The Wells Fargo Daily Transmission: NJ, UGI/PA, NWN/OR, WEC/WI/DCs, ES, MI/Nuclear, WA, AVA, AEE/EVRG/AQN, AEP/DUK/CNP/NI, MD

Research evidence excerpt

The Wells Fargo Daily Transmission: NJ, UGI/PA, NWN/OR, WEC/WI/DCs, ES, MI/Nuclear, WA, AVA, AEE/EVRG/AQN, AEP/DUK/CNP/NI, MD

Equity Research

Industry Update — June 24, 2026

Utilities and Power

The Wells Fargo Daily Transmission: NJ, UGI/

PA, NWN/OR, WEC/WI/DCs, ES, MI/Nuclear,

WA, AVA, AEE/EVRG/AQN, AEP/DUK/CNP/

NI, MD

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 UGI (+), ES (+), AVA (-) as we find them the

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

NJ – NJ Legislature comes to agreement on state budget, aligned with Governor’s Constantine Lednev

proposal Equity Analyst | Wells Fargo Securities, LLC

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

UGI/PA – Main briefs waived in UGI Gas rate case; path to settlement signal, not Alexander Calvert

confirmation Associate Equity Analyst | Wells Fargo Securities, LLC

Alexander.J.Calvert@wellsfargo.com | 212-214-5434

NWN/OR – Partial settlement reached in principle on Oregon ARM/Coos County

Whitney Mutalemwadockets Associate Equity Analyst | Wells Fargo Securities, LLC

WEC/WI/Data centers – MSFT completes construction on first DC facility in Mount Whitney.Mutalemwa@wellsfargo.com | 212-214-6428

Pleasant Anders Myhre

Associate Equity Analyst | Wells Fargo Securities, LLC

WEC/WI/Data centers – Oracle sues Wisconsin regulators as it seeks relief from strict Anders.S.Myhre@wellsfargo.com | 212-214-6409

DC credit requirements Andrew Kadavy

ES – PURA Grants Final Compliance Approval for Aquarion Sale Andrew.Kadavy@wellsfargo.com | 212-214-5485

MI/Nuclear – NRC Grants Palisades Exemption to Support Restart Activities Marcella Petiprin