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    Michael Gaugler

    Research Analyst at Janney Montgomery Scott LLC

    Michael Gaugler is Managing Director and Senior Analyst of Utilities & Infrastructure at Janney Montgomery Scott LLC, specializing in equity research across water, gas, and industrial utility sectors. He covers companies such as Northwest Natural Holdings and has earned top accolades over the past decade including multiple #1 Stock Picker and Earnings Estimator awards from Starmine/Thomson Reuters, Forbes, and the Financial Times. Gaugler began his career in corporate M&A at Johnson & Johnson and Cantel Medical, later holding research positions at Boenning & Scattergood and Brean Capital before joining Janney in 2015. He holds a Wharton School degree, is a U.S. Air Force veteran, and maintains FINRA securities licenses.

    Michael Gaugler's questions to RGC RESOURCES (RGCO) leadership

    Michael Gaugler's questions to RGC RESOURCES (RGCO) leadership • Q3 2025

    Question

    Michael Gaugler of Janney Montgomery Scott inquired about the 2026 capital expenditure forecast, particularly regarding potential growth in MVP-related projects and customer expansion driven by the new Google facility. He also asked about the opportunity to increase customer penetration along existing mains due to rising electricity costs in the PJM market.

    Answer

    President and CEO Paul Nester confirmed that MVP growth capital is expected to be 'significantly higher' in fiscal 2026, as some 2025 plans were deferred. He expressed optimism for continued customer growth, supported by regional housing needs, though the direct impact from Google is not yet known. Regarding customer penetration, Mr. Nester acknowledged that rising electricity costs are driving 'conversion' customers and that the company actively pursues this opportunity, although its current saturation is already strong. CFO Timothy Mulvaney added that total CapEx would likely remain in a similar range, with potential reallocations between categories based on crew availability.

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    Michael Gaugler's questions to RGC RESOURCES (RGCO) leadership • Q3 2025

    Question

    Inquired about the 2026 capital forecast, specifically regarding MVP growth and the potential impact of the Google project, and also asked about customer penetration opportunities along existing mains due to rising electricity costs.

    Answer

    The company expects significantly higher MVP growth capital in 2026 as plans were deferred from 2025. Customer growth is anticipated to remain strong due to a regional housing shortage, though the specific impact from Google is not yet clear. Management confirmed that rising electricity prices are driving customer conversions along existing mains, a trend they expect to continue, although their customer saturation is already quite high.

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    Michael Gaugler's questions to RGC RESOURCES (RGCO) leadership • Q4 2024

    Question

    Michael Gaugler of Janney Montgomery Scott LLC inquired about the current gas flows on the Mountain Valley Pipeline (MVP) amidst a cold snap, the potential for accelerating expansion projects post-election, and the company's strategy for reinvesting cash flow from MVP into future expansions.

    Answer

    Paul Nester, President and CEO, responded that MVP flows are unofficially near capacity at 1.5 to 2 Bcf a day. He noted that while the political environment seems favorable for infrastructure, any expansion is contingent on market demand and the timing remains uncertain. CFO Timothy Mulvaney added that incoming cash from MVP will first be used to cover interest costs, with any excess capital being evaluated for reinvestment in opportunities like compression or the Southgate project to enhance future cash flow.

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    Michael Gaugler's questions to CHESAPEAKE UTILITIES (CPK) leadership

    Michael Gaugler's questions to CHESAPEAKE UTILITIES (CPK) leadership • Q2 2025

    Question

    Michael Gaugler from Janney Montgomery Scott asked if Chesapeake Utilities is seeing opportunities with hyperscale data centers, similar to other utilities in Pennsylvania, and whether the recent PJM power auction results are driving increased demand for natural gas service.

    Answer

    CEO Jeffrey Householder and CFO Beth Cooper acknowledged the trend and pointed to their new Duncan Plains pipeline project in Ohio, which will serve a data center fuel cell, as evidence of their activity in this space, while stating no other specific projects were ready for disclosure. Regarding the PJM auction, Householder noted that while there isn't a direct discernible link, the company is in active discussions with large commercial and industrial customers in both Florida and Delmarva about increasing their natural gas capabilities as they evaluate energy options.

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    Michael Gaugler's questions to CALIFORNIA WATER SERVICE (CWT) leadership

    Michael Gaugler's questions to CALIFORNIA WATER SERVICE (CWT) leadership • Q2 2025

    Question

    Michael Gaugler of Janney Montgomery Scott questioned what percentage of the total anticipated PFAS-related costs the company expects to recover from the four class-action settlements.

    Answer

    Chairman, President, & CEO Martin Kropelnicki estimated a potential recovery in the range of $40 to $60 million against the total projected cost of $226 million. SVP & CFO James Lynch added that a precise figure is difficult to determine until all claims from various water providers are submitted and processed, but noted the company expects to receive proceeds from other settlements later in the year.

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    Michael Gaugler's questions to CALIFORNIA WATER SERVICE (CWT) leadership • Q2 2025

    Question

    Michael Gaugler of Janney Montgomery Scott inquired about the potential recovery from PFAS-related class action settlements, asking what percentage of the total remediation costs the company anticipates covering through this litigation.

    Answer

    Chairman, President, & CEO Martin Kropelnicki provided a best-guess estimate of recovering $40 to $60 million of the total $226 million in projected PFAS costs. He emphasized the company's active role in the litigation. SVP, CFO & Treasurer James Lynch added that a precise figure is difficult to determine as it depends on the total claims filed by all water providers, but he expects more clarity and additional payments by the end of the year.

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    Michael Gaugler's questions to CALIFORNIA WATER SERVICE (CWT) leadership • Q2 2025

    Question

    Michael Gaugler of Janney Montgomery Scott questioned what percentage of the total incurred PFAS-related costs the company expects to recover from the four class action settlements.

    Answer

    Chairman, President, and CEO Martin Kropelnicki estimated a potential recovery in the range of $40 to $60 million of the total $226 million projected cost. SVP, CFO & Treasurer James Lynch added that a precise figure is difficult to determine until all applications for settlement funds from various water providers are submitted and processed, but expects more clarity by the end of the year.

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    Michael Gaugler's questions to CALIFORNIA WATER SERVICE (CWT) leadership • Q2 2025

    Question

    Michael Gaugler of Janney Montgomery Scott inquired about the potential recovery from PFAS-related class action settlements, asking what percentage of the total remediation costs the company anticipates covering through this litigation.

    Answer

    Chairman, President, and CEO Martin Kropelnicki estimated a potential recovery in the range of $40 to $60 million against the total projected cost of $226 million, while noting the difficulty in providing a precise figure. SVP, CFO & Treasurer James Lynch added that the final recovery amount is contingent on the total claims filed by all water providers but expects more clarity and potential payments from other settlements by the end of the year.

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    Michael Gaugler's questions to CALIFORNIA WATER SERVICE (CWT) leadership • Q2 2025

    Question

    Michael Gaugler of Janney Montgomery Scott inquired about the estimated percentage of total PFAS-related costs that the company expects to recover from its four class-action settlements.

    Answer

    Chairman, President, & CEO Martin Kropelnicki estimated a potential recovery of $40 to $60 million against the total $226 million in forecasted PFAS costs. SVP, CFO & Treasurer James Lynch added that the final amount is difficult to pinpoint as it depends on the total claims filed by all water providers, but he expects more clarity and potential payments by the end of the year.

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    Michael Gaugler's questions to Essential Utilities (WTRG) leadership

    Michael Gaugler's questions to Essential Utilities (WTRG) leadership • Q2 2024

    Question

    Michael Gaugler of Janney Montgomery Scott LLC inquired about the next steps for the DELCORA acquisition, the expected earnings cadence for the third and fourth quarters, and the timing of the 10-Q filing.

    Answer

    Chairman and CEO Christopher Franklin stated that for DELCORA, the company is awaiting the lift of a federal court stay while continuing conversations at the county level, maintaining a mid-2025 closing target. CFO Daniel Schuller advised that Q3 consensus estimates appear high while Q4 estimates seem low, providing context on prior-year comparisons. He also confirmed the 10-Q would be filed shortly.

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    Michael Gaugler's questions to SJW leadership

    Michael Gaugler's questions to SJW leadership • Q2 2024

    Question

    Inquired about the potential for a shorter rate case cycle in Connecticut, confidence in the timing of the California rate case decision, and the status of water supplies in Texas amid the drought.

    Answer

    The company may consider a shorter rate case cycle in Connecticut while balancing the need to stagger filings. They are highly confident in a year-end decision for the California case due to an all-party settlement. In Texas, a key water source is at 55% capacity, leading to strict water restrictions, but the company reaffirmed guidance as Texas is a small part of the business.

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