NARUC 2026 Summer Policy Summit Takeaways and Investment Implications

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NARUC 2026 Summer Policy Summit Takeaways and Investment Implications

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North American Power & Utilities

NARUC 2026 Summer Policy Summit

Takeaways and Investment Implications

Industry Overview

Data Centers: Transparency the Buzzword from NARUC 24 July 2026

The NARUC panels reinforced that data center demand remains one of the most Equity

important growth opportunities for the utility sector, but the focus is increasingly North America

shifting from headline pipeline announcements to the quality, transparency, and Utilities

deliverability of that large load growth. Across discussions on tariffs, transmission, grid

readiness, and community acceptance, panelists emphasized the need to distinguish RossResearchFowler,AnalystCFA

committed projects from speculative queue positions. Transparency around customer BofAS

commitments, infrastructure requirements, cost allocation, interconnection timing, and +1ross.fowler@bofa.com646 855 1506

local impacts is becoming a key determinant of whether demand translates into

F. Paul Cole

approved investment and earnings growth. Regulatory tone was focused on affordability Research Analyst

but in the context of finding a way to connect data centers to the system, and finding BofAS

+1 646 743 2122

innovative solutions to do so, which we found surprising. Going forward Regulatory paul.cole2@bofa.com

innovation is not an oxymoron. Rinny Singh

Research Analyst

BofAS

+1 646 855 5729Speed-to-Market and Regulatory Execution rinny.singh@bofa.com

A central theme was that speed-to-market is becoming a competitive differentiator, but

regulators remain focused on balancing economic development with reliability, NicolasResearchWoodsAnalyst

affordability, and customer protection. Large-load tariffs featuring deposits, collateral, BofAS