Electric Utilities & Power: Sparking Credit: JPM Natural Resources Conference Takeaways, Weekly Briefing: DOE Furthers Nuclear Agenda

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Electric Utilities & Power: Sparking Credit: JPM Natural Resources Conference Takeaways, Weekly Briefing: DOE Furthers Nuclear Agenda

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

26 June 2026

Electric Utilities & Power

Sparking Credit: JPM Natural Resources Conference

Takeaways, Weekly Briefing: DOE Furthers Nuclear

Agenda

• Upcoming Events and Recent Publications North America Corporate Credit -

Electric Utilities

• Webinar Replay: Updated Thoughts on AI / Data Center Financing Kevin L Kwan AC

• Xcel Energy: J.P. Morgan Natural Resources Conference Takeaways (1-212)kevin.l.kwan@jpmorgan.com270-9455

• Ameren Corp: J.P. Morgan Natural Resources Conference Takeaways Erin Daugherty

• CMS Energy Corp: J.P. Morgan Natural Resources Conference Takeaways (1-212)erin.daugherty@jpmchase.com834-6990

• Vistra: J.P. Morgan Natural Resources Conference Takeaways J.P. Morgan Securities LLC

• Entergy Corp: J.P. Morgan Natural Resources Conference Takeaways

• WEC Energy: J.P. Morgan Natural Resources Conference Takeaways JULI Snapshot

• PPL Corp: J.P. Morgan Natural Resources Conference Takeaways 24-Jun 1 Wk YTD

• Talen Energy: J.P. Morgan Natural Resources Conference Takeaways JULINon-Fin 8788 12 -2-2

• AI Capex 2.0: If You Build It, They Will Finance It - Updated Growth & Utes 85 1 -4

Capital Markets Forecasts HoldCo 87 1 -4

OpCo 85 1 -4

• Electric Utilities & Power: Thoughts Ahead of the 2026 Wildfire Season GenCo 103 1 -3

Source: J.P. Morgan.

• We provide our weekly briefing, beginning on page 3 of this report. JULI vs. JULI Utes

• Over the past week, Utilities widened 1bp versus a 1bp widening in the Diff (R Axis)

JULI index and a 2bp widening in the JULI Non-Financial Index. Utility 150 JULI (L Axis) 10

JULI Utes (L Axis)