PowerPoints: PA Affordability & Data Center Moratoriums. ETR. PNW/FTS Nuclear

Research evidence excerpt

PowerPoints: PA Affordability & Data Center Moratoriums. ETR. PNW/FTS Nuclear

NORTH AMERICA | Power & Utilities EquityJuneResearch25, 2026

Exhibit 1 - US10Yr Treasury +200bpPowerPoints: PA Affordability & Data Center

Moratoriums. ETR. PNW/FTS Nuclear

PA outlook takes another turn for the worse with unanimous House passage of

lower ROE bill. PA data center six-month moratorium option "pause" the latest

setback. ETR Cottonwood opposition grows, with Governor expected to take .

Source: Bloomberg & Jefferies LLC

action: ~3% of the capital plan and ~$1,540/kW. PNW/FTS denied DOE grant Question is whether capital investment riders

on new nuclear but still exploring. UGI no major main briefs filed in natural gas in PA could be reset to lower ROEs. Watch

rate case. this angle as a 'next step' even if legislation

fails. Watch this carefully between Gov and

PA PUC.

EXC/PPL/FE/AWK/WTRG/UGI/NI: Utility headline risk is higher after 10Yr US Teasury + 2pp HB

2224 passed the House unanimously. Bill was expected to pass the Democratic-controlled House, Watch for states to push back on PJM's

but the June 22 unanimous vote was stronger than expected, and the June 17 gross receipts tax efforts to push back on C&M policies. We

amendment makes the package more politically durable by pairing a utility ROE cap with ~$1.7Bn still believe curtailment policies on new large

of customer bill relief. Our base case is that the ~6% ROE bill will not be enacted as drafted (Senate will loads to be broadly adopted by states.

be different from House vote), but there is clearly more bipartisan momentum here than we appreciated. Still, watch for subtle opportunities that

Adding immediate bill relief increases the odds of support in the Senate. Our stakeholder conversations emerge.