JPMC Utilities Daily

Research evidence excerpt

JPMC Utilities Daily

J P M O R G A N Europe Equity Research

03 August 2026

03 August: NG, ELE, IBE, CNA

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

AC• National Grid: Simplifies its operating model to sharpen performance and Pavan Mahbubani, CFA

delivery (44-20) 7134-3056

pavan.mahbubani@jpmorgan.com

• Endesa: Restructuring measures resulting from digitalisation and efficiency J.P. Morgan Securities plc

• Iberdrola: Plans to double the capacity of Whitelee, the UK's largest onshore Alejandra Botbol

wind farm (44-20) 3493-8711

alejandra.botbol@jpmorgan.com

• Centrica: Rated by Fitch at BBB+; Outlook stable J.P. Morgan Securities plc

Samanvitha Theegela

(91-22) 6157-5846

samanvitha.theegela@jpmchase.com

Sector News J.P. Morgan India Private Limited Mukund Verma

(44-20) 7742-4181

mukund.verma@jpmorgan.com

National Grid: Simplifies its operating model to sharpen Specialist Sales contact details:

performance and delivery Ian Mitchell - Specialist Sales -

European Energy

National Grid today announced a new operating model to increase accountability

(44-20) 7134-1356

across the core aspects of its strategic framework, designed to sharpen execution, ian.e.mitchell@jpmorgan.com

improve performance and deliver better outcomes for customers and shareholders.

Effective 1 September 2026, the Group Executive Committee will reduce from 13

to 8 members. The leadership of individual business units in each of its markets will

combine under single UK and US presidents, both accountable for continuous

improvement in operational performance through disciplined execution and the

scaled deployment of proven technology. They will be supported by a dedicated