TD Cowen initiates coverage on utilities citing higher power demand

Consolidated Edison

09/01/2026 13:32

** TD Cowen initiates coverage on utilities citing higher power demand, especially from data centers, AI and large industrial loads

** Says Calpine integration provides a compelling opportunity for contracting and deals will continue to be signed through 2026 for Constellation Energy CEG.O

** Expects Entergy ETR.N EPS to grow 10.5% through 2030, with potential upside, supported by high load growth from industrial and data center customers

** Views offshore wind policy risk as a key overhang for Dominion D.N, but also expects Virginia's data center-driven load growth to support sustained demand

** Sees Consolidated Edison ED.N as a "uniquely defensive utility", but expects defensiveness to matter less if AI-led upside continues

Brokerage's price targets and ratings:

COMPANY
PRICE TARGET
RATING
Constellation Energy CEG.O
$440
"buy"
Dominion Energy D.N
$65
"hold"
Entergy ETR.N
$108
"buy"
Consolidated Edison ED.N
$105
"hold"

(Reporting by Dharna Bafna in Bengaluru)

((Dharna.bafna@thomsonreuters.com))