JPMC Utilities Daily: 21 July: European Utilities, FORTUM, Global LNG, UK Utilities

Research evidence excerpt

JPMC Utilities Daily: 21 July: European Utilities, FORTUM, Global LNG, UK Utilities

J P M O R G A N Europe Equity Research

21 July 2026

JPMC Utilities Daily

21 July: European Utilities, FORTUM, Global LNG, UK

Utilities

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

AC• European Utilities: Low European gas storage underpins positive earnings Pavan Mahbubani, CFA

momentum for generators and integrated utilities (Research Available) (44-20) 7134-3056

pavan.mahbubani@jpmorgan.com

• Fortum: Weak results due to lower volumes (2Q26 First Take) (Research J.P. Morgan Securities plc

Available)

Alejandra Botbol

• Global LNG Supply & Shipping Tracker: Qatar’s winter supply clock starts (44-20) 3493-8711

to tick (Research Available) alejandra.botbol@jpmorgan.com

• UK Utilities: New PM cuts tax on household electricity bills Samanvitha Theegela

(91-22) 6157-5846

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

Mukund Verma

(44-20) 7742-4181

mukund.verma@jpmorgan.com

European Utilities: Low European gas storage underpins J.P. Morgan Securities plc

positive earnings momentum for generators and Specialist Sales contact details:

integrated utilities (Research Available) Ian Mitchell - Specialist Sales -

European Energy

Our analysis indicates that elevated H2 power and gas price assumptions will be (44-20) 7134-1356

supported by: 1) record low gas storage levels, 2) an unwillingness to compete ian.e.mitchell@jpmorgan.com

with Asia to import gas now at a higher price, 3) incremental supply issues

(both in the Middle East and elsewhere), and, 4) a “Super” El Niño pushing

up global energy demand for cooling. Our conversations with investors suggest