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    Paul Zimbardo • Jefferies

    Paul Zimbardo's questions to UGI Corp (UGI) leadership

    Paul Zimbardo's questions to UGI Corp (UGI) leadership • Q3 2025

    Question

    Paul Zimbardo from Jefferies inquired about the financial benefits of the 'One Big Beautiful Bill Act,' the investment opportunities in the Pennsylvania Midstream business, and the valuation multiples of recent asset divestitures.

    Answer

    CFO Sean O’Brien detailed that the new bill primarily restores interest deductibility for AmeriGas, enables greater use of bonus depreciation, and provides R&D credits. President and CEO Bob Flexon highlighted robust midstream opportunities from Pennsylvania's energy investment push, noting numerous NDAs are in place. Regarding divestitures, Flexon stated that assets are only sold if the deal is non-dilutive and value-accretive on a risk-adjusted basis.

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    Paul Zimbardo's questions to UGI Corp (UGI) leadership • Q2 2025

    Question

    Paul Zimbardo, on behalf of Jefferies, asked for quantification of potential incremental margin or EBITDA from AmeriGas in fiscal 2026 and whether it could return to historical levels. He also questioned the drivers behind the implied loss in the second half of the fiscal year, which appears high relative to history.

    Answer

    President and CEO Robert Flexon stated it was too early to quantify 2026 EBITDA for AmeriGas, emphasizing the current focus is on operational improvements in areas like customer service and delivery efficiency. CFO Sean O'Brien explained that the second-half outlook reflects the typical seasonality of the business, where most earnings occur in the first half, plus a timing shift of some operational expenses from Q2 into the second half due to prioritizing service during the cold winter.

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    Paul Zimbardo's questions to UGI Corp (UGI) leadership • Q3 2024

    Question

    Paul Zimbardo of Jefferies asked for details on the drivers behind the year-to-date decline in capital expenditures across the Utilities and LPG segments, and questioned the future trajectory of leverage metrics for both UGI Corp and AmeriGas.

    Answer

    CFO Sean O’Brien explained that the lower CapEx in the LPG businesses is a strategic shift to focus on maintenance over growth, which will continue. For the natural gas businesses, the decline is due to the completion of renewable projects and a temporary focus on the balance sheet, though he reaffirmed a strong commitment to rate base investment. O'Brien also stated the goal is to continue decreasing leverage at both UGI Corp and AmeriGas, noting significant absolute debt reduction has already been achieved.

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    Paul Zimbardo's questions to Talen Energy Corp (TLN) leadership

    Paul Zimbardo's questions to Talen Energy Corp (TLN) leadership • Q2 2025

    Question

    Paul Zimbardo from Jefferies, on behalf of Julien Dumoulin-Smith, asked about Talen's leverage profile following the strong PJM auction. He questioned if the company is comfortable levering up to its 3.5x net debt-to-EBITDA target based on the higher capacity prices, and what this implies for the perceived sustainability of those prices.

    Answer

    CFO Terry Nutt reaffirmed the 3.5x net leverage target as appropriate, noting the higher auction clear is helpful but will not be used to underwrite long-term projections. CEO Mark McFarland added that the company's growing cash flow profile, even with conservative capacity price assumptions, supports the deleveraging plan and the goal of returning 70% of cash flow to shareholders once the leverage target is met.

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    Paul Zimbardo's questions to ONE Gas Inc (OGS) leadership

    Paul Zimbardo's questions to ONE Gas Inc (OGS) leadership • Q2 2025

    Question

    Paul Zimbardo asked if the increased 2025 guidance would serve as the new base for the long-term growth rate and whether the favorable Texas legislation would alter the company's capital allocation plans.

    Answer

    SVP & CFO Christopher Sighinolfi confirmed the updated 2025 guidance midpoint will be the new base for the five-year outlook. President, CEO & Director Robert McAnally stated that while capital plans won't fundamentally change, they will continue to respond to system integrity needs and growth opportunities, particularly in Texas. SVP & COO Curtis Dinan added that strong in-migration and job creation are key drivers of this growth.

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    Paul Zimbardo's questions to PPL Corp (PPL) leadership

    Paul Zimbardo's questions to PPL Corp (PPL) leadership • Q2 2025

    Question

    Paul Zimbardo questioned the expected timing for tangible progress on the Blackstone JV, such as signed ESAs or turbine orders, and requested an update on Kentucky's incremental generation needs following the recent CPCN stipulation and increased load forecasts.

    Answer

    President & CEO Vincent Sorgi stated that PPL is taking a disciplined approach and will not make significant financial commitments for the JV, like turbine deposits, until ESAs are further along. He avoided setting a specific timeline, noting it depends on negotiations with hyperscalers. Regarding Kentucky, Sorgi confirmed that if the newly forecasted 700 MW of additional load materializes, PPL would likely need to refile for at least the 400 MW battery project and potentially more generation in the future.

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    Paul Zimbardo's questions to PPL Corp (PPL) leadership • Q2 2025

    Question

    Paul Zimbardo questioned the expected timing for tangible progress on the Blackstone JV, such as signed ESAs or turbine orders, and asked for an update on Kentucky's incremental generation needs following the recent CPCN stipulation and higher load forecasts.

    Answer

    President & CEO Vincent Sorgi responded that PPL is taking a disciplined approach and will not make significant financial commitments on turbines without being further along on Energy Services Agreements (ESAs). He avoided setting a specific timeline, noting it depends on negotiations with hyperscalers. Regarding Kentucky, Sorgi explained that with the Mill Creek II life extension and an updated forecast showing 700 MW of additional load, PPL would likely need to refile for the previously deferred 400 MW battery project or more if the load materializes.

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    Paul Zimbardo's questions to PPL Corp (PPL) leadership • Q1 2025

    Question

    Paul Zimbardo asked for perspective on a recent coal-related executive order in Kentucky and whether it could alter the timing for PPL's planned retirement of its Mill Creek 2 unit. He also sought confirmation that the company remains comfortable with its overall capital plan and financial outlook.

    Answer

    CEO Vincent Sorgi stated he does not expect the executive order to have an immediate impact. He explained that the retirement of Mill Creek 2 is currently tied to the air permit for a new combined cycle unit. However, given the significant demand growth from data centers, PPL is analyzing the possibility of delaying the retirement to ensure resource adequacy, a decision that will be discussed during the CPCN process. He affirmed that PPL feels good about its overall capital plan and outlook.

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    Paul Zimbardo's questions to PPL Corp (PPL) leadership • Q4 2024

    Question

    Paul Zimbardo from Jefferies sought clarification on what constitutes "equity-like financing structures" and questioned Kentucky's capacity to serve a hypothetical 1-gigawatt data center given the newly announced generation plans.

    Answer

    CFO Joe Bergstein explained that "equity-like" structures could include hybrid securities that receive partial equity credit from rating agencies, offering opportunistic financing flexibility. President and CEO Vince Sorgi stated that while the 2027 Mill Creek CCGT can accommodate the announced 400 MW data center, significant additional load would require the subsequent generation projects planned for 2030-2031, with battery storage bridging the interim period.

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    Paul Zimbardo's questions to PPL Corp (PPL) leadership • Q3 2024

    Question

    Paul Zimbardo asked about the potential scope of capital investment from the PJM RTEP process, the customer bill impact from the new Kentucky IRP, and the company's ability to execute on a large construction plan.

    Answer

    President and CEO Vincent Sorgi stated that PJM project selections are expected by January and are considered incremental to the base plan. He explained that customer bill impacts in Kentucky will be mitigated by retiring coal plants and using the Retired Asset Recovery rider. Regarding execution, he noted that labor and supply chain constraints are the primary reason new gas plants have a 2030-2031 in-service timeline.

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    Paul Zimbardo's questions to Edison International (EIX) leadership

    Paul Zimbardo's questions to Edison International (EIX) leadership • Q2 2025

    Question

    Paul Zimbardo sought confirmation on whether the GRC Proposed Decision aligns with the company's EPS growth rate, not just its rate base forecast, and asked about the base year for the upcoming guidance refresh.

    Answer

    EVP & CFO Maria Riccardi confirmed that because rate base is the primary driver of earnings, the GRC PD does align with the company's EPS growth forecast. She also clarified that the post-GRC financial update will maintain the current structure, using 2025 as the base for the 2025-2028 EPS growth guidance.

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    Paul Zimbardo's questions to Edison International (EIX) leadership • Q2 2025

    Question

    Paul Zimbardo asked if the GRC Proposed Decision aligns with the company's EPS growth rate in addition to its rate base forecast. He also sought clarity on the base year that will be used for the long-term EPS growth guidance refresh following the final GRC decision.

    Answer

    Executive VP & CFO Maria Riccardi confirmed that because rate base is the primary driver of earnings, the GRC PD does align with the company's EPS growth outlook. She also clarified that the post-decision financial update will replicate the current 2025 through 2028 analysis period for its long-term guidance.

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    Paul Zimbardo's questions to Edison International (EIX) leadership • Q1 2025

    Question

    Paul Zimbardo of Jefferies sought clarification on whether the 'material loss' disclosure for the Eaton fire signals a potential need to reimburse the wildfire fund and asked about the potential timeline for settlement discussions.

    Answer

    CFO Maria Rigatti clarified that accounting rules require separate disclosure of a loss and its recovery, and the disclosure is not a signal regarding prudency or the need to refund the fund. President and CEO Pedro Pizarro reiterated the company's belief that SCE acted as a reasonable operator, which would allow access to the fund. He also stated it is too early to estimate a timeline for any potential settlements.

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    Paul Zimbardo's questions to Edison International (EIX) leadership • Q4 2024

    Question

    Paul Zimbardo questioned how the company would finance incremental capital opportunities, such as the next-gen ERP, given changes in its cost of capital, and how it would finance potential liabilities from recent fires.

    Answer

    CFO Maria Rigatti explained that incremental capital at SCE would be financed in line with its authorized capital structure, and the company is comfortable with its credit metrics moving into the 15-17% FFO to debt range. Crucially, she clarified that unlike pre-AB 1054 fires, any new claims payments would draw from the wildfire fund after using self-insurance, meaning the company would not have to issue debt from its balance sheet to cover them. CEO Pedro Pizarro reinforced this as a core feature of AB 1054.

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    Paul Zimbardo's questions to Exelon Corp (EXC) leadership

    Paul Zimbardo's questions to Exelon Corp (EXC) leadership • Q2 2025

    Question

    Paul Zimbardo from Jefferies asked which of Exelon's jurisdictions is most prepared for new initiatives like utility-owned generation or enhanced energy efficiency, given increased governor engagement with PJM, and inquired about the timing for these opportunities to be included in the company's financial plan.

    Answer

    CEO Calvin Butler stated that while most jurisdictions are active, Pennsylvania's governor has already helped save customers approximately $3 billion. He emphasized that any state action must provide certainty, control, and customer benefits. COO Michael Innocenzo identified Maryland as having the most immediate timeline, with a potential trigger for action by October based on a 3,000 MW power procurement outcome. CEO Calvin Butler and CFO Jeanne Jones confirmed that any new opportunities would be deliberately incorporated into the financial plan next year to avoid speculation.

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    Paul Zimbardo's questions to Exelon Corp (EXC) leadership • Q2 2025

    Question

    Paul Zimbardo from Jefferies asked which of Exelon's jurisdictions is most ripe for advancing utility-owned generation or other energy initiatives like efficiency and storage, and inquired about the potential timing for these opportunities to be included in the company's financial plan.

    Answer

    CEO Calvin Butler responded that most of Exelon's jurisdictions are actively engaged in legislative processes, highlighting Pennsylvania Governor Shapiro's efforts which saved customers approximately $3 billion. He emphasized the need for certainty, state control, and customer benefits. COO Michael Innocenzo identified Maryland as a key near-term opportunity, noting a decision on a 3,000 MW power procurement is expected by October, which could trigger further action. CFO Jeanne Jones added that more clarity would be available next year and the company would not speculate on timing for plan updates until then.

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    Paul Zimbardo's questions to American Water Works Co Inc (AWK) leadership

    Paul Zimbardo's questions to American Water Works Co Inc (AWK) leadership • Q2 2025

    Question

    Paul Zimbardo of Jefferies LLC inquired about the drivers behind the decision to narrow the 2025 EPS guidance to the top half of the range, asking for specifics on the outperformance and whether those drivers are expected to persist into 2026 and beyond.

    Answer

    EVP & CFO David Bowler identified strong customer usage, continuing a trend from the previous year, as the primary driver. President & CEO John Griffith supplemented this by highlighting the company's consistent regulatory execution and the strength of its geographically and regulatorily diversified platform.

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    Paul Zimbardo's questions to American Water Works Co Inc (AWK) leadership • Q2 2025

    Question

    Paul Zimbardo of Bank of America asked for more detail on the specific drivers behind the strengthened 2025 guidance and whether those positive factors are expected to contribute into 2026 and beyond.

    Answer

    EVP & CFO David Bowler identified strong customer usage, continuing a trend from the previous year, as the primary driver for the guidance increase. President & CEO John Griffith supplemented this by highlighting the positive impact of consistent regulatory execution and the strength of the company's diversified geographic and regulatory platform.

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    Paul Zimbardo's questions to American Water Works Co Inc (AWK) leadership • Q1 2025

    Question

    Paul Zimbardo from Jefferies asked for a quantification of the opportunities presented by recent legislative progress in Missouri, Indiana, and Virginia, particularly regarding stronger earned returns and incremental capital.

    Answer

    Executive Vice President and CFO David Bowler acknowledged that the new legislation, such as the future test year in Missouri, will incrementally improve earned returns in those states. However, he stated that the company has not yet framed or quantified the specific financial impact of these opportunities.

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    Paul Zimbardo's questions to American Water Works Co Inc (AWK) leadership • Q4 2024

    Question

    Paul Zimbardo requested elaboration on the company's addition of 'significant business development capabilities' for acquisitions and inquired about language changes in the 10-K, specifically the removal of references to ESG and diversity, and whether this signals a fundamental strategy shift.

    Answer

    EVP and COO Cheryl Norton explained that the company has added business development staff for more 'boots on the ground' and enhanced its corporate support team to drive consistency in due diligence and integration. President John Griffith stated that the language change in the 10-K is not a change in strategy, emphasizing that their approach to ESG is a business-driven proposition to achieve results.

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    Paul Zimbardo's questions to Constellation Energy Corp (CEG) leadership

    Paul Zimbardo's questions to Constellation Energy Corp (CEG) leadership • Q1 2025

    Question

    Paul Zimbardo asked if management's comment about possessing material nonpublic information (MNPI) implies a data center deal could be announced soon, possibly within the next quarter. He also inquired about the current timeline for interconnection studies with PJM utilities.

    Answer

    President and CEO Joe Dominguez declined to provide a specific timeline for a deal announcement, stating only that discussions are at a 'very good stage.' Regarding interconnections, he noted that timelines have improved significantly, with some studies being completed in about seven months, which is no longer seen as a primary constraint.

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    Paul Zimbardo's questions to Constellation Energy Corp (CEG) leadership • Q2 2024

    Question

    Paul Zimbardo asked about Constellation's state-level legislative priorities to support its colocation strategy and requested an estimate of the potential ratepayer savings from a hypothetical 1-gigawatt colocation project.

    Answer

    CEO Joseph Dominguez explained that the company's legislative approach is largely reactive, focused on ensuring all economic growth options remain available rather than proactively launching new legislation. Regarding ratepayer benefits, he did not provide a specific dollar estimate but highlighted that colocation avoids potentially billions in socialized grid upgrade costs that would be required to connect a large data center to the grid, as the data center customer pays for the direct connection.

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    Paul Zimbardo's questions to DTE Energy Co (DTE) leadership

    Paul Zimbardo's questions to DTE Energy Co (DTE) leadership • Q1 2025

    Question

    An analyst for Paul Zimbardo asked about the potential tariff structure for data centers and sought clarification on the utility's ability to use a tax equity structure if IRA transferability is no longer available.

    Answer

    President and COO Joi Harris explained that a specific data center tariff is not immediately needed due to excess capacity, but a tariff with long-term commitments would be appropriate for future baseload generation. EVP and CFO David Ruud and CEO Gerardo Norcia clarified that DTE already has a commission order supporting a tax equity structure, which would streamline its use if needed.

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    Paul Zimbardo's questions to Atmos Energy Corp (ATO) leadership

    Paul Zimbardo's questions to Atmos Energy Corp (ATO) leadership • Q4 2024

    Question

    Paul Zimbardo of Jefferies asked about a large potential natural gas customer in Northern Louisiana and its potential impact on the capital plan. He also sought clarification on why the 2025 interest expense guidance is projected to decrease slightly despite higher debt balances.

    Answer

    President and CEO John Akers declined to comment on specific potential customers until contractual agreements are certain, noting such projects are not currently factored into the capital plan. SVP and CFO Christopher Forsythe explained that the lower net interest expense guidance for 2025 is a result of higher capitalized interest (AFUDC) due to increased capital spending, which more than offsets the slight increase in the weighted average cost of debt.

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