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Julian Demarin Smith

Managing Director and Senior Equity Research Analyst at Jefferies

Julian Dumoulin-Smith is a Managing Director and Senior Equity Research Analyst at Jefferies, specializing in utilities, power, clean energy, and related sectors. He covers specific companies including First Solar (FSLR), NextEra Energy (NEE), NRG Energy (NRG), Vistra (VST), Shoals Technologies (SHLS), Sunrun (RUN), MasTec (MTZ), CMS Energy (CMS), and NEXTracker (NXT), with a strong performance track record featuring a 54-61% success rate, average return of 3.54-5.00% per rating, and a standout +315% return on his Buy recommendation for VST. Dumoulin-Smith has built his career at Jefferies as a top-ranked analyst, recognized by Institutional Investor as #1 in both Utilities and Alternative/Clean Energy, with extensive experience issuing over 130 ratings across 70+ companies in utilities and energy.

Julian Demarin Smith's questions to PG&E (PCG) leadership

Question · Q4 2025

Julian Demarin Smith inquired about the company's approach to the $5 billion in upside capital outside the current plan, including deployment timing and financing strategies like debt capacity or Junior Subordinated Notes (JSL).

Answer

EVP and CFO Carolyn Burke outlined three options for the $5 billion: making the plan bigger (least likely), making it better (e.g., accelerating load-growth capital for affordability), or making it longer. She indicated that making the plan better is the most likely approach, prioritizing avoiding new equity and maintaining mid-teens FFO to debt. In a follow-up, CEO Patti Poppe stated there are no specific public milestones expected after April 1st for the legislative process, anticipating ongoing, potentially private, conversations.

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