Gas & Power Morning Spotlight (6/17): CMI Inks Major BTM Deal, Intrabasin Permian Gas Expansion, WA Data Center Opposition

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Gas & Power Morning Spotlight (6/17): CMI Inks Major BTM Deal, Intrabasin Permian Gas Expansion, WA Data Center Opposition

Equity Research

Industry Update — June 17, 2026

Midstream Energy

Clean Energy

Gas & Power Morning Spotlight (6/17): CMI

Inks Major BTM Deal, Intrabasin Permian Gas

Expansion, WA Data Center Opposition

Our Call Michael Blum

Cummins inks first prime power data center deal for grid islanded BTM. Small Permian Equity Analyst | Wells Fargo Securities, LLC

Michael.J.Blum@wellsfargo.com | 212-214-5037

intrabasin pieplines in the works. A utility proactively halts data center negotiations as

Praneeth Satishlocal opposition grows.

Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

Cummins in First BTM Power Deal. Cummins (CMI) announced a multi-year genset Ned Baramov, CFA

supply deal (recips) with Circe Energy for a fully behind-the-meter (BTM), grid islanded AI Equity Analyst | Wells Fargo Securities, LLC

data center campus in West Texas, scaling from 10 MW in 2026 to 1.1 GW by 2030. This Ned.Baramov@wellsfargo.com | 212-214-8021

marks the first disclosed OEM contract for a major BTM AI campus, positioning Cummins Eric Shiu

as a key beneficiary. See our colleague Jerry Revich’s note for details. Associate Equity Analyst | Wells Fargo Securities, LLC

Eric.Shiu@wellsfargo.com | 212-214-5038

Cummins Entry Into DC Prime Power Is a Positive for BTM Developers. We believe Jack Farrell, CFA

Cummins’ entry into prime power for data center reciprocating solutions is a positive for Associate Equity Analyst | Wells Fargo Securities, LLC Jack.L.Farrell@wellsfargo.com | 212-214-8012

BTM developers (WMB, KGS, SEI, etc.), as increased competition should drive equipment

cost deflation and improve BTM LCOE.