JPMC Utilities Daily 18 May: UK Utilities, ENGI, IBE

Research evidence excerpt

JPMC Utilities Daily 18 May: UK Utilities, ENGI, IBE

J P M O R G A N Europe Equity Research

18 May 2026

JPMC Utilities Daily

18 May: UK Utilities, ENGI, IBE

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

AC• UK Utilities: Andy Burnham says Labour must put energy and water under Pavan Mahbubani, CFA

public control (44-20) 7134-3056

pavan.mahbubani@jpmorgan.com

• Engie Chile: Eyes upcoming regulated supply auctions J.P. Morgan Securities plc

• Iberdrola: Advances solar-storage project in Brazilian archipelago Samanvitha Theegela

(91-22) 6157-5846

Sector News samanvitha.theegela@jpmchase.comJ.P. Morgan India Private Limited

Mukund Verma

(44-20) 7742-4181

mukund.verma@jpmorgan.com

UK Utilities: Andy Burnham says Labour must put energy

and water under public control Specialist Sales contact details:

Ian Mitchell - Specialist Sales -The Guardian reported that Andy Burnham has suggested that a programme of European Energy

mass renationalisation would be at the centre of his policy platform if he succeeds (44-20) 7134-1356

Keir Starmer as prime minister. The Greater Manchester mayor is seeking a return ian.e.mitchell@jpmorgan.com

to Westminster via a byelection in Makerfield. He has been widely expected to

challenge Starmer for the Labour leadership if elected and is seen as the favoured

candidate of the party’s soft left. Labour has yet to officially select its candidate,

but Downing Street has indicated it would not block Burnham’s attempt to stand

as it did in the Gorton and Denton byelection in east Manchester this year. The party

has been in turmoil since its poor performance in last week’s local elections, with