SR - Earnings call transcript Q3 2021

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Operator

Good day, and welcome to the Spire Inc.

Third Quarter Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. to of conference Investor like Dudley, to now Director Managing Relations. would turn over the Scott I Please go ahead.

Scott Dudley

under news from and Good may and morning, our a call. the earnings slide earnings either XXXX website download third this our and welcome Events Newsroom. site & Investors accompanies webcast to it We Spire's at spireenergy.com presentation and issued from There it that may then you access you fiscal website under quarter release or on morning, is an webcast, our Presentations.

XXXX. cover Before let including safe begin, contain use Reform meaning we and questions, Private of of to earnings me forward-looking call, our Today's the harbor the within Litigation of measures. statement statements may non-GAAP Securities responses Act

are are are reasonable with annual be non-GAAP to our uncertainties risks release and we of CEO, which turn I'll Explanations to economic various and President measures Sitherwood. will presentation. over reconciliations Spire's forward-looking that are on when be GAAP our factors risk discussing results of outlined net our These both there performance and In and than cause and both Suzanne margin, assumptions, measures future operations. and management filings used or earnings these Although may in their and With the that, comments, to evaluating contained contribution in those our counterparts SEC. by and slide anticipated. news uncertainties the call statements our performance are different results based quarterly Suzanne?

Suzanne Sitherwood

our Treasurer of third Woodard. time Steve for call. morning, Adam everyone. I the Adam We first you, our Welcome, you Lindsey, is are good us and Today, appreciate Thank earnings Adam. Utilities. CFO Spire's Scott, for joined joining Gas and quarter by Steve Rasche, and

every of matter complicated our continue the our to the And dedication how to we're I'm forward Stepping no consistently into no every day does the continue reliable and lean and natural every our I employees on ensure to mission successfully answer the the to we Spire's the team. on work of Storm shareholders, our operation how hard when helping out, the means deliver and The challenge, our energy. what year while delivering through our is employees strength execute our affordable More safe, see while the deliver building Pipeline Uri. of coronavirus in our STL gas and proud community always the forward progresses, exception. communities. for always And day advance conversation lead possible heartened for moment. a on challenges of team enrich to As stepping Winter life culture and X,XXX I'm in and despite Doing natural everything about ability of reflects continued that performance gas. record and customers challenge,

exploring sustainable As continue know we mid-century, key to methane future. emissions look natural RNG. operations consistently company In by advance America's spirit, gas a carbon-neutral to and be energy including that and commitment our to affordable we that ahead, sustainable is reducing we like reliable,

Turning to of performance. net reported morning, results. per our $X.XX quarterly we and operating continued third This solid quarter strong delivered economic share earnings

disruptions reliable STL and Pipeline past we infrastructure delivered skyrocketing as extreme built with why and homes this critical the Missouri. weather report, situation winter our people Make when thoughts to the the million I'd That's is several it. were year's other costs. in businesses parts the STL gripped to STL share the on the energy like affordable of importance of Pipeline of and operations mistake, Eastern hundreds Before proved Mid-Continent to our critical surrounding no of The and supply turning Pipeline. thousands

issued Defense customers this or for operational We've than regulatory we to in energy done all safe more constructed a a fully is take and and back deliver pipeline Environmental against and important job the legal seen been judgment I've long unusual operational in today? the secure another of As to FERC, June a avenues the why seriously. XXXX reliable Pipeline of the here natural is, the STL and since years Federal further jeopardy STL term. XXXX Regulatory is we that gas D.C. the authorization the sound highly at very approval more on had situation and Circuit XX, action FERC XX remember for Spire X-year its impacting for Court. remanding its for Court pipeline, STL days FERC environmentally Spire to of Court for agency Energy the and It's why the Pipeline. vacating on matter XXX regulatory year. been place winter, that the Missouri that the pipeline Appeals That after business to thorough fully construction to any pipeline process, customers emphatically from revoked. operation So we the in has of now, utility FERC's Pipeline and process in the been XX/X, particularly safe I've based uninterrupted but negatively authorization the XXXX. never and the know pursuing #X the a has rigorous is the eve decades. the than and challenged obtained a job On at years industry, in review The that of Fund pipeline question operations the by also A certificate the Circuit which Commission of XXX the for consideration our you for D.C. are

property region. steps and two protect the health of St. far, economic safety, big and So to taken we've Louis prosperity the

immediate gas to natural customers that an need to also a gives First, St. most. by opportunity It temporary allow it heating in Pipeline. when last to an the needs week, gives the left without to we the the Louis winter FERC the not without continue That opportunity grant remand region asked gas the winter, for the of the issues FERC FERC evaluate emergency more certificate be thoroughly would take being the this to STL action reliable an operating pipeline service they so season. rushed on

to Second, three, reconsider areas problem. devastation region in vacate if St. tremors Uri. disrupted, Court Cities is and was And D.C. gas events and gas a during by Uri. the But built environmental alternative, in was remaining businesses Pipeline the millions the occurred Louis event. that during When gas do, provide Spire's this did costs Instead, was gas and documented. St. of commitment Louis what for impacted gas devastation weather suffer the important spared how It's region was regional intense. communities the was D.C. request, and previous results act its operational demonstrated decision has worth operating today, its will suffered Oklahoma one not Winter authorizing such supply Circuit pipeline, the mind. one neither supply from clear, was would Storm shutdown an we of with FERC's that, particularly reliable Texas the nor to during FERC competition the understand the to throughout supply region pipeline. the producing STL designed extreme extreme to the St. unprecedented exactly the be natural in it that by from be safely did consistent is not be order Mid-Continent Uri. a force and to from well hundreds with purpose the environmental on the as our asking operating the To Louis St. project Louis an weather homes considerations. supply , and Pipeline diversity The STL all saving two, of Court,

As Eastern tell you Missouri. pipeline for in laser-focused our at can we the the remains communities and on words from service are actions, ensuring

Missouri last leaders businesses commercial I'm and are many of industrial Department community concern even pipeline, bipartisan and the needs pleased that elected key infrastructure voicing to their interconnecting customers, the and over Governor, meet loss this the voices homes energy interstate the pipeline, officials, weeks, Over potential all serve. several critical of we including Development, of the Economic a their Missouri raising and supporting note the to the

Now I'll the on. in Missouri that what energy losing operations several details million protect to turn Pipeline share to the and Lindsey doing count call Steve who are overall people STL over they about Spire's to we're

Steve Lindsey

the reliable gas and Suzanne. challenges to we to your our you, want I safe focus service our the operations outstanding echo of of employees efforts and who acknowledgment Thank delivery maintaining continue faced. on despite customers their

absolutely As for essential STL this in and critical that Louis and to the gas. aggressively is affordable fully than Suzanne XXX,XXX of our noted communicating, natural are infrastructure. homes and as reliable ability on count source serve Pipeline It energy more businesses region Spire we St. is

millions estimate of the important that, disruptions On supply basins, Spire that had was customers pipeline to in by in homes East essential and pipeline service region. during was place. we without we Pipeline we single St. paid level, As that of when Pipeline of we Missouri encountered extreme premises higher STL were itself this discussed, STL Winter event. hundreds experienced have just weather weather Marcellus in skyrocketing than the our in during Missouri the Texas and serve Missouri unaffected XXX,XXX Eastern February, how cold been Mid-Continent energy of not up been would Uri top At Uri, the during XX% would which That's in Storm estimate businesses gas dollars to provided costs. Utica largely prices. have that access the more pipeline for natural the Louis To and event. illustrate

changed ability extremely not energy to based provide gas other have able reliable constrained. ability this simply in STL flows operating replace conditions. our went forward, winter customers current our regional we and is new to market given pipeline to continue to supply to Pipeline because Going And that capacity Pipeline affordable interconnections on into STL That's our are is jeopardy. on service, and that since systems secure and without

That's potential up without in and As a cold extreme businesses more could customer service base be there the Louis would to our service scenario. homes XX% region. be XXX,XXX in weather an of result, St. than disruptions,

two important that are STL There pursuing. to Pipeline We operate and continues that have steps we ensure taken customers. our to serve are paths

reviews the filed in allow an XX On Pipeline the FERC This while D.C. remand will STL on the Circuit. FERC application for to July with Emergency matter the on Temporary Certificate. front, in remain a service pipeline regulatory

for asked an of application. have expedited our We treatment

and for STL or petition reflected in the to important Court looks make certificate Uri began. note the include XX critical a pipeline's original that are the record Pipeline, to outline projections in for dire issue strong to rehearing relief we at customers rehearing, including the courts. this before record issued we energy during performance Louis ruling. Winter months, and record years that this Storm updated with its court pursuing and of region the to our In the St. for request project also operating are filing lose operation It's making if to to the the Circuit last We pipeline that estimates the for over only the cues D.C. the Today, to ruling, consequences have we the determination infrastructure.

for court for authorization businesses order remain summary, We a have of vacating Pipeline reconsider the continue infrastructure Louis the the that reliable FERC's specifically Spire pipeline. energy the STL to region. is In asked Missouri affordable in critical that St. homes its and to enable providing confident and we

service infrastructure While preserve performance critical continue our significant utility and operating customers. infrastructure, working enhance we to our to investments we are to energy in make to

commitment goals further in system mid-century. reduction we and methane sustainability are be integrity support track with our achieving company our on are in gains and safety, a carbon-neutral of by emissions environmental to We

been plans We million growth. Pipeline upgrades with for our replacement spend including the infrastructure months coming first of of through the our investment million, on spend CapEx level accounting ultrasonic our last meters. in including continued than year-to-date gas more and ahead a remains over Total just fiscal ramping largest of for utility, nine $XXX We've installation XXXX. component, organic year. also on $XXX of of slightly pace in innovation, and was at half up our focused utility

on focused we've a up Meanwhile, year than to rate we're the which made progressing Missouri New million, ago. with $XXX business million $XX compared recovering more review, our since XXXX. investments is totaled

call an Let the for over Adam review. Adam? turn to on the rate me now update

Adam Woodard

of to the this month last review many December rate with partial And Last Thank constructively deployed we've Friday, the and in Public review the interested recovery unifying that been have of under investment. It in or minimize filed footprint. of capital continuing have infrastructure COVID-XX the the gas while the cap Missouri Spire agreement you, since The requesting deferred AAO, of We been on stipulation reached We filed period has for true-up then. the remaining parties our our making Authorization tariffs rate yes, recovery a with in $X at parties to Service May issues our we system the strides last the recovery remain rider, parties the combined hard billion work Notably, distribution towards exchanged on issues the case. is costs items nearly environmental conclude creation engaged mechanisms. surcharge replacement focused at Steve. ended now Evidentiary Commission have the system purchase safer, working rebuttal since and Missouri testimony. Accounting case. and settled the and our Order was tomorrow. for XXst a made weeks. coming hearings through

its conclusion constructive remains and the hearings a commitments update include Spire positive steps on we sustainability its trajectory, for and true-up testimony, review seriously. Next forward The August. Spire customers. in a process and look takes financial to to later

We Last quarter, the an as these with portfolio procurement overwhelming of gas the into biofuels communities Missouri signed next Assembly base, governor fortunate as RNG-based contemplates of infrastructure programs. legislation our hydrogen enjoy RNG, rule and is investment law, within at recently new in to The for support General in This RNG-enabling endeavors. customer implementation terrific making allows the new for which Commission. step margin it the passed renewable rate are our well by and Missouri gas supply for law.

certainly our how use developments opportunity you will keep to we We system. of will informed the on sustainability enhance of distribution this

this And is to Spire pleased coalition similar a ONE it Capital a founding Energy Future year. in joined the this partner announce limited that Ventures. quarter, Following is earlier we theme,

sustainability, with in the and kind We sector. several peers by gas on are reliability of fund, initially natural first this joined investment in a resiliency utility its with focus

gas to possible Steve reliable are push innovation what's affordable, to and for depend opportunity now delivering a pass of update. the financial will We the natural on. and and excited about over customers I transformation boundaries accelerate this in clean things

Steve Rasche

Thanks, Adam, everyone. and welcome,

or touch on earnings year. quarter. the me $X.XX economic last share for net a per down from third share, $X.XX few million delivered $X.X highlights Let consolidated or We $XXX,XXX, per of

infrastructure $XX posted Southeast, handful higher are market marginally rates less prior demand, customer from power the to Winter demand include contribution depreciation wholesale and from higher that charges both to higher with normal generation spring on Gas costs utilities note conditions gas year. just Missouri also Uri. due especially make million over Key $X costs and up a to $X investments. loss positioned million, higher disputes in cooler and the growth in of Our over margin the than Alabama, drivers favorable winter. marketing we a lower and of would this almost slightly reflecting due as Storm weather the combined higher to our tied I for just we Mid-Continent demand progress continue in upcoming commercial million,

Spire better Lastly, storage. corporate all $X by million, improved other reflecting businesses by and costs performance

cost on reflecting X%, on gas other basis rate key few commodity utilities reclassification, higher employee income, essentially last variances slightly expenses of gas a a and higher increased was year. the Other Slide up were to run operating at million, at Looking or to at net cost higher prices. cost the marketing. $X.X due and O&M XX. equal marginally Gas

per our economics target billion. of our growth and capital our expenditure turning fiscal share, to of range of long-term X% $X.XX X%, X-year We guidance. to Finally, earnings target earnings to target per share reaffirm our XXXX $X $X.XX

ongoing well million $XXX both now debt, million, as of rate Our in our higher Spire of retired support successfully First proceedings. totaling Mortgage issued plan the Missouri Bonds $XX financing includes as coupon

customers, continue and our investors. we communities to plan, delivering closing, on our for our in our execute So

Spire. support We well this interest and as our those us Missouri positioned spent continued later your time will STL Spire and emphatically in on the continue proceeding forward you rate are in We the updating to year. and Pipeline. look we with appreciate always, to And you today initiatives other

Now, we're ready to questions. take your

Operator

first [Operator will JPMorgan. of question Richard from Instructions] Sunderland The be

Richard Sunderland

timing today's last STL from outline one Could starting the regards on well? for the filings, and to the week watch to you two Maybe wise procedurally what as Pipeline. filing with and

Suzanne Sitherwood

Yes. Rich, and obviously I'll can in. others chime then start,

in terms of are certificate, making with the commission remarks, voices is the emergency of certificate, the timeline that I And have my in to very familiar there been terms the opening of the weighed obviously pipeline. determination. there's In no mentioned They specific situation. a of lot in that the significance

far very August, is Of the fall we weather, not course, hot are that here in away. but

we are Obviously, That commission primary very certificate. all provide regulatory And that met through some we and that the so hopeful they the a will with that and approval, to temporary focus. so rigorous went deliberative is process, for the be that record. have requirements pace process act

we're to will And so, an that get temporary process certificate. expedited hopeful again, that it be

Steve Lindsey

that say coming. definitive the is of these asked also today, move kind would we expedited going obviously the I no rehearing Rich, need on with on is on filing for timeline. to same winter as processing the thing. We've There

I the the same definitive think -- there and timeline. both is no So those answer somewhat is that

Richard Sunderland

just put you for and be sounds the It without would or risk existing cold trying about certain this get this very feeling in And Pipeline in to the on in FERC that the related record have it. speak terms of more changes the and question the of application. if a Understood. system laid the service conditions? and being in there the could here maybe service pressure with occurred out, particularly I'm in ramifications who customers upcoming like back states the you issues broadly a maybe pipeline. Got Curious is to filings winter STL immediately the the fact parts.

Steve Lindsey

winters. And changes place been have quite two Yes, pipeline that few now in since occurred the that's has configuration a are great a for there question.

system ability be growth our to configurations experienced pipeline, you of this for some those there, across keep do, that the and we've pipeline over even system, entire our were us we if where or And in with to a do, distribution order move to the can with side western within would we've have of the this example, needed. if the and pressure because system was think to gas off MoGas interconnection, other to other There had our interconnections, are that system that to pipelines. lot about on of system. gives years the not So continue that

Another a us comes to is is because pipeline do service and really in, which the you is. a to of I the elevated of lot think way it that the where on Pipeline thing the that before. really to be This is our brings replenish side storage accommodate gives understand we territory where that facility don't northern ability pressure of STL weren't to able facility able storage in in underground that

on. going so And weavings what talked to of that hundreds of during the to supply most saved about. is all the and if side supply state critical dollars during you diversification. we the things obviously, Operational, of The of time is of lot for experienced where that's cost there's February, are supply on what period because really, our East customers two diversity. on on piece of that customers the gas millions just X-day keep back were go But is on main this being reasons operational for a to these the place pipeline able inner and in is we

add if So one really as up the from operational the this benefits as stability. you plus well is equals three, supply I think one the almost a

one systems, really if And when our the say, then combine critical lose in to weren't start compounds. customers, place, so with temperature parts would is it if that of we storage depleted, modeling you that obviously, in pipeline

variables. pipeline is the so a of the But very think And this and Missouri is, expectations is whole lot has on bottom exceeded critical to customers there line I East.

Suzanne Sitherwood

to want add one only I point. Rich,

just to backbone we've and utility last the think summarized point. the the add we it Steve described. pressures of contemplates years, our system I want that all Steve what of rebuilt say, system The flows other I exactly the of handful and really. deployed of capital the the backbone do But in, diameter one and

point but together -- the backbone it's our meet demand, is the arteries not of we systems at located moving there demand. does receive, out team to just we where the So It's important our a this and where because or and vary designing communities and design where at system temperatures engineering even it stopping is areas. a growth it when of systems how the is physical versus growth other areas no maybe to all works

as I connect to want points two just So those well.

Richard Sunderland

commission just case. of on particular, any are the the the real if all front any ability be items rate of sense those quick a have outside Maybe foot do you in The would for put stipulation, kind to turning ruling? Or of there issues that items? settle to remaining of in best the

Adam Woodard

feel know it's again, I think been a point. Rich, predict want get to think a we Adam. we positive we don't at it's and can outcomes to I I this But like -- optimistic -- process don't feel we're constructive conclusion.

Operator

question next America. Julien The Bank Dumoulin-Smith of from of comes

Julien Dumoulin-Smith

assuaging the at played provided concerns, understand the raised you here. frame thus indirectly came thus far critical the next can steps tackling that least to the could received comments you the digesting certainly if and we far any feedback with any pipe Have far. FERC? so concerns the respect if differently back by of at slightly to I from feedback go -- I as and/or sort Perhaps in kind more mean, about just STL earlier angle all other And any thus think mitigate I just of the understand that I up want those if you and the role received seek to from just it you've perhaps received might initial and how the Glick feedback some therein? dissent you to here. break of of Glick? of curious down that you've today, But the here.

Suzanne Sitherwood

information the of pipeline my we It's some may that approved. regarding color. the how data, Glick. Chairman since add have colleagues course, since will operate. want I'll But start start And So I'll was time, actual more pipeline to some been of some and years,

enough got more there and Chair. he's and has he's information his been serving So time

get speak But he not on. he's true and not may would and want pipe front Chairman of so that forth so information information that what of So it's is know has or of operation certainly Glick what in I the to him front do and new about may I in been and got performance be and thinking.

Julien Dumoulin-Smith

enough. All maybe here. Fair then Okay. RNG right. strategy to And little speak can you bit a the

I But opportunities remarks, think participate spoke gotten afforded the you early of now and process implementation that up and maybe you from in scale in hand. kicking And understand phase? can speak legislation might to prepared to what as Missouri you in your how to you you've sort off, the therein? to could the your thought best process legislation be you want

Adam Woodard

it's yes, legislation. the regulatory with opportunity on that about the excited we're Julien, front, the probably comes

But we're premature strategizing as at but it's this -- with I through some and we've before, preliminary at I have again, to you as it, it's just preliminary a to very little approach. point. staff. had well going non-regulated mentioned definitely point this around nothing think prior a discussions expect, point would are probably approaches announce might this at rulemaking. certainly from RNG, but again to as some we stress regulated And We, exploring

Julien Dumoulin-Smith

in if I very here. more, and one squeeze Sorry, can brief

timeline to step. the ultimately on And case thoughts surprised. think to we speak in given the of then in Can the that any and perhaps? respective further with about resolving observations case turn step itself [indiscernible] for that, the As any partial you sort hearings certainly

Adam Woodard

I the don't well. the want that rate don't off constructive think gosh, specific the But think really on has identified speculate I parties, continue of with we changed Yes. timeline. or think hearings a have as of as review to, view by tone took, the our to our we the had XX% Again, items table. which think, and I demonstrated I stipulation we been engage

those lot it's conclusions. table. But get to to of We reminder it is the right a just the So taking it's items. feel step positive issues off again, a

Steve Lindsey

And Julien, Steve. is this

good then tomorrow. commission when financial hearings the will time the including will a partial look get that's parties wholesome hearings we this will think think And at, come settlement their the if their you with need I I or formal conclude put there the through to watch, other conclude that's will after stipulations But together will of be hearings week. that, the rest And summaries, analysis. various forward? to --

able kind would and that when it month overall, be you would kind to in just hoped, at all playing happen. of taken had now is you we have But may issues is in point few to again, and the of be later really forward smaller coming off we So this step that stipulations if back substantial as look of the as August those discussions final that ultimately really of partial the see table number settlement. of you other a honed part on a things will out

Julien Dumoulin-Smith

Got it.

Sounds like some good progress.

Operator

The from next question is Gabe Moreen of Mizuho.

Gabe Moreen

just initial as of clarify well. it whether on the can or to want if Capital sort a you that is really was broader? RNG investment as -- I I a was in the wondering follow-up I'm that investment. directed guess Energy I question, just investment to Ventures, had I RNG quantify

don't color more that mind. if on Just you

Steve Lindsey

in near an have investment. RNG across innovation term. strictly the looking Yes, on a would really spectrum the that information that It's not But affect us utility. at as it's Gabe, certainly in we'll more natural investments gas

Gabe Moreen

if this additive may know utility Got think overall of of your at terms that replaced rider point? discussions about in is this looking talk you're in it. you some seeking the of spend? be Do to within that? spend. Do pipeline this will your And early be thus this with think it you to Or of know, that the I PSC the just don't you're you Adam, how too framework at can investment far with terms

Adam Woodard

We It stipulation. know. -- to case, too, the future have I RNG did to would portions early a docket our we're may into the noted, review, that in of of -- address agreed Too the those our that think move you the -- legislation.

to spend our So take would it away additive. we would I likely more expect again, come on think to but capital replacement. on anything don't that, from most pipeline be I

Gabe Moreen

your minor And last storm a gas itself, the two there just progress follow-ups. past you pretty going? bit narrowing is kind had spread? that ask that's in winter, I acted has capital a to can summer I just of accordingly you storage this if maybe One And How recovery. maybe steep winter given benefit marketing about year, and been spread on it. just of how think, of then that been Got working year. on is talk benefit, Can positioning

Steve Lindsey

Gabe, is this Steve.

take Let shot. a me

going with you're supplying pay their Missouri have the the Public of real watch current of going point, or and a positioned the action cover fines. to would them have the damages to pay of We'll the Service gas. lack willingness or inability all until On They marketers Spire that early waiving the that speaking a I no to Public Service for regarding regulations is Commission don't those Commission direct that that to legal first that that believe by consider calendar forward. progress XXXX. result in as Missouri charges substantial three portion be us the for to to considered

there difference in a nervousness and what in a today was you right. We're at ago, A lot XX% is around Hub market. may that Hub. gas as for But while. Henry marketing makes? update cost more, a we there. And year $X it at latent on a Henry know about that at stick year the the trading So we'll And I you're is of think, business, of

of storage seeing, the two, you supply higher gas-fired to seeing But between increased of really extremely that few seasonal season. in generation. heating are we we're due at the deliver worst-case is order that weeks, they inject if are as We winter only look season have seeing not making that for for higher for flow seeing the we're are indeed newspapers. the some only and aren't in customers spreads cost to A cost the now volatility. now or planning serving winter demand customers. couple meet seeing in and scenario the heat last But lot Actually, to all what really customers, heating they the prices, we're an sure to quite to resilient the their the weeks not

that to we're going we through year moves given clearly best we So ourselves advantage season. and the sure take positioning can, market in market make those serve between more winter and will customers the that the opportunities, be as we but there have is now some also next market think where dynamics as gain can we to the that go heating the we now of we

Operator

The Brian will from be next of question Sidoti. Russo

Brian Russo

to after Just does the in a speaking, hypothetically that FERC timeline some Is the STL issue would sort X-day of event, avoid the In having there a pipeline? rehearing which quick potentially clarification Court D.C. on emergency that the denies? the need denies the to D.C. certificate your spark vacate to request, period the technically Pipeline. Court

Adam Woodard

we It -- would does. X-day and correct. a you're period order I effective be would would before say that

Brian Russo

it. review and information And Okay. D.C. certificate? Court Got the EDF actually data new just or then appeal was also the at clarify. only FERC time the Can on record information to of that the of

Adam Woodard

at They will point. be provided that can to review choose it new certainly with they and information

Brian Russo

Okay.

new information? the review So legally, can they

Adam Woodard

Correct. Correct.

Brian Russo

Storm the look the And Okay. what time hypothetically Winter FERC, Or on certificate recertify they record with the information, performance? have was at back on the FERC. do then Would new the same Uri you? to take if that can then they and they to the i.e., fall issued to the was

Adam Woodard

would review hope updated information. the that would We they

Brian Russo

from can recertification? be terms rehearing I any And commission, Can they Okay. would just the and/or I'm the Appeal they curious. do? actually then what witnesses Court of in governor, of new in a support FERC imagine

Steve Lindsey

parties what think I infrastructure instance of the Yes. this for critical Governor, of they there support the region. the think of need varying different in basically non-profit in Louis even local do. of the what chambers, But organizations, St. Development, Department following are could different perhaps are And I Economic a as levels

is And really engagement collaborative we're all trying have looking so for to what that's third a very parties. from

So industries large to whether are of going this. a have of that's support elected whether file it's that businesses, we officials, contingency for

have depends potential And think you as but in go to on that intervention do, is party so, through some procedure. you relative could I they can it the what cases, what

overwhelming we've easy a this not very from business political seen from it's what So for for. that one the support one-size-fits-all, And support them any really, is, have again but from educated it's community, once on to it's what position people I only is been we the provide non-profits. think community,

Brian Russo

contracted the still pipeline? outside that Missouri the ever the Spire is you excess then And some only it. capacity. on Got someone had Was Spire Right. to of shipper recall, utilities? I

Steve Lindsey

we've other with is Brian, some take see they contracted for basis, small who opportunity long-term XX customers that a we we to have that are of a including short-term a the on actually haven't remaining customers Yes, create out basis volume the this Steve. few pipeline, a value gas on taking Yes. -- are And it. tugging natural Spire marketing, because day. the on there some flowing and

Brian Russo

ROE, lastly rate up it something and decide? then procedural case. the that you Or possibly et to cetera, is leave for And to settlements partial could as Okay. on on you customary schedule? move reach that cap Is structure commission the the

Steve Lindsey

hearing. think, it to would positions We the certainly something to I It's like party's the expected that go hear on. through commissioners,

something So surprised a settlement. by is possible that's not not were really that a we -- at anything but all, in

Adam Woodard

whether as or move wholeheartedly the that those and on they that announce case reached with cap And settle and black actually are it, the about two evaluate they And then the that of in, rates face structure or issues, hear big agree else. settle over just been file. I that commissioners and or not that Yes. after more one open many all will Brian, their parties hearings the to things ROE move that be other the of a any whether anything forward box, those want will observation, every dials they are let's because, than the we've

Suzanne Sitherwood

not is, two only add uncommon build that I for on the want around those and would bigger point a it's pieces, commissions uncommon at who to that's not all. record And

a I consider normal so more of And course. kind it

Operator

come Selman from The will question next Akyol Stifel. of

Selman Akyol

has Just trying give XX? shut is taken or the us there you there to no by Or action courts, down calendar. And some on out? is be could a date either -- put August to by the is FERC pipeline the dates if runs when time

Adam Woodard

line us. once time responded any No, the start to moving would court

Selman Akyol

it's seven days And response? then that from

Adam Woodard

negative, the yes. If was response

Operator

[Operator Instructions] Dudley back session. over Scott further our any conference like question-and-answer I now for remarks. this to no turn concludes questions, the to Seeing closing would

Scott Dudley

us you interest you. of a it's know We busy soon. very in Thank Spire today. for talk your we'll all joining earnings all for for thank season Thank and you. Well, you

Operator

you. concluded. The you all for Thank is now Thank conference attending today's presentation.

You may day. disconnect. Have now a great

Spire (SR) 8 Aug 212021 Q3 Earnings call transcript