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    George Lonzo

    Vice President and Equity Research Analyst at Bernstein

    George Lonzo is a Vice President and Equity Research Analyst at Bernstein, specializing in technology hardware and semiconductor sectors. He covers leading firms such as Nvidia, AMD, and Micron, with a performance track record that places him among the top 10% of analysts on platforms like TipRanks, consistently achieving a success rate above 68% and delivering average annual returns exceeding 16% for recommended stocks. Lonzo began his career as a research associate at Goldman Sachs in 2013, subsequently joining Bernstein in 2017 and earning recognition for his detailed industry forecasting. His professional credentials include FINRA Series 7, 63, and 86/87 registrations, underscoring his expertise in equity research and securities analysis.

    George Lonzo's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership

    George Lonzo's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q1 2025

    Question

    George Lonzo of Bernstein requested more detail on EDP's energy hedging levels in Iberia for 2025, 2026, and 2027. He also asked if solar CapEx outside the U.S. was expected to decrease materially, which could boost project profitability.

    Answer

    CFO Rui Teixeira provided hedge levels, stating they are around €70/MWh for 2025 and €63/MWh for 2026 on a significant volume. Regarding solar CapEx, he noted that with module prices already at lows, a major further reduction is not anticipated. He explained that EDP's strategy is to lock in CapEx when signing PPAs to protect margins, meaning any cost shifts would likely be reflected in PPA prices to maintain target returns.

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    George Lonzo's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q1 2025

    Question

    George Lonzo from Bernstein requested more detail on EDP's energy hedging levels in Iberia for 2025, 2026, and 2027. He also asked if solar CapEx outside the U.S. is expected to decrease materially, potentially boosting profitability for projects with open procurement.

    Answer

    CFO Rui Teixeira provided hedge levels, stating 2025 is hedged around €70/MWh and 2026 has hedges in place around €63/MWh. Regarding solar CapEx, he noted that module prices are already at minimums and further significant reductions are not expected. He explained that PPA prices are set to lock in the target investment spread relative to CapEx at the time of negotiation, so a major profitability boost from falling costs is not anticipated.

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    George Lonzo's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q1 2025

    Question

    George Lonzo from Bernstein requested more detail on EDP's energy hedging levels in Iberia for 2025, 2026, and 2027. He also asked if solar CapEx outside the U.S. is expected to decrease materially, potentially creating opportunities to boost project profitability where procurement is still open.

    Answer

    CFO Rui Teixeira disclosed that for 2025, hedges are around €70/MWh, and for 2026, some hedges are already secured around €63/MWh. Regarding solar CapEx, he stated that module prices are already at minimum levels and further significant reductions are not expected. He explained that EDP aims to lock in CapEx when negotiating PPAs to protect margins, meaning any cost shifts would likely be reflected in PPA prices.

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