The Wells Fargo Daily Transmission: PJM, IN/AES/CNP/AEP/DUK/NI, DCs, SR, AVA/NWN, OH/AEP/FE, DUK/IN, MI, EIX, CMS, ES

Research evidence excerpt

The Wells Fargo Daily Transmission: PJM, IN/AES/CNP/AEP/DUK/NI, DCs, SR, AVA/NWN, OH/AEP/FE, DUK/IN, MI, EIX, CMS, ES

Equity Research

Industry Update — June 22, 2026

Utilities and Power

The Wells Fargo Daily Transmission: PJM, IN/

AES/CNP/AEP/DUK/NI, DCs, SR, AVA/NWN,

OH/AEP/FE, DUK/IN, MI, EIX, CMS, ES

Here is what we are highlighting in today's key news items from the Wells Utility/

Shahriar (Shar) Pourreza, CFAPower Team... We would point investors to IPPs and CNP/AEP/DUK/IN as we find them

the most pertinent from a stock perspective: Equity Analyst | Wells Fargo Securities, LLC Shahriar.Pourreza@wellsfargo.com | 212-214-5422

PJM – CIFP drops C&M, to be replaced with data large load registry Constantine Lednev

Equity Analyst | Wells Fargo Securities, LLC

AES/CNP/AEP/DUK/NI – Gov. Braun asks OUCC to challenge AES Indiana rate order Constantine.Lednev@wellsfargo.com | 212-214-5438

Alexander CalvertData centers – Chevron and Microsoft announced 2.7GW data center deal with new

capacity in ERCOT Associate Equity Analyst | Wells Fargo Securities, LLC Alexander.J.Calvert@wellsfargo.com | 212-214-5434

SR – Alabama PSC issues procedural order on RSE investigation Whitney Mutalemwa

Associate Equity Analyst | Wells Fargo Securities, LLC

AVA/NWN – WA UTC Staff pushes CCA funds toward programs, away from bill credit Whitney.Mutalemwa@wellsfargo.com | 212-214-6428

only model Anders Myhre

Data Centers/OR – Hillsboro data-center backlash escalates as council clash turns Associate Equity Analyst | Wells Fargo Securities, LLC Anders.S.Myhre@wellsfargo.com | 212-214-6409

political

Andrew Kadavy

Data Centers/OK/OGE – FERC orders SPP to justify, reform large load grid rules Associate Equity Analyst | Wells Fargo Securities, LLC

Andrew.Kadavy@wellsfargo.com | 212-214-5485