JPM | US Energy: IRGC Attacks Offset Transit, Saudi Red Sea Alliance, Momo Spike 2nd Largest on Record, Refiner Feedback, More Hits on Russia Downstream, EVs 29% of 2026 Car Sales, Solar>Coal As Top for China

Research evidence excerpt

JPM | US Energy: IRGC Attacks Offset Transit, Saudi Red Sea Alliance, Momo Spike 2nd Largest on Record, Refiner Feedback, More Hits on Russia Downstream, EVs 29% of 2026 Car Sales, Solar>Coal As Top for China

but has access to a pre-funding mechanism to mitigate any cash outflows. Overall, although SCE’s ~$4bn

reimbursement cap provides meaningful protection even under an imprudence finding, we acknowledge that uncertainty

around potential economic damages and the risk of stakeholder pushback remain key overhangs absent wildfire policy reform

that directly applies to prior or unresolved events, including the Eaton Fire.

TC Energy Corp - 2Q in Review; Model Update- Jeremy Tonet here

• Following solid 2Q results, call airtime centered on the $20bn+ origination pipeline, where TRP noted roughly two-thirds

screen as U.S. power generation. TRP now sees $6–8bn of sanctioned capital possible for full-year 2026. Separately, the

Crossroads project appears to land slightly above $1bn, with the expected EBITDA build multiple slightly above TRP’s 5–7x

target. TRP sees a 4Q26 FID following executed precedent agreements with anchor customers, with potential to upsize scope

as shipper discussions advance. On the Midwest more broadly, TRP flagged ~5–6 Bcf of regional demand growth through

2035, with ~2 Bcf of year-over-year growth underpinning the broader Columbia/Northern Border/Great Lakes investment

thesis. On NGTL, the 2030–2032 Intra-Alberta offering drew record data center participation, and TRP actively explores

upsizing several offerings given robust demand signals. Management acknowledged Canadian regulated returns remain below

US economics, but emphasized portfolio diversification, lower regulatory risk, and potential ancillary service structures to