DC-to-DC Power Wrap: IRI Breakdown, NJ Ute Reform, AEP Loan, & CAN Pipeline

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DC-to-DC Power Wrap: IRI Breakdown, NJ Ute Reform, AEP Loan, & CAN Pipeline

TD Securities (USA) LLC POLICY NOTE

July 10, 2026

■WRG Energy Transition & Sustainability DC-to-DC Power Wrap: IRI Breakdown, NJ Ute

Reform, AEP Loan, & CAN Pipeline

John Miller THE TD COWEN INSIGHT

202 868 5306 ■US-IRI tension (again) spiked, we see President Trump (R) as committed to some form of

john.p.miller@tdsecurities.com 'deal' pre-midterm.

Cooper Pryde

■NJ Gov. Sherrill (D) signed into law package of bills addressing utility ROEs, ATTs, and large

212 468 7804

load tariffs.

cooper.pryde@tdsecurities.com

■DOE's EDF announced second AEP loan.

■CAN and AB submitted West Coast pipeline to Major Projects Office.

Sector Impacts: Utilities, Energy (Upstream/Midstream), & Industrials (E&Cs)

What Mattered This Week?

Oil & Gas/Trump 2.0 - IRI - Hostilities between US & IRI reignited (again) as new IRI strikes

on SoH shipping led to US retaliation. President Trump (R) stated the ceasefire is 'over' and

Treasury pulled the waiver on IRI oil sanctions (HERE). We anticipate ongoing on-and-off flair

ups, but believe Trump is committed to preserving some from of 'deal' until after the NOV

midterm elections to keep gasoline prices down. We see no final resolution until IRI's nuclear

capabilities are addressed, which remains elusive.

Energy Infrastructure - NJ's Sherrill Acts On Utilities - NJ Gov. Sherrill (D) signed a package

of bills designed to 'hold utility companies and data centers accountable' (HERE). Package

includes bills making RTO membership mandatory (ending eligibility for RTO ROE adder),

expediting reviews for projects using ATTs, and creating a new data center rate structure

(large load tariffs). We note MD also looking to eliminate RTO adder (HERE). With 'affordability'