GS Utilities Daily

Goldman Sachs upgrades EDPR to Buy and EDP to Neutral, citing an improved pricing outlook for US renewables. Meanwhile, Pennon Group faces EPS downgrades following FY 2026 results.

Key Takeaways

• 1.EDPR upgraded to Buy; EDP upgraded to Neutral, driven by improved outlook for US renewables.
• 2.Pennon Group EPS estimates downgraded by c.17.6% due to higher interest costs and ODI penalties.
• 3.Strong power demand, less competition from oil majors, and rising equipment costs improve US renewable return outlooks.

Table of Contents

• GS Utilities Daily: Re-pricing the US Renewable industry: EDPR upgraded to Buy (EDP up to Neutral) // Pennon: EPS downgrades a
• Research you can't miss from past two weeks
• European Utilities: Re-pricing the US Renewable industry: EDPR upgraded to Buy (EDP up to Neutral)
• Pennon: EPS downgrades a negative, clarity to come at strategic update
• Germany to combine industry energy subsidies
• Other news
• Research you need to read
• Disclosure Appendix