European Utilities "Crowding: Largest moves for Redeia (turned negative)..."

Research evidence excerpt

European Utilities "Crowding: Largest moves for Redeia (turned negative)..."

Global Research

15 May 2026ab

European Utilities Equities

Europe including UKCrowding: Largest moves for Redeia (turned

negative) and Enagas (more positive) Utilities

Wanda Serwinowska, CFA

Analyst

wanda.serwinowska@ubs.com

No major change for the sector as a whole +44-20-7568 3980

As of 12 May, there was net positive positioning on 15 stocks (out of 32) in the sector, vs. Mark Freshney

16 stocks on 27 April. We note positive changes in sentiment on 19 utilities (e.g. long Analyst

positions are more crowded or short positions are less crowded), while 13 utilities mark.freshney@ubs.com

showed negative changes in crowding. Renewable stocks are most negatively crowded, +44-20-7568 3989

with an average score of -4; while crowding remains most positive on Integrateds Gonzalo Sanchez-Bordona

(average score +2). Analyst

gonzalo.sanchez-bordona@ubs.com

Largest moves for Redeia (turned negative) and Enagas (more positive) +34-91-745 4147

Crowding on Redeia turned negative on continued noise regarding potential liabilities Christabel Kelly

related with the Iberian blackout in 2025, in our view. We see the largest improvement Analyst

for Enagas due to much better than expected draft regulation for 2027-32, along with christabel.kelly@ubs.com

M&A. +44-20-7568 2358

Anna Webb

Net short positioning Analyst

Elia and Verbund are the most crowded shorts, followed by EDPR, Endesa and CEZ. anna.webb@ubs.com

+44-20-7568 8293

Positioning turned negative on Redeia and Pennon. Of stocks that show net short

positioning, we see the largest improvement for Verbund (from -12 on 27 April to -10 on

12 May). We see the largest deterioration for United Utilities (from -1 to -3), Elia (from