JPMC Utilities Daily: 13 July: Carbon Counts 2026, EDPR, EDP, IBE

Research evidence excerpt

JPMC Utilities Daily: 13 July: Carbon Counts 2026, EDPR, EDP, IBE

J P M O R G A N Europe Equity Research

13 July 2026

JPMC Utilities Daily

13 July: Carbon Counts 2026, EDPR, EDP, IBE

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc• Carbon Counts 2026: What to Expect from the EU ETS Reform Proposal on

July 17? Flagging Stock Sensitivities (Research Available) Pavan Mahbubani, CFA AC

• EDPR: Operating data preview 1H26 (44-20)pavan.mahbubani@jpmorgan.com7134-3056

• EDP: Operating data preview 1H26 J.P. Morgan Securities plc

• Iberdrola: 1H26 operating data Alejandra Botbol (44-20) 3493-8711

alejandra.botbol@jpmorgan.com

J.P. Morgan Securities plc

Samanvitha Theegela

(91-22) 6157-5846

samanvitha.theegela@jpmchase.comSector News J.P. Morgan India Private Limited

Mukund Verma

Carbon Counts 2026: What to Expect from the EU ETS (44-20) 7742-4181

Reform Proposal on July 17? Flagging Stock Sensitivities mukund.verma@jpmorgan.com J.P. Morgan Securities plc

(Research Available)

Specialist Sales contact details:

The European Commission's comprehensive review of the EU Emissions Trading

System (ETS) – pushed back from 15 July to 17 July 2026 – will mark a significant Ian Mitchell - Specialist Sales -

European Energy

political milestone in the quest to balance climate ambition with competitiveness (44-20) 7134-1356

concerns. The proposal will, among other things, shape Phase V of the EU ETS ian.e.mitchell@jpmorgan.com

(2031-40) and will aim to align the system with the EU's 2040 climate target. After

six months of "policy volatility" and competing pressures, the tone has turned more

constructive versus Q1 2026. Ahead of the reform, we flag the key issues to watch,