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    Michael Sullivan

    Director of Equity Research at Wolfe

    Michael Sullivan is a Director of Equity Research at Wolfe Research, focusing on in-depth analysis across key sectors and select publicly traded companies. He previously served as a Research Analyst at Bessemer Trust, bringing years of institutional investment research experience to Wolfe. Sullivan closely examines companies within his assigned coverage, leveraging advanced modeling and market insight, and regularly provides actionable investment ideas to institutional clients. He holds industry-standard professional credentials and maintains a reputation for diligent, fundamentals-driven research, underpinning his record of effective client advisory and sector expertise.

    Michael Sullivan's questions to NEP leadership

    Michael Sullivan's questions to NEP leadership • Q4 2024

    Question

    The analyst asked about the company's credit metrics following the new plan, the status and timing of the Meade pipeline asset sale, and whether there were any changes to the leverage on that asset.

    Answer

    The executives stated that credit metrics are expected to remain consistent with current ratings, which have been affirmed by agencies. They confirmed the Meade sale is targeted for Q4 and that there is no change to the asset's leverage.

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    Michael Sullivan's questions to AGR leadership

    Michael Sullivan's questions to AGR leadership • Q4 2023

    Question

    Asked if the 2024 guidance represents a clean base for long-term growth, inquired about the 2023 FFO to debt metric and future targets, and requested quantification of the expected O&M optimization in 2024.

    Answer

    The 2024 guidance is a clean base for growth, excluding any one-time gains. The 2023 FFO to debt was around 14% on a pro forma basis, impacted by non-cash-generating CapEx, and is expected to improve with new rate cases. O&M optimization aims for a rate below inflation, with more specifics to be shared at the March Investor Day.

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    Michael Sullivan's questions to AGR leadership • Q3 2023

    Question

    Inquired about the accounting for uncollectibles, the reasons for changes in financial forecasts following the New York rate case, and the status of the asset sale gain assumed in the 2023 guidance.

    Answer

    Executives clarified the uncollectible adjustment is a standard accounting change, not related to COVID, to neutralize earnings impact. The guidance update reflects better year-end visibility post-rate case, and the rate base forecast changed due to project timing. The asset sale gain is based on specific transactions, and the sale will only proceed if target valuations are met.

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