BERNSTEIN Utilities Daily – August 10th

Research evidence excerpt

STEIN FLASHMAIL

10 August 2026

European Utilities & Clean Energy

Jorge Alonso Suils

Bartlomiej Kubicki

Thibault Dujardin, CFA

Rory Graham-Watson

Ken-Ree Choong

Specialist Sales

Gareth Williams

BERNSTEIN Utilities Daily — August 10th

FEATURED RECENT RESEARCH

Blackbook - European Utilities & Clean Energy 101 Primer

2026 Outlook - Utilities & Clean Energy: Look no further for defensive growth

Top Picks - European Utilities & Clean Energy: Why there is still room to run in this defensive growth sector

31 Jul 2026 - Endesa: Positive earnings drivers, but largely priced-in

28 Jul 2026 - Iberdrola: Digesting expensive acquisition and high capex

27 Jul 2026 - Electric Revolution 2026: Resilience - EV charging infrastructure and the durability of the e-mobility transition

23 Jul 2026 - EDP: Best Idea 3Q26 - multiple ways to win, Outperform

20 Jul 2026 - European Utilities & Clean Energy: Carbon Derby - EU ETS reform focuses on industrial competitiveness with more

gradual decarbonization

16 Jul 2026 - UK Waters: AMP8 delivering - growth up, fundamentals strong

8 Jul 2026 - European Utilities & Clean Energy: 2Q26 power production - lower hydro production across the board except in Sweden

6 Jul 2026 - Iberdrola: Mind the (ROE) gap - A deep dive into its US networks

HEADLINES

GERMANY

• Vestas blade break disrupts North Sea offshore wind farm construction (Recharge). EnBW has partially suspended work at its

960MW He Dreiht offshore wind farm in the German North Sea after a Vestas blade detached from one of the turbines late last month.

During an earnings call on Friday, EnBW deputy CEO and CFO Thomas Kusterer said that “certain activities have been temporarily

paused as a precaution”. German utility EnBW is “not allowed to work on the impacted wind turbine,” or on blades from “the same

production site”. He said, however, that “the basic commissioning of the wind park is progressing well and is ongoing.”

IBERIA