Electric Utilities & Power: Sparking Credit: PCG Earnings; GE Vernova & PJM Readthroughs; Analyst Focus List; Weekly Briefing

Research evidence excerpt

Electric Utilities & Power: Sparking Credit: PCG Earnings; GE Vernova & PJM Readthroughs; Analyst Focus List; Weekly Briefing

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

24 July 2026

Electric Utilities & Power

Sparking Credit: PCG Earnings; GE Vernova & PJM

Readthroughs; Analyst Focus List; Weekly Briefing

North America Corporate Credit -

Electric Utilities

Kevin L Kwan AC

(1-212) 270-9455

kevin.l.kwan@jpmorgan.com

• Upcoming Events and Recent Publications Erin Daugherty (1-212) 834-6990

erin.daugherty@jpmchase.com

• Equities Research: NARUC Summer Summit Takeaways J.P. Morgan Securities LLC

• Analyst Focus List: High Yield | High Grade

• 2028/29 PJM Capacity Auction Price Cap Cleared Again JULI Snapshot

• HG and HY Power & Utilities 2026 Mid-Year Outlook: Replay | Slides 22-Jul 1 Wk YTD

• HY Power & Utilities: 1Q26 HY Model Book - Maintaining Sector OW JULI 92 1 3

Non-Fin 93 1 3

• Webinar Replay: Updated Thoughts on AI / Data Center Financing Utes 86 1 -3

• AI Capex 2.0: If You Build It, They Will Finance It - Updated Growth & HoldCoOpCo 8886 01 -3-3

Capital Markets Forecasts GenCo 102 -1 -4

• We highlight our readthroughs from GE Vernova’s earnings and PJM’s Source: J.P. Morgan.

technical hearing this week, beginning on page 3 of this report. JULI vs. JULI Utes

• Over the past week, Utilities widened 1bp versus a 1bp widening in the 150 DiffJULI(R(LAxis)Axis) 10

JULI index and a 1bp widening in the JULI Non-Financial Index. Utility JULI Utes (L Axis)

GenCos tightened 1bp, OpCos widened 1bp and HoldCo's were flat. Secured

100 0

OpCos widened 1bp and unsecured OpCos widened 1bp. YTD, Utilities

tightened 3bp versus a 3bp widening in the JULI index and a 3bp widening in

the JULI Non-Financial Index. Utilities are currently trading 6bp through to the 50 -10