幻灯片《通胀削减法案》涉及核能。参议院会力挽狂澜吗？

Julien Dumoulin-Smith * | Equity Analyst+1 (281) 774-2066 | jds@jefferies.comPaul Zimbardo * | Equity Analyst+1 (212) 778-8497 | pzimbardo@jefferies.comBrian Russo, CFA * | Equity Analyst+1 (212) 778-8559 | brusso@jefferies.comJamieson Ward, CFA * | Equity Analyst+1 (281) 774-2081 | jamieson.ward@jefferies.comDushyant Ailani, CFA * | Equity Analyst1 (212) 778-8318 | dailani@jefferies.comTanner James, CFA * | Equity Analyst+1 (212) 788-8667 | tjames@jefferies.comWhitney Mutalemwa * | Equity Associate+1 (212) 707-6413 | wmutalemwa@jefferies.comHannah Velasquez * | Equity Associate+1 (347) 982-6038 | hvelasquez@jefferies.comEthan Corcoran * | Equity Associate+1 (212) 284-2462 | ecorcoran@jefferies.comSpark Li * | Equity Associate+1 (713) 308-4573 (office) | sli8@jefferies.comQudrat Qureshi * | Equity Associate(646) 530-5925 | qqureshi@jefferies.comThis is a cautious update as the Housemovesforward with what was expectedto be the worst case. Confidence in theability of the Senate to deliver a meaningfulimprovement in this bill is fading — andreflected in shares moving lower. Look forSenate Finance Committee draft by mid-to-late June. Timeline will get crunched intoJuly month-end and is the 'forcing function'of a compromise between punitive Houseand likely more generous Senate versions.This bill is clearly in part oriented towardsbenefiting large incumbent developers vstheir peers: How market share shifts will be akey further debate.NEE 2027 Relative P/E Premium (Discount).-20%-15%-10%-5%0%5%10%15%20%25%30%35%40%5/22/248/22/2411/22/242/22/255/22/25NEEvs Premiumvs ElectricSource: Jefferies, Company Filings, and Bloomberg credits transferred as representing $6.5Bn equity content created. NEE transferred $1.3Bn in 2024,implying 6% dilution avoided. Background here.Please see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Julien Dumoulin-Smith, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Paul Zimbardo, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Brian Russo, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Jamieson Ward, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Dushyant Ailani, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Tanner James, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Whitney Mutalemwa, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Hannah Velasquez, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in