You Get a 'Show Cause'! You Get a 'Show Cause'! Everyone Gets a 'Show Cause'!

Research evidence excerpt

You Get a 'Show Cause'! You Get a 'Show Cause'! Everyone Gets a 'Show Cause'!

Equity Research

Flash Comment — June 18, 2026

Utilities and Power

You Get a 'Show Cause'! You Get a 'Show

Cause'! Everyone Gets a 'Show Cause'!

FERC Open Meeting in Line with Expectations

Our Call Shahriar (Shar) Pourreza, CFA

Consistent with ongoing PJM show-cause, expanded to other RTOs. Short timeline is Equity Analyst | Wells Fargo Securities, LLC

Shahriar.Pourreza@wellsfargo.com | 212-214-5422

constructive and fits our 6–8 month est. to clearer PJM resolution, with no impact to

Constantine Lednevnear-term NT deals. We still expect the July/August PJM bilateral deal window.

Equity Analyst | Wells Fargo Securities, LLC

Constantine.Lednev@wellsfargo.com | 212-214-5438

Initial Thoughts Alexander Calvert

Associate Equity Analyst | Wells Fargo Securities, LLC

Rather than move immediately to a one-size-fits-all rule, FERC translated the ANOPR Alexander.J.Calvert@wellsfargo.com | 212-214-5434

into region-specific Sec. 206 show-cause proceedings, reflecting FERC’s view that the Whitney Mutalemwa

large-load issue is urgent but that each market’s tariff, transmission-service model, and Associate Equity Analyst | Wells Fargo Securities, LLC

stakeholder process is different. Today’s FERC action is the next step in the DOE-initiated Whitney.Mutalemwa@wellsfargo.com | 212-214-6428

large-load interconnection proceeding, which began with the October 2025 ANOPR (see Anders Myhre

our PJM-FERC Note HERE for more background). Associate Equity Analyst | Wells Fargo Securities, LLC

Anders.S.Myhre@wellsfargo.com | 212-214-6409

Andrew KadavyWe are constructive on FERCs five categories of proposed reforms, with nothing

surprising there.