Monthly Meter Reading: The June Edition

研报英文原文证据摘录

Monthly Meter Reading: The June Edition

Update

July 22, 2026 08:42 AM GMT

Morgan Stanley & Co. LLCMRegulated & Diversified Utilities / IPPs | North David Arcaro, CFA

America Equity Analyst

David.Arcaro@morganstanley.com +1 212 761-1817

Alexandre Zimmermann

Research AssociateMonthly Meter Reading Alexandre.Zimmermann@morganstanley.com +1 212 761-3617

Zhizhong Dong

The June Edition Research Associate

Jonathan.Dong@morganstanley.com +1 212 761-5632

Amanda Huang

In June, utilities outperformed the S&P's -0.95% return by 367 bps, with US 10-Year

Research Associate

yields falling ~3 bps from the beginning of the month. Notable moves during the Amanda.Huang@morganstanley.com +1 212 761-4197

month included the outperformance of SEI (+15,90%) and the underperformance of Jeremy Herring

CWEN (-16.00%) and CEG (-13.69%). Jeremy.Herring@morganstanley.com +1 212 761-4182

We previewed 2Q earnings for our regulated coverage (here). Key focus areas Diversified Utilities / IPPs

include data center pipeline updates, affordability risk, and regulatory activity. We North America

Industry View Attractive

don't expect meaningful updates to guidance this quarter and think most Regulated Utilities

noteworthy capex updates will come with 3Q earnings / EEI. North America

Industry View In-Line

We initiated coverage of OGE at EW (here). We see multiple capex upside See our price target changes in Exhibit 1 .

opportunities in generation and transmission that are likely to boost the EPS growth

outlook (currently 5-7%), but consensus EPS already implies an ~8% LT CAGR. The

company is also planning to file a rate case in OK later this year, increasing

regulatory risk – we see a balanced risk reward overall.

We collaborated with our Thematics team to analyze political pushbacks to data