Electri-Friday: Dancin' Through The Lightning Strikes

Research evidence excerpt

Electri-Friday: Dancin' Through The Lightning Strikes

Energy | Power & Utilities

May 15, 2026

Nicholas Amicucci, CFA Electri-Friday: Dancin' Through The

212-812-2931

nicholas.amicucci@evercoreisi.com Lightning Strikes

Sharon Wang Electri-Friday is our weekly product on all things electric from

212-653-8999 generation to equipment providers, EPC contractors and distributors.

Sharon.Wang@evercoreisi.com The objective being to provide key discussion topics during the past

week, macro, industry and idiosyncratic announcements, while

contextualizing them in the broader power and electrification mosaic.

The Independent Power Producers and broader power producer

Table of Contents complex has been the focal point of most of our discussions this week

Coverage Performance as we received 1Q26 results from CEG, MWH and FRMI to finish out

the earnings season. In addition the reports under our coverage

Comp Sheet

there were a number of lateral reads (NBIS, NXT, MARA, FPS) that

Indexes & Commodities further emphasized the speed-to-power and secular power

Valuation demand thematic, which we opined upon (HERE). While shares of

Load Growth, Power Pricing, Capacity Additions, the IPPs were under pressure as a result of the NBIS announced

and More PPA agreement we believe the more meaningful read from the

announcement should be the level of immediate demand it

conveys. Essentially, while incremental announcements within

Recent Reports

the region suggests “more competition”, the ability to both

Industry Notes provide a portfolio of leverageable assets and the ability to build

▪ We're Gonna Take It Slow, Just As Fast As We incremental generation is highly valuable, a value that resides

Can: Utilities Earnings Recap within IPPs all of whom have built these complex generation