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    Neil Kalton

    Senior Equity Analyst and CFA at Wells Fargo Securities

    Neil Kalton is a Senior Equity Analyst and CFA at Wells Fargo Securities, specializing in utilities sector equity research for major companies including Ameren Corp, Southern Company, Eversource Energy, Duke Energy, NextEra Energy Partners, and PG&E. Over his career, Kalton has made over 700 price targets and ratings on 32 utilities stocks and has maintained a price target success ratio above 70%, with an average return between 8% and 23% and a documented best call yield of over 9% within a few days. He began his equity research analyst career at A.G. Edwards & Sons in 1998, joining Wells Fargo Securities in 2007, and has consistently ranked highly for his sector forecasts across rating platforms. Kalton holds the Chartered Financial Analyst (CFA) credential and is registered with FINRA, reflecting his professional standing and regulatory compliance.

    Neil Kalton's questions to WEC ENERGY GROUP (WEC) leadership

    Neil Kalton's questions to WEC ENERGY GROUP (WEC) leadership • Q3 2024

    Question

    Neil Kalton sought confirmation on Microsoft's increased land holdings in Wisconsin and asked if the updated CapEx plan accounts for potential future phases of data center development beyond what is currently known.

    Answer

    Executive Scott Lauber confirmed Microsoft now owns 1,900 acres. He explained the new 5-year plan includes 1,800 megawatts of new regional demand, which incorporates Microsoft's needs and other economic growth. He noted that any further significant expansions would represent potential upside to the current plan, likely in the outer years.

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    Neil Kalton's questions to WEC ENERGY GROUP (WEC) leadership • Q2 2024

    Question

    Neil Kalton of Wells Fargo Securities sought clarity on the timing for when incremental capital spending related to the broader Microsoft opportunity would begin to flow into the company's financial plan.

    Answer

    President and CEO Scott Lauber explained that spending is already occurring in 2024 and 2025 on substations and generation to support broad economic development, not just Microsoft. He noted that additional filings for renewables to support regional needs are expected soon, with that spending likely occurring in the 2026-2027 timeframe, and that the plan will continue to grow as it is updated.

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