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    Chris Ellinghaus • Siebert Williams Shank & Co., LLC

    Chris Ellinghaus's questions to Centuri Holdings Inc (CTRI) leadership

    Chris Ellinghaus's questions to Centuri Holdings Inc (CTRI) leadership • Q2 2025

    Question

    Chris Ellinghaus of Siebert Williams Shank & Co. asked if the slightly electric-skewed bookings mix was a strategic choice and whether the increased backlog inherently leads to margin accretion. He also sought clarification on whether price escalators in MSA extensions were at historical norms or more elevated.

    Answer

    President & CEO Christian Brown stated the bookings mix was coincidental and that the primary benefit of the large backlog is improved predictability, which in turn supports better margins and resource planning. EVP & CFO Gregory Izenstark clarified that MSA renewals involve a full re-evaluation of unit pricing, enabling the company to achieve greater price increases than what is typical with standard annual escalators.

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    Chris Ellinghaus's questions to Southwest Gas Holdings Inc (SWX) leadership

    Chris Ellinghaus's questions to Southwest Gas Holdings Inc (SWX) leadership • Q2 2025

    Question

    Chris Ellinghaus inquired about the expected timeline for the Nevada SB 417 rulemaking process, the company's strategy in Arizona following the cap on the System Integrity Mechanism (SIM), the drivers of corporate segment results, and what milestones are needed for the Great Basin project to be included in forward-looking CapEx guidance.

    Answer

    Justin Brown, President of Southwest Gas Corporation, explained they are evaluating options in Arizona, including accelerating the next rate case or filing for a rehearing on the SIM to clarify perceived confusion. For the Great Basin project, he stated that signed precedent agreements are the critical milestone needed before a FERC filing, which would then provide confidence to update CapEx forecasts. Robert Stefani, SVP & CFO, added that interest savings from debt paydowns were a key positive contributor to the corporate segment's results.

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    Chris Ellinghaus's questions to Knife River Corp (KNF) leadership

    Chris Ellinghaus's questions to Knife River Corp (KNF) leadership • Q2 2025

    Question

    Chris Ellinghaus of Siebert Williams Shank asked about the potential for Oregon's market to normalize in 2026, the performance of the Strata acquisition versus expectations, and any involvement in Idaho's Micron projects.

    Answer

    CEO Brian Gray expressed uncertainty about a full Oregon recovery in 2026, viewing a comprehensive funding bill as unlikely in the short term. He stated that Strata's performance, excluding weather, was 'right on plan' and represents an upside opportunity. He also confirmed that Knife River is in discussions regarding the Micron projects in Idaho.

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    Chris Ellinghaus's questions to New Jersey Resources Corp (NJR) leadership

    Chris Ellinghaus's questions to New Jersey Resources Corp (NJR) leadership • Q3 2025

    Question

    Chris Ellinghaus of Siebert Williams Shank & Co. asked for a decision timeline on the Leaf River expansion, color on the Storage and Transportation segment's quarterly strength, confirmation of a public disclosure for the Adelphia settlement, a breakdown of the utility gross margin, and whether rising PJM power prices could offset potential tax-related headwinds for solar project economics.

    Answer

    CEO Stephen Westhoven indicated a FERC filing for the Leaf River expansion is expected in the coming months and confirmed a public disclosure will follow the Adelphia settlement. He attributed S&T strength to a robust natural gas market and agreed that rising power prices support new solar investment. CFO Roberto Bel added that the strong utility margin was driven by both the new rate case and operational expense improvements.

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    Chris Ellinghaus's questions to Idacorp Inc (IDA) leadership

    Chris Ellinghaus's questions to Idacorp Inc (IDA) leadership • Q2 2025

    Question

    Chris Ellinghaus of Siebert Williams Shank & Co. inquired about the composition of the 3,800 MW prospective customer pipeline, whether it was included in the IRP, and if the load growth forecast could see another significant increase in the 2027 IRP. He also asked about the potential need to increase and accelerate gas resource plans due to tax bill uncertainties, the timing for the rate case procedural schedule, and the specific impact of irrigation demand in the second quarter.

    Answer

    CEO Lisa Grow confirmed the pipeline is mostly data centers and that another IRP load growth increase is a 'fair assumption.' She also acknowledged that accelerating gas resource plans is a scenario being analyzed. SVP & COO Adam Richins added that large load inquiries are up 30% year-over-year. VP of Regulatory Affairs Tim Tatum stated the rate case schedule is expected in the coming weeks. SVP, CFO & Treasurer Brian Buckham explained that Q2 irrigation demand was significant, with sales up 15% year-over-year due to very low precipitation, though it was relatively flat on a weather-adjusted basis.

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    Chris Ellinghaus's questions to Black Hills Corp (BKH) leadership

    Chris Ellinghaus's questions to Black Hills Corp (BKH) leadership • Q2 2025

    Question

    Chris Ellinghaus of Siebert Williams Shank & Co., LLC inquired about the trajectory of digital and industrial customer growth, whether new data center announcements are incremental to the existing pipeline, and the expected run-rate for insurance expenses.

    Answer

    SVP & Chief Utility Officer, Marne Jones, explained that industrial growth from data centers and blockchain is significant but not strictly linear, as ramp rates vary. President & CEO, Linden Evans, confirmed that a recent data center announcement by Crusoe and Tallgrass is incremental to their current 500 MW forecast and will be added to plans upon contract execution. CFO & SVP, Kimberly Nooney, stated that insurance costs are now flat year-over-year after the July 1 renewal, providing a benefit for the remainder of 2025 and into 2026.

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    Chris Ellinghaus's questions to Portland General Electric Co (POR) leadership

    Chris Ellinghaus's questions to Portland General Electric Co (POR) leadership • Q2 2025

    Question

    Chris Ellinghaus of Siebert Williams Shank asked about the impact of the Fair Act on investment timing, the planned utilization of Performance-Based Ratemaking (PBRs) under the Power Act, and whether the recent MOU affects future use of recovery mechanisms.

    Answer

    CEO Maria Pope stated that the Fair Act's rate timing is manageable and highlighted its benefits, such as multi-year ratemaking. She noted PBRs will connect to core work like clean energy. CFO Joe Trpik clarified the MOU and ARM are one-time items, serving as a bridge to a future multi-year plan.

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