The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Andrew Marc Weisel - Scotiabank Global Banking and Markets, Research Division - Analyst
: I wanted to ask a little bit more about the financing year-to-date and Page 15. It looks like you're well ahead of the initial plan, and a lot of that
seems like it was done since the 1Q call. So it wasn't purely reaction to the uncertainties around COVID, I'm sure. Can you just walk us through why
you were so aggressive with the debt? What your plans are for those term loans? And how that -- how you think about the liquidity at over $3
billion?
Question: Andrew Marc Weisel - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. Great. That's helpful. Next, just to be very clear, on Page 12, the waterfall for the 6 months to go, that risks and opportunity box, obviously,
you're showing somewhere between $0.02 and $0.09 of negatives versus $0.20 of positives. That, I believe -- the minus $0.07 to minus $0.03 you
have for cost savings usage and other, am I reading this right that you're basically saying that negative is kind of what you're expecting from COVID,
but you have $0.10 of additional cost offsets and $0.10 of July weather that should help you out? And if that's the case, if nothing else changes,
would you be able to reinvest those $0.20 by year-end?
Question: Andrew Marc Weisel - Scotiabank Global Banking and Markets, Research Division - Analyst
: A good position to be in. I'm sure your trees will be well trimmed by year-end.
Question: Andrew Marc Weisel - Scotiabank Global Banking and Markets, Research Division - Analyst
: Great. One last one, if I can, on the rate cases. Your neighbors in Michigan recently settled their natural gas case and deferred the electric case by
a year. I know that no 2 utilities or rate cases are the same, but do you see potential for something similar for your rate cases? Or are there certain
factors that might preclude taking actions like those?
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