10 Key Takeaways from 24th Annual London Utilities Conference

We hosted >200 investors & 58 corporates at our London Utilities & Energy Conference. Key takeaways: 1) Positive sentiment: we were pleasantly surprised by how positive sentiment was towards Utilities across investors and corporates, set against SX6P underperforming the wider European market by 14% since April relative highs (+1% YTD) and sector de-rating to parity with market P/E. 2) Strong fundamentals in New Growth Era: we see a buying opportunity in the divergence between strong fundamentals and macro-driven sector performance, underpinned by three enduring drivers: Energy (/infra) Security, PoweringAI, and HALO (Hard Asset Low Obsolescence). 3) PoweringAI powering on: divergent paths between data centre fuelled power demand growth and slower generation capacity additions make for a tighter market ahead, with the key driver being lack of supply not future demand;