PowerPoints: PEG RTO Bill, WEC/ORCL, DUK NC, EVRG MO, AVA WA, VMI, & Solar

Research evidence excerpt

PowerPoints: PEG RTO Bill, WEC/ORCL, DUK NC, EVRG MO, AVA WA, VMI, & Solar

We Energies collateral requirement for data centers higher than most peers. The A-/A3 credit level

has precedent in Indiana and Ohio. With an elevated focus on protected customers, we believe Oracle

relief is unlikely.

DUK: Large cut to DEC rate increase request but more cash flows than earnings impact. Rebuttal

testimony was recently filed in the Duke Energy Carolinas (DEC [DUK]) rate case (Docket E-7, SUB

1329). DEC voluntarily revised its rate increase request to a 10.48% ROE on 53% equity, representing Julien Dumoulin-Smith * | Equity Analyst

+$624m cumulatively. This would reduce the average residential increase to +11.6% from ~18%. +1 (281) 774-2066 | jds@jefferies.com

It is unusual to see such a large voluntary rate decrease in rebuttal testimony, an indicator of a large Paul Zimbardo * | Equity Analyst

cushion in the original filing as well as a more intense affordability backdrop. +1 (212) 778-8497 | pzimbardo@jefferies.com

Brian Russo, CFA * | Equity Analyst

DUK: Offshore wind buyout immaterial. Interior will refund $129m to cancel the Carolina Long +1 (212) 778-8559 | brusso@jefferies.com

Bay lease, below the $150m carried at 1Q26, implying a roughly $21m pretax loss. Net favorable Ivana Ergovic * | Equity Analyst

development to see exiting offshore wind formally. +1 (212) 284-2175 | iergovic@jefferies.com

Jamieson Ward, CFA * | Equity Analyst

EVRG: MO Metro Staff Testimony Screens Reasonable, In Line with Recent Precedent. In +1 (281) 774-2081 | jamieson.ward@jefferies.com

Evergy's (EVRG) Missouri Metro rate case (ER-2026-0143), Missouri Commission Staff testimony

Dushyant Ailani, CFA * | Equity Analyst

recommended a 9.73% ROE with 51.38% equity ratio and $3.69Bn rate base.