US Energy: Megawatts, Molecules and Minerals

J.P. Morgan specialist sales Brendan Henrici argues that energy flows remain sticky despite volatility, and clean energy is entering a new growth phase led by IPPs and First Solar.

Key Takeaways

• 1.Energy ETF outflows are a myth; the sector has seen $2.4bn in net inflows in May alone and over $20bn YTD.
• 2.Independent Power Producers (IPPs) are repositioning as hybrid solution providers for data centers, focusing on 'new capacity' including gas and storage.
• 3.Clean energy is outperforming traditional energy (XLE) in 2026, yet investor net exposure remains near neutral (0 Z-score), suggesting a sustainable rally.

Table of Contents

• Observations on Crowded Energy Trades
• Dispelling the Energy Outflows Myth
• The IPPire Strikes Back
• Clean Energy Flows Pickup, Exposures Remain low
• Time To Be Long FSLR?

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