Americas Utilities: Regulatory Refresh for 2H2026

This report provides a regulatory outlook for Americas Utilities in 2H2026, favoring AEP, XEL, and DUK while flagging higher risks for EXC.

Key Takeaways

• 1.The report highlights AEP, XEL, and DUK as top utility picks due to lower relative regulatory and policy risk in the second half of 2026.
• 2.Key catalysts in 2H2026 include clarity on large load interconnection (ERCOT Batch Zero) and power reliability backstops (PJM RBP).
• 3.Regulatory risk is highest in jurisdictions like Maryland and Pennsylvania due to affordability concerns and political uncertainty.

Table of Contents

• Key regulatory themes
• Large load interconnection
• Reliability
• Jurisdictions top of mind
• Buy rated stocks where we see lower relative near term regulatory risk
• Stocks with higher levels of rate case activity for the remainder of 2026
• Non-rate case events in 2026
• Key events by stock
• Valuation and Key Risks
• Disclosure Appendix

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