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    James Kennedy • Guggenheim Securities

    James Kennedy's questions to Alliant Energy Corp (LNT) leadership

    James Kennedy's questions to Alliant Energy Corp (LNT) leadership • Q1 2025

    Question

    James Kennedy of Guggenheim Securities inquired about the timeline for converting mature opportunities into signed contracts and the generation mix (existing vs. new) planned to serve that demand. He also asked if the company's safe harboring of tax credits negates the potential need to reopen the Iowa rate case.

    Answer

    Executive Lisa Barton clarified that while the company has high confidence in its pipeline, it only reports on fully executed Electric Service Agreements (ESAs), which will be served by an "all of the above" solution including existing capacity and new builds. Executive Robert Durian added that while a reopener clause for the Iowa rate case exists, the company's primary focus is on avoiding its use through proactive measures like safe harboring and accelerating load growth.

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    James Kennedy's questions to Eversource Energy (ES) leadership

    James Kennedy's questions to Eversource Energy (ES) leadership • Q1 2025

    Question

    James Kennedy from Guggenheim Partners asked if potential securitization of storm costs in Connecticut would alter the timing of equity issuance and requested an update on the AMI process.

    Answer

    EVP and CFO John Moreira explained that since securitization was not assumed in the financing plan, receiving those funds early would cause them to revisit their equity needs. Chairman, President and CEO Joseph Nolan added that for the AMI docket, the company has filed for reconsideration to gain certainty on cost recovery before proceeding with spending.

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    James Kennedy's questions to Exelon Corp (EXC) leadership

    James Kennedy's questions to Exelon Corp (EXC) leadership • Q1 2025

    Question

    James Kennedy from Guggenheim Partners asked about Exelon's involvement and perspective on potential Pennsylvania legislation to support regulated generation, as well as its views on different mechanisms like long-term PPAs. He also requested a rule of thumb for how data center opportunities are converted into the capital plan.

    Answer

    President and CEO Calvin Butler responded that Exelon supports any initiative that enhances resource adequacy and affordability for customers, including regulated generation, provided there is a clear and straightforward cost recovery mechanism in the legislation. CFO Jeanne Jones explained that there is no single rule of thumb for data center conversion due to the unique nature of each project. She specified that $5 billion of the current $38 billion capital plan is allocated to new business, an increase of $900 million from the previous plan.

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    James Kennedy's questions to Dominion Energy Inc (D) leadership

    James Kennedy's questions to Dominion Energy Inc (D) leadership • Q1 2025

    Question

    James Kennedy asked about the permitting backdrop for CVOW, potential costs associated with a hypothetical stop-work order, and the impact of tariffs on the company's solar and storage spending plans.

    Answer

    Robert Blue, Chair, President and CEO, stated that interactions with regulatory agencies remain consistent and he is confident the project will proceed due to its strategic importance. He declined to speculate on stop-work costs but affirmed that prudently incurred costs are recoverable. On other tariffs, he noted the impacts are manageable due to proactive supply chain diversification and a focus on U.S. suppliers.

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    James Kennedy's questions to PPL Corp (PPL) leadership

    James Kennedy's questions to PPL Corp (PPL) leadership • Q4 2024

    Question

    James Kennedy of Guggenheim Partners asked about the legislative pathway for regulated generation in Pennsylvania and the expected cadence for incorporating the remaining data center-related capital spend into the financial plan.

    Answer

    President and CEO Vince Sorgi described constructive discussions with Pennsylvania lawmakers, expecting proposed legislation in spring or summer that could include utility-owned generation or other incentives. He also confirmed that of the $600-$700 million in potential data center transmission investment, $400 million is currently in the plan, with updates on the remainder to be provided as projects advance through the development queue.

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