JPMC Utilities Daily 12 June: European Natural Gas, RWE, ANE, French Utilities, NG/

Research evidence excerpt

JPMC Utilities Daily 12 June: European Natural Gas, RWE, ANE, French Utilities, NG/

J P M O R G A N Europe Equity Research

12 June 2026

JPMC Utilities Daily

12 June: European Natural Gas, RWE, ANE, French

Utilities, NG/

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc• European Natural Gas: The perfect storm (Research Available)

• RWE: secures Meta PPA on 298 MW Texas solar project Pavan Mahbubani, CFA AC

(44-20) 7134-3056

• Acciona Energia: Several infra and private equity funds prepare bids for all pavan.mahbubani@jpmorgan.com

or part of the company J.P. Morgan Securities plc

• French Utilities: France targets award of 11 offshore wind projects in Alejandra Botbol

February alejandra.botbol@jpmorgan.com

J.P. Morgan Securities plc

• National Grid: and Keen AI develop Britain’s first shared AI system for the Samanvitha Theegela

grid (91-22) 6157-5846

samanvitha.theegela@jpmchase.com

J.P. Morgan India Private Limited

Mukund Verma

(44-20) 7742-4181

mukund.verma@jpmorgan.com

J.P. Morgan Securities plcSector News

Specialist Sales contact details:

European Natural Gas: The perfect storm (Research Ian Mitchell - Specialist Sales -

Available) European Energy

(44-20) 7134-1356

The European natural gas market is facing a perfect storm in 3Q, with multiple ian.e.mitchell@jpmorgan.com

fundamental drivers aligning behind a bullish TTF narrative. NWE storage sits at

record lows for this time of year, and the longer summer TTF prices remain at a

premium to winter prices and at a discount to JKM, the higher the risk of policy

intervention. TTF discount to JKM is pulling spot cargoes to Asia where demand

remains robust… and developing (super) El Niño summer risks even higher