PowerPoints: PRIM Gas, VST/NVDA, TXNM M&A, Texas, FE Tx, XEL CO, & EXC MD

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PowerPoints: PRIM Gas, VST/NVDA, TXNM M&A, Texas, FE Tx, XEL CO, & EXC MD

NORTH AMERICA | Power & Utilities EquityJuneResearch12, 2026

PowerPoints: PRIM Gas, VST/NVDA, TXNM

M&A, Texas, FE Tx, XEL CO, & EXC MD

PRIM new gas EPC peaker award. VST/NVDA/KKR infrastructure platform for

power/data center development. TX Governor strong letter related to protecting

residential customers from data center costs. TXNM regulatory show cause

order on July 2nd. FE supports 15Yr transmission contracts for hyperscalers.

XEL CO gas Staff testimony suboptimal but ATO derisked. EXC Maryland

stakeholder relations in focus again.

PRIM: Selected as EPC for 570 MW Texas Gas Plant. Primoris Services (PRIM) announced it has

been selected as EPC partner for a 570MW gas generation facility in Sherman, TX. The simple-

cycle (CT) peaker project is for Rayburn Electric Cooperative, using Siemens turbines. We expect the

project to be added to the June Energy Segment backlog (non-renewables) and a driver of FY27 segment

revenue. Likely part of the ~$800Mn 1Q26 energy non-renewables verbal awards discussed with 1Q26.

A positive data point to support growth given near-term renewables challenges.

VST/NVDA: Vistra named preferred power partner for KKR’s $10B+ Helix AI Infrastructure

Platform. KKR, together with the Kuwait Investment Authority (KIA), NVIDIA and Vistra announced

the launch of Helix Digital Infrastructure - a 'one-stop shop' for hyperscaler customers. The press

release announcing Helix did not include a commitment related to affordability for residential customers.

With the regulatory and political backdrop in PJM and Texas, our base case remains that premium long-

term power purchase agreements for existing assets with data centers will be rare.