BERNSTEIN FLASHMAIL 2026年6月25日欧洲公用事业与清洁能源

Deepa Venkateswaran, ACA+44 20 7676 6990deepa.venkateswaran@bernsteinsg.comBartlomiej Kubicki+49 69 717 4418bartlomiej.kubicki@bernsteinsg.comJorge Alonso Suils+34 915 893 913jorge.alonso@bernsteinsg.comThibault Dujardin, CFA+33 1 58 98 59 16thibault.dujardin@bernsteinsg.comRory Graham-Watson+44 20 7676 7093rory.graham-watson@bernsteinsg.comKen-Ree Choong+44 20 7676 8243ken-ree.choong@bernsteinsg.com Specialist SalesGareth Williams+44 20 7762 5256gareth.b.williams@bernsteinsg.com BERNSTEIN Utilities Daily — June 25th FEATURED RECENT RESEARCH Blackbook - European Utilities & Clean Energy 101 Primer2026 Outlook - Utilities & Clean Energy: Look no further for defensive growthInitiation - Nordex: The European wind leader is priced for perfection; initiating at Market-Perform25 Jun 2026 - Regulated Networks Primer series: Part 2: A deep-dive into valuation23 Jun 2026 - Italgas: FY26-FY32 Business Plan - Consolidation-led growth drives capex upgrade, limited organic upside23 Jun 2026 - How could Engie benefit from the reform of hydropower in France?22 Jun 2026 - EDP/R: Key drivers - Part 2: Mispriced Iberian hydro with data center demand-driven upside22 Jun 2026 - Quick Take: RWE pivots to transmission by acquiring 35% in Amprion, funding it with a €4bn equity issuance15 Jun 2026 - Regulated Networks Primer series: Part 1: How do regulated return frameworks compare across jurisdictions?23 Apr 2026 - European Utilities & Clean Energy: Why there is still room to run in this defensive growth sector HEADLINES FRANCE •The General Meeting of EDF approves the payment of a dividend of €1bn (EDF).The General Meeting approved the paymentof a dividend of €1bn in cash for the financial year 2025 to the French State, the shareholder of EDF. •French nuclear dips as more reactors halt due to river heat (Platts).French nuclear availability dropped June 24 to about 38GWas planned reactor restarts overlapped with heat restrictions that stopped three reactors. Nogent-2 and also St Alban-2 on the Rhonesouth of Lyon were to ramp down June 24 as well as June 25 during afternoon hours, with EDF warnings now covering five plants on theGaronne, Rhone and Seine. “During a heat wave, each additional degree Celsius represents up to 1GW of extra energy consumptionrelated to air conditioning,” RTE said in a note on June 23, adding that this resulted in about 12GW higher demand peaks on June 22compared to temperatures at the seasonal norm. IBERIA •Endesa announces authorisation of sixth tranche of share buyback programme (Endesa).Endesa has announced that it hasauthorised a sixth tranche of its €2bn share buyback programme for a maximum monetary amount of €500m. Implementation of thesixth tranche is scheduled to begin in the coming weeks. Endesa also announced that it has terminated the fourth tranche of the sharebuyback programme where it purchased 13,965,554 shares at an average price of €35.80/sh, totalling €500m. •Enagás will pay a complementary dividend of €0.6/sh on July 2nd (Enagás).Enagás will pay a complementary dividend of €0.6gross per share on July 2nd, according with the resolution approved at the Annual General Shareholders’ Meeting held on March 26th,2026. The payment of this dividend is in addition to the interim dividend already paid for the 2025 financial year, amounting to €0.4gross per share last December, in line with Enagás' dividend policy, which envisages an annual distribution of €1 gross per share. •Iberdrola is building 41MW/82MWh battery in the US (Iberdrola).Iberdrola is expanding its investments in energy storage intothe US market with the construction of its first battery facility in the country. The Shutler project, located in Gilliam County, Oregon,has an installed capacity of 41MW and a storage capacity of 82MWh. The project, which is scheduled to come on stream in 2027, willbe located alongside other Avangrid renewable energy facilities already in operation or under development in the area. •Government approves the urgent processing of the Royal Decree on the investment plans for electricity networks (ElPeriodico de la Energia).Spain’s Council of Ministers has approved urgent processing of a Royal Decree regulating electricitytransmission and distribution investment plans. The government’s 2030 grid plan, published for consultation in September, foresees€13.59bn in investment to meet national needs and PNIEC 2023-2030 targets. The plan aims to connect 27.7GW via transmissionand 5.3GW via distribution, including 422 grid upgrades. Planned investment exceeds the €8.203bn allocated for 2021-2026, withadditional funding for interconnections and EU-backed projects. It is estimated that by 2030, investment in transmission networkswould increase by €3.6bn and in distribution networks by €7.7bn, exceeding the projected levels of 0.065 % and 0.13% of GDP forthe coming years. NORDICS •Fortum to end coal-fired power generation in Finland (Fortum).Fortum has decided to close and dismantle its Meri-Pori coa