JPMC Utilities Daily

Research evidence excerpt

JPMC Utilities Daily

J P M O R G A N Europe Equity Research

10 July 2026

10 July: ENG, ENGI, NTGY

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc• Enagas: gets EU nod to buy stake in France's Terega

• Engie: wins 259MW of wind projects in French tender Pavan Mahbubani, CFA AC

(44-20) 7134-3056

• Naturgy: Italgas and Naturgy’s unit partner for gas network collaboration pavan.mahbubani@jpmorgan.com

J.P. Morgan Securities plc

Sector News Alejandra(44-20) 3493-8711Botbol

alejandra.botbol@jpmorgan.com

Enagas: gets EU nod to buy stake in France's Terega J.P. Morgan Securities plc

Samanvitha Theegela

Renewables Now reported that Enagas has secured approval from the European (91-22) 6157-5846

Commission to acquire a 31.5% stake in French regional peer Terega and exercise samanvitha.theegela@jpmchase.com

joint control of the future hydrogen gas business alongside Snam. Brussels said J.P. Morgan India Private Limited

yesterday that the proposed joint control of the gas grid operator in southwestern Mukund Verma

France “would not raise competition concerns, given that the companies are not (44-20) 7742-4181

active in the same or vertically related markets”. Earlier this year, Enagas signed mukund.verma@jpmorgan.com

an agreement with Singaporean sovereign fund GIC to acquire its stake in Terega J.P. Morgan Securities plc

for €573mn. At the same time, it had to take a back seat in its renewable gases unit, Specialist Sales contact details:

through which it developed green hydrogen projects, to separate its network and

Ian Mitchell - Specialist Sales -

supply activities. Enagas then said that giving up control in the Enagas Renovable European Energy