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    Konstantin Lednev • Guggenheim Partners

    Konstantin Lednev's questions to DTE Energy Co (DTE) leadership

    Konstantin Lednev's questions to DTE Energy Co (DTE) leadership • Q1 2025

    Question

    Konstantin Lednev, on behalf of Shar Pourreza, asked about the renewable energy plan's alignment with demand and the IRP, as well as details on the new rate case, particularly the IRM expansion.

    Answer

    President and COO Joi Harris stated the renewable plan is in line with the IRP and that the rate case is focused on funding reliability and clean energy. She detailed that the IRM expansion request is supported by compelling performance data and aligns with the Liberty audit findings, offering the commission a tiered ramp-up for flexibility.

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    Konstantin Lednev's questions to Entergy Corp (ETR) leadership

    Konstantin Lednev's questions to Entergy Corp (ETR) leadership • Q1 2025

    Question

    Konstantin Lednev, on behalf of Shahriar Pourreza, asked if Arkansas is now fully competitive for data centers following recent legislation and inquired about the acceleration of equity financing and its impact on credit metrics.

    Answer

    CEO Drew Marsh confirmed that Arkansas is now fully competitive and is seeing significant interest from potential data center customers. CFO Kimberly Fontan explained that the accelerated equity forward was a risk mitigation strategy to lock in capital and manage volatility, noting that credit metrics through 2028 remain strong and are building towards 15%.

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    Konstantin Lednev's questions to PG&E Corp (PCG) leadership

    Konstantin Lednev's questions to PG&E Corp (PCG) leadership • Q1 2025

    Question

    Konstantin Lednev, on behalf of Shar Pourreza, asked how the $5 billion of upside CapEx fits into the upcoming GRC filing and questioned the conversion timeline for the growing data center pipeline into construction projects.

    Answer

    CEO Patti Poppe clarified that much of the capital plan is already accounted for and that FERC-jurisdiction transmission investments are separate from the GRC. CFO Carolyn Burke added that upside capital could make the plan 'better' through affordability or 'longer' by extending growth duration, not just bigger. Poppe projected that 90% of the 1.4 GW of data center load in final engineering will be built by 2030, noting this is all upside to the current financial plan.

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    Konstantin Lednev's questions to CenterPoint Energy Inc (CNP) leadership

    Konstantin Lednev's questions to CenterPoint Energy Inc (CNP) leadership • Q1 2025

    Question

    Konstantin Lednev of Guggenheim Securities inquired about the cadence of CenterPoint's capital expenditure updates leading up to its Q3 comprehensive plan and whether current Texas regulatory constructs are sufficient to prevent lag given the increased spending.

    Answer

    CEO Jason Wells explained that CapEx updates will continue to be incremental as new project data becomes available, culminating in a full 10-year plan update in Q3. He expressed high confidence that regulatory lag will not impede achieving guidance, citing a strong track record of increasing returns alongside previous CapEx hikes, while affirming a continued focus on minimizing lag for customer benefit.

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    Konstantin Lednev's questions to Venture Global Inc (VG) leadership

    Konstantin Lednev's questions to Venture Global Inc (VG) leadership • Q4 2024

    Question

    Konstantin Lednev, on for Shahriar Pourreza, asked about incremental discussions on long-term supply agreements and whether current forward market signals are supportive of FID for CP2 and future expansions.

    Answer

    CEO Mike Sabel confirmed they are in continuous discussions as their new supply is critical for global markets, which he views as tighter than many forecasts suggest. He stated that Venture Global is in a 'good spot' on CP2 returns even at prices much lower than the current forward curve, underscoring their strong competitive position and confidence in moving forward with development plans.

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    Konstantin Lednev's questions to Edison International (EIX) leadership

    Konstantin Lednev's questions to Edison International (EIX) leadership • Q4 2024

    Question

    Konstantin Lednev, on for Shar Pourreza, asked about the expected timing for a potential drawdown of the AB 1054 wildfire fund and whether the market's reaction would impact the upcoming cost of capital filing.

    Answer

    CFO Maria Rigatti noted it's too early to know when claims would be submitted, but emphasized that SCE would first use its $1 billion in self-insurance before accessing the AB 1054 fund. CEO Pedro Pizarro stressed a sense of urgency in seeking legislative action to reassure markets, rather than waiting. Regarding the cost of capital filing, Rigatti confirmed it will proceed in March and will include extensive discussion of recent events, but reiterated that structural changes, not just the ROE, are the true solution.

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    Konstantin Lednev's questions to OGE Energy Corp (OGE) leadership

    Konstantin Lednev's questions to OGE Energy Corp (OGE) leadership • Q4 2024

    Question

    Konstantin Lednev, on behalf of Guggenheim Partners, asked for the EPS sensitivity to the updated 2025 load growth forecast and questioned if the higher growth necessitates interim resource adequacy solutions, given potential pressure on reserve margins.

    Answer

    CFO and Treasurer Charles Walworth declined to provide a specific EPS sensitivity to load growth but noted the strong growth helps mitigate regulatory lag. Chairman, President and CEO R. Trauschke added that the company is in good shape regarding resource adequacy, is updating plans based on current RFP results, and will file for recovery of its generation plans by midyear.

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    Konstantin Lednev's questions to OGE Energy Corp (OGE) leadership • Q3 2024

    Question

    Konstantin Lednev asked about the timing of a CapEx update in relation to the generation RFP, the impact of turbine supply constraints on the future resource mix, and whether strong near-term load growth could trigger incremental CapEx pull-forwards.

    Answer

    Chairman, President and CEO R. Trauschke stated that a CapEx update for the generation RFP will follow regulatory approval, not at year-end. He noted that while plant upgrades are continuous, he is not ready to commit to a change in resource mix. Interim CFO Charles Walworth added that recent load growth has been anticipated and is factored into the current RFP process.

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    Konstantin Lednev's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership

    Konstantin Lednev's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership • Q1 2024

    Question

    Konstantin Lednev of Guggenheim Partners questioned if behind-the-meter data center opportunities are scalable in New Jersey and whether PSEG would update its financial guidance if power prices remain above PTC levels.

    Answer

    EVP and CFO Dan Craig explained that behind-the-meter projects are inherently done at scale, likely growing over time. Chair, President and CEO Ralph LaRossa added that PSEG's three-unit nuclear site offers unique scalability and reliability. Regarding guidance, Craig stated that PSEG aims for predictability and would only update its outlook once upside opportunities are contracted and "real," not based on cyclical market price movements.

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