PJM CIFP—RBP In, C&M Out, Deal Cycle Intact

Research evidence excerpt

PJM CIFP—RBP In, C&M Out, Deal Cycle Intact

Equity Research

Flash Comment — June 30, 2026

Utilities and Power

Our Call Shahriar (Shar) Pourreza, CFA

We are not panicking for IPPs. RBP clears largely intact under Joint EDC/DCC framework, Equity Analyst | Wells Fargo Securities, LLC

Shahriar.Pourreza@wellsfargo.com | 212-214-5422

tightening cost causation without disrupting bilateral deal flow. C&M falls away for now,

Constantine Lednevbut core mechanics driving July/August deals remain intact.

Equity Analyst | Wells Fargo Securities, LLC

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

Initial Thoughts Alexander Calvert

Associate Equity Analyst | Wells Fargo Securities, LLC

Early reports indicate no C&M proposal passed, following state pushback on PJM’s latest Alexander.J.Calvert@wellsfargo.com | 212-214-5434

version, which shifted responsibility to states to avoid jurisdiction and curtailment issues. Whitney Mutalemwa

While lack of clear guidance on C&M could be an optical risk, we see deference to states as Associate Equity Analyst | Wells Fargo Securities, LLC

path of least resistance and potential clearer and less controversial path for RBP proposal Whitney.Mutalemwa@wellsfargo.com | 212-214-6428

that does move forward. Anders Myhre

Anders.S.Myhre@wellsfargo.com | 212-214-6409

The Joint EDC/Data Center Coalition package (including DUK, EXC, PPL, among others)

Andrew Kadavyappears to have carried the vote, with adjustments to procurement target-setting

methodology, cost allocation, and price caps, but no meaningful change to the core AssociateAndrew.Kadavy@wellsfargo.comEquity Analyst | Wells Fargo| 212-214-5485Securities, LLC

bilateral-first + backstop framework. This is a key win for EDCs who have been vocal about