Sign in

    Richard Sunderland • JPMorgan Securities LLC

    Richard Sunderland's questions to Algonquin Power & Utilities Corp (AQN) leadership

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

    Question

    Richard Sunderland of JPMorgan Chase & Co. inquired about the expected timing and scope of Algonquin's portfolio strategy update and asked for more detail on the company's investment plans aimed at fostering economic progress in its service territories.

    Answer

    CEO Rod West confirmed a portfolio strategy update is planned for the "back end of the year," potentially around the EEI financial conference in November, but no formal announcement has been made. Regarding economic development, West stated that Algonquin aims to be a "catalyst for economic development" and is in various stages of discussion with states, but he declined to share specific investment targets to avoid getting ahead of regulators or potential partners.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Atmos Energy Corp (ATO) leadership

    Richard Sunderland's questions to Atmos Energy Corp (ATO) leadership • Q3 2025

    Question

    Richard Sunderland from JPMorgan Chase & Co. asked for clarification on the $0.10 EPS increase from the new Texas legislation, questioning if it represents a one-quarter impact. He also inquired about the outlook for the 'through system' business and its potential effect on fiscal 2026 growth.

    Answer

    SVP & CFO Christopher Forsythe confirmed the $0.10 EPS impact reflects approximately one quarter's benefit, from the law's effective date of June 20 through the end of fiscal 2025. Regarding the through system business, Forsythe stated that while early fiscal 2025 saw strong spreads, the company anticipates a more normalized environment for fiscal 2026. President & CEO Kevin Akers added that it is too early to provide a definitive outlook for 2026.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Atmos Energy Corp (ATO) leadership • Q3 2025

    Question

    Richard Sunderland inquired about the financial impact of the new Texas legislation, specifically the source of the $0.10 EPS increase, and sought clarity on the through-system business performance expectations for FY25 and FY26.

    Answer

    SVP & CFO Christopher Forsythe clarified that the $0.10 EPS impact reflects the legislation's effect for one quarter, from its effective date of June 20 through the end of fiscal 2025. Regarding the through-system business, Mr. Forsythe anticipates a more normal operating environment in fiscal 2026. President & CEO Kevin Akers added that it is too early to provide a definitive outlook for 2026.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Atmos Energy Corp (ATO) leadership • Q2 2025

    Question

    Richard Sunderland of JPMorgan Chase & Co. questioned if the updated fiscal 2025 guidance represents a new, higher base for future growth, given the strong performance of the APT through-system business. He also asked if higher 2025 O&M spending was a pull-forward from 2026 and sought clarity on a retroactive component of a regulatory asset tracker in Texas.

    Answer

    CFO Christopher Forsythe stated that Atmos Energy will assess market conditions in late summer before setting fiscal 2026 guidance. He confirmed the higher O&M is both an opportunistic pull-forward and a response to increased operational needs, a point CEO John Akers supported by highlighting increased line locating activity. Forsythe clarified that the impacts from new regulatory treatments are already factored into the current guidance.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Atmos Energy Corp (ATO) leadership • Q1 2025

    Question

    Richard Sunderland of JPMorgan Chase & Co. inquired about the expected amount of equity to be issued in fiscal 2025 from the $1.5 billion forward agreement and whether the annual equity issuance would increase in subsequent years. He also asked if the Q1 benefit from APT spreads would position the company at the higher end of its earnings guidance range.

    Answer

    Christopher Forsythe, SVP and CFO, suggested modeling $600 million to $800 million in equity for fiscal 2025 and confirmed that long-term financing needs will grow commensurately with the capital plan in future years. John Akers, President and CEO, addressed the APT spread, noting that while it was strong early in the quarter, it has since normalized, and the full-year impact remains uncertain, depending on weather and power generation demand.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Atmos Energy Corp (ATO) leadership • Q4 2024

    Question

    Richard Sunderland of JPMorgan Chase & Co. asked for more specific drivers behind the significant increase in the five-year capital expenditure plan. He also questioned why the 6% to 8% EPS growth guidance was not higher, given the projected 13% to 15% annual rate base growth.

    Answer

    President and CEO John Akers attributed the higher CapEx to robust residential, commercial, and industrial customer growth, particularly in Texas, and system modernization guided by risk models. Regarding the EPS guidance, Akers cited a conservative outlook due to global uncertainties. SVP and CFO Christopher Forsythe added that an increased O&M growth forecast, from 3.5% to 4% annually, also moderates the EPS growth relative to the strong rate base expansion.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to NiSource Inc (NI) leadership

    Richard Sunderland's questions to NiSource Inc (NI) leadership • Q2 2025

    Question

    Richard Sunderland of JPMorgan Chase & Co. questioned NiSource's confidence in securing new supply, specifically its turbine queue positions, to meet large load growth. He also asked how potential coal plant life extensions and the Genco financing strategy fit into the overall picture.

    Answer

    EVP & Chief Commercial Officer Michael Luhrs stated that NiSource is in a beneficial position with its turbine queues. EVP & Group President Melody Birmingham confirmed the plan to retire the Schaeffer plant remains, but they are working closely with the state. EVP & CFO Shawn Anderson noted that the Genco financing strategy remains flexible and will be optimized once customer contracts are finalized, supported by a strengthened balance sheet.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to NiSource Inc (NI) leadership • Q1 2025

    Question

    Richard Sunderland from JPMorgan Chase & Co. questioned the current pace of engagement with prospective large load customers and inquired about the potential regulatory capital structure and ROE for the proposed Genco entity.

    Answer

    CEO Lloyd Yates described the negotiations with hyperscalers as complex but progressing well, emphasizing the need to secure a deal that is right for all stakeholders. Executive Michael Luhrs stated that the company has not disclosed details on the Genco financing structure as the focus remains on finalizing customer contracts.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to NiSource Inc (NI) leadership • Q4 2024

    Question

    Richard Sunderland asked if IURC approval of the GENCO filing is required before announcing a data center deal and inquired about the outlook for coal generation amid new load interest. He also asked about shifts in CapEx spending between NIPSCO and Columbia in the base plan.

    Answer

    EVP Michael Luhrs clarified that while IURC approval for the GENCO declination is needed to set up the entity, it is not required to announce a deal, allowing for concurrent progress. EVP and CFO Shawn Anderson stated there were no material shifts in the CapEx allocations between business units.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to NiSource Inc (NI) leadership • Q3 2024

    Question

    Richard Sunderland inquired about generation needs within the IRP that are independent of data center load and asked for an update on the previously announced Microsoft project.

    Answer

    EVP Michael Luhrs explained that MISO rules necessitate 500 MW to 1 GW of storage and new dispatchable gas resources regardless of data center demand, with these additions likely occurring post-2029. President and CEO Lloyd Yates reiterated that all data center activity, including the Microsoft project, is on a 2025 timetable.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to New Jersey Resources Corp (NJR) leadership

    Richard Sunderland's questions to New Jersey Resources Corp (NJR) leadership • Q3 2025

    Question

    Richard Sunderland of JPMorgan Chase & Co. inquired about the potential year-over-year financial impact of the Adelphia rate case settlement in 2026 and how the current 131-megawatt Clean Energy Ventures (CEV) target compares to initial expectations, questioning if recent legislative proposals have altered the outlook for CEV.

    Answer

    CEO Stephen Westhoven explained that details of the Adelphia settlement are not yet public and could not be shared. Regarding CEV, he clarified that the 131 MW represents projects with high construction visibility and expressed confidence in meeting overall capital targets and the 7-9% growth rate, emphasizing that growth is primarily driven by the company's core natural gas businesses, providing flexibility regardless of the legislative outcomes for renewables.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to New Jersey Resources Corp (NJR) leadership • Q2 2025

    Question

    Richard Sunderland of JPMorgan Chase & Co. inquired about the potential Leaf River expansion, asking for the decision timeline, required capital, and target returns. He also sought clarity on the impact of tariffs on the Clean Energy Ventures (CEV) development pace, even if returns are contractually protected.

    Answer

    President and CEO Stephen D. Westhoven explained that for the Leaf River expansion, the company is currently evaluating bids from a recently completed open season. He estimated a capital cost of $175 million to $200 million with returns typical for a midstream investment, but noted there is no finite timeline. Regarding tariffs, Westhoven stated the situation is fluid but the company has protections in place and does not anticipate a material impact on near-term investments over the next 12-24 months due to advance planning and contractual provisions.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to New Jersey Resources Corp (NJR) leadership • Q1 2025

    Question

    Richard Sunderland of JPMorgan Chase & Co. inquired about the performance of the Energy Services business during recent cold weather and sought an update on the procedural timeline for the Adelphia Gateway rate case.

    Answer

    President and CEO Stephen D. Westhoven described the recent weather as 'constructive' for all infrastructure assets but deferred providing specific financial details until the winter season concludes. Regarding the Adelphia rate case, he confirmed it is a standard proceeding and maintained the expectation for a resolution sometime in 2025, declining to provide further specifics on the timeline.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Spire Inc (SR) leadership

    Richard Sunderland's questions to Spire Inc (SR) leadership • Q3 2025

    Question

    Richard Sunderland of JPMorgan Chase & Co. inquired if Spire's previously stated FFO to debt target of 15% to 16% remains the appropriate framework following the Piedmont Tennessee acquisition announcement.

    Answer

    EVP & CFO Adam Witter confirmed that the 15% to 16% FFO to debt target is still the company's goal. He noted that achieving this target might be slightly delayed during the transition period of integrating the new acquisition.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Spire Inc (SR) leadership • Q2 2025

    Question

    Richard Sunderland of Wolfe Research inquired about the drivers behind the revised segment guidance, specifically the impact of weather on the utility business and whether the Midstream segment's outperformance indicates a new, higher run rate. He also asked about the effect of increased Midstream CapEx on project returns.

    Answer

    CFO Adam Woodard explained that the Gas Utility guidance was lowered due to weather-related margin weakness in Missouri, which was the main driver. He noted the Midstream segment's outperformance was partly due to optimization but also indicated some sustainable run rate lift. He confirmed the higher Midstream CapEx does not negatively impact the storage expansion project's return expectations, which continue to be exceeded.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Spire Inc (SR) leadership • Q1 2025

    Question

    Richard Sunderland asked if Spire is still trending towards the midpoint of its guidance after the Q1 weather impact and questioned the company's rate case strategy, particularly regarding the pursuit of discrete adjustments.

    Answer

    EVP and CFO Adam Woodard stated that the margin lost in Missouri during Q1 is considered retrievable over the course of the year. EVP, COO, and acting CEO Scott Doyle added that the rate case is progressing as expected and that the allowance for discrete adjustments is an encouraging development, but it is too early to discuss specific settlement strategies.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Spire Inc (SR) leadership • Q4 2024

    Question

    Richard Sunderland asked for details on the 2025 segment drivers, particularly for Midstream and Gas Marketing, and whether the new guidance represents a higher baseline. He also sought clarity on how the Missouri rate case would enable a return to the 5-7% EPS growth target in 2026 and inquired about weather assumptions in the 2025 outlook.

    Answer

    Executive Vice President and CFO Steven Rasche explained that the Gas Marketing guidance reflects normal organic growth, while the Midstream guidance is a step-up due to better clarity on the Spire Storage West expansion, bringing it closer to a run-rate level. Vice President and Treasurer Adam Woodard clarified that returning to the long-term growth target relies on a straightforward cost-of-service recovery in Missouri, not necessarily a specific ROE uplift. Woodard also confirmed the 2025 outlook assumes normal weather.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to AES Corp (AES) leadership

    Richard Sunderland's questions to AES Corp (AES) leadership • Q2 2025

    Question

    Richard Sunderland asked about the specific risks to the company's "safe harbored" projects from potential executive orders or changes to Treasury guidelines, and also inquired about recent load growth trends at its utilities.

    Answer

    CEO Andrés Gluski and COO Ricardo Falú expressed high confidence, noting that 6 GW of the U.S. backlog will be in service by year-end 2027, making them exempt from new guidance. They emphasized that the remaining projects are protected under existing guidance, which is not expected to be applied retroactively. Gluski also highlighted strong inbound interest and signed data center demand at their fast-growing utilities.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to AES Corp (AES) leadership • Q1 2025

    Question

    Richard Sunderland followed up on tax credit transferability, asking about the potential impact on credit agency metrics like FFO-to-debt, how agencies might view a change, and the potential for near-term headline risk from legislative drafts.

    Answer

    CFO Steve Coughlin explained that while a change would affect the geography on the cash flow statement and thus Moody's metric, the fundamental cash and credit profile remains identical, and he is confident that logic would prevail with the rating agencies. CEO Andres Ricardo Gluski Weilert acknowledged the possibility of initial headline risk but reiterated his optimism for a pragmatic final outcome, given the strategic importance of new energy development for the country.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to AES Corp (AES) leadership • Q3 2024

    Question

    Richard Sunderland of JPMorgan Chase & Co. asked about AES's strategy and potential timing for monetizing its investments in the New Energy Technologies SBU, and whether this would occur within the current planning period through 2027.

    Answer

    CEO Andres Gluski explained that AES will monetize these technology investments strategically and opportunistically when the company feels it is the right time and they are no longer adding significant value. He noted that while they are well ahead of their overall asset sale plan for 2027, the universe of potential sales is larger than the current target and could include assets from the New Energy Technologies portfolio.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Fortis Inc (FTS) leadership

    Richard Sunderland's questions to Fortis Inc (FTS) leadership • Q2 2025

    Question

    Richard Sunderland from JPMorgan Chase & Co. asked about UNS Energy's involvement in discussions for new interstate pipeline capacity into Arizona and the perceived need for more gas infrastructure into the 2030s.

    Answer

    President & CEO David Hutchens confirmed that discussions occurred to secure gas for the Springerville repowering, which was made economically viable through a partnership with Salt River Project. He acknowledged that the long-term resource mix, including the need for natural gas and related infrastructure, will be a key part of the calculus for the next integrated resource plan in Arizona, especially given the changing load profile.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Fortis Inc (FTS) leadership • Q1 2025

    Question

    Richard Sunderland asked for a follow-up on the Iowa ROFR legislation, seeking clarity on the specific procedural steps and timeline to monitor as the legislative session continues in overtime.

    Answer

    Executive Linda Blair explained that there is no specific, predictable protocol for how the legislature will proceed with the budget and other bills, including the governor's energy bill. She noted the timeline is uncertain and could range from days to weeks, but reiterated that the company and its coalition remain actively engaged in advocating for the bill's passage.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Edison International (EIX) leadership

    Richard Sunderland's questions to Edison International (EIX) leadership • Q2 2025

    Question

    Richard Sunderland asked for more detail on how the General Rate Case (GRC) Proposed Decision (PD) compares to the company's range case forecast and whether the PD would become the new outlook if it stands. He also inquired about the prospects for a settlement in the Woolsey fire cost recovery case.

    Answer

    Executive VP & CFO Maria Riccardi confirmed the GRC PD generally aligns with their existing range case forecast but noted that SCE will file comments seeking revisions. She clarified that a full financial update, including other capital opportunities, would be provided six weeks after a final decision is issued. Regarding the Woolsey case, Ms. Riccardi stated that while SCE is always open to fair settlement discussions, the company believes its rebuttal testimony strongly demonstrates it acted as a prudent operator.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Edison International (EIX) leadership • Q2 2025

    Question

    Richard Sunderland asked for more detail on how the General Rate Case (GRC) Proposed Decision (PD) aligns with the company's range case forecast and inquired about the potential for a settlement in the Woolsey fire cost recovery proceeding.

    Answer

    EVP & CFO Maria Riccardi confirmed the GRC PD is generally in line with their range case rate base, but SCE will file comments seeking revisions. She stated that a full financial outlook update will be provided six weeks after a final decision. On the Woolsey matter, she reiterated that the company is always open to fair and reasonable settlement discussions and is confident in its rebuttal testimony demonstrating prudent operations.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Edison International (EIX) leadership • Q1 2025

    Question

    Richard Sunderland from JPMorgan Chase & Co. asked if there were any revised timing expectations for the Eaton fire investigation and whether any third-party sources of ignition have been ruled out.

    Answer

    President and CEO Pedro Pizarro responded that the company still cannot provide an estimated timeline for the investigation's conclusion. He also stated that while their own equipment has not been ruled out, they are 'not aware of any evidence that conclusively points to another source of ignition,' a key factor in updating the loss disclosure to 'probable.'

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Edison International (EIX) leadership • Q4 2024

    Question

    Richard Sunderland questioned whether Edison International would consider operational changes, such as to its Public Safety Power Shutoff (PSPS) practices, if a legislative solution to bolster the wildfire fund does not materialize.

    Answer

    CEO Pedro Pizarro and executive Steven Powell emphasized that the company is always in a "learning mode" and that all wildfire mitigation plans are driven by public safety, not financial backstops. Pizarro gave an example of SCE becoming more conservative with PSPS criteria in real-time during the recent windstorm. Powell added that they continuously re-evaluate risk models and mitigation strategies, like grid hardening and inspections, to enhance safety, and this process is independent of legislative outcomes.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Edison International (EIX) leadership • Q3 2024

    Question

    Richard Sunderland, on for Jeremy Tonet, asked about the timing and potential inclusion of the $2 billion in FERC transmission projects and $2 billion in other CPUC applications into the company's base capital plan, and also inquired about the status of the FERC projects.

    Answer

    EVP and CFO Maria Rigatti stated these projects would be rolled into the capital plan once details are finalized, noting much of the FERC spending is post-2028. Executive Steven Powell added that the FERC projects were awarded in the 2022-23 CISO plan, with most coming online after 2028, and highlighted the long lead times for transmission projects.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to PG&E Corp (PCG) leadership

    Richard Sunderland's questions to PG&E Corp (PCG) leadership • Q2 2025

    Question

    Richard Sunderland of JPMorgan Chase & Co. requested details on the San Jose data center announcement, including the timing of load growth benefits, and asked how PG&E is addressing the legislative affordability conversation given its own positive outlook for customer bills.

    Answer

    CEO Patti Poppe projected that the new data center load in San Jose would primarily materialize in 2027, with corresponding rate benefits starting then. She expressed confidence in achieving legislative affordability solutions this session, such as moving public purpose programs off bills, and noted that as PG&E delivers on its forecast for flatter bills, it will build trust with policymakers.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to PG&E Corp (PCG) leadership • Q1 2025

    Question

    Richard Sunderland inquired about the drivers behind the significant jump in the data center pipeline and asked about the company's focus and learnings ahead of its 10-year undergrounding plan filing.

    Answer

    CEO Patti Poppe attributed the surge in data center interest to the market realizing PG&E was 'open for business' following its first cluster study, noting demand is for 'Goldilocks' inference models. Regarding undergrounding, Poppe emphasized it as a permanent wildfire risk solution in high-risk areas, contrasting its $1/month bill impact with the $20/month for vegetation management to highlight its long-term value.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to PG&E Corp (PCG) leadership • Q4 2024

    Question

    Richard Sunderland of JPMorgan Chase & Co. asked about the sufficiency of regional firefighting capabilities and whether PG&E could invest capital to support them. He also sought confirmation on the data center investment framework ($0.5B-$1.6B per GW) and when final clarity on investment needs would be available.

    Answer

    CEO Patti Poppe praised California's firefighters and stated the utility's role is not to invest in firefighting resources but to help communities fire harden and provide early notification via its sensor network. She confirmed the investment framework for data centers holds, as it allows for customer bill savings. CFO Carolyn Burke added that new capital from data centers offers flexibility, allowing PG&E to add to its plan, high-grade projects, or extend its growth runway.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to PG&E Corp (PCG) leadership • Q3 2024

    Question

    Richard Sunderland inquired about the status of the undergrounding guidelines from the Office of Energy Infrastructure Safety (OEIS) and the expected timeline for harmonizing PG&E's plan. He also asked about the strategy for ramping up energization work to clear the customer backlog.

    Answer

    CEO Patti Poppe explained that the OEIS filing requirements have been more extensive than anticipated, likely pushing their comprehensive undergrounding filing to mid-2025 at the earliest. On energization, she stated that clearing the backlog and meeting new demand is contingent on CPUC approval of their supplemental funding request, which reflects the capital needed to serve growing customer connection requests.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to American Water Works Co Inc (AWK) leadership

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

    Question

    Richard Sunderland of JPMorgan Chase & Co. asked about American Water's strategy for stakeholder engagement in Pennsylvania ahead of its next rate case and inquired about the company's financing plans, specifically whether it would consider a forward equity issuance for its 2026 needs.

    Answer

    EVP & COO Cheryl Norton explained that the company has a robust stakeholder plan in Pennsylvania focused on customer service and relationship building, and they are proceeding with normal rate filing plans. EVP & CFO David Bowler stated that while all financing options are evaluated, the current plan is to issue equity in 2026 to meet that year's needs.

    Ask Fintool Equity Research AI

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

    Question

    Richard Sunderland of JPMorgan Chase & Co. inquired about American Water's strategy for stakeholder engagement in Pennsylvania ahead of its next rate case and asked about the company's 2026 equity financing plans, specifically if a forward issuance was being considered.

    Answer

    EVP & COO Cheryl Norton stated that the company has a robust stakeholder plan in Pennsylvania, is actively building relationships, and feels it is in a 'really good spot' for the next rate filing. On financing, EVP & CFO David Bowler confirmed that while all options are evaluated, the current plan is to issue equity in 2026 for proceeds in that year.

    Ask Fintool Equity Research AI

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

    Question

    Richard Sunderland of JPMorgan Chase & Co. asked about the timing of future equity issuance and how a potential recession could impact the M&A landscape for American Water.

    Answer

    An unnamed executive stated there are no current plans to accelerate equity issuance. President John Griffith added that the company's acquisition pipeline remains robust and could be bolstered by pressures on municipal finances from a recession or reduced federal funding, in addition to existing drivers like environmental compliance and deferred capital needs.

    Ask Fintool Equity Research AI

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

    Question

    Richard Sunderland sought to confirm that the 7% to 9% long-term EPS growth is based on 2025 guidance excluding the $0.10 of incremental interest income, and asked for an update on the progress of legislative efforts in Missouri, such as SB4.

    Answer

    President John Griffith confirmed that the growth rate is calculated off a base that excludes the incremental interest income and provided additional context on the HOS note. EVP and COO Cheryl Norton discussed the Missouri legislation, stating the company is working with other utilities and stakeholders to improve the regulatory environment, with a primary focus on establishing a future test year.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to American Water Works Co Inc (AWK) leadership • Q3 2024

    Question

    Richard Sunderland of JPMorgan Chase & Co. inquired about American Water's updated financing plan, specifically questioning why the $1.5 billion increase in planned equity was greater than the $1 billion increase in the 5-year CapEx plan. He also asked for clarification on cash flow guidance assumptions, noting a smaller uptick compared to the previous year's update.

    Answer

    CEO M. Hardwick explained that the larger equity plan is driven by the company's growing investment needs and a steadfast commitment to maintaining a strong balance sheet. President John Griffith added that periodic equity raises are a routine part of funding their robust growth, and the incremental CapEx simply increased the required amount. CFO David Bowler clarified that a key factor impacting cash flow guidance is the company's expectation to become a full cash taxpayer in 2025 due to the Alternative Minimum Tax (AMT).

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Portland General Electric Co (POR) leadership

    Richard Sunderland's questions to Portland General Electric Co (POR) leadership • Q2 2025

    Question

    Richard Sunderland from JPMorgan Chase & Co. inquired about the new MOU's impact on regulatory proceedings for the Seaside and distribution projects, the dynamics of the 2023 vs. 2025 RFPs, and the timeline for business transformation costs.

    Answer

    CEO Maria Pope explained the MOU front-loads discussions to create predictability and shared outcomes. CFO Joe Trpik added that the 2023 RFP reprice aims to drive certainty, while the 2025 RFP focuses on securing tax credit eligibility. Trpik also confirmed that business transformation costs would continue into 2026, with benefits materializing later this year.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Portland General Electric Co (POR) leadership • Q1 2025

    Question

    Richard Sunderland questioned the potential need to shift resources between the 2023 and 2025 RFPs due to pricing changes, the sourcing of batteries for the 2023 RFP, and how PGE ensures data center customers pay their fair share for infrastructure.

    Answer

    SVP of Finance and CFO Joseph Trpik stated the current RFP process is adaptable to pricing changes and that they are actively discussing potential tariff impacts with battery suppliers. President and CEO Maria Pope addressed the data center topic, explaining these customers drive necessary transmission upgrades benefiting the entire system and that legislation is being considered to address cost allocation. She also noted data centers add grid stability.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Portland General Electric Co (POR) leadership • Q4 2024

    Question

    Richard Sunderland asked for more detail on the potential long-term outcomes of the company's O&M cost reduction initiatives. He also inquired about the overall regulatory strategy, including the timing of the next rate case and plans for recovering costs for the Seaside battery project.

    Answer

    Senior Vice President of Finance and CFO Joseph Trpik stated the goal is to challenge costs against inflation through methodical, durable changes, suggesting low single-digit growth off the 2025 O&M base. President and CEO Maria Pope added that the company is currently evaluating whether to pursue recovery for the Seaside project as a single regulatory item or as part of a more comprehensive filing.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Portland General Electric Co (POR) leadership • Q3 2024

    Question

    Richard Sunderland inquired about the drivers behind the storm deferral release, the future trend of O&M expenses, and the potential for Investment Tax Credits (ITCs) to reduce equity needs for RFP capital expenditures.

    Answer

    SVP & CFO Joe Trpik confirmed the deferral release was driven by favorable Net Variable Power Cost (NVPC) performance. President & CEO Maria Pope noted that while investing in wildfire resilience, the company is driving operational efficiencies and spreading fixed costs over a larger customer base to manage O&M. Pope also affirmed that ITCs and PTCs are a crucial part of the financing strategy to lower customer costs.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Southwest Gas Holdings Inc (SWX) leadership

    Richard Sunderland's questions to Southwest Gas Holdings Inc (SWX) leadership • Q1 2025

    Question

    Richard Sunderland asked for clarification on the Great Basin open season, specifically whether it is a binding process and what the potential associated CapEx and timeline for that investment might be.

    Answer

    Justin Brown, President of Southwest Gas Corporation, confirmed that the open season is indeed binding. However, he stated that details regarding potential future CapEx and changes to guidance are confidential and cannot be provided until the open season concludes at the end of the month.

    Ask Fintool Equity Research AI

    Richard Sunderland's questions to Southwest Gas Holdings Inc (SWX) leadership • Q3 2024

    Question

    Richard Sunderland of Wolfe Research inquired about the potential timing for the full separation of Centuri, particularly following the appointment of a new CEO. He also asked about the prospects for a settlement in the Arizona rate case and whether it could include the proposed system improvement mechanism, as well as the formal window for reaching such a settlement.

    Answer

    President and CEO Karen Haller stated that while the new Centuri CEO is a key step, the timing for the full separation is not fixed and will be driven by market conditions. Justin Brown, President of Southwest Gas Corporation, addressed the Arizona rate case, noting that staff testimony was supportive of the system improvement mechanism. He added that settlement discussions have been constructive and can formally continue up until the hearing date.

    Ask Fintool Equity Research AI