US Power & Utilities: 2026 AGA Conference Takeaways: Growth, Execution, & Affordability

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US Power & Utilities: 2026 AGA Conference Takeaways: Growth, Execution, & Affordability

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US Power & Utilities

2026 AGA Conference Takeaways: Growth,

Execution, & Affordability

Industry Overview

Meetings at the AGA Conference 20 May 2026

We hosted meetings and events with twenty-one management teams at the 2026 Equity

American Gas Association (AGA) conference in Phoenix, AZ. We discussed both broad United States

themes and addressed company-specific questions. Our high level and company-specific Utilities

takeaways from these meetings are described below. Ross Fowler, CFA

Research Analyst

Positive growth tempered by hint of political caution BofAS+1 646 855 1506

Positive management tone in meetings largely echoed the Q1’26 earnings cycle: ross.fowler@bofa.com

prospective data-center–driven load growth is increasingly translating into more binding F. Paul Cole

commitments. Capex plans are being refreshed, execution is moving up the agenda, and ResearchBofAS Analyst

financing options are being weighed against market conditions. Affordability is also +1 646 743 2122

paul.cole2@bofa.com

emerging as a clearer risk as political attention on regulatory constructs and ratepayer

Rinny Singh

outcomes builds. For gas LDCs, teams remain confident they can work through weak Research Analyst

weather-driven Q1 results without changing full-year expectations. BofAS

+1 646 855 5729

rinny.singh@bofa.com

Management focus turning to plan execution/financing Nicolas Woods

Management teams highlighted that capex plans are evolving, with several companies Research Analyst

BofAS

updating multi-year spending outlooks in Q1 as data center projects entered the +1 646 556 4179

executable pipeline.