GET, ENEL/IBE, RWE/SSE, ENEL, RWE, EON: EU Energy Sector Specialist Commentary

Research evidence excerpt

GET, ENEL/IBE, RWE/SSE, ENEL, RWE, EON: EU Energy Sector Specialist Commentary

Ian Mitchell - Specialist Sales - European Energy AC (44-20) 7134-1356 Europe Specialist Sales J P M O R G A Nian.e.mitchell@jpmorgan.com

J.P. Morgan Securities plc 07 July 2026

paying significant seabed fees to the Crown Estate during the prolonged development phase.

Company News during last trading session

ENEL - launches $2.5bn multi-tranche Senior Bond

- Bloomberg reported that Enel's finance company launched a multi-tranche, unsecured senior bond totalling $2.5bn.

- The bond proceeds are earmarked for funding expected growth under the Italy-listed energy company's 2026-2028 strategic plan

and for addressing maturing debt. The issuance has an average duration of six years. Enel noted that the issue received total orders

of more than $10bn from institutional investors in the US and international markets.

RWE - Canada Nickel signs agreement with RWE Supply & Trading

- Canada Nickel Company entered into a strategic commercial partnership with RWE Supply & Trading to support the

commercialization of low-carbon intermediate stainless and alloy steel products from Canada Nickel's wholly owned downstream

unit, Net Zero Metals, using feed from the company's Crawford Nickel project, it said in a statement yesterday.

- Through the partnership, Canada Nickel gets access to RWEST's European and U.S. customer base, deep carbon and CBAM

expertise, and structuring and trading capabilities, it said.

- Both parties under the MOU, plan to develop product positioning and sales strategy in respect of semi-finished steel, alloys and

stainless products including long-term offtake structures, and delivered product solutions. RWEST is also expected to provide