North American Utilities Weekly: JPM Natural Resources Conference Takeaways; NI Genco Momentum Continues; Sentiment Check; News Flow; Comps; Utilities Outperform

Research evidence excerpt

North American Utilities Weekly: JPM Natural Resources Conference Takeaways; NI Genco Momentum Continues; Sentiment Check; News Flow; Comps; Utilities Outperform

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

26 June 2026

North American Utilities Weekly

JPM Natural Resources Conference Takeaways; NI

Genco Momentum Continues; Sentiment Check; News

Flow; Comps; Utilities Outperform

• Sentiment check: Conference feedback finds AEE bulls, WEC and CMS Head of North America Power,

skeptics, regulatory concerns. Conversations largely agreed on AEE Utilities, Midstream, LNG, and

meetings as positive. At 3Q, we think the company could raise the EPS CAGR Nuclear

guidance and would not be surprised to see a bias towards the high end of the Jeremy Tonet, CFA AC

new range. While we do not expect the company to provide guidance beyond (1-212) 622-4915

the typical five-year plan, investors agreed on the potential to point towards jeremy.b.tonet@jpmorgan.com

attractive growth continuing over the six to ten year time period. We left our Aidan C Kelly AC

PPL meetings brimming with confidence in the company’s outlook as (1-212) 622-4912

aidan.x.kelly@jpmchase.com

management spoke to a Genco JV deal coming as soon as days or months. AC Eli Jossen, CFA

While acknowledging CMS’s incremental confidence in data center deals, we

(1-212) 622-4113

witnessed hesitation to step in before further clarity on NorthStar’s future. eli.jossen@jpmchase.com

Feedback framed WEC messaging as softer than AGA, with WI attention Diana Niles

focused on the company’s petition to reopen the VLC tariff. AEP and DTE also (1-212) 622-3328

garnered positive feedback across our investor discussions, with expectations diana.niles@jpmorgan.com

for a robust 3Q AEP update. FE sparked attention on stonger messaging in J.P.