Rockpoint Gas Storage Inc. F4Q26 a Touch Above; 2027 ToP Discussions in Line With Expectations; Warwick Battery Storage FID

Research evidence excerpt

Rockpoint Gas Storage Inc. F4Q26 a Touch Above; 2027 ToP Discussions in Line With Expectations; Warwick Battery Storage FID

J P M O R G A N North America Equity Research

28 May 2026

Rockpoint Gas Storage Inc. Overweight

RGSI.TO, RGSI CN

F4Q26 a Touch Above; 2027 ToP Discussions in Line Price (27 May 26):C$29.68

With Expectations; Warwick Battery Storage FID

Head of North America Power,

RGSI reported $109mm F4Q26 adj EBITDA, ahead of the ~$105mm JPMe/Street Utilities, Midstream, LNG, and

Nuclear

Median estimates. STS margin landed a touch above (+$2mm vs JPMe), while ToP

and Optimization margin matched JPMe. On contracting discussions, 2027 ToP Jeremy Tonet, CFA AC

contract rates and duration landed in line with management expectations, with (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

Alberta volume growth robust and California volumes consistent with the past

North American Midstream

three years. RGSI sanctioned the 11MW Warwick battery storage expansion (C

$14mm, FY2Q28 ISD), which leverages existing infrastructure and will connect Vrathan Reddy

to the grid. RGSI has secured required regulatory permits and completed front‑end (1-212) 622-4692

vrathan.reddy@jpmchase.com

engineering and design. On the 5bcf Warwick Gas Storage Expansion, RGSI has

Eli Jossen, CFAacquired the required mineral rights and associated infrastructure and has filed the

(1-212) 622-4113

initial regulatory application for the project, targeting full regulatory approval in eli.jossen@jpmchase.com

FY2Q27 to start earning revenues in FY3Q27. On the call, we look for additional

Francina Kolluri

color on moving pieces to the FY27 outlook, where the release highlights strong (1-212) 270-5796

operational flexibility in a low gas price, high storage inventory environment. We francina.kolluri@jpmchase.com