North American Utilities The JPM 2026 American Gas Association Conference Question Bank

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North American Utilities The JPM 2026 American Gas Association Conference Question Bank

J P M O R G A N North America Equity Research

14 May 2026

North American Utilities

The JPM 2026 American Gas Association Conference

Question Bank

The J.P. Morgan North American Utilities & Power Equity Research team will host

meetings with 21 companies at the annual AGA conference Sunday through

Tuesday next week (May 17-19) in Scottsdale, AZ. In order to facilitate meeting

preparation, we have compiled a list of key questions for companies that we will

meet with at the conference. While AGA remains a gas-focused conference, we

Head of North America Power,

expect capex opportuniteis to service expected electric large load growth Utilities, Midstream, LNG, and

(especially data centers) to take center stage across meetings. We see this Nuclear

conversation amplified for utilities with electric operations, particularly on the AC Jeremy Tonet, CFA

heels of a rather positive 1Q26 earnings season that featured a slew of off-cycle (1-212) 622-4915

growth updates from select utilities (NI, XEL among AGA participants). Given the jeremy.b.tonet@jpmorgan.com

gubernatorial election cycle, emphasis rests on utilities’ ability to demonstrate how North American Utilities

data center-driven utility capex can positively impact customer bills. While we see

Aidan C Kelly

VIUs having stronger positioning to drive home this narrative verssus wires-only, (1-212) 622-4912

LDCs offer a comparatively de-risked outlook on the affordability front as the bulk aidan.x.kelly@jpmchase.com

of the rhetoric appears to concentrate on electric bills rather than gas. Diana Niles

(1-212) 622-3328

• North American Utilities questions for Ameren Corp (AEE), Atmos Energy diana.niles@jpmorgan.com