North America Power & Utilities: FERC Open Meeting Quick Take

Research evidence excerpt

North America Power & Utilities: FERC Open Meeting Quick Take

Equity Research

18 June 2026

North America Power & Utilities

FERC Open Meeting Quick Take

We see the FERC open meeting as benign for the IPPs. Clarity

& pace is helpful, but in same spot timing wise. Positive

comments on scaling co-location which can lower costs. North America Power & Utilities POSITIVE

Commentary seems negative for Transmission companies North America Power & Utilities

Nicholas Campanella

Our Take: Urgency is helpful to see… We think Unregulated companies (IPPs) are in the +1 212 526 6123

same spot. Transmission spending now in the cross-hairs of the Commission: FERC nicholas.campanella@barclays.com

Commissioner Swett led with commentary that "fireworks" would be delivered and what we BCI, US

observed was the commission is re-focusing transmission cost allocation for large loads back at Michael Lonegan

the RTO level, which is already ongoing in several jurisdictions. We don’t really see this as a +1 212 526 8462

speed-to-market solution, but FERC is clearly trying to set rules and a path forward as quick as michael.lonegan1@barclays.com

possible to get large loads inter-connected which the IPPs are re-acting positively to. The BCI, US

commission commentary was encouraging for co-located arrangements and enabling large load Michael Brown

near existing generation acknowledging the cost benefits of doing so, principally through lower +1 212 526 4885

Tx costs. The CoLo commentary was positive and is driving IPP shares higher intra-day, but we michael.brown3@barclays.com

still think the set up for 'new power deals' is the same as it was before into 2Q calls. We do not BCI, US

see this changing the timing of potential large load unregulated power deals this summer, and if