JPMC Utilities Daily: 24 June: European Natural Gas, ELE, VIE, ENGI, CNA

Research evidence excerpt

JPMC Utilities Daily: 24 June: European Natural Gas, ELE, VIE, ENGI, CNA

J P M O R G A N Europe Equity Research

24 June 2026

JPMC Utilities Daily

24 June: European Natural Gas, ELE, VIE, ENGI, CNA

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

AC• European Natural Gas: Demand & Storage Tracker: Got too hot, too quickly Pavan Mahbubani, CFA

(Research Available) (44-20) 7134-3056

pavan.mahbubani@jpmorgan.com

• Endesa: Authorises sixth tranche of share buyback framework programme J.P. Morgan Securities plc

• Veolia: Launches €400m convertible bond offering due 2032 Alejandra Botbol

• Engie: Inks deals for $127m Peru solar park (44-20)alejandra.botbol@jpmorgan.com3493-8711

• Centrica and Push Power bring live 18MW UK solar farm J.P. Morgan Securities plc

Samanvitha Theegela

Sector News (91-22)samanvitha.theegela@jpmchase.com6157-5846

J.P. Morgan India Private Limited

Mukund Verma

(44-20) 7742-4181

mukund.verma@jpmorgan.com

European Natural Gas: Demand & Storage Tracker: Got J.P. Morgan Securities plc

too hot, too quickly (Research Available)

Specialist Sales contact details:

For the week of June 15-21, total natural gas demand in NWE+UK averaged 334

Ian Mitchell - Specialist Sales -

Mcm/day, remaining broadly flat over the week albeit 12% higher than the same European Energy

period last year, driven by higher gas burns. Residential demand declined by 18 (44-20) 7134-1356

Mcm/day WoW (-23%) in continental Europe and by 12 Mcm/day (-17%) in the ian.e.mitchell@jpmorgan.com

UK. However, this was offset by higher gas burns (+30 Mcm/day WoW) to offset

lower wind output. Following a relatively cool start to the summer, the region is

now experiencing its hottest June since at least 1976.