ANE, SVT, GLOBAL LNG, EU GAS, EON, PNN: EU Energy Sector Specialist Commentary

Research evidence excerpt

ANE, SVT, GLOBAL LNG, EU GAS, EON, PNN: 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 08 July 2026

ANE, SVT, GLOBAL LNG, EU GAS, EON, PNN

Ian Mitchell

+44 207 134 1356

ian.e.mitchell@jpmorgan.com

Key Newsflow

• TODAY - ELE ex-Div

• TOMORROW - SVT TS

• ANE – JPM platform Nadara wins the bid for Acciona’s wind power business after offering €430m. Nadara, a

renewable energy platform controlled by JPMorgan Asset Management, is in exclusive negotiations to acquire Acciona

Energía’s Spanish wind farm portfolio totalling 361 MW, in a deal process referred to as Project Sirocco. The reported price is

about €1.2m/MW, which looks to be a solid price for Spanish wind and is above the €350m-€400m which had been trailed in

the press. If completed, the acquisition would take Nadara to over 1,000 MW of installed capacity in Spain (it currently has

654 MW across 17 wind and one solar project), while supporting Acciona Energía’s ongoing asset-rotation plan to manage

debt and protect its investment-grade rating.

• SVT - Ofwat finds SVT in breach of wastewater obligations but accepts undertakings from company, no financial

penalty. Ofwat this morning finds Severn Trent Water in breach of wastewater obligations but has formally accepted an

enforceable package of undertakings from Severn Trent Water to ensure the company returns to compliance. Remind that

Severn Trent Water proactively identified problems and shareholders invested £98m towards fixing the issues - before Ofwat

opened its enforcement case.

• Global LNG Analyzer: Asia leads, Europe to catch up (Research Available). Global LNG imports held up better than