North American Utilities Previews: Distilling 2Q26 Preview Takeaways: Large Load Growth Remains Topical as Regulatory Headlines Percolate Amid Election Season

Research evidence excerpt

North American Utilities Previews: Distilling 2Q26 Preview Takeaways: Large Load Growth Remains Topical as Regulatory Headlines Percolate Amid Election Season

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

24 July 2026

North American Utilities Previews

Distilling 2Q26 Preview Takeaways: Large Load Growth

Remains Topical as Regulatory Headlines Percolate

Amid Election Season

Heading into 2Q26, we tie together key themes and previews. Though the second North American Utilities

ACquarter traditionally represents a relatively quieter period, we do see some see large Jeremy Tonet, CFA

load updates/announcements and capex commentary drawing attention, alongside (1-212) 622-4915

a focus on regulatory developments. Possible positive large load commentary and/ jeremy.b.tonet@jpmorgan.com

or data center commentary could materialize at AEE, ETR, NI, and XEL, with Aidan C Kelly AC

AEP and FE also in focus, though we see expectations as low before 3Q updates. (1-212) 622-4912

Additionally, we expect attention on SO’s announcement with OpenAI for a aidan.x.kelly@jpmchase.com

3.2GW data center project with 1GW demand response, as prior company Eli Jossen, CFA AC

messaging indicated anything beyond 1GW signed in GA would represent upside (1-212) 622-4113

eli.jossen@jpmchase.com

to the 2-6GW RFP. In the data center deal could come any day camp, we focus on

Diana NilesCMS and possible genco announcements at NI and/or PPL . While we expect

(1-212) 622-3328

CMS to provide incremental color on North Star’s future, we do not expect a full diana.niles@jpmorgan.com

clearing event. On the gas side, all eyes center on MDU’s Bakken East FID J.P. Morgan Securities LLC

prospects. The affordability crucible, particularly in PJM, heats up with recent