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    Ian Rapp • Bank of America Merrill Lynch

    Ian Rapp's questions to American States Water Co (AWR) leadership

    Ian Rapp's questions to American States Water Co (AWR) leadership • Q2 2025

    Question

    Ian Rapp from Bank of America Merrill Lynch inquired about the quarterly pacing of ASUS construction activity for the remainder of the year and sought management's confidence level on the passage of the SB 473 decoupling legislation.

    Answer

    President and CEO Robert Sprowls explained that ASUS construction activity would increase in both the third and fourth quarters, likely weighted more toward Q4, while reiterating confidence in the full-year guidance. Regarding the decoupling bill, Sprowls expressed 'cautious optimism,' noting strong arguments in its favor but acknowledging the difficulty in predicting legislative outcomes in California.

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    Ian Rapp's questions to PPL Corp (PPL) leadership

    Ian Rapp's questions to PPL Corp (PPL) leadership • Q1 2025

    Question

    Ian Rapp inquired about PPL's rate case strategy, asking whether the company plans to include any specific tariff structure changes for data centers or other large loads in its upcoming rate case filings for Kentucky and Pennsylvania.

    Answer

    CEO Vincent Sorgi responded that while the filings have not yet been made, PPL is actively evaluating in both jurisdictions whether it makes sense to propose a dedicated tariff for data centers or a broader large load customer class. He indicated more details would be available once the rate cases are officially filed.

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