Summary of Key Points from the Conference Call Industry Overview - The focus remains on electricity demand, AI/power needs, and their impact on equities within the Energy, Utilities, and Mining sectors [1][5] Company Insights EQT (Oil & Gas) - EQT is highlighted as a high-quality equity for exposure to power demand, being a low-cost Appalachian producer with significant inventory depth [2] - The company benefits from extensive midstream infrastructure post-ETRN acquisition, enhancing local project interconnectivity [2] - Positive outlook maintained with a 12-month price target of $66 per share, reflecting an 8.5% target FCF yield on 2026/2027 estimates [2] Kinder Morgan (KMI) (Midstream) - KMI is viewed as a top opportunity due to its role in transporting ~40% of US natural gas and its interconnectivity across key regions [3] - The company is in discussions for $10 billion of pre-FID projects aimed at growing power demand, with a notable discount in stock price compared to peers [6] Sempra Energy (SRE) (Utilities) - SRE is rated as a Buy, with Oncor expected to benefit from data center load growth and a supportive regulatory environment [7] - The stock trades at 17.6x 2026E P/E, with an expected EPS growth rate of 10% through 2029, suggesting a higher multiple is warranted [7] Duke Energy (DUK) (Utilities) - DUK is also rated as a Buy, with a price target of $141, reflecting a 19.5x P/E multiple on estimates [7] - The company plans to increase capex to $95-$105 billion due to rising demand, with a competitive advantage in gas generation [7] MasTec (MTZ) (Energy Services) - MTZ is positioned well for growth due to increased utility capital spending and upcoming T&D projects starting in mid-2026 [8] - The stock trades at ~13x 2026 EV/EBITDA, slightly below the target of 14x, indicating potential for upside [8] Array Technologies (ARRY) (Clean Technology) - ARRY is seen as a compelling investment in the utility-scale solar sector, trading at a P/E of 11.1x compared to peers at 14.2x [10] - The company has improved its growth outlook and is experiencing bookings acceleration, which should lead to margin expansion [10] Market Dynamics - The overall sentiment is constructive regarding growing power demand, which is expected to support gas demand growth and infrastructure development [3] - There is a noted disconnect in valuations, particularly for ARRY, which is trading at a significant discount despite improved growth prospects [10] Risks and Considerations - Key risks for companies include lower commodity prices, execution risks on capital plans, and regulatory uncertainties [60] - Investors are advised to consider the potential for LNG cargo cancellations impacting the US gas market later in the decade [41] Conclusion - The conference call highlighted a positive outlook for several companies within the Energy, Utilities, and Mining sectors, driven by increasing power demand and strategic capital investments. However, investors should remain cautious of potential risks associated with commodity price fluctuations and execution challenges.

China will see its first cold wave of the season in the coming days, with chillier-than-normal conditions expected across the country, which may impact power demand https://t.co/lnbxz3S311 ...

Demand & Growth - AI infrastructure is driving significant demand for power, exceeding previous expectations from Bitcoin mining [1][5][9] - The company has gigawatts of assets in its pipeline, with 1,000 megawatts online and 1,500 megawatts being commercialized [3] - Data center campuses are scaling rapidly, moving from 100 megawatts to gigawatts for single campuses [5] Strategy & Operations - The company initially focused on being a low-cost power operator for Bitcoin mining, hedging against crypto volatility [10] - The company is developing new sites specifically for AI, not converting existing Bitcoin mining facilities [12][13] - The company emphasizes colocating power generation close to data center load for efficiency [6][7] Market Dynamics & Competition - Access to power at scale and speed is highly valuable in the current market [4] - The company operates in a co-opetition environment with other players in the power and crypto space [8] - The company's Bitcoin mining operation mines Bitcoin at over a 50% discount to the market [11]

With power demand surging and fossil fuels back in fashion, it’s a good time to be making turbines for gas-fired power plants. The question for the manufacturers is how long the party will last. https://t.co/UouSPGCgVj ...

Industry Trend & Opportunity - Power demand is experiencing a generational opportunity with increased demand not seen in decades [2] - The energy sector needs to add nuclear to the fuel mix for a sustainable, clean, and reliable system [2] - Economic development in Kansas requires nuclear energy [6] Technology & Project - TerraPower's Natrium reactor in Wyoming is scheduled to load nuclear fuel in 2030 [5] - TerraPower is examining deploying Natrium reactors in Evergy's service region in Kansas after the first Wyoming reactor [6] - Natrium reactors are expected to need less than half the concrete, steel, and labor to build, improving the ability to deliver plants at scale [11] - Natrium plant is expected to be a fairly large plant, a third of a gigawatt (0.33 GW) per plant, with built-in energy storage [12] Company Strategy & Collaboration - Evergy will meet near-term power needs with natural gas and solar, but will add nuclear for a sustainable system [2] - Evergy and TerraPower are collaborating to examine deploying Natrium reactors in Kansas [6] - Evergy's safe operation of the Wolf Creek plant for 30+ years has built confidence in nuclear safety and made Kansas welcoming to new nuclear [7] Challenges & Solutions - The main obstacle to nuclear energy is the capital expenditure (capex) [10] - Moving to new technology like TerraPower's Natrium reactor is essential to reduce capital intensity [8][11]

China has experienced rapid power demand growth in recent decades due to its industrial expansion https://t.co/O1h0VKKwvy ...

Project Overview - Utah is collaborating with TerraPower, backed by Bill Gates, to identify locations for a nuclear reactor project [1] Energy Demand - Utah aims to meet increasing power demand through this project [1]

Weather Forecast - Japan's national weather forecaster predicts high temperatures will persist for another month [1] Power Demand - The sustained heat could keep power demand high [1]

Power Outage - Iraq experienced a near nationwide blackout due to high power demand caused by extreme heat [1] - Transmission line failure triggered the blackout [1]

Weather Impact - Nearly half of the US population will experience hot and humid conditions, increasing power demand [1] - Elevated temperatures and humidity from Chicago to NYC and New Orleans pose health risks [1]