Barclays optimistic on US utilities, sees continued demand growth

Consolidated Edison

27/01/2025 14:33

** Barclays says it is bullish on U.S. utilities and power
sector, sees upward bias to demand growth continuing into Q4 
    ** Expects Evergy  EVRG.O  and NiSource  NI.N  to
potentially have new customer announcements in near-term for
data centers (DCs)
    ** "We believe there is risk of double counting across the
sector...and remain watchful of future commitments given current
data center growth estimates from the tech industry are 60-70
gigawatts (GWs) while utility forecasts for DCs are at about
80-90 GWs aggregated through 2029," Barclays says
    ** Brokerage downgrades Ameren  AEE.N  and Public Service
Enterprise  PEG.N  to "equal weight" from "overweight"
    Barclays changes PT on the following firms:
 Company             New PT      Old PT      Upside/dow
                                             nside to
                                             stock's
                                             last close
 Ameren Corp         $95         $88         3.2%
  AEE.N                                      downside
 CenterPoint Energy  $30         $29         7.3%
  CNP.N                                      downside
 Consolidated        $92         $99         1.5%
 Edison  ED.N                                
 Evergy  EVRG.O      $62         $65         2.4%
                                             downside
 PG&E Corp  PCG.N    $23         $24         39%
 Portland General    $42         $48         1.9%
 Electric  POR.N                             
 Public Service      $84         $88         4.6%
 Enterprise Group                            downside
  PEG.N                                      
 Sempra  SRE.N       $95         $99         14.9%
 Talen Energy        $293        $245        19.2%
  TLN.O                                      
 

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))