JPMC Utilities Daily

Research evidence excerpt

JPMC Utilities Daily

Javier Garrido AC Europe Equity Research

(34-91) 516-1557 30 July 2026 J P M O R G A N

javier.x.garrido@jpmorgan.com

President José Manuel Entrecanales has already notified journalists after the 2026

shareholders’ meeting that this scenario was “extremely unlikely”, while opening the door

to a merger of the company. In other words, it is difficult for the proposals to meet the

expectations of the family, which controls 56% of the matrix through two branches. The

possibility of a part sale is also on the table, with the possibility of getting rid of business by

countries through clean and simple segmentation.

JPMC View: We continue to struggle with the idea of Acciona selling all of its stake in

Acciona Energia, as it would mean a very meaningful downsizing of the group, with big calls

from shareholders in Acciona and in the family holdcos to pay special dividends. We still

believe that the scenario of a partial sale (either a stake or a portion of the company) that were

to shore up Acciona Energia balance sheet and allow Acciona to invest more in concession

businesses is still the most likely option.

Engie: adds wind PPA with NTT DATA in UK under multi-country

power deal

Renewables Now reported that Japanese IT services company NTT DATA has signed a

corporate PPA with Engie to procure electricity from a 24MW wind farm in South Wales for

its UK data centres. The wind farm is already operational and will serve NTT DATA's UK

facilities under the PPA until September 2030, the companies said yesterday. The UK contract

is one item under a newly established partnership between NTT DATA and Engie that is

meant to give the Japanese company access to cheap renewable and low-carbon energy for

its expanding global data centre business.