European Utilities Ready for Rock’n Roll in Gas? Utilities are winners, some more than others

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European Utilities Ready for Rock’n Roll in Gas? Utilities are winners, some more than others

J P M O R G A N Europe Equity Research

15 May 2026

European Utilities

Ready for Rock’n Roll in Gas? Utilities are winners,

some more than others

We dive deep into the dynamics of European power markets and conclude that the European Utilities & Clean Energy

ACeffects of the Middle East shock will continue to support the outlook for power Javier Garrido

prices. We see utilities: 1) moderately benefiting from higher baseload power (34-91) 516-1557

prices, 2) enjoying a demand uplift for long-term PPAs, which can create a virtuous javier.x.garrido@jpmorgan.com

circle in encouraging additional power demand in Europe, and 3) those with flex J.P. Morgan Securities plc

gen assets enjoying a higher margin uplift than most investors think, as the move Pavan Mahbubani, CFA

in baseload prices masks a more significant increase in peak prices. Additionally, (44-20) 7134-3056

pavan.mahbubani@jpmorgan.com

while we would expect more headlines on windfall taxes through the year, we J.P. Morgan Securities plc

expect policymakers to continue to focus on efforts to decouple gas and power

Samanvitha Theegela

prices through investment in alternatives and therefore avoid any radical (91-22) 6157-5846

intervention. Our top picks continue to be SSE (OW, AFL) and RWE (OW, AFL), samanvitha.theegela@jpmchase.com

which both have double-digit EPS growth rates above the sector average. We also J.P. Morgan India Private Limited

see an attractive risk/reward in lower multiple stocks that have the potential to Mukund Verma

deliver positive surprises in earnings growth in a backdrop of increased commodity (44-20) 7742-4181

volatility like Engie (OW), Centrica (OW) and Naturgy (OW). mukund.verma@jpmorgan.com