美国电力与公用事业：未来一周展望

The Week Ahead CA Utes: Addressing Recent Weakness; WEC Clarity OnCloverleaf; DUK New SC Rate Case; SRE HOA with JERA; CNPReg Updates; PNW Files Formula Rate GRC; PJM / PPL PA BusTour Takes; Weekly Data Points & More U.S. Power & UtilitiesPOSITIVE U.S. Power & Utilities Nicholas Campanella+1 212 526 6123nicholas.campanella@barclays.comBCI, US We appreciate your5-star votein the2025Extel All-America Research Surveyin theEnergy -Utilities category.View our analysts » Vote 5 Stars for Barclays » What We're Watching the Week of 6/16:Today on 6/16 we're watching for the US SenateFinance Committee to release budget reconciliation text which we see as impactful to currentrenewable tax credit expectations.On 6/17, NEE's FPL is scheduled forStafftestimony regardingits pending rate case. On 6/18, evidentiary hearing starts for AEP's APCo regarding its WVsecuritization process. On 6/20, CNP's Beryl securitization process is scheduled for publichearing. Fei She, CFA+1 212 526 8011fei.she@barclays.comBCI, US Michael Brown+1 212 526 4885michael.brown3@barclays.comBCI, US Week In Review:The UTY outperformed the S&P 500 this past week, seeing a 88bp gain vs a-39bp loss for SPX. 10yr/30yr USTs closed the week -10bps / -7bps narrower. IPPs (+1.8%), LargeCaps (-0.5%), Small Caps (-0.4%), Diversified (+1.1%), LDCs (-0.1%) and Water (+1.5%) saw mixedresults this past week. Top performers in our coverage universe include TLN, AES, EVRG, NEE,SO, ED, EXC, DUK, OGE and AEP. Bottom performers included WEC, D, CEG, CNP, FE, XEL, NWE,SRE, EIX and PCG. Catalyst Calendar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3Weekly Data Points. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4CA Utes: Responding to Recent Weakness. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4PPL: Management Meeting In Allentown. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Key Takeaways From Management Meetings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5PJM Management Meeting At Head Quarters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Key Takeaways From Management Meetings:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6PNW: APS GRC Filed; Formula Rate Proposed as Expected. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6SRE: Signed 1.5 Mtpa HOA with JERA for PA Phase 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7DUK: DEP Proposes New Rates in South Carolina. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7CNP: Recent Regulatory Development. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8FE: Noise around DMR/DCR Audit; Not Seeing Additional Fault by FE. . . . . . . . . . . . . . . . . . . . . . . . . 8WEC: Vantage Identified as Operator for Port Washington Data Center Campus. . . . . . . . . . . . . . . 9Macquarie Launches Auction of Cleco, a LA Utility. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Weekly Performance (%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Forward Power Prices by ISO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Recent Research. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Catalyst Calendar FIGURE 1. Catalyst Calendar Source: Barclays Research, SNL, RRA Associates Weekly Data Points CA Utes: Responding to Recent Weakness The CA Utilities have been underperforming the last few weeks (PCG -19.2%, EIX -13.2%, SRE-5.7%, UTY -0.4% since 05/30/2025) as there have been several data-points which have shakeninvestor confidence in a AB 1054 legislative enhancement this Summer, in addition to negativelegislative momentum (SB 254) which we find to be cautious as written in current form. We areviewing some of these concerns as starting to be priced into shares, with -$12.9Bn market caplost across all three CA IOUs (PCG, EIX, SRE) since May 30, 2025. For AB 1054 legislation, we seethis reflecting expectations of a move towards an extension of the fund, with some possibility ofshareholder contributions, while a tweak to the liability cap seemsoffthe table for now. CA Utes: SB 254: Challenging Starting Point Out of Senate:The wildfire mitigation: rateassistance: POWER bill passed the CA Senate June 4th and was read for the first time in theassembly June 5th before being held at the desk. The bill remains active and we're monitoringfor further amendments through the legislative process. We see some of the more negativeaspects of the bill tied to ~$15bn of prohibited spending in rate base ($10bn of ene