PowerPoints: WTRG PA, China Inverters, EXC, MDU/APLD, Peak Demand, ERCOT, NRG

Research evidence excerpt

PowerPoints: WTRG PA, China Inverters, EXC, MDU/APLD, Peak Demand, ERCOT, NRG

USA | Power & Utilities EquityJuneResearch30, 2026

Exhibit 1 - PJM Historical Summer Peaks &PowerPoints: WTRG PA, China Inverters, EXC,

2026 Forecast (MW)

PJM's initial Summer forecast of 156GW is setMDU/APLD, Peak Demand, ERCOT, NRG

to be beat by +10GW July 2nd

WTRG Governor Shapiro intervenes in rate case, intensifying the risk. PA broadly 165,000 PJM Historical Summer Peaks & 2026 Forecast (MW)162,400

160,000remains in the penalty box from our discussions. NXT poised to benefit from 156,400

152,000 152,700potential Trump ban on Chinese inverters. EXC Delaware Governor opposes 155,000

148,000 148,000 147,000

146,000modest interim rate increase; not material but consistent with affordability 150,000145,000

overhang. MDU APLD 430MW capital-light data center agreement: positive 140,000

135,000

2019 2020 2021 2022 2023 2024 2025 2026with potential for more. PJM set for record demand this week. ERCOT latest .

discussion. Source: PJM Interconnection and Constellation Energy (CEG)

WTRG: Governor Shapiro filed an intervention against Peoples’ Gas rate case; further intensifies

the earnings risk. PA Governor Josh Shapiro formally intervened in Peoples Natural Gas’ (WTRG

subsidiary) base rate case (Docket: R-2026-3060855). The Governor is opposing the Company’s

requested +$163Mn revenue increase (~13.8%) and urging the Pennsylvania Public Utilities

Commission to reject or materially modify the proposal, absent revisions from the company. WTRG

is the latest rate case where Governor Shapiro is actively intervening, following UGI’s electric case, and

reaffirms our prior view that Governor Shapiro’s affordability directive extends beyond electric to all types

of utilities.