North American Utilities Weekly: Sentiment Check; AEE a Favorite Name; Initial Thoughts Into 2Q26; PJM State Legislation; Previews; News Flow; Comps; Utilities Lag

Research evidence excerpt

North American Utilities Weekly: Sentiment Check; AEE a Favorite Name; Initial Thoughts Into 2Q26; PJM State Legislation; Previews; News Flow; Comps; Utilities Lag

d ESAs coming online from 2027 through 2029 Sector Slides (6/2)

JPM EEI Takeaways (11/15)

(including recent Google and Amazon data center announcements) presenting NARUC 2026 Winter Summit (2/19)

sales and EPS upside. We and investors remain keen to hear incremental color NARUC 2025 Summer Summit (8/3)

or announcements heading into the company’s MO IRP filing this fall. We Commissioner calls: GA (3/30), CO

(11/4), LA (10/27), MO (7/15), TX

expect incremental details on the TX data center pipeline with incoming Batch (4/21), AZ (3/12), PA (2/27), TX (3/19)

Zero clarity and filings, with SRE, AEP and CNP in focus. For PPL, we will Firesides: WEC, CNP, FE, PCG, DTE,

listen for any commentary regarding Genco JV commercial advancements and ED, DUK, FET, ComEd, DUK NC, ETR

progress towards a CPCN in KY. Talking points at our conference spoke to Data Center: McKinsey (I, II), Utility

Survey, LineVision

confidence in signing a Genco JV agreement in the coming days/months, Power Trader: I, II

which we view as a clear positive. For FE, all signs point to an upcoming step Nukes: Compilation (1/16), 2025

up in contracted load alongside 2Q26 results (likely in the 4GW zipcode), with LDES Series: NREL, I, II, III

CCS Series : 2021, 2022, 2023, 2024

an incremental 1.35GW already secured since 1Q26. Here, every new GW in Excess Capacity: PJM, ERCOT,

load could support $200-250mm in incremental capex on average. For MDU, MISO, SERC/FRCC

we expect to see incremental disclosures on Bakken East’s precedent JPM Nat Resources Conference

Takeaways (6/25) agreement status and other data points for reaching FID alongside 2Q26