Daniel Kretinsky is also the largest shareholder in Sainsbury’s and holds a 27pc stake in West Ham United - David W Cerny/Reuters The billionaire owner of Royal Mail has taken a £320m dividend from his UK power business after it earned tens of millions of pounds from wasted wind. EP UK Investments – which is controlled by Daniel Kretinsky, the Czech tycoon – paid out the sum in 2024, recently published accounts showed. His dividend rose from £50m the previous year. Mr Kretinsky’s EP UK owns stakes in e ...

Market Overview - U.S. stock futures indicate a higher open, extending Wednesday's relief rally, driven by a de-escalation of geopolitical tensions and anticipation of key inflation data [1][3] - Major U.S. indexes, including Nasdaq 100, S&P 500, and Dow Jones, show solid premarket gains, with Nasdaq 100 futures up approximately 0.8% to 0.9% and S&P 500 futures rising between 0.5% and 0.6% [2] Economic Data - Investors are awaiting the Personal Consumption Expenditures (PCE) price index, with expectations for the Core PCE Price Index to rise 2.8% year-on-year in November [5] - Weekly jobless claims and revised third-quarter U.S. GDP data are also on the agenda, with the initial GDP growth estimate for Q3 2025 at 4.3% [6] Corporate Earnings and Developments - GameStop (GME) shares are up 3.5% in premarket trading following CEO Ryan Cohen's acquisition of 500,000 shares [8] - McCormick & Co. (MKC) shares are down 6% to 6.8% due to a soft fiscal 2026 profit projection and missed profit targets [8] - Procter & Gamble Company (PG) slipped 1.2% after its earnings report barely met profit targets but fell short on revenue, leading to a lowered full-year profit guidance [12] - Generac Holdings Inc. (GNRC) shares are up 3% in premarket trading, potentially benefiting from an expected catastrophic ice storm [12] - Intel Corporation (INTC) and Advanced Micro Devices (AMD) show premarket gains of 0.76% to 1.55% and 2.21% to 2.48%, respectively, following significant surges on Wednesday [12] Notable Stock Movements - Other notable premarket gainers include Micron Technology Inc. (MU), Oracle Corporation (ORCL), Western Digital Corporation (WDC), and Moderna Inc. (MRNA), with respective gains of 2.51% to 2.62%, 2.89% to 2.96%, 3.29% to 3.61%, and 4.34% to 4.98% [12] - Tesla Inc. (TSLA) is up 1.07% to 1.45%, Alphabet Inc. (GOOGL) is up 1.32% to 2.01%, and Microsoft Corporation (MSFT) shows a rise of 0.92% to 1.11% in premarket trading [12]

Core Viewpoint - The AES Corporation, a diversified power generation and utility company, is expected to announce its fiscal fourth-quarter earnings for 2025, with analysts projecting a profit increase compared to the previous year [1][2]. Financial Performance - Analysts anticipate AES to report a profit of $0.68 per share on a diluted basis for the upcoming quarter, reflecting a 25.9% increase from $0.54 per share in the same quarter last year [2]. - For the full fiscal year, EPS is expected to be $2.18, which is a 1.9% increase from $2.14 in fiscal 2024, and projected to rise to $2.36 in fiscal 2026, marking an 8.3% year-over-year growth [3]. Stock Performance - AES stock has outperformed the S&P 500 Index, gaining 21.2% over the past 52 weeks compared to the index's 13.7% increase, and also surpassed the Utilities Select Sector SPDR Fund's 7.5% gains during the same period [4]. - Following the Q3 results announcement on November 4, 2025, AES shares rose by 5.8%, despite an adjusted EPS of $0.75 falling short of Wall Street's expectations of $0.78 [5]. Analyst Ratings - The consensus opinion on AES stock is moderately bullish, with a "Moderate Buy" rating. Out of 12 analysts, six recommend a "Strong Buy," five suggest a "Hold," and one advises a "Strong Sell" [6]. - The average analyst price target for AES is $15.55, indicating a potential upside of 9.2% from current levels [6].

Summary of Key Points from the Conference Call Industry Overview - The power market is undergoing significant changes due to the rapid adoption of AI, leading to a premium on reliable power sources. This shift is particularly evident in the US, Japan, and Malaysia, which are at the forefront of implementing tiered power pricing systems [1][2][3]. Core Insights - **Tiered Power Pricing**: The global adoption of tiered power pricing is accelerating, benefiting both power generators and grids. High-load users, such as AI datacenters, are expected to pay more, which helps lower household bills and reduces regulatory risks [1][2]. - **Pricing Dynamics**: In Malaysia, datacenters are already paying 15-20% higher prices for power, while in the US, prices could increase by 30-40%. This pricing strategy aims to subsidize grid investments and protect residential consumers from costs associated with infrastructure upgrades [2][4]. - **Battery Storage**: The widening price differential between peak and off-peak power could incentivize datacenters to adopt battery storage solutions, allowing them to charge during low-demand periods and mitigate overall power costs [2][3]. Financial Implications - **Capacity Payments**: The demand for round-the-clock power from datacenters has reduced available generation capacity, leading to a significant increase in capacity payments in the PJM market, from US$29/MW-day to between US$270/MW-day and US$329/MW-day [3]. - **Cost Projections**: New generation costs could rise by approximately US$30/MWh, resulting in total prices for datacenters reaching around US$110-120/MWh, compared to the average of US$80-85/MWh [3]. Regional Developments - **Malaysia**: Regulators are implementing tiered pricing to support critical industries, with high-efficiency users potentially seeing a 5-13% reduction in bills, while ultra-high-voltage users like datacenters may face a ~14% increase [4][17]. - **Ireland**: The Commission for Regulation of Utilities (CRU) has noted that datacenters' share of national electricity consumption rose from 5% in 2015 to 21% in 2023, prompting policy changes to ensure cost-reflective pricing for large energy users [14]. Stock Recommendations - Key global stock picks include EQT, Vistra, NextEra, Reliance, Adani Power, RWE, CATL, Tenaga, Korea Electric Power, Keppel Ltd, and Hokkaido Electric. These companies are positioned to benefit from the evolving power market dynamics [3][24]. Additional Insights - The introduction of "mega-load" riders and differentiated pricing structures for large users is becoming common across major power markets, reflecting a shift towards more tailored energy solutions [7][13]. - The expected expansion of spark spreads for power generators indicates a favorable outlook for companies involved in power generation, particularly those adapting to the new pricing structures [11][13]. This summary encapsulates the key points discussed in the conference call, highlighting the transformative changes in the power industry and their implications for pricing, capacity, and investment opportunities.

Group 1 - The core viewpoint of the report is that by 2026, the electricity industry will see a shift towards "investment rationalization, power marketization, and electricity price spot trading" as key trends [1] - The investment in power generation is becoming more rational, with expectations that installed capacity will peak by 2025. The report notes a significant cooling in new energy investments while thermal power is entering an investment peak [2] - The report anticipates that coal power will experience a "turnaround" due to stable coal prices, significant growth in electricity generation, and higher-than-expected spot electricity prices [1][2] Group 2 - The report highlights that the marketization of power generation and the spot trading of electricity will be crucial. Competitive bidding results for new energy projects are favorable, and nuclear power is increasing its market entry ratio [3] - The "1502" document has loosened the previous electricity pricing model, enhancing the weight of spot trading and shifting the focus from long-term to flexible pricing [4] - The analysis indicates that while new energy installations may slow down, thermal power generation is expected to see significant growth, with an increase in electricity generation from thermal sources projected from -37.8 billion kWh in 2025 to 135.6 billion kWh in 2026, representing a growth rate of 2.20% [5][6] Group 3 - The report suggests that high-quality leading power central enterprises are likely to achieve excellent performance during the supply-demand easing and declining electricity price cycle, with a focus on companies like Guodian Power and China Resources Power [7] - Coal-electricity integrated operators are expected to see a recovery in 2026, with stable performance and high dividend attributes, making them attractive investment targets [7]

Core Insights - Enterprise Group, Inc. has signed a Master Services Agreement with a Canadian oil and gas producer to provide specialized equipment and services focused on natural gas-powered solutions that reduce harmful emissions [1][5] Group 1: Business Relationship and Project Details - The new business relationship involves deploying a multi-turbine, distributed microgrid power system to support water-transfer operations related to frac activities [2] - The project utilizes natural-gas-fueled turbine generators, providing reliable and scalable power across the water-transfer system, replacing traditional diesel-powered units [4] Group 2: Client Profile and Operational Focus - The client is a privately held oil and gas producer in central Alberta, actively developing light oil and natural gas assets while pursuing operational efficiencies and reducing diesel dependency [3] - The producer aims to improve on-site safety and align operations with environmental and regulatory expectations [3] Group 3: Company Overview and Strategic Approach - Enterprise Group, Inc. focuses on consolidating services and specialized natural gas power generation equipment for the energy, resource, and industrial sectors, emphasizing emission reduction technologies [5] - The company is recognized by local and international resource companies in Western Canada and aims to expand its presence by delivering tailored natural gas power solutions [4][5]

Core Insights - NRG Energy, Inc. is valued at $29.1 billion and operates a diverse portfolio of power-generating facilities, with an upcoming announcement of its fiscal fourth-quarter earnings for 2025 [1] Financial Performance - Analysts expect NRG to report a profit of $1.19 per share for the upcoming quarter, a decrease of 21.7% from $1.52 per share in the same quarter last year [2] - For the full fiscal year, analysts project an EPS of $8.08, which represents a 21.7% increase from $6.64 in fiscal 2024, and an expected rise to $10.24 in fiscal 2026, reflecting a year-over-year growth of 26.7% [3] Stock Performance - NRG's stock has outperformed the S&P 500 Index, gaining 42.5% over the past 52 weeks compared to the index's 13.3% increase, and also surpassed the Utilities Select Sector SPDR Fund's 9% gains during the same period [4] Strategic Moves - The acquisition of assets from LS Power is expected to double NRG's natural gas generation capacity, positively impacting its performance [5] Analyst Ratings - The consensus opinion on NRG stock is moderately bullish, with a "Moderate Buy" rating. Out of 13 analysts, nine recommend a "Strong Buy" and four suggest a "Hold." The average analyst price target is $211.64, indicating a potential upside of 42.1% from current levels [6]

20 January 2026 | 3:45PM EST Commodities Research Power Tracker: Data Centers Boosting Demand and Tightening US Power Markets Hongcen Wei +1(212)934-4691 | hongcen.wei@gs.com Goldman Sachs & Co. LLC Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Samantha Dart +1(212)357-9428 | samantha.dart@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, se ...

Core Insights - Constellation Energy has evolved significantly since its spin-off from Exelon in early 2022, focusing on merchant power generation while Exelon manages regulated utilities [1] - The company has signed two major nuclear power deals and is in the process of acquiring Calpine for $26.6 billion, which will enhance its scale and capacity [4] Group 1: Company Overview - Constellation Energy is one of the largest clean power producers in the U.S., operating over 32.4 gigawatts (GW) of power generation capacity, sufficient to supply electricity to more than 20 million homes and businesses [3] - Approximately 90% of the power produced by Constellation comes from carbon-free sources, including the largest nuclear power fleet in the nation, along with hydro, wind, and solar energy assets [3] Group 2: Strategic Developments - The acquisition of Calpine will increase Constellation's capacity to nearly 60 GW, positioning the company to better meet the growing power demand driven by factors such as AI data centers and increased electrification [4][5] - Electricity demand is projected to grow by 58% by 2045, significantly outpacing the growth seen in the past two decades, creating a strong market for clean power, including natural gas [5] Group 3: Nuclear Energy Focus - Constellation Energy is capitalizing on the resurgence of nuclear energy by securing new power purchase agreements (PPAs) with technology companies, including a 20-year PPA with Microsoft for the Three Mile Island plant [7][8] - The company plans to restart the dormant Unit 1 reactor at Three Mile Island, which is expected to be operational by 2028, further enhancing its nuclear power capabilities [8]

Core Viewpoint - Vistra's stock has declined approximately 24% from its peak, amid broader market concerns related to tariffs and potential corrections [2][3] Company Performance - Vistra is positioned as a significant beneficiary in the AI race, particularly with its involvement in power projects that support AI data centers [3][4] - The company is actively expanding its nuclear and gas power projects to meet the growing energy demands associated with AI [4][6] Valuation Metrics - Vistra's shares are currently trading at a trailing price-to-earnings (P/E) ratio of nearly 60, which may appear expensive [5] - However, the forward P/E ratio is significantly lower at 17.4, suggesting that the stock may be undervalued in the context of future earnings growth [6][8] Analyst Sentiment - Analysts remain bullish on Vistra, with some viewing the stock as a good investment at around $165, and Scotiabank setting a price target of $293, indicating a potential upside of 78% [7][8] - The ongoing data center boom and nuclear power renaissance support the argument that Vistra's valuation may not be as high as perceived [7]