JPMC Utilities Daily 30 June: Spanish Utilities, RWE x2, Global LNG, ENGI

Research evidence excerpt

JPMC Utilities Daily 30 June: Spanish Utilities, RWE x2, Global LNG, ENGI

J P M O R G A N Europe Equity Research

30 June 2026

JPMC Utilities Daily

30 June: Spanish Utilities, RWE x2, Global LNG, ENGI

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

AC• Spanish Utilities: Spain to phase out electricity generation tax Pavan Mahbubani, CFA

• RWE: and PPC bring nearly 1GW of new solar capacity online in Northern (44-20)pavan.mahbubani@jpmorgan.com7134-3056

Greece J.P. Morgan Securities plc

• Global LNG Supply & Shipping Tracker: Qatari ramp-up slows down Alejandra Botbol

(Research Available) (44-20) 3493-8711

alejandra.botbol@jpmorgan.com

• Engie: buys 1,000 MWh energy storage project in Poland J.P. Morgan Securities plc

• RWE: successfully issues €1.5bn green bond Samanvitha Theegela

(91-22) 6157-5846

Sector News samanvitha.theegela@jpmchase.comJ.P. Morgan India Private Limited

Mukund Verma

(44-20) 7742-4181

mukund.verma@jpmorgan.com

Spanish Utilities: Spain to phase out electricity generation

tax Specialist Sales contact details:

Ian Mitchell - Specialist Sales -

Bloomberg reported that the Spanish government will scrap one of its main European Energy

electricity taxes. Scrapping the 7% tax on power generation will help lower (44-20) 7134-1356

electricity bills for households and businesses while encouraging the shift from ian.e.mitchell@jpmorgan.com

fossil fuels to clean energy, the government said. The tax will be phased out by

2028. An average consumer is expected to save about 6%. The phaseout includes

a 30% reduction in the third quarter of this year, followed by a 40% cut in the fourth

quarter and a 50% reduction in 2027 before the tax is fully eliminated in 2028.