Four Moving Pieces, One Key Question—Can PJM Reopen the Door for Data Center Deals?

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Four Moving Pieces, One Key Question—Can PJM Reopen the Door for Data Center Deals?

Equity Research

Industry Update — June 5, 2026

Utilities and Power

Four Moving Pieces, One Key Question—Can

PJM Reopen the Door for Data Center Deals?

Here’s Everything You Need to Know on PJM and FERC This

Summer

Our Call Shahriar (Shar) Pourreza, CFA

PJM in the crossfire and everyone is confused. We sort through the noise and take a Equity Analyst | Wells Fargo Securities, LLC Shahriar.Pourreza@wellsfargo.com | 212-214-5422

constructive stance on 4 open processes, see them supporting unlocked DC deals as

Constantine Lednevearly as July w/ ANOPR, CIFP members committee approval, key clearing events.

Equity Analyst | Wells Fargo Securities, LLC

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

We have been getting many questions from incremental/growth investors hesitant Alexander Calvert

on IPPs, wondering is PJM fundamentally broken. They want to own IPPs because of Associate Equity Analyst | Wells Fargo Securities, LLC

valuation levels but are having a hard time seeing the inflection points. We distill the 4 Alexander.J.Calvert@wellsfargo.com | 212-214-5434

discrete items for a plain vanilla investor (no need to be an IPP expert) to reengage and Whitney Mutalemwa

reeducate those who were once interested in IPPs and have checked out due to PJM/ Associate Equity Analyst | Wells Fargo Securities, LLC

FERC complexity. Whitney.Mutalemwa@wellsfargo.com | 212-214-6428

Anders Myhre

We don’t think PJM is broken despite the noise and drill down into the 4 key open Associate Equity Analyst | Wells Fargo Securities, LLC Anders.S.Myhre@wellsfargo.com | 212-214-6409

items: A) PJM Critical Issue Fast Path (CIFP), under which Reliability Procurement