预算协调与周中数据点的最新情况：预算协调摇摆不定可再生能源倒退，对核能有帮助；AWK水务收购成本高昂但有增值作用；随着Empire的进展，D & ES有积极影响；SO GP费率案件和解轻微的信用冲击，值得5 - 7%的EPS增长的长期去风险化积极

Restricted - External U.S. Power & UtilitiesPOSITIVEU.S. Power & UtilitiesNicholas Campanella+1 212 526 6123nicholas.campanella@barclays.comBCI, USFei She, CFA+1 212 526 8011fei.she@barclays.comBCI, USNathan Richardson+1 212 526 6244nathan.richardson@barclays.comBCI, USMichael Brown+1 212 526 4885michael.brown3@barclays.comBCI, US Source: Barclays Research, Company DisclosuresAWK / Nexus Background on Transaction:Nexus owns all of the issued and outstanding equityin certain entities (collectively called the acquired entities) that own regulated water andwastewater system assets located in IL, IN, KY, MD, NJ, PA, TN and VA. Nexus Regulated UtilitiesLLC is a subsidiary of Nexus Water Group Inc, a privately held water and wastewater utility. AWKagreed to acquire all of the seller's equity in each of the acquired entities. The purchase price ofthe transaction is $315mn in cash, subject to adjustment at closing. Aggregate rate base atclosing is expected to be $200mn, subject to final determination by the respectiveCommissions. Upon closing, AWK will add ~47k customer connections in its regulatedbusinesses. The state breakout is as follows: IL (+17.1k customer connections), IN (+8.9kcustomer connections), KY (+7k customer connections), MD (+4.6k customer connections), NJ(+1.1k customer connections), PA (+7.3k customer connections), TN (+0.4k customerconnections) and VA (+0.2k customer connections). AWK intends to fund the payment of thisacquisition via cash flow from operations and existing liquidity sources. Closing is expected byor before August 2026 and is subject to regulatory approval by the various Commissions. From afunding perspective, the company will fund the deal in line with most capital investments ona consol basis at the holding company aligned with their target debt to capital ratio of less than60%.US OSW Wind Positive: D & ES: Empire Wind Project Receives Approval To ContinueConstruction:On May 19th, 2025 it was reported that the Department of the Interior, Bureau ofOcean Management will allow Equinor/Empire to continue work on Empire Wind Project in LongIsland, NY. The project halted construction when Empire was issued a stop order on April 16th,2025. The order halting the project in April was driven by the Trump Administration's oppositionto renewable energy and specificallyoff-shorewind projects. Even though Equinor's EmpireWind project was approved and already had received licensing/permits, financing for theproject, and as of the issuance of the stop order the project was 30% complete, this did notprevent the Trump Administration issuing the order. Equinor/Empire and Governor Hochulworked diligently with the Trump Administration and Department of the Interior to allowEmpire to continue construction of the project. The 810MW project is anticipated to reach itsplanned in-service date in 2027. We see this as a positive read-through to ES Revolution Windproject with an in-service date of 2026 as well as D's CVOW project which is expected to COD in2026. We continue to see OW-rated D as specificallyofferingmore attractive value with theCVOW project fully regulated, and likely to be on time and on budget into the 2Q call. We also 2 are watching the CFACT proceeding for any additional data-points regarding governmentsupport this July.SO: Quick take on proposed GP rate settlement: Positive:On May 19, Georgia PowerCompany (GP) and the Georgia Public Service Commission (PSC) Public Interest AdvocacyStaff(PIA) reached a settlement agreement to extend the alternate rate plan approved by theGeorgia PSC through 12/31/2028, and keeping retail base rates flat. Under the terms of theagreement:•Earnings power:there is no change in ROE (10.50%) or equity ratio (56%). The retail ROE•range would remain 9.50% to 11.90%.•Storm damage costs:this would be included in a separate regulatory proceeding to be filed•no sooner than 2/1 and no later than 7/1 next year to recover the actual reasonable andprudent storm costs incurred through 2025YE.•Fuel cost under-recovery:pass-through of such cost is still allowed and GP currently carries•about $800mm balance.•Amortization of regulatory assets:this will continue through the ARP extension period.••Tax deferral:ITC and PTC would continue be amortized through the ARP Extension Period.•The acceleration of it is subject to IRS rules and other guidance (if any) expected to bereleased by the agency.60% of PTC (45U) benefits generated would be credited to income taxexpense as generated, which is a benefit to EPS. The remaining 40% would be deferred as acustomer benefit.•Over-earning sharing:there is no change in that excess earnings above the upper limit of the•9.50 - 11.90% ROE range would garner: 40% contributes to regulatory assets, 40% will bedirectly refunded to customers, remaining 20% would be retained by GP. There would be norecovery of any earnings shortfall below the lower end.•ICRtariff:if GP projects it will earn less than the lower end for any calendar year, it may•