为人工智能提供动力 - 美国（5）
Powering Al - US (5) Multi-Utilities exposureto USelectricityloadgrowthfromAl datacentres SeniorGlobalUtilities&RenewablesAnalystHSBC Bank plcmeike.becker@hsbc.com+442079916441CharlesSwabey US/EUutilitiesoffer5-yearaverageTSRof11%;wepreferBuy-ratedNextEra,RWE,Iberdrola,EDP,andNationalGrid Global Utilities&RenewablesAnalystHSBCBankplccharles.swabey@hsbc.com+442032683954Lilyanna Yang, CFA • The supply chain offers opportunities via equipmentmanufacturers in grids, solar, wind, storage, gas and other Analyst, LatAm Oil & Gas, Utilities, PetrochemsHSBCSecurities(USA)Inclilyanna.yang@us.hsbc.comSamantha Hoh,CFA roleofdatacentres.Parttwocoveredbeneficiariesinthepowervaluechainwhilepartthreelooked at affordability-are rising powerprices linkedto rising powerdemandanddata centres?Inpartfourwe examinedwhethergridsareabottleneck.This note,partfive, highlights sectors and companies with exposure to the theme. Senior Analyst, Clean TechHSBC Securities (USA) Inc.samantha.hoh@us.hsbc.com+12125258783Daniel Yang* US utilities benefitfromUs demand growthand data centres on volumes andmargins.On average, we expect the26 largest US utilities bymarket cap to achievetotal shareholder return (TSR)of 11% overfive years (sum of2026-30e EPS CAGRand 2026e dividend yield). We prefer NextEra. Analyst, Asia Energy TransitionThe Hongkong and Shanghai Banking Corporation Limiteddaniel.h.yang@hsbc.com.hk+85229966976Evan Li* Head, Asia Energy Transition ResearchThe Hongkong and Shanghai Banking Corporation Limitedevan.m.h.li@hsbc.com.hk+85229966619Sean McLoughlin* LiketheirUs counterparts,Europeanutilities benefitvia growthand marginupside.We estimate that EDPR (via renewables)and National Grid (via networks)have the highest share of US 2026-30e EBITDA at 68% and 46%, respectively,whileRWE's, EDP's, Orsted's (all via renewables), and Iberdrola's (via grids andrenewables)USexposuresamountto23-33%of2026-30eEBITDA.InourEuropeanutility coverage, we prefer National Grid, Iberdrola, EDP, and RWE for US growth. Senior Global Industrials AnalystHSBCBankplcsean.mcloughlin@hsbcib.com+442079913464 We see upside for retail solar, solar developers, and the solar supply chain.Data centres arelookingtorenewables foronsite generationand rising retailpricesarepositiveforretail solar.WehighlightFirst Solar,SolarEdge,and Enphase. CoreyChan*(Reg.No.S1700518100001)Head,A-shareIndustrials&RenewablesResearchHSBC Qianhai Securities Limitedcorey.chan@hsbcqh.com.cn+86 21 5066 2001 Data centre and power equipment suppliers.Suppliers of equipmentto the powersector and data centres benefit as well, including vertically integrated suppliers,cables suppliers,wind OEMs,substation andtransformers equipmentmanufacturers,as well as gasturbineandbackuppowermanufacturers. *Emplyed byanon-US affliateofHSBC Securities (USA) Inc, andisnot registered/qualified pursuant to FINRA regulations BatteryOEMs and energystoragesystem integrators.Installed batteryenergystorage system (BESS) capacity in the US has increased 10x from 3GW in 2020 to31GW in2024and overall weremainpositiveonthegrowthoutlookforUSBESS This is our latest report on the Energy Transition theme. If you want tosubscribe toany of our ninebig themes,click here HSBC Global Investment Summit 14 to 16 April 2026 Find out more Issuer of report: HSBC Bank plc Disclosures &Disclaimer This report must be read with the disclosures and the analyst certifications inthe Disclosure appendix, and with the Disclaimer, which forms part of it. ViewHSBC Global InvestmentResearch at:https:/www.research.hsbc.com Stocks with exposure toUSelectricityloadgrowthfromAldatacentres NextEra, RWE, Iberdrola, EDP, and National Grid, while we seeupsideforretailandsolardevelopers +Data centre and power equipment suppliers benefit across gridequipment,wind,solar,gas,andbackup,whilebatteryOEMsandenergy storage system integrators also benefit Inpart one ofthis series, wewrote about a newera of load growth in theUSand therole ofdata centres.Parttwo covered beneficiaries in the powervalue chain while part three lookedat affordability- are rising power prices linked to rising power demand and data centres? Inpartfour we examined whether grids are a bottle neck.Thisnote,partfive,highlights sectorsandcompanieswithexposuretothetheme. Us utilities benefit via decade long growth and margin upside US utilities benefit from US demand growth and data centres on volumes and margins. Powerdemand is rising, investments in new generation is rising while investments in networks alsoneed to step up for growth and replacement, modernisation,and weather resilience. Margins are stepping up on three levels: (1) scarcity and intermittent renewables are raisingspreads forexisting flexible wholesale marketgeneration,(2)companies can sign PPAs athigher prices for the current generation fleets (visibility and prices increase), and (3) margins fornew construction projects are expanding as well. Generators that have exposure to highgrowthmarkets
