Electric Utilities & Power: Sparking Credit: 2026 Mid-Year Outlook; Weekly Briefing: EIX Receives Mixed Ruling in Eaton Fire Litigation

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Electric Utilities & Power: Sparking Credit: 2026 Mid-Year Outlook; Weekly Briefing: EIX Receives Mixed Ruling in Eaton Fire Litigation

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

10 July 2026

Electric Utilities & Power

Sparking Credit: 2026 Mid-Year Outlook; Weekly

Briefing: EIX Receives Mixed Ruling in Eaton Fire

Litigation

North America Corporate Credit -

Electric Utilities

Kevin L Kwan AC

(1-212) 270-9455

kevin.l.kwan@jpmorgan.com

• Upcoming Events and Recent Publications Erin Daugherty (1-212) 834-6990

erin.daugherty@jpmchase.com

• HG and HY Power & Utilities 2026 Mid-Year Outlook: Replay | Slides J.P. Morgan Securities LLC

• HY Power & Utilities: 1Q26 HY Model Book - Maintaining Sector OW

• Webinar Replay: Updated Thoughts on AI / Data Center Financing JULI Snapshot

• JPM Natural Resources Conference Takeaways: XEL, AEE, CMS, VST, 8-Jul 1 Wk YTD

ETR, WEC, PPL, TLN JULI 88 0 -1

• AI Capex 2.0: If You Build It, They Will Finance It - Updated Growth & Non-FinUtes 8884 00 -2-6

Capital Markets Forecasts HoldCo 86 0 -6

• Electric Utilities & Power: Thoughts Ahead of the 2026 Wildfire Season OpCoGenCo 10083 -10 -6-5

• We highlight our 2026 Mid-Year Outlook, beginning on page 3 of this Source: J.P. Morgan.

report. JULI vs. JULI Utes

10• Over the past week, Utilities were flat to the JULI and JULI Non-Financial 150 DiffJULI(R(LAxis)Axis)

Indices. Utility GenCos tightened 1bp, while OpCos and HoldCo's remained JULI Utes (L Axis)

flat. Secured OpCos and unsecured OpCos also remained flat over the last

week. YTD, Utilities tightened 6bp versus a 1bp tightening in the JULI index 100 0

and a 2bp tightening in the JULI Non-Financial Index. Utilities are currently

trading 4bp through to the JULI index at 84bp and OpCos are trading 3bp inside

of HoldCos at 83bp. 50 -10