IPPs/Nuclear Takeaways from Our J.P. Morgan Natural Resources Conference

Research evidence excerpt

IPPs/Nuclear Takeaways from Our J.P. Morgan Natural Resources Conference

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

25 June 2026

IPPs/Nuclear

Takeaways from Our J.P. Morgan Natural Resources

Conference

The 11th annual J.P. Morgan Natural Resources Conference Head of North America Power,

included ~141 corporate participants that presented and/or conducted investor Utilities, Midstream, LNG, and

meetings. Total equity investors grew 7% YoY and total scheduled meetings Nuclear

increased 14% YoY. VST (first overall), TLN and CEG represented three of the Jeremy Tonet, CFA AC

top eight requested names at the conference, confirming stout power interest. (1-212) 622-4915

Meetings across the board highlighted robust power demand fundamentals and jeremy.b.tonet@jpmorgan.com

notably positive regulatory developments, finally improving clarity to enable deal Vrathan Reddy

formation. On the regulatory front, our conversations covered the positive aspects (1-212) 622-4692

vrathan.reddy@jpmchase.com

of FERC’s order, dispelling bearish tail scenarios, and PJM’s actions, putting to bed

Francina Kolluri

concerns over large load discrimination. Messaging also emphasized a clear

(1-212) 270-5796

hyperscaler preference for grid connectivity, given associated reliability and cost francina.kolluri@jpmchase.com

benefits, which Meta corroborated during the “Powering the Data Center Wave” Aidan C Kelly

panel (interconnection queue the gating factor). With the regulatory backdrop (1-212) 622-4912

improving, we see IPPs in prime position to deliver flexible commercial solutions aidan.x.kelly@jpmchase.com

to meet both near- and long-term demands. VST remains our top pick, with Diana Niles

management's confidence pointing towards a Beaver Valley co-location deal (1-212) 622-3328