Clean Energy & Power Infrastructure Weekly Tearsheet; Largest ICLN Inflows Since 2022; GEV CEO Meeting Takeaways; MTZ Investor Day Takeaways; Spring Series Webinar

研报英文原文证据摘录

Clean Energy & Power Infrastructure Weekly Tearsheet; Largest ICLN Inflows Since 2022; GEV CEO Meeting Takeaways; MTZ Investor Day Takeaways; Spring Series Webinar

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

18 May 2026

Clean Energy & Power

Infrastructure

Weekly Tearsheet; Largest ICLN Inflows Since 2022;

GEV CEO Meeting Takeaways; MTZ Investor Day

Takeaways; Spring Series Webinar

• Stocks under coverage increased 5.6% last week, on average, outperforming

the S&P 500 (up 0.2%). The biggest weekly outperformers were Underweight-

rated FCEL (up 55.9%) and Neutral-rated SEDG (up 49.5%), while the biggest

underperformer was Neutral-rated FLNC (down 14%). We believe the FCEL

outperformance was tied to investor demand for fuel cell exposure, particularly

Clean Energy, Power Infrastructure,

given the recent bookings strength in OW-rated BE, while we believe the and Sustainable Investing

SEDG outperformance was driven by investor demand for solid state AC Mark Strouse, CFA

transformer exposure as well as improving sentiment for European rooftop

(1-212) 622-8244

solar demand. mark.w.strouse@jpmorgan.com

• ICLN Recent Inflows. The ICLN clean energy index has seen >$200mm Michael G Fairbanks

worth of inflows in the past 10 days. Although not substantial in absolute terms, (1-212) 622-4908

we believe it is notable given it is the highest net inflow over a two-week period michael.fairbanks@jpmchase.com

since March of 2022. Anna Zhu

(1-212) 622-0012

• PJM Power Prices Surge 76%. A report released by Monitoring Analytics anna.zhu@jpmorgan.com

found that power prices in PJM jumped to an average of ~$136.5/MWh during J.P. Morgan Securities LLC

the first three months of 2026, a ~76% increase from 1Q25 prices. The pricing