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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
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  "presentationDate": "2023-03-08 00:00:00",
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  "notes": "Uses a before-after comparison of growth projections to highlight a discrepancy in company guidance.",
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      "text": "Spruce Point Question: \"Would you be concerned if WTRG is falling behind its rate base growth projections? Do you agree that if WTRG starts missing its expectations in rate base growth that it would be a major cause of concern for investors?\" Answer: \"Yes, I would. And that’s because utility companies are so hyper-focused on rate base growth. To achieve their earnings growth, they have to get into service the capital that they’re spending.\"",
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      "text": "Rate base growth potential is a key investor marketing pitch used by WTRG to show upside in its business. We find that Peoples is falling behind expectations for rate base growth and projections have quietly been cut by $100m per year.",
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      "text": "Rate base growth potential is a key investor marketing pitch used by WTRG to show upside in its business. We find that Peoples is falling behind expectations for rate base growth and projections have quietly been cut by $100m per year.",
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      "text": "Spruce Point Question: \"Would you be concerned if WTRG is falling behind its rate base growth projections? Do you agree that if WTRG starts missing its expectations in rate base growth that it would be a major cause of concern for investors?\" Answer: \"Yes, I would. And that's because utility companies are so hyper-focused on rate base growth. To achieve their earnings growth, they have to get into service the capital they're spending.\" — Spruce Point interview",
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      "text": "Source: Spruce Point interview; Guidance Event, Jan 11, 2021; Investor Presentation slide 47, IR Website, January 2023",
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      "text": "Peoples' Rate Base Falling Below Expectations",
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