Channel checks: Renewables — Strong renewables market; favors scaled players

The UBS European Electric Utilities analysts hosted a call with the CEO of RWE Americas to discuss the outlook for RWE's business in the US. US electricity demand is strong and growing, with roughly 60% of load growth due to hyperscalers and 40% from electrification and other industrial expansion; demand is strong enough that RWE can prioritize project quality and command pricing. Strong demand for renewables is expected to continue beyond the ITC/PTC phase-out, supported by data centers, EVs and electrification, and RWE has sufficient diversified safe-harbored capacity. Re-pricing 500 MW of assets contracted 15+ years ago at current market prices creates meaningful upside by reducing the need for repowering. The renewables market favors large players with strong balance sheets, scale and established relationships, as developers need substantial capital to secure and maintain interconnection queue positions, raising barriers to entry. Read through is positive for PWR, PRIM and MTZ as s