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    Maurice Choy • RBC Capital Markets

    Maurice Choy's questions to Pembina Pipeline Corp (PBA) leadership

    Maurice Choy's questions to Pembina Pipeline Corp (PBA) leadership • Q2 2025

    Question

    Maurice Choy from RBC Capital Markets inquired about translating strong WCSB fundamentals into a long-term EBITDA growth rate, the potential for margin growth amid competition, and the long-term competitiveness of the Fort Saskatchewan facilities.

    Answer

    President & CEO Scott Burrows reiterated the outlook for mid-to-high single-digit volume growth but deferred giving specific long-term EBITDA guidance. SVP & CFO Cameron Goldade added that future growth will come from both volumes and margin initiatives, like the Prince Rupert terminal optimization. SVP & COO Jaret Sprott defended the competitiveness of Fort Saskatchewan, highlighting its scale, connectivity, and access to diverse North American markets, which provides valuable optionality for customers beyond West Coast exports.

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    Maurice Choy's questions to Pembina Pipeline Corp (PBA) leadership • Q1 2025

    Question

    Maurice Choy from RBC Capital Markets asked for Pembina's view on the competing Taylor-to-Gordondale pipeline project and the rationale behind the slight change in the 2025 exit leverage target.

    Answer

    SVP Jaret Sprott stated that Pembina is supportive of both its project and the competing one, believing both are required to handle future NGL and condensate growth from LNG developments. CFO Cameron Goldade explained the minor adjustment to the leverage target (3.4x-3.7x) was due to the timing of cash flows, non-cash working capital changes, and cash tax payments, not a structural change. He also reconfirmed the guidance assumes the existing Alliance toll.

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    Maurice Choy's questions to Pembina Pipeline Corp (PBA) leadership • Q4 2024

    Question

    Maurice Choy asked for clarification on the Greenlight project's return profile, questioning if it would be closer to 7x or 10x build multiples. He also asked if the company's risk appetite has changed and if future power projects would be limited to sites near existing infrastructure.

    Answer

    SVP & CFO Cameron Goldade was reluctant to provide a specific multiple due to ongoing negotiations but stated it would be within Pembina's historical range, emphasizing the company's advantage in capital execution. President and CEO J. Burrows confirmed the strategy is focused on value chain extension on company-owned land, not on becoming a general independent power producer.

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    Maurice Choy's questions to South Bow Corp (SOBO) leadership

    Maurice Choy's questions to South Bow Corp (SOBO) leadership • Q2 2025

    Question

    Maurice Choy of RBC Capital Markets asked about South Bow's long-term strategic position amid expectations of growing Canadian crude oil production and the potential opportunities that will arise as the company exits its final Transition Service Agreements (TSAs).

    Answer

    President and CEO Bevin Wirzba stated that South Bow is well-positioned to serve growing supply with its strategic corridor to the Gulf Coast, anticipating potential egress constraints by early 2027. He explained that exiting the TSAs allows the company to accelerate business plans and focus teams on core operations and customer solutions, which underpins the existing 2-3% EBITDA CAGR growth outlook.

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    Maurice Choy's questions to South Bow Corp (SOBO) leadership • Q1 2025

    Question

    Maurice Choy from RBC Capital Markets asked about the company's confidence in its 4.8x year-end leverage target, whether total incident costs have been disclosed, and what market factors beyond the incident drove the moderate outlook for spot volumes.

    Answer

    SVP and CFO P. Van Dafoe stated the year-end debt-to-EBITDA target is unchanged because all incident-related costs are expected to be covered by insurance or the variable toll within the year. President and CEO Bevin Wirzba added that total costs have not yet been disclosed. Wirzba explained that the moderate outlook on spot volumes is consistent, initially driven by excess basin egress capacity and now compounded by tariff uncertainty and operational restrictions, all impacting the same uncontracted volumes.

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    Maurice Choy's questions to TransAlta Corp (TAC) leadership

    Maurice Choy's questions to TransAlta Corp (TAC) leadership • Q2 2025

    Question

    Maurice Choy from RBC Capital Markets asked if the data center MOU timeline had shifted due to the AESO's decision moving to mid-September and questioned Alberta's capacity to support gigawatt-scale data centers over time.

    Answer

    President and CEO John Kousinioris clarified that the MOU timeline is progressing independently of the AESO's DTS execution date and that progress is strong. He expressed high confidence in Alberta's ability to develop a robust data center industry, which he noted would help rebalance the province's current generation oversupply, benefiting TransAlta's diverse portfolio.

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    Maurice Choy's questions to TransAlta Corp (TAC) leadership • Q1 2025

    Question

    Maurice Choy asked for clarity on TransAlta's long-term strategy, specifically regarding the ideal portfolio mix, contracted EBITDA targets, and expectations for federal energy policy changes. He also questioned if the regulatory landscape is creating hurdles for data center negotiations.

    Answer

    CEO John Kousinioris and CFO Joel Hunter outlined a deliberate strategy to increase the stability of cash flows by growing the contracted portion of EBITDA to over 70%, thereby reducing reliance on the Alberta merchant market. Kousinioris added that they expect a 'status quo' on federal regulations and confirmed that the policy environment is not a major obstacle in current discussions with potential data center counterparties.

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    Maurice Choy's questions to TransAlta Corp (TAC) leadership • Q4 2024

    Question

    Maurice Choy questioned the strategic goal behind potential M&A of legacy gas assets in the U.S. and asked about TransAlta's investment capacity within its target debt-to-EBITDA range, as well as its stance on pursuing an investment-grade credit rating.

    Answer

    President and CEO John Kousinioris explained the M&A strategy aims to leverage TransAlta's operational and energy marketing expertise in the growing Western U.S. market. EVP & CFO Joel Hunter added that the company has approximately $500 million to $750 million in investment capacity while staying within its 3-4x debt-to-EBITDA target. He clarified that while they have an investment-grade rating from DBRS, the goal is to maintain the current BB+ rating with S&P and Moody's for maximum financial flexibility.

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    Maurice Choy's questions to TransAlta Corp (TAC) leadership • Q2 2024

    Question

    Maurice Choy asked about the new emphasis on capital recycling, questioning the drivers behind this strategic shift. He also asked for clarification on which assets are considered 'core' to the business, how program success is evaluated, and for an update on the 2025 financial outlook.

    Answer

    CEO John Kousinioris explained that while portfolio review has always been ongoing, the current focus on capital recycling is more acute due to significant opportunities for both new projects and legacy asset redevelopment. He identified the legacy coal-to-gas assets, Centralia, the hydro fleet, Sarnia, and the Australian business as core. EVP & CFO Joel Hunter added that any recycling must have a good use of proceeds. Kousinioris stated that capital allocation is evaluated on risk-adjusted returns, accretion to key metrics, and credit impact. He also reaffirmed confidence in the 2025 outlook, citing the company's strong hedge position.

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    Maurice Choy's questions to Enbridge Inc (ENB) leadership

    Maurice Choy's questions to Enbridge Inc (ENB) leadership • Q2 2025

    Question

    Maurice Choy of RBC Capital Markets asked about the breadth of strategic cooperation with major tech customers like Meta, AT&T, and Amazon beyond single-project transactions.

    Answer

    President & CEO Gregory Ebel and EVP of Power Matthew Akman confirmed that discussions with these customers are becoming more strategic and moving 'up the chain' beyond simple supply procurement. They highlighted that these large players want to work with a major, reliable energy partner like Enbridge across multiple platforms, signaling opportunities for deeper, long-term relationships.

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    Maurice Choy's questions to Enbridge Inc (ENB) leadership • Q1 2025

    Question

    Maurice Choy asked for an updated outlook on the Ingleside (EIEC) facility and U.S. crude exports given the global trade landscape. He also inquired about Enbridge's view on the Ontario regulator's recent cost of capital decision and the jurisdiction's competitiveness for capital allocation.

    Answer

    Colin Gruending, EVP of Liquids Pipelines, reiterated a bullish view on exports and Ingleside's competitive advantages, noting they are expanding the facility and leveraging its capabilities for other commodities. Regarding Ontario, Michele Harradence, EVP of Gas Distribution, stated the decision doesn't impact Enbridge's ROE until 2029 and that capital allocation considers ROE, equity thickness, and regulatory certainty across all jurisdictions. CEO Greg Ebel added that the Ontario government's pro-gas policy is a positive signal.

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    Maurice Choy's questions to Enbridge Inc (ENB) leadership • Q4 2024

    Question

    Maurice Choy of RBC Capital Markets inquired about potential adjustments to capital allocation strategy in a scenario of prolonged tariffs and asked which parts of the energy value chain might be worth strengthening amid political uncertainty.

    Answer

    President & CEO Greg Ebel stated that he does not foresee significant changes to capital allocation from tariffs, given the integrated nature of the energy system. He highlighted that Enbridge has already 'bulked up' its natural gas business through recent acquisitions in distribution, transmission, and storage, positioning the company well. He affirmed that both the gas and liquids businesses present strong, low-risk growth opportunities.

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    Maurice Choy's questions to Fortis Inc (FTS) leadership

    Maurice Choy's questions to Fortis Inc (FTS) leadership • Q2 2025

    Question

    Maurice Choy from RBC Capital Markets asked about the Springerville coal-to-gas conversion, its impact on GHG targets, the potential for a similar conversion at the Four Corners plant, and the outlook for gas infrastructure in British Columbia.

    Answer

    President & CEO David Hutchens stated the Springerville conversion is an affordability and reliability story, leveraging existing assets and made economic by a partnership with Salt River Project. He noted a Four Corners conversion hasn't been looked at. FortisBC President & CEO Roger Dall’Antonia added that while BC is embracing LNG export opportunities, the domestic gas agenda's future will become clearer after the CleanBC policy review later in the year.

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    Maurice Choy's questions to Fortis Inc (FTS) leadership • Q1 2025

    Question

    Maurice Choy asked if formula rate mechanisms at ITC and TEP could mitigate shareholder risk from higher costs due to tariffs, and questioned the potential impact of proposed legislative changes to the Inflation Reduction Act (IRA).

    Answer

    President and CEO David Hutchens responded that regulatory mechanisms are expected to pass through prudently incurred costs, making tariffs a customer affordability concern rather than a shareholder risk. Regarding the IRA, he expressed confidence in its bipartisan support and noted that most of Fortis's expected tax credits are already in a 'safe harbor' zone, minimizing near-term risk.

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    Maurice Choy's questions to Fortis Inc (FTS) leadership • Q2 2024

    Question

    Maurice Choy of RBC Capital Markets inquired about Fortis's updated electric and gas demand outlook, specifically noting changes driven by data centers and manufacturing. He also asked about the policy progression for sharing transmission costs for new load and sought clarification on the Iowa Supreme Court's stay of injunction for ITC, including any potential stranded asset risks.

    Answer

    President and CEO David Hutchens addressed the demand outlook, highlighting UNS's plans for 600 MW of new gas turbines and significant potential load growth in Arizona and Michigan. He noted that new load must be self-funding. Linda Blair, an executive from ITC, clarified that the court's stay could remain indefinitely and affirmed there is no concern of stranded asset risk for the Tranche 1 projects as they are being developed under the MISO tariff.

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    Maurice Choy's questions to Fortis Inc (FTS) leadership • Q1 2024

    Question

    Maurice Choy of RBC Capital Markets asked about Fortis's engagement with S&P on physical asset and wildfire risk, the associated regulatory frameworks, and for details on FortisBC's new rate framework proposal.

    Answer

    EVP & CFO Jocelyn Perry stated that Fortis is actively sharing mitigation plans with S&P and regulators, noting that while no specific wildfire mechanisms exist, costs are managed via current rate structures. President & CEO David Hutchens added that risk is highest in Western North America but is mitigated by favorable Canadian legal structures and the urban nature of Arizona assets. Regarding FortisBC, Hutchens and executive Roger Dall’Antonia explained the new 3-year plan is structurally similar to the last, with a key change being a 3-year sustaining capital forecast instead of a formula-based one, and retains the ability to file for large projects separately.

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    Maurice Choy's questions to Brookfield Infrastructure Partners LP (BIP) leadership

    Maurice Choy's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q2 2025

    Question

    Maurice Choy of RBC Capital Markets asked why the U.S. remains a top investment geography and whether recent asset sales, which were all partial stakes, indicate a strategic shift or buyer preference.

    Answer

    CEO Sam Pollock explained the U.S. is highly attractive due to the AI infrastructure boom driving opportunities, though he sees this expanding globally, particularly in Europe. Regarding asset sales, he stated there is strong demand in all markets for quality assets. He noted that the partial sell-downs were specific to each deal's circumstances and not indicative of a broader strategy, as future sales could be 100% exits.

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    Maurice Choy's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q1 2025

    Question

    Maurice Choy asked for examples of investment opportunities related to the onshoring of U.S. manufacturing and inquired about the contract profile for the upcoming NEBC Connector project in Canada.

    Answer

    CEO Sam Pollock and Managing Partner Dave Joynt highlighted opportunities to fund onshoring of critical industries like semiconductors and batteries, as well as investments in ports and energy infrastructure. Regarding the NEBC Connector, Dave Joynt confirmed it is backed by contractual obligations, not speculation, and fits into a strong medium-term outlook for natural gas driven by data center demand and LNG exports.

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    Maurice Choy's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q4 2024

    Question

    Maurice Choy from RBC Capital Markets asked if the Transport segment would be a major source of asset sales to fund the Data segment's growth and inquired about the performance and outlook for the Midstream segment.

    Answer

    CEO Sam Pollock clarified that Transport asset sales are based on individual asset life cycles, not a strategic shift, and that Data's growth also includes fiber and towers. COO Ben Vaughan expressed strong optimism for the Midstream segment, citing a $1 billion backlog and a potential for $2-3 billion more in low-risk, brownfield expansion projects in Western Canada driven by high utilization.

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    Maurice Choy's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q3 2024

    Question

    Maurice Choy asked for management's perspective on how recent global election outcomes, including the one in the U.S., might create tailwinds or headwinds for its assets, and where the company is currently finding the best risk-adjusted returns for new acquisitions.

    Answer

    CEO Sam Pollock stated that the primary business drivers, digitalization and decarbonization, are largely insulated from political shifts. He noted that digitalization has broad support, and while decarbonization has nuances, key decisions are made at corporate and state levels. He identified the U.S. as the most interesting market due to massive capital investment, followed by Korea, where a similar capital investment trend is creating opportunities for incentivized returns.

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    Maurice Choy's questions to TC Energy Corp (TRP) leadership

    Maurice Choy's questions to TC Energy Corp (TRP) leadership • Q2 2025

    Question

    Maurice Choy of RBC Capital Markets asked for an updated view on the Canadian energy policy landscape following recent legislation and sought more detail on customers requiring greater capacity than originally planned for data center projects.

    Answer

    President & CEO François Poirier described recent federal legislation as a positive step that supports Canada's potential as an energy exporter. EVP & COO Tina Faraca provided examples like the Pulaski and Maysville projects, which were upsized post-sanctioning to meet growing power generation demand, underscoring a robust pipeline of opportunities driven by electrification and data centers.

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    Maurice Choy's questions to TC Energy Corp (TRP) leadership • Q1 2025

    Question

    Maurice Choy asked if Canadian permitting reform is a direct gating factor for specific TC Energy projects or a broader call to action for the basin. He also questioned whether potential upside from new projects would reinforce the existing 5-7% CAGR for the 2027 comparable EBITDA guidance or potentially move it higher.

    Answer

    CEO Francois Poirier described permitting reform as a broader issue needed to spur activity across the basin, which would benefit TC Energy, while reiterating that the highest risk-adjusted returns and discretionary capital currently favor the U.S. CFO Sean O'Donnell responded that while project execution is strong, it is too early in the year to revise the 2027 EBITDA guidance, stating the company prefers to show more proof before reflecting potential upside in its outlook.

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    Maurice Choy's questions to TC Energy Corp (TRP) leadership • Q4 2024

    Question

    Maurice Choy questioned the available mothballed capacity on the Canadian Mainline and the cost to restore it, and asked how potential prolonged tariffs might alter capital allocation, given the existing focus on the U.S.

    Answer

    Retiring executive Stanley Chapman stated that due to strong demand, all available Mainline capacity is fully contracted, though Line 2 remains unavailable for service and is under evaluation. President and CEO Francois Poirier and EVP & COO Tina Faraca clarified that while tariffs could influence future decisions, the current U.S. project pipeline is largely insulated due to domestic sourcing for key materials like pipe, and the company's capital allocation will continue to favor the highest risk-adjusted returns, which are currently in the U.S.

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    Maurice Choy's questions to Hydro One Ltd (HRNNF) leadership

    Maurice Choy's questions to Hydro One Ltd (HRNNF) leadership • Q1 2025

    Question

    Maurice Choy inquired about the impact of the expanded federal indigenous loan guarantee program on First Nations partnerships, the risk of rising capital costs from tariffs, and the potential for project delays.

    Answer

    President and CEO David Lebeter and CFO Harry Taylor noted the loan program will make financing easier for partners, allowing Hydro One to redeploy capital faster. On costs, they stated that while tariffs create uncertainty, the company is mitigating impacts through strategic sourcing, inventory management, and productivity initiatives. They do not anticipate delays to major projects.

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    Maurice Choy's questions to Hydro One Ltd (HRNNF) leadership • Q4 2024

    Question

    Maurice Choy from RBC Capital Markets inquired about the potential outcome of the ongoing cost of capital review, specifically regarding the base ROE and equity ratio. He also asked about the strategic rationale for acquiring a stake in the East-West Tie line beyond the financial benefits.

    Answer

    President and CEO David Lebeter stated his best guess is that the ROE and equity ratio will remain similar, as he has received no indication of a change. He noted the East-West Tie acquisition was strategic because it connects a gap in the transmission system, aligns with the company's indigenous partnership model, and strengthens its core position in Ontario. He also confirmed asset sales are not a currently planned funding source.

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    Maurice Choy's questions to Hydro One Ltd (HRNNF) leadership • Q2 2024

    Question

    Maurice Choy inquired about the cost savings on the Chatham to Lakeshore transmission line and their applicability to future projects. He also asked about the timeline for other project applications and the long-term funding strategy for the company's significant capital expenditure plan.

    Answer

    President and CEO David Lebeter attributed the Chatham to Lakeshore savings to strong indigenous and municipal partnerships, streamlined environmental processes, and efficient land acquisition, noting each project is unique. CFO Harry Taylor stated that no equity issuance is anticipated within the current rate period and highlighted the company's strong balance sheet, supported by an upsized credit facility and healthy FFO to debt metrics.

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    Maurice Choy's questions to Hydro One Ltd (HRNNF) leadership • Q1 2024

    Question

    Maurice Choy from RBC Capital Markets asked for tangible examples of how the refreshed strategy differs from the previous one, whether related investments are covered by the current rate plan, and for quantification of the revised broadband forecast's impact on EPS and dividends.

    Answer

    President and CEO David Lebeter explained the strategy is a 'refresh,' not a revamp, with key changes being a more proactive customer service approach and elevating IT/digital capabilities to a core strategic priority. He confirmed these changes will be funded within the current rate envelope. CFO Chris Lopez noted that a $0.5 billion broadband investment would add approximately 0.5% to EPS growth and that any related dividend increase would be a future decision for the Board.

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    Maurice Choy's questions to AltaGas Ltd (ATGFF) leadership

    Maurice Choy's questions to AltaGas Ltd (ATGFF) leadership • Q1 2025

    Question

    Maurice Choy asked about the RIPET methanol removal project, questioning if there are differences in risk, returns, or terms when servicing Chinese customers versus those in Japan or South Korea. He also asked if regulatory approval is now the main obstacle for expanding export capacity, given strong demand and available rail capacity.

    Answer

    Vern Yu, President and CEO, explained there are no material differences in terms, but AltaGas is mindful of credit quality and governance with Chinese counterparties, often requiring letters of credit. He clarified that the key gating items for expansion are ensuring capital cost and schedule risks are managed and securing permits in a timely manner, not commercial demand.

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    Maurice Choy's questions to AltaGas Ltd (ATGFF) leadership • Q4 2024

    Question

    Maurice Choy inquired about the REEF project, asking if positive updates on construction productivity and cost savings meant the project was trending below budget, and about pre-building infrastructure for future phases. He also asked if achieving the company's leverage target is entirely dependent on the proceeds from the MVP asset sale.

    Answer

    President & CEO Vern Yu confirmed that REEF Phase 1 pre-builds significant rail and jetty infrastructure for future expansions, but the overall capital estimate is unchanged for now as some risks remain, despite major items like earthworks being materially derisked. EVP & CFO James Harbilas affirmed that the MVP sale is the quickest path to the leverage target, potentially providing a 0.4x to 0.5x improvement, and noted the sale process is robust and in its 'middle innings' with an update expected in Q1.

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