WF Weekly Forward Focus: Curve Your Enthusiasm

Research evidence excerpt

WF Weekly Forward Focus: Curve Your Enthusiasm

Independent Power Producers Equity ResearchRegulated Electric Utilities

Financials

FY EBITDA (MM)

Rating Price 2026E 2026E 2027E 2027E FY EV/EBITDA Price Target Upside Downside

Company Name (Ticker) 06/17/26 Curr. Prior Curr. Prior 2026 2027 To From PT PT

Independent Power Producers

Capital Power Corporation (CPX-CA)* EW C$72.73 C$2.94 NC C$2.99 NC 24.7x 24.3x C$70.00 NC C$88.00 C$51.00

Constellation Energy Corporation (CEG) OW $267.17 $8.50B NC $8.64B NC $384.00 NC $516.00 $265.00

NRG Energy, Inc. (NRG)* OW $132.13 $8.26 NC $11.08 NC 16.0x 11.9x $203.00 NC $239.00 $140.00

Talen Energy Corp. (TLN) OW $409.81 $2.07B NC $2.66B NC 12.4x 9.6x $477.00 NC $585.00 $371.00

Vistra Corp. (VST) OW $158.83 $7.35B NC $8.34B NC 9.6x 8.5x $220.00 NC $259.00 $152.00

Regulated Electric Utilities

Public Service Enterprise Group OW $79.40 $4.37 NC $4.73 NC 18.2x 16.8x $97.00 NC $103.00 $78.00

Incorporated (PEG)*

* For CPX-CA estimates represent EPS, valuation multiple P/E

* For NRG estimates represent EPS, valuation multiple P/E

* For PEG estimates represent EPS, valuation multiple P/E

Source: Company data and Wells Fargo Securities, LLC estimates, and Factset.

OW = Overweight, EW = Equal Weight, UW = Underweight, NR = Not Rated

NA = Not Available, NC = No Change, NE = No Estimate, NM = Not Meaningful

IPP/PEG Research:

Key Research:

• For Our Analysis On the Latest Power Supply / Demand Release, Please See: Updated Power

Supply/Demand: The Gap Got Bigger and the Market Still Needs Someone to Build – There Is

Scarcity Value!

• For Our Thoughts Around and Analysis On Data Center Moratoriums, Please See: A Canary in a

Coal Mine? Data Center Pushback: Mapping the Moratoriums Across our Coverage to Assess Any

Early Warning Signs