BERNSTEIN Utilities Daily – August 18th

Research evidence excerpt

STEIN FLASHMAIL

18 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 18th

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

FRANCE

• French nuclear falls to lowest since Aug. 2023 with over 20 reactors offline (Platts). French nuclear output fell to its lowest

weekly average in three years with over 20 reactors offline for annual maintenance, heat-related issues or unplanned outages, system

data showed Aug. 17. Output averaged 32.7GW in the seven days to Aug. 16 as a jellyfish swarm at the Gravelines nuclear power

plant took up to four reactors offline, while hot and dry weather kept six river-based reactors offline, with August in general also being

the peak season for maintenance. Month-to-date output is averaging just below 35GW, which would be the lowest monthly average

since May 2025, according to data by grid operator RTE.