Utilities stocks

AES Corporation (AES) · 7% below model fair value

Q3 2025, 2025-11-05: AES Ohio secured 2.1 gigawatts of signed data center agreements with more expected, highlighting a key growth area for AES.

Sempra (SRE) · over 200% above model fair value

Q2 2026, 2025-11-20: Sempra's sales conversion increased to 14.6% from 12.8%, moving closer to the company's long-chased target of 15%.

MDI Energia SA (MDI)

Q1 2026, 2026-05-29: Piotr Gajek resigned from his position as Vice President of the Management Board effective February 27, 2026.

NRG Energy (NRG) · over 200% above model fair value

Q2 2026, 2026-08-04: The contemplated facility is expected to require $3.2 billion of investment.

Oklo Inc. (OKLO)

Q2 2026, 2026-08-07: The balance includes an additional $1.9 billion of capital generated from the execution of ATM programs in 2026.

Polenergia SA (PEP.WA)

Q1 2026, 2026-05-21: The company expects to incur capital expenditures of approximately 1.6 billion PLN by 2030, which represents the own contribution to projects.

Talen Energy (TLN) · over 200% above model fair value

Q1 2026, 2026-05-05: The company raised $4 billion of senior unsecured notes in a private placement across 5- and 7-year tranches.

Vistra Corp. (VST) · over 200% above model fair value

Q2 2026, 2026-08-07: Vistra may invest an additional $500 million if specific milestones are met and deals are determined to be valuable to the company to align interests.

Alliant Energy (LNT) · over 200% above model fair value

Q1 2026, 2026-05-01: LNT announced a $10 billion development, the largest economic investment in Iowa’s history, to enable innovation, job creation, and long-term growth.

Ameren (AEE) · over 200% above model fair value

Q2 2026, 2026-07-31: Ameren's pipeline now includes more than $71 billion of investment opportunity through 2035, including planned investment associated with the recently won competitive LRTP project.

American Electric Power (AEP) · over 200% above model fair value

BRAS SA (BSA)

Q2 2026, 2026-08-10: The report for the second quarter of 2025 includes information regarding long-term loans provided to affiliated and other entities for the acquisition of financial assets.

CenterPoint Energy (CNP) · over 200% above model fair value

Q3 2026, 2026-10-27: Growth in the Houston Electric Service territory led to a $4 billion increase to the capital investment plan and an additional $1.5 billion moved into the first five years.

CMS Energy (CMS) · over 200% above model fair value

Q3 2026, 2026-10-27: CMS reaffirmed its full-year 2026 guidance of $3.83 to $3.90 per share with confidence toward the high end.

Dominion Energy (D) · over 200% above model fair value

Q1 2026, 2026-05-01: New laws require Dominion Energy to petition for 20 gigawatts of storage projects by 2045, up from the previous requirement of 3 gigawatts by 2035.

DTE Energy (DTE) · over 200% above model fair value

Q1 2026, 2026-04-30: The company expects an order for the Google contract by September 10, which is based on the specific requirements of the contract.

Duke Energy (DUK) · over 200% above model fair value

Q2 2026, 2026-08-04: To meet this record demand and to continue long-term value for its customers, communities, and shareholders.

Edison International (EIX) · 12% below model fair value

Q2 2026, 2026-07-30: EIX generated approximately $2 billion in proceeds this quarter.

Elektrociepłownia Będzin SA (ECB) · over 200% above model fair value

Q1 2026, 2026-05-27: Profit decreased due to the loss of control over a subsidiary, which impacts the company's consolidated financial structure.

Enea SA (ENA) · 34% below model fair value

H1 2026, 2026-05-20: On July 28, 2026, ENEA FW Pelplin entered into a loan agreement with PKO Bank Polski S.A. for 300,000 thousand PLN with a repayment deadline until the end of 2040.

Energa (ENG)

Q2 2026, 2026-08-06: Energę-Operator SA secured a long-term commitment of 7.7 billion PLN to refinance eligible expenditures.

Entergy (ETR) · over 200% above model fair value

Q1 2026, 2026-04-29: Entergy estimates that data centers paying their share of fixed costs and infrastructure will contribute to approximately $7 billion of benefits, potentially lowering current customers' bills.

Evergy (EVRG) · over 200% above model fair value

Q2 2026, 2026-08-06: Resource additions are consistent with the February 2026 CapEx plan of $21.6 billion over the next period.

Eversource Energy (ES) · over 200% above model fair value

Q2 2026, 2026-07-31: The company reported net proceeds of $1.7 billion from a sale to further its strategic position as a pure player.

Exelon (EXC) · over 200% above model fair value

Q1 2026, 2026-05-06: Exelon completed $2.3 billion, or 43%, of its planned long-term debt financing to execute expected transactions and de-risk its go-forward financing plan.

FirstEnergy (FE) · over 200% above model fair value

Q3 2026, 2026-10-27: FirstEnergy reported that contracted and pipeline demand from data center companies increased nearly 60 percent since year-end, including a 90 percent increase in contracted demand.

Idacorp (IDA) · over 200% above model fair value

Q2 2026, 2026-07-30: Diluted earnings per share rose to $1.79 in the second quarter of 2026 compared to $1.76 in the second quarter of 2025.

Kogeneracja SA (KGN)

Q1 2026, 2026-05-19: Revenue from the sale of products and services increased due to higher electricity sales revenue of 64,014 thousand.

NextEra Energy (NEE) · over 200% above model fair value

Q3 2026, 2026-10-21: NextEra Energy's 2026 adjusted earnings per share expectations range of $3.92 to $4.02 remains unchanged, with the company targeting the high end of that range.

OGE Energy (OGE) · over 200% above model fair value

Q2 2026, 2026-07-29: The company reported approximately 24% load growth, which reinforces a meaningful growth tailwind and builds on a historically strong trajectory.

PG&E Corporation (PCG) · over 200% above model fair value

Q2 2026, 2026-07-23: PG&E Corporation announced a $73 billion capital plan through 2030 without additional equity financing and a target dividend payout of 20% by 2028 compared to an implied 12% in 2026.

PGE SA (PGE) · over 200% above model fair value

Q2 2026, 2026-09-15: The average realized wholesale electricity sales price in the PGE Group in the first half of 2026 amounted to 510 PLN/MWh.

Pinnacle West Capital (PNW) · over 200% above model fair value

Q2 2026, 2026-08-04: The company's prior commitment was over 1 gigawatt before the addition of an incremental $100 billion investment.

PPL Corporation (PPL) · over 200% above model fair value

Q2 2026, 2026-08-07: PPL is on pace to deploy approximately $5 billion of capital investments in 2026 to support the delivery of safe operations.

Public Service Enterprise Group (PEG) · over 200% above model fair value

Q2 2026, 2026-08-04: PSEG's balance sheet enables the funding of its total 5-year capital investment program of $24 billion to $28 billion.

Southern Company (SO) · over 200% above model fair value

Q2 2026, 2026-07-30: Notably, data center usage was 55% higher compared to the second quarter of 2025 and is now up 49% year-to-date.

WEC Energy Group (WEC) · over 200% above model fair value

Q2 2026, 2026-07-29: Vantage expects to invest $15 billion to complete this phase in 2028.

Xcel Energy (XEL) · over 200% above model fair value

Q2 2026, 2026-07-30: Xcel Energy has 1 gigawatt of data centers in operation or under construction and expects to secure an additional 4 gigawatts of data center load by year-end 2027.

ZE Pak SA (ZEP)

Q1 2026, 2026-05-29: The primary scope of the Group's activities is: the generation and sale of electricity, the production and sale of heat (steam and hot water), and…

Atmos Energy (ATO) · over 200% above model fair value

MDU Resources (MDU) · over 200% above model fair value

Q2 2026, 2026-08-06: MDU is evaluating financing, partnership, and other commercial options to support the projected $2.7 billion to $3.2 billion.

NiSource (NI) · over 200% above model fair value

Q2 2026, 2026-08-05: The data center strategy provides a growth platform that returns an expected $1.4 billion in savings to customers over their lifespans.

Tesgas SA (TSG)

Q1 2026, 2026-05-29: TESGAS and its units did not provide any credit guarantees, loans, or guarantees to external entities exceeding 5% of the Capital Group's sales from the last four quarters.

UGI Corporation (UGI) · over 200% above model fair value

Q2 2026, 2026-08-06: UGI delivered reportable segment EBIT of $1.2 billion on a year-to-date basis, which was modestly ahead of the prior year period.

American Water Works (AWK) · 64% above model fair value

Essential Utilities (WTRG) · over 200% above model fair value

Q2 2026, 2026-08-05: The company invested $662 million year to date and is on track to invest a record $1.7 billion in needed items.

Brookfield Renewable Partners (BEPC)

Q2 2026, 2026-07-31: The company delivered FFO of $1.444 billion, or $2.14 per unit, over the last 12 months.

Tauron PE SA (TPE) · 139% above model fair value

H1 2026, 2026-09-09: As of June 30, 2026, Tauron PE SA's net debt/EBITDA ratio was 1.2, meeting the required covenant.