North American Utilities Weekly: NARUC Takeaways; 2Q26 Previews; Sentiment Check; PJM Technical Conference; News Flow; Shipping Off To Boston; Comps; Utilities Lead

Research evidence excerpt

North American Utilities Weekly: NARUC Takeaways; 2Q26 Previews; Sentiment Check; PJM Technical Conference; News Flow; Shipping Off To Boston; Comps; Utilities Lead

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

24 July 2026

North American Utilities Weekly

NARUC Takeaways; 2Q26 Previews; Sentiment Check;

PJM Technical Conference; News Flow; Shipping Off To

Boston; Comps; Utilities Lead

• 2026 NARUC Summer Summit Takeaways; Mississippi Biggest Positive Head of North America Power,

Surprise Meeting; PA Independence Reaffirmed vs Meaningful IN Utilities, Midstream, LNG, and

Questions; Sizeable LA Data Centers Yet to Come. We recently met with Nuclear

>17 state utility commissioners and stakeholders at the NARUC Summer Jeremy Tonet, CFA AC

Policy Summit in Minneapolis, MN. As IN governor actions and IURC (1-212) 622-4915

commission turnover generate caution among investors, by contrast, we see the jeremy.b.tonet@jpmorgan.com

PA PUC defending and insisting upon its role as an independent body. Hands Aidan C Kelly AC

down across meetings, MS proved the most positive surprise in a new first (1-212) 622-4912

aidan.x.kelly@jpmchase.com

meeting for us, with a keen focus on utilities enabling economic development. AC Eli Jossen, CFA

For LA, we expect material incremental data center developments beyond

(1-212) 622-4113

current announcements, potentially approaching 12GW of load associated eli.jossen@jpmchase.com

with Meta over time (AMZN possible 3-6GW), alongside several additional Diana Niles

large industrial projects that could add another 5-7GW. Finally, we again heard (1-212) 622-3328

generally positive perspectives from ID, IA, LA, MN, and MO and come away diana.niles@jpmorgan.com

incrementally positive on AEE, ETR, SO, XEL. We would not be surprised J.P.