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    James Ward

    Vice President and equity research analyst at Jefferies

    James Ward is a Vice President and equity research analyst at Jefferies, currently covering companies within his assigned sector since July 2024. Prior to joining Jefferies, he was an analyst at Guggenheim Partners from August 2021 to July 2024, following an earlier role at Millennium from April 2017 to April 2020. While specific metrics such as success rates or rankings have not been publicly documented, his progression through prominent firms highlights solid industry experience. Ward holds credentials consistent with senior research analysts, with a demonstrated focus on equity analysis and institutional coverage, though specific FINRA licenses or recognitions are not available.

    James Ward's questions to Southwest Gas Holdings (SWX) leadership

    James Ward's questions to Southwest Gas Holdings (SWX) leadership • Q2 2025

    Question

    James Ward of Jefferies inquired about the Great Basin expansion, asking if the increased capital expenditure forecast was driven by volume or scope changes. He also asked for clarification on the project's return profile and the potential timeline overlap between the next Nevada rate case and the implementation of alternative ratemaking.

    Answer

    Justin Brown, President of Southwest Gas Corporation, confirmed the increased CapEx for the Great Basin project is purely volume-driven from additional shipper demand. He noted the project would have a FERC-authorized rate of return and include AFUDC. Regarding Nevada, Brown stated that the company sees no advantage in delaying its next rate case, as the new legislation allows for a complementary process where formula rates can be proposed within the case or filed for up to six months after its conclusion.

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    James Ward's questions to Southwest Gas Holdings (SWX) leadership • Q2 2025

    Question

    James Ward inquired about the Great Basin expansion project, asking for the drivers behind the increased capital expenditure estimate, the project's return profile, and how to think about AFUDC. He also asked about the potential timeline for the next Nevada rate case and its interaction with the new alternative ratemaking legislation.

    Answer

    Justin Brown, President of Southwest Gas Corporation, clarified that the increased capex for the Great Basin project is purely volume-driven due to additional shipper demand. He noted the project would have a FERC-authorized rate of return and would accrue AFUDC. Regarding Nevada, Brown explained that the company sees no advantage in delaying its next rate case, as the new legislation allows that case to serve as the baseline for future formula rates, making the processes complementary.

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    James Ward's questions to Southwest Gas Holdings (SWX) leadership • Q2 2025

    Question

    James Ward inquired about the Great Basin expansion, asking for details on the drivers behind the increased capital expenditure range, the project's return profile, and the potential for AFUDC. He also asked about the timeline for the next Nevada rate case and its interaction with the new alternative ratemaking legislation.

    Answer

    Justin Brown, President of Southwest Gas Corporation, clarified that the increased capital estimate for the Great Basin project is purely driven by higher volume requests from additional shippers. He stated the return profile would be based on the FERC-authorized rate of return and confirmed AFUDC would be anticipated. Regarding Nevada, Brown explained that the company sees no advantage in delaying its next rate case, as the new formula rate legislation is designed to be complementary and can be incorporated into the next filing.

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    James Ward's questions to SPIRE (SR) leadership

    James Ward's questions to SPIRE (SR) leadership • Q4 2024

    Question

    James Ward, on behalf of Julien Dumoulin-Smith, asked about the interest rate assumptions in the 2025 guidance and beyond. He also requested additional color on the company's FFO to debt metric relative to rating agency thresholds, considering upcoming refinancing needs.

    Answer

    Vice President and Treasurer Adam Woodard stated that Spire's financial plan assumes two to three more short-term rate cuts by the end of the next year, though timing is uncertain, and they are comfortable with current long-term rates. Regarding credit metrics, Woodard noted they are making progress on FFO to debt and expect to sustainably meet targets for S&P following the Missouri rate case.

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