BERNSTEIN Utilities Daily – July 2nd

研报英文原文证据摘录

BERNSTEIN Utilities Daily – July 2nd

NSTEIN FLASHMAIL

2 July 2026

European Utilities & Clean Energy

Jorge Alonso Suils +34 915 893 913 jorge.alonso@bernsteinsg.com

Bartlomiej Kubicki +49 69 717 4418 bartlomiej.kubicki@bernsteinsg.com

Thibault Dujardin, CFA +33 1 58 98 59 16 thibault.dujardin@bernsteinsg.com

Rory Graham-Watson +44 20 7676 7093 rory.graham-watson@bernsteinsg.com

Ken-Ree Choong +44 20 7676 8243 ken-ree.choong@bernsteinsg.com

Specialist Sales

Gareth Williams +44 20 7762 5256 gareth.b.williams@bernsteinsg.com

BERNSTEIN Utilities Daily — July 2nd

FEATURED RECENT RESEARCH

Blackbook - European Utilities & Clean Energy 101 Primer

2026 Outlook - Utilities & Clean Energy: Look no further for defensive growth

2 Jul 2026 - EDP/R: Key drivers - Part 3: Regulated networks offering visibility and quality earnings

25 Jun 2026 - Regulated Networks Primer series: Part 2: A deep-dive into valuation

23 Jun 2026 - Italgas: FY26-FY32 Business Plan - Consolidation-led growth drives capex upgrade, limited organic upside

23 Jun 2026 - How could Engie benefit from the reform of hydropower in France?

22 Jun 2026 - EDP/R: Key drivers - Part 2: Mispriced Iberian hydro with data center demand-driven upside

15 Jun 2026 - Regulated Networks Primer series: Part 1: How do regulated return frameworks compare across jurisdictions?

23 Apr 2026 - European Utilities & Clean Energy: Why there is still room to run in this defensive growth sector

HEADLINES

FRANCE

• CRE presents the conclusions of its report on the future of gas networks through 2050 (CRE). The RAB of gas infrastructure

(excluding local distribution companies and LNG terminals) is expected to remain broadly stable in nominal terms by 2050 in the GR

scenario (€37bn, +7% vs. 2025), and to decline under the S3 (€31bn, -8% vs.