PowerPoints: ETR/DUK Nuke, ETR LA, GEV, DTE/CMS, POR, TTI Water, & ENB Pipes

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PowerPoints: ETR/DUK Nuke, ETR LA, GEV, DTE/CMS, POR, TTI Water, & ENB Pipes

USA | Power & Utilities EquityJuneResearch29, 2026

PowerPoints: ETR/DUK Nuke, ETR LA, GEV, DTE/

CMS, POR, TTI Water, & ENB Pipes

ETR/DUK new nuclear hesitation is notable. ETR LA Governor Executive Order

consistent with ETR's construct; Cottonwood will be the next test. GEV now

fully booked 2029 turbines, a favorable update and addresses a key debate.

DTE/CMS MI data centers bills introduced. POR HoldCo positions minimally

changed. TTI data centers and water focus. New England pipeline focus with

DOE update.

ETR/DUK: Entergy did not submit a DOE loan application. Duke exploring new nuclear but 'does

not want to scare away investors'. Entergy confirmed to Barrons that it has not applied for a

Department of Energy loan to support new nuclear construction. Duke Energy (DUK) described that

it is fully ware of the cautious investor view towards new nuclear at a recent industry conference.

Bulls and many investors broadly argue that management teams will avoid announcing new nuclear in

such a way that will adversely impact valuations.

ETR: LA Governor signs ratepayer protection pledge, broadly consistent with Entergy's

framework. Cottonwood the short-term focus. The Louisiana Governor issued an Executive Order

26-058 Ratepayer and Community Protection Initiative. We remain cautiously optimistic that the

reasonably priced Cottonwood acquisition will be approved, but it appears to be an uphill battle based

upon the majority PSC's current view. Governor's update is consistent and supportive of Entergy's

construct. Modestly supportive statement related to Cottonwood.

GEV: 2029 turbine order book now full versus flagging EPC constraints just a month ago. GE