Power Chartbook: 2Q 2026

Research evidence excerpt

Power Chartbook: 2Q 2026

Idea

July 2, 2026 03:53 PM GMT

Morgan Stanley & Co. International plc+MEuropean Utilities | Europe Robert Pulleyn

Equity Analyst and Commodity Strategist

Power Chartbook: 2Q 2026 Robert.Pulleyn@morganstanley.comMorgan Stanley Europe S.E., Paris Branch+ +44 20 7425-4388

Arthur Sitbon, CFA

EU power demand shows signs of improvement in 2Q26, EquityArthur.Sitbon@morganstanley.comAnalyst +33 1 42 90 71-03

following the trend we saw in 1Q26 & now +2% YTD. Hydro and

Morgan Stanley & Co. International plc+

wind generation was weaker in Europe across most geographies Sarah E Lester, CFA

(except for higher UK wind volumes). Gas storage levels EquitySarah.Lester@morganstanley.comAnalyst +44 20 7425-0551

continue to be below long-term levels, particularly in the UK. Marina Fuentes Juan

Research Associate

Marina.Fuentes.Juan@morganstanley.com +44 20 7425-2268

Key Takeaways

Utilities

2Q26 demand was up 2% YoY in the EU and flat in the UK. Europe

Industry View Attractive

Likely weather winners include Orsted, SSE, RWE, vs headwinds at Verbund, Enel,

A2A. Recent Chartbooks

European Utilities: Power Chartbook: 1Q 2026

UK wind speeds better +8% YoY, but weaker in EU (-4% YoY)

European Utilities: Power Chartbook: 4Q 2025

EU hydro generation was overall weak in 2Q26, partly due to high pressure

European Utilities: Power Chartbook: 3Q 2025

systems with low precipitation.

European Utilities: Power Chartbook: 2Q 2025

Gas storage levels were at 49% end-June in the EU and 18% in the UK, below European Utilities: Power Chartbook: 1Q 2025

long-term levels (63%/50% respectively).

EU Power demand rising trend. 2Q26 demand was up 2% YoY in the EU (-1% vs.

LT), continuing the positive trend we saw in 1Q26 (+2% YoY and flat vs. LT). YTD, the