Regulated Utilities: AGA Conference Day 1: Key Takeaways

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Regulated Utilities: AGA Conference Day 1: Key Takeaways

Idea

May 18, 2026 05:52 AM GMT

Morgan Stanley & Co. LLCMRegulated Utilities | North America David Arcaro, CFA

Equity Analyst

AGA Conference Day 1: Key David.Arcaro@morganstanley.comAlexandre Zimmermann +1 212 761-1817

Research Associate

Alexandre.Zimmermann@morganstanley.com +1 212 761-3617

Takeaways Zhizhong Dong

Jonathan.Dong@morganstanley.com +1 212 761-5632

On day 1 of AGA we hosted meetings with the following utility Amanda Huang

management teams: DUK, ED, MGEE, NJR, PPL, and XEL. We ResearchAmanda.Huang@morganstanley.comAssociate +1 212 761-4197

highlight takeaways in this note. Jeremy Herring

We highlight takeaways from day 1 of the American Gas Association (AGA) Jeremy.Herring@morganstanley.com +1 212 761-4182

Conference below. Regulated Utilities

North America

Con Ed (ED): White paper from the NY PSC on potential utility ownership of Industry View In-Line

renewables now expected in 4Q26 (previously summer 2026), with final

commission action possible later in 2027 (could represent 400-500MW/yr for ED).

Utility-owned generation shouldn't require new legislation in the state. Watch for

potential roll-backs in CLCPA targets to be considered in budget-related bills this

year. New gas plants could be introduced to address reliability requirements in NY

with a tightening power market outlook. Capex to address transmission constraints

in NYC are not yet in the plan: 125 MW shortfall near term potentially growing to

750 MW long term.

Duke Energy (DUK): Highly focused on attracting data centers to the service

territory. Heightened level of attention on operational execution throughout the

organization given the steep acceleration in project activity, especially in new

generation.