AGA Day 2 Recap

Research evidence excerpt

AGA Day 2 Recap

Equity Research

Multi Company Update — May 19, 2026

Diversified Electric Utilities

Natural Gas LDCs

Regulated Electric Utilities

Our Call Shahriar (Shar) Pourreza, CFA

We met with 13 utilities at AGA conference for Day 2 on Sunday: Best meetings of the Equity Analyst | Wells Fargo Securities, LLC

Shahriar.Pourreza@wellsfargo.com | 212-214-5422

day to call out: UGI, AEE, NI. For our recap of day 1 see HERE

Constantine Lednev

Equity Analyst | Wells Fargo Securities, LLC

UGI - Value recovery story gaining credibility. AmeriGas stabilization is taking hold, with Constantine.Lednev@wellsfargo.com | 212-214-5438

tangible operating improvements, while International FCF and portfolio tightening Alexander Calvert

provide underappreciated support. Layer in emerging PA data center/generation Associate Equity Analyst | Wells Fargo Securities, LLC

optionality, and the SOTP gap is increasingly actionable. Proof point is next winter, but Alexander.J.Calvert@wellsfargo.com | 212-214-5434

rerate path is becoming clearer with upward bias to value unlock Whitney Mutalemwa

Associate Equity Analyst | Wells Fargo Securities, LLC

AEE - gave updates on a new large load ESA, MISO Tranche 2.1 competitive transmission Whitney.Mutalemwa@wellsfargo.com | 212-214-6428

awards and a lower downgrade threshold from Moody's. AEE executed an ESA for new Anders Myhre

600MW large load, putting the company at 2.8GW of large loads under ESA. AEE is to Associate Equity Analyst | Wells Fargo Securities, LLC Anders.S.Myhre@wellsfargo.com | 212-214-6409

update their IRP to reflect the generation need to support that load this Fall and will

Andrew Kadavyupdate the capital and financing plans along with long-term EPS guidance on the 3Q call.

Andrew.Kadavy@wellsfargo.com | 212-214-5485