The Wells Fargo Daily Transmission: M&A, CNP/SRE, CEG, AEE, NWE, FE, CNP, NWN, IDA, CA, CMS, EIX, PJM, POR, NI

Research evidence excerpt

The Wells Fargo Daily Transmission: M&A, CNP/SRE, CEG, AEE, NWE, FE, CNP, NWN, IDA, CA, CMS, EIX, PJM, POR, NI

Equity Research

Industry Update — May 20, 2026

Utilities and Power

The Wells Fargo Daily Transmission: M&A,

CNP/SRE, CEG, AEE, NWE, FE, CNP, NWN,

IDA, CA, CMS, EIX, PJM, POR, NI

Here is what we are highlighting in today's key news items from the Wells Utility/

Shahriar (Shar) Pourreza, CFAPower Team... We would point investors to POR and PJM / DCs as we find them most

pertinent from a stock perspective: Equity Analyst | Wells Fargo Securities, LLC Shahriar.Pourreza@wellsfargo.com | 212-214-5422

M&A – Pension manager agrees to sell 1.4GW US Portfolio to private equity Constantine Lednev

Equity Analyst | Wells Fargo Securities, LLC

CNP/SRE – ERCOT stakeholders support $5B transmission project approval Constantine.Lednev@wellsfargo.com | 212-214-5438

Alexander CalvertCEG – CEG receives DOE grant for early nuclear site permit work in NY

Associate Equity Analyst | Wells Fargo Securities, LLC

AEE- MISO awards Tranche 2.1 projects to partnership including Ameren Alexander.J.Calvert@wellsfargo.com | 212-214-5434

Whitney Mutalemwa

NWE/MT – Montana PSC opens Colstrip investigation focused on affiliate treatment Associate Equity Analyst | Wells Fargo Securities, LLC

and customer protections Whitney.Mutalemwa@wellsfargo.com | 212-214-6428

Anders MyhreFE/WV – Filed rate requests for Mon Power and Potomac Edison

CNP – CenterPoint establishes ~$1B ATM equity program with forward component Anders.S.Myhre@wellsfargo.com | 212-214-6409

Andrew Kadavy

NWN – PUCT finds notice sufficient for Blue Topaz CCN amendment; procedural Associate Equity Analyst | Wells Fargo Securities, LLC

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