JPMC Utilities Daily: 20 July: Carbon Counts 2026, ENGI/EDPR

Research evidence excerpt

JPMC Utilities Daily: 20 July: Carbon Counts 2026, ENGI/EDPR

J P M O R G A N Europe Equity Research

20 July 2026

JPMC Utilities Daily

20 July: Carbon Counts 2026, ENGI/EDPR

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc• Carbon Counts 2026: EU ETS Reform Proposal - Key Takeaways & Stock

reactions (research available) Pavan Mahbubani, CFA AC

• Engie/EDPR: Ocean Winds wins offshore consent for 2GW Caledonia wind (44-20)pavan.mahbubani@jpmorgan.com7134-3056

project J.P. Morgan Securities plc

Alejandra Botbol

(44-20) 3493-8711

alejandra.botbol@jpmorgan.com

J.P. Morgan Securities plc

Sector News Samanvitha(91-22) 6157-5846Theegela

samanvitha.theegela@jpmchase.com

Carbon Counts 2026: EU ETS Reform Proposal - Key J.P. Morgan India Private Limited

Takeaways & Stock reactions (research available) Mukund Verma

(44-20) 7742-4181

The European Commission unveiled its proposed reform of the EU Emissions mukund.verma@jpmorgan.com

Trading System. According to the Commission, the proposal is intended to J.P. Morgan Securities plc

preserve the core carbon price signal while providing industry with the flexibility Specialist Sales contact details:

and incentives to pursue the least-cost decarbonisation pathway and to remain

Ian Mitchell - Specialist Sales -competitive within Europe. Timeline: The reform proposal sets the scene for European Energy

negotiations between EU member states and the European Parliament, with (44-20) 7134-1356

negotiators aiming for a vote by Q1 2027. Ireland, which holds the Council ian.e.mitchell@jpmorgan.com

presidency, aims to reach a common position among the EU 27 in December.

Important Changes to LRF & MSR: One of the principal changes concerns the