Updated Power Supply/Demand: The Gap Got Bigger and the Market Still Needs Someone to Build – There Is Scarcity Value!

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Updated Power Supply/Demand: The Gap Got Bigger and the Market Still Needs Someone to Build – There Is Scarcity Value!

Equity Research

Industry Update — June 4, 2026

Utilities and Power

Updated Power Supply/Demand: The Gap Got

Bigger and the Market Still Needs Someone to

Build – There Is Scarcity Value!

Our Call Shahriar (Shar) Pourreza, CFA

Electric supply/demand picture points to 423GW shortfall & $572B+ capex need to “fill Equity Analyst | Wells Fargo Securities, LLC

Shahriar.Pourreza@wellsfargo.com | 212-214-5422

the gap” particularly acute in PJM driving our bullishness on IPPs and wires cos in the

Constantine Lednevregion, both out of favor vs. integrated in other regions (ETR, AEP, NI etc)

Equity Analyst | Wells Fargo Securities, LLC

Constantine.Lednev@wellsfargo.com | 212-214-5438

Despite timing lag, the capacity shortfall in aggregate has increased to 423GW while Alexander Calvert

the capex figure to fill the gap has decreased somewhat to $572B, reflecting lower Associate Equity Analyst | Wells Fargo Securities, LLC

solar and battery costs vs the prior analysis. The increased capacity shortfall is driven Alexander.J.Calvert@wellsfargo.com | 212-214-5434

by a 46GW increase in projected demand accompanied by only 28GW of planned Whitney Mutalemwa

capacity. For comparative purposes, in our 2026 Outlook note (see here) we saw 392GW Associate Equity Analyst | Wells Fargo Securities, LLC

in nameplate capacity shortfall by 2034 which would require $620B in capex to fill. Whitney.Mutalemwa@wellsfargo.com | 212-214-6428

Anders Myhre

Some shifting out of reserve tightening but not thesis changing. In Jan. we saw reserve Associate Equity Analyst | Wells Fargo Securities, LLC Anders.S.Myhre@wellsfargo.com | 212-214-6409