North American Power & Utilities: Watt’s Happening at OKLO and VST?

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North American Power & Utilities: Watt’s Happening at OKLO and VST?

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North American Power & Utilities

Watt’s Happening at OKLO and VST?

Industry Overview

OKLO: DOE approved PDSA for Aurora-INL; now onto DSA 11 June 2026

We maintain our Buy rating on Oklo Inc. (OKLO). OKLO announced that the Department Equity

of Energy’s (DOE) Idaho Operations Office approved the Preliminary Documented Safety North America

Analysis (PDSA) for its Aurora powerhouse at Idaho National Laboratory (INL), marking Utilities

an important step under the DOE Reactor Pilot Program (RPP) and further advancing the

company’s first planned fast-fission power plant. The approval reflects DOE review of RossResearchFowler,AnalystCFA

Aurora-INL’s preliminary safety basis, including hazard and accident analysis, safety BofAS

controls and design commitments, and supports OKLO’s path toward early deployment +1ross.fowler@bofa.com646 855 1506

and operating experience under federal oversight. Next, we are waiting for OKLO's

F. Paul Cole

Documented Safety Analysis (DSA), which is in process, when approved this will be the Research Analyst

final regulatory step before the DOE readiness review. For investors, we think the BofAS

+1 646 743 2122

update represents incremental execution progress across OKLO’s Idaho platform, paul.cole2@bofa.com

complementing its related fuel fabrication work and helping establish a foundation for Rinny Singh

future Aurora deployments and eventual commercial licensing. Research Analyst

BofAS

+1 646 855 5729

VST AI load opportunity takes another step forward rinny.singh@bofa.com

We maintain our Buy rating on Vistra Corp. (VST). VST is participating as a founding Nicolas Woods Research Analyst