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    Linda Ezergailis

    Managing Director and Senior Equity Analyst at TD Cowen

    Linda Ezergailis is a Managing Director and Senior Equity Analyst at TD Cowen, specializing in the North American energy and utilities sectors with coverage of companies such as Enbridge, TC Energy, ATCO, Fortis, and Plains All American Pipeline. She has consistently delivered actionable investment research, with notable price targets and ratings published for these firms, and has maintained a reputation for rigorous sector analysis and high engagement on investor calls. Ezergailis began her career at TD Securities, where she rose to senior analyst roles before TD Securities’ merger with Cowen, and has established herself as a key research voice in Canadian and U.S. energy infrastructure since the early 2000s. She holds prominent professional credentials in securities analysis, including FINRA registration and industry-recognized licenses.

    Linda Ezergailis's questions to Hydro One (HRNNF) leadership

    Linda Ezergailis's questions to Hydro One (HRNNF) leadership • Q1 2024

    Question

    Linda Ezergailis of TD Cowen questioned the geographic focus of the refreshed strategy, the potential for owning non-electric infrastructure, and the company's talent pipeline and potential gaps at all organizational levels.

    Answer

    President and CEO David Lebeter affirmed that the primary focus remains on Ontario due to significant internal growth opportunities, and the company is not looking to acquire non-electric assets like gas or water. Regarding talent, he expressed confidence in the current workforce, noting a younger average age and strong internal development, stating he sees no current weaknesses in the company's bench strength.

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    Linda Ezergailis's questions to EMRAF leadership

    Linda Ezergailis's questions to EMRAF leadership • Q1 2024

    Question

    Inquired about the potential EPS dilution from asset sales and its impact on dividend policy, the nature of higher costs at New Mexico Gas, other shifts in cost outlooks, and quarter-to-date weather trends.

    Answer

    The company declined to specify the financial impact of asset sales ahead of an announcement but confirmed such factors are considered in financial planning. Higher costs at New Mexico Gas will persist until new rates take effect in Q4. Weather in Florida has recently turned hot after a mild start to Q2, while Nova Scotia has been cool.

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    Linda Ezergailis's questions to Fortis (FTS) leadership

    Linda Ezergailis's questions to Fortis (FTS) leadership • Q1 2024

    Question

    Linda Ezergailis from TD Cowen questioned how Fortis is managing its Alberta capital program and mitigating uncertainty amid the PBR3 appeal, and also asked about inflationary pressures on the capital program.

    Answer

    President & CEO David Hutchens acknowledged the PBR3 decision was disappointing but viewed the leave to appeal as positive. He stated that necessary reliability investments will proceed, even with potential for temporary regulatory lag. Executive Janine Sullivan added that the 2024 capital plan will be executed by managing costs and using specific Type 1 capital applications while the appeal is ongoing.

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