Independent Power Producers: Sparks & Quarks IPP Weakness Persists; McKinsey Fireside Takeaways; CEG Completes the Geysers Expansion; OKLO Acquires ARMEC; News Flow; Commodity Corner; Weekly Comps

Research evidence excerpt

Independent Power Producers: Sparks & Quarks IPP Weakness Persists; McKinsey Fireside Takeaways; CEG Completes the Geysers Expansion; OKLO Acquires ARMEC; News Flow; Commodity Corner; Weekly Comps

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

11 June 2026

Independent Power Producers:

Sparks & Quarks

IPP Weakness Persists; McKinsey Fireside Takeaways;

CEG Completes the Geysers Expansion; OKLO

Acquires ARMEC; News Flow; Commodity Corner;

Weekly Comps

• We would appreciate your vote in the 2026 Extel-Institutional Investor Head of North America Power,

All-America Equity Research Survey for Utilities and Midstream & Utilities, Midstream, LNG, and

Natural Gas. Throughout the year, our team seeks to deliver thoughtful and Nuclear

detailed analysis to help investors understand and navigate a rapidly evolving Jeremy Tonet, CFA AC

landscape across Power, Midstream, Utilities, LNG, and Nuclear. Our (1-212) 622-4915

differentiated product suite encompasses company analysis, industry deep jeremy.b.tonet@jpmorgan.com

dives, unique expert access, and more. If you have found our work helpful, we Vrathan Reddy

ask for your consideration in the survey, ideally with 5 stars for JPM in each (1-212) 622-4692

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category. LINK TO VOTE HERE

Aidan C Kelly

• Sentiment Check: headlines drive power complex uncertainty. IPP (1-212) 622-4912

weakness today tracks a broader selloff in the power/BTM complex, where aidan.x.kelly@jpmchase.com

tech volatility, headlines around Crusoe data center project cancellations, and Diana Niles

other news flow items have introduced uncertainty in the narrative. We still see (1-212) 622-3328

demand clearly outpacing supply, leaving the IPP thesis firmly intact. Of diana.niles@jpmorgan.com