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    Mark Jarvi

    Managing Director and Senior Equity Analyst at CIBC Capital Markets

    Mark Jarvi is a Managing Director and Senior Equity Analyst at CIBC Capital Markets specializing in North American utilities. He covers companies including Brookfield Renewable Partners, Algonquin Power & Utilities, TransAlta, Emera, Fortis, and Clearway Energy, maintaining a strong performance record with a 66.67% recommendation success rate and an average return of 2.35%. Jarvi began his analyst career in the early 2010s, previously holding roles at Capital U.S. Inc. and Stifel before joining CIBC World Markets in 2014. He is FINRA-registered, holding a CRD# 6005774, and is recognized for his consistently solid investment research within the sector.

    Mark Jarvi's questions to EMERA (EMA) leadership

    Mark Jarvi's questions to EMERA (EMA) leadership • Q2 2025

    Question

    Asked about the process for building transmission for offshore wind in Nova Scotia, the path forward for new rates at NSPI, and the potential use of the ATM program given strong credit metrics.

    Answer

    It's too early to define the transmission build process for offshore wind, but NSPI has franchise rights. The company remains vague on the NSPI rate process, only stating talks are constructive. The ATM is not a priority; a US hybrid offering is being considered to pre-emptively address 2026 refinancing needs.

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    Mark Jarvi's questions to EMERA (EMA) leadership • Q2 2025

    Question

    Mark Jarvi from CIBC Capital Markets followed up on Nova Scotia transmission, asking about incumbent rights versus competitive bids for offshore wind infrastructure. He also asked about the path for new rates at NSPI and the impact of the New Mexico Gas sale delay on ATM usage.

    Answer

    Peter Gregg, President & CEO of Nova Scotia Power, noted that while it's too early to know for sure, NSPI has franchise rights for transmission builds in the province. On rates, he reiterated that conversations are constructive. CFO Greg Blunden stated there is no change to the ATM plan and that the sale delay offers flexibility to pre-emptively address 2026 refinancings, possibly with a US hybrid offering.

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    Mark Jarvi's questions to Clearway Energy (CWEN) leadership

    Mark Jarvi's questions to Clearway Energy (CWEN) leadership • Q2 2025

    Question

    Mark Jarvi of CIBC Capital Markets asked if the growing pipeline of battery storage projects post-2029 is a strategic hedge against potentially weaker solar and wind economics. He also requested an update on commercial progress with data center customers.

    Answer

    CEO Craig Cornelius affirmed that battery storage is a significant competitive advantage, with projects eligible for tax credits well into the 2030s and strong commercial demand. On data centers, he confirmed successful contracting with hyperscalers for repowering projects and noted ongoing dialogues for larger, co-located resource solutions.

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    Mark Jarvi's questions to Clearway Energy (CWEN) leadership • Q2 2025

    Question

    Mark Jarvi of CIBC Capital Markets asked about the growing role of battery storage in the long-term pipeline beyond 2029 and the status of origination conversations for battery contracts. He also inquired about progress with data center customers.

    Answer

    CEO Craig Cornelius highlighted the company's strength in battery development, noting their continued eligibility for tax credits into the next decade and strong commercial demand in key markets. He also confirmed that dialogues with multiple major data center customers are progressing well for repowering projects and other multi-technology solutions.

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    Mark Jarvi's questions to TRANSALTA (TAC) leadership

    Mark Jarvi's questions to TRANSALTA (TAC) leadership • Q2 2025

    Question

    Mark Jarvi of CIBC Capital Markets asked for the specific capacity allocation TransAlta received in Phase 1, which assets would serve the load, whether Phase 2 clarity is required to finalize a customer agreement, and why the company did not pursue acquiring allocations from others.

    Answer

    President and CEO John Kousinioris declined to provide the specific allocation amount but stated they are comfortable with it. He clarified the load would be served by the entire portfolio, not just one unit, and that an MOU can be finalized before Phase 2 is complete. He also noted that repurposing underutilized assets is a key part of their strategy, akin to adding new generation.

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    Mark Jarvi's questions to TRANSALTA (TAC) leadership • Q1 2025

    Question

    Mark Jarvi sought details on the Nova partnership, including the triggers for an equity conversion and the timeline for projects. He also asked about TransAlta's funding capacity for further M&A and whether asset sales are being considered as a funding source.

    Answer

    CEO John Kousinioris explained the Nova deal provides an option to acquire late-stage projects, likely starting in 2027-2028, which would require incremental capital. CFO Joel Hunter stated that future funding needs would prioritize capital rotation from the existing asset base. Kousinioris confirmed that the company has been selectively testing the market for potential divestitures to fund future growth.

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    Mark Jarvi's questions to TRANSALTA (TAC) leadership • Q4 2024

    Question

    Mark Jarvi asked for more detail on the Keephills data center project, including the number of potential counterparties and the initial load size. He also inquired about the Centralia coal-to-gas conversion timeline, capital needs, and potential gas supply constraints.

    Answer

    President and CEO John Kousinioris stated they are in discussions with about 20 potential data center customers, including hyperscalers and co-locators, for an initial 400 MW offering. For the Centralia project, he and EVP Blain Van Melle outlined a plan for the unit to be down in 2026 for conversion and return to service around 2027. They noted the capital cost would be a fraction of a new build, and any initial gas supply issues would constrain run-time, not the total available capacity.

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    Mark Jarvi's questions to TRANSALTA (TAC) leadership • Q2 2024

    Question

    Mark Jarvi inquired about the share buyback program, asking if capital recycling could support it and if the $150 million target might be increased. He also asked about potential concessions for the Heartland deal and the future profitability of coal-to-gas assets given low forward curve prices.

    Answer

    CEO John Kousinioris stated that capital recycling is primarily considered for strategic acquisitions or balance sheet management, not directly for buybacks. EVP & CFO Joel Hunter added that the company is on track with its $150 million buyback target and will re-evaluate increasing it once met, given the stock's perceived undervaluation. Regarding Heartland, Kousinioris confirmed they would consider concessions if they align with the original disciplined investment thesis. He also explained that the coal-to-gas assets' value is supported by a strong hedging program and their optionality for reliability services and data center contracts.

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    Mark Jarvi's questions to Brookfield Renewable (BEPC) leadership

    Mark Jarvi's questions to Brookfield Renewable (BEPC) leadership • Q2 2025

    Question

    Mark Jarvi from CIBC Capital Markets asked how Brookfield is adapting to U.S. market challenges like interconnection queues in PJM, whether they are prioritizing other regions, and if the Urban Grid platform continues to provide a competitive advantage. He also inquired about the growth case for batteries in Europe and which global markets offer the best returns for battery deployment.

    Answer

    CEO Connor Teskey responded that considering interconnection speed has long been part of their strategy, citing the past acquisition of Urban Grid as an example of securing preferential queue positions. He affirmed that such platforms continue to offer a competitive advantage. On batteries, Teskey highlighted that with costs down over 60% and revenues rising, the economic case is 'pretty incredible.' He identified the U.S. as the top market for deployment at scale, followed by Australia, Southern Europe, and the Middle East, confirming that battery returns are currently at the top end of their target IRR range.

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    Mark Jarvi's questions to Brookfield Renewable (BEPC) leadership • Q1 2025

    Question

    Mark Jarvi from CIBC asked how the broader renewable energy ecosystem can manage new tariff costs and questioned the overall health of the supply chain. He also inquired about the potential positive impact on equipment costs outside the U.S.

    Answer

    Connor Teskey, an executive, and Hannah Labuschagne, Global Head of Procurement, explained that tariff impacts on total project costs are manageable, likely in the low double-digits, and can be passed through to customers while renewables remain the cheapest power source. They noted that their global diversification provides a material offset, as tariffs in one region (like the U.S.) can lead to lower equipment costs in others (like India), benefiting their global development pipeline. They expressed confidence in the supply chain's health, citing their domestic U.S. strategy and strong supplier relationships.

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    Mark Jarvi's questions to Brookfield Renewable (BEPC) leadership • Q4 2024

    Question

    Mark Jarvi from CIBC asked about any recent shifts in discussions around U.S. tariffs or tax credits, requested specifics on megawatts contracted under the Microsoft agreement, and questioned how the company views share buybacks versus other investments given its current stock price.

    Answer

    Connor Teskey, an executive, noted no new developments on tax credits and stated the company is prepared for uncertainty, which often favors larger, more capable players. He clarified the 10.5 GW Microsoft deal begins in 2026 but significant contracting is already occurring. Comparing the market to Q3 2023, Teskey confirmed that with the current share price, the company will 'absolutely be looking at doing share buybacks' alongside other growth investments.

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    Mark Jarvi's questions to Brookfield Renewable (BEPC) leadership • Q3 2024

    Question

    Mark Jarvi asked about potential pauses in U.S. M&A due to election uncertainty, whether tech buyers are shifting their stance on 'additionality' for hydro assets, and the outlook for the Westinghouse nuclear business post-election.

    Answer

    Executive Connor Teskey stated he doesn't expect a material impact on asset sales, as they are de-risked, and noted uncertainty could increase investment opportunities. On 'additionality,' he said the scale of power demand means different buyers have different views, and enhancing existing hydro can meet some needs. For Westinghouse, he described the election outcome as a 'pretty hard positive,' citing bipartisan support for nuclear and Westinghouse's strong position in both services and new reactor technology (AP1000 and AP300 SMR).

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    Mark Jarvi's questions to Brookfield Renewable Partners (BEP) leadership

    Mark Jarvi's questions to Brookfield Renewable Partners (BEP) leadership • Q2 2025

    Question

    Mark Jarvi asked how Brookfield is adapting to U.S. market challenges like interconnection queues, whether it's prioritizing easier regions, and about growth drivers in Europe from solar and battery cost declines. He also inquired about the top markets and returns for battery storage.

    Answer

    CEO Connor Teskey clarified that managing interconnection has long been part of their strategy, citing the Urban Grid acquisition as a past example of securing queue positions. On batteries, he highlighted that with costs down over 60% and revenues rising, the economics are 'incredible.' Every development platform now has a battery strategy, with the U.S., Australia, and parts of Europe and the Middle East being key markets. He confirmed that battery returns are currently at the top end of their target IRR range.

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    Mark Jarvi's questions to Brookfield Renewable Partners (BEP) leadership • Q1 2025

    Question

    Mark Jarvi from CIBC asked how the broader renewable energy ecosystem can manage tariff-related cost inflation and whether there are concerns about the supply chain's health. He also requested quantification of the positive impact on equipment availability and costs outside the U.S.

    Answer

    Executive Connor Teskey stated that tariff impacts on total project costs are manageable, likely in the low-double-digits, and can be passed through to customers while renewables remain the cheapest form of power. Executive Hannah Labuschagne and Teskey both highlighted that their global diversification provides a material offset, as tariffs in one region (e.g., the U.S.) can lead to lower equipment costs in other regions where they operate, such as India, which is currently seeing historically low panel costs.

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    Mark Jarvi's questions to Brookfield Renewable Partners (BEP) leadership • Q1 2025

    Question

    Mark Jarvi asked how the broader renewable energy ecosystem will manage tariff-related cost increases, the health of the supply chain, and whether the positive impact of lower equipment costs outside the U.S. could be quantified and sustained.

    Answer

    Connor Teskey, an executive, and Hannah Labuschagne, Global Head of Procurement, asserted that overall project cost increases from tariffs are manageable, likely in the 'very low double digits,' and can be passed to customers while keeping renewables competitive. They explained that Brookfield's global platform creates a 'very, very material offset' by accessing equipment at lower prices in other regions, like India, where supply has increased due to U.S. tariffs, leading to 'historic lows' in panel costs there.

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    Mark Jarvi's questions to Brookfield Renewable Partners (BEP) leadership • Q4 2024

    Question

    Mark Jarvi asked about recent intelligence on potential U.S. tariffs and tax credits, requested specific progress metrics on the Microsoft agreement, and questioned how the company views its own share price for buybacks versus other investments.

    Answer

    Connor Teskey (executive) noted that the U.S. administration has not yet touched tax credits and that market uncertainty favors larger players like Brookfield. Regarding the Microsoft deal, he clarified the 10.5 GW agreement starts in 2026, but they are already contracting significant capacity ahead of that. On capital allocation, he compared the current market to Q3 2023, stating their focus is on execution while confirming that share buybacks are being considered given the current share price.

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    Mark Jarvi's questions to ALGONQUIN POWER & UTILITIES (AQN) leadership

    Mark Jarvi's questions to ALGONQUIN POWER & UTILITIES (AQN) leadership • Q1 2025

    Question

    Mark Jarvi asked for an updated perspective on the regulatory path in New Hampshire, including when new rate cases could be filed. He also inquired about the status and timeline for the CalPeco application for interim rates.

    Answer

    CFO Brian Chin clarified that the Granite State settlement includes a stay-out period until a new rate case can be filed on January 1, 2026, while EnergyNorth is still in settlement talks. Chief Transformation Officer Sarah MacDonald stated the CalPeco application is considered feasible but could not provide a timeline for a decision, noting California is a slower jurisdiction.

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    Mark Jarvi's questions to ALGONQUIN POWER & UTILITIES (AQN) leadership • Q4 2024

    Question

    Mark Jarvi asked if the Missouri billing investigation could further delay the rate case timeline and whether the company would seek interim rates. He also questioned if the current SAP system is adequate or requires more investment.

    Answer

    Chief Transformation Officer Sarah MacDonald stated they do not expect the investigation to further delay the rate case and are not currently considering interim rates. Incoming CEO Roderick West expressed confidence that the deployed systems, though experiencing a bumpy start, are proven and will ultimately improve customer experience, while acknowledging that evolving customer expectations will require ongoing capital investment.

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    Mark Jarvi's questions to ALGONQUIN POWER & UTILITIES (AQN) leadership • Q2 2024

    Question

    Mark Jarvi from CIBC Capital Markets questioned the change in tone regarding utility capital spending—from potential acceleration to a reduction—and asked about the plan for proceeds once credit metrics are met.

    Answer

    CEO Chris Huskilson explained the shift is driven by a need for increased discipline to ensure capital investments earn appropriate returns with minimal regulatory lag. CFO Darren Myers added that while the long-term ability to invest $1 billion annually remains, it is contingent on first improving returns. Regarding proceeds, Myers noted they will seek an optimal capital structure and provide more details at a future Investor Day.

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    Mark Jarvi's questions to EMRAF leadership

    Mark Jarvi's questions to EMRAF leadership • Q1 2025

    Question

    Questioned the New Mexico regulatory process regarding potential amendments, economic and customer growth trends in Florida, and the mix of that growth between residential and C&I.

    Answer

    The company does not intend to amend the New Mexico application but will provide rebuttal testimony to address intervenor concerns. In Florida, economic and customer growth remains strong and consistent, and the economic development pipeline is active with non-data center C&I opportunities, including onshoring.

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    Mark Jarvi's questions to EMRAF leadership • Q4 2024

    Question

    Inquired about the approval timeline for the New Mexico Gas sale, the status of settlement discussions, and sought clarification on outlooks for Nova Scotia Power's 2025 earnings (including a tax recovery) and Peoples Gas's ROE management.

    Answer

    Greg Blunden (executive) expects the New Mexico Gas sale to be resolved by the end of Q3, with settlement talks not significantly altering the timeline. He confirmed the NSPI earnings outlook for 2025 is comparable to 2024's adjusted earnings. For Peoples Gas, the company is managing costs and has filed for new rates to stay within its ROE band despite growth-driven capital needs.

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    Mark Jarvi's questions to EMRAF leadership • Q1 2024

    Question

    Sought clarification on the timing and finality of the asset sale announcement, asked about the current state of the hybrid debt market, and inquired about the potential for data center-driven load growth at Tampa Electric.

    Answer

    An announcement on asset sales is expected by the end of June. The US hybrid debt market has become more attractive. While Tampa Electric's current growth is strong without data centers, they are positioning to attract this new load, which would be incremental and beneficial for customer affordability, but any major impact would be beyond the current rate case.

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    Mark Jarvi's questions to Hydro One (HRNNF) leadership

    Mark Jarvi's questions to Hydro One (HRNNF) leadership • Q1 2025

    Question

    Mark Jarvi sought clarification on whether the pursuit of a higher equity thickness would apply to both business segments and asked if tariff pressures on smaller utilities could accelerate LDC consolidation.

    Answer

    CFO Harry Taylor clarified that the case for a higher equity thickness is 'clearest' for the transmission business but not ruled out for distribution. President and CEO David Lebeter confirmed that pressures on smaller utilities could drive consolidation and that Hydro One is already seeing an 'uptick in interest' from potential sellers.

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    Mark Jarvi's questions to Hydro One (HRNNF) leadership • Q4 2024

    Question

    Mark Jarvi of CIBC asked for confirmation that higher capital spending in 2025-2026 translates to a higher rate base and earnings. He also questioned if it was possible to exceed the new 8% top-end EPS growth guidance and if any provincial election platforms could be positive drivers.

    Answer

    CFO Henry Taylor confirmed higher spending translates to a higher rate base and earnings but stated that exceeding the 8% EPS growth guidance would be a 'high bar' and is not expected. President and CEO David Lebeter commented that the provincial election has been focused on non-energy issues and he views the outcome as neutral to positive for the company.

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    Mark Jarvi's questions to Hydro One (HRNNF) leadership • Q2 2024

    Question

    Mark Jarvi asked about potential adjustments to the company's funding plan, the status of the OEB's cost of capital proceedings, and whether Hydro One is advocating for a higher equity thickness.

    Answer

    President and CEO David Lebeter stated there are no changes to the established funding plan, emphasizing a tactical approach to debt issuance. CFO Harry Taylor commented that the OEB proceedings are progressing well and expressed confidence in a favorable outcome for investors. He confirmed Hydro One has advocated for higher equity thickness to support its growth phase.

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    Mark Jarvi's questions to Hydro One (HRNNF) leadership • Q1 2024

    Question

    Mark Jarvi of CIBC inquired about the impact of government housing policies on future rate applications, the company's engagement with the federal government on housing targets, and the debt financing strategy in light of the current yield curve.

    Answer

    President and CEO David Lebeter said the company is actively engaging with homeowners' associations to facilitate new connections for housing growth, which CFO Chris Lopez added is part of integrated planning with the IESO. On financing, Chris Lopez stated there is no drastic change in strategy; the company will be opportunistic and aims to lengthen its average debt term to 15 years over time, noting the benefit of funding short-term is diminishing as the yield curve flattens.

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    Mark Jarvi's questions to Fortis (FTS) leadership

    Mark Jarvi's questions to Fortis (FTS) leadership • Q1 2025

    Question

    Mark Jarvi asked how Fortis would manage customer affordability across different subsidiaries like ITC and UNS if costs increase, and requested an update on the status of the Right of First Refusal (ROFR) legislation in Iowa.

    Answer

    President and CEO David Hutchens explained that growth can be managed to be neutral or beneficial for customer bills, such as when replacing coal generation or adding large, self-funding loads. He noted ITC's projects must pass a benefit-cost test. Executive Linda Blair then reported that advocacy for the Iowa ROFR bill continues in the extended legislative session, and the company remains hopeful for its passage.

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    Mark Jarvi's questions to Fortis (FTS) leadership • Q2 2024

    Question

    Mark Jarvi of CIBC Capital Markets questioned how the ongoing uncertainty in Iowa affects ITC's project procurement and capital spending plans for the next few years. He also asked about Fortis's advocacy position in the Arizona regulatory lag docket and the long-term strategic vision for the recently completed Wataynikaneyap (Watay) project.

    Answer

    ITC executive Linda Blair stated that since the Iowa projects are in early stages, there is no immediate impact on supply chain or capital plans. UNS CEO Susan Gray explained that in Arizona, the company is advocating for either a forward test year or formulaic rates to reduce lag. President and CEO David Hutchens added that the Watay project is viewed as a strategic entry point into the Ontario market with no plans for divestment.

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    Mark Jarvi's questions to Fortis (FTS) leadership • Q1 2024

    Question

    Mark Jarvi from CIBC Capital Markets inquired about the conditions under which Fortis might remove MISO Tranche 1 projects from its 5-year plan due to ROFR uncertainty and asked for refined figures on the project mix if the ROFR is not reinstated.

    Answer

    President & CEO David Hutchens confirmed the capital plan is unchanged, as they still fully expect to build the projects and spending is back-end loaded. He emphasized Fortis's conservative approach, stating Tranche 2 projects won't be added until there is certainty. If all legal challenges fail, Hutchens stated the 'floor' or 'minimum' for Tranche 1 would be the 70% of projects located in existing rights-of-way, but reiterated his confidence in securing the entire portfolio.

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    Mark Jarvi's questions to AY leadership

    Mark Jarvi's questions to AY leadership • Q1 2024

    Question

    Asked for specifics on the 2024 funding plan, an update on equity deployment guidance, a comparison of returns from acquisitions versus development, and the scope of difficulty in finding accretive M&A deals.

    Answer

    The 2024 funding plan is flexible, utilizing a combination of credit facilities, corporate debt, and project finance. The previous equity deployment guidance is largely unchanged. Development projects generally offer higher returns than acquisitions, and these returns have been stable recently but are sensitive to interest rates. Finding attractively priced acquisitions in the mid-market segment requires significant effort.

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    Mark Jarvi's questions to AY leadership • Q3 2023

    Question

    Inquired about the security of the 2024 investment pipeline, trends in investment returns, and a comparison of the Spanish and North American markets, including potential for value arbitrage through asset sales.

    Answer

    The company confirmed most 2024 investments are commercially secured, returns are in the double-digits and exceeding new hurdles, and that North America currently offers better returns than a lagging European market, which could create arbitrage opportunities.

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