Low Carb(on) Weekly: PJM Updates, IRI Deal Stress, Poly S232, & SCOTUS Ruling

研报英文原文证据摘录

Low Carb(on) Weekly: PJM Updates, IRI Deal Stress, Poly S232, & SCOTUS Ruling

TD Securities (USA) LLC POLICY NOTE

June 21, 2026

■WRG Energy Transition & Sustainability Low Carb(on) Weekly: PJM Updates, IRI Deal

Stress, Poly S232, & SCOTUS Ruling

John Miller THE TD COWEN INSIGHT

202 868 5306 ■PJM issued update narrowing C&M effort to load registry, fewer RBP changes.

john.p.miller@tdsecurities.com

■MOU compliance and next-steps key questions for USA/IRI MOU.

Cooper Pryde

212 468 7804 ■President Trump (R) faces 6/26 polysilicon S232 deadline.

cooper.pryde@tdsecurities.com

■SCOTUS nearing end of session, awaiting ruling on Trump's ability to remove commissioners

from independent agencies.

Sector Impacts: Utilities, Data Centers, Energy, & Tech (Solar)

Week Ahead

Trends set to drive the weekly policy conversation:

Power/Energy Infra - C&M + RBP Updates - PJM published updates to C&M (HERE) and RBP

(HERE) proposals. C&M follows PJM's recent trend of pushing retail load issues back to the

states, calling for a large load registry, then having utilities/states determine curtailment

order. On the RBP side, PJM remains focused on 15-year contracts (DER/DR eligible) to cover

anticipated reliability gap for upcoming 2028/29 auction.

Oil & Gas/Trump 2.0 - Post MOU State-of-Play - Oil prices fell sharply as USA/IRI finalized

MOU last week; compliance + ability to extend 60-day timeline ongoing questions of concern.

We continue to see a 'deal' (and lower oil prices) as paramount for President Trump (R) through

NOV midterm election cycle - prior note (HERE). To us, this means expect ceaseless volatility,

but a commitment to the framework and messaging that the SoH remains open.

Trade & Tariffs - Trump's Poly Decision - We see Fri (6/26) as deadline for Trump to act on