Barclays Infrastructure Insights: Bi-Weekly Build: Late June newsflow round-up

Research evidence excerpt

Barclays Infrastructure Insights: Bi-Weekly Build: Late June newsflow round-up

Equity Research

30 June 2026

Barclays Infrastructure Insights

Bi-Weekly Build: Late June

newsflow round-up

Utilities focused on storage, Amprion and UK water politics;

European Transportation

Telecoms on satellites, spectrum, M&A/Iridium, sovereign AI Emilie Fung

and neutral-host infra. Construction touched on EPC design, +44 (0)20 3555 2335 emilie.fung@barclays.com

cement ETS and French rail regulation. Airports centred on Barclays, UK

EES, Heathrow/Gatwick, fuel and Zurich Airport Brazil. Andrew Lobbenberg

+44 (0)20 3555 0639

andrew.lobbenberg@barclays.com

Barclays, UK

Major newsflow – sector key highlights: European Utilities & Clean Energy

• Utilities: RWE’s €4bn capital raise to lift its Amprion stake to 55% dominated Dominic Nash, PhD

utilities newsflow. This marked the 11th equity raise in the sector over the past 3 +44 (0)20 3134 2364

years, and the 10th funding growth, underlining European utilities as a structural dominic.nash@barclays.com

Barclays, UK growth sector. Separately, Ofgem issued a ‘minded to’ decision on cap and floor

returns for >7GW of UK LDES, while Drax saw FCA risk clearance and UK Peter Crampton

nationalisation concerns persisted, particularly in UK water. +44 (0)20 3555 0125

peter.crampton2@barclays.com

• Telecoms: Telecoms focused on satellites, spectrum and AI/digital infrastructure, Barclays, UK

with news across D2D, LEO launches and potential competition. Iridium’s agreed

European Telecom Services

acquisition by Rocket Lab added a consolidation angle and positive satellite read-

Maurice Patrick

across, while sovereign AI projects, Cellnex neutral-host rail progress and +44 (0)20 3134 3622

Telefónica duct deregulation also remained in focus.