Ives Power 30: NEE + D Merger Validates the Power Infrastructure Supercycle

研报英文原文证据摘录

Ives Power 30: NEE + D Merger Validates the Power Infrastructure Supercycle

Industry Note

May 18, 2026 Disruptive Technology

Ives Power 30: NEE + D Merger Validates the PowerAnalysts

Dan Ives Infrastructure Supercycle

(212) 344-2073

Dan.Ives@wedbush.com

Seth Basham, CFA Power Infrastructure Demand Is Structural. This morning, NextEra Energy (NEE)(212) 938-9954

Seth.Basham@wedbush.com announced the acquisition of Dominion Energy (D), creating a $138B rate base

Steven Wahrhaftig growing at ~11% annually through 2032, 110 GW of owned generation, and a

(212) 931-7059 130+ GW large-load pipeline. The combined company will be the world's largest

steven.wahrhaftig@wedbush.com regulated electric utility business and will be the largest in the world in renewables

Sam Brandeis and battery storage, the largest in the U.S. in gas generation, the second largest in

(212) 222-3005 the U.S. in nuclear generation, and the largest in the U.S. in total generation. Thissam.brandeis@wedbush.com

combination of two Ives Power 30 members is the clearest possible confirmationAnish Jog

(917) 747-3095 that the AI-driven power demand supercycle is not a cyclical trade but a decades-

anish.jog@wedbush.com long infrastructure build. This transaction validates it at the largest possible scale,

and we are reiterating our thesis across all four segments with no rating changes.

Grid Infrastructure & Data Centers: PWR and WLDN Are Direct Beneficiaries. A

combined NEE/D spanning Florida, Virginia, North Carolina, and South Carolina

will require a sustained acceleration in transmission, substation, and distribution

buildout. Quanta Services (PWR) and Willdan Group (WLDN) are the two Power 30

names best positioned to capture this incremental workload. Virginia’s data center