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    David Paz • Wolfe Research, LLC

    David Paz's questions to Enlight Renewable Energy Ltd (ENLT) leadership

    David Paz's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    David Paz of Wolfe Research, LLC asked for confirmation on the status of the COBAR project in Arizona, specifically whether construction had started and all necessary interconnection approvals were secured. He also inquired about the company's plans for its PJM assets, particularly the advanced Blackwater project, and asked for guidance on run-rate costs beyond revenue and EBITDA.

    Answer

    Jared Mckee, incoming CEO of Clēnera, clarified that the COBAR project has been safe harbored, with full construction mobilization and final interconnection permits expected later in the year. Regarding PJM, both he and CEO Gilad Yavetz confirmed that development of the portfolio, including Blackwater, is ongoing. On costs, CFO Nir Yehuda noted that other P&L expenses are expected to increase at a lower rate than revenue and EBITDA.

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    David Paz's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    David Paz from Wolfe Research asked for confirmation that the COBAR project in Arizona has started construction and received all necessary interconnection approvals. He also inquired about Enlight's development plans for its PJM assets, particularly the Blackwater project. Finally, he requested guidance on run-rate costs, such as development expenses, to aid in financial modeling.

    Answer

    Jared Mckee (VP Business Development), Gilad Yavetz (Co-Founder, CEO & Director), and Nir Yehuda (CFO) responded. Mr. Mckee clarified that the COBAR project has been safe harbored and is in the final stages of the interconnection process, with full construction mobilization expected later in the year. Both Mr. Mckee and Mr. Yavetz confirmed that development of the PJM portfolio is ongoing. Regarding costs, Mr. Yavetz stated the provided roadmap is comprehensive, and Mr. Yehuda added that other P&L expenses are expected to grow at a slower rate than revenue and EBITDA.

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    David Paz's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    David Paz sought confirmation on the construction and interconnection status of the COBAR project in Arizona. He also asked about the company's plans for its PJM assets, particularly the Blackwater project. Finally, he requested run-rate guidance for costs beyond revenue and EBITDA, such as development expenses.

    Answer

    Incoming Clēnera CEO Jared Mckee clarified that the COBAR project has been safe-harbored, with full construction mobilization expected later in the year and the final interconnection permit expected within the year. Regarding PJM, both he and CEO Gilad Yavetz confirmed that development of the portfolio, including Blackwater, is ongoing. CFO Nir Yehuda noted that other P&L expenses are expected to increase at a lower rate than revenues and EBITDA.

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

    David Paz's questions to PPL Corp (PPL) leadership • Q2 2025

    Question

    David Paz sought clarification on the cost range for new generation builds, the distinction in the 2025 earnings guidance versus long-term targets, and the reason the battery storage project was excluded from the Kentucky CPCN settlement.

    Answer

    President & CEO Vincent Sorgi provided a new build cost range of $2,200 to $2,500 per kW for a CCGT. EVP & CFO Joseph Bergstein clarified that the 'at least the midpoint' guidance applies to 2025 earnings, while the 'upper half of the range' refers to the long-term EPS growth target. Sorgi explained the battery storage project was deferred as a negotiated trade-off to extend the life of the Mill Creek II coal unit, but PPL retained the right to refile for the battery if future load growth necessitates it.

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    David Paz's questions to PPL Corp (PPL) leadership • Q2 2025

    Question

    David Paz sought clarification on the cost range for new gas generation builds, the nuance between targeting 'at least the midpoint' versus the 'upper half' of 2025 guidance, and the reason for deferring the battery storage project in the Kentucky CPCN settlement.

    Answer

    President & CEO Vincent Sorgi clarified the new build cost range is $2,200 to $2,500 per kW. EVP & CFO Joseph Bergstein explained that the 'at least the midpoint' language applies to the 2025 earnings forecast, while the 'upper half' refers to the long-term 6-8% EPS growth target through 2028. Regarding the battery project, Sorgi stated it was deferred as part of the settlement negotiations in exchange for extending the life of the Mill Creek II coal unit, but PPL retained the right to refile for the battery if future load growth requires it.

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    David Paz's questions to PPL Corp (PPL) leadership • Q1 2025

    Question

    David Paz followed up on data center announcements, asking if management still believes the first few announcements will trigger a cascade of others. He also asked about the return on equity for the socialized costs of grid upgrades in Pennsylvania and sought clarification on whether the $2,000/kW cost for Kentucky CCGTs includes AFUDC and transmission.

    Answer

    CEO Vincent Sorgi clarified that the 'cascade' effect was more relevant to Kentucky, whereas Pennsylvania already has immense interest (50-60 GW) due to its natural advantages and PPL's speed to market. He stated the ROE on socialized transmission costs is embedded in the FERC formula rate, which is currently around 10%. CFO Joe Bergstein confirmed the $2,000/kW estimate for the CCGTs is very close to an all-in number.

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    David Paz's questions to PPL Corp (PPL) leadership • Q4 2024

    Question

    David Paz of Wolfe Research sought clarification on the annual cadence of EPS growth, the embedded earned ROE assumptions for Kentucky and Pennsylvania, and the estimated cost for the new natural gas plants.

    Answer

    CFO Joe Bergstein and CEO Vince Sorgi clarified that growth is projected at 7% for 2025, with expectations to reach the upper half of the 6-8% range after the current rate case cycle concludes. They declined to provide specific ROE assumptions but acknowledged capital pressure on returns. They noted cost estimates for the new gas plants are being updated for the CPCN filing but are expected to be similar to the Mill Creek 5 project.

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

    Question

    David Paz asked about potential headwinds that could limit EPS growth to the lower end of the 6-8% range, despite significant capital opportunities, and inquired about the role of the upcoming resource adequacy conference in Pennsylvania's legislative process.

    Answer

    CFO Joe Bergstein explained that the earnings growth profile is transitioning to be more driven by rate base growth rather than a mix of growth and efficiencies. President and CEO Vincent Sorgi added that the PUC's technical conference is a constructive step for the commission to prepare for its expected role in administering any future legislation on resource adequacy.

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

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

    Question

    David Paz followed up on commercial sales, asking if the company still anticipates reaching its 2025 target given Q1's tracking. He also inquired if the new Ohio law would change the deployment schedule for the remaining 900 megawatts of fuel cell capacity.

    Answer

    Trevor Mihalik, EVP and CFO, confirmed AEP still anticipates hitting its 2025 commercial sales growth target of approximately 22%, attributing confidence to firm, take-or-pay contracts with new customers. William Fehrman, President and CEO, stated the two fuel cell projects in flight are unaffected. For the remaining 900 MW, he noted they are in conversations with interested customers. Mihalik added that the remaining capacity is an option, not an obligation, for AEP to take.

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    David Paz's questions to Ameren Corp (AEE) leadership

    David Paz's questions to Ameren Corp (AEE) leadership • Q1 2025

    Question

    David Paz asked for confirmation on whether Ameren still expects its EPS growth to trend towards the upper end of the 6% to 8% range during the second half of its five-year planning period.

    Answer

    Marty Lyons, Chairman, President and CEO, confirmed that the company still expects to deliver earnings growth near the upper end of its 6% to 8% CAGR range in the latter part of the 2025-2029 plan. He cited strong Q1 performance, progress on strategic goals like the IRP filing and Senate Bill 4, and incremental data center agreements as factors that increase his confidence and optimism in achieving this growth.

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    David Paz's questions to Ameren Corp (AEE) leadership • Q4 2024

    Question

    David Paz sought more precision on the cadence of the 6-8% EPS growth, asking if any specific headwinds could push earnings below the midpoint in the near term before the new sales growth fully materializes.

    Answer

    CEO Martin Lyons clarified that he does not see any specific headwinds that would cause the company to fall below the midpoint of its guidance range in the coming year. He reiterated that his earlier comments were meant to highlight that the ramp-up in sales and rate base growth in the latter half of the plan is what gives them confidence in delivering near the upper end of the range during that period.

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    David Paz's questions to Ameren Corp (AEE) leadership • Q3 2024

    Question

    David Paz of Wolfe Research asked how agreements with large load customers might be structured, particularly regarding cost-sharing for new generation, and how regulators are involved. He also sought confirmation that future long-term EPS growth guidance would be based on the new 2025 guidance.

    Answer

    Martin Lyons, Chairman, President and CEO, stated that as load grows, additional generation will be needed, and the company is evaluating the appropriate apportionment of costs to ensure fairness for all customers, a topic of ongoing dialogue. Michael Moehn, Senior Executive VP and CFO, confirmed that it is Ameren's historical practice to base its long-term EPS growth CAGR off the midpoint of the upcoming year's guidance, which in this case would be the 2025 range.

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

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

    Question

    David Paz asked for a reminder on any Inflation Reduction Act (IRA) related items in the company's outlook, such as transferability or tax deductions.

    Answer

    CFO Carolyn Burke explained that PG&E has no significant direct exposure to the IRA, as it currently has no utility-owned solar or storage projects under construction. She noted the company's exposure is indirect through its procurement of power via PPAs and that they are closely monitoring how pricing may be impacted by tax credit availability for their partners.

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

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

    Question

    David Paz asked about the company's assumptions for earned returns versus allowed returns in its financial outlook, specifically requesting details on projected regulatory lag in Virginia and South Carolina. He also asked if new CapEx included spending on the Summer nuclear project.

    Answer

    EVP & CFO Steven Ridge stated that specific guidance on earned returns is not provided, but he expects to earn close to the allowed return in Virginia due to the high proportion of rider-recoverable investments. For South Carolina, he reiterated testimony that the current framework can cause significant regulatory lag of 100-200 basis points on average. He confirmed the financial plan conservatively assumes some improvement. Ridge also gave a definitive 'No' to any capital being allocated to the Summer nuclear project.

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