Electric Utilities & Power: Sparking Credit: AI Capex 2.0; Weekly Briefing

Research evidence excerpt

Electric Utilities & Power: Sparking Credit: AI Capex 2.0; Weekly Briefing

J P M O R G A N North America Credit Research

18 June 2026

Electric Utilities & Power

Sparking Credit: AI Capex 2.0; Weekly Briefing

• Upcoming Events and Recent Publications North America Corporate Credit -

Electric Utilities

• AI Capex 2.0: If You Build It, They Will Finance It - Updated Growth & Kevin L Kwan AC

Capital Markets Forecasts (1-212) 270-9455

kevin.l.kwan@jpmorgan.com

• JPM Powering Data Centers Fireside Chat Series: Takeaways from Erin Daugherty

TerraPower Fireside Chat (1-212) 834-6990

• Entergy Corp: Deja Vu All Over Again: Top Tier Growth Extended erin.daugherty@jpmchase.com

Through 2035, with Easter Eggs Pointing to Further Upside J.P. Morgan Securities LLC

• North American Power, Utilities & Midstream: Powering the Data Center

Wave: McKinsey Fireside Chat Takeaways

JULI Snapshot

• TransAlta Corp: Equity Funded Colorado Acquisition Diversifies TACN 16-Jun 1 Wk YTD

Portfolio; Maintains Credit Metrics JULI 85 0 -4

• Electric Utilities & Power: Thoughts Ahead of the 2026 Wildfire Season Non-FinUtes 8684 00 -4-5

• JPM Equities: A Refreshed Look at Directional Bill Pressure HoldCoOpCo 8683 -10 -5-6

• We highlight our team note addressing AI capex across industries, GenCo 103 -1 -3

beginning on page 3 of this report. Source: J.P. Morgan.

• Over the past week, Utilities were flat versus a flat JULI index and a flat JULI vs. JULI Utes

JULI Non-Financial Index. Utility GenCos tightened 1bp, OpCos were flat, 150 Diff (R Axis) 10 JULI (L Axis)

and HoldCos tightened 1bp. Secured OpCos were flat, and unsecured OpCos JULI Utes (L Axis)

were flat. YTD, Utilities tightened 5bp versus a 4bp tightening in the JULI

index and a 4bp tightening in the JULI Non-Financial Index. Utilities are 100 0