North American Utilities: 2Q26 Previews: OGE & POR

Research evidence excerpt

North American Utilities: 2Q26 Previews: OGE & POR

J P M O R G A N North America Equity Research

14 July 2026

North American Utilities

2Q26 Previews: OGE & POR

Please find below our thoughts on OGE and POR into the quarter. North American Utilities

Aidan C Kelly AC

• OGE: large load tariff filing takes center stage, alongside focus on capex (1-212) 622-4912

catalyst path into next plan refresh After catching up with the company, we aidan.x.kelly@jpmchase.com

model 2Q26 adj EPS of $0.55, below the $0.57 Street median and up +2c YoY Jeremy Tonet, CFA

compared with $0.53 in 2Q25 on account of higher PISA contributions, (1-212) 622-4915

customer demand, and favorable weather, partially offset by higher O&M, jeremy.b.tonet@jpmorgan.com

interest expense, and share count dilution. With the large load tariff filing now Diana Niles

in hand, we view 2Q as a key stage for management to showcase how (1-212) 622-3328

incremental load can generate tangible customer benefits under the proposed diana.niles@jpmorgan.com

framework while preserving OK’s competitiveness for new investment. Key Eli Jossen, CFA

upcoming milestones include the September 9th hearing on Google’s special (1-212) 622-4113

contract and the November 3rd hearing on the proposed large load tariff. On the eli.jossen@jpmchase.com

J.P. Morgan Securities LLC

capex front, all signs point to a 4Q update on OGE’s 2025 SPP ITP opportunity,

which could support a capital plan refresh around 3Q/EEI if finalized.

Separately, the company’s all-source RFP stands as the other major rate base

growth catalyst, where staged filings could begin as early as 4Q as selections

crystallize across the 1.8GW resource need (potentially implying a mid-2027

timeline before capex is formally rolled into the plan). While the split between