APAC Energy Transition: Implications: When data center backlash meets US grid queue reform

研报英文原文证据摘录

APAC Energy Transition: Implications: When data center backlash meets US grid queue reform

J P M O R G A N Asia Pacific Equity Research

26 June 2026

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APAC Energy Transition

Implications: When data center backlash meets US grid

queue reform

Social tensions over data center development (Hannah Lee’s report) likely led to the

FERC (US regulator)’s recent proposed reform on grid queueing to emphasize

protection against ratepayer cost shifts. Alongside our US team’s (Mark Strouse’s

report) callout on BTM (behind the meter) technology and transmission from the

FERC reform, we highlight the importance of BTM’s role in obtaining social

acceptance. Within the APAC Energy Transition value chain, 1) APAC ESS; 2) APAC APAC Utilities & Renewables |

Sustainable InvestingElectrical and Power Gen Eqp; and 3) APAC Nuclear SMR themes are related. Within

these themes, we highlight the following OW stocks in APAC: Doosan Enerbility, Alan Hon AC

Weichai A/H, Yingliu, Hyosung Heavy, Sungrow, CATL-A and LGES. (852) 2800-8573

alan.hon@jpmorgan.com

From social pushback to regulation change, FERC has moved to conduct reform Daqi Jiao

aimed at easing grid queuing for large loads by announcing its Large Load Integration (852) 2800-8595

Order. In addition to grid queueing, it also emphasizes preventing cost shifts to daqi.jiao@jpmorgan.com

ratepayers, so household power users are not effectively cross subsidizing power APAC Thematic and Sustainable