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    Nick Campanella • Barclays

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

    Nick Campanella's questions to AES Corp (AES) leadership • Q2 2025

    Question

    Sai, on behalf of Nick Campanella, inquired about the timing of the remaining 1.3 GW of projects for 2025 and their financial impact, the potential to extend guidance to 2028, and the company's view on its valuation amid acquisition rumors.

    Answer

    COO Ricardo Falú stated most remaining projects would come online in Q3 with a small portion in Q4. CFO Stephen Coughlin added that tax attributes would be split between Q3/Q4 and that guidance would likely be extended in February 2026, expressing confidence in the post-2027 outlook. CEO Andrés Gluski commented that AES has been consistently undervalued given its strong backlog, execution, and strategic flexibility as an "all of the above" energy provider.

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

    Nick Campanella's questions to Atmos Energy Corp (ATO) leadership • Q2 2025

    Question

    An associate for Nick Campanella of Barclays inquired about Atmos Energy's equity financing plans for the remainder of the fiscal year and its strategy for managing interest costs. The analyst also asked for details on the project pipeline supporting the significant commercial and industrial customer growth in Texas.

    Answer

    CFO Christopher Forsythe affirmed the company's balanced financing strategy, utilizing the ATM program for equity needs through fiscal 2026 and a planned fall debt issuance with existing swaps. CEO John Akers highlighted key growth projects, including the WA Loop and Bethel to Groesbeck pipelines, and noted that 85% of capital investment is dedicated to safety and reliability.

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    Nick Campanella's questions to Constellation Energy Corp (CEG) leadership

    Nick Campanella's questions to Constellation Energy Corp (CEG) leadership • Q3 2024

    Question

    Nick Campanella of Barclays asked if the grid charges for front-of-the-meter deals could increase as T&D operators see more load, and how this would affect project economics. He also inquired about the company's capital allocation plans, specifically regarding share buybacks.

    Answer

    President and CEO Joe Dominguez reiterated his view that grid charges should remain in the low single-digit dollar per megawatt-hour range, emphasizing the issue is speed, not cost. CFO Daniel Eggers added that the company will provide a comprehensive financial update on the Q4 call, including rolling forward guidance and refreshing the two-year cash available outlook. He confirmed that Constellation will look to be in the market for buybacks when not restricted by material nonpublic information.

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