Utilities: Electrifying Energy Security

Research evidence excerpt

Utilities: Electrifying Energy Security

Europe Insight

May 13, 2026 09:04 PM GMT

Morgan Stanley & Co. International plc+MUtilities Robert Pulleyn

Equity Analyst and Commodity Strategist

Electrifying Energy Security Robert.Pulleyn@morganstanley.comMorgan Stanley Europe S.E., Paris Branch+ +44 20 7425-4388

Arthur Sitbon, CFA

What’s Changed Equity Analyst

Arthur.Sitbon@morganstanley.com +33 1 42 90 71-03

Orsted A/S (ORSTED.CO) From To

Rating Equal-weight Overweight Morgan Stanley & Co. International plc+

Price Target DKr 160.00 DKr 225.00 Sarah E Lester, CFA

Top Pick Added RWEG.DE ORSTED.CO Equity Analyst

Sarah.Lester@morganstanley.com +44 20 7425-0551

We explore the renewed focus on Energy Security in light of the Marina Fuentes Juan

second exogenous Gas supply shock in 5 years, considering Research Associate

Marina.Fuentes.Juan@morganstanley.com +44 20 7425-2268

European electrification, the outlook for clean power and

enabling electricity network infrastructure. Energy Security joins Utilities Europe

Powering AI and overlaps with Energy Transition as key utility Industry View Attractive

themes. 2026 Energy Crisis series

INSIGHT: Manageable Power Market

Key Takeaways Intervention Ahead

UPDATE: AccelerateEU Response to Energy

Return of Energy Security as a key theme should support continued

Crisis.

outperformance of Utilities vs the market.

UPDATE: Clarity on UK Electricity Reforms

With electrification key for energy security, new analysis shows Europe electricity

UPDATE: Carbon MSR Reform Lands Softly

at 21.6% of final energy consumption, lagging pace setters in Asia.

IDEA: Softly Softly into Carbon Reform

Yet, IEA expects accelerating electrification in Europe to 28-30% by 2035, UPDATE: What To Make Of Italian Energy