the total need. He confirmed the 20% stake in North Plains Connector is proceeding under a non-binding MOU and detailed the timeline for the Warm Springs project. Trpik also estimated the ITC value for the battery projects at approximately $150 million, which will be monetized to reduce equity needs.

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    Brian Russo's questions to Black Hills Corp (BKH) leadership

    Brian Russo's questions to Black Hills Corp (BKH) leadership • Q1 2025

    Question

    Brian Russo of Jefferies inquired about the potential for a capital-light data center strategy in South Dakota, whether transmission constraints enable this strategy, and how insurance costs are recovered in Colorado.

    Answer

    Marne Jones, SVP and Chief Utility Officer, explained that any new tariff in South Dakota would be customized to customer needs and confirmed strong interest in the region. She clarified that as a vertically integrated utility, their capital-light strategy is enabled by location-specific capacity, not RTO dynamics. She also noted that in Colorado, insurance costs are recovered through rate reviews rather than a deferral mechanism.

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    Brian Russo's questions to Black Hills Corp (BKH) leadership • Q3 2024

    Question

    On behalf of Julien Dumoulin-Smith, Brian Russo questioned whether the projected data center EPS contribution growth to 10% by 2028 includes projects beyond the existing anchor tenant and Meta. He also asked if Black Hills plans to replicate its successful Wyoming tariff structures for potential data center customers in other states like Colorado and the Dakotas.

    Answer

    Kimberly Nooney, SVP and CFO, confirmed the 5% to 10% EPS growth forecast is primarily driven by Microsoft and Meta but noted they are receiving new inbounds for projects in Colorado and South Dakota. Linn Evans, President and CEO, responded that while they might replicate tariff structures, their approach remains flexible, aiming to create agile, customized solutions that benefit both the customer and shareholders.

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    Brian Russo's questions to EMCOR Group Inc (EME) leadership

    Brian Russo's questions to EMCOR Group Inc (EME) leadership • Q4 2024

    Question

    Brian Russo of Stifel asked about the demand drivers for the strong healthcare RPO growth, whether the company is seeing 'green shoots' in the warehousing market, and the potential impact of tariffs.

    Answer

    Tony Guzzi, Chairman, President and CEO, attributed the healthcare strength to new hospital construction, demographic growth, and complex retrofits, which are mechanically-heavy projects that suit EMCOR's capabilities. He confirmed seeing some 'green shoots' in warehousing, particularly in cold storage and automated facility retrofits requiring more fire protection. Regarding tariffs, Guzzi detailed a mitigation strategy: small projects reprice quickly, and for large projects, owners now typically procure the most expensive equipment, limiting EMCOR's direct material cost exposure primarily to pipe, wire, and conduit, which is managed via contractual terms.

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    Brian Russo's questions to Idacorp Inc (IDA) leadership

    Brian Russo's questions to Idacorp Inc (IDA) leadership • Q4 2024

    Question

    Brian Russo, on for Julien Dumoulin-Smith, sought clarification on whether rate base is now calculated on an average basis, if current RFPs are sufficient for the new load forecast, the nature of proposed generation in the 2029 RFP, and details on the SWIP North and Boardman to Hemingway transmission projects.

    Answer

    CFO Brian Buckham confirmed the forward-looking rate base forecast now uses an averaging methodology. Executive Adam Richins stated that while they are evaluating the need for a 2030 RFP, they were pleased with the results of the '28 and '29 RFPs, which include peaker-type reciprocating engines. He noted the SWIP North project is included in the CapEx forecast, with payment due upon its in-service date. Regarding Boardman to Hemingway, both he and CEO Lisa Grow expressed confidence in the current timeline, citing progress on permitting and material staging, but noted another RFP would be the likely mitigation for any future delays.

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    Brian Russo's questions to NorthWestern Energy Group Inc (NWE) leadership

    Brian Russo's questions to NorthWestern Energy Group Inc (NWE) leadership • Q4 2024

    Question

    Brian Russo, on behalf of Julien Mulani, asked about the specific factors attracting data centers to Montana, why South Dakota requires new generation for large loads, and the near-term milestones for the Northland Connector project.

    Answer

    CEO Brian Bird cited Montana's available capacity, 60% carbon-free portfolio, and cooler climate as key attractions for data centers. CFO Crystal Lail explained that South Dakota's position in the SPP market necessitates new generation for capacity adequacy, but the state offers favorable regulatory mechanisms for such projects. Regarding the Northland Connector, Brian Bird stated the main goal for 2025 is to convert the current letter of intent into formal commercial agreements by mid-year.

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    Brian Russo's questions to NorthWestern Energy Group Inc (NWE) leadership • Q3 2024

    Question

    Brian Russo, on behalf of Julian, requested an update on the Colstrip facility in light of EPA GHG and MATS regulations, asking about the potential for retrofitting versus retirement. He also asked about the impact on the company's energy position and CapEx if the plant were retired.

    Answer

    CEO Brian Bird stated that the company is involved in litigation against the MATS rules and that political changes could affect them. He affirmed that if required, an investment in a baghouse would be necessary to continue operations and serve Montana's energy needs. He also noted they are closely following litigation around the GHG rules.

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