Clean Energy & Power Infrastructure Takeaways from Meetings with PWR, FIX, STRL: Confidence Is High, Selectivity Is Rising, Visibility Is Extending

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Clean Energy & Power Infrastructure Takeaways from Meetings with PWR, FIX, STRL: Confidence Is High, Selectivity Is Rising, Visibility Is Extending

J P M O R G A N North America Equity Research

09 June 2026

Clean Energy & Power

Infrastructure

Takeaways from Meetings with PWR, FIX, STRL:

Confidence Is High, Selectivity Is Rising, Visibility Is

Extending

Clean Energy, Power Infrastructure,

and Sustainable Investing

Mark Strouse, CFA AC

(1-212) 622-8244

mark.w.strouse@jpmorgan.com

We hosted an EPC bus tour in Houston, TX last week, meeting with management Michael G Fairbanks

from three of the leading infrastructure contractors in the US — Quanta Services (1-212) 622-4908

michael.fairbanks@jpmchase.com

(PWR/Overweight), Comfort Systems USA (FIX/not covered), and Sterling

Anna Zhu

Infrastructure (STRL/not covered). The overarching message across all three

(1-212) 622-0012

meetings was consistent: demand is not the issue. Labor, capacity, and execution anna.zhu@jpmorgan.com

certainty are the binding constraints in what all three management teams described J.P. Morgan Securities LLC

as a multi-decade infrastructure buildout spanning power, data centers,

electrification, and domestic onshoring. Each company is responding by investing

aggressively in workforce development, modular and prefab capabilities, and

vertical integration — while simultaneously becoming more selective about the

work they take on. The tone across all three meetings was notably confident, with

visibility extending well into 2027 and 2028, and in some cases beyond 2030.

Meeting takeaways below.

• PWR: Certainty at scale is the product. The CFO reinforced that PWR’s core

value proposition to customers is not just execution, but the elimination of