電力公用事業(yè)與可再生能源會(huì)議問題庫(kù)

1、Equity Research Americas | United StatesElectric Utilities & RenewablesCS Utilities, Power & Clean Tech Conference - Question Bank. May 14, 2020Alternative Energy | CommentIn advance of our inaugural Credit Suisse Utilities, Power & Clean Tech (virtual) 2020 conference, we have updated our most rece

2、nt question bank for attending utility and renewable companies for your convenience.Credit Suisse 2020 Power & Clean Tech Virtual Conference ScheduleAY, BKH, BE, BEP, CMS, CPX, DTE, DUK, ED, ENPH, ES, GNRC, NI, NWE, NRG, RUN, TARecent Company Notes BKH: 1Q20 Hit on Weather, 2020 Guidance Reduced on

3、COVID-19 BE First Impression Q1 Beat, but Delays in Q2 BEP: 05/06 At-a-glance: Leading LTA CPX.TO: 05/04 At-a-glance: Ample Ex-Alberta CMS: Commercial/Industrial Load down Sharply, but Guidance for 2020 Resilient into Summer DTE: Maintaining Guidance and Digging Deep to Keep it DUK: Transcript of ca

4、ll with CFO; Maintain Outperform ED: Impacts from a Center of the Pandemic ENPH: Q2 Weaker Due to COVID ES: Delay Risk for Wind, but Sails Remain Full NI: COVID19 Adds Near-Term Uncertainty, but Long-Term Fundamentals Remain Strong NWE: Ramping Up Cost to Deal with COVID19 RUN: Boosting Value with M

5、ore Digital Sales, Installation, and Permitting TA.TO: 05/12 At-a-glance: Powering AheadRecent Sector Notes 4/29 US Electricity Tracker; -5% but Stable 4/27 Results Realizations: In the COVID-19 Quarter 4/27 Utilities & Renewable Roundup: Things We Learned This Week 3/30 COVID-19 Impact Update: Stim

6、ulus Bill Impacts, Load Decoupling, Bad Debt Tracking, Equity, LiquidityResearch AnalystsMichael Weinstein, ERP212 325 0897 HYPERLINK mailto:w.weinstein w.weinsteinAndrew M. Kuske416 352 4561 HYPERLINK mailto:andrew.kuske andrew.kuskeMaheep Mandloi212 325 2345 HYPERLINK mailto:maheep.mandloi maheep.

7、mandloiAndres Sheppard212 325 2306 HYPERLINK mailto:andres.sheppard andres.sheppardJames Aldis416 352 4595 HYPERLINK mailto:james.aldis james.aldisHamza Aziz416 352 4589 HYPERLINK mailto:hamza.aziz hamza.azizDISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTI

8、FICATIONS,LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that couldTable of Contents HYPERLINK l

9、 _TOC_250012 Atlantica Yield Plc. (AY) Not Covered 3Black Hills Corporation (BKH) Neutral, TP $70 4 HYPERLINK l _TOC_250011 Bloom Energy (BE) Outperform, TP $20 5 HYPERLINK l _TOC_250010 Brookfield Renewable Partners L.P. (BEP) Neutral, TP $64 6 HYPERLINK l _TOC_250009 CMS Energy (CMS) Outperform, T

10、P $59 7 HYPERLINK l _TOC_250008 Capital Power Corporation (CPX) Outperform, TP $32 8 HYPERLINK l _TOC_250007 DTE Energy (DTE), Neutral, TP $120 9 HYPERLINK l _TOC_250006 Duke Energy (DUK), Outperform, TP $86 10Consolidated Edison (ED), Underperform, TP $76 11 HYPERLINK l _TOC_250005 Enphase Energy (

11、ENPH), Neutral, TP $40 12 HYPERLINK l _TOC_250004 Eversource Energy (ES), Neutral, TP $76 13 HYPERLINK l _TOC_250003 Generac Holdings Inc. (GNRC), Not Covered 14 HYPERLINK l _TOC_250002 NiSource Inc. (NI), Outperform, TP $27 15NorthWestern Corporation (NWE), Neutral, TP $64 16 HYPERLINK l _TOC_25000

12、1 NRG Energy (NRG), Not Covered 17 HYPERLINK l _TOC_250000 Sunrun Inc. (RUN), Outperform, TP $18 18TransAlta Corporation (TA), Outperform, TP $10 19Atlantica Yield Plc. (AY) Not CoveredFrancisco Martinez-Davis (CFO), Leire Perez (Director IR), Irene Rodriguez (IR)Potential acquisition opportunities

13、in the global renewable landscape, for new projects or distressed projects under construction? Any opportunities in public markets? Which technologies look most attractive today and in which geographies?Do you expect any repowering opportunity for renewable assets in the US, Spain or internationally

14、?With one battery storage project in the portfolio, do you expect more battery investments?Are there any opportunities to add battery storage at existing generation sites?Do you expect to invest in distributed solar? Especially as residential and commercial solar is growing at fast pace in Spain and

15、 the US, both your core markets.Given your recently closed green bond, how has access to capital changed in this market for renewable projects?How do you think about value of the renewable assets beyond the contracted life? Are Can you talk about how much CAFD growth could be supported with the $143

16、M greenbond?Are tax equity markets still open?How do you think about your corporate (Holdco) leverage target? Is there room to grow beyond the 2.4x in 1Q20?Are any other forms of financing opportunities available today, like green bonds? Can you talk about growth plans beyond COVID and potential fun

17、ding needs/sources?Do you see any counterparty payment risk due to COVID? Have the governments in your geographies announced policies to offset/avoid curtailment or default?Can you talk to the strategic review led by committee earlier this year, what kind of investors were interested and what respon

18、se did you get? Could we expect the review to restart after the market settles down?On the policy front, do you expect any support for renewable projects in the US, Spain, or other regions? And could any policy impact Solana tax equity investment?Do you expect any delays in PG&E project resolution,

19、given any potential COVID related delays?Black Hills Corporation (BKH) Neutral, TP$70Rich Kinzley (CFO), Jerome Nichols (Director IR), Dave Soderquist (IR analyst)Growth and GuidanceYouve recently revised down your 2020 guidance in 1Q20 call to $3.45-$3.65 (from$3.55-$3.75), can you describe what fa

20、ctors drive the revision down?Can you elaborate on the $0.05-$0.10 net reduction from COVID? What did you assume?Can you talk about the accounting change for sale leasebacks? What is the impact on project sold in the last few years, and how much leaseback should we expect in guidance?Why did you dec

21、ide not to quantify the impacts from COVID on the Q1 call?Where do negotiations stand on the Wygen contract? What is the impact on EPS from the new contract (as it stands) vs the old one?What new generation and renewable opportunities do you see in Colorado, Wyoming, and South Dakota?What are the po

22、tential financial implications from a new coal contract with Pacificorp in 2022?Capital Plan, Equity Issuance and LiquidityHave there been any disruptions to supply chains that could impact projects?The capex plan (2020-2024) was unchanged in Q1 call at $2.7B, can you discuss the drivers for base an

23、d growth project capex?If needed, how flexible can you be with 2020 $669M capex (e.g., if customer affordability becomes an issue during COVID19 pandemic response)?Is it safe to assume that the capital plan may trend higher over time with 1-2 50M discrete projects announced that are currently not on

24、 the plan? What kinds of projects fit this upside opportunity profile?After the $100M block of equity that was issued in Feb, youve mentioned that you do not expect to issue any additional equity in 2020, is that still the case?Can you talk about equity issuance expectations for 2021?What is BKHs cu

25、rrent net debt to capitalization ratio vs both regulator expectations and rating agency thresholds?Can you describe your current liquidity status?What is the current status of your pension? Any changes from being 85% funded in 2019?RegulatoryHow would you describe the regulatory relationship in Colo

26、rado under the current set of commissioners?Does the recent defeat of Pueblos buyout proposal open up any new opportunities for you in the state? Could you once again pursue a RRR for the Pueblo CT?Whats the status of Colorado Gas rate case? When can we expect the final order? Whats the status of Wy

27、oming Gas regulatory and legal consolidation?What changes can be expect from the gas consolidation in Nebraska?Bloom Energy (BE) Outperform, TP $20Greg Cameron (CFO), Mark Mesler (VP Finance & IR)How has COVID-19 related stay-at-home orders impacted supply or and installations for fuel cells?How hav

28、e customer inbound queries changed in the last 2 months?Backlog was 1983 systems exiting December 2019. Can you talk about the changes you are seeing in backlog since then? How many of these would be recognized in 2020?Have you seen any change in renewable mandate or reliability requirement driven c

29、ustomer demand? Has it impacted your PPAs in backlog or new originations?2019 year-end backlog implies average ASP of products and install $5,457/kW in backlog, flat Y/Y vs backlog exiting 2018. Can we expect 2020 ASPs to higher than prior guidance of down 30% Y/Y? or could we expect 2021 ASPs to be

30、 higher and in line with backlog?What is the cost of a system today? What should we expect for Gen 5.0 this year and next, and later for Gen 7.5 next year?What is the mix of international sales in backlog? And how should we think of mix of US vs international bookings or sales in coming quarters?Whe

31、n do you expect cash flow profitability for new installations?What is the timing on new product launches (7.5, 9.0?) and penetration into newer geographies in 2020 and 2021?How should we think of the timeline of new product launches in new verticals such as biogas power plant (with California BioEne

32、rgy), and marine fuel cells (with Samsung Heavy Industries)? How big is the TAM?Management talked about electricity cost of 0.5% short position of the total issued share capital of the subject company (BE.N).For date and time of production, dissemination and history of recommendation for the subject

33、 company(ies) featured in this report, disseminated within the past 12 months, please refer to the link: /disclosures/view/report?i=517536&v=- 4jl9fjd4l1xa48azf7xj4r467 .Important Regional DisclosuresSingapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from

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36、ch-policy.html.Investors should note that income from such securities and other financial instruments, if any, may fluctuate and that price or value of such securities and instruments may rise or fall and, in some cases, investors may lose their entire principal investment.This research report is authored by:Credit Suisse Securities (USA) LLC Michael Weinstein, ERP ; Maheep Mandloi ; Andres SheppardCredit Suisse Securities (Canada),