Sign in

    Nicholas Campanella • Barclays

    Nicholas Campanella's questions to Alliant Energy Corp (LNT) leadership

    Nicholas Campanella's questions to Alliant Energy Corp (LNT) leadership • Q2 2025

    Question

    Nicholas Campanella from Barclays asked if the capital required for new generation is truly incremental to the five-year plan or if it would displace other projects. He also followed up on the financing strategy, asking for the target equity percentage for this incremental capital.

    Answer

    Executive VP and CFO Robert Durian confirmed that capital for new data center load should be viewed as incremental to the current plan and will not displace existing projects. He reiterated the company's financing strategy, stating that any incremental capital expenditure would be funded with approximately 40% to 50% new common equity.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Alliant Energy Corp (LNT) leadership • Q1 2025

    Question

    Nicholas Campanella from Barclays asked for an update on the company's 5-7% long-term EPS CAGR target given the increased capital plan and new equity. He also questioned how much equity might be needed if tax credit transferability were eliminated.

    Answer

    Executive Robert Durian stated he would be disappointed if the company did not achieve the top end of its 5-7% EPS growth range starting in 2027. He noted that over 95% of tax credits in the four-year plan are already secured through in-service projects or safe harboring, minimizing near-term risk. If new financing were required, it would likely include 40-50% equity to maintain a strong balance sheet. Executive Lisa Barton highlighted the "Alliant Energy Advantage" and recent political support for the IRA as positive factors.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Alliant Energy Corp (LNT) leadership • Q4 2024

    Question

    Nicholas Campanella inquired about the equity financing needs associated with incremental capital expenditures and the company's current FFO to debt trends. He also asked for details on what might be different in the upcoming Wisconsin rate review compared to prior cases.

    Answer

    EVP and CFO Robert Durian explained that new capital additions are expected to be financed with approximately 45-50% equity. He highlighted a 35% increase in 2024 cash from operations, driven by tax credit monetization and improved cost recoveries, and noted improving working capital management. Regarding the Wisconsin rate case, Durian stated it will be predominantly driven by approved rate base additions from recent solar, battery, and advanced gas projects, with typical issues like ROE and capital structure being the focus.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Sempra (SRE) leadership

    Nicholas Campanella's questions to Sempra (SRE) leadership • Q2 2025

    Question

    Nicholas Campanella from Barclays asked for details on the Sempra Infrastructure stake sale process, specifically the ROFR extension terms, and inquired about Sempra's engagement on California legislative issues, including the AB 1054 wildfire fund and customer affordability bills.

    Answer

    Chairman, President & CEO Jeffrey Martin clarified the ROFR extension is designed to provide adequate time for a transaction. On California policy, Martin expects progress on stabilizing the AB 1054 framework. EVP Caroline Winn highlighted SDG&E's industry-leading wildfire mitigation program, now in its 18th year without a major utility-caused fire. Regarding affordability, management emphasized their focus on immediate bill relief, such as passing on tax credits and advocating for moving public purpose program costs off customer bills.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Sempra (SRE) leadership • Q4 2024

    Question

    Nicholas Campanella questioned the prudence of a plan where a 1% increase in the rate base growth rate corresponds with a significant cut to near-term EPS expectations. He also asked for clarification on the company's equity financing needs, including the potential for a block sale and the strategy of issuing shares while also planning for repurchases within the same 5-year plan.

    Answer

    CEO Jeffery Martin defended the strategy, stating that Sempra is positioning for higher long-term sustained growth of 7-9%, with an expected CAGR of 9% or more through 2029. He highlighted a $12 billion pipeline of additional, un-booked capital opportunities at Oncor as a key upside driver. Regarding financing, Martin emphasized that operating cash flow is the primary source, supplemented by the ATM program and potential asset sales at Sempra Infrastructure, with a net equity need of $2-3 billion anticipated.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Sempra (SRE) leadership • Q3 2024

    Question

    Nicholas Campanella asked if Sempra has line of sight to an EPS growth rate above its 6% to 8% CAGR, given the significant demand growth and capital opportunities. He also inquired about the timing of equity needs related to the new $3 billion at-the-market (ATM) program.

    Answer

    Jeffery Martin, Chairman and Chief Executive Officer, responded that while the utility sector's EPS growth is expected to trend higher, Sempra remains comfortable with its 6% to 8% range, which balances growth with a strong dividend policy, though they will work to exceed the high end. Regarding the ATM, he positioned it as an additional financing tool, stating that a full update on the capital program and its funding sources would be provided on the Q4 call in February.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Hawaiian Electric Industries Inc (HE) leadership

    Nicholas Campanella's questions to Hawaiian Electric Industries Inc (HE) leadership • Q2 2025

    Question

    Nicholas Campanella of Barclays inquired about Hawaiian Electric Industries' strategy for financing the second Maui wildfire settlement payment and the timeline for providing updated guidance on CapEx and rate base growth.

    Answer

    EVP, CFO & Treasurer Scott DeGhetto explained that the second settlement payment will be financed at the HEI holding company level with debt or convertible debt, likely in the first quarter of the following year. He also indicated that updated CapEx and rate base growth guidance is expected in the November 2025 timeframe.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Atmos Energy Corp (ATO) leadership

    Nicholas Campanella's questions to Atmos Energy Corp (ATO) leadership • Q3 2025

    Question

    Nicholas Campanella from Barclays asked for clarification on annualizing the $0.10 EPS benefit from the Texas legislation within the long-term 6-8% CAGR. He also questioned how stronger operating cash flow might impact future financing strategies and the potential to moderate external equity needs.

    Answer

    SVP & CFO Christopher Forsythe advised against simply annualizing the $0.10 benefit, as the deferral is contingent on the timing of when specific assets are placed into service, noting a full update will be provided in November. Regarding financing, Forsythe explained that the increased operating cash flow was anticipated in the current five-year plan and the company will maintain its balanced financing approach using a mix of equity and long-term debt.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Atmos Energy Corp (ATO) leadership • Q3 2025

    Question

    Nicholas Campanella sought clarification on annualizing the $0.10 EPS benefit from the Texas legislation and its integration into the long-term 6-8% CAGR, and also asked how stronger cash flow might affect future financing needs.

    Answer

    SVP & CFO Christopher Forsythe advised against a simple annualization of the $0.10 benefit, as deferrals depend on the timing of assets being placed in service, with a full update planned for November. He also noted that the increased operating cash flow was anticipated in the five-year plan and that the company will maintain a balanced financing approach using both equity and debt.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Talen Energy Corp (TLN) leadership

    Nicholas Campanella's questions to Talen Energy Corp (TLN) leadership • Q2 2025

    Question

    Nicholas Campanella of Barclays inquired about the recent 75-megawatt increase at the Susquehanna nuclear unit, asking if it was incremental to nameplate capacity. He also asked about the progress of the $500 million share repurchase program and the company's strategy given the stock's recent performance.

    Answer

    CEO Mark McFarland clarified that the megawatt recovery at Susquehanna was about maintenance and efficiency restoration, not a nameplate capacity upgrade, though uprates are being explored. Regarding buybacks, McFarland and CFO Terry Nutt noted that while about $100 million was completed, recent M&A activity limited Q2 repurchases. They reaffirmed the commitment to return capital, especially post-deleveraging after the Freedom and Guernsey acquisition.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Pinnacle West Capital Corp (PNW) leadership

    Nicholas Campanella's questions to Pinnacle West Capital Corp (PNW) leadership • Q2 2025

    Question

    Nicholas Campanella asked about the expected evolution of regulatory lag through 2028 following the current rate case, the total generation capacity unlocked by the new pipeline, and whether the gain from the Eldorado investment was included in the initial guidance.

    Answer

    President, CEO & Chairman Ted Geisler outlined the timeline for regulatory lag reduction, noting the first formula rate adjustment could be filed in 2027 for rates effective in September, with 2028 being the first potential full year of updated cost recovery. He also clarified the pipeline supports a 4.5 GW committed queue and helps address a nearly 20 GW uncommitted queue. CFO Andrew Cooper explained the Eldorado gain was not part of core planning but contributed to confidence in the upper end of the EPS range.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Pinnacle West Capital Corp (PNW) leadership • Q1 2025

    Question

    Nicholas Campanella from Barclays inquired about the impact of TSMC's expansion on the long-term C&I sales forecast and the financial implications of the newly disclosed $3.0-$3.5 billion CWIP balance.

    Answer

    CFO Andrew Cooper clarified that TSMC's Fab 1 is now fully reflected in the forecast, while the acceleration of Fabs 2 and 3 points to a robust future pipeline beyond the current guidance. He explained the CWIP disclosure highlights long-term projects like strategic transmission and generation, providing clarity on growth potential beyond the current 3-year plan, even though it doesn't generate a cash return until placed in service.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Pinnacle West Capital Corp (PNW) leadership • Q3 2024

    Question

    Nicholas Campanella asked for quantification of the ROE lag expected in 2025, the timeline for potential relief from a new rate case, and clarification on the updated equity financing plan.

    Answer

    CFO Andrew Cooper explained that while increased CapEx in tracked mechanisms helps, lag persists from non-tracked costs and operating expenses. He did not quantify the exact ROE lag but emphasized the focus on the regulatory lag docket. CEO Jeffrey Guldner added that the earliest a new rate case could be filed is mid-2025, with new rates likely effective in mid-to-late 2026. Cooper clarified that the new $700M-$900M equity need is separate from and in addition to the undrawn $725M block from February 2024.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to NiSource Inc (NI) leadership

    Nicholas Campanella's questions to NiSource Inc (NI) leadership • Q2 2025

    Question

    Nicholas Campanella asked how the upcoming Q3 long-term plan refresh aligns with the separate data center counterparty negotiations and sought confirmation that the narrowed 2025 EPS guidance now serves as the new base for the long-term growth target.

    Answer

    EVP & CFO Shawn Anderson explained that the Q3 plan refresh will update the base capital plan and may incorporate some of the $2.2 billion in upside projects. He stated that data center specifics would be rolled into the plan once they meet a credibility standard, which could happen at any time. Anderson also confirmed that the 6-8% annual growth rate will compound from the actual 2025 year-end results.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to NiSource Inc (NI) leadership • Q1 2025

    Question

    Nicholas Campanella of Barclays asked for an update on the Genco settlement discussion timeline and confirmed that a commercial agreement is not tied to the regulatory proceedings. He also asked if potential coal plant life extensions would impact the long-term resource procurement strategy.

    Answer

    CEO Lloyd Yates declined to comment on the specific timing of settlement discussions but confirmed that a commercial agreement with a customer is not explicitly tied to the proceeding's timeline. Executive Michael Luhrs added that even with potential plant life extensions, NiSource will still need additional capacity to meet reliability needs under MISO rules.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to NiSource Inc (NI) leadership • Q3 2024

    Question

    Nicholas Campanella inquired about the catalysts and timing for incorporating data center opportunities into NiSource's capital plan and whether this would necessitate additional equity financing.

    Answer

    President and CEO Lloyd Yates positioned data center investments as primarily a '2025 activity,' emphasizing a disciplined approach. EVP and CFO Shawn Anderson confirmed the current $19.3 billion plan is fully financed, while the $1.8 billion upside plan might require modest equity. He clarified that data center investments are incremental to both plans and would require a separate financing evaluation.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to NRG Energy Inc (NRG) leadership

    Nicholas Campanella's questions to NRG Energy Inc (NRG) leadership • Q2 2025

    Question

    Nicholas Campanella of Barclays asked about the company's line of sight for converting its 4 GW data center backlog into firm agreements and the expected timing for future announcements. He also questioned the potential for launching a Virtual Power Plant (VPP) offering in the PJM market, given the success in Texas.

    Answer

    Chairman, CEO and President Larry Coben stated that providing a specific timeline for converting letters of intent is difficult due to external factors like interconnection studies. On the VPP topic, he explained that while the Texas launch has been very successful, the company wants to analyze the results more thoroughly before considering an expansion into PJM, which is not expected in 2025.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership

    Nicholas Campanella's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership • Q2 2025

    Question

    Nicholas Campanella of Barclays asked how New Jersey's need for new generation and focus on affordability might affect PSEG's ability to secure a multi-year nuclear contract by year-end. He also questioned if recent capacity auction results position the company higher within its earnings guidance range.

    Answer

    Chair, President & CEO Ralph LaRossa affirmed the goal of a year-end deal but emphasized it must be a quality agreement, noting resource adequacy is a PJM-wide issue. Both LaRossa and EVP & CFO Daniel Cregg reiterated that the company's 5-7% CAGR guidance remains based on the nuclear PTC threshold, as capacity prices are only one part of the revenue equation.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership • Q2 2024

    Question

    Nicholas Campanella of Barclays asked about the potential scale of a data center contract, specifically if PSEG would consider selling up to a third of its nuclear capacity. He also inquired about the assumptions for the upcoming PJM capacity auction embedded in the company's 5% to 7% growth forecast.

    Answer

    Ralph LaRossa, Chairman, President and CEO, stated that it was premature to discuss the size of a potential deal due to many variables. Daniel Cregg, EVP and CFO, added that while the long-term forecast includes assumptions for the PJM auction, the company's overall growth is not highly sensitive to the outcome because capacity revenue is not a significant component of the nuclear fleet's total revenue mix.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership • Q1 2024

    Question

    Nicholas Campanella inquired about the potential timing of announcements for direct power sales from PSEG's nuclear facilities to data centers, the possible EPS contribution, and what state-level policy signals investors should monitor.

    Answer

    Chair, President and CEO Ralph LaRossa explained that the timing for any data center deal is contingent on the hyperscalers' schedules and state policy initiatives, advising investors to follow official state announcements. He emphasized that this opportunity represents incremental upside and is not factored into the current financial plan, which is based on the nuclear PTC floor. Any definitive agreements would be incorporated into the forecast once finalized.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership • Q1 2024

    Question

    Nicholas Campanella of Barclays inquired about the potential timing and earnings impact of direct power sales from PSEG's nuclear facilities to data centers, and what state policy developments investors should monitor.

    Answer

    Chair, President and CEO Ralph LaRossa stated that the timing is dependent on hyperscalers and state policy initiatives, particularly the governor's efforts to attract an AI hub to New Jersey. LaRossa emphasized that PSEG's role is to support, not set, state policy and that any potential data center PPA would be an upside to the current plan, which is based on the PTC floor.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Duke Energy Corp (DUK) leadership

    Nicholas Campanella's questions to Duke Energy Corp (DUK) leadership • Q2 2025

    Question

    Nicholas Campanella from Barclays questioned if Duke Energy is considering further asset sales to fund its remaining equity needs and asked for details on the new 15% FFO to debt target, including rating agency feedback and the expected timeline.

    Answer

    President & CEO Harry Sideris indicated that the company is comfortable with its current equity plan and is not actively pursuing more sales for now. Regarding the credit metric, Sideris noted agencies were already supportive, while EVP & CFO Brian Savoy added that the 15% FFO to debt target will be achieved within the five-year plan, supported by recent legislation and the new transactions.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Duke Energy Corp (DUK) leadership • Q4 2024

    Question

    Nicholas Campanella inquired if using hybrid equity instruments could alter the company's stated equity needs and asked about the potential impact of pending South Carolina legislation on the business plan.

    Answer

    CFO Brian Savoy noted that while the plan is to use the ATM and DRIP programs, the company will always evaluate cost-effective options like hybrids to meet its modest annual equity needs. President Harry Sideris described the South Carolina legislation as 'tone-setting' and supportive of their strategy but stated it is not expected to cause changes to their existing plans.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Duke Energy Corp (DUK) leadership • Q3 2024

    Question

    Nicholas Campanella from Barclays questioned whether Duke Energy anticipates pulling forward equity to fund higher capital needs and asked for an update on the company's participation in new nuclear development, including SMRs.

    Answer

    CFO Brian Savoy indicated that while the capital plan will increase, he would not signal any additional equity beyond the existing plan at this time. CEO Lynn Good added that any incremental capital would be financed in a balanced way. President Harry Sideris addressed the nuclear question, stating that while there is promise in SMRs and support from stakeholders, any decision must address first-of-a-kind technology risk, cost overrun protections, and balance sheet strength. He confirmed the recently approved IRPs include early development activities.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Dominion Energy Inc (D) leadership

    Nicholas Campanella's questions to Dominion Energy Inc (D) leadership • Q2 2025

    Question

    Nicholas Campanella inquired about the Coastal Virginia Offshore Wind (CVOW) project, seeking details on the schedule's flexibility for the 'Charybdis' installation vessel and overall confidence in the timeline. He also asked about Dominion's financial standing within its 2025 guidance range and the long-term EPS outlook considering recent positive developments.

    Answer

    President, CEO & Chairman Robert Blue expressed high confidence in the CVOW schedule, clarifying the vessel will arrive in August and begin turbine installation in September, which is on schedule. He emphasized that the purpose-built vessel significantly de-risks the installation process. EVP & CFO Steven Ridge stated that while performance is trending toward the top half of the 2025 guidance range, the company will wait for Q3 results before narrowing the range. Regarding the long-term outlook, both executives reiterated a focus on consistent execution of the existing plan, with Ridge adding that the 45Z RNG tax credit will likely continue to be reported separately for transparency.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Dominion Energy Inc (D) leadership • Q1 2025

    Question

    Nicholas Campanella inquired about supplier confidence for the Coastal Virginia Offshore Wind (CVOW) project amid potential tariff impacts and asked for an update on the expected installation run rate for monopiles.

    Answer

    Robert Blue, Chair, President and CEO, expressed high confidence in suppliers, noting that Siemens Gamesa is on schedule and performing well. Diane Leopold, EVP and COO, added that raw materials are purchased and fabrication is on or ahead of schedule. Regarding installation, Mr. Blue confirmed the monopile season began that day and they expect to maintain a pace of about 25 installations per month, weather permitting.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Dominion Energy Inc (D) leadership • Q4 2024

    Question

    Nicholas Campanella asked if the large increase in data center demand is incremental to PJM's forecast and about the timeline to incorporate this into the capital plan. He also questioned the prospects for contracting the remaining output from the Millstone nuclear plant and the importance of 'additionality' for potential customers.

    Answer

    Chair, President & CEO Robert Blue confirmed the gigawatts in the initial 'substation engineering' phase are not yet in the PJM forecast. He stated there is no simple capital-per-gigawatt rule but noted significant transmission is already planned to support growth. Regarding Millstone, Blue said that for potential large customers, 'additionality' is not an essential gating item. He affirmed that Dominion continues to explore options with data centers and states but has no set timeline, emphasizing any deal must consider Connecticut stakeholder interests.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Dominion Energy Inc (D) leadership • Q3 2024

    Question

    Nicholas Campanella inquired about the expanded opportunity set for the Millstone nuclear plant, including data centers and potential uprates, and asked how incremental capital from the IRP and transmission projects might impact the company's rate base growth.

    Answer

    CEO Robert Blue confirmed they are studying potential uprates at Millstone and exploring options for contracted procurement and a data center location, but noted it is early. Blue reiterated that the focus is on consistent execution of the March 1 plan, though opportunities could extend growth later in the plan. CFO Steven Ridge added that the capital plan has an upward bias for the back end of the 2025-2029 period and that any new capital will be financed to preserve the balance sheet's strength.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Edison International (EIX) leadership

    Nicholas Campanella's questions to Edison International (EIX) leadership • Q2 2025

    Question

    Nicholas Campanella inquired about the proposed legislative fix for AB 1054, asking what would constitute an acceptable structure for utility contributions and if Edison International is open to shareholder equity contributions. He also asked about the disclosure timeline for the Eaton fire's cause and potential liabilities.

    Answer

    President and CEO Pedro Pizarro stated that the company must evaluate the entire legislative package before judging any single component, emphasizing the principle of recovering prudently incurred costs. He noted that the wildfire fund's current cash position suggests upfront shareholder contributions are not immediately necessary. Regarding the Eaton fire, Mr. Pizarro explained that disclosures would follow the standard quarterly reporting cycle unless a material development warranted an off-cycle announcement.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Edison International (EIX) leadership • Q2 2025

    Question

    Nicholas Campanella inquired about the proposed legislative fix for AB 1054, specifically the structure of utility contributions, and the expected timing for disclosing liability estimates for the Eaton fire.

    Answer

    President and CEO Pedro Pizarro explained that Edison International will evaluate the total legislative package before commenting on specific elements like shareholder contributions. He noted that the wildfire fund's current cash position may negate the need for upfront payments. Regarding the Eaton fire, he stated that while disclosures typically occur during quarterly earnings, a material development could warrant an off-cycle announcement.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Edison International (EIX) leadership • Q1 2025

    Question

    Nicholas Campanella of Morgan Stanley asked about the timing of the material loss disclosure for the Eaton Fire and how potential liabilities might affect the company's upcoming financing plan refresh.

    Answer

    President and CEO Pedro Pizarro explained the disclosure was made because while Edison's equipment involvement isn't confirmed, no other likely cause has emerged. He noted liability is not yet estimable. CFO Maria Rigatti added that the financing plan will not be impacted by potential claims, as they would be paid via the state's wildfire fund after a $1 billion self-insurance layer, not through new debt issuance, which is a key difference from past incidents.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Edison International (EIX) leadership • Q4 2024

    Question

    Nicholas Campanella inquired about the potential financial damages from the Eaton fire and the timeline for determining liability, as well as the current policy environment for legislative solutions to strengthen the AB 1054 framework.

    Answer

    CEO Pedro Pizarro stated it is "way too early" to estimate potential liabilities, noting that investigations and legal actions could take a significant amount of time. Regarding legislative solutions, Pizarro explained that while it's early, conversations with policymakers are constructive. He highlighted that the state has a better understanding of the need for financially healthy utilities now than in 2018 and has engaged financial advisors, indicating a serious approach to reinforcing the AB 1054 framework.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Edison International (EIX) leadership • Q3 2024

    Question

    Nicholas Campanella asked to confirm the calculation for 2026 earnings power by adding the TKM run-rate benefit to the 2025 midpoint and growing from there. He also inquired about what factors could make the Woolsey cost recovery outcome different from the TKM settlement.

    Answer

    EVP and CFO Maria Rigatti confirmed the $0.14 TKM benefit is an ongoing run rate additive to future earnings. President and CEO Pedro Pizarro explained that the Woolsey and TKM cases are very different and case-specific, noting TKM involved two merged fires with complex ignition sources, whereas Woolsey had a single ignition point, making a direct comparison of outcomes inappropriate.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Southern Co (SO) leadership

    Nicholas Campanella's questions to Southern Co (SO) leadership • Q2 2025

    Question

    Nicholas Campanella of Barclays inquired about the expected returns for new Southern Power investments compared to the regulated business, the current status of discussions around new nuclear generation, and whether the upcoming large load filing would show a pipeline larger than 50 GW.

    Answer

    David Poroch, SVP & incoming CFO, explained that Southern Power projects are structured to yield returns slightly higher than regulated assets, given their risk profile. CEO Chris Womack stated that the company continues to advocate for new nuclear as essential for meeting future demand but emphasized the need for financial certainty and risk mitigation. Management confirmed a large load update filing is expected in mid-August, followed by an updated load forecast in September.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Southern Co (SO) leadership • Q1 2025

    Question

    Nicholas Campanella requested more detail on the potential 2027 EPS rebase, asking if it would be based on achieving the high end of the 5-7% growth range. He also asked for confirmation on the timing of the upcoming Georgia Power rate case filing.

    Answer

    Chief Financial Officer Dan Tucker clarified that if incremental capital and data center momentum continue, the company could be positioned at the top of its existing EPS growth range in the back half of the plan. If that trajectory proves sustainable, it would provide the opportunity to rebase the starting point for future growth. Chairman, President and CEO Chris Womack confirmed that the Georgia Power rate case filing is on track for early July 2025.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Southern Co (SO) leadership • Q3 2024

    Question

    Nicholas Campanella questioned if the significant load growth outlook, now at 36 GW in the pipeline, could lead to a reevaluation of the 5-7% EPS growth target. He also asked about the role of nuclear power, including uprates and relicensing, in the company's future generation mix.

    Answer

    CFO Dan Tucker responded that the 5-7% growth rate is unlikely to change in the near term as the load growth is a long-term phenomenon. However, he conceded there may be an opportunity to reevaluate the growth rate's starting point in the latter half of the plan. On nuclear, both Tucker and CEO Chris Womack stressed that while it's an option being preserved, significant risk mitigation from the federal government and partners is required before moving forward with new builds.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Xcel Energy Inc (XEL) leadership

    Nicholas Campanella's questions to Xcel Energy Inc (XEL) leadership • Q2 2025

    Question

    Nicholas Campanella from Barclays asked about the potential impact of recent federal legislation (OBBB) and upcoming Treasury guidance on the company's renewable build-out, particularly regarding safe harbor provisions. He also inquired how the significant CapEx upside would translate to EPS growth and affect equity issuance needs, and asked for an update on the possibility of a settlement in the Marshall Fire case.

    Answer

    EVP & CFO Brian Van Abel stated that the company feels well-positioned for its renewable projects, having already commenced physical construction on many, and will manage through any new Treasury guidance. He confirmed the incremental CapEx would be funded with a balanced mix of debt and equity, potentially pushing EPS growth to the high end of the 6-8% range at times. Chairman, President, & CEO Robert Frenzel clarified that while court-ordered mediation for the Marshall Fire has ended, settlement discussions can still occur, but the company is prepared for trial, maintaining its equipment did not cause the second ignition.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Xcel Energy Inc (XEL) leadership • Q1 2025

    Question

    Nicholas Campanella from Barclays asked about the potential impact of sunsetting tax credit transferability on Xcel's cash flow and 5-year plan, and how the tariff outlook is affecting economic development and C&I sales in their service territory.

    Answer

    CEO Robert Frenzel expressed confidence that transferability is linked to the credit programs and will likely continue. CFO Brian Van Abel detailed mitigation strategies, including the long-term nature of safe-harbored projects and an alternative 30-year flowback mechanism for PTCs, which would significantly reduce equity needs. Frenzel noted a change in sentiment but not yet in actual activity due to tariffs, while Van Abel added that oil and gas customer expectations remain unchanged and sales in that sector are strong.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Xcel Energy Inc (XEL) leadership • Q4 2024

    Question

    Nicholas Campanella inquired about the impact of new administration policies on renewable project permitting, the value of tax credit transferability in the forecast, and the timeline for securing new data center customers.

    Answer

    CEO Robert Frenzel stated that while they support permitting reform, their projects have light federal permitting needs and they expect to work through any challenges. CFO Brian Van Abel confirmed the plan includes approximately $700 million annually in PTC transferability and that they expect to sign contracts fulfilling their base plan for data centers by the fall.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Xcel Energy Inc (XEL) leadership • Q3 2024

    Question

    Nicholas Campanella inquired about a recent large customer land acquisition in Minnesota, asking for details on its location, its inclusion in the long-term load growth forecast, and the associated rate design. He also asked about the company's 2024 equity financing plans.

    Answer

    EVP and CFO Brian Van Abel confirmed the land acquisition was in Minnesota by an undisclosed customer and is included in the company's high-probability load forecast. He noted constructive ongoing discussions with the Minnesota Commission to support data center growth. Chairman, President and CEO Robert Frenzel added this project is part of the 25% of the 9,000 MW pipeline included in the 5-year plan. Regarding financing, Brian Van Abel stated that the recent $1.1 billion ATM issuance fulfills their equity needs for the year, though they remain open to opportunistic actions.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to PG&E Corp (PCG) leadership

    Nicholas Campanella's questions to PG&E Corp (PCG) leadership • Q2 2025

    Question

    Nicholas Campanella of Barclays inquired about PG&E's willingness to contribute to a wildfire fund upfront and asked for an update on the company's current balance sheet capacity, particularly at the holding company level.

    Answer

    CEO Patti Poppe reiterated that a large upfront payment is unlikely given the long-term nature of claim payouts. EVP & CFO Carolyn Burke added that the company's $63 billion capital plan is fully funded and that a planned $2 billion parent debt paydown will be deferred beyond 2026, providing additional flexibility. She reaffirmed the company's target of maintaining mid-teens FFO to debt.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to PG&E Corp (PCG) leadership • Q1 2025

    Question

    Nicholas Campanella inquired about the confidence in achieving a legislative solution for AB 1054 this year and asked about the key differentiators of PG&E's upcoming General Rate Case (GRC) filing compared to state peers.

    Answer

    CEO Patti Poppe expressed high confidence in a constructive legislative outcome for AB 1054 in 2025, stating it's 'too important not to do' for all stakeholders, though she refrained from detailing specific changes. Regarding the GRC, Poppe highlighted it will reflect their 'simple affordable model,' pass along significant O&M savings, and represent the 'lowest ask in a decade,' noting it conservatively excludes future benefits from the DOE loan, investment-grade ratings, and new load growth.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to PG&E Corp (PCG) leadership • Q4 2024

    Question

    Nicholas Campanella asked about the risk of AB 1054 reform becoming a protracted, multi-year effort due to competing interests. He also inquired how the recent change in the state's cost of capital might impact PG&E's upcoming cost of capital application.

    Answer

    CEO Patti Poppe stated the company is not ruling out a 'Stage 1 resolution' this year, as policymakers understand the need to attract investor capital. She acknowledged broader issues exist but believes an incremental fix is possible. Regarding the filing, Poppe confirmed the plan is to file a strong case in March, acknowledging that while the state dislikes wildfire adders, the actual cost of capital has undeniably increased.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to CMS Energy Corp (CMS) leadership

    Nicholas Campanella's questions to CMS Energy Corp (CMS) leadership • Q2 2025

    Question

    Nicholas Campanella asked for clarification on how the new 1-gigawatt data center load impacts the previously disclosed $5 billion CapEx opportunity. He also questioned the likelihood of a settlement in the pending gas rate case and inquired about 2026 financing plans, including any potential to pre-fund equity needs.

    Answer

    President & CEO Garrick Rochow clarified that the $5 billion CapEx opportunity is tied to the existing 2-3% sales growth forecast, and the new 1-gigawatt load is incremental, suggesting the CapEx figure will be adjusted upward. Regarding the gas case, he expressed comfort in going to a fully adjudicated order given the constructive staff recommendation but remains open to settlement. EVP & CFO Rejji Hayes added that the company is evaluating pulling forward 2026 financing needs into late 2025 if efficient opportunities arise.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to CMS Energy Corp (CMS) leadership • Q2 2024

    Question

    Nicholas Campanella sought clarification on the company's opportunistic financing strategy, asking if it could include pulling forward the planned 2025 equity issuance.

    Answer

    CFO Rejji Hayes specified that the company would not be issuing equity in 2024. The opportunistic approach applies to parent company debt financing, such as senior notes or hybrids, to address 2025 needs if market conditions are favorable. The plan for up to $350 million in equity starting in 2025 remains unchanged, with no intention to pull it forward.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to NorthWestern Energy Group Inc (NWE) leadership

    Nicholas Campanella's questions to NorthWestern Energy Group Inc (NWE) leadership • Q2 2025

    Question

    Nicholas Campanella of Barclays asked for specifics on the megawatt ramp-up timeline for data centers and questioned how NorthWestern plans to handle the costs of the Colstrip capacity it acquires in 2026, including whether a merchant option was being considered.

    Answer

    President and CEO Brian Bird indicated that significant megawatt load from data centers would begin in 2027, with 2026 being minimal. CFO Crystal Lail addressed the Colstrip question, explaining that the Avista portion is needed for existing customers and a cost recovery filing is planned for Q3. For the Puget portion, which will serve new large load, the company is pursuing a state-regulated path but is prepared to use a FERC-regulated approach if necessary.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to NorthWestern Energy Group Inc (NWE) leadership • Q1 2025

    Question

    Nicholas Campanella inquired about the expected timeline for the new data center tariff proceeding in Montana and whether its completion is a prerequisite for announcing further data center agreements. He also asked if NorthWestern expects to achieve its 4% to 6% EPS growth target for 2025, considering the strong first quarter and the partial rate case settlement.

    Answer

    President and CEO Brian Bird explained that the initial data centers can be served under existing Montana tariffs and detailed a five-stage process for new requests, with two parties in the contractual estimate phase. CFO Crystal Lail added that while future infrastructure might require tariff modifications, the current rate design is sufficient for the initial projects. Regarding 2025 guidance, Lail stated that the company is not providing a specific range until the Montana rate review hearing concludes, noting that long-term growth may not be linear year-to-year.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to NorthWestern Energy Group Inc (NWE) leadership • Q4 2024

    Question

    Nicholas Campanella questioned the rationale for basing the 4-6% long-term growth rate on a depressed 2024 earnings year and asked how potential data center load could impact future growth and tariffs.

    Answer

    CFO Crystal Lail explained that using 2024 as a base was merely an update to a more current period and affirmed the company's commitment to the 4-6% long-term growth target, expecting to be within that range for 2025. CEO Brian Bird added that achieving 4% growth in 2024 despite headwinds was a positive outcome and that incremental opportunities like data centers would create upward pressure on the growth rate. He also noted the company is open to dialogue with the Montana commission regarding tariffs for new large loads.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to FirstEnergy Corp (FE) leadership

    Nicholas Campanella's questions to FirstEnergy Corp (FE) leadership • Q2 2025

    Question

    Nicholas Campanella asked for clarification on the potential 20% transmission CapEx increase, its total dollar value, the company's balance sheet capacity, and its stance on pursuing a generation company (genco) in Pennsylvania following recent PJM auction results.

    Answer

    SVP & CFO K. Jon Taylor confirmed that CapEx is reported on a gross basis. President, CEO & Chairman Brian Tierney estimated the incremental upside at $2.3 billion to nearly $4 billion, stating the company is comfortable with its financing options. Tierney also noted FirstEnergy would build regulated or fully contracted generation but is currently focused on its integrated operations in West Virginia, while praising Pennsylvania's leadership on energy policy.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to FirstEnergy Corp (FE) leadership • Q1 2025

    Question

    Nicholas Campanella followed up on the Ohio situation, asking if the Electric Security Plan (ESP) could be addressed in the settlement talks and whether the company can maintain its growth trajectory despite the uncertainty.

    Answer

    Brian Tierney, Chair, President and CEO, clarified that the ESP would not be part of the base rate case settlement. He expressed confidence in the company's ability to manage the transition through legislative means, commission action, or by shifting CapEx. He reaffirmed the 6% to 8% compound annual growth rate target, noting it is not strictly linear year-to-year but achievable over the investment horizon.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to FirstEnergy Corp (FE) leadership • Q4 2024

    Question

    Nicholas Campanella followed up on the Ohio rate case, asking about the likelihood of a settlement versus a fully litigated process. He also questioned why the long-term growth target is 6-8% rather than a higher 7-8%, given management's confidence.

    Answer

    Executive Brian Tierney responded that while FirstEnergy is open to settlements, he anticipates the complex Ohio rate case will be fully adjudicated, but he does not see any regulatory overhang. He explained the 6-8% growth range accounts for traditional utility risks, but noted that potential tailwinds from competitive transmission awards and new data centers could push results to the higher end of that range once they are secured.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to FirstEnergy Corp (FE) leadership • Q3 2024

    Question

    Nicholas Campanella asked about the amount of available transmission capacity for new loads, the impact of rising PJM capacity prices on the company's investment plans, and whether the Pennsylvania earned ROE would normalize in 2025 following the recent settlement.

    Answer

    Executive Brian Tierney stated the company has several thousand megawatts of available transmission capacity. He acknowledged rising PJM costs are a concern but do not currently impede their investment recovery plans. Executive Jon Taylor clarified that the low reported Pennsylvania ROE was based on the original rate filing and is expected to normalize with the approved settlement.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to WEC Energy Group Inc (WEC) leadership

    Nicholas Campanella's questions to WEC Energy Group Inc (WEC) leadership • Q2 2025

    Question

    Nicholas Campanella inquired about WEC Energy Group's strategy for meeting the 3.5-gigawatt demand from the new Vantage data center, the potential impact of increased capital spending on the company's long-term growth rate, and the timeline for a decision on the proposed large load tariff.

    Answer

    President and CEO Scott Lauber explained that WEC is actively working with Vantage on a phased approach, with an initial target of 1.3 gigawatts by 2027, and will provide a more detailed capital plan update on the Q3 call. He noted the system is tight, reinforcing the need for new generation. Lauber also stated that the large load tariff is in a review process with the commission, having already secured agreement from the large customers involved.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to WEC Energy Group Inc (WEC) leadership • Q3 2024

    Question

    Nicholas Campanella asked for the specific rate base growth outlook for Wisconsin, given that it is the primary driver of the company's overall asset growth.

    Answer

    Executive Scott Lauber estimated that rate base growth in Wisconsin will be significant, in the 14% to 15% range. He and CFO Liu Xia emphasized that this growth is substantially driven by economic development, with about 40% of the total capital plan classified as 'growth capital' supported by new customer demand, which helps mitigate the rate impact on existing customers.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Entergy Corp (ETR) leadership

    Nicholas Campanella's questions to Entergy Corp (ETR) leadership • Q2 2025

    Question

    Nicholas Campanella asked about the regulatory status of a potential upsizing of Meta's Hyperion data center and questioned the current framework for developing new nuclear power, including risk management strategies.

    Answer

    Chair and CEO Drew Marsh stated that no regulatory process has begun for a Hyperion expansion and directed questions on future plans to Meta. Regarding new nuclear, Marsh explained that Entergy's operating companies cannot bear the construction risk alone and are exploring risk-sharing partnerships with customers, government entities, vendors, and even sovereign funds, though a definitive framework is not yet in place.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Entergy Corp (ETR) leadership • Q1 2025

    Question

    Nicholas Campanella asked if the strong start to the year suggests Entergy is trending higher within its 2025 guidance range and inquired about the potential for a settlement in the Louisiana new customer generation filing.

    Answer

    CFO Kimberly Fontan responded that the strong Q1 provides flexibility to manage business uncertainty, like summer weather, but the company remains comfortable with its current outlook. CEO Drew Marsh stated that while a settlement in the Louisiana filing is always a possibility and preferred, the company is confident in its position and the current schedule, noting broad support for the investment.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Entergy Corp (ETR) leadership • Q4 2024

    Question

    Nicholas Campanella asked for a simplified framework to understand how each new gigawatt of data center load could impact the company's growth CAGR and questioned Entergy's appetite for inorganic M&A given its substantial organic growth pipeline.

    Answer

    CFO Kimberly Fontan explained that a simple one-to-one correlation is not possible, as growth is driven by the unique investment required for each customer. CEO Andrew Marsh added that different data center business models also yield different outcomes. Regarding M&A, Fontan reiterated that any transaction must meet their strict criteria of creating value and being executable, without commenting on specific opportunities.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Entergy Corp (ETR) leadership • Q3 2024

    Question

    Nicholas Campanella questioned the sustainability of the 8-9% EPS growth rate beyond 2028 and sought more information on the strategy for advanced nuclear, including whether it would be a regulated, multi-state effort.

    Answer

    Executive Andrew Marsh stated that long-term growth is driven by strong macro trends like onshoring and electrification, with an active pipeline of large customers. On nuclear, he explained that while no specific project is announced, Entergy is actively engaging with a broad group of stakeholders to navigate the policy benefits and first-of-a-kind challenges.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to American Electric Power Company Inc (AEP) leadership

    Nicholas Campanella's questions to American Electric Power Company Inc (AEP) leadership • Q2 2025

    Question

    Nicholas Campanella of Barclays inquired about the expected equity percentage required to fund the incremental $16 billion in capital and sought clarification on the rationale for combining C&I load reporting and the outlook for 2025 load growth.

    Answer

    EVP & CFO Trevor Mihalik indicated an equity ratio in the 30-40% range is a reasonable contemplation for the new capital, but the final plan will be refined using tools like hybrids and improved cash flow. He explained that combining C&I load reporting aligns with industry practice and better reflects the business, adding that revenue is protected by demand minimums in contracts despite any short-term load volatility.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to American Electric Power Company Inc (AEP) leadership • Q1 2025

    Question

    Nicholas Campanella inquired about the financing strategy for the potential $10 billion in CapEx upside, asking about levers like asset sales or securitization to mitigate equity needs. He also sought clarification on any quantifiable exposure if IRA tax credit transferability were repealed.

    Answer

    Trevor Mihalik, EVP and CFO, explained that the company has completed its anticipated equity needs through 2029 for the base $54 billion plan via the transco minority sale and a $2.3 billion forward equity offering. Any equity for the incremental $10 billion would be on the back end of the plan. He highlighted levers like the West Virginia securitization and hybrid debt to finance growth in a shareholder-friendly way, ruling out further transmission sales. On the IRA, he stated a retroactive repeal is unlikely and that all of AEP's anticipated tax credits through 2027 are safe-harbored, with manageable exposure.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to American Electric Power Company Inc (AEP) leadership • Q4 2024

    Question

    Nicholas Campanella from Barclays inquired about the flexibility provided by the accretive transmission sale and whether it would lengthen the 6-8% long-term growth rate. He also asked about the company's strategy regarding further portfolio management.

    Answer

    EVP and CFO Trevor Mihalik explained the transmission sale is accretive by roughly $0.11-$0.12 per share annually, which supports the 2025 guidance and strengthens credit metrics. He and President and CEO William Fehrman emphasized that the company's primary focus is on executing its massive $54 billion capital plan, suggesting a focus on growth over further pruning.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to American Electric Power Company Inc (AEP) leadership • Q3 2024

    Question

    Nicholas Campanella asked for management's view on how nuclear power fits into AEP's long-term strategy and sought clarity on whether the new 6% to 8% long-term growth rate would be linear or variable year-to-year.

    Answer

    President and CEO William Fehrman stated that AEP will support customer and state interest in nuclear power but emphasized the necessity of a broad risk-mitigation framework. EVP and CFO Chuck Zebula explained that the 6% to 8% growth is not expected to be linear, which is why a range was provided, but all years should fall within it.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to American Electric Power Company Inc (AEP) leadership • Q3 2024

    Question

    Nicholas Campanella inquired about the potential role of nuclear power in AEP's long-term strategy and asked if the new 6-8% EPS growth rate would be linear over the forecast period.

    Answer

    CEO William Fehrman expressed openness to nuclear power if desired by customers and states, but stressed the need for broad risk mitigation. CFO Charles Zebula clarified that the 6-8% growth is not expected to be linear, which is why a range was provided, though all years should fall within it.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Portland General Electric Co (POR) leadership

    Nicholas Campanella's questions to Portland General Electric Co (POR) leadership • Q2 2025

    Question

    Nicholas Campanella of Barclays asked if the RFP repricing could be additive to the rate base CAGR and how the new distribution filing might change the nature of future rate cases, potentially making them less onerous.

    Answer

    CFO Joe Trpik explained that the RFP reprice underpins the company's illustrative growth and drives certainty, rather than being directly additive to the base plan. CEO Maria Pope and CFO Joe Trpik both characterized the new regulatory filings as steps toward a more predictable, multi-year framework developed in collaboration with stakeholders.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Portland General Electric Co (POR) leadership • Q4 2024

    Question

    Nicholas Campanella requested the updated rate base growth metrics that support the 5-7% long-term EPS growth outlook, particularly what drives performance to the high end. He also asked about the expected cadence of improvement for the common equity ratio.

    Answer

    Senior Vice President of Finance and CFO Joseph Trpik clarified the updated rate base growth is now 7-9%, down from 8-10% due to rebasing and ITC treatment, not a change in fundamentals. President and CEO Maria Pope added that future RFPs are not yet in the base numbers and that transmission investments are a key addition. Trpik also stated the equity ratio should see a methodical, consistent move upwards through 2027.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Portland General Electric Co (POR) leadership • Q3 2024

    Question

    Nicholas Campanella questioned the likelihood of settling the current rate case versus litigation, how the company is balancing customer affordability with increasing CapEx, and the capital deployment timeline for the upcoming 2025 RFP.

    Answer

    SVP & CFO Joe Trpik indicated that while settlement discussions are ongoing, the company is prepared for litigation. He explained that new resources often provide customer benefits and that ITCs help with affordability, with RFP projects being largely incremental. Trpik also projected that assets from the next RFP would likely come online around 2028.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to CenterPoint Energy Inc (CNP) leadership

    Nicholas Campanella's questions to CenterPoint Energy Inc (CNP) leadership • Q2 2025

    Question

    Nicholas Campanella from Barclays asked whether new capital plan tailwinds would impact the five-year or ten-year outlook, sought clarification on funding future growth with less than 50% equity, and inquired about what rating agencies need to see to remove the negative outlook.

    Answer

    CEO Jason Wells indicated an upward bias to CapEx through the end of the decade and well into the next, with the ability to fund incremental CapEx without additional common equity. EVP & CFO Christopher Foster added that an improved operating cash flow profile may allow for an update to the 50/50 equity/debt funding assumption in the Q3 update. Foster also noted that rating agencies are focused on the successful execution of rate cases and storm cost recovery filings, particularly for Hurricane Beryl.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to CenterPoint Energy Inc (CNP) leadership • Q2 2025

    Question

    Nicholas Campanella from Barclays asked if new capital spending is skewed to the 5- or 10-year plan, sought clarification on the 50/50 funding mix flexibility, and inquired about what rating agencies need to see to remove the negative outlook.

    Answer

    CEO Jason Wells confirmed an upward bias for CapEx through this decade and beyond. CFO Chris Foster indicated that a Q3 update will address the funding mix, suggesting improved operating cash flow could allow for less than 50% equity financing. Foster also noted that rating agencies are focused on the successful conclusion of storm cost recovery filings, particularly for Hurricane Beryl, following the completion of all major rate cases.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to CenterPoint Energy Inc (CNP) leadership • Q1 2025

    Question

    Nicholas Campanella from Barclays asked about the financing strategy for new capital opportunities, including the preference between equity and asset sales, and questioned the company's philosophy on its 6-8% long-term EPS growth rate ahead of the Q3 update.

    Answer

    CEO Jason Wells confirmed no new equity is needed for 2025 and that 2026 needs have been partially derisked. He reiterated a 50/50 debt/equity rule for growth CapEx and noted openness to efficient financing options, including potential asset sales given inbound interest in gas LDCs. Regarding EPS growth, Wells highlighted the strong foundation from a 10%+ rate base CAGR and a history of meeting or exceeding guidance, promising more details in Q3.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Chesapeake Utilities Corp (CPK) leadership

    Nicholas Campanella's questions to Chesapeake Utilities Corp (CPK) leadership • Q1 2025

    Question

    Nicholas Campanella asked whether Chesapeake Utilities can achieve the midpoint of its 2025 EPS guidance following the delay of the WRU project's margin contribution.

    Answer

    President and CEO Jeffrey Householder reaffirmed the full-year guidance range, stating the company can manage the WRU margin impact but that the final position within the range is yet to be seen. EVP and CFO Beth Cooper added that robust Q1 capital investment and the commitment to the target capital structure are factors that will influence where they land within the guidance range, reaffirming guidance despite the WRU delay.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to AES Corp (AES) leadership

    Nicholas Campanella's questions to AES Corp (AES) leadership • Q1 2025

    Question

    Nicholas Campanella asked for more detail on the insurance sale's financial structure, including dividend timing and the cost of financing, and also inquired about the rationale and valuation for the Cochrane asset buyout in Chile.

    Answer

    CFO Steve Coughlin clarified that the insurance sale's target distributions are an aggregate 5-year number and the financing cost is comparable to junior subordinated debt, making it an accretive, low-cost equity source. Regarding the Cochrane buyout, Mr. Coughlin explained that AES acquired the remaining 40% minority stake in an asset it already operates at a very low, accretive multiple, securing a valuable long-term contracted asset in Chile.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to AES Corp (AES) leadership • Q4 2024

    Question

    Nicholas Campanella inquired about the nature and source of the announced $150 million to $300 million cost savings, and how AES plans to achieve its long-term EBITDA growth targets despite reducing capital expenditures, questioning the expected IRR on new, higher-quality renewable projects.

    Answer

    CFO Stephen Coughlin confirmed the cost savings are ongoing run-rate reductions spread across the portfolio, with actions already taken to ensure their achievement. CEO Andrés Gluski explained that the growth strategy is an integrated approach, focusing on fewer, larger, and more profitable renewable projects with higher IRRs, which, combined with cost reductions, maintains the financial outlook.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to AES Corp (AES) leadership • Q3 2024

    Question

    Nicholas Campanella of Barclays inquired about AES's confidence in meeting its 14-17 gigawatt PPA signing target by 2025 and the drivers for 2025 earnings growth, particularly the split between a return to normal conditions and new project contributions, especially after the sale of the Brazil assets.

    Answer

    President and CEO Andres Gluski affirmed strong confidence in their supply chain and construction program, stating they are on track to meet their PPA targets. He and CFO Stephen Coughlin explained that 2025 growth will be driven by both a 'return to normal' from 2024's extreme weather and significant contributions from nearly 3 gigawatts of new U.S. renewables coming online, which more than absorb the impact of the Brazil sale.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Exelon Corp (EXC) leadership

    Nicholas Campanella's questions to Exelon Corp (EXC) leadership • Q1 2025

    Question

    Nicholas Campanella of Wells Fargo Securities inquired about the potential impact of new Maryland legislation, which prohibits reconciliations after January 1, 2025, on the BGE and Pepco reconciliations and whether Exelon's guidance is resilient to adverse outcomes. He also asked about Exelon's willingness to resolve the FERC 206 co-location issue via a settlement.

    Answer

    Calvin Butler, President and CEO, affirmed that Exelon's financial plan is solid and they are prepared for all alternatives, not expecting the legislation to hinder their objectives. He highlighted positive aspects of the new law, including its recognition of multi-year plans (MYPs), provisions for large load cost allocation, and goals for battery storage. Regarding the FERC 206 proceeding, Butler stated that Exelon is always open to settlement discussions to achieve a quick and equitable resolution for all customers.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Exelon Corp (EXC) leadership • Q4 2024

    Question

    Nicholas Campanella from Barclays asked for clarification on the year-over-year growth calculation into 2027 and inquired about legislative priorities in Maryland and Pennsylvania concerning generation solutions and potential rate-basing.

    Answer

    CFO Jeanne Jones confirmed that the growth outlook is calculated year-over-year from the prior year's guidance midpoint. CEO Calvin Butler, BGE CEO Carim Khouzami, and PECO CEO David Velazquez elaborated on legislative efforts, noting that Maryland is focused on an 'all of the above' approach to incentivize in-state generation, while Pennsylvania is actively exploring alternatives like long-term contracts and utility-build options to ensure resource adequacy, with support from the governor and PUC.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Exelon Corp (EXC) leadership • Q3 2024

    Question

    Nicholas Campanella of Barclays asked for confirmation on Exelon's 2024 earnings guidance of 'midpoint or above,' inquired about the company's post-PJM auction strategy for addressing generation needs and rising costs, and questioned the confidence in the rate base growth trajectory.

    Answer

    CFO Jeanne Jones confirmed the company is aiming for the midpoint or better of its 2024 guidance. CEO Calvin Butler stated that PJM reform is necessary and Exelon is advocating for reliable and affordable energy solutions in partnership with state governors. He affirmed that grid investments are essential for meeting state goals and that the cost of not investing is higher. EVP Colette Honorable added that Exelon's T&D-only focus allows it to partner effectively with policymakers on solutions.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to DTE Energy Co (DTE) leadership

    Nicholas Campanella's questions to DTE Energy Co (DTE) leadership • Q1 2025

    Question

    Nicholas Campanella inquired about the potential impact of tariffs on the auto sector, the general economic health of DTE's service territory, and the timeline for securing additional data center load.

    Answer

    Chairman and CEO Gerardo Norcia noted that tariff modifications on auto parts provided significant relief and that Michigan's economy remains resilient. EVP and CFO David Ruud added that underlying sales growth was strong after adjusting for weather and a leap year. President and COO Joi Harris confirmed data center discussions are active, with a 2.1 GW framework in place and a 3 GW pipeline, expecting final agreements by year-end.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to DTE Energy Co (DTE) leadership • Q3 2024

    Question

    Nicholas Campanella from Barclays inquired about DTE's load growth forecast, which is currently flat, and the legislative progress of the data center tax incentive bill. He also asked for an update on the likelihood of a settlement in the ongoing electric rate case.

    Answer

    Chairman and CEO Gerardo Norcia stated the current plan assumes flat demand growth but noted significant interest from data centers. He confirmed the data center tax bill has passed the Senate and part of the House, with expectations for it to be taken up in the lame-duck session. President and COO Joi Harris indicated a low probability of settlement for the electric rate case due to the high number of intervenors, but expressed confidence in achieving a constructive outcome in January.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to DTE Energy Co (DTE) leadership • Q1 2024

    Question

    Nicholas Campanella asked about DTE's confidence in derisking its 2025 business plan and beyond, and sought to quantify the strength and growth potential of the DTE Vantage business given tailwinds like tax credits.

    Answer

    Chairman and CEO Gerardo Norcia stated DTE is in a much stronger position for 2024 and is already deep into planning for 2025, aiming to increase headroom. He expressed confidence in the upcoming rate cases, which are focused on capital deployment. EVP and CFO Dave Ruud acknowledged tailwinds for Vantage from tax credits, noting it provides flexibility and confidence in the long-term 6% to 8% EPS growth target, with more specifics on 2025 to come at year-end.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to OGE Energy Corp (OGE) leadership

    Nicholas Campanella's questions to OGE Energy Corp (OGE) leadership • Q1 2025

    Question

    Nicholas Campanella of Barclays inquired about the financial impact of potential CWIP recovery legislation (SB 998), the timeline for filings related to data center projects, and whether a recent Oklahoma Supreme Court decision affects serving large load customers.

    Answer

    CFO and Treasurer Charles Walworth explained that CWIP recovery would be credit accretive by providing cash flow during construction, helping to facilitate project financing. Chairman, President and CEO R. Trauschke clarified that the main generation RFP filing is expected in a few weeks, with data center needs to be included then or filed separately later. He also confirmed the Supreme Court ruling does not impact their ability to serve data centers like the one in Stillwater.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to OGE Energy Corp (OGE) leadership • Q4 2024

    Question

    Nicholas Campanella of Barclays inquired about OGE's position within the supply chain for new generation equipment, like turbines, to serve potential data center customers. He also asked for a timeline on when to expect updates on new data center contracts.

    Answer

    Chairman, President and CEO R. Trauschke expressed confidence in the company's ability to source equipment based on visibility from the current RFP process. He clarified there is no set timeline for data center announcements, as they may come from the customers themselves, and OGE would then make the necessary regulatory filings for new capacity, potentially separate from the midyear RFP results filing if timing doesn't align.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Evergy Inc (EVRG) leadership

    Nicholas Campanella's questions to Evergy Inc (EVRG) leadership • Q4 2024

    Question

    Nicholas Campanella from Barclays asked about the potential reduction in equity needs from new customer agreements and questioned why, given the upside, the company is not guiding to growth above its 4-6% range.

    Answer

    Chairman and CEO David Campbell explained that finalizing the next set of customer agreements could increase load growth towards 4.0-4.5% and reduce equity needs by 'hundreds of millions of dollars.' He clarified that Evergy is taking a systematic approach, and will layer in the impact of new customers into its guidance only after they are officially announced.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Ameren Corp (AEE) leadership

    Nicholas Campanella's questions to Ameren Corp (AEE) leadership • Q4 2024

    Question

    Nicholas Campanella asked if Ameren would reevaluate its 6-8% EPS growth rate if it achieves further success with data center load growth, and sought clarification on whether the plan for 2 gigawatts of demand capacity is incremental to current agreements.

    Answer

    CEO Martin Lyons responded that while the 6-8% guidance is appropriate for the next five years, the company would reevaluate the range if growth accelerates further, as they do not want to constrain it. He clarified that the resource plan is designed to serve a full 2 gigawatts of demand by 2032, which ramps up over time and accommodates the nearly 1.8 gigawatts of existing construction agreements, with capacity for more thereafter.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Ameren Corp (AEE) leadership • Q3 2024

    Question

    Nicholas Campanella from Barclays inquired about the timing of capital plan increases, the associated impact on equity financing needs, and the potential effects of the recent election on EPA-driven investments and IRA tax credit policies.

    Answer

    Michael Moehn, Senior Executive VP and CFO, stated the current financing plan is unchanged, with the ATM program being the primary vehicle to meet equity needs while maintaining a strong balance sheet and credit ratings. Martin Lyons, Chairman, President and CEO, addressed the election, stating that Ameren's strategy is unchanged. He sees a lower risk of corporate tax hikes and expects a 'surgical' approach to any IRA adjustments, given the significant customer benefits. He confirmed the importance of tax credit transferability and believes existing EPA-related capex is secure.

    Ask Fintool Equity Research AI

    Nicholas Campanella's questions to Eversource Energy (ES) leadership

    Nicholas Campanella's questions to Eversource Energy (ES) leadership • Q3 2024

    Question

    Nicholas Campanella sought confirmation on the cost-sharing agreement for the Revolution Wind project and asked if the 5-7% EPS growth target would be rebased off the new 2024 guidance, and whether it includes proceeds from the Aquarion sale.

    Answer

    EVP, CFO and Treasurer John Moreira confirmed that Eversource has reached its cost cap on Revolution Wind, with any further overruns to be shared 50/50 with Orsted. He also affirmed that the Aquarion sale proceeds are integral to the financing plan supporting the 5-7% EPS growth rate, which they expect to rebase annually as per historical practice.

    Ask Fintool Equity Research AI