Independent Power Producers: Sparks & Quarks: 2Q26 IPP Previews; IPP Fundamentals Remain Intact Despite Broader Market Vol; News Flow; IPPs Lag

研报英文原文证据摘录

Independent Power Producers: Sparks & Quarks: 2Q26 IPP Previews; IPP Fundamentals Remain Intact Despite Broader Market Vol; News Flow; IPPs Lag

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

29 July 2026

Independent Power Producers:

Sparks & Quarks

2Q26 IPP Previews; IPP Fundamentals Remain Intact

Despite Broader Market Vol; News Flow; IPPs Lag

• Sentiment Check: IPP lags alongside momo and volatility sell-off. IPPs Head of North America Power,

lagged on the week as the AI complex continues to underperform the broader Utilities, Midstream, LNG, and

market. While fundamentals remain attractive for the group, we would not be Nuclear

surprised to see continued weakness in the price action as industrial names and Jeremy Tonet, CFA AC

hyperscalers report earnings. On the regulatory front, while market uncertainty (1-212) 622-4915

has hampered the pace of contracting, investor conversations have touched on jeremy.b.tonet@jpmorgan.com

whether IPPs would have interest in controlling their destiny similar to wires Vrathan Reddy

names that have discussed leaving PJM. (1-212) 622-4692

vrathan.reddy@jpmchase.com

• PJM proposes IRAS to enhance grid reliability. In the evolving connect and Aidan C Kelly

manage issue, PJM recently proposed Interim Resource Adequacy Service (1-212) 622-4912

(IRAS) whereby large loads, defined as end‑use load ≥50 MW at a single site aidan.x.kelly@jpmchase.com

(including post–June 1, 2027, incremental ramps that push a site over the Diana Niles

threshold), can interconnect without immediate new capacity. However, this (1-212) 622-3328

would require load reduction (or backup supply where permitted) under diana.niles@jpmorgan.com

limited, reliability-driven conditions. PJM would run a centralized Large Load Eli Jossen, CFA