PowerPoints: FPS, AES, KS Views, NI/MSFT, ET NGL, Data Centers & FERC Meeting

Research evidence excerpt

PowerPoints: FPS, AES, KS Views, NI/MSFT, ET NGL, Data Centers & FERC Meeting

USA | Power & Utilities EquityJuneResearch22, 2026

PowerPoints: FPS, AES, KS Views, NI/MSFT, ET

NGL, Data Centers & FERC Meeting

KS stakeholder engagement, backdrop appears reasonably constructive for

utilities EVRG/OGS. MSFT breaks ground in NI territory & IURC comments

highlight state alignment for hyperscale load. ET FIDs ethane and LPG

expansion project at its Nederland NGL Export facilities;~$1Bn CapEx envelope.

FERC Issues Show Cause Orders on Large Load & Co-Location Costs. AES on

Indiana. Forgent Mgmt Fireside.

EVRG/OGS: Kansas regulatory tone appears constructive; affordability backdrop remains key.

Our most recent Kansas regulatory stakeholder engagement points to relatively favorable backdrop

for utilities. Affordability appears in check but to be monitored. Rate case cadence remains

politically sensitive and large customer load growth and Large Load Power Service (LLPS) tariff can

help support earned returns and extend duration between filings. Potential for earned ROEs in the

sharing band represents upside to our EVRG forecast.

NI: MSFT LaPorte breaks ground; IURC comments highlight alignment for hyperscale load.

Microsoft broke ground on its ~$1bn LaPorte campus in NIPSCO (NI) territory. Disclosures point

to ~489 acres, six phase-one buildings, and potential 17-building buildout. The campus does not

have a disclosed power demand and does not have an announced agreement with NiSource.

AWS Indiana comparison points to a potential ~50-150 MW phase-one hyperscale-side load (not

including upsizing or reserve margin), with upside over time. We await economics/relationship clarity,

but size/timing could fit NI’s pooled-resource framework. Separately, the Indiana Utility Regulatory