JPMC Utilities Daily 22 May: UK Utilities, ENEL, RWE, EDP

Research evidence excerpt

JPMC Utilities Daily 22 May: UK Utilities, ENEL, RWE, EDP

J P M O R G A N Europe Equity Research

22 May 2026

JPMC Utilities Daily

22 May: UK Utilities, ENEL, RWE, EDP

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

AC• UK Utilities: Burnham Risk or Buy’Em Opportunity? (Research Available) Pavan Mahbubani, CFA

• Enel: India business receives new bids after failed sale to Waaree (44-20)pavan.mahbubani@jpmorgan.com7134-3056

• RWE: Starts construction of 42MW onshore wind farm in Italy J.P. Morgan Securities plc

• EDP: Issues €750m green fixed bonds with a coupon of 3.75% Samanvitha Theegela (91-22) 6157-5846

samanvitha.theegela@jpmchase.com

J.P. Morgan India Private LimitedSector News

Mukund Verma

(44-20) 7742-4181

mukund.verma@jpmorgan.com

UK Utilities: Burnham Risk or Buy’Em Opportunity?

Specialist Sales contact details:

(Research Available)

Ian Mitchell - Specialist Sales -

We see a buying opportunity in UK Utilities against a backdrop of political European Energy

uncertainty. Recent weeks have seen calls for the Prime Minister to resign, with (44-20) 7134-1356

former Health Secretary Wes Streeting and Manchester Mayor Andy Burnham ian.e.mitchell@jpmorgan.com

positioning themselves to be the next leader of the Labour party. Alongside this we

have seen initial views of policy, varying from the “stronger public control” view

of Mr Burnham to the Labour Growth Group caucus of MPs pushing for the

government to bring zonal pricing back to the table. Our conversations with

investors have primarily focused on nationalisation risk, especially for the UK

water names - we see these concerns as overdone. Against a backdrop of