Sign in

    Sophie Karp • KeyBanc Capital Markets Inc.

    Sophie Karp's questions to Constellation Energy Corp (CEG) leadership

    Sophie Karp's questions to Constellation Energy Corp (CEG) leadership • Q2 2025

    Question

    Sophie Karp of KeyBanc Capital Markets Inc. asked how onerous utility interconnection requirements might impact Constellation and data center customer migration. She also inquired about other beneficial provisions in the 'One Big Beautiful Bill' beyond the nuclear credits, such as depreciation.

    Answer

    President & CEO Joseph Dominguez addressed the interconnection issue, stating that while some regions may have difficult requirements, he believes rationality will prevail as suppressing data center development is ineffective. CFO Daniel Eggers answered the second question, confirming that bonus depreciation and R&D expensing will create $200-$300 million in annual cash favorability, with more expected post-Calpine.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Constellation Energy Corp (CEG) leadership • Q2 2025

    Question

    Sophie Karp of KeyBanc Capital Markets Inc. asked how increasingly onerous interconnection requirements from utilities might impact Constellation and potentially drive data center customers to other regions. She also inquired about other beneficial provisions in the 'One Big Beautiful Bill' beyond the well-known nuclear credits.

    Answer

    President & CEO Joseph Dominguez argued that while some states may create difficult rules, the interconnected grid means regional supply-demand fundamentals affect everyone, and he expects rationality to prevail. EVP & CFO Daniel Eggers detailed other benefits from the bill, highlighting that 100% bonus depreciation and R&D expensing are expected to generate $200 to $300 million in annual tax cash favorability for Constellation.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Pinnacle West Capital Corp (PNW) leadership

    Sophie Karp's questions to Pinnacle West Capital Corp (PNW) leadership • Q2 2025

    Question

    Sophie Karp asked when the company's rate base CAGR might inflect upwards due to significant growth and whether management could quantify the pipeline of large load customers.

    Answer

    CFO Andrew Cooper noted that larger generation and transmission projects have long lead times but that the formula rate mechanism, once approved, will provide better visibility and more consistent cost recovery, supporting long-term growth. President, CEO & Chairman Ted Geisler quantified the customer pipeline, stating there are 4.5 gigawatts of committed extra high load factor customers and nearly 20 gigawatts of requests in the uncommitted queue.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Pinnacle West Capital Corp (PNW) leadership • Q1 2025

    Question

    Sophie Karp from KeyBanc Capital Markets asked for clarification on Q1 O&M lumpiness, inquired about the potential for higher voltage transmission lines, and questioned the impact of lower rooftop solar applications.

    Answer

    CFO Andrew Cooper confirmed the Q1 O&M increase was contemplated in the annual guidance. CEO Ted Geisler stated that while the engineering team evaluates all options, the current plan does not see a need for lines above 500 kV. He also noted that lower rooftop solar applications are likely a market normalization and are already factored into sales growth forecasts.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Pinnacle West Capital Corp (PNW) leadership • Q3 2024

    Question

    Sophie Karp inquired about the company's success rate in self-building generation through its All-Source RFPs and its inflationary assumptions heading into the next rate case.

    Answer

    APS President Theodore Geisler stated the long-term goal is an even balance between owned generation and PPAs, noting they have more than doubled successful ownership projects since the SRB was approved, with about 800 MW contracted from the last RFP. CFO Andrew Cooper explained that the next rate case is critical for truing up costs, as current rates are based on a test year that predates the recent inflationary period.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Avista Corp (AVA) leadership

    Sophie Karp's questions to Avista Corp (AVA) leadership • Q2 2025

    Question

    Sophie Karp of KeyBanc Capital Markets asked for details on the all-source RFP, specifically if thermal resources were bid and how competitive Avista's self-build options might be. She also inquired about the current wildfire risk outlook in the company's service territory.

    Answer

    President & CEO Heather Rosentrater confirmed that natural gas bids were received in the RFP alongside renewables and storage. While declining to comment on the specifics of Avista's self-build proposals during the active evaluation, she stated they believe their bids will be competitive. Regarding wildfires, she noted that while regional activity is above normal and conditions are dry, Avista has not seen significant starts in its territory and continues to employ all mitigation tactics.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Avista Corp (AVA) leadership • Q3 2024

    Question

    Sophie Karp asked for a summary of lessons learned from the recent wildfire season, including the use of Public Safety Power Shutoffs (PSPS). She also inquired about any potential legislative initiatives Avista might pursue regarding wildfire response and liability in the next legislative session.

    Answer

    President and COO Heather Rosentrater described the wildfire season as successful, highlighting the effective deployment of a PSPS for one circuit with minimal customer disruption due to extensive pre-planning. She stated that Avista is now focused on adding more weather stations and undergrounding lines. She also confirmed that the company is actively working with stakeholders and plans to move forward with wildfire-related legislation in both Washington and Idaho in the upcoming session.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Xcel Energy Inc (XEL) leadership

    Sophie Karp's questions to Xcel Energy Inc (XEL) leadership • Q2 2025

    Question

    Sophie Karp from KeyBanc Capital Markets Inc. asked for a reminder of the estimated range of damages being contemplated for the Marshall Fire trial. She also inquired whether the company was exploring alternatives to equity issuance, such as asset sales, to fund its significant growth opportunities.

    Answer

    Chairman, President, & CEO Robert Frenzel explained that the trial is bifurcated, with damages to be determined in a second phase if liability is found. He noted they do not have an aggregate damage estimate but pointed to the approximately $2 billion in property damage claims paid by insurers. EVP & CFO Brian Van Abel stated that while their primary equity plan is the ATM program, they are not interested in minority interest sales and view their assets as core, adding any divestiture would be for strategic reasons, not funding.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Xcel Energy Inc (XEL) leadership • Q3 2024

    Question

    Sophie Karp asked about the potential for delays or controversy in securing Minnesota Commission approval for the pending resource plan and gas rate case settlements. She also inquired about the outlook for legislative solutions to wildfire risk in Xcel's service territories.

    Answer

    EVP and CFO Brian Van Abel expressed optimism for timely Q1 approvals for both Minnesota settlements, citing a unanimous agreement in the gas case and broad stakeholder support for the resource plan. On wildfire legislation, Chairman, President and CEO Robert Frenzel noted it's a 'longer burn,' with significant dialogue expected in 2025 but no immediate legislative outcomes anticipated. He confirmed regulatory decisions on mitigation plans are expected in Colorado and Texas next year.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to FirstEnergy Corp (FE) leadership

    Sophie Karp's questions to FirstEnergy Corp (FE) leadership • Q2 2025

    Question

    Sophie Karp inquired about FirstEnergy's regulatory strategy in Ohio following the current rate case, specifically asking when the company plans to file under the new framework and how that timing depends on the current case's outcome.

    Answer

    President, CEO & Chairman Brian Tierney explained that the timing for the next rate case filing is contingent on the current case's outcome. If the company is permitted to recover on recent investments, it may push the next filing out. If not, it will file a new multi-year case as soon as practicable after the decision, which is expected in Q4 2025.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to FirstEnergy Corp (FE) leadership • Q3 2024

    Question

    Sophie Karp asked if multiple states would need to act in unison on a new market design to prevent cross-subsidization and sought clarification on whether utilities can legally own generation in deregulated states.

    Answer

    Executive Brian Tierney explained that under the Federal Power Act, states can act independently to ensure their own resource adequacy and do not need to act in unison. He confirmed that the legal frameworks in West Virginia, Ohio, and Maryland currently allow for utility-owned generation.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Entergy Corp (ETR) leadership

    Sophie Karp's questions to Entergy Corp (ETR) leadership • Q2 2025

    Question

    Sophie Karp asked how Entergy plans for the coexistence of data centers and storm risk in its territory, and whether this creates incremental opportunities for storm hardening or backup generation.

    Answer

    Chair and CEO Drew Marsh explained that the primary strategy is risk mitigation through geography. Data centers and their supporting generation and transmission assets are being sited further inland, away from the highest-risk coastal areas. He added that all new infrastructure is built to modern, more stringent standards, which inherently improves resilience against storm impacts.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Entergy Corp (ETR) leadership • Q1 2025

    Question

    Sophie Karp asked what market signals would accelerate new nuclear development, how quickly a new gas plant can be built, and about the financial impact of new cost-recovery legislation in Arkansas and Texas.

    Answer

    CEO Drew Marsh stated that the key to accelerating nuclear is solving the commercial question of construction risk and customer willingness to pay, despite strong political support. He noted new gas plants can be built by 2028-2029 using existing queue positions. CFO Kimberly Fontan explained the Arkansas legislation allows for earlier recovery and lower customer costs, while the Texas legislation improves the timing of storm cost recovery, both reducing carrying costs.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Entergy Corp (ETR) leadership • Q3 2024

    Question

    Sophie Karp requested a breakdown of the EPS and capital increase, asked about the tariff structure for the new customer, clarified the approval process for the SERI asset transfer, and questioned what milestones are needed before Entergy would commit to a new SMR project.

    Answer

    Executive Kimberly Fontan stated the financial uplift is a blend of drivers and not broken out. Executive Roderick West confirmed both Mississippi and FERC must approve the SERI transfer. Executive Andrew Marsh explained that committing to a first-of-a-kind nuclear project would depend heavily on achieving an acceptable risk-sharing profile with partners and stakeholders.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Portland General Electric Co (POR) leadership

    Sophie Karp's questions to Portland General Electric Co (POR) leadership • Q2 2025

    Question

    Sophie Karp of KeyBanc Capital Markets asked about the portion of capital that would still require general rate cases after new recovery mechanisms are in place, how the allowed ROE would be determined, and whether the next rate case would be a multi-year filing.

    Answer

    CEO Maria Pope pointed to the capital plan, noting that while much is covered by various mechanisms, a general rate case would still be required to set the ROE. Both Pope and CFO Joe Trpik indicated that while they see a clear path toward a multi-year rate plan, they would begin those discussions with stakeholders before committing to it for the next case.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Otter Tail Corp (OTTR) leadership

    Sophie Karp's questions to Otter Tail Corp (OTTR) leadership • Q1 2025

    Question

    Sophie Karp of KeyBanc Capital Markets inquired about Otter Tail's Plastics segment, specifically the volume assumptions in the 2025 guidance, the rationale for expecting continued price declines amid inflationary input costs, and the competitive impact of new capacity in the market.

    Answer

    Todd Wahlund, VP and CFO, explained that the 2025 guidance for the Plastics segment assumes a low single-digit volume increase, with some caution for the second half of the year due to housing market risks. He clarified that product prices are expected to continue declining until gross margins normalize to pre-2021 levels, a trend expected to continue through 2027. President and CEO Chuck MacFarlane added that while they lack full visibility, they believe competitors are likely making similar incremental capacity upgrades rather than building entirely new plants.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Otter Tail Corp (OTTR) leadership • Q1 2025

    Question

    Sophie Karp inquired about the Plastics segment, asking about the volume assumptions in the 2025 guidance, the rationale for expecting simultaneous price declines and input cost inflation, and the impact of competitor capacity expansion.

    Answer

    Todd Wahlund, VP & CFO, explained that guidance assumes a low single-digit volume increase for the year, with potential second-half softness. He clarified that prices are expected to decline until gross margins revert to pre-2021 levels, which is the core assumption. Chuck MacFarlane, President & CEO, added that while they lack full visibility, they assume competitors are making similar incremental capacity upgrades rather than building new plants.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to Eversource Energy (ES) leadership

    Sophie Karp's questions to Eversource Energy (ES) leadership • Q1 2025

    Question

    Sophie Karp of KeyBanc Capital Markets asked if the upcoming Millstone recontracting in 2029 could present an opportunity to improve affordability for Connecticut ratepayers.

    Answer

    Chairman, President and CEO Joseph Nolan acknowledged the importance of Millstone's 1,000 MW of clean baseload generation but stated it is too early to speculate on the 2029 contract. He emphasized that any future arrangements would require collaboration with the state administration, similar to the original contract.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to DTE Energy Co (DTE) leadership

    Sophie Karp's questions to DTE Energy Co (DTE) leadership • Q1 2025

    Question

    Sophie Karp asked for clarification on DTE's solar development pipeline, specifically if 'safe harbor' meant physical possession of panels, and inquired about the potential for a settlement in the current electric rate case.

    Answer

    President and COO Joi Harris confirmed that DTE has solar panels in warehouses, providing inventory for projects through 2027, and is mitigating tariff risk through supplier selection and contractual terms. Regarding the rate case, she stated it is too early to predict a settlement but that DTE is always open to discussions, with more clarity expected in August.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to DTE Energy Co (DTE) leadership • Q3 2024

    Question

    Sophie Karp from KeyBanc Capital Markets inquired whether new regulatory mechanisms, such as storm securitization, might be necessary to manage customer bill impacts from the increased capital spending suggested by the recent system audit. She also asked about potential opportunities for the DTE Vantage segment related to large load growth.

    Answer

    Chairman and CEO Gerardo Norcia stated that the company does not anticipate needing new structural mechanisms at this time, expressing confidence that DTE can achieve its ambitious reliability goals while maintaining customer affordability, citing a strong track record of cost management. He also confirmed that the Vantage segment is having conversations with potential data center customers about providing custom energy solutions like cogeneration and other central plant services.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to DTE Energy Co (DTE) leadership • Q1 2024

    Question

    Sophie Karp asked about the long-term strategy for offsetting customer bill increases from the large investment plan and questioned the target size of the DTE Vantage business relative to the regulated utilities.

    Answer

    Chairman and CEO Gerardo Norcia explained that affordability will be maintained as many capital investments, such as reliability improvements and the clean energy transition, will yield lower long-term operating costs. He also cited load growth from EVs and potential data centers as revenue opportunities. For Vantage, Norcia stated the strategy is to pursue high-return, low-risk projects while keeping its earnings contribution at or below 10% of the company's total, noting the utility's rapid growth allows Vantage to grow as well.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to CMS Energy Corp (CMS) leadership

    Sophie Karp's questions to CMS Energy Corp (CMS) leadership • Q1 2025

    Question

    Sophie Karp asked a high-level question about the Michigan economy, seeking color on customer activity and sentiment.

    Answer

    President and CEO Garrick Rochow cited several positive indicators, including solid residential and commercial performance, rising housing permits in Grand Rapids, and customer-requested work remaining above pre-pandemic levels. He highlighted Michigan's economic diversification in aerospace, defense, and agriculture, with food processing growing, all of which provide confidence in the service territory's economic outlook.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to WEC Energy Group Inc (WEC) leadership

    Sophie Karp's questions to WEC Energy Group Inc (WEC) leadership • Q3 2024

    Question

    Sophie Karp asked why the company is not indicating a potential increase to its long-term EPS growth rate, given the strong load growth forecast and significantly higher capital plan.

    Answer

    Executive Scott Lauber explained that while capital increased in Wisconsin, it was reduced in the infrastructure segment and Illinois. After factoring in financing needs, the company is comfortable with the existing 6.5% to 7% growth rate, pending outcomes in the Wisconsin rate case and Illinois regulatory proceedings.

    Ask Fintool Equity Research AI

    Sophie Karp's questions to PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) leadership

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

    Question

    Sophie Karp from KeyBanc asked about PSEG's PJM market strategy, specifically whether the company would bid its nuclear assets into the next capacity auction or hold them back in anticipation of co-location opportunities with data centers.

    Answer

    Daniel Cregg, EVP and CFO, explained that a potential co-located data center would take time to build. He indicated that the construction timeline does not currently conflict with the commitment period for the upcoming capacity auction, suggesting that the decision is not yet at a critical crossover point.

    Ask Fintool Equity Research AI