电力与公用事业周报：下周重点关注费率案例和解及其他事件

11 July 2025EquityUnited StatesUtilitiesRoss Fowler, CFAResearch AnalystBofAS+1 646 855 1506ross.fowler@bofa.comF. Paul ColeResearch AnalystBofAS+1 646 743 2122paul.cole2@bofa.comNicolas WoodsResearch AnalystBofAS+1 646 556 4179nicolas.woods_barron@bofa.comLynsey ProutBofAS+1 646 855 4329lynsey.prout@bofa.comlan RappResearch AnalystBofAS+1 646 855 2109ian.rapp@bofa.comRinny SinghResearch AnalystBofAS+1 646 855 5729rinny.singh@bofa.comPJM: Pennsylvania-New Jersey-MarylandFERC: Federal Energy RegulatoryCommissionNRC: Nuclear Regulatory CommissionIRS: Internal Revenue ServicePURA: Public Utilities RegulatoryAuthorityCL&P: Connecticut Light & PowerHTO: H20 AmericaNMG: New Mexico GasPRC: Public Regulatory CommissionCT: ConnecticutOH: OhioNM: New Mexico Weekly CalendarExhibit 1: Events Calendar for July 14th through July 18thScheduled events and potential events for next weekDateCompany or Jurisdiction7/147/157/16PCG/EIX/SREAWK/AWR/CWT7/177/18Other Events7/9 - 7/157/14 - 7/187/14Watt's HappeningSource: BofA Global Research微信2US Power & Utilities I11 July 2025 DisclosuresImportant Disclosuresof potential price fluctuation, are: A - Low, B - Medium and C - High. INVESTMENT RATINGS reflect the analyst's assessment of both a stock's absolute total returnpotential as well as its attractiveness for investment relative to other stocks within its Coverage Cluster (defined below). Our investment ratings are: 1 - Buy stocksincrease in value and are less attractive than Buy rated stocks and 3 - Underperform stocks are the least attractive stocks in a coverage cluster. An investment rating12 month total return expectation for a stock and the firm's guidelines for ratings dispersions (shown in the table below). The current price objective for a stockshould be referenced to better understand the total return expectation at any given time. The price objective reflects the analyst's view of the potential priceappreciation (depreciation)Investment ratingTotal return expectation (within 12-month period of date of initialrating)BuyNeutralUnderperformRlRatings dispersions may vary from time to time where BofA Global Research believes it better reflects the investment prospects of stocks in a Coverage Cluster.INCOME RATINGS, indicators of potential cash dividends, are: 7 - same/higher (dividend considered to be secure), 8 - same/lower (dividend not considered to be secure)and 9 - pays no cash dividend. Coverage Cluster is comprised of stocks covered by a single analyst or two or more analysts sharing a common industry, sector,region or other classification(s). A stock's coverage cluster is included in the most recent BofA Global Research report referencing the stock.BofA Global Research personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors,the overall profitability of Bank of Americaprofitability of the Bank's sales and trading businesses relating to the class of securities or financial instruments for which such analyst is responsible.Other Important DisclosuresFrom time to time research analysts conduct site visits of covered issuers. BofA Global Research policies prohibit research analysts from accepting payment or reimbursement for travelexpenses from the issuer for such visits.Prices are indicative and for information purposes only. Except as otherwise stated in the report, for any recommendation in relation to an equity security, the price referenced is the publiclytraded price of the security as of close of business on the day prior to the date of the report or,if the report is published during intraday trading, the price referenced is indicative of the tradedprice as of the date and time of the report and in relation to a debt security (including equity preferred and CDS), prices are indicative as of the date and time of the report and are from varioussources including BofA Securities trading desks.The date and time of completion of the production of any recommendation in this report shall be the date and time of dissemination of this report as recorded in the report timestamp.Recipients who are not institutional investors or market professionals should seek the advice of their independent financial advisor before considering information in this report in connectionwith any investment decision, or for a necessary explanation of its contents.Officers of BofAS or one or more of its affiliates (other than research analysts) may have a financial interest in securities of the issuer(s) or in related investments.Refer to BofA Global Research policies relating to conflicts of interest."BofA Securities" includes BofA Securities, Inc. ('BofAS") and its affiliates. Investors should contact their BofA Securities representative or Merrill Global Wealth Managementfinancial advisor if they have questions concerning this report or concerning the appropriateness of any investment idea described herein for such investor. "BofA Securities'is aglobal brand for BofA Global Researc