What’s The Next Capex Domino to Fall Into Plan? Equity Baseline Shows Mostly Stable Needs

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What’s The Next Capex Domino to Fall Into Plan? Equity Baseline Shows Mostly Stable Needs

Equity Research

Industry Update — June 11, 2026

Utilities and Power

Natural Gas LDCs

What’s The Next Capex Domino to Fall Into

Plan? Equity Baseline Shows Mostly Stable

Needs

Our Call Shahriar (Shar) Pourreza, CFA

We are looking prospectively at who could have the next accretive capex update and Equity Analyst | Wells Fargo Securities, LLC Shahriar.Pourreza@wellsfargo.com | 212-214-5422

sweeping across equity financing profiles where we see few stressed balance sheet

Constantine Lednevstories.

Equity Analyst | Wells Fargo Securities, LLC

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

2Q setup likely muted on capex updates, but 3Q will start to show some outsized and/ Alexander Calvert

or out-of-cycle capex updates. We anticipate3Q updates from AEE, AEP, DTE, DUK, FE, Associate Equity Analyst | Wells Fargo Securities, LLC

ETR, LNT, NI, and SRE being at least qualitatively accretive (i.e., capex updates/upsides Alexander.J.Calvert@wellsfargo.com | 212-214-5434

supporting top end of growth, beat and raise or rebase), with lower impact updates Whitney Mutalemwa

likely for AWK, OGE and WEC. The more cyclical (i.e., 4Q) updates where we could see Associate Equity Analyst | Wells Fargo Securities, LLC

earnings accretion could be EVRG and PNW. Whitney.Mutalemwa@wellsfargo.com | 212-214-6428

Anders Myhre

Equity Incoming? – Very likely, but we see mostly accretive growth equity on the Associate Equity Analyst | Wells Fargo Securities, LLC Anders.S.Myhre@wellsfargo.com | 212-214-6409

horizon (no broken balance sheets) – AEP, DTE, FE, LNT set up for 3Q/EEI capex

Andrew Kadavyupdates that we anticipate will be supported with a degree of LT equity needs. Most