REAL-TIME GLOBAL RESEARCH
Monthly Meter Reading: The June Edition
Research evidence excerpt
Monthly Meter Reading: The June Edition
Update
July 22, 2026 08:42 AM GMT
Morgan Stanley & Co. LLCMRegulated & Diversified Utilities / IPPs | North David Arcaro, CFA
America Equity Analyst
David.Arcaro@morganstanley.com +1 212 761-1817
Alexandre Zimmermann
Research AssociateMonthly Meter Reading Alexandre.Zimmermann@morganstanley.com +1 212 761-3617
Zhizhong Dong
The June Edition Research Associate
Jonathan.Dong@morganstanley.com +1 212 761-5632
Amanda Huang
In June, utilities outperformed the S&P's -0.95% return by 367 bps, with US 10-Year
Research Associate
yields falling ~3 bps from the beginning of the month. Notable moves during the Amanda.Huang@morganstanley.com +1 212 761-4197
month included the outperformance of SEI (+15,90%) and the underperformance of Jeremy Herring
CWEN (-16.00%) and CEG (-13.69%). Jeremy.Herring@morganstanley.com +1 212 761-4182
We previewed 2Q earnings for our regulated coverage (here). Key focus areas Diversified Utilities / IPPs
include data center pipeline updates, affordability risk, and regulatory activity. We North America
Industry View Attractive
don't expect meaningful updates to guidance this quarter and think most Regulated Utilities
noteworthy capex updates will come with 3Q earnings / EEI. North America
Industry View In-Line
We initiated coverage of OGE at EW (here). We see multiple capex upside See our price target changes in Exhibit 1 .
opportunities in generation and transmission that are likely to boost the EPS growth
outlook (currently 5-7%), but consensus EPS already implies an ~8% LT CAGR. The
company is also planning to file a rate case in OK later this year, increasing
regulatory risk – we see a balanced risk reward overall.
We collaborated with our Thematics team to analyze political pushbacks to data
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