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    James Ward • Jefferies

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

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

    Question

    James Ward asked about the Great Basin expansion, questioning if the increased capital expenditure estimate was volume-driven or due to scope expansion. He also inquired about the project's return profile and the potential timeline for implementing formula rates in Nevada relative to the next rate case.

    Answer

    Justin Brown, President of Southwest Gas Corporation, confirmed the increased capex for the Great Basin project is purely due to higher volume demand from additional shippers. He directed investors to the existing FERC-authorized return for the project's profile and noted that they see no advantage in delaying the next Nevada rate case, as the formula rate proposal can be complementary to it.

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    James Ward's questions to Spire Inc (SR) leadership

    James Ward's questions to Spire Inc (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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