AGA Conf Takeaways: In the Shadow of M&A; What you NEE/D to Know; Desert Style

Research evidence excerpt

AGA Conf Takeaways: In the Shadow of M&A; What you NEE/D to Know; Desert Style

NORTH AMERICA | Power & Utilities EquityMayResearch20, 2026

AGA Conf Takeaways: In the Shadow of M&A; Best meetings focused squarely on further

guidance revisions in short & medium-termWhat you NEE/D to Know; Desert Style pertaining to yet further datacenter follow-

AGA dominated by Monday's massive NEE/D electric M&A but a litany of thru. SWX/MDU remain our key gas utility

favorites. AEE, NI, LNT, WEC standout for

good stories in Arizona. Confident tone from data center winners was striking further DC activity to come.

including AEE, LNT, NI, DTE, WEC, & XEL. We see this suite poised to deliver once

again into 3Q/EEI to varying degrees. As US data center pushback intensifies

and PJM remains cloudy, solid regulated markets will continue to take share.

AEE: Multiple levers: 1) Sales/margins on 2.8GW ESAs with path to 3.4 GW; 2) new gen; 3) Tx upside.

Sept IRP leading indicator and catalyst for Fall update.

LNT: High-quality data center pipeline gives confidence in upside growth. Rate case stay out keeps

finding ways to extend.

ATO: FY26 guide up reflects (i) APT spread upside and (ii) Rule 7.7102 catch-up, but only raised

base carries forward.

AVA: Executing strategy on growth and higher ROEs. WA MYRP settlement conference and the

driver of FY27 EPS rebase. Large data center ESA filing coming soon

BKH: Scope of data center activity continues to grow with MSFT acres above the pipeline.

CMS: Moody's remediation operationalized via revised gas case (equity thickness to 51.75%), cash

CWIP likely in IRP. IRP slips modestly. Data center wait continues.

CNP: Indiana data center opportunity with "GenCo-like' structure possibility.

CPK (Not Covered): Focused on capital deployment through FY28.