European Utilities: UK politics again... 'public control' update

Research evidence excerpt

European Utilities: UK politics again... 'public control' update

Equity Research

8 June 2026

European Utilities

UK politics again... 'public control'

update First Look

Further comments from Andy Burnham over the weekend UU.L/UU/ LN OVERWEIGHT

POSITIVEshow evolving debate on 'public control'. Selective change in EuropeanEnergy Utilities & Clean

ownership 'an option'; cognisant of the cost and complexity Price Target GBp 1535

of wholesale ownership change. We see unlikely that the Price (05-Jun-26) GBp 1324 Potential Upside/Downside +15.9%

Source: Bloomberg, Barclays Researchthree listed names would be impacted.

PNN.L/PNN LN OVERWEIGHTUK water: ‘Public control’ debate re-emerges, but nationalisation still low probability: As

European Utilities & Clean POSITIVEoutlined in our 18 May note 'Never a dull moment', Policy overhang could last months and we Energy

continue to see nationalisation as a low probability. Price Target GBp 670

Price (05-Jun-26) GBp 514

Burnham comments reopen debate: As we previously published, 'Public control' does not Potential Upside/Downside +30.4%

necessarily mean nationalisation, however we would expect terminology and policy detail to be Source: Bloomberg, Barclays Research

refined as the by-election approaches...

SVT.L/SVT LN EQUAL WEIGHT

...Press reports Friday (Guardian) reference Andy Burnham suggesting “Public ownership is European Utilities & Clean POSITIVEabsolutely an option,” he said. “I would say for Thames Water, that is what should be done.” Energy

Price Target GBp 3385

The Guardian stated that Burnham said he would “certainly support” banning bonuses of the Price (05-Jun-26) GBp 2964

entire leadership teams of water companies rather than just the CEOs and CFOs. Potential Upside/Downside +14.2%

Source: Bloomberg, Barclays Research