North American Utilities AGA 2026 Takeaways: Consolidation Dominates Discourse, but Attention Also on Scale to Serve Rising Load; Affordability, Nuclear, Pipelines Topical; AEE Best Meeting

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North American Utilities AGA 2026 Takeaways: Consolidation Dominates Discourse, but Attention Also on Scale to Serve Rising Load; Affordability, Nuclear, Pipelines Topical; AEE Best Meeting

eceded the PJM’s Chair letter to expedite

the process. We also acknowledge the fact that EDCs only hold <20% of the PJM vote

as a gating factor behind utilities’ influence to change the status quo. On the supply side,

PPL spoke to PJM uncertainty enhancing Genco attractiveness where market

participants want to take control of their own destiny. We left the conference anticipating

increasing FERC pressure for PJM to find a solution or FERC will take action.

• As affordability remains front and center, discrete ratepayer benefits represent the

bar. We see DTE’s proposed electric rate case stay out extension demonstrating tangible

benefits from load growth, highlighting the response utilities need to provide to win local

support. This proposal has spurred investors’ lines of questioning as to whether other

companies would see the same sales growth to be able to deliver a similar outcome.

DUK’s DOE loans represent another avenue to support ratepayers. While qualifying

projects, awarded loans and terms remains outstanding, the company anticipates

meaningful savings here to complement benefits from monetizing tax credits ($3.1bn)

and DEC/DEP merger savings ($2.3bn through 2040).

• MDU and SWX large-scale pipeline topical. MDU management characterized ~1.4

Bcf/d of binding open-season interest for its Bakken East pipeline as demand-pull from

industrial, power gen, and LDC end-users rather than producer displacement. We see

localized in-basin demand pull as a key distinction that reinforces project durability and

underpins the $2.7–$3.2bn capital estimate across ~353 miles of mainline.