North American Utilities Weekly: 2Q26 Previews/Reviews; Sentiment Check; Data Center Collateral in Focus; News Flow; NJ; Comps; Utilities Lag. Sat Aug 01 2026

研报英文原文证据摘录

North American Utilities Weekly: 2Q26 Previews/Reviews; Sentiment Check; Data Center Collateral in Focus; News Flow; NJ; Comps; Utilities Lag. Sat Aug 01 2026

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

31 July 2026

North American Utilities Weekly

2Q26 Previews/Reviews; Sentiment Check; Data

Center Collateral in Focus; News Flow; NJ; Comps;

Utilities Lag

• Sentiment check. AEE’s 60% sales growth through 2029 screens as a bullish Head of North America Power,

signal for load growth and generation capital investment ahead of the Utilities, Midstream, LNG, and

company’s September IRP filing and 3Q capital plan update. Quick math here Nuclear

points to the potential for load to reach ~2.6GW through 2029, well above the Jeremy Tonet, CFA AC

1.2GW by 2030 in the current PRP. Separately, FE drew positive review after (1-212) 622-4915

reinforcing conviction in WV’s large load opportunity set, with feedback jeremy.b.tonet@jpmorgan.com

framing the company’s next-gen RFP and line of sight to incremental contracts Aidan C Kelly AC

as solid markers for the growth opportunity. Moving forward, we expect debate (1-212) 622-4912

aidan.x.kelly@jpmchase.com

to center on FE’s relative valuation to PPL amid increasing genco momentum AC Eli Jossen, CFA

and PJM exposure for both companies (we remain OW on PPL, N on FE).

(1-212) 622-4113

EXC experienced weakness after cutting its high probability load by 7GW eli.jossen@jpmchase.com

QoQ, driven by a pull-back in realized collateral commitments. We expect a Diana Niles

greater emphasis on collateral-to-GWs moving forward. CMS bulls and bears (1-212) 622-3328

sounded frustrated by 2Q as CMS announced a sale of NorthStar renewables diana.niles@jpmorgan.com

without details on the financial impact, though we still expect at least the top J.P.