德克萨斯电力带来热度：题库（QBank）。让我们达成交易版

Julien Dumoulin-Smith * | Equity Analyst+1 (281) 774-2066 | jds@jefferies.comPaul Zimbardo * | Equity Analyst+1 (212) 778-8497 | pzimbardo@jefferies.comJamieson Ward, CFA * | Equity Analyst+1 (281) 774-2081 | jamieson.ward@jefferies.comDushyant Ailani, CFA * | Equity Analyst1 (212) 778-8318 | dailani@jefferies.comBrian Russo, CFA * | Equity Analyst+1 (212) 778-8559 | brusso@jefferies.comAhmed Farman ^ | Equity Analyst44 (0) 20 7029 8987 | afarman@jefferies.comHannah Velasquez * | Equity Associate+1 (347) 982-6038 | hvelasquez@jefferies.comJohn Edelman * | Equity Analyst(212) 336-7412 | jedelman@jefferies.comWhitney Mutalemwa * | Equity Associate+1 (212) 707-6413 | wmutalemwa@jefferies.comEthan Corcoran * | Equity Associate+1 (212) 284-2462 | ecorcoran@jefferies.comSpark Li * | Equity Associate+1 (713) 308-4573 (office) | sli8@jefferies.comEmma Schwartz * | Equity Analyst1 (212) 336-7254 | emma.schwartz@jefferies.comAs we enter the 'Summer of Power' we lookto preview trends with many of the key powercompanies across the sector. Expectationsare rising for an improved environment fordatacenter contracting as both FERC & Texasare poised to provide a clearer picture onjusthow such arrangements'should'beconsummated. Vistra (VST):Feedback to the Texas legislative session and ability to co-locate data center at powerplants in Texas and more broadlyWilliams Companies, Inc. (WMB) and POWER Engineers (Private):Ability to quickly focus onpower generation opportunities. What are the broader ambitions in the sector? Potential forNortheast natural gas pipelines.Please see important disclosure information on pages 18 - 23 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. High Level Power Owner/Developer QuestionsAlphaGen (Private), Rockland Capital (Private), Enchanted Rock (Private), LS Power (Private)•How active are yourdata center customerdiscussions for power? What are the priorities forthese customers as it relates to speed to market, cost of power, access to fiber, clean energy,etc.•How manyturbinesdo you haveorders or slot reservationsfor? What is your developmentapproach for new natural gas projects?•What is thetimeline for "regulatory clarity"from PJM/FERC (Mid-Atlantic) and ERCOT/PUCT(Texas)?•Whichpower marketsare you most bullish on?•How does final TexasSenate Bill 6(SB6) text compare to what you were expecting? What arethe most concerning elements? Should we expect data center deals in ERCOT being announcedsoon?•How durable areretail marginsin the rising power price environment? Have you seen morecompetition enter the market?•Are there specificacquisition or divestiturecandidates in your portfolio?CenterPoint Energy, Inc. (CNP)Upside Capex•How should we think about the cadence for deploying the 10-year high-pressure distributioncapex—should we expect the bulk of investment to come post-2030, or is it more evenlydistributed over 2025-2035?•What's a reasonable cost-per-mile assumption for the new ~300-mile high-pressure distributionproject in Houston, given the ~$6Mn/mile benchmark from your Minnesota project?•Is the electric transmission capex announced so far all 345kV? If so, how should we think aboutthe 765kV opportunity and its timeline from here? Specifically can you frame what is possibleby 2030 versus the opportunity set for 2030+ based on the PUCT timeline?•Can you quantify any potential upside capex opportunities tied to SIGECO in Indiana? How wouldyou frame the opportunity and ability to support data centers broadly? What is the potential forcustomer rate benefit?Financing & Credit Metrics•With equity needs fully covered through 2027, there is ~$1Bn of remaining equity needs through2030. Should we think of the Ohio gas sale proceeds as incremental to that $1Bn equity need?•As mgmt. expects a full close of the Ohio gas LDC sale by 2026 year-end, can you share anyrecent progress or milestones we should watch for as you advance discussions? Have youreceived inbounds indication of interest that drove the selection of that asset? Are there any dis-synergies to be aware of and if yes, can you fully mitigate those?•With a total of ~$2.6Bn cash proceeds expected this year, what FFO/Debt level should we expectfor FY2025? Are you confident in returning to 14.5% in 2025?•With respect to the ~$1.1Bn in Hurricane Beryl securitization, are there any potential risks orpushback we should be aware of?Mobile Generation Assets•Can you please remind us about the guidance treatment and earnings vs cash flow profile ofthe assets during the planning horizon?Please see important disclosure information on pages 18 - 23 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. •How are you thinking about the decision in ~2030 between buying out the mobile gen assetsversus extending the lease—what factors will drive that call?•Would the economics of a lease extension in 2030 depend on any renegotiated terms, or shouldwe