DC-to-DC Power Wrap: Inverter Ban, PJM RBP Vote, Poly Feedback, & SCOTUS Ruling

研报英文原文证据摘录

DC-to-DC Power Wrap: Inverter Ban, PJM RBP Vote, Poly Feedback, & SCOTUS Ruling

TD Securities (USA) LLC POLICY NOTE

July 2, 2026

■WRG Energy Transition & Sustainability DC-to-DC Power Wrap: Inverter Ban, PJM RBP

Vote, Poly Feedback, & SCOTUS Ruling

John Miller THE TD COWEN INSIGHT

202 868 5306 ■Reuters reports FCC considering a ban on PRC inverters, wider grid ban considered in

john.p.miller@tdsecurities.com Trump 1.0.

Cooper Pryde

■PJM stakeholders advance RBP proposal to board.

212 468 7804

cooper.pryde@tdsecurities.com ■Push back to our poly S232 view centered on DOC's 270-day timeline.

■SCOTUS ruling enables Trump (and future presidents) to fire commissioners at independent

commissions (FERC, NRC).

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

Ahead of US July 4th Holiday we are publishing our weekly wrap early, there is no 'what we are

reading' section.

What Mattered This Week?

Power/Energy Infra - FCC Inverter Ban? - Reuters reports (unsubstantiated) that FCC

considering a ban on imports of PRC inverters (HERE). We note Trump 1.0 (R) teed-up a wider

PRC grid ban proposal via EO in 2020 (HERE), but no action was taken before the Biden Admin

(D) took office. Action is possible (at FCC or DOE) but would need to be balanced against

impact on Trump's wider AI push. We remain on the watch for a new Trump grid 'EO' that

could be a catalyst for more action.

Power - PJM RBP Vote - Stakeholders advanced an RBP proposal to the board - prior note

(HERE). Consensus here is key as it enables an accelerated FERC filing. In our view, RBP's large

load 'subscription' process balances both cost shift and data center power demand concerns.

Trade & Tariffs - Poly S232 Feedback - Our note on the lack of White House poly S232 action