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    Chris Ellinghaus

    Managing Director and Senior Electric and Natural Gas Utilities and Alternative Energy Equity Analyst at Siebert Williams Shank

    Chris Ellinghaus is a Managing Director and Senior Electric and Natural Gas Utilities and Alternative Energy Equity Analyst at Siebert Williams Shank, specializing in research and coverage of major U.S. utilities, including companies such as Otter Tail Corporation. With over 25 years of experience in the securities industry, Ellinghaus has held roles at leading firms such as The Williams Capital Group, Wellington Shields & Co., Deutsche Bank Securities, and Smith Barney before joining Siebert Williams Shank. He is known for his deep sector expertise and has contributed to research and advisory services that inform critical infrastructure investment decisions, with coverage spanning 18 states. Ellinghaus holds FINRA Series 7, 63, 86, and 87 licenses, underscoring his credentials as a registered advisor and trusted analyst in utility and alternative energy markets.

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

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

    Question

    Chris Ellinghaus of Siebert Williams Shank asked about the expected timeline for the Nevada SB 417 rulemaking process and the company's strategic thinking regarding the Arizona System Integrity Mechanism (SIM) cap, including the possibility of an accelerated rate case. He also questioned the drivers of the corporate segment's performance and the key milestones for adjusting the Great Basin CapEx forecast.

    Answer

    Justin Brown, President of Southwest Gas Corporation, explained that the Nevada rulemaking process could be completed within a year, leveraging experience from a similar prior electric bill. For Arizona, he confirmed the company is evaluating all options, including accelerating the next rate case or filing for a rehearing on the SIM to clarify perceived confusion. Robert Stefani, SVP & CFO, attributed the positive corporate segment results to interest savings from debt paydown. Brown also stated that signed precedent agreements from shippers are the critical milestone required before updating the Great Basin CapEx forecast.

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

    Question

    Chris Ellinghaus asked about the expected timeline for the Nevada SB 417 rulemaking process and its impact on the next rate case filing. He also questioned the strategy in Arizona regarding the System Integrity Mechanism (SIM) cap, the cadence for a new rate case with formula rates, and sought clarity on commissioners' comments. Additionally, he asked about the drivers of corporate segment results and what milestones for the Great Basin project would trigger an update to long-term guidance.

    Answer

    Justin Brown, President of Southwest Gas Corporation, stated that the Nevada rulemaking process could be completed within a year and would complement the next rate case. In Arizona, he confirmed the company is evaluating options like accelerating a rate case or filing for a rehearing on the SIM to clarify perceived confusion among commissioners. Robert Stefani, SVP & CFO, attributed the corporate segment's performance partly to interest savings from debt paydowns. Justin Brown added that for the Great Basin project, obtaining signed precedent agreements from shippers is the critical milestone required before updating capital expenditure guidance.

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

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

    Chris Ellinghaus's questions to Knife River (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 (NJR) leadership

    Chris Ellinghaus's questions to NEW JERSEY RESOURCES (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 (IDA) leadership

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

    Question

    Chris Ellinghaus of Siebert Williams Shank & Co. inquired about the 3,800 MW project pipeline, the potential for another step-up in the 2027 IRP load forecast, the possibility of accelerating gas generation plans, the procedural schedule for the current rate case, and the financial impact of irrigation demand in the second quarter.

    Answer

    CEO Lisa Grow confirmed that another IRP load forecast increase is a 'fair assumption' and that accelerating gas generation is a scenario being analyzed. SVP & COO Adam Richins added that large load inquiries are up 30% year-over-year. SVP, CFO & Treasurer Brian Buckham detailed that strong irrigation demand, driven by low precipitation, boosted sales by 15% year-to-date. VP of Regulatory Affairs Tim Tatum stated the rate case schedule is expected in the coming weeks.

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

    Question

    Chris Ellinghaus of Siebert Williams Shank inquired about the composition of the 3,800 MW customer pipeline, the potential for another significant increase in the load forecast in the 2027 IRP, the impact of potential tax changes on the resource mix, the timeline for the general rate case procedural schedule, and the drivers behind Q2 irrigation sales.

    Answer

    CEO Lisa Grow confirmed the pipeline is mostly data centers and that another IRP load forecast increase is a "fair assumption." SVP & COO Adam Richins noted a 30% year-over-year increase in large load inquiries. SVP, CFO & Treasurer Brian Buckham explained that while Q2 temperatures were comparable to last year, very low precipitation drove a significant increase in irrigation pump usage. VP of Regulatory Affairs Tim Tatum expects the rate case schedule in the coming weeks.

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    Chris Ellinghaus's questions to BLACK HILLS CORP /SD/ (BKH) leadership

    Chris Ellinghaus's questions to BLACK HILLS CORP /SD/ (BKH) leadership • Q2 2025

    Question

    Chris Ellinghaus of Siebert Williams Shank inquired about the expected trajectory of the 19% industrial growth, whether new data center announcements are incremental to the existing pipeline, and the outlook for insurance expenses.

    Answer

    SVP & Chief Utility Officer Marne Jones explained that digital load growth is not strictly linear and varies by project. President & CEO Linden Evans confirmed that the new Crusoe/Tallgrass data center announcement is incremental to the current 500 MW forecast and will be added to the plan upon contract execution. CFO & SVP Kimberly Nooney noted that insurance costs are expected to be flat year-over-year for the new policy period starting July 1, 2025.

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    Chris Ellinghaus's questions to BLACK HILLS CORP /SD/ (BKH) leadership • Q2 2025

    Question

    Chris Ellinghaus of Siebert Williams Shank inquired about the expected shape of digital and industrial load growth, whether new data center announcements in Wyoming are incremental to the existing pipeline, and the outlook for insurance expenses for the remainder of the year.

    Answer

    Marne Jones, SVP & Chief Utility Officer, explained that industrial growth is not expected to be strictly linear, with varying ramp rates for data centers and blockchain. President & CEO Linden Evans confirmed that the recent data center announcement is incremental to their existing pipeline and will be added to forecasts upon contract execution. CFO & SVP Kimberly Nooney clarified that insurance costs are expected to be flat year-over-year for the period starting July 1, 2025, which will be a benefit heading into 2026.

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    Chris Ellinghaus's questions to BLACK HILLS CORP /SD/ (BKH) leadership • Q2 2025

    Question

    Chris Ellinghaus of Siebert Williams Shank inquired about the expected trajectory of digital and industrial load growth, whether a new Wyoming data center announcement is incremental to the company's pipeline, and the anticipated run rate for insurance expenses.

    Answer

    SVP & Chief Utility Officer, Marne Jones, explained that industrial growth, while significant, is not expected to be strictly linear. President & CEO, Linden Evans, confirmed the new data center opportunity is incremental to their existing pipeline and that forecasts will be updated as contracts are signed. CFO & SVP, Kimberly Nooney, noted that insurance costs are expected to be flat year-over-year for the new policy period, which is a positive development for 2026.

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    Chris Ellinghaus's questions to BLACK HILLS CORP /SD/ (BKH) leadership • Q2 2025

    Question

    Chris Ellinghaus inquired about the expected trajectory of digital and industrial load growth, whether new data center announcements in Wyoming are incremental to the existing pipeline, and the run-rate for insurance expenses following a high first quarter.

    Answer

    SVP & Chief Utility Officer, Marne Jones, clarified that industrial growth is not strictly linear due to varying ramp rates. President & CEO, Linden Evans, confirmed that recent data center announcements are incremental to their forecast and will be added to the plan upon contract execution. CFO & SVP, Kimberly Nooney, stated that insurance costs are expected to be flat year-over-year following the July 1 renewal, providing a benefit moving into 2026.

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    Chris Ellinghaus's questions to PORTLAND GENERAL ELECTRIC CO /OR/ (POR) leadership

    Chris Ellinghaus's questions to PORTLAND GENERAL ELECTRIC CO /OR/ (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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    Chris Ellinghaus's questions to Energy Vault Holdings (NRGV) leadership

    Chris Ellinghaus's questions to Energy Vault Holdings (NRGV) leadership • Q4 2024

    Question

    Chris Ellinghaus of Siebert Williams Shank asked for an update on the Snyder project and its remaining CapEx, details on the Q4 credit provision, and the status of project financing for Crossrails. He also questioned the inclusion of licensing royalties in 2025 revenue guidance and whether declining lithium-ion prices would lead to margin expansion and a pricing differential between the U.S. and Australia.

    Answer

    CEO Robert Piconi confirmed the Snyder demonstration unit is complete with no material 2025 CapEx planned. CFO Michael Beer explained the Q4 credit provision was a conservative reserve for a delayed 2022 license payment and that Crossrails financing is being actively pursued. Beer stated that gravity royalties are not a material part of the 2025 revenue guidance. Piconi affirmed that he expects margin expansion in 2025 due to lower battery costs and confirmed a pricing advantage exists for its Australian projects, which are not subject to U.S. tariffs.

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