JPM | US Energy: SOH Traffic Trickles to 9 Ships, Iraq Suspends Loadings, Energy IPOs Hit Record, China EV Taxis, Copper & China Buying, China LNG Buying, Utilities & O&G Previews

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JPM | US Energy: SOH Traffic Trickles to 9 Ships, Iraq Suspends Loadings, Energy IPOs Hit Record, China EV Taxis, Copper & China Buying, China LNG Buying, Utilities & O&G Previews

Brendan Henrici - Specialist Sales - US Energy AC North America Specialist Sales J P M O R G A Nbrendan.henrici@jpmorgan.com

J.P. Morgan Securities LLC 16 July 2026

to advance major legislation when policymakers viewed action as necessary. While new Senate leadership may add

uncertainty, we appreciate this dynamic may also enable greater top-down influence over the final outcome and believe the

governor has strong incentives to resolve the issue before leaving office. Based on our buy-side feedback, a state-funded

backstop resonates as the best-case scenario, though we acknowledge that alternative structures involving shareholder-free

liability caps could still clear the bar for driving a significant re-rating catalyst.

NiSource Inc. - IURC Launches Affordability Investigation; GenCo Execution on Track; Await MSFT Update; Re-Shape

Quarterly Earnings Profile- Eli Jossen here

• IURC affordability report launches ROE and tracker investigations. Today’s IURC session and

affordability report launched formal ROE and tracker investigations under the HEA 1002 multi-year rate plan framework. The

report, following 10 statewide listening sessions and ~2,200 public comments, directs utilities to double shareholder-funded

customer assistance commitments and improve transparency around large load customer investment benefits flowing to

existing ratepayers, while flagging tracker and ROE structures as ripe for recalibration under the new multi-year rate plan

cadence. Investor feedback screens mixed, with bulls arguing lower ROEs and tracker scrutiny already priced in over recent