BERNSTEIN Utilities Daily – September 15th

Research evidence excerpt

STEIN FLASHMAIL

15 September 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 — September 15th

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

15 Sep 2026 - National Grid: Plugged into growth. Resuming coverage at Outperform.

14 Sep 2026 - European Utilities: Key takeaways from Bernstein SDC 2026

11 Sep 2026 - European Utilities: A tighter winter gas outlook supports power market optionality

4 Sep 2026 - French Utilities: What to expect from next French elections?

3 Sep 2026 - SSE: An Energy Transition Compounder. Initiating with Outperform

2 Sep 2026 - Iberian Networks: Higher rates but the equity cases endure

28 Aug 2026 - Italian Regulated Networks: Higher inflation provides support amid FY27 allowed WACC reset risks

27 Aug 2026 - Enel: Higher earnings, limited re-rating - a value trap?

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

HEADLINES

FRANCE

• Strike at EDF and Engie over reform of the “employee energy tariff” (Les Echos). Employees of EDF and Engie are staging

industrial action this Tuesday to protest against the reform of the “employee energy tariff”, a benefit that has reduced their energy

bills for nearly 80 years. Today, nearly 300,000 households, including 140,000 employees and 160,000 retirees, benefit from this

preferential tariff for both electricity and gas. EDF employees pay only 2% of the electricity tariff charged to the rest of the population.

Last July, the French Court of Auditors published a report showing that the benefit granted to EDF employees cost more than €700m

in 2024. The government has confirmed that it is working on a ministerial decree aimed at reducing the discounts granted on gas and