North American Utilities Weekly: Happy Fourth!; Sentiment Check; News Flow; Comps; Utilities Underperform

Research evidence excerpt

North American Utilities Weekly: Happy Fourth!; Sentiment Check; News Flow; Comps; Utilities Underperform

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

02 July 2026

North American Utilities Weekly

Happy Fourth!; Sentiment Check; News Flow; Comps;

Utilities Underperform

• Go America! Sentiment check: AEE in focus. While feedback varied on our North American Utilities

AC AEE thoughts coming out of the conference, our conference follow up Jeremy Tonet, CFA

conversation increases our confidence that Ameren could raise the EPS CAGR (1-212) 622-4915

at 3Q, point again to the high end, and present compelling color on financial jeremy.b.tonet@jpmorgan.com

metrics for plan years 6-10. All in, we believe the updated messaging can Aidan C Kelly AC

underpin a clear case for a top-tier premium. OGE feedback skews positive, (1-212) 622-4912

grounded by some views that framed SB6 frictions in Texas as potentially aidan.x.kelly@jpmchase.com

pushing more large load siting decisions toward Oklahoma. Here, we Eli Jossen, CFA AC

anticipate successful OCC approval of the pending large load tariff could drive (1-212) 622-4113

eli.jossen@jpmchase.com

incremental deal flow as customers gain greater clarity around connection

Diana Niles terms. Elsewhere, we track uncertainty on CNP, with a positive view of the

(1-212) 622-3328

company, but hesitation on the stock’s valuation premium. Overall, diana.niles@jpmorgan.com

expectations for winners to keep winning color all conversations, along with J.P. Morgan Securities LLC

a general hesitancy towards T&D names.

• Please see our Utilities & Power video takeaways from the 11th Annual Key Reports:

Natural Resources Conference. Initiations: IPPs (CEG, TLN, VST),

IPPs Slides, PPL, MDU, OGE

Figure 1: Weekly Dashboard Sector Slides (6/2)