Electri-Friday: Large Loads, Nuclear Loans and VPPs

Research evidence excerpt

Electri-Friday: Large Loads, Nuclear Loans and VPPs

Energy | Power & Utilities

June 26, 2026

Nicholas Amicucci, CFA Electri-Friday: Large Loads, Nuclear Loans

212-812-2931

nicholas.amicucci@evercoreisi.com and VPPs

Sharon Wang Electri-Friday is our weekly product on all things electric from

212-653-8999 generation to equipment providers, EPC contractors, and distributors.

Sharon.Wang@evercoreisi.com The objective is to provide key discussion topics from the past week,

including macro, industry, and idiosyncratic items, while contextualizing

them within the broader power and electrification mosaic.

Table of Contents Power was a focal point this week on the back of last Thursday's FERC

meeting, where the commission advanced a broader large-load

Coverage Performance

interconnection agenda. Late last week the PJM also published its

Comp Sheet stage 4 proposals for its Connect and Manage and its Reliability

Indexes & Commodities Backstop Procurement which will be discussed during its June 30th

Valuation meeting. Based on the proposals and the PJM's associated paper

Load Growth, Power Pricing, Capacity Additions, published on June 24th, we view the set-up for IPPs as mixed but, on

and More balance, constructive. One new data point disclosed within PJM's paper

was PJM's stated view that "the capacity cost outcomes of either

approach (i.e. carving RBP supply and demand out vs including it within

Recent Reports

the BRA) are largely the same.” PJM's rationale is that a carve‑out

Industry Notes would bifurcate large load from other load and "chart a new path forward

▪ Working the Lats: EPC Contract Structures Matter for RPM," whereas it wants the RBP to be a minimal‑change, one‑time

▪ The Nitty Griddy: PJM Stage 4 Proposals: C&M procurement.