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    Nelson Ng • RBC Capital Markets

    Nelson Ng's questions to Algonquin Power & Utilities Corp (AQN) leadership

    Nelson Ng's questions to Algonquin Power & Utilities Corp (AQN) leadership • Q2 2025

    Question

    Nelson Ng from RBC Capital Markets asked for clarification on whether to expect further tax recoveries from the hydro business in Q3 and questioned if the company has the right executive team in place or if additional hires are anticipated.

    Answer

    Interim CFO Brian Chin stated that the hydro-related tax adjustments were finalized with a true-up in Q2 and no further updates are expected. CEO Rod West addressed the team composition, explaining that he will not signal future hires but is constantly evaluating if the company has the right skills in place to achieve its objectives, and any changes will be announced as they are made.

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    Nelson Ng's questions to Algonquin Power & Utilities Corp (AQN) leadership • Q1 2025

    Question

    Nelson Ng questioned the realization of cost savings from the new CRM system implementation, given the modest increase in operating expenses. He also asked for clarification on the components of the noncontrolling interest earnings.

    Answer

    Chief Transformation Officer Sarah MacDonald explained the CRM implementation was focused on broad customer benefits beyond just cost savings. CEO Roderick West added that any cost benefits will be reflected in overall O&M numbers. CFO Brian Chin clarified that noncontrolling interest earnings are primarily HLBV income, with a smaller portion from the Suralis stake in Chile.

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    Nelson Ng's questions to Algonquin Power & Utilities Corp (AQN) leadership • Q4 2024

    Question

    Nelson Ng inquired about the progress of the Hydro business sales process, sought clarification on the components of rate base growth, and asked about potential transition expenses in 2025 from the Renewables sale.

    Answer

    Executive Chris Huskilson stated that the company will test the market for its Hydro assets in the first half of the year but will only proceed if the transaction is accretive. CFO Darren Myers clarified that the main pre-2024 addition to the rate base was the IT platform and no other large additions are expected. Interim CFO Brian Chin and CFO Darren Myers confirmed that some dissynergy costs from the Renewables sale will take time to work down in 2025, with some of these costs already reflected in Q4's run rate.

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    Nelson Ng's questions to Algonquin Power & Utilities Corp (AQN) leadership • Q2 2024

    Question

    Nelson Ng from RBC Capital Markets requested clarification on the renewables sale's EBITDA multiple calculation and inquired about capital allocation priorities, specifically regarding debt reduction versus share buybacks.

    Answer

    CFO Darren Myers confirmed the EBITDA multiple is based on the run-rate EBITDA of fully constructed assets, excluding development expenses. Both Myers and CEO Chris Huskilson emphasized that the primary use of proceeds will be debt repayment to strengthen the balance sheet, although they are not ruling out share buybacks, prioritizing financial flexibility.

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    Nelson Ng's questions to Brookfield Renewable Partners LP (BEP) leadership

    Nelson Ng's questions to Brookfield Renewable Partners LP (BEP) leadership • Q2 2025

    Question

    Nelson Ng asked about Brookfield's ability to accelerate development in the PJM market following high capacity auction results, the timing of its North American development pipeline, and how large tech companies are balancing baseload versus intermittent power needs.

    Answer

    CEO Connor Teskey explained that the PJM results reflect a global supply-demand imbalance and that Brookfield is already accelerating development where possible, using M&A and framework agreements to secure its pipeline. He clarified that the 2026-2027 development profile is due to specific project timing, not a strategic shift. Teskey also noted that tech companies are increasingly seeking sophisticated 24/7 power solutions, including capacity, which plays to Brookfield's strength in diverse technologies like hydro and nuclear.

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    Nelson Ng's questions to Brookfield Renewable Partners LP (BEP) leadership • Q1 2025

    Question

    Nelson Ng of RBC Capital Markets inquired about the U.S. project permitting situation, the potential for additional corporate framework agreements beyond Microsoft, and the primary drivers of the significant growth in the Asia Pacific development pipeline.

    Answer

    Connor Teskey, an executive, responded that permitting delays for federal permits affect a minimal portion of their U.S. pipeline and are not expected to have a material impact. He indicated it is 'far more likely than not' that similar framework agreements to the one with Microsoft will be executed in 2025. Teskey confirmed the Neoen acquisition is the largest driver of the Asia Pacific pipeline growth, particularly through its large-scale wind and battery operations in Australia, supplemented by strong growth from platforms in India.

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    Nelson Ng's questions to Brookfield Renewable Partners LP (BEP) leadership • Q1 2025

    Question

    Nelson Ng inquired about the U.S. permitting situation amid strong power demand, the potential for additional large-scale framework agreements beyond the Microsoft deal, and the drivers behind the growth in the Asia Pacific development pipeline, particularly the role of the Neoen acquisition.

    Answer

    Connor Teskey, an executive, clarified that permitting delays are minimal, affecting only a 'mid-single-digit portion' of their development pipeline and not having a meaningful impact. He stated it is 'far more likely than not' that similar framework agreements will be executed in 2025 due to high inbound interest. He also confirmed the Neoen acquisition is the primary driver of Asia Pacific pipeline growth, especially in Australia with a focus on wind and batteries, and highlighted strong organic growth from Indian platforms like Evren and CleanMax.

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    Nelson Ng's questions to Brookfield Renewable Partners LP (BEP) leadership • Q4 2024

    Question

    Nelson Ng inquired about the potential for developing or acquiring gas-fired generation for firm power, how contracts are structured to handle U.S. tax subsidy changes, and the expected capital allocation mix between M&A and development.

    Answer

    Connor Teskey (executive) stated that while gas has a role in the energy transition, Brookfield's focus remains on renewables due to superior demand and returns. He clarified that they are increasingly including adjusters in PPAs to pass through any changes in tax credits, protecting development margins. Teskey also confirmed they expect to be very active in growth during the year, noting that public markets currently look particularly attractive for potential acquisitions.

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    Nelson Ng's questions to Brookfield Renewable Corp (BEPC) leadership

    Nelson Ng's questions to Brookfield Renewable Corp (BEPC) leadership • Q2 2025

    Question

    Nelson Ng from RBC Capital Markets asked about Brookfield's ability to accelerate development in the PJM market following high capacity payments, the reason for the significant increase in the North American development pipeline for 2027, and how large tech companies are balancing their need for baseload versus intermittent renewable energy.

    Answer

    Connor Teskey, CEO of Renewable Power & Transition, explained that the PJM auction results reflect a broader supply-demand imbalance they see globally. He stated Brookfield is already accelerating development where possible, using M&A, and leveraging partnerships with large power buyers to gain a 'hunting license' for new projects. Teskey clarified that the 2027 pipeline increase is purely due to the timing of specific projects coming online. He also noted that tech companies are showing growing sophistication, increasingly demanding 24/7 power and bundled products that include capacity, which plays to Brookfield's strengths.

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    Nelson Ng's questions to Brookfield Renewable Corp (BEPC) leadership • Q1 2025

    Question

    Nelson Ng of RBC Capital Markets inquired about the U.S. permitting situation for renewable projects, the potential for additional framework agreements similar to the one with Microsoft, and the drivers behind the growth in the Asia Pacific development pipeline.

    Answer

    Connor Teskey, an executive, clarified that tariff impacts are not material and that permitting delays are minimal, primarily affecting a small portion of their U.S. wind pipeline. He confirmed strong interest from other corporate counterparties for framework agreements, suggesting more could be signed in 2025. Teskey attributed the Asia Pacific pipeline growth primarily to the acquisition of a French-headquartered company with significant operations in Australia, focusing on wind and batteries, and also highlighted strong growth in their Indian platforms.

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    Nelson Ng's questions to Brookfield Renewable Corp (BEPC) leadership • Q4 2024

    Question

    Nelson Ng of RBC Capital Markets asked about the potential for acquiring gas-fired generation to support data centers, how contracts are structured to mitigate risks from potential U.S. tax subsidy changes, and the forward-looking capital allocation mix between M&A and development.

    Answer

    Executive Connor Teskey responded that while gas has a role in the energy transition, the company's focus remains on renewables as the cheapest power source. He confirmed that new PPAs increasingly include adjusters to pass through any changes to tax credits, protecting development margins. Teskey also stated that the company expects to be very active in M&A in 2025, noting that public markets currently look particularly attractive for potential acquisitions.

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    Nelson Ng's questions to Brookfield Renewable Corp (BEPC) leadership • Q3 2024

    Question

    Nelson Ng asked if recent market volatility post-U.S. election creates more capital deployment opportunities and questioned whether future hydro recontracting would be driven more by direct demand from big tech or continue with utilities.

    Answer

    Executive Connor Teskey stated that market volatility reinforces their competitive advantage by reducing others' access to capital, making their investment pipeline 'incredibly robust.' Regarding hydro assets, Teskey explained that the key driver is the significant overall increase in power demand. Whether the contract is with a utility or directly with a corporate offtaker, the underlying demand is driving higher prices for their clean, dispatchable power, and he expects a mix of both contract types going forward.

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    Nelson Ng's questions to Methanex Corp (MEOH) leadership

    Nelson Ng's questions to Methanex Corp (MEOH) leadership • Q2 2025

    Question

    Nelson Ng sought to confirm the debt assumption for the Natgasoline JV and asked for details on New Zealand production, including what output would have been without gas diversions.

    Answer

    CFO & SVP - Finance Dean Richardson confirmed the ~$450 million debt figure for Natgasoline is still a good estimate. President, CEO & Director Rich Sumner explained that without diversions, the NZ plant would have run inefficiently at ~60% capacity, and that diversions to the electricity market require idling the plant as it's already at minimum operating rates.

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    Nelson Ng's questions to Methanex Corp (MEOH) leadership • Q1 2025

    Question

    Nelson Ng asked for details on the gas supply situation in New Zealand, particularly regarding gas diversions to the power sector and whether Methanex controls these diversions. He also requested an update on the key regulatory approvals still needed to close the OCI transaction.

    Answer

    Executive Rich Sumner explained that gas diversions in New Zealand are based on requests from the power sector, which are more likely during winter months, rather than a decision made by Methanex. He described the situation as dynamic. For the OCI deal, he confirmed that the company is progressing through the necessary regulatory review processes in both the U.S. and Europe.

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    Nelson Ng's questions to Methanex Corp (MEOH) leadership • Q4 2024

    Question

    Nelson Ng asked about the company's post-OCI acquisition gas hedging strategy and whether it would remain at 70% coverage. He also sought clarification on potential tariff impacts, specifically concerning trade flows to Mexico.

    Answer

    President and CEO Rich Sumner confirmed the plan is to extend their existing 70% gas hedging strategy to the OCI assets after the acquisition closes. He also clarified that Methanex has no significant trade flows into Mexico, so any tariffs there would not have a direct impact on the business, with the main risk being indirect from a potential global consumption slowdown.

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    Nelson Ng's questions to Methanex Corp (MEOH) leadership • Q2 2024

    Question

    Nelson Ng from RBC Capital Markets asked about potential one-time costs from the Trinidad plant transition, the possibility of an asset write-down for Atlas, and the economic structure of the Entropy carbon capture project for Methanex.

    Answer

    President and CEO Rich Sumner expects a seamless transition in Trinidad with no significant one-time costs and no current indication of an asset write-down. For the Entropy project, he clarified that commercial terms are still being finalized, but its economics will depend on the value of incremental conventional methanol and carbon credits, not on a 'blue methanol' price premium.

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    Nelson Ng's questions to Brookfield Business Partners LP (BBU) leadership

    Nelson Ng's questions to Brookfield Business Partners LP (BBU) leadership • Q4 2024

    Question

    Nelson Ng asked for examples of other portfolio companies benefiting from the 'reindustrial revolution' trend and how this theme influences M&A strategy. He also inquired about the current M&A environment and whether it is a buyer's or seller's market.

    Answer

    Anuj Ranjan, CEO, confirmed the reindustrialization theme drives their M&A pipeline, citing the recent Chemelex acquisition, and identified DexKo as another portfolio company benefiting from these trends. He described the current market as enabling for transactions, with credit markets back and bid-ask spreads narrowing, stating that for BBU's specialized targets, the focus is on their ability to find value rather than a simple buyer's or seller's market.

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