Power & Utilities - Updating PTs and Estimates

Research evidence excerpt

Power & Utilities - Updating PTs and Estimates

Truist Securities

Equity Research Report May 16, 2026

UTILITIES: Power and Utilities

Power & Utilities - Updating PTs and

Estimates Richard Sunderland

212-303-4124 In advance of the upcoming AGA Financial Forum and post 1Q earnings, we update our

Richard.Sunderland@truist.com PTs and estimates for AGA attendees AEE, ATO, CMS, CNP, DTE, DUK, OGS, PCG,

PEG, SRE, WEC, and XEL (plus EIX alongside these). We will be hosting meetings with

18 Page Document 16 utilities at the conference. Our full list of meetings across 5/17-5/19 includes AEE,

ATO, CMS, CNP, DTE, NI, NJR, NWN, OGS, PCG, PEG, SR, SRE, SWX, WEC, XEL.

Over the past month, we initiated coverage of 20 regulated utilities as part of our Power

Reasons for this report & Utilities Sector Launch, outlined feedback on the launch, navigated 1Q earnings, and

published our AGA conference preview. We briefly recap these items below.

✓ Adjusting Estimates and Price Targets

2026 AGA preview: key items into the conference. Across covered companies

attending AGA, we flag the following areas of focus into the conference. AEE: potential

for near-term ESA updates through 2Q earnings (and already playing out with 10Q

disclosures out of 1Q). ATO: 2026 guidance revision assumptions across APT and TX

HB 4384. CMS: data center opportunities amid broader MI attention. CNP: potential

magnitude of investment associated with the upcoming 2H transmission update. DTE:

strong 1Q data center commentary and prospects of an electric rate case stayout. DUK:

upcoming NC rate case intervenor testimony and overall settlement potential. OGS:

2026 guidance considerations after 1Q weather headwind, plus KS legislative benefit to

outlook. PCG: SB 254 phase 2 initial steps in the legislature.