Regulated & Diversified Utilities / IPPs: Monthly Meter Reading

研报英文原文证据摘录

Regulated & Diversified Utilities / IPPs: Monthly Meter Reading

Update

June 24, 2026 07:40 AM GMT

Morgan Stanley & Co. LLCMRegulated & Diversified Utilities / IPPs | North David Arcaro, CFA

America Equity Analyst

David.Arcaro@morganstanley.com +1 212 761-1817

Alexandre Zimmermann

Research AssociateMonthly Meter Reading Alexandre.Zimmermann@morganstanley.com +1 212 761-3617

Zhizhong Dong

The May Edition Research Associate

Jonathan.Dong@morganstanley.com +1 212 761-5632

Amanda Huang

In May, utilities underperformed the S&P's +5.26% return by 1,045 bps, with US 10-

Research Associate

Year yields increasing ~6 bps from the beginning of the month. Notable moves Amanda.Huang@morganstanley.com +1 212 761-4197

during the month included the outperformance of XIFR (+20.58%), D (+4.82%), and Jeremy Herring

TLN (+3.86%), and the underperformance of NRG (-13.55%), OGS (-12.16%), and HE (- Jeremy.Herring@morganstanley.com +1 212 761-4182

11.75%).

Diversified Utilities / IPPs

We raised our SEI PT and reaffirmed our high conviction in the stock (here). North America

Industry View Attractive

Earlier this month, we raised our PT to $90/share (from $81/share) to incorporate Regulated Utilities

1Q26 results, the third long-term data center contract, the expansion of the second North America

Industry View In-Line

deal, and the 100MW of newly procured capacity. Importantly, we continue to have

See our price target changes in Exhibit 1.high conviction in SEI as a key supplier of on-site power and with an active deal

pipeline and differentiated track record. We expect the company to continue to

expand capacity even with a tight supply chain in the near term.

We collaborated with our colleagues in Asia and Europe to size the global

merchant battery opportunity (here).