J P M O R G A N North America Equity Research 08 December 2025 Clean Energy 2026 Outlook: Back to Baseload Basics; Renewables Likely Consolidate Heading into 2026, we expect baseload power sources to remain top of mind for investors, though we expect the thematic trade to become more nuanced by individual stock fundamentals and valuation, rather than simply by exposure. Within renewables, we expect another year of outperformance for the utility-scale market, though we expect a trend towards larger, more com ...