North America Power & Utilities: Updating Regulatory Rankings & Valuations

Research evidence excerpt

North America Power & Utilities: Updating Regulatory Rankings & Valuations

Global Research

16 June 2026ab

North America Power & Utilities Equities

AmericasUpdating Regulatory Rankings & Valuations

Electric Utilities

William Appicelli, CFA

Updated Regulatory Rankings Analyst

We have updated the regulatory rankings of the 58 jurisdictions in North America across william.appicelli@ubs.com

five Tiers (Tier 1 is most constructive, Tier 5 is least constructive) which includes the +1-212-713 1414

addition of 6 Canadian jurisdictions to our tiered ranking. We rate the jurisdictions using Gregg Orrill

seven criteria. We believe constructive regulation provides a positive feedback loop of Analyst

consistent and fair outcomes for investors, that also results in better customer service gregg.orrill@ubs.com

and satisfaction, which is what regulators want to see to constructively regulate. +1-212-713 1064

Steve Ludwick

What's Changed? Analyst

This year there were several States that moved around in our rankings. See inside for steve.ludwick@ubs.com

+1-212-713 5073

further details.

Allison Paik

Jurisdictions that Increased: Associate Analyst

allison.paik@ubs.com

Rhode Island

+1-212-713 1078

Nebraska

South Dakota

Hawaii

Nevada

Jurisdictions that Decreased:

South Carolina

New Jersey

Pennsylvania

District of Columbia

Ohio

New Hampshire

Maryland

Extracting Out Affordability

Our regulatory ranking analysis assigns a 45% weight to affordability, reflecting its

growing importance to investors as utilities finance increasingly capital-intensive AI

infrastructure buildouts. To better understand how cost burden and regulatory

environments interact, we include our Affordability Matrix to evaluate companies across

both dimensions. Companies that screen well under both regulatory rankings and