The Wells Fargo Daily Transmission: CMS, MI/Policy, OGE, NYISO, Nuclear, UGI, POR, OH/DCs, CA

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The Wells Fargo Daily Transmission: CMS, MI/Policy, OGE, NYISO, Nuclear, UGI, POR, OH/DCs, CA

Equity Research

Industry Update — May 14, 2026

Utilities and Power

The Wells Fargo Daily Transmission: CMS, MI/

Policy, OGE, NYISO, Nuclear, UGI, POR, OH/

DCs, CA

Shahriar (Shar) Pourreza, CFAHere is what we are highlighting in today's key news items from the Wells

Utility/Power Team... We would point investors to CMS, MI/Policy (DTE/CMS EquityShahriar.Pourreza@wellsfargo.comAnalyst | Wells Fargo Securities,| 212-214-5422LLC

– more noise in MI), and OGE as we find them most pertinent from a stock Constantine Lednev

perspective: Equity Analyst | Wells Fargo Securities, LLC

Constantine.Lednev@wellsfargo.com | 212-214-5438

CMS – Files Equity Distribution Program for Up to $3bn of Common Stock via ATM Alexander Calvert

Facility Associate Equity Analyst | Wells Fargo Securities, LLC

Alexander.J.Calvert@wellsfargo.com | 212-214-5434

MI / Policy – Michigan House Passes Bills to Repeal 2023 Clean Energy Mandates Whitney Mutalemwa

OGE – AG recommends denial of Frontier BESS preapproval; favors PPA alternative Associate Equity Analyst | Wells Fargo Securities, LLC

Whitney.Mutalemwa@wellsfargo.com | 212-214-6428

OGE – Staff supports tighter RFP guardrails, flags screening and self-build risk Anders Myhre

concerns Associate Equity Analyst | Wells Fargo Securities, LLC

Anders.S.Myhre@wellsfargo.com | 212-214-6409

ES – FERC Denies NETOs Motion for Stay on Refunds in ROE Case (EL11-66), Andrew KadavyMaintains Refund Obligation Through 2014–2026 Period Associate Equity Analyst | Wells Fargo Securities, LLC

NYISO – CHPE HVDC transmission line goes in service Andrew.Kadavy@wellsfargo.com | 212-214-5485

Marcella Petiprin