Clean Energy Weekly Tearsheet: FERC Large Load Order, BE Data Center Power Report, EOSE First Frontier Power Order, GNRC Acquires Packaging Facility

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Clean Energy Weekly Tearsheet: FERC Large Load Order, BE Data Center Power Report, EOSE First Frontier Power Order, GNRC Acquires Packaging Facility

J P M O R G A N North America Equity Research

22 June 2026

Clean Energy

Weekly Tearsheet: JPM Natural Resources Conference

This Week, FERC Large Load Order, BE Data Center

Power Report, EOSE First Frontier Power Order

• Stocks under coverage increased by 4.8% last week, on average,

outperforming the S&P 500 (up 0.9%). The biggest weekly outperformers

were Underweight-rated FCEL (up 42.0%) and Overweight-rated BE (up

26.4%), while the biggest underperformer was Underweight-rated ENLT

(down 9.7%). We believe the BE and FCEL outperformance were both driven

Clean Energy, Power Infrastructure,

by increased investor interest in BTM generation, especially following the and Sustainable Investing

FERC large load order mandating grid operators consider co-location and AC Mark Strouse, CFA

BTM generation in their long-term transmission plans.

(1-212) 622-8244

• FERC Issues Large Load Integration Order. FERC issued orders to all six mark.w.strouse@jpmorgan.com

regional grid operators, requiring each to justify existing tariffs or file reforms Michael G Fairbanks

(1-212) 622-4908

governing large load interconnection for data centers, manufacturing facilities, michael.fairbanks@jpmchase.com

and other high-demand users. The orders identify five areas of reform: (1)

Anna Zhu

transmission service application and study processes, (2) cost transparency and (1-212) 622-0012

ratepayer cost-shift prevention, (3) co-location and BTM generation anna.zhu@jpmorgan.com

accommodation, (4) new transmission services for flexible large loads, and (5) J.P. Morgan Securities LLC

study processes for generation serving electrically proximate loads. Grid