North American Utilities Weekly: Nuclear Expert Fireside Chats; News Flow; ED Update; O&M Analysis; EEI Schedule; Comps; Utilities Lead

North American Utilities Weekly. Utilities (+3.5%) outperformed the S&P 500 (+1.3%) over the past week, with NWE (+7.7%) leading and EMA (-4.8%) lagging. Permitting reform was in focus, alongside CEG read-throughs to PEG catalyzed by CEG's ~3.6GW partnership with GOOG, including a planned uprate at PEG's 57%-owned Salem facility; we remain Neutral on PEG amid persistent NJ regulatory risk. ED's annual investor update was largely reiterative, with a ~10bp reduction to its five-year investment earnings base CAGR (8.8% to 8.7%); we remain UW on ED. Our updated O&M cost structure analysis favors CNP. EMA announced an all-share merger to acquire Canadian Utilities and ATCO valued at ~C$14.3bn (combined EV ~C$72bn), expected to close 3Q/4Q 2027, concentrating ~80% of earnings in Florida and Alberta. We published 3Q26 previews for MDU (OW) and NWE (N).