US Power & Utilities: Regulatory Rankings, Legislative Update, and an Early Midterm Election Preview

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US Power & Utilities: Regulatory Rankings, Legislative Update, and an Early Midterm Election Preview

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US Power & Utilities

Regulatory Rankings, Legislative Update,

and an Early Midterm Election Preview

Industry Overview

Affordability Potentially Drives Risk Premiums 08 June 2026

Affordability, particularly electricity bills, is becoming a central theme in gubernatorial Equity

races, embedding utility costs within broader cost of living narratives. For investors, the United States

immediate implication is not policy change but rising perceived regulatory risk where Utilities

rhetoric intensifies, especially in closely contested races. This is contributing to Ross Fowler, CFA

incremental risk premiums in exposed jurisdictions. Pennsylvania is a partial exception, Research Analyst

where affordability remains prominent despite Governor Shapiro’s roughly 20 percent BofAS+1 646 855 1506

polling lead, reflecting both state dynamics and his broader national positioning. ross.fowler@bofa.com

F. Paul Cole

Primaries Clarify, Market Overgeneralizes ResearchBofAS Analyst

As primary outcomes take shape, candidate fields are becoming clearer, yet market +1 646 743 2122

paul.cole2@bofa.com

pricing appears to be broadly applying affordability risk across jurisdictions without

Rinny Singh

sufficient differentiation. We see a need to distinguish based on candidate positioning Research Analyst

and electoral competitiveness. Among regulatory commission races, Georgia stands out BofAS

+1 646 855 5729

as the only credible opportunity for a partisan shift to a Democratic majority. In rinny.singh@bofa.com

gubernatorial contests, affordability rhetoric is likely to intensify mainly where polling is Nicolas Woods