JPMC Utilities Daily 23 June: RWE, ENG, ENGI, IBE

Research evidence excerpt

JPMC Utilities Daily 23 June: RWE, ENG, ENGI, IBE

J P M O R G A N Europe Equity Research

23 June 2026

JPMC Utilities Daily

23 June: RWE, ENG, ENGI, IBE

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc• Enagas: could assess further European deals after closing Teréga stake

acquisition Pavan Mahbubani, CFA AC

• Engie: agrees on 126MW battery flexibility deal with Flower in Germany (44-20)pavan.mahbubani@jpmorgan.com7134-3056

• Iberdrola: secures $151m investment for Brazil's northeast grid J.P. Morgan Securities plc

Alejandra Botbol

(44-20) 3493-8711

alejandra.botbol@jpmorgan.com

J.P. Morgan Securities plc

Sector News Samanvitha(91-22) 6157-5846Theegela

samanvitha.theegela@jpmchase.com

J.P. Morgan India Private Limited

Enagas: could assess further European deals after Mukund Verma

closing Teréga stake acquisition (44-20) 7742-4181

mukund.verma@jpmorgan.com

Mergermarket reported that Enagás could assess further European acquisitions J.P. Morgan Securities plc

once it closes its purchase of a stake in Teréga, citing CEO Arturo Gonzalo. Any

future opportunities would need to fit its regulated energy infrastructure profile, Specialist Sales contact details:

and support security of supply and decarbonisation in Europe, Gonzalo said on the Ian Mitchell - Specialist Sales -

sidelines of a press conference held by Spain’s association of economic journalists European Energy

yesterday. The company does not currently have any other targets on its radar, as (44-20) 7134-1356

its immediate priority is to close the Teréga transaction, for which it still needs to ian.e.mitchell@jpmorgan.com

secure competition approval from the European Commission (EC) and foreign