REAL-TIME GLOBAL RESEARCH
2Q26 Power Preview: What we‘re focused on for CEG, NRG and TLN into 2Q earnings. Industry themes, macro spark spread review and framing the path forward for PJM RBP. 2Q sets stage for busier Fall ‘26 as PJM End Game in focus.
Research evidence excerpt
2Q26 Power Preview: What we‘re focused on for CEG, NRG and TLN into 2Q earnings. Industry themes, macro spark spread review and framing the path forward for PJM RBP. 2Q sets stage for busier Fall ‘26 as PJM End Game in focus.
Equity Research
28 July 2026
North America Power & Utilities
2Q26 Power Preview
What we're focused on for CEG, NRG and TLN into 2Q
earnings. Industry themes, macro spark spread review and
framing the path forward for PJM RBP. 2Q sets stage for busier North America Power & Utilities POSITIVE
UnchangedFall '26 as PJM End Game in focus.
Nicholas Campanella2Q26 Power Preview: We review the set-up for power companies under coverage into 2Q26
+1 212 526 6123
results including a MtM of current commodities, regulatory updates and the path to large load
nicholas.campanella@barclays.com
contracting which remains the largest overhang on the sector. The power stocks have had a BCI, US
tough 2026, down YTD in aggregate which we see mostly due to the lack of deals. For the quarter
Michael Loneganwe don’t think we’ll get much incremental clarity nor are we expecting deals for the group,
+1 212 526 8462
though executives will likely frame how they plan to participate in the RBP / centralized
michael.lonegan1@barclays.com
procurement process in PJM. Texas prices look like a headwind, while PJM sparks have modestly BCI, US
improved. We see the quarter as somewhat quiet while many are looking forward to 3Q for
Michael Browngreater visibility on the outcome of the RBP in PJM. PJM is set to make its formal filing at FERC
+1 212 526 4885
this week. michael.brown3@barclays.com
BCI, US
Valuations have reset materially for power, and we’re maintaining our OW ratings on TLN,
NRG and CEG. Prefer NRG as a top idea in power. We continue to believe the path of least
The English excerpt is extracted automatically from the cited source page and may contain layout or recognition errors. It is never batch translated.
Open report viewer