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    David Arcaro • Morgan Stanley

    David Arcaro's questions to Fluence Energy Inc (FLNC) leadership

    David Arcaro's questions to Fluence Energy Inc (FLNC) leadership • Q3 2025

    Question

    David Arcaro from Morgan Stanley questioned the U.S. demand trajectory following recent legislation and whether solar-related executive order uncertainty was affecting battery bookings. He also requested details on the manufacturing ramp-up issues at the Arizona facility.

    Answer

    President and CEO Julian Nebreda stated that U.S. market activity is picking up, with all previously halted contracts now reactivated for 2026 revenue. He noted current projects are mature and not impacted by executive order uncertainty. Regarding manufacturing, Nebreda described the issues as "typical ramp-up issues" related to technology transfer, which are now under control but will shift approximately $100 million in revenue to fiscal 2026.

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    David Arcaro's questions to Sempra (SRE) leadership

    David Arcaro's questions to Sempra (SRE) leadership • Q2 2025

    Question

    David Arcaro of Morgan Stanley requested an update on the LNG market and contracting for Port Arthur Phase II, and asked for clarification on the growth of Oncor's 'high confidence' data center pipeline.

    Answer

    Sempra Infrastructure CEO Justin Bird described a very bullish outlook for U.S. LNG, driven by European energy security needs and growing demand in Asia, which supports both Gulf and Pacific coast assets. Regarding Texas, Oncor CEO Allen Nye clarified that the 'high confidence' load figures are only updated annually with ERCOT and do not represent a cap on connection capacity. Chairman, President & CEO Jeffrey Martin added that Oncor's total interconnection queue exceeds 200 GW, against a current peak load of 31 GW, indicating a massive growth runway.

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    David Arcaro's questions to Sempra (SRE) leadership • Q4 2024

    Question

    David Arcaro asked if there is a specific crossover point in the plan where EPS growth will catch up to the prior 6-8% trajectory. He also inquired about the potential impacts from the current legislative sessions in both Texas and California, particularly concerning utility financial profiles and wildfire funding mechanisms.

    Answer

    CEO Jeffery Martin declined to specify a crossover point, focusing instead on the company's raised long-term growth outlook. Oncor CEO Allen Nye detailed unprecedented load growth in Texas and discussed legislative items related to cost allocation and utility balance sheet support. For California, Martin expressed confidence in the existing AB 1054 wildfire fund framework but noted ongoing discussions about potential enhancements, while emphasizing SDG&E's strong operational safety record.

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    David Arcaro's questions to Constellation Energy Corp (CEG) leadership

    David Arcaro's questions to Constellation Energy Corp (CEG) leadership • Q2 2025

    Question

    David Arcaro of Morgan Stanley asked about the pricing trends in recent data center deal discussions given higher capacity prices and strong demand. He also questioned the level of customer interest in different deal structures, such as front-of-the-meter versus co-located on-site data centers.

    Answer

    President & CEO Joseph Dominguez indicated that increasing scarcity and rising costs for all generation types suggest that prices for long-term power agreements will continue to rise. He clarified that due to regulatory ambiguity at FERC, current deals are structured as 'front of the meter'. However, he emphasized the immense long-term value of land around their plants for co-location, especially when paired with gas assets from the pending Calpine acquisition to offer a unique firm, clean energy product.

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    David Arcaro's questions to Constellation Energy Corp (CEG) leadership • Q2 2025

    Question

    David Arcaro of Morgan Stanley asked about the direction of pricing in current data center deal discussions and the balance of customer interest between front-of-the-meter virtual deals versus co-located, on-site data centers.

    Answer

    President & CEO Joseph Dominguez stated that increasing scarcity of power resources should lead to rising prices, advising customers to engage in discussions now. He clarified that while most large deals will be 'approximately located' near power infrastructure, all deals currently being worked on are front-of-the-meter due to regulatory ambiguity at FERC. He also highlighted the post-Calpine advantage of pairing gas plant interconnections with a 24/7 clean nuclear energy product.

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    David Arcaro's questions to Constellation Energy Corp (CEG) leadership • Q1 2025

    Question

    David Arcaro questioned if the behind-the-meter opportunity is diminishing as discussions shift to front-of-the-meter, or if significant interest is merely awaiting FERC clarity. He also asked for a synthesized view on power prices, considering data center demand, supply challenges, and the role of demand response.

    Answer

    President and CEO Joe Dominguez explained that while customers have pivoted to on-grid deals for speed, the logic for behind-the-meter configurations remains strong for the largest data centers. On power prices, he emphasized that the grid is underutilized most of the time and that tools like demand response and flexible load management can handle peak hours, making the next 5-7 years manageable without significant price pressure from overbuilding generation.

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    David Arcaro's questions to Constellation Energy Corp (CEG) leadership • Q3 2024

    Question

    David Arcaro of Morgan Stanley asked for the perspective from hyperscale customers regarding their urgency, concerns about PJM regulations, and commitment to the region. He also questioned the risk of major market changes in PJM, such as reregulation or subsidized generation.

    Answer

    President and CEO Joe Dominguez responded that hyperscalers have few better options than PJM, as the power challenge is universal ("there's no Nervana out there"). He asserted they will not wait a decade for new plants and transmission, making existing assets in competitive markets like PJM attractive. On broader market changes, Dominguez expressed skepticism, noting that while such talk has occurred for 20 years, the most realistic path forward is to let the recently reformed capacity market work and provide the right price signals.

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    David Arcaro's questions to Constellation Energy Corp (CEG) leadership • Q2 2024

    Question

    David Arcaro inquired whether the PJM auction results increased the urgency for data center colocation deals and asked about contracting structures for dual-unit nuclear plants, specifically if one unit would always serve as a backup.

    Answer

    CEO Joseph Dominguez confirmed the auction results increase urgency for both behind-the-meter and on-grid power deals due to the tightening market. Regarding plant configurations, he explained that while dual-unit sites are a natural starting point for reliability, the structure depends on the data center's specific needs. He noted that various configurations are possible as the industry is still in the early stages of developing all potential use cases.

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    David Arcaro's questions to Vistra Corp (VST) leadership

    David Arcaro's questions to Vistra Corp (VST) leadership • Q2 2025

    Question

    David Arcaro from Morgan Stanley inquired about the progress and potential timing of the Comanche Peak data center deal, asking about any gating factors, particularly regarding Texas policy like SB6 and the regulatory approval process.

    Answer

    President & CEO Jim Burke stated that while he couldn't pre-announce a deal, he feels 'very good' about where things stand. He emphasized the complexity of such deals and the focus on getting the right terms, not just price. Burke clarified that the project is already in the ERCOT interconnect process and believes it meets existing requirements. He does not view the new SB6 process as a gating item, noting a deal signed before September 1 would not be subject to it, but feels confident the project would meet any new requirements regardless.

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    David Arcaro's questions to Vistra Corp (VST) leadership • Q1 2025

    Question

    David Arcaro asked about the outlook for power prices, considering Vistra's strategy to better utilize its existing fleet and demand response. He also inquired about the time spent in Washington D.C. and the key messages Vistra is delivering to differentiate the IPP business model from regulated utilities.

    Answer

    President and CEO James Burke stated that in his view, forward power curves do not yet fully reflect the potential data center demand growth. He emphasized that utilizing demand response and backup generation should occur in higher-priced environments, which is a sign of a healthy market. Burke confirmed he spends significant time in D.C. advocating for competitive markets, where shareholder capital is at risk, and highlighting the efficiency of using the existing grid to serve new load growth.

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    David Arcaro's questions to Vistra Corp (VST) leadership • Q3 2024

    Question

    David Arcaro inquired about the level of interest for data center co-location at Vistra's gas plants in ERCOT, whether Vistra is in discussions to build new power plants for data centers, and if the FERC ruling in PJM has increased the urgency or attractiveness of a deal at Comanche Peak.

    Answer

    Head of Strategy Stacy Dore explained that Vistra is pursuing deals at multiple nuclear and gas sites, including portfolio approaches and new generation builds. She confirmed deep discussions for nuclear sites and early talks for gas sites in both PJM and ERCOT. Dore noted that Comanche Peak was already attractive due to ERCOT's faster interconnection process, and the FERC ruling has only reinforced this advantage, though deal timelines remain long and complex.

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    David Arcaro's questions to Vistra Corp (VST) leadership • Q2 2024

    Question

    David Arcaro asked for an update on the outlook for new generation builds in ERCOT, including the potential impact of the Texas Energy Fund (TEF) and whether current forward power prices are high enough to justify the economics of new projects.

    Answer

    James Burke, President and CEO, responded that current forward curves make newbuild projects in ERCOT economically challenging. He noted that while the TEF provides helpful low-cost financing, it is insufficient on its own. He stressed that key market reforms, like the Performance Credit Mechanism (PCM), are essential to provide the revenue certainty needed to attract equity capital for new gas generation.

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    David Arcaro's questions to Talen Energy Corp (TLN) leadership

    David Arcaro's questions to Talen Energy Corp (TLN) leadership • Q2 2025

    Question

    David Arcaro from Morgan Stanley inquired about the nature of Talen's discussions around contracting its gas plants, particularly with upstream producers. He also asked what market catalysts are needed for forward energy prices in PJM to better reflect the strong long-term demand forecasts.

    Answer

    CEO Mark McFarland explained that the strategy is moving towards long-term structured origination, matching power offtake agreements with gas supply hedges, a skill set he believes has atrophied in the market. CFO Terry Nutt and CCO Chris Morice added that while forward spark spreads are improving and curves are moving to contango, liquidity further out is thin, and it takes time for fundamentals to be fully reflected.

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    David Arcaro's questions to Sunrun Inc (RUN) leadership

    David Arcaro's questions to Sunrun Inc (RUN) leadership • Q2 2025

    Question

    David Arcaro of Morgan Stanley inquired about the intensity of Sunrun's cost-saving efforts, particularly regarding customer acquisition. He also asked for an update on the company's ability to manage fee provisions related to its storage supply chain.

    Answer

    CEO Mary Powell described a 'laser focus' on efficiency, leveraging AI to drive down costs with more opportunity ahead. CFO Danny Abajian added that post-installation servicing costs are also declining. President & CRO Paul Dickson stated they have a clear path to compliance on fee provisions through strong partner collaboration.

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    David Arcaro's questions to ONE Gas Inc (OGS) leadership

    David Arcaro's questions to ONE Gas Inc (OGS) leadership • Q2 2025

    Question

    David Arcaro inquired about the financial impact of Texas House Bill 4,384, asking for details on how it reduces regulatory lag, improves earned ROE, and whether the 2025 EPS impact represents a full annual run-rate.

    Answer

    SVP & CFO Christopher Sighinolfi explained that House Bill 4,384 expands deferrals and accruals, previously limited to safety-related capital, to all capital expenditures in Texas. He noted this is additive to the company's plan and that the updated 2025 guidance reflects the bill's impact from its effective date of June 20th onward.

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    David Arcaro's questions to NRG Energy Inc (NRG) leadership

    David Arcaro's questions to NRG Energy Inc (NRG) leadership • Q2 2025

    Question

    David Arcaro of Morgan Stanley sought clarification on the data center agreement's margin structure, asking if it was fixed or indexed. He also inquired about market interest in 'additionality' (new generation) for data centers and asked for an outlook on Texas power prices.

    Answer

    Chairman, CEO and President Larry Coben confirmed the contract's margin is well-protected over its term using proprietary methods and that there is strong market appetite for new generation. EVP & President of Business & Wholesale Operations Robert Gaudette added that while off-peak prices are rising, he sees significant further upside in Texas forward power curves as data center load materializes.

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    David Arcaro's questions to NRG Energy Inc (NRG) leadership • Q1 2025

    Question

    David Arcaro of Morgan Stanley asked for a high-level view on the post-acquisition portfolio balance, the potential EBITDA uplift if marked-to-market, the company's sensitivity to PJM capacity prices, and whether free cash flow would revert to the 80/20 allocation framework after deleveraging.

    Answer

    Chair, President and CEO Lawrence Coben expressed that management is 'really quite pleased' with the new portfolio balance and confirmed the plan is to revert to the 80/20 capital allocation framework after the deleveraging period. CFO Bruce Chung clarified that the acquired portfolio's gross margin is roughly 55% energy and 45% capacity, mitigating some sensitivity to capacity auctions due to efficient CCGTs.

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    David Arcaro's questions to NRG Energy Inc (NRG) leadership • Q4 2024

    Question

    David Arcaro inquired about the readiness of NRG's development sites, specifically whether they have transmission access in place or still face lengthy grid studies. He also asked if a specific project or offtaker was already attached to the 1.2 GW GE Vernova turbine order and whether NRG was detecting any hesitation from data center clients due to market jitters or Texas-specific concerns.

    Answer

    Robert Gaudette, Head of NRG Business, clarified that while all sites require interconnect studies, the process in Texas is faster than turbine delivery and is further expedited by existing on-site equipment. Lawrence Coben, Chair, President and CEO, stated that while no offtaker is signed for the 1.2 GW yet, they have a 'pretty good line of sight' and are seeing the opposite of hesitation, with more potential partners 'beating down our doors' for power.

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    David Arcaro's questions to NRG Energy Inc (NRG) leadership • Q3 2024

    Question

    David Arcaro of Morgan Stanley asked about the potential for organic growth in the retail energy business, particularly from residential customer growth and new data center load in Texas, which he noted was not explicitly detailed in the EBITDA growth plan. He also inquired if data centers are actively seeking retail contracts.

    Answer

    CFO Bruce Chung explained that with a nearly 40% residential market share in Texas, the primary growth strategy is expanding share of wallet with existing customers via new bundles, rather than focusing solely on customer count growth. An executive, likely Robert Gaudette, confirmed that data centers are approaching NRG for long-term contracts and that the tightening market is creating a 'flight to quality' among all C&I customers, which benefits NRG's advanced service offerings.

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    David Arcaro's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership

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

    Question

    David Arcaro from Morgan Stanley inquired about the status of discussions on future generation in New Jersey, given the BPU's Resource Adequacy Conference, and asked for an update on the data center pipeline, particularly regarding interest in PSEG's nuclear sites.

    Answer

    Chair, President & CEO Ralph LaRossa stated that PSEG is advocating for clear state decisions on reliability, affordability, and environmental goals. EVP & CFO Daniel Cregg added that discussions for data centers near their nuclear assets in New Jersey and Pennsylvania are ongoing, but timing for any agreements remains undetermined.

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

    Question

    David Arcaro of Morgan Stanley asked for a potential timeframe for announcing a co-location deal for a data center. He also inquired if the backlog of data center interest at the utility level is still growing and when PSEG might update its load growth outlook.

    Answer

    Ralph LaRossa, Chairman, President and CEO, declined to offer a specific timeline for a deal, emphasizing a thoughtful approach. He confirmed that interest remains robust, with leads and feasibility studies being two to three times the volume of firm requests. He reiterated that any updates to the CapEx plan and outlook would be provided at year-end.

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    David Arcaro's questions to AES Corp (AES) leadership

    David Arcaro's questions to AES Corp (AES) leadership • Q2 2025

    Question

    David Arcaro inquired about the PPA bookings trajectory in July following recent policy announcements and asked if there has been an inflection point in renewable demand from data center customers.

    Answer

    COO Ricardo Falú responded that demand remains "extremely strong," with customers trying to lock in PPAs quickly to capture remaining tax credit benefits. He stated there has been no drop in demand from data centers; on the contrary, he emphasized that renewables offer the fastest time to power, price certainty, and a competitive cost per megawatt-hour, which continues to drive strong interest.

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    David Arcaro's questions to AES Corp (AES) leadership • Q1 2025

    Question

    David Arcaro followed up on the AGIC insurance sale, asking about the strategic rationale for retaining control, and also questioned current renewable demand trends, specifically if there's any pull-forward from customers ahead of potential IRA changes.

    Answer

    CEO Andres Ricardo Gluski Weilert confirmed that AES intends to maintain control of its highly successful and strategic captive insurance business. On demand, Mr. Gluski stated that demand from data center customers remains strong, driven by 'time to power' needs which favors renewables, and that the company is not seeing any pull-forward behavior, though new contracts are incorporating provisions for potential legal or tariff changes.

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    David Arcaro's questions to AES Corp (AES) leadership • Q4 2024

    Question

    David Arcaro asked for strategic context on the pullback in renewables capital expenditures, questioning if it's a temporary pause, and inquired about the profile of assets included in the updated asset sales target, especially with the decision to retain some coal assets longer.

    Answer

    CEO Andrés Gluski characterized the renewables strategy as a focus on executing the existing 12 GW backlog and 'harvesting' the developed pipeline, rather than a pause, leading to fewer new gigawatts but stable financial results. CFO Stephen Coughlin added that the asset sale plan still includes some coal exits and technology monetizations but now relies less on these sales, providing more execution flexibility.

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    David Arcaro's questions to AES Corp (AES) leadership • Q3 2024

    Question

    David Arcaro of Morgan Stanley asked for details on the $200 million outperformance in tax credits, its origins, and the potential for future upside. He also inquired about how renewable project returns have been trending since the company raised its targets.

    Answer

    CFO Stephen Coughlin attributed the tax credit success to the company's expert tax and finance teams, who secured bonuses like the energy community adder and effectively monetized credits through transfers. He indicated potential for future upside. CEO Andres Gluski added that returns on newly signed projects have been trending towards the upper end of their increased target range.

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    David Arcaro's questions to Bloom Energy Corp (BE) leadership

    David Arcaro's questions to Bloom Energy Corp (BE) leadership • Q2 2025

    Question

    David Arcaro of Morgan Stanley inquired about the specifics of recent hyperscaler deals, like the Oracle partnership, and the drivers behind the decision to double production capacity.

    Answer

    KR Sridhar, Founder, Chairman & CEO, detailed that the Oracle deal involves providing an islanded, primary, load-following power source for an AI data center, with a 90-day deployment timeline. He stated the confidence to double capacity stems from a robust pipeline and the massive, secular power demand from the AI industry, which the existing grid infrastructure cannot service quickly enough.

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    David Arcaro's questions to Exelon Corp (EXC) leadership

    David Arcaro's questions to Exelon Corp (EXC) leadership • Q2 2025

    Question

    David Arcaro from Morgan Stanley asked about Exelon's willingness to build regulated or contracted generation and for an update on the progress of data center discussions, including industry reactions to the new large load tariffs being proposed.

    Answer

    CEO Calvin Butler gave a direct 'yes' to considering regulated generation, stressing that the policy must provide certainty, state control, and customer benefits. CFO Jeanne Jones added that half of PJM states already use a hybrid model. Regarding data centers, COO Michael Innocenzo reported active cluster studies in Illinois and the Mid-Atlantic with results expected in Q3/Q4. Jones also mentioned ComEd's recent tariff filing, which aims to balance new customer needs with protections for the existing customer base.

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    David Arcaro's questions to Exelon Corp (EXC) leadership • Q2 2025

    Question

    David Arcaro from Morgan Stanley asked about Exelon's willingness to build regulated or contracted generation, similar to its peers, and sought an update on the progress of data center discussions, including timelines and industry reaction to new large load tariffs.

    Answer

    CEO Calvin Butler responded with a direct "yes" to considering regulated generation, provided that policy ensures certainty, state control, and customer benefits. CFO Jeanne Jones added that this regulated path offers states a clear advantage. Regarding data centers, COO Michael Innocenzo noted active cluster studies in Illinois and the Mid-Atlantic, with announcements expected in Q3/Q4. CFO Jeanne Jones mentioned ComEd has filed tariff changes to manage this new load while protecting existing customers.

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    David Arcaro's questions to Exelon Corp (EXC) leadership • Q1 2025

    Question

    David Arcaro of Morgan Stanley asked for the expected timing of the data center load ramp-up within the forecast period and inquired about any potential infrastructure limitations. He also questioned how Exelon is managing customer affordability challenges, particularly with rising PJM capacity prices.

    Answer

    CFO Jeanne Jones provided a timeline for the 16 GW data center load, projecting 10% online by 2028, one-third by 2030, and three-quarters by 2034. President and CEO Calvin Butler added that a centralized customer strategy group works with developers to identify suitable sites and meet timelines. On affordability, Butler acknowledged it as a primary concern, detailing proactive measures such as promoting energy efficiency, offering payment assistance, suspending disconnections, and engaging with communities and state governments on solutions.

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    David Arcaro's questions to PG&E Corp (PCG) leadership

    David Arcaro's questions to PG&E Corp (PCG) leadership • Q2 2025

    Question

    David Arcaro of Morgan Stanley asked if a recent proposed decision for another utility recommending lower wildfire mitigation CapEx could have implications for PG&E's General Rate Case (GRC) and capital priorities.

    Answer

    CEO Patti Poppe affirmed PG&E's commitment to its own wildfire mitigation strategy, including its plan to file a 10-year undergrounding proposal. She strongly defended undergrounding as the most effective and affordable long-term solution for hardening the grid in high-risk areas, contrasting its one-time cost with the perpetual expense of vegetation management.

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    David Arcaro's questions to PG&E Corp (PCG) leadership • Q1 2025

    Question

    David Arcaro inquired about the status of conversations with rating agencies on the path to investment grade and whether shareholder contributions are part of the AB 1054 framework discussions.

    Answer

    CFO Carolyn Burke stated that rating agencies are awaiting the same policy signals as investors regarding AB 1054 and that favorable action is expected once that uncertainty is resolved, as financial metrics are already IG-aligned. CEO Patti Poppe asserted that PG&E continues to advocate against investor contributions to the fund, arguing it would raise the cost of capital and ultimately harm customer affordability.

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    David Arcaro's questions to PG&E Corp (PCG) leadership • Q3 2024

    Question

    David Arcaro followed up on the governor's affordability order, asking if PG&E might consider cost-cutting in specific wildfire safety programs. He also sought confirmation on whether future EPS growth guidance would be rebased off actual annual results.

    Answer

    CEO Patti Poppe clarified that the focus is on streamlining the regulatory process between safety and financial bodies, rather than cutting specific mitigation programs. CFO Carolyn Burke provided a direct confirmation, stating 'Absolutely' that future EPS guidance will be rebased off actual year-end results.

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    David Arcaro's questions to FirstEnergy Corp (FE) leadership

    David Arcaro's questions to FirstEnergy Corp (FE) leadership • Q2 2025

    Question

    David Arcaro questioned if there could be further upside to the transmission CapEx outlook beyond the 20% mentioned, given the rapid growth in data center demand. He also asked about progress on new capacity procurement frameworks in PJM states.

    Answer

    President, CEO & Chairman Brian Tierney acknowledged that further upside is possible as new customer contracts are signed and competitive windows open, but the company maintains a disciplined approach to its official plan. Regarding PJM, he pointed to an upcoming state-led technical conference as the critical venue for a solution, emphasizing that states, not the current auction construct, must drive the change.

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    David Arcaro's questions to FirstEnergy Corp (FE) leadership • Q1 2025

    Question

    David Arcaro asked for perspective on New Jersey's focus on cost efficiencies and affordability, and how the conversation around resource adequacy in the PJM market is evolving.

    Answer

    Brian Tierney, Chair, President and CEO, expressed shared concerns with regulators about rising capacity auction prices that don't add new dispatchable capacity. He noted FirstEnergy is working constructively to mitigate customer impacts. On resource adequacy, he suggested that reregulation is unlikely to succeed and that states taking individual action, similar to models in NY or TX, is the most probable path forward, applauding efforts by the governors of Pennsylvania and New Jersey.

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    David Arcaro's questions to FirstEnergy Corp (FE) leadership • Q3 2024

    Question

    David Arcaro requested more detail on the options being discussed to encourage new generation construction in PJM and asked when FirstEnergy might update its long-term load forecast given the recent surge in requests.

    Answer

    Executive Brian Tierney described potential solutions like state-run auctions for new dispatchable generation to provide more certainty than PJM's price signals. Executive Jon Taylor indicated that an updated long-term financial plan, including a revised load forecast, is planned for the fourth-quarter 2024 earnings call.

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    David Arcaro's questions to Entergy Corp (ETR) leadership

    David Arcaro's questions to Entergy Corp (ETR) leadership • Q2 2025

    Question

    David Arcaro inquired about the key drivers behind the increased operating cash flow outlook and asked about expectations for the upcoming Arkansas rate case, specifically regarding potential changes to the formula rate plan.

    Answer

    CFO Kimberly Fontan identified the main drivers for higher operating cash flow as the new Arkansas infrastructure rider and the monetization of 2024 nuclear production tax credits. Chair and CEO Drew Marsh noted that while it's early to discuss the Arkansas rate case, the existing formula rate plan has been successful and will serve as a starting point for future proposals.

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    David Arcaro's questions to Entergy Corp (ETR) leadership • Q1 2025

    Question

    David Arcaro asked about the timeline for connecting new large load customers and sought clarification on whether the recently discussed tariff exposure would impact earnings.

    Answer

    CEO Drew Marsh explained that new large customers are being accommodated toward the back end of the planning period, around 2028-2029, due to the time required to build out infrastructure. CFO Kimberly Fontan clarified that the tariff exposure is mostly in 2027-2028 and tied to new generation, providing time to mitigate impacts through alternative sourcing, and is considered manageable with no real earnings effect expected.

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    David Arcaro's questions to Entergy Corp (ETR) leadership • Q4 2024

    Question

    David Arcaro questioned the time-to-market Entergy can offer new data center customers and the current availability of system capacity. He also sought color on the availability and pricing trends for gas turbine production slots.

    Answer

    CFO Kimberly Fontan stated that timelines are customer-specific but are supported by strong partnerships for equipment and labor. CEO Andrew Marsh confirmed that critical equipment, including turbines, has been secured for all announced projects with additional capacity lined up. He acknowledged the equipment market is tighter and more expensive than 18 months ago but said it has not materially altered their plans.

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    David Arcaro's questions to American Electric Power Company Inc (AEP) leadership

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

    Question

    David Arcaro of Morgan Stanley questioned if the significant, repeated increases in the CapEx plan represent a new normal and asked for color on the geographic concentration and connection wait times for new data center load.

    Answer

    EVP & CFO Trevor Mihalik attributed the CapEx growth to the massive load demand, citing 24 GW of signed commitments and 190 GW in the queue. President & CEO William J. Fehrman added that data center wait times can be 5-7 years, but AEP is using innovative solutions like fuel cells to bridge the gap and is directing customers to areas with available capacity.

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

    Question

    David Arcaro sought clarification on the Generation & Marketing (G&M) segment's earnings contribution in 2026 and asked for details on the new generation capital expenditures, including the fuel type, location, and timing.

    Answer

    EVP and CFO Chuck Zebula clarified that the G&M segment will still contribute positively to earnings in 2026 and beyond. President and CEO William Fehrman added that new generation will include significant gas capacity, with RFPs currently underway at I&M, and other opportunities are being explored in states like West Virginia.

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

    Question

    David Arcaro sought clarification on the G&M segment's earnings contribution in 2026 and asked for details on the new generation CapEx, including its type, location, and timing.

    Answer

    CFO Charles Zebula clarified that the G&M segment will continue to contribute to earnings in 2026 and beyond. CEO William Fehrman added that much of the new generation is gas, with RFPs underway at I&M, and that further opportunities are being evaluated in states like West Virginia.

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    David Arcaro's questions to Enphase Energy Inc (ENPH) leadership

    David Arcaro's questions to Enphase Energy Inc (ENPH) leadership • Q2 2025

    Question

    David Arcaro asked about Enphase's plans for internal cost reductions, beyond product innovation, to prepare for the anticipated market changes in 2026, inquiring specifically about efforts to lower overhead and operating expenses.

    Answer

    President & CEO Badri Kothandaraman affirmed that continuously adjusting expenses is an ongoing process, not a one-time event. He explained that the company has consistently managed its cost structure in response to demand shifts over the past two years without compromising R&D or customer service. He noted that this includes scrutinizing both labor and non-labor expenses, such as software tools, and that Enphase will continue to adjust expenses as needed in response to market conditions.

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    David Arcaro's questions to Idacorp Inc (IDA) leadership

    David Arcaro's questions to Idacorp Inc (IDA) leadership • Q1 2025

    Question

    David Arcaro inquired about potential mechanisms or trackers, such as capital trackers, that IDACORP might propose in its upcoming rate case to improve earned ROEs and reduce regulatory lag.

    Answer

    Tim Tatum, VP of Regulatory Affairs, confirmed that the company is considering various options to request commission help in reducing regulatory lag, though specific details are still being finalized. Brian Buckham, SVP, CFO and Treasurer, added that the recent Hells Canyon AFUDC filing is another measure aimed at improving cash flow and mitigating cash lag outside of the general rate case.

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    David Arcaro's questions to Idacorp Inc (IDA) leadership • Q4 2024

    Question

    David Arcaro inquired about the possibility of shifting to a period-end rate base or using capital trackers to reduce regulatory lag, and asked for more details on the drivers of incremental load growth, particularly from data centers.

    Answer

    President and CEO Lisa Grow confirmed that all options to reduce regulatory lag are being explored, noting the commission is open to new mechanisms. CFO Brian Buckham added that a period-end rate base is not off the table for a future general rate case. Regarding load growth, Lisa Grow described it as a broad-based challenge, highlighting the Meta data center and strong interest from agriculture, mining, and healthcare. Executive Adam Richins also mentioned inquiries from the dairy, bio-digester, and general manufacturing sectors.

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    David Arcaro's questions to Southern Co (SO) leadership

    David Arcaro's questions to Southern Co (SO) leadership • Q1 2025

    Question

    David Arcaro asked for feedback on how the modified data center rate structure in Georgia is being received by the industry and inquired about any emerging technology preferences in the ongoing competitive RFPs.

    Answer

    Chief Financial Officer Dan Tucker noted it is 'early days' for feedback as the detailed tariff framework was only finalized in mid-April. Chairman, President and CEO Chris Womack added that the framework provides valuable certainty and order, and that the customer pipeline has continued to grow. Regarding the RFPs, Dan Tucker stated they could not comment on the confidential process but highlighted that its 'all-source' nature provides the commission with a multitude of technology options.

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    David Arcaro's questions to Southern Co (SO) leadership • Q4 2024

    Question

    David Arcaro asked about the availability and pricing of gas turbines and the projected trajectory for the company's FFO to debt metric to reach its 17% target.

    Answer

    CEO Chris Womack stated that the company feels 'pretty good' about its access to gas turbines due to diversified suppliers and its history with OEMs, though it is paying reservation fees. CFO Dan Tucker added that the 17% FFO to debt target is achievable in the 'middle to late part' of the 5-year plan, but noted the metric may be flattish in 2025 due to a lag in storm cost recovery.

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    David Arcaro's questions to DTE Energy Co (DTE) leadership

    David Arcaro's questions to DTE Energy Co (DTE) leadership • Q1 2025

    Question

    David Arcaro questioned the role of tax credit transfers in DTE's financial plan and how the company would manage its outlook if transferability were to be altered or eliminated.

    Answer

    EVP and CFO David Ruud expressed confidence in the durability of IRA transferability, noting DTE used $230 million in 2024. He outlined mitigation strategies including safe-harbored projects through 2027, a pre-approved tax equity structure, and a strong balance sheet. Chairman and CEO Gerardo Norcia added that investments are driven by state mandates, and the IRA primarily provides an affordability tool.

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    David Arcaro's questions to DTE Energy Co (DTE) leadership • Q3 2024

    Question

    David Arcaro from Morgan Stanley questioned the context behind the Administrative Law Judge's (ALJ) lower-than-expected ROE recommendation in the gas rate case and whether it signals a shift in the regulatory environment. He also asked about the growth trajectory for the voluntary renewables program.

    Answer

    President and COO Joi Harris expressed confidence in the gas rate case outcome, noting that the staff's position remains constructive and supportive of the capital plan, and highlighted that it was a new ALJ. Chairman and CEO Gerardo Norcia stated that the voluntary renewables program has already filled its 2,500 MW queue forecasted for the next four years and sees significant continued opportunity, with an update to come on the year-end call.

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    David Arcaro's questions to DTE Energy Co (DTE) leadership • Q2 2024

    Question

    David Arcaro sought an update on the development of performance-based rates (PBR) in Michigan and asked for more color on the potential demand from the data center pipeline, as well as Michigan's attractiveness to these customers without new tax legislation.

    Answer

    CEO Gerardo Norcia explained that DTE is collaborating with commission staff on PBR, with alignment on customer-focused metrics, and is now working to establish consensus on targets and symmetry. He noted data center demand is in the 'thousands of megawatts' and that Michigan is already attractive due to its climate, water access, and available capacity, though the tax exemption would accelerate interest from hyperscalers.

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    David Arcaro's questions to DTE Energy Co (DTE) leadership • Q1 2024

    Question

    David Arcaro asked if data centers are a target customer class for DTE Vantage's custom energy solutions and inquired about the electric rate case, specifically the Attorney General's comments and the potential for a settlement.

    Answer

    Chairman and CEO Gerardo Norcia confirmed both the utility and Vantage are pursuing data center opportunities, citing Michigan's favorable conditions. He noted significant interest is pending legislative approval of sales tax exemptions. President and CEO Joi Harris addressed the rate case, stating the AG's comments were expected and the case is primarily about capital investment for reliability and clean energy. She detailed the request's components, including a storm tracker. Norcia added that while they will try to settle, they are confident in a supportive outcome even if litigated.

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    David Arcaro's questions to Dominion Energy Inc (D) leadership

    David Arcaro's questions to Dominion Energy Inc (D) leadership • Q1 2025

    Question

    David Arcaro requested more detail on current data center demand trends and asked for an update on potential contracting opportunities for the Millstone nuclear facility.

    Answer

    Robert Blue, Chair, President and CEO, reported that data center demand remains very high with no signs of a slowdown, as customers plan expansions well into the 2030s. Regarding Millstone, he mentioned legislative interest in Rhode Island but stated there was no new update on contracting, with the current contract running through August 2029.

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    David Arcaro's questions to Dominion Energy Inc (D) leadership • Q4 2024

    Question

    David Arcaro asked for Dominion's interpretation of a recent executive order on offshore wind and its potential impact on CVOW. He also questioned why PJM's long-term forecast has not increased as dramatically as Dominion's data center pipeline, probing for potential connection constraints.

    Answer

    Chair, President & CEO Robert Blue expressed high confidence that the executive order would not impact CVOW, citing its advanced state with full permits, alignment with national energy goals, and strong bipartisan support. On data centers, Blue reiterated confidence that the demand will materialize. EVP & CFO Steven Ridge added that PJM's forecast is likely 'backward looking' and does not yet reflect the recent surge in Dominion's queue, which he described as a bullish sign for future regulated investment.

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    David Arcaro's questions to Spire Inc (SR) leadership

    David Arcaro's questions to Spire Inc (SR) leadership • Q2 2025

    Question

    David Arcaro of Morgan Stanley asked for more detail on the proposed solutions for the ineffective weather mechanism in the Missouri rate case and inquired about the company's latest thinking on the likelihood of reaching a settlement.

    Answer

    CFO Adam Woodard stated that fixing the weather mechanism is a primary focus in the rate case. CEO Scott Doyle added that Spire has proposed several options, including decoupling and updating the weather time horizon. Regarding a settlement, Doyle noted it's early but the company is open to collaborative discussions, observing that the Missouri Public Service Commission appears to favor settlements.

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    David Arcaro's questions to Spire Inc (SR) leadership • Q1 2025

    Question

    David Arcaro asked for context on the size of the requested customer bill increase in the Missouri rate case and its potential future trend. He also inquired about current inflationary pressures on O&M and the company's confidence in keeping it flat.

    Answer

    EVP, COO, and acting CEO Scott Doyle noted the proposed $14 monthly bill increase is offset by a prior gas cost decrease, keeping average bills comparable to previous levels. EVP and CFO Adam Woodard acknowledged ongoing cost pressures but reaffirmed confidence in maintaining flat utility O&M for the fiscal year through diligent cost management.

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    David Arcaro's questions to Edison International (EIX) leadership

    David Arcaro's questions to Edison International (EIX) leadership • Q1 2025

    Question

    David Arcaro of Morgan Stanley asked about potential balance sheet considerations from regulators or rating agencies when a probable loss is recognized and sought clarification on whether third-party estimates suggest the entire wildfire fund could be depleted.

    Answer

    CFO Maria Rigatti stated that any recognized loss would be offset by receivables or regulatory assets, grossing up the balance sheet without an earnings impact, which should satisfy regulators and rating agencies. President and CEO Pedro Pizarro clarified that while public damage estimates are significant, he has not seen any that suggest the full $21 billion fund would be exhausted, though a 'good quantum' could be used.

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    David Arcaro's questions to Edison International (EIX) leadership • Q4 2024

    Question

    David Arcaro asked what specific legislative solutions Edison is advocating for to restore investor confidence and whether the company might pivot more capital back towards fire risk reduction.

    Answer

    CEO Pedro Pizarro stated that while it's early, discussions are focused on ensuring the long-term durability of the wildfire fund and its associated liability cap, suggesting levers like allowing the fund to scale or ensuring the cap persists regardless of the fund's status. Regarding capital, CFO Maria Rigatti and executive Steven Powell explained that capital allocation is always based on risk, and they will re-evaluate models post-fire. They noted that rebuilding in affected areas will inherently involve hardening, such as undergrounding, which serves both restoration and risk reduction goals.

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    David Arcaro's questions to Edison International (EIX) leadership • Q3 2024

    Question

    David Arcaro asked about the potential timeframe for settlement discussions in the Woolsey proceeding and inquired about the regulatory process length and CapEx timing for the upcoming ERP and AMI filings.

    Answer

    EVP and CFO Maria Rigatti outlined the near-term Woolsey schedule, noting a scoping memo in early 2025 would define the full schedule, including any settlement conferences, and that the requested timeline is 18 months. She and President and CEO Pedro Pizarro confirmed the ERP and AMI regulatory processes would likely also take around 18 months, with CapEx spend occurring both within and beyond the current 4-year plan.

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    David Arcaro's questions to Xcel Energy Inc (XEL) leadership

    David Arcaro's questions to Xcel Energy Inc (XEL) leadership • Q1 2025

    Question

    David Arcaro from Morgan Stanley sought to clarify if the 2-3% tariff impact estimate includes all renewables investments, specifically the recent AD/CVD ruling. He also asked about the cadence for updating the data center pipeline forecast.

    Answer

    CFO Brian Van Abel confirmed the 2-3% impact is on the base $45 billion capital plan and is considered manageable. He stated they do not expect any impact from the recent AD/CVD ruling, as they took steps with suppliers to mitigate this risk. Regarding the data center pipeline, he said they do not expect to update the 8,900 MW forecast until the Q3 earnings cycle, which is their normal cadence.

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    David Arcaro's questions to CMS Energy Corp (CMS) leadership

    David Arcaro's questions to CMS Energy Corp (CMS) leadership • Q1 2025

    Question

    David Arcaro inquired about the future strategy for getting a storm recovery tracker approved and whether data center interest increased after Michigan passed new tax exemptions.

    Answer

    President and CEO Garrick Rochow stated that while past storm tracker proposals in rate cases were unsuccessful, the current strategy is a deferred accounting order for this specific historic storm, aligning with the Liberty audit's recommendations. He confirmed a significant shift in interest after the tax exemption, with the economic development pipeline growing to 9 gigawatts and flipping from 65% manufacturing to 65% data centers.

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    David Arcaro's questions to CenterPoint Energy Inc (CNP) leadership

    David Arcaro's questions to CenterPoint Energy Inc (CNP) leadership • Q1 2025

    Question

    David Arcaro of Morgan Stanley sought more detail to build confidence in the large Texas load growth forecast, given market skepticism. He also asked if the 765 kV decision would be directly applicable or if a blended approach across the state is possible.

    Answer

    CEO Jason Wells defended the forecast as conservative, noting their 75% haircut on interconnection requests is much steeper than ERCOT's. He gave an example where 1 GW of assumed data center load is already under construction. Regarding the 765 kV standard, he confirmed the situation is dynamic and that while their system is in the current proposal, a blended approach is possible, which is why their CapEx estimates remain conservative.

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    David Arcaro's questions to CenterPoint Energy Inc (CNP) leadership • Q4 2024

    Question

    David Arcaro inquired about the status and probability of projects within the 40 GW of load interconnection requests and asked for an updated figure on the data center pipeline.

    Answer

    CEO Jason Wells clarified that the 40 GW of requests includes many exploratory projects, with the 10 GW forecast through 2031 being a more realistic view of what will materialize. He also updated the data center request pipeline to be "north of 11 gigawatts" in the Houston area, up from a previously discussed 8 GW, and noted continued strong data center interest in Indiana as well.

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    David Arcaro's questions to CenterPoint Energy Inc (CNP) leadership • Q3 2024

    Question

    David Arcaro requested an update on the proposal regarding temporary generation recovery and asked about the outlook for transmission investment opportunities in Texas, including the Permian plan and 765 kV projects.

    Answer

    CEO Jason Wells stated that the proposal to forgo ~$110 million in profit on temporary generation was a positive step, but discussions on the units' use continue. Regarding transmission, he identified direct opportunities to connect to the new 765 kV project, which represents upside to the current capital plan. He sees significant indirect opportunity driven by explosive load growth in the Houston area, which will require more transmission infrastructure.

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    David Arcaro's questions to Duke Energy Corp (DUK) leadership

    David Arcaro's questions to Duke Energy Corp (DUK) leadership • Q4 2024

    Question

    David Arcaro asked if the top end of the EPS growth range could be achieved as early as 2027 and questioned the scale of data center activity in the pipeline and the potential for further upside to load growth.

    Answer

    CFO Brian Savoy confirmed that 2027 is when load growth is expected to 'ratchet up,' presenting the opportunity to earn in the top half of the range. President Harry Sideris detailed a near-term advanced-stage pipeline of over 7 GW, with a broader pipeline at least double that. CEO Lynn Good added that data centers now comprise 50% of the pipeline out to 2029.

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    David Arcaro's questions to Atmos Energy Corp (ATO) leadership

    David Arcaro's questions to Atmos Energy Corp (ATO) leadership • Q1 2025

    Question

    David Arcaro of Morgan Stanley asked if any of the 11 new industrial customers were power plants and if the company is seeing broader opportunities from the power generation sector. He also questioned if there were any anticipated challenges in the upcoming Mid-Tex and West Texas rate cases.

    Answer

    John Akers, President and CEO, clarified that the new industrial customers were a diverse mix, including manufacturing and battery plants, but not power facilities. He reiterated that the company does not speculate on potential customers until contracts are signed. Christopher Forsythe, SVP and CFO, described the Texas rate cases as standard filings focused on refreshing the ROE and cap structure, stating they do not contain concepts new to the Texas regulatory framework and should be concluded by late spring.

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    David Arcaro's questions to Pinnacle West Capital Corp (PNW) leadership

    David Arcaro's questions to Pinnacle West Capital Corp (PNW) leadership • Q3 2024

    Question

    David Arcaro requested details on the company's data center demand pipeline, asking for the total megawatts in development and whether it includes transformational, gigawatt-scale projects.

    Answer

    APS President Theodore Geisler revealed a significant pipeline, with over 4,000 megawatts of extra high load factor (EHLF) customers, primarily data centers, already committed and embedded in the current plan. Beyond that, there is an additional 10,000 megawatts of EHLF demand in the planning stages. Geisler noted that the committed demand is relatively distributed, though a few larger single requests exist in the 10,000 MW queue.

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    David Arcaro's questions to PPL Corp (PPL) leadership

    David Arcaro's questions to PPL Corp (PPL) leadership • Q3 2024

    Question

    David Arcaro asked for specifics on the potential contents of the upcoming Certificate of Public Convenience and Necessity (CPCN) filing in Kentucky and questioned the certainty of the data center load forecast used to justify new generation investments.

    Answer

    President and CEO Vincent Sorgi stated that the first CPCN filing could occur as early as Q1 2025 and would likely include the next combined-cycle gas plant for 2030 service, among other assets. He expressed high confidence in the data center load forecast, noting that the 1 gigawatt assumed in their plan is well-supported by 400 megawatts already in advanced stages and active discussions to expand further.

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