JPMC Utilities Daily

Research evidence excerpt

JPMC Utilities Daily

J P M O R G A N Europe Equity Research

25 June 2026

25 June: RWE, FORTUM, SRG, IBE, ENGI

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

AC• RWE: Fitch says RWE's Amprion stake increase is credit neutral, aids business Pavan Mahbubani, CFA

profile (44-20) 7134-3056

pavan.mahbubani@jpmorgan.com

• Fortum: To close Meri-Pori coal power plant in spring 2027 J.P. Morgan Securities plc

• Snam: CEO Scornajenchi optimistic about Europe gas refill season Alejandra Botbol

• Iberdrola: Avangrid to install 41MW battery in Oregon (44-20)alejandra.botbol@jpmorgan.com3493-8711

• Engie: €1.6bn Green Debt offering in two parts 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

RWE: Fitch says RWE's Amprion stake increase is credit J.P. Morgan Securities plc

neutral, aids business profile

Specialist Sales contact details:

RWE’s acquisition of an additional indirect stake in the German transmission

Ian Mitchell - Specialist Sales -

system operator Amprion GmbH (BBB+/Stable) is neutral for its Issuer Default European Energy

Rating at 'BBB+' with a Stable Outlook, Fitch Ratings says. RWE has signed a (44-20) 7134-1356

binding share purchase agreement with five shareholders of M31 ian.e.mitchell@jpmorgan.com

Beteiligungsgesellschaft mbH, a consortium made up mainly of German

institutional financial investors, to acquire their indirect interests in Amprion.

RWE will fully fund the acquisition through an imminent capital increase. Fitch

therefore expects a modest positive effect on the nuclear-adjusted funds from