JPMC Utilities Daily 09 June: ANE, IBE, Global LNG

研报英文原文证据摘录

JPMC Utilities Daily 09 June: ANE, IBE, Global LNG

Javier Garrido AC Europe Equity Research

(34-91) 516-1557 09 June 2026 J P M O R G A N

javier.x.garrido@jpmorgan.com

The agreement includes two‑year financial incentives. Vodafone customers who sign up for

Iberdrola power will receive €10 off their telecommunications bill each month, while

Iberdrola customers who take Vodafone fibre and mobile services will receive €10 monthly

credits in their Mi Iberdrola account, usable against energy bills or other company services.

Iberdrola said the alliance supports its strategy of expanding customer‑focused solutions that

combine electrification, renewable energy and value‑added services.

JPMC View: This is a logical response of Iberdrola to Endesa’s alliance with Orange,

allowing the company to offer a competitive bundled power + fibre product to clients.

Global LNG Supply & Shipping Tracker: First LNG tanker enters

the Strait (Research Available)

ADNOC’s Mubaraz which was the first laden LNG ship to exit the Strait of Hormuz on April

26, has now re-entered the Strait on June 3 and is signalling its location near Das Island likely

loading LNG cargo. Meanwhile, Qatar Energy exported one more cargo outside Hormuz, as

Al Daayen exited the Strait today on June 8, signalling China as its destination. Following

the two observed crossings, we count nine available LNG vessels inside the Strait of Hormuz.

We continue to treat sporadic transits as exceptions rather than a new norm until Hormuz fully

re-opens, with the finite pool of vessels currently inside the strait naturally capping the

volume of ready-to-ship cargoes. Beyond these cargoes, volumes will need to come from

renewed upstream and liquefaction operations (as well as normalising port logistics).