JPMC Utilities Daily 16 July: SSE, SRG, RWE, NG

Research evidence excerpt

JPMC Utilities Daily 16 July: SSE, SRG, RWE, NG

J P M O R G A N Europe Equity Research

16 July 2026

JPMC Utilities Daily

16 July: SSE, SRG, RWE, NG

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

AC• SSE: 1Q27 Trading Statement Pavan Mahbubani, CFA

• Snam: Consortia form for Bioenerys sale ahead of binding offers (44-20)pavan.mahbubani@jpmorgan.com7134-3056

• RWE: Secures federal approval for 1.1GW Queensland wind project J.P. Morgan Securities plc

• National Grid: Massachusetts Electric issues $600m fixed bonds with a Alejandra Botbol

coupon of 6.236% (44-20) 3493-8711

alejandra.botbol@jpmorgan.com

Samanvitha TheegelaSector News

(91-22) 6157-5846

samanvitha.theegela@jpmchase.com

J.P. Morgan India Private Limited

Mukund Verma

SSE: 1Q27 Trading Statement (44-20) 7742-4181

mukund.verma@jpmorgan.com

SSE today announced its Q1 trading update. Current guidance has been reiterated, J.P. Morgan Securities plc

including Adj. EPS of 168-193p for FY27 and 225-250p for FY30. The company

remains on track to invest ~£5bn this year. SSE invested £0.9bn during Q1 (net of Specialist Sales contact details:

the minority interest in Transmission) with networks investment up 83% YoY Ian Mitchell - Specialist Sales -

driven by major ASTI and LOTI projects in Transmission and increased European Energy

investment in Distribution ahead of submission of its ED3 business plan in (44-20) 7134-1356

ian.e.mitchell@jpmorgan.com

December. Renewables output is 31% higher YoY, reflecting a combination of

strong weather conditions and capacity additions. The Board of SSE announced

the appointment of John Pettigrew as the new independent non-executive Director,

who will join the Board on 1 December 2026.