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    Carly Davenport • Goldman Sachs Group, Inc.

    Carly Davenport's questions to Sempra (SRE) leadership

    Carly Davenport's questions to Sempra (SRE) leadership • Q2 2025

    Question

    Carly Davenport from Goldman Sachs asked for an update on the feasibility of a Port Arthur LNG Phase II FID by year-end and inquired about the timing and cadence of the ROE improvement expected from the new UTM mechanism in Texas.

    Answer

    Chairman, President & CEO Jeffrey Martin confirmed that Port Arthur Phase II has significant momentum following progress on permits, marketing, and financing, and the company is tracking workstreams to enable an FID decision this year. Regarding the Texas UTM, Martin reiterated the expected 50-100 basis point ROE uplift over time. Oncor CFO Don Clevenger specified that the first UTM filing is planned for the first half of 2026, following the rate case resolution, with annual filings thereafter.

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    Carly Davenport's questions to Sempra (SRE) leadership • Q4 2024

    Question

    Carly Davenport asked about Sempra's expectations for the upcoming cost of capital filing in California and what return assumptions are embedded in the current financial plan. She also requested more detail on the potential future cadence of rate case filings at Oncor.

    Answer

    CEO Jeffery Martin stated that the financial plan assumes a California cost of capital substantially similar to the current authorized level but noted there is an opportunity to achieve a better outcome. Regarding Oncor, he explained that given the unprecedented growth and the lag from the previous rate case, the company believes more frequent, periodic rate cases are the right strategy to ensure financial strength and timely cost recovery going forward.

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    Carly Davenport's questions to Sempra (SRE) leadership • Q3 2024

    Question

    Carly Davenport asked about the potential impact of administration changes on the LNG business outlook and whether the DOE permit is the final gating item for an FID on Port Arthur Phase 2. She also inquired about any key issues Sempra is watching for in the upcoming Texas legislative session.

    Answer

    Justin Bird, CEO of Sempra Infrastructure, stated that commercial progress on Port Arthur Phase 2 continues and they expect the DOE non-FTA permit to be resolved in the first half of 2025. On the legislative front, Allen Nye, CEO of Oncor, expressed confidence in Oncor's position heading into the session and readiness to handle any issues that may arise.

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    Carly Davenport's questions to Sempra (SRE) leadership • Q2 2024

    Question

    Carly Davenport asked about the scale of Oncor's potential participation in the $13-$15 billion of transmission CapEx proposed by ERCOT for the Permian Basin. She also inquired about the potential timing for Oncor's next comprehensive rate case, given the dynamic environment of capital updates and rising costs.

    Answer

    Oncor CEO Alan Nye stated that given the scope of its existing operations in the Permian region, Oncor expects to be a 'heavy participant' in the transmission build-out. He then detailed significant growth drivers, including data center demand and new ERCOT load forecasts. Chairman and CEO Jeff Martin emphasized that this growth-driven CapEx has a moderating effect on customer rates. Regarding the next rate case, Mr. Nye noted that while the company continually evaluates financial pressures, it is not required to file a new case until summer 2027 and has not made a decision to file sooner.

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    Carly Davenport's questions to NRG Energy Inc (NRG) leadership

    Carly Davenport's questions to NRG Energy Inc (NRG) leadership • Q2 2025

    Question

    Carly Davenport from Goldman Sachs asked for more detail on the drivers behind the strong Virtual Power Plant (VPP) adoption and its long-term implications. She also requested an update on the development partnership with GE Vernova and KeyWit for new gas assets and its connection to data center customer discussions.

    Answer

    Chairman, CEO and President Larry Coben responded that it is still too early to determine if the strong VPP uptake is sustainable momentum but noted the positive trend in adoption of both the core bundle and additional smart home products. He confirmed the GE/KeyWit partnership is closely linked to the data center pipeline, providing the new generation capacity required for certain projects.

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    Carly Davenport's questions to NRG Energy Inc (NRG) leadership • Q1 2025

    Question

    Carly Davenport of Goldman Sachs asked for an update on the home Virtual Power Plant (VPP) opportunity, specifically how it is tracking in terms of customer uptake and the ultimate margin potential since its launch.

    Answer

    In his final remarks before retiring, executive Rasesh Patel stated he is 'incredibly bullish' on the home VPP opportunity. He noted that the company now expects to exit the year with 150 MW of capacity, far exceeding the initial 20 MW target. He highlighted outstanding consumer reception and a positive surprise that nearly half of VPP customers are upgrading to other recurring revenue services.

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    Carly Davenport's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership

    Carly Davenport's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership • Q2 2025

    Question

    Carly Davenport of Goldman Sachs asked for confirmation that the 10-20% conversion rate still applies to the growing 9,400 MW large load inquiry pipeline and whether it's all data centers. She also inquired about confidence in the full-year earnings guidance given strong first-half performance.

    Answer

    Chair, President & CEO Ralph LaRossa confirmed the 10-20% conversion rate holds and that over 90% of inquiries are data center-related. Both LaRossa and EVP & CFO Daniel Cregg expressed confidence in the full-year guidance range, reminding investors that the fall refueling outage at the 100%-owned Hope Creek unit will temper the strong first-half results.

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

    Question

    Carly Davenport from Goldman Sachs asked about potential election-related risks to EV adoption in New Jersey and the associated investments. She also inquired about PSEG's long-term nuclear fuel supply strategy, particularly with Russian import waivers set to expire.

    Answer

    Ralph LaRossa, Chairman, President and CEO, stated he sees no significant election risk to PSEG's investment plans, as New Jersey's geography supports EV adoption. Daniel Cregg, EVP and CFO, addressed the fuel question, confirming that the company is actively working to extend its supply coverage and may provide an update on the next earnings call.

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

    Question

    Carly Davenport of Goldman Sachs asked for details on the work being done during the Hope Creek nuclear outage to support the fuel cycle extension and inquired about the full-year O&M expense outlook.

    Answer

    Chair, President and CEO Ralph LaRossa described the current work as a small part of a larger engineering effort, including a generator rewind and cooling tower upgrades to optimize the unit for the future 24-month cycle. EVP and CFO Dan Craig noted that full-year O&M may trend slightly higher due to the 100%-owned Hope Creek outage and costs from severe storm response in Q1.

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

    Question

    Carly Davenport inquired about the scope of work being performed during the Hope Creek outage related to the fuel cycle shift and asked for an outlook on full-year O&M, considering early storm activity and the outage.

    Answer

    Chair, President and CEO Ralph LaRossa clarified that the current work is a small part of a larger project, involving engineering and generator upgrades, with investments spread over future fuel cycles. Executive Vice President and CFO Daniel Cregg added that full-year O&M might trend slightly higher than previously expected due to costs from severe wet weather and the impact of the 100%-owned Hope Creek outage.

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    Carly Davenport's questions to Duke Energy Corp (DUK) leadership

    Carly Davenport's questions to Duke Energy Corp (DUK) leadership • Q2 2025

    Question

    Carly Davenport from Goldman Sachs inquired about the timing and CapEx impact of the new Amazon data center campus in North Carolina and asked about the conditions surrounding Brookfield's option to accelerate its investment in Duke Energy Florida.

    Answer

    President & CEO Harry Sideris clarified that the Amazon project will begin ramping up in the 2027-2028 timeframe and will be incorporated into future capital plan updates. Regarding the Brookfield deal, he confirmed the option for early funding is at Brookfield's discretion, though Duke's current plans are based on the announced tranche schedule.

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    Carly Davenport's questions to Duke Energy Corp (DUK) leadership • Q1 2025

    Question

    Carly Davenport asked for the latest views on the IRA's future, particularly tax credit transferability, and inquired if there was any change in activity from industrial customers due to economic uncertainty.

    Answer

    CEO Harry Sideris emphasized that their advocacy focuses on customer affordability, highlighting the importance of nuclear tax credits which have broad support. CFO Brian Savoy noted that while industrial customers have a 'cautionary stance' amid policy uncertainty, their 2025 production schedules have not changed. Sideris added that tariffs could potentially boost production for some customers like steel producers.

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    Carly Davenport's questions to Duke Energy Corp (DUK) leadership • Q3 2024

    Question

    John Miller, on behalf of Carly Davenport from Goldman Sachs, requested details on the new elements in the updated Indiana IRP and asked about the expected filing timeline and potential size of the next Carolinas resource plan in 2025.

    Answer

    CFO Brian Savoy explained the Indiana IRP focuses on transitioning a plant to gas, adding storage and solar, and has broad stakeholder support, with a CPCN filing for the Tioga plant expected in early 2025. Regarding the Carolinas, Savoy stated that while updates to the IRPs will be filed next year, he does not anticipate a "tremendous difference" as the focus is on executing the near-term actions approved in the recent constructive orders.

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    Carly Davenport's questions to Ameren Corp (AEE) leadership

    Carly Davenport's questions to Ameren Corp (AEE) leadership • Q2 2025

    Question

    Carly Davenport of Goldman Sachs asked if Ameren could potentially accelerate incremental projects to maximize tax credit benefits post-OBBBA and inquired about any shifts in data center customer priorities.

    Answer

    Senior EVP & CFO Michael Moehn confirmed that the team is actively looking to acquire long-lead-time equipment, such as transformers, to position the company to potentially pull forward projects beyond the current five-year plan and secure tax credits. President, CEO, & Chairman Martin Lyons added that data center customer priorities remain consistent, focusing on site quality, transmission access, affordable power, and strong state support.

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    Carly Davenport's questions to Ameren Corp (AEE) leadership • Q1 2025

    Question

    Carly Davenport asked if Ameren is observing any signs of economic slowdown from its commercial or industrial customers and requested a quantification of the capital plan's exposure to potential trade tariffs.

    Answer

    Michael Moehn, Senior Executive VP and CFO, stated that there are no signs of a slowdown, highlighting strong trailing 12-month sales growth of 3% and new projects like Boeing's expansion. Marty Lyons, CEO, added that data center interest remains 'rock solid.' Regarding tariffs, Mr. Moehn estimated a manageable potential impact of about 2% on the $26 billion five-year capital plan before mitigation, noting that roughly 65% of the plan is labor and 85% of materials are domestically sourced.

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    Carly Davenport's questions to Ameren Corp (AEE) leadership • Q4 2024

    Question

    Carly Davenport asked for context on how Ameren developed its 5.5% sales growth CAGR forecast from its total opportunity pipeline and inquired about the company's vision for new nuclear capacity planned for 2040.

    Answer

    CEO Martin Lyons explained the sales forecast is based on 1.5 gigawatts of new, signed construction agreements and the generation they can realistically accelerate. EVP & CFO Michael Moehn noted this builds on a strong 2024 with 2% sales growth. Regarding nuclear, Lyons stated that while it's a key part of their long-term balanced portfolio, it's too early to commit to a specific technology (e.g., SMRs) and no material financial commitment is expected in the next few years.

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    Carly Davenport's questions to Ameren Corp (AEE) leadership • Q3 2024

    Question

    Carly Davenport of Goldman Sachs inquired about Ameren's positioning within its 6-8% EPS growth range given new opportunities, and asked for details on O&M reduction programs expected to impact Q4 results.

    Answer

    Martin Lyons, Chairman, President and CEO, stated that Ameren has a strong track record of delivering at or above the midpoint of its growth range and aims to continue this trend, with potential load growth being a key positive factor. Michael Moehn, Senior Executive VP and CFO, added that the $55 billion investment pipeline and strong Missouri economic data could provide upside. Regarding O&M, Moehn confirmed that savings are back-half loaded and driven by ongoing programs focused on headcount, discretionary spending, process simplification, and benchmarking for efficiency.

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    Carly Davenport's questions to Dominion Energy Inc (D) leadership

    Carly Davenport's questions to Dominion Energy Inc (D) leadership • Q2 2025

    Question

    Carly Davenport asked for the reason behind the PJM delay in providing the network upgrade cost update for the CVOW project and whether there is a firm deadline. She also questioned the Virginia biennial review, asking for views on the commission staff's ROE recommendation and which issues will be the focus of Dominion's rebuttal.

    Answer

    President, CEO & Chairman Robert Blue addressed both questions. He attributed the PJM delay to their significant workload, stating no major cost changes are expected and there is no statutory deadline for the update. Regarding the biennial review, Blue explained the largest revenue difference with staff is a non-disputed adjustment for capacity expense. He characterized the remaining items, such as ROE and O&M costs, as standard for a regulatory proceeding with 'nothing exotic' expected.

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    Carly Davenport's questions to Dominion Energy Inc (D) leadership • Q1 2025

    Question

    Carly Davenport asked about the proposed special rate structure for high-energy users in the biennial filing and whether broader economic uncertainty is affecting data center customer demand.

    Answer

    Robert Blue, Chair, President and CEO, explained that the new rate class includes a 14-year contract term and minimum demand charges to mitigate stranded asset risk, noting that discussions with data center customers have been constructive. He also confirmed that they are seeing continued strong appetite for data center capacity with no change in tone or pause due to economic uncertainty.

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    Carly Davenport's questions to Dominion Energy Inc (D) leadership • Q3 2024

    Question

    Carly Davenport asked if the IRP's plan for new gas plants includes the cost of CCS technology and whether the 2034 start date for SMRs reflects the company's view on the timeline for commercialization.

    Answer

    CEO Robert Blue clarified that the IRP does not include costs for Carbon Capture and Storage (CCS), which the company believes is not yet adequately demonstrated. Instead, the plan accounts for EPA regulations by adjusting plant capacity factors. He confirmed that the IRP's timeline, which includes SMRs beginning in 2034, does reflect the company's current view on when the technology could be feasibly deployed, provided key risk-mitigation principles are met.

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    Carly Davenport's questions to Eversource Energy (ES) leadership

    Carly Davenport's questions to Eversource Energy (ES) leadership • Q2 2025

    Question

    Carly Davenport of Goldman Sachs inquired about Eversource's confidence in achieving its 14% FFO to debt target by year-end and the potential impact of storm cost securitization in Connecticut on long-term metrics and timelines.

    Answer

    EVP, CFO & Treasurer John Moreira expressed high confidence in reaching the FFO to debt target, citing rate recovery of deferrals as the primary driver, with the Aquarion sale adding approximately 100 basis points. He noted that while storm cost securitization would impact future financing needs, the cash benefit is now expected in 2027 due to the regulatory review schedule.

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    Carly Davenport's questions to Eversource Energy (ES) leadership • Q2 2025

    Question

    Carly Davenport inquired about Eversource's confidence in achieving its 14% FFO to debt target by year-end and the potential impact of storm cost securitization on long-term balance sheet health and financing needs.

    Answer

    John Moreira, Executive VP, CFO & Treasurer, expressed high confidence in improving the FFO to debt ratio, citing the recovery of deferrals in rates as the primary driver. He noted the Aquarion sale would add approximately 100 basis points. Regarding securitization, Mr. Moreira explained that while it could reduce future equity needs, the process, including a prudency review, would likely push cash receipts into 2027.

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    Carly Davenport's questions to Eversource Energy (ES) leadership • Q1 2025

    Question

    Carly Davenport of Goldman Sachs inquired about the outlook for the composition of Connecticut's PURA and the status of conversations with Moody's regarding its negative watch.

    Answer

    An executive stated the company is indifferent to the number of PURA commissioners but desires a stable regulatory environment. EVP and CFO John Moreira addressed the credit rating, stating that Moody's needs to see continued execution of their plan. He highlighted that recovering prior regulatory costs is expected to improve FFO to debt at Moody's by approximately 300 basis points.

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    Carly Davenport's questions to Eversource Energy (ES) leadership • Q4 2024

    Question

    Carly Davenport asked about the planned methodology for future equity issuances, questioning whether the company would favor an At-The-Market (ATM) program or block sales. She also inquired about the potential timing for the $1.5 billion to $2 billion of incremental capital investments to be included in the formal plan.

    Answer

    Executive VP and CFO John Moreira confirmed that Eversource has been pleased with its ATM program and expects to use that vehicle for future equity needs due to the control it provides. He noted the largest incremental investment, Connecticut AMI, awaits regulatory action, with more clarity on other opportunities expected in the next 12 to 18 months.

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    Carly Davenport's questions to Eversource Energy (ES) leadership • Q3 2024

    Question

    Carly Davenport asked for details on the future cadence of equity issuances and requested a breakdown of the FFO to debt improvement drivers, specifically separating known enhancements from the pending Aquarion sale.

    Answer

    EVP, CFO and Treasurer John Moreira indicated that a full update on the financing plan and equity needs would be provided with the Q4 results. He clarified that the majority of the FFO to debt metric improvement comes from known and measurable items like rate adjustments and completed transactions, with the Aquarion sale being the primary remaining variable.

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    Carly Davenport's questions to Edison International (EIX) leadership

    Carly Davenport's questions to Edison International (EIX) leadership • Q2 2025

    Question

    Carly Davenport questioned the proposed affordability legislation, particularly securitization provisions, asking about more constructive alternatives and any quantification of potential negative impacts.

    Answer

    President and CEO Pedro Pizarro highlighted operational excellence, reforming public purpose programs, and NEM reform as superior alternatives to securitization. He argued that securitization would harm credit quality and ultimately increase customer costs by more than any savings from foregone earnings. He also provided a comparison of SCE's bills to municipal utilities to demonstrate the value of the IOU model.

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    Carly Davenport's questions to Edison International (EIX) leadership • Q2 2025

    Question

    Carly Davenport asked about proposed affordability legislation in California, particularly provisions for securitizing capital. She inquired about more constructive alternatives for affordability and any analysis done on the potential negative financial impacts if the securitization provisions were passed.

    Answer

    President and CEO Pedro Pizarro outlined several alternatives to improve affordability, including utility operational excellence, shifting public purpose program costs from ratepayers to taxpayers, and net energy metering (NEM) reform. He argued that securitization would deteriorate the utility's credit quality, leading to higher debt costs that would ultimately increase customer bills more than the savings from foregone earnings. He also provided a qualitative comparison showing SCE's core operational costs are competitive with municipal utilities.

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    Carly Davenport's questions to Edison International (EIX) leadership • Q1 2025

    Question

    Carly Davenport of Goldman Sachs asked about wildfire mitigation plans for other idled or abandoned power lines and whether the company has quantified its exposure to potential tariff risks within its capital plan.

    Answer

    President and CEO Pedro Pizarro stated that idled lines are maintained for potential future use and that learnings from recent events are incorporated into a continuous improvement cycle, such as adding more detail to operational manuals. CFO Maria Rigatti addressed tariff risk, noting that foreign materials constitute only about 5% of total purchases (approx. $125M annually), with the customer impact mitigated by recovering these capital costs over the assets' long useful lives.

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    Carly Davenport's questions to Edison International (EIX) leadership • Q4 2024

    Question

    Carly Davenport asked for color on what assumptions regarding the CPUC's authorized Return on Equity (ROE) are embedded in the company's financial plan as it prepares its next cost of capital filing.

    Answer

    CFO Maria Rigatti explained that the company's '25-'28 EPS growth range already incorporates sensitivities for a number of different ROE outcomes. She stated that the upcoming filing will include extensive qualitative discussion on the impact of recent events on the cost of capital. However, she stressed that the fundamental solution lies in structural reforms to the AB 1054 framework, not just in adjusting the ROE, a point the company also made in its 2019 filing.

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    Carly Davenport's questions to Southern Co (SO) leadership

    Carly Davenport's questions to Southern Co (SO) leadership • Q2 2025

    Question

    Carly Davenport inquired about the impact of the updated capital plan and 8% rate base growth on the 2027 earnings rebasing timeline, and asked about the procurement status for turbines and gas supply for new power plants.

    Answer

    SVP, Chief Accounting Officer & Comptroller David Poroch confirmed a full financial plan update will come in Q4 and reiterated that the company will reassess its 5-7% growth rate set point as early as 2027, pending sustainable momentum. CEO Chris Womack stated that the company has secured reservations for turbines and has strong relationships with OEMs and EPCs, expressing confidence in their ability to execute.

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    Carly Davenport's questions to Southern Co (SO) leadership • Q1 2025

    Question

    Carly Davenport inquired about the drivers for the Q2 2025 EPS guidance of $0.85, which is lower than the prior year, and requested an update on the Georgia Power large load pipeline and the tone of conversations with data center customers.

    Answer

    Chief Financial Officer Dan Tucker attributed the lower Q2 guidance to a significant year-over-year weather differential and the timing of a large, non-recurring transmission asset transaction that occurred in Q2 2024. Chairman, President and CEO Chris Womack confirmed that the tone from data center customers remains robust. Dan Tucker added that the Georgia pipeline is now 52 gigawatts, with 8 gigawatts committed, and noted a shift in interest to the more near-term 2028-2029 timeframe.

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    Carly Davenport's questions to Southern Co (SO) leadership • Q4 2024

    Question

    Carly Davenport inquired about the cadence of earnings growth within the 5-7% range, potential risks, and the composition of the $10-15 billion in upside capital investment opportunities.

    Answer

    CFO Dan Tucker explained that strong fundamentals are adding "durability" to the long-term growth outlook, with the potential to trend towards the top of the range. He noted a potential rebasing from a higher starting point could occur as early as 2027. Tucker also clarified that the upside capital is "substantially all Georgia Power" and dependent on ongoing regulatory processes for new generation, with more clarity expected around mid-year.

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    Carly Davenport's questions to Southern Co (SO) leadership • Q3 2024

    Question

    Carly Davenport inquired about the estimated $1.1 billion in storm costs from Hurricane Helene, asking about the deferral process, recovery timing in Georgia, and the development of the significant load growth pipeline ahead of the next IRP filing.

    Answer

    CFO Dan Tucker explained that all storm costs are being deferred and that the Georgia PSC has historically been constructive on timely recovery. He noted the company must still determine the split between capital and O&M costs. Regarding load growth, Tucker highlighted that committed load has more than doubled to 8 GW since the last filing, and CEO Chris Womack emphasized the orderly process in place to validate and price this new demand.

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    Carly Davenport's questions to PG&E Corp (PCG) leadership

    Carly Davenport's questions to PG&E Corp (PCG) leadership • Q2 2025

    Question

    Carly Davenport of Goldman Sachs inquired about the expected conversion rate of the data center pipeline and asked for specific opportunities that could drive O&M savings above the company's target.

    Answer

    CEO Patti Poppe estimated an initial 50% attrition rate for the data center pipeline but noted it was early. For O&M savings, she highlighted the deployment of AI to improve inspection processes, new technology for vegetation management, and hundreds of 'waste elimination' projects across the enterprise as key drivers for exceeding the 2% annual reduction target.

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    Carly Davenport's questions to PG&E Corp (PCG) leadership • Q1 2025

    Question

    Carly Davenport requested quantification of the tariff exposure mentioned in the prepared remarks and its potential impact on the capital plan.

    Answer

    CFO Carolyn Burke stated the exposure is manageable, as over 90% of materials spend is domestic. She specified that the main exposure is on items like transformers, with about $100 million of spend subject to a 12% tariff. Burke emphasized that the company's lean operating system and O&M savings are the primary tools to offset such pressures, as they have successfully done with inflation in the past.

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    Carly Davenport's questions to PG&E Corp (PCG) leadership • Q4 2024

    Question

    Carly Davenport of Goldman Sachs inquired about the strong O&M reductions, asking if the 2% target would be revisited, possibly in the GRC filing. She also asked about the disbursement cadence for the DOE loan and potential impacts from funding pauses.

    Answer

    CFO Carolyn Burke confirmed the company expects to update its O&M plans after the GRC filing. CEO Patti Poppe added that O&M savings are a signature part of their 'simple affordable model' and expects savings to continue for years to come. Regarding the DOE loan, Burke stated it is not in their base plan, and they expect disbursements to be slow in 2025, picking up in 2026-2030, with no advances received yet.

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    Carly Davenport's questions to PG&E Corp (PCG) leadership • Q3 2024

    Question

    Carly Davenport asked for an update on conversations with credit rating agencies regarding wildfire risk following the 2024 season and how to frame the potential for rate base and earnings growth from 2026-2028, given the $5 billion of incremental investment opportunities.

    Answer

    CEO Patti Poppe emphasized that their physical risk mitigations have proven effective during a challenging fire season. CFO Carolyn Burke added that they remain on positive outlook with Moody's and are optimistic about an upgrade. Regarding the $5 billion opportunity, she reiterated that any new capital would be added to the plan only after meeting their four criteria: being authorized, affordable, accretive, and efficiently financed.

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    Carly Davenport's questions to Exelon Corp (EXC) leadership

    Carly Davenport's questions to Exelon Corp (EXC) leadership • Q2 2025

    Question

    Carly Davenport of Goldman Sachs inquired about the expected timelines for projects to move through the large load pipeline and potential gating factors. She also asked about the customer bill impact from the recent PJM capacity auction and any resulting shifts in public discourse.

    Answer

    CFO Jeanne Jones outlined a confident load ramp timeline, with 10% of the pipeline expected online by 2028 and three-fourths by 2034. CEO Calvin Butler quantified the bill impact from the PJM auction as a $1.50 to $4.00 monthly increase across jurisdictions. Both executives noted a growing recognition that rising supply costs are the primary driver, underscoring the need for state regulators to embrace a portfolio of solutions, including energy efficiency, to ensure affordability.

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    Carly Davenport's questions to Exelon Corp (EXC) leadership • Q2 2025

    Question

    Carly Davenport from Goldman Sachs requested color on the potential timelines for projects in the large load pipeline to progress and asked about the customer bill impact from the recent PJM capacity auction results, particularly for BGE customers.

    Answer

    CFO Jeanne Jones outlined the large load timeline, projecting 10% of the load to be online by 2028, one-third by 2030, and three-fourths by 2034. CEO Calvin Butler addressed the PJM auction's impact, estimating a $1.50 to $4 monthly bill increase across jurisdictions, with BGE customers seeing around a $1.50 increase. Both executives noted this underscores the need for states to adopt complementary solutions like energy efficiency and demand response to manage rising supply costs and improve affordability.

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    Carly Davenport's questions to Xcel Energy Inc (XEL) leadership

    Carly Davenport's questions to Xcel Energy Inc (XEL) leadership • Q2 2025

    Question

    Carly Davenport of Goldman Sachs inquired about the conversion of the newly identified $15 billion in CapEx opportunities into the base plan, including potential timing and regulatory risks. She also asked for an update on Xcel's turbine procurement position for the planned gas generation in its SPS resource plan.

    Answer

    EVP & CFO Brian Van Abel explained that while the regulatory process for the SPS RFP is in its early stages, they will provide a transparent update in Q3. Chairman, President, & CEO Robert Frenzel added that the incremental need is definite and driven by reliability and growth. Regarding turbines, Mr. Frenzel confirmed they have 19 reservation slots, with nine needed for the SPS portfolio, positioning them well. Mr. Van Abel noted this was a result of proactive engagement with OEMs.

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    Carly Davenport's questions to Xcel Energy Inc (XEL) leadership • Q1 2025

    Question

    Carly Davenport from Goldman Sachs inquired about the timeline for vendor discussions to mitigate the 2-3% tariff exposure on the capital plan. She also asked about potential risks that could cause the Smokehouse Creek fire liability estimate to increase.

    Answer

    CFO Brian Van Abel stated that discussions with vendors are ongoing and that the company has been proactive, including signing agreements with nine different transformer suppliers to diversify its supply base. Regarding the Smokehouse Creek fire, he noted constructive progress, with 151 of 225 claims resolved. He explained the liability increase to $290 million was due to settling previously excluded categories like railroad and tree damage claims, but emphasized the total remains well below their $500 million insurance coverage.

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    Carly Davenport's questions to Xcel Energy Inc (XEL) leadership • Q4 2024

    Question

    Carly Davenport inquired whether new data center contracts would be publicly announced and asked about the likelihood of reaching settlements in the Colorado wildfire and Texas resiliency plan proceedings.

    Answer

    An unnamed executive noted that announcements for new data centers depend on the counterparty and potential state or local economic development interest. CFO Brian Van Abel expressed hope for reaching a settlement in the Texas resiliency proceeding, citing peer precedents, and stated they will engage in settlement discussions in Colorado ahead of the mid-April deadline.

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    Carly Davenport's questions to Xcel Energy Inc (XEL) leadership • Q3 2024

    Question

    Carly Davenport sought clarification on the relationship between the $6 billion capital plan increase and the 40-basis-point increase in the rate base CAGR. She also asked for more granularity on the timing of the 5% load growth forecast, which was described as back-end loaded.

    Answer

    EVP and CFO Brian Van Abel clarified that the relationship between CapEx and rate base growth was a straightforward function of rolling the plan forward with a larger base. He detailed the load growth trajectory, starting with 3% guidance for 2025 and ramping to 5-8% in later years, peaking around 2028. He emphasized the growth is diversified, with half from data centers and the remainder from the oil and gas sector and beneficial electrification.

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    Carly Davenport's questions to FirstEnergy Corp (FE) leadership

    Carly Davenport's questions to FirstEnergy Corp (FE) leadership • Q2 2025

    Question

    Carly Davenport asked about the key drivers behind the company's strong quarterly results versus its plan and whether guidance might be revisited. She also sought details on the components of the 20% transmission investment upside.

    Answer

    SVP & CFO K. Jon Taylor attributed the outperformance to strong financial discipline, with operating expenses running nearly 4% below plan, and suggested guidance could be updated after Q3. President, CEO & Chairman Brian Tierney clarified that the transmission upside is driven by a combination of PJM open window opportunities, investments to connect new data centers, and other incremental reliability projects.

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    Carly Davenport's questions to FirstEnergy Corp (FE) leadership • Q1 2025

    Question

    Carly Davenport inquired about potential risks from an economic slowdown on industrial customer demand and asked what drives the company's confidence in targeting the top half of its 2025 earnings guidance.

    Answer

    Brian Tierney, Chair, President and CEO, acknowledged macro uncertainty but noted no significant impact yet, aside from some slowdowns in steel manufacturing tied to automotive demand. Jon Taylor, SVP and CFO, explained that confidence in the guidance comes from a plan to achieve lower O&M expenses than the base target, creating flexibility, and building a culture of continuous improvement.

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    Carly Davenport's questions to FirstEnergy Corp (FE) leadership • Q4 2024

    Question

    Carly Davenport inquired about the company's strategy to return its FFO to debt ratio to the 14% target and whether that level is sustainable. She also asked if the recently announced PJM transmission joint venture projects are included in the current capital plan.

    Answer

    Executive K. Taylor stated that after excluding one-time items from 2024, the company is on track for a 14% FFO to debt ratio in 2025, which they believe is sustainable going forward, supported by cash flow from the Pennsylvania rate case. Executive Brian Tierney and K. Taylor clarified that while FirstEnergy's direct share of the PJM projects is in the plan, the joint venture itself will be financed off-balance sheet.

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    Carly Davenport's questions to WEC Energy Group Inc (WEC) leadership

    Carly Davenport's questions to WEC Energy Group Inc (WEC) leadership • Q2 2025

    Question

    Carly Davenport sought an update on the Microsoft data center's activity and growth potential beyond the current plan. She also questioned the feasibility of meeting the 2027 power delivery timeline for the Vantage project given market tightness and supply chain constraints.

    Answer

    President and CEO Scott Lauber confirmed significant construction activity at the main Microsoft site and noted their additional land holdings suggest future growth opportunities. Regarding Vantage, Lauber expressed confidence in meeting the 2027 timeline, stating that the company has been planning for this for a while and is actively executing a plan to deliver the required load, with more details to come.

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    Carly Davenport's questions to WEC Energy Group Inc (WEC) leadership • Q1 2025

    Question

    Carly Davenport from Goldman Sachs asked about conversations with large load customers outside the data center industry and for any new insights on the future of gas in Illinois following recent workshops.

    Answer

    Executive Scott Lauber noted that non-data center customers are currently cautious due to tariff uncertainty, but major projects are still progressing. CFO Xia Liu added that 10 of 16 industrial sectors showed positive growth. On the Illinois gas topic, Scott Lauber stated he has not seen anything from the workshops that would negatively alter the positive momentum for gas infrastructure investment.

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    Carly Davenport's questions to WEC Energy Group Inc (WEC) leadership • Q2 2024

    Question

    Carly Davenport of Goldman Sachs inquired about the company's perspective on transmission opportunities through American Transmission Company (ATC), particularly concerning the increasing size of MISO Tranche 2.

    Answer

    President and CEO Scott Lauber responded that he expects MISO Tranche 2 to be proportionally larger for ATC than Tranche 1, though spending is not expected until 2030 or later. He emphasized that the more immediate growth drivers for ATC are regional economic development and the integration of renewables in Wisconsin, which were larger factors than Tranche 1 in the last capital plan update.

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    Carly Davenport's questions to American Electric Power Company Inc (AEP) leadership

    Carly Davenport's questions to American Electric Power Company Inc (AEP) leadership • Q2 2025

    Question

    Carly Davenport of Goldman Sachs asked if the 2025 load growth forecast adjustment was a timing issue and whether AEP might pull forward renewable projects to secure tax credits under the new federal budget bill.

    Answer

    EVP & CFO Trevor Mihalik clarified that revenue is protected by peak demand billing and contractual minimums, mitigating any earnings volatility from load ramp timing. On renewables, he stated that 100% of the current $10 billion plan qualifies for tax credits under existing law, and a worst-case scenario from new guidance would only require reallocating a few billion dollars at the back end of the plan.

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

    Question

    Carly Davenport asked about the dynamics driving negative residential load trends and the outlook for that segment. She also requested more detail on the 765 kV Permian Basin opportunity, including potential CapEx size and timing.

    Answer

    Trevor Mihalik, EVP and CFO, explained that while residential meter counts are slightly up, this is more than offset by declining throughput due to energy efficiency and cost consciousness, a trend they are monitoring. William Fehrman, President and CEO, expressed excitement about the Permian 765 kV opportunity, noting AEP is the national leader in this technology. He sized the initial project in the $1-2 billion range and stated it bodes well for future investments in Texas as the state plans for significant energy growth.

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    Carly Davenport's questions to American Electric Power Company Inc (AEP) leadership • Q4 2024

    Question

    Carly Davenport of Goldman Sachs asked about the status of AEP's procurement of key equipment, such as turbines, needed to execute on its generation plans and accommodate significant load growth.

    Answer

    President and CEO William Fehrman expressed high confidence in the company's procurement strategy, stating that AEP has a strong plan for acquiring turbines, transformers, and other critical equipment. He noted that AEP is actively managing RFPs and IRPs and is leading efforts to find innovative solutions like Bloom fuel cells and SMRs to meet growing energy demand.

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

    Question

    Carly Davenport asked if the PJM transmission opportunities represented upside to the new capital plan and inquired about the company's dividend growth policy relative to the new 6% to 8% earnings growth rate.

    Answer

    President and CEO William Fehrman confirmed that the potential $10 billion in additional transmission and generation, including PJM projects, is upside to the current plan. EVP and CFO Chuck Zebula explained that dividend growth will be decoupled from earnings growth to fund capital needs, targeting a lower payout ratio of 55% to 65% over time.

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

    Question

    Carly Davenport asked if the PJM transmission opportunities represent upside to the new capital plan and inquired about the company's dividend growth policy relative to the new 6-8% earnings growth rate.

    Answer

    CEO William Fehrman confirmed the PJM projects are part of a $10 billion potential upside to the current plan. CFO Charles Zebula explained that dividend growth will be decoupled from earnings growth to fund CapEx, targeting a lower payout ratio of 55-65% over time from the previous 60-70% range.

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