PowerPoints: AVA DC Pause, PWR Breaker JV, AEE/AMZN, WMB Constitution

Research evidence excerpt

PowerPoints: AVA DC Pause, PWR Breaker JV, AEE/AMZN, WMB Constitution

USA | Power & Utilities EquityJuneResearch16, 2026

Exhibit 1 - Coverage Universe Equities MostPowerPoints: AVA DC Pause, PWR Breaker JV,

AEE/AMZN, WMB Constitution Correlated to the AI Theme

AVA data center MOU on pause while Spokane City Council 1-yr data center

moratorium vote pending. PWR and HICO JV for H-V breaker manufacturing

in the U.S. AEE-AMZN Missouri data center: positive development but in

AEE's plan. Constitution back in the news after President Trump 'accuses' NY

Governor Hochul of backing out of alleged offshore wind for pipeline deal.

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Source: FactSet, FTSE Russell, & Jefferies LLC

AVA: Data Center MOU on Pause, Spokane City Council To Vote On 1-Yr Moratorium. Avista

(AVA) announced it is pausing data center development outlined in a prior MOU. This follows local

community pushback and a Spokane City Council ordinance for a 1-yr data center moratorium;

vote within a week. Timing of ramp and ultimate development is at risk given the ordinance as is the ~

$350Mn upside capex to serve the customer. Challenging setback so soon after original 8K.

PWR: New HICO JV reinforces broader scope capture in HV transmission. HICO announced a

JV with Quanta (PWR) to localize HV breaker manufacturing in the U.S. The new Hyosung HICO

Breaker JV will operate from Quanta’s Canonsburg facility; operations targeted to begin July 1,

2026. Supports the thesis that 765kV transmission build-out is not just a labor opportunity, but a broader

equipment, manufacturing, and turnkey delivery opportunity where PWR can capture more of the value

chain.

AEE: AMZN Announces Montgomery County Data Center. Amazon (AMZN) announced a data

center project in Montgomery County, Missouri to be served by Ameren Missouri (AEE).