Deep Dives - Utilities & Power

Date Ticker Title Vertical Rating (at time of publication)
06.26.2022 CMS
  • Utilities & Power: Utility Spotlight: Utes bounce on yield fade; SB884 amendments; CMS and MPSC; Cali cost of capital
  • Utilities & Power N/A
    06.23.2022 ETR
  • ETR: SERI overhang addressed ... at least for MS
  • Utilities & Power Hold
    06.22.2022 CMS
  • Utilities & Power: Midweek Spotlight: SB884, CMS, PCG
  • Utilities & Power N/A
    06.22.2022 VST
  • VST: Fine-tuning for PJM capacity update
  • Utilities & Power Buy
    06.22.2022 VST
  • Utilities & Power: PJM print delivers on low expectations
  • Utilities & Power N/A
    06.19.2022 CMS
  • Utilities & Power: Utility Spotlight: Fed panic button hits utilities; PJM auction; CMS settles; undergrounding; CPUC
  • Utilities & Power N/A
    06.17.2022 ETR
  • ETR: Worth the commute to Wall Street
  • Utilities & Power Hold
    06.15.2022 NEP
  • NEP: New IDR cap offsets some yield pressure
  • Utilities & Power Buy
    06.15.2022 NEE
  • NEE: Introducing Real Zero
  • Utilities & Power Hold
    06.13.2022 EIX
  • Utilities & Power: Cali undergrounding: SB884 amendments; GRC filings
  • Utilities & Power N/A
    06.12.2022 PCG
  • PCG: Tough tape for an Investor Day
  • Utilities & Power Buy
    06.12.2022 CMS
  • Utilities & Power: Utility Spotlight: Defensive wins the week; return of the investor day curse; California policy digest
  • Utilities & Power N/A
    06.09.2022 PCG
  • PCG: Investor Day slide deck highlights; Dixie Fire report
  • Utilities & Power Buy
    06.05.2022 CMS
  • Utilities & Power: Utility Spotlight: Premium pullback; PCG Investor Day; Old Fire; undergrounding; drought watch; NEM
  • Utilities & Power N/A
    05.22.2022 CMS
  • Utilities & Power: Utility Spotlight: Premium nears 25%; PCG PD; Cali legislation; affordability; AGA meeting notes
  • Utilities & Power N/A
    05.19.2022 DUK
  • DUK: Carbon Plan opportunities and risks
  • Utilities & Power Hold
    05.15.2022 CMS
  • Utilities & Power: Utility Spotlight: More defensive gains; California undergrounding; hydrogen jurisdiction; NEM 3.0
  • Utilities & Power N/A
    05.12.2022 CEG
  • CEG: Headline beat, estimates trimmed
  • Utilities & Power Buy
    05.09.2022 EXC
  • EXC: Pure-play T&D journey begins
  • Utilities & Power Hold
    05.09.2022 DUK
  • DUK: Carbon Plan filing incoming
  • Utilities & Power Hold
    05.08.2022 CMS
  • Utilities & Power: Utility Spotlight: Relative gains resume; 1Q ROEs meet rising bond yields; AGA; PCG securitization
  • Utilities & Power N/A
    05.07.2022 NRG
  • NRG: Navigating volatility, focusing on growth
  • Utilities & Power Buy
    05.06.2022 VST
  • VST: Morgan mic drop
  • Utilities & Power Buy
    05.05.2022 SRE
  • SRE: Texas growth today ... LNG contracts tomorrow
  • Utilities & Power Buy
    05.04.2022 PEG
  • PEG: Seasonal shift drives 1Q beat; Sept. update planned
  • Utilities & Power Buy
    05.04.2022 EIX
  • EIX: Another dose of legacy medicine
  • Utilities & Power Buy
    05.03.2022 CMS
  • CMS: Strong start to 2022; LT plan update still a way off
  • Utilities & Power Hold
    05.01.2022 CMS
  • Utilities & Power: Utility Spotlight: Big week for deep value; Governors change the script; out-year power pressured
  • Utilities & Power N/A
    04.28.2022 DTE
  • DTE: Low quality beat, high quality problem
  • Utilities & Power Hold
    04.28.2022 PCG
  • PCG: Communication restored
  • Utilities & Power Buy
    04.27.2022 ETR
  • ETR: Saving the punchlines for June
  • Utilities & Power Hold
    04.27.2022 EIX
  • Utilities & Power: California undergrounding bill amendments
  • Utilities & Power N/A
    04.26.2022 CEG
  • Utilities & Power: Merchant preview and commodity mark; raising estimates and targets for CEG, VST
  • Utilities & Power N/A
    04.24.2022 CMS
  • Utilities & Power: Utility Spotlight: Defensive bid trumps renewable wobbles; Cali undergrounding; 2023 cost of capital
  • Utilities & Power N/A
    04.21.2022 NEP
  • NEP: Distribution growth on track
  • Utilities & Power Buy
    04.21.2022 NEE
  • NEE: Solar uncertainty outweighs solid 1Q print
  • Utilities & Power Hold
    04.20.2022 CMS
  • CMS: Settlement tees up accelerated coal exit
  • Utilities & Power Hold
    04.20.2022 CMS
  • Utilities & Power: First quarter preview and value mark
  • Utilities & Power N/A
    04.12.2022 PCG
  • PCG: Progress made on legacy legal risk
  • Utilities & Power Buy
    04.10.2022 CMS
  • Utilities & Power: Utility Spotlight: Uncharted territory; PCG Kincade update pending; CEG 3-peat; what about PEG?
  • Utilities & Power N/A
    04.08.2022 CMS
  • Utilities & Power: AGA Financial Forum 2022: VRP Meeting List
  • Utilities & Power N/A
    03.27.2022 CMS
  • Utilities & Power: Utility Spotlight: Dividend yields flash red; two Cali undergrounding bills; DC committee watch
  • Utilities & Power N/A
    03.20.2022 CMS
  • Utilities & Power: Utility Spotlight: Fifth weekly win elusive; Cali NEM update; PCG TO18 decision; CMS IRP and rehearing
  • Utilities & Power N/A
    03.17.2022 CEG
  • Utilities & Power: Senate Energy Committee talks nuclear
  • Utilities & Power N/A
    03.13.2022 CMS
  • Utilities & Power: Utility Spotlight: Winning streak continues; ISO-NE capacity auction; PCG GRC; CPUC preview; DUK
  • Utilities & Power N/A
    03.11.2022 PEG
  • PEG: New and simpler PEG
  • Utilities & Power Buy
    03.09.2022 CMS
  • CMS: Fireside chat with Brian Rich; thoughts on IRP PFD
  • Utilities & Power Hold
    03.08.2022 IR
  • EE/MI: Takeaways from Energy Efficiency and Climate Solutions Day
  • Utilities & Power N/A
    03.06.2022 CMS
  • Utilities & Power: Utility Spotlight: Defensive bid; CEG dusts off back-door energy play; CMS and EE day; PCG pressured
  • Utilities & Power N/A
    03.04.2022 CEG
  • CEG: Nuke powerhouse starts on debt reduction; fuel in focus
  • Utilities & Power Buy
    03.03.2022 EXC
  • EXC: Closing out the ExGen era
  • Utilities & Power Hold
    03.01.2022 SRE
  • SRE: Utility growth with a side of energy
  • Utilities & Power Buy
    02.27.2022 CMS
  • Utilities & Power: Utility Spotlight: Navigating volatility; PCG WMP and GRC update; EXC and CEG report; NRC license blues
  • Utilities & Power N/A
    02.26.2022 VST
  • VST: Cash machine back in service
  • Utilities & Power Buy
    02.25.2022 EIX
  • EIX: Ongoing risk reduction underpins value case
  • Utilities & Power Buy
    02.24.2022 PEG
  • PEG: Not much new but premium pathway intact
  • Utilities & Power Buy
    02.24.2022 NRG
  • NRG: Executing against a volatile backdrop
  • Utilities & Power Buy
    02.23.2022 ETR
  • ETR: Outlook affirmed, securitization approved
  • Utilities & Power Hold
    02.20.2022 CMS
  • Utilities & Power: Utility Spotlight: Holding the line; ETR settles; SRE hydrogen; CPUC preview; PCG securitization win
  • Utilities & Power N/A
    02.18.2022 PCG
  • PCG: Growth rate clarified ... now back to risk reduction
  • Utilities & Power Buy
    02.14.2022 DUK
  • DUK: Higher growth horizon extended
  • Utilities & Power Hold
    02.13.2022 CMS
  • Utilities & Power: Utility Spotlight: Curve flattening and growth jitters;Cali and FL NEM; CCM status; PCG coming to NYC
  • Utilities & Power N/A
    02.11.2022 DTE
  • DTE: More to come on that ...
  • Utilities & Power Hold
    02.11.2022 PCG
  • PCG: Communication breakdown
  • Utilities & Power Buy
    02.09.2022 EIX
  • Utilities & Power: Mid-week Spotlight: CPUC meeting preview; NEM; SRE storage; SoCalGas and Cost of Capital
  • Utilities & Power N/A
    02.06.2022 CMS
  • Utilities & Power: Utility Spotlight: Volatile laggard week; PCG stock sale; Cali NEM Time Out called; ERCOT lights stay on
  • Utilities & Power N/A
    02.03.2022 CMS
  • CMS: Back on the compounding track
  • Utilities & Power Hold
    02.02.2022 EXC
  • EXC: Strategic mission accomplished; downgrade to Hold
  • Utilities & Power Hold
    02.01.2022 CEG
  • CEG: Low carbon power leader breaks loose
  • Utilities & Power Buy
    01.31.2022 PCG
  • PCG: Re-certified!
  • Utilities & Power Buy
    01.30.2022 CMS
  • Utilities & Power: Utility Spotlight: NEE reflections; Cali NEM; DUK
  • Utilities & Power N/A
    01.26.2022 NEP
  • NEP: Confirming 2022 growth step-up
  • Utilities & Power Buy
    01.26.2022 NEE
  • NEE: Unexpected end of the Robo era
  • Utilities & Power Hold
    01.23.2022 CMS
  • Utilities & Power: Utility Spotlight: Best relative week since peak COVID; EXC when-issued; CPUC; Alsup signs off (loudly)
  • Utilities & Power N/A
    01.21.2022 CMS
  • Utilities & Power: Fourth quarter preview and earnings tune-up
  • Utilities & Power N/A
    01.18.2022 AIR-FR
  • Vertical Research Partners Top Picks - 2022 Update
  • Utilities & Power N/A
    01.17.2022 CMS
  • Utilities & Power: Utility Spotlight: Alpha Matrix; CPUC handover; NEM battle heats up; PCG leads; NEE pressures group
  • Utilities & Power N/A
    01.13.2022 EXC
  • EXC: Utility upside tempered by ExGen cash shortfall; estimates moved to pro-forma basis; PT up to $63
  • Utilities & Power Buy
    01.10.2022 EXC
  • EXC: Carbon free power leader ready to launch
  • Utilities & Power Buy
    01.10.2022 EXC
  • EXC: Exelon outlook constructive; Constellation pending
  • Utilities & Power Buy
    01.09.2022 CMS
  • Utilities & Power: 2022 Outlook: Don't fear the Fed ... but do watch the PMI; stepping back from ETR; adding SRE
  • Utilities & Power N/A
    01.06.2022 PCG
  • PCG: U.S. declines to seek probation extension
  • Utilities & Power Buy
    01.03.2022 PCG
  • PCG: Probation wrapping up ... or maybe not
  • Utilities & Power Buy
    12.22.2021 SRE
  • SRE: New SIP investor, new price, same strategic play
  • Utilities & Power Hold
    12.19.2021 CMS
  • Utilities & Power: Utility Spotlight: Build Back Later shrugged off; ERCOT market reforms; PCG probation; DUK IRPs
  • Utilities & Power N/A
    12.17.2021 EIX
  • Utilities & Power: CPUC Post-Game: NEM pushback and agenda votes as expected; Randolph and Aguilar also moving on
  • Utilities & Power N/A
    12.15.2021 PCG
  • Utilities & Power: CPUC prepares to wrap up 2021 business; revised versions of several agenda items posted
  • Utilities & Power N/A
    12.12.2021 CMS
  • Utilities & Power: Utility Spotlight: Value rebounds; EXC on deck in NY; Form 10 filed; another CPUC change; safety certs; EIX
  • Utilities & Power N/A
    12.07.2021 EIX
  • Utilities & Power: CPUC agenda highlights: EIX storage; cost of capital; WMP rulemaking; EIX 2017/2018 settlement
  • Utilities & Power N/A
    12.06.2021 NRG
  • NRG: Buyback news helps put 2021 in the rearview
  • Utilities & Power Buy
    12.05.2021 CMS
  • Utilities & Power: Utility Spotlight: Risk-off drives utility bid; Texas market reform; DUK delay; PCG; Cali cost of capital
  • Utilities & Power N/A
    12.02.2021 EIX
  • Utilities & Power: CPUC adopts PCG Kincade settlement, punts on EIX
  • Utilities & Power N/A
    11.22.2021 EIX
  • Utilities & Power: Newsom CPUC pick signals continuity; agenda highlights
  • Utilities & Power N/A
    11.21.2021 CMS
  • Utilities & Power: Utility Spotlight: Slide stemmed; EXC waits on NY; DUK Indiana preview; PCG news flow; NEP buyout
  • Utilities & Power N/A
    11.14.2021 CMS
  • Utilities & Power: Utility Spotlight: Inflation pressures mount; DC in focus; PCG certificate filing, self-assessment pending
  • Utilities & Power N/A
    11.10.2021 EIX
  • Utilities & Power: Cali cost of capital: Constructive memo account PD
  • Utilities & Power N/A
    11.06.2021 SRE
  • SRE: Oncor growth plans raised (again)
  • Utilities & Power Hold
    11.05.2021 VST
  • VST: Capital light, cash flow heavy
  • Utilities & Power Buy
    11.04.2021 NRG
  • NRG: Supply chain setback
  • Utilities & Power Buy
    11.04.2021 DUK
  • DUK: Firming up the outlook
  • Utilities & Power Hold
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