North American Utilities Talkin’ Bout My Generation: Updated 1Q Gen Torque Highlights ETR Leading the Pack, with Room to Run; Upside for AEE, XEL Stands Out

研报英文原文证据摘录

North American Utilities Talkin’ Bout My Generation: Updated 1Q Gen Torque Highlights ETR Leading the Pack, with Room to Run; Upside for AEE, XEL Stands Out

nd the Blackstone Joint Venture; 28.3GW signed agreement

PPL 21% $5.7 $26.7 2026-2029 2032 mid-load pipeline; KY: load pipeline of 12.9GW by 2032; Projections indicate ~3.5GW of expected new load by 2032 (~1.8GW in CPCN

scenario) forecast), for which PPL telegraphed need to file a CPCN as early as this year

Incremental opportunities in data centers/large loads, and incremental generating capacity; pipeline features three

NWE 17% $0.7 $4.4 2026-2030

development agreements, yet to sign ESA with large load customers

Look for 1) RFP bid selections in 3Q26 to support OG&E’s identified capacity needs, with a focus on the size of utility-owned

capex opportunities, and 2) final NTCs in October for the SPP ITP Seminole–Shreveport 765-kV line; we estimate a hypothetical

OGE 15% $1.5 $9.9 2026-2030

$1.4-2.4bn total RFP capex opportunity through 2032 should OG&E satisfy ~50% of its capacity need with utility-owned gas

generation

Source: Company filings; we assume 100% of SO Power’s 2026-2030 capex relates to new generation.

• DUK defends the throne for highest nominal gen spender, with eyes on new nuclear

appetite amid NC interest. DUK continues to top the charts for its ~$51bn total nominal

generation spend, targeting 14GW of generation additions by 2031. In 1Q26, the

company increased signed data center ESAs to ~7.6GW (+2.7GW QoQ), representing

part of the company’s broader ~15.4GW high-confidence, late-stage pipeline and

reassuring the robust need for new resource additions across the company’s service

territory. Beyond the base plan, our AGA meeting expressed interest in new nuclear