North American Utilities 2Q26 Previews: AEE, CMS, DTE, PPL, WEC, XEL

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North American Utilities 2Q26 Previews: AEE, CMS, DTE, PPL, WEC, XEL

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

15 July 2026

North American Utilities

2Q26 Previews: AEE, CMS, DTE, PPL, WEC, XEL

Please find below our thoughts on AEE, CMS, DTE, PPL, WEC, and XEL into the Head of North America Power,

quarter. AEE continues to represent a favorite name for us. Our work indicates the Utilities, Midstream, LNG, and

company is more than capable of raising its EPS CAGR at 3Q and once again Nuclear

pointing to the high end of the range, as well as provide commentary on attractive Jeremy Tonet, CFA AC

growth during years 6-10, though the company has not commented to us here. (1-212) 622-4915

For PPL, we will listen for any commentary regarding Genco JV commercial jeremy.b.tonet@jpmorgan.com

advancements and progress towards a CPCN in KY. Talking points at our Diana Niles

conference spoke to confidence in signing a Genco JV agreement in the coming (1-212) 622-3328

diana.niles@jpmorgan.com

days/months (with multiple irons in the fire), which we view as a clear positive.

Aidan C Kelly

• AEE: not standing still, lying in wait for 3Q. After catching up with the (1-212)aidan.x.kelly@jpmchase.com622-4912

company, we model 2Q26 adj EPS of $1.09, above the $1.06 Street median

where we expect higher O&M partially offsets AFUDC/PISA and MO electric Eli Jossen, CFA

(1-212) 622-4113

rates benefits. We anticipate all ears on management’s load growth and EPS eli.jossen@jpmchase.com

messaging ahead of the company’s 3Q plan update. AEE’s 6.2% sales CAGR J.P. Morgan Securities LLC

assumes 1.2GW of new demand by 2030, in line with the company’s preferred

resource plan, while 2.8GW in signed ESAs coming online from 2027 through

2029 (including recent Google and Amazon data center announcements)