JPMC Utilities Daily: 18 June: US OFFSHORE WIND, ENGI, RED

Research evidence excerpt

JPMC Utilities Daily: 18 June: US OFFSHORE WIND, ENGI, RED

J P M O R G A N Europe Equity Research

18 June 2026

JPMC Utilities Daily

18 June: US OFFSHORE WIND, ENGI, RED

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc• US Offshore Wind: Invenergy to receive $765mn to cancel US offshore wind

power leases Pavan Mahbubani, CFA

• Engie: Expected to bid for EnBW’s heating unit (44-20)pavan.mahbubani@jpmorgan.com7134-3056

• Redeia: Aims to invest an extra €607m in voltage and frequency control J.P. Morgan Securities plc

Alejandra Botbol

alejandra.botbol@jpmorgan.com

J.P. Morgan Securities plc

Sector News Samanvitha(91-22) 6157-5846Theegela

samanvitha.theegela@jpmchase.com

US Offshore Wind: Invenergy to receive $765mn to cancel J.P. Morgan India Private Limited

Mukund Verma

US offshore wind power leases (44-20) 7742-4181

Bloomberg has reported that Invenergy will receive $765mn to cancel four mukund.verma@jpmorgan.com

offshore wind leases under a settlement with the Interior Department, using the

proceeds to invest in natural gas and geothermal projects in the western USA. This Specialist Sales contact details:

follows ~$900mn being released to TotalEnergies in return for the cancellation of

Ian Mitchell - Specialist Sales -

two offshore wind leases. The Interior Secretary, Doug Burgum, said in a statement European Energy

that “the offshore wind leases were sold under the assumptions that taxpayers (44-20) 7134-1356

would indefinitely subsidize costly, unreliable projects and that no national ian.e.mitchell@jpmorgan.com

security concerns were implicated.” The cancelled leases include one that covers

~84,000 acres in the New York Bight (purchased for $645mn in 2022) as well as