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    Jamieson Ward • Jefferies

    Jamieson Ward's questions to Hydro One Ltd (HRNNF) leadership

    Jamieson Ward's questions to Hydro One Ltd (HRNNF) leadership • Q1 2025

    Question

    Jamieson Ward, on for Julien Dumoulin-Smith, asked about the potential for new long-term transmission project announcements and how the company's future construction profile aligns with its strategy to seek a higher equity layer in its next rate application.

    Answer

    President and CEO David Lebeter said he anticipates the province's upcoming integrated energy plan will identify new transmission lines. CFO Harry Taylor added that the OEB's cost of capital ruling was generic and that Hydro One intends to make a specific case for a higher equity thickness for its transmission business in its next application, citing its large-scale projects as a precedent.

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    Jamieson Ward's questions to Hydro One Ltd (HRNNF) leadership • Q4 2024

    Question

    Jamieson Ward of BofA Securities asked about the interplay between the newly increased EPS CAGR guidance through 2027 and the upcoming JRAP reset, which will return accumulated OM&A benefits. He also inquired about the expected timing for the next guidance update and the JRAP filing.

    Answer

    Chief Financial and Regulatory Officer Henry Taylor explained that Hydro One has significant momentum from nine new transmission lines that will create tailwinds into the next rate period, offsetting the regulatory reset. He clarified that new guidance will not be issued until the next JRAP is approved, which is planned for filing in the fall of 2026 for a January 1, 2028 effective date.

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    Jamieson Ward's questions to New Jersey Resources Corp (NJR) leadership

    Jamieson Ward's questions to New Jersey Resources Corp (NJR) leadership • Q2 2025

    Question

    Jamieson Ward of Jefferies asked for a comparison of the expected economics for the Leaf River expansion versus existing caverns and current market dynamics. He also questioned the outlook for New Jersey's regulatory environment over the next 12-24 months, considering affordability concerns, and asked about any new mechanisms being pursued to reduce regulatory lag.

    Answer

    President and CEO Stephen D. Westhoven stated that the Leaf River expansion would only proceed if it achieves appropriate returns, requiring locked-in contracts and clear cost visibility, making it a different risk profile than the initial acquisition. On the regulatory front, Westhoven expressed confidence, noting the company is in a good position following its recent rate case and energy efficiency filings. He affirmed NJR's focus on affordability, highlighting that natural gas remains the most cost-effective heating source in the state.

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    Jamieson Ward's questions to ONE Gas Inc (OGS) leadership

    Jamieson Ward's questions to ONE Gas Inc (OGS) leadership • Q4 2024

    Question

    Jamieson Ward of Guggenheim Securities inquired about the development timeline for data center-related opportunities and how they might fit into capital plans, as well as the outlook for O&M expenses in 2025 compared to the long-term plan.

    Answer

    President and CEO Robert McAnnally highlighted the diverse economic development opportunities in their service territories. SVP and COO Curtis Dinan added that project timelines vary, with some being faster than the typical three years by leveraging the existing system. Regarding O&M, Mr. Dinan confirmed that while Q4 2024 performance was strong due to accelerated initiatives, the company is not changing its guidance for 2025 or its five-year plan.

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    Jamieson Ward's questions to ONE Gas Inc (OGS) leadership • Q3 2024

    Question

    Jamieson Ward of Jefferies questioned how potential future interest rate cuts might impact ONE Gas's financial guidance, noting that the recent 50 basis point cut was not in the original plan.

    Answer

    SVP and CFO Christopher Sighinolfi confirmed that the original 2024 guidance assumed no rate cuts, so the September cut provided a benefit. He reiterated that their plan had already included 100 basis points of cuts for 2025 and that their long-term rate normalization view is tied to the Federal Reserve's balance sheet normalization.

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    Jamieson Ward's questions to American Electric Power Company Inc (AEP) leadership

    Jamieson Ward's questions to American Electric Power Company Inc (AEP) leadership • Q4 2024

    Question

    Jamieson Ward of Jefferies asked for clarification on AEP's 2025 equity needs, questioning if recent ATM issuance and pending asset sale proceeds would be sufficient for the year. He also sought a rule of thumb for financing the $10 billion of incremental CapEx.

    Answer

    EVP and CFO Trevor Mihalik confirmed that the combination of the $2.8 billion in proceeds, the ATM, the DRIP program, and potential securitizations puts the company in a 'good shape' for its current plan, and acknowledged that equity-like instruments are being considered. Regarding the incremental $10 billion, he stated that the company will finance it efficiently, with a formal update to be provided during the third-quarter call.

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