Sector ReportSep 28, 2026 · 23 pages · Free to read

Electric Utilities Sector Outlook — September 2026

NeuraCap's Electric Utilities sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

Download PDF Download PowerPoint

15.8x
Sector median P/E: 18.3x
Premium end P/E vs 5.7x at the discount end: 30
Transactions with disclosed terms

1 of 23

$C:\Users\dawoo\OneDrive\Desktop\Deployments\neuracap_sector_reports_fable\Code\NeuraCap_Sector_Report_Pipeline_v2.1.0\ncsr\deck_kit\assets\logo_light_full.png$

UTILITIES › UTILITIES › ELECTRIC UTILITIES

Electric Utilities: Premiums Sit with Visibility

This report shows how earnings visibility, regulatory execution and capital demands shape relative standing.

September 2026   ·   Prepared by NeuraCap AI   ·   Confidential

Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E)

Electric Utilities Coverage   |   September 2026   |   Confidential   |   Not investment advice

Sources & methodology

1

1 / 23 · Electric Utilities: Premiums Sit with Visibility

Executive summary

Electric Utilities remain a regulated market first, with relative valuation separating companies by the credibility of earnings, recovery and capital execution. Faster growth is associated with a measured premium, but the operating map shows that profitability and visibility also matter. Precedent transactions reinforce the need to assess jurisdiction, asset mix, financing and future investment case by case.

Key findings

Regulated Utilities Dominate the Reference Set
The Premium End Requires Durable Earnings Visibility
Faster-Growth Names Hold a Modest Valuation Edge
Capital Execution Must Balance Returns and Affordability

What each page shows

The analyst’s walkthrough of the deck, page by page.

01
UTILITIES › UTILITIES › ELECTRIC UTILITIES
Electric Utilities: Premiums Sit with Visibility
Electric Utilities: Premiums Sit with Visibility.
Cover — Electric Utilities sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis P / E (CY2027E). The framing line carries the deck's finding with the figures stripped. 1
Everything on this page
UTILITIES › UTILITIES › ELECTRIC UTILITIES Electric Utilities: Premiums Sit with Visibility This report shows how earnings visibility, regulatory execution and capital demands shape relative standing. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1
02
CONTENTS
What This Report Covers
What This Report Covers.
Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2
Everything on this page
CONTENTS What This Report Covers 01 The Bottom Line Regulated Scale Anchors the Sector, While Visibility Separates Valuation 02 The Landscape Regulated Electric Utilities Define the Market Reference Point 03 Valuation & Situations The Valuation Gap Places a High Bar on Earnings Durability 04 Precedent Transactions Transaction Pricing Reflects Different Assets, Jurisdictions and Capital Needs 05 Strategic Implications Recovery, Financing and Execution Deserve Equal Attention 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2
03
01 · THE BOTTOM LINE
Electric Utilities Are Anchored by Regulated Operators, with Premiums Tied to Visible Earnings and Capital Execution
Electric Utilities Are Anchored by Regulated Operators, with Premiums Tied to Visible Earnings and Capital Execution.
Electric Utilities Are Anchored by Regulated Operators, with Premiums Tied to Visible Earnings and Capital Execution The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (33 of 41 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (33 of 41 companies), so this report follows it. Qualitative characterisations are NeuraCap views. 3
Everything on this page
01 · THE BOTTOM LINE Electric Utilities Are Anchored by Regulated Operators, with Premiums Tied to Visible Earnings and Capital Execution The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (33 of 41 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (33 of 41 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Regulated Utilities Dominate the Reference Set Regulated electric utilities account for 37 of 41 companies and 90% of the approved universe. Rate-base visibility, jurisdictional quality and timely recovery therefore frame the sector discussion. 2 The Premium End Requires Durable Earnings Visibility P / E is the lead lens, with earnings capturing allowed returns, rate-base investment and financing discipline. The premium end sits at 18.3x against 5.7x at the discount end. 3 Faster-Growth Names Hold a Modest Valuation Edge Across 33 names with a CY2027E P / E estimate, the faster-growth group sits at 16.5x alongside 15.1x for the slower-growth group. The difference is consistent with a measured premium rather than a wholesale divide. 4 Capital Execution Must Balance Returns and Affordability Nine of 27 names with growth and margin estimates clear both operating bars. For owners, the practical test is whether grid investment and load growth can support earned returns while preserving customer affordability. 15.8x Sector median P/E CY2027E consensus · 33 rated of 41 companies 18.3x Premium end P/E vs 5.7x at the discount end top quartile (n=6) against bottom quartile (n=8) on P/E — the spread the report explains 30 Transactions with disclosed terms 73 recorded in this tier · 3 told as case studies, the full list in the appendix
04
SECTION 02
02
02.
Section 02 of 06 — Regulated Electric Utilities Define the Market Reference Point. Adjacent models broaden the set but carry less weight in sector valuation. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4
Everything on this page
SECTION 02 02 THE LANDSCAPE Regulated Electric Utilities Define the Market Reference Point Adjacent models broaden the set but carry less weight in sector valuation. 02 of 06 Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4
05
02 · MARKET MAP
Regulated Electric Utilities Set the Sector Benchmark
Regulated Electric Utilities Set the Sector Benchmark.
Regulated Electric Utilities Set the Sector Benchmark 41 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5
Everything on this page
02 · MARKET MAP Regulated Electric Utilities Set the Sector Benchmark 41 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 REGULATED ELECTRIC UTILITIES 37 cos median 15.8x NextEra Energy (NEE) Duke Energy (DUK) Dominion Energy (D) National Grid (NGG) American (AEP) Korea Electric (KEP) Exelon (EXC) PG&E (PCG) Xcel Energy (XEL) CenterPoint Energy (CNP) Consolidated (ED) Edison (EIX) Public Service (PEG) WEC Energy Group (WEC) DTE Energy (DTB) Fortis (FTS) FirstEnergy (FE) PPL +19 more This group anchors valuation through rate-base investment, allowed returns and jurisdictional exposure. ADJACENT: REGULATED NATURAL GAS UTILITIES 2 cos 15.2x · 1 rated Entergy New (ENO) Black Hills (BKH) These names test how adjacent regulated earnings compare with the electric utility benchmark. ADJACENT MODELS 2 cos median 14.7x Avista (AVA) Otter Tail (OTTR) These businesses show how a broader operating mix can change growth, margin and capital requirements.
06
02 · LANDSCAPE
Regulated Electric Utilities Carry the Weight of the Sector
Regulated Electric Utilities Carry the Weight of the Sector.
Regulated Electric Utilities Carry the Weight of the Sector Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6
Everything on this page
02 · LANDSCAPE Regulated Electric Utilities Carry the Weight of the Sector Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median P/E Names to know What they do — and why it matters Regulated electric utilities 37 90% 15.8x NextEra Energy, Inc. (NEE) · Duke Energy Corporation (DUK) · +35 more The benchmark sits here. This group represents 90% of the approved universe, making rate-base growth, recovery timing and financing capacity central to relative valuation. Adjacent: regulated natural gas utilities 2 5% 15.2x n=1 Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066 (ENO) · Black Hills Corporation (BKH) Adjacent regulation adds context. These companies retain regulated earnings characteristics but bring a different mix of infrastructure needs and recovery mechanisms. Adjacent models 2 5% 14.7x Avista Corporation (AVA) · Otter Tail Corporation (OTTR) Broader models test fit. These businesses add operating diversity and help show where portfolio mix departs from the regulated electric utility benchmark.
07
SECTION 03
03
03.
Section 03 of 06 — The Valuation Gap Places a High Bar on Earnings Durability. Forward pricing separates visible earnings paths from cases carrying greater uncertainty. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7
Everything on this page
SECTION 03 03 VALUATION & SITUATIONS The Valuation Gap Places a High Bar on Earnings Durability Forward pricing separates visible earnings paths from cases carrying greater uncertainty. 03 of 06 Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7
08
03 · PUBLIC MARKET VALUATION
Forward Pricing Separates Durable Earnings from Higher-Uncertainty Cases
Forward Pricing Separates Durable Earnings from Higher-Uncertainty Cases.
Forward Pricing Separates Durable Earnings from Higher-Uncertainty Cases P / E (CY2027E) · the 12 highest and 12 lowest of 33 rated companies · sector median 15.8x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (33 of 41 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (33 of 41 companies), so this report follows it. The 9 mid-cohort names cluster near the median; the full set is in the appendix and companion tables. Tier zones are NeuraCap groupings cut at the rated set's quartiles;
Everything on this page
03 · PUBLIC MARKET VALUATION Forward Pricing Separates Durable Earnings from Higher-Uncertainty Cases P / E (CY2027E) · the 12 highest and 12 lowest of 33 rated companies · sector median 15.8x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (33 of 41 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (33 of 41 companies), so this report follows it. The 9 mid-cohort names cluster near the median; the full set is in the appendix and companion tables. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM END — six names · median 18.3x DISCOUNT END — eight names · median 5.7x Sector median 15.8x WHAT SEPARATES THE TWO ENDS The top sustains visibility. The premium end sits at 18.3x, consistent with greater confidence in earnings durability, recovery and capital execution. Forward pricing raises proof. A CY2027E multiple already credits forecast earnings growth, so a premium that remains in the forward lens points to durability rather than near-term expansion alone. The discount flags uncertainty. The discount end sits at 5.7x. Owners should distinguish operating-model differences from jurisdictional, financing and recovery risks before drawing conclusions.
09
03 · VALUATION DRIVERS
Profitability Separates the Two Ends: Names Above the 46% Margin Line Carry 17.0x Against 14.6x Below It
Profitability Separates the Two Ends: Names Above the 46% Margin Line Carry 17.0x Against 14.6x Below It.
Profitability Separates the Two Ends: Names Above the 46% Margin Line Carry 17.0x Against 14.6x Below It Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=17; slower n=16; higher-margin n=14; lower-margin n=13). Driver readings are NeuraCap views on the supplied data — association, not causation. 9
Everything on this page
03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 46% Margin Line Carry 17.0x Against 14.6x Below It Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=17; slower n=16; higher-margin n=14; lower-margin n=13). Driver readings are NeuraCap views on the supplied data — association, not causation. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 P/E, median per cohort · growth split at 5% · EBITDA-margin split at 46% The Growth Split Shows a Measured Valuation Difference Names above the 5% growth split sit at 16.5x, compared with 15.1x for names below it. The association is positive but does not establish growth as the sole source of the premium. Rate-Base Quality Matters Alongside Revenue Growth Load growth is more valuable when the capital plan fits constructive jurisdictions, timely recovery and achievable earned returns. Affordability Shapes the Durability of Investment Plans Grid hardening and generation investment strengthen visibility when recovery can proceed without creating undue pressure on customers or financing.
10
03 · SITUATION MAP
Higher Multiples Sit Across Two Growth Profiles
Higher Multiples Sit Across Two Growth Profiles.
Higher Multiples Sit Across Two Growth Profiles Cut on P / E vs the sector median (15.8x) (rows) and revenue growth vs the covered median (5%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10
Everything on this page
03 · SITUATION MAP Higher Multiples Sit Across Two Growth Profiles Cut on P / E vs the sector median (15.8x) (rows) and revenue growth vs the covered median (5%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Growth Above-median multiple · above-median revenue growth 10 names NextEra Energy, Inc. (NEE) · Dominion Energy, Inc. (D) · American Electric Power Company, Inc. (AEP) · +7 more Ten names combine higher growth with a higher multiple. Their strategic task is to preserve recovery, financing and execution as the capital plan expands. Higher Multiple, Lower Growth Above-median multiple · below-median revenue growth 7 names Duke Energy Corporation (DUK) · CenterPoint Energy, Inc. (CNP) · Consolidated Edison, Inc. (ED) · +4 more Seven names retain a higher multiple despite lower growth. The position is consistent with value placed on earnings visibility, jurisdictional quality or other factors beyond revenue expansion. Lower Multiple, Higher Growth Below-median multiple · above-median revenue growth 7 names National Grid plc (NGG) · Xcel Energy Inc. (XEL) · DTE Energy Company 2020 Series (DTB) · +4 more Seven names show higher growth without a higher multiple. The gap invites closer review of earned returns, financing demands, recovery timing and portfolio risk. Lower Multiple, Lower Growth Below-median multiple · below-median revenue growth 9 names Exelon Corporation (EXC) · PG&E Corporation (PCG) · Edison International (EIX) · +6 more Nine names sit below both reference points. Improvement depends on the company-specific mix of growth, cost recovery, capital discipline and regulatory outcomes.
11
03 · GROWTH VS PROFITABILITY
Higher Multiples Appear Across More than One Operating Profile
Higher Multiples Appear Across More than One Operating Profile.
Higher Multiples Appear Across More than One Operating Profile Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 27 companies with both estimates · cuts at the covered medians (5% growth, 46% margin) · median P/E per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful P/E (balanced n=9; margin-only n=5; growth-only n=5; neither n=8). EMA, HE plotted at the chart edge. 11
Everything on this page
03 · GROWTH VS PROFITABILITY Higher Multiples Appear Across More than One Operating Profile Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 27 companies with both estimates · cuts at the covered medians (5% growth, 46% margin) · median P/E per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful P/E (balanced n=9; margin-only n=5; growth-only n=5; neither n=8). EMA, HE plotted at the chart edge. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 2% 4% 6% 8% 10% 30% 40% 50% 60% MARGIN ONLY median 17.2x BALANCED median 16.9x NEITHER median 13.8x GROWTH ONLY median 15.2x EMA PCG CNP DTB AEP FTS IDA NEE NGG XEL x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Among nine names above both operating bars, the middle valuation is 16.9x. Among five higher-margin, slower-growth names, it is 17.2x. The five faster-growth, lower-margin names sit at 15.2x, while the eight names below both bars sit at 13.8x. The pattern associates stronger operating profiles with higher valuation, while also showing that profitability can sit alongside premium pricing without faster growth. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 25 of 27 names clear it.
12
03 · THE AGENDA
The Strategic Choice Turns on Recovery, Financing and Portfolio Fit
The Strategic Choice Turns on Recovery, Financing and Portfolio Fit.
The Strategic Choice Turns on Recovery, Financing and Portfolio Fit NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 12
Everything on this page
03 · THE AGENDA The Strategic Choice Turns on Recovery, Financing and Portfolio Fit NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Prioritize Capital with Visible Recovery Compare grid hardening, transmission and generation investment by jurisdiction, recovery mechanism and expected pressure on customer affordability. What changes the answer: The answer changes when regulatory lag or financing needs weaken the path from investment to earned return. Concentrate on Durable Load Growth Separate temporary demand changes from customer additions and load sources that can support sustained rate-base investment. What changes the answer: The answer changes when growth requires capital faster than the system can finance or recover it. Test the Fit of Adjacent Operations Assess whether adjacent businesses strengthen cash-flow resilience or add capital demands and risks that sit outside the core regulated model. What changes the answer: The answer changes when the adjacent asset competes with regulated investment for capital or management attention. Protect Financing Capacity Sequence investment around credit capacity, equity needs and rate-case timing rather than treating the capital plan as a single commitment. What changes the answer: The answer changes when funding pressure threatens execution or customer affordability.
13
SECTION 04
04
04.
Section 04 of 06 — Transaction Pricing Reflects Different Assets, Jurisdictions and Capital Needs. The record supports case-by-case benchmarking rather than one sector-wide price. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13
Everything on this page
SECTION 04 04 PRECEDENT TRANSACTIONS Transaction Pricing Reflects Different Assets, Jurisdictions and Capital Needs The record supports case-by-case benchmarking rather than one sector-wide price. 04 of 06 Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13
14
04 · DEAL CASE STUDIES
Precedent Transactions Put Asset Quality and Capital Needs in Focus
Precedent Transactions Put Asset Quality and Capital Needs in Focus.
Precedent Transactions Put Asset Quality and Capital Needs in Focus 3 of 30 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 70 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.
Everything on this page
04 · DEAL CASE STUDIES Precedent Transactions Put Asset Quality and Capital Needs in Focus 3 of 30 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 70 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Apr-2025 $10.2B Blackstone Infrastructure Partners L.P. Blackstone Infrastructure Partners L.P. agreed to acquire TXNM Energy, Inc. [TXNM]. EV / LTM revenue 5.1x EV / LTM EBITDA 14.3x WHY THE DEAL HAPPENED The pairing suggests infrastructure interest in regulated earnings and long-duration capital deployment. The buyer would still need confidence in jurisdictional approvals, recovery and financing. HOW THE TARGET WAS VALUED The transaction was recorded at $10.2B, 5.1x EV / Revenue and 14.3x EV / EBITDA. Its EBITDA valuation sits at the upper end of the selected case studies. May-2024 $5.5B Alloy Parent LLC Alloy Parent LLC agreed to acquire ALLETE, Inc. in a whole-company transaction. EV / LTM revenue 3.2x EV / LTM EBITDA 14.2x WHY THE DEAL HAPPENED The transaction suggests interest in ALLETE, Inc.'s regulated utility profile and future investment requirements. It also points to the importance of matching long-duration capital with the utility's financing needs. HOW THE TARGET WAS VALUED The transaction was recorded at $5.5B, 3.2x EV / Revenue and 14.2x EV / EBITDA. The EBITDA valuation closely tracks the upper selected benchmark. Aug-2024 $1.3B Bernhard Capital Partners Bernhard Capital Partners agreed to acquire Emera LDC. EV / LTM revenue 0.7x EV / LTM EBITDA 8.8x WHY THE DEAL HAPPENED The pairing suggests interest in long-duration utility cash flows at a smaller transaction size. The valuation also indicates a different asset and earnings profile from the larger selected transactions. HOW THE TARGET WAS VALUED The transaction was recorded at $1.3B, 0.7x EV / Revenue and 8.8x EV / EBITDA. Both multiples sit below the other selected case studies.
15
SECTION 05
05
05.
Section 05 of 06 — Recovery, Financing and Execution Deserve Equal Attention. Standing improves when the capital plan can earn its return without straining affordability. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15
Everything on this page
SECTION 05 05 STRATEGIC IMPLICATIONS Recovery, Financing and Execution Deserve Equal Attention Standing improves when the capital plan can earn its return without straining affordability. 05 of 06 Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15
16
05 · STRATEGIC IMPLICATIONS
Stronger Standing Requires Recovery, Returns and Financing to Move Together
Stronger Standing Requires Recovery, Returns and Financing to Move Together.
Stronger Standing Requires Recovery, Returns and Financing to Move Together NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16
Everything on this page
05 · STRATEGIC IMPLICATIONS Stronger Standing Requires Recovery, Returns and Financing to Move Together NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Define Where the Business Can Earn Durable Value Focus the portfolio on jurisdictions, assets and customer demand patterns that support visible recovery and consistent capital execution. FOR MANAGEMENT TEAMS Align Investment Pace with Recovery Capacity Balance grid investment, reliability and generation needs against regulatory lag, financing demands and customer affordability. FOR BOARDS Test Growth Against Funding and Execution Evaluate whether planned expansion strengthens earned returns and resilience without creating avoidable pressure on the balance sheet.
17
SECTION 06
06
06.
Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17
Everything on this page
SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17
18
06 · PUBLIC COMPARABLES (1 OF 2)
Public Comparables on P / E (CY2027E), Grouped by Valuation Tier
Public Comparables on P / E (CY2027E), Grouped by Valuation Tier.
Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (15.8x); amber marks below · 33 rated companies; 8 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 of 33 rated names shown here; the remaining 3 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. 18
Everything on this page
06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (15.8x); amber marks below · 33 rated companies; 8 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 of 33 rated names shown here; the remaining 3 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV P/E (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥17.2x · median 18.3x · 6 companies Emera Incorporated EMA Regulated electric utilities $26.3B 25.9x 0% 62% 62 Fortis Inc. FTS Regulated electric utilities $54.9B 19.0x 7% 47% 54 IDACORP, Inc. IDA Regulated electric utilities $10.8B 18.5x 10% 42% 52 TXNM Energy, Inc. TXNM Regulated electric utilities $12.3B 18.0x 4% n/a n/a CenterPoint Energy, Inc. CNP Regulated electric utilities $69.9B 17.6x 4% 47% 51 American Electric Power Company, Inc. AEP Regulated electric utilities $117B 17.2x 6% 46% 52 CORE — 12.4x–17.2x · median 15.8x · 19 companies Alliant Energy Corporation LNT Regulated electric utilities $28.1B 17.2x 5% 49% 54 NextEra Energy, Inc. NEE Regulated electric utilities $271B 17.2x 10% 68% 77 Northwestern Energy Group Inc NWE Regulated electric utilities $7.6B 17.2x 5% 41% 46 Evergy, Inc. EVRG Regulated electric utilities $33.5B 17.1x 6% 49% 54 Otter Tail Corporation OTTR Diversified utility holding companies $4.5B 17.0x 2% n/a n/a WEC Energy Group, Inc. WEC Regulated electric utilities $55.3B 16.9x 5% 49% 54 MGE Energy, Inc. MGEE Regulated electric utilities $3.5B 16.8x 6% 47% 53 Pinnacle West Capital Corporation PNW Regulated electric utilities $26.2B 16.5x 7% 42% 50 Consolidated Edison, Inc. ED Regulated electric utilities $64.9B 15.9x 4% 39% 43
19
06 · PUBLIC COMPARABLES (2 OF 2)
Public Comparables on P / E (CY2027E), Grouped by Valuation Tier
Public Comparables on P / E (CY2027E), Grouped by Valuation Tier.
Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (15.8x); amber marks below · 33 rated companies; 8 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 of 33 rated names shown here; the remaining 3 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. 19
Everything on this page
06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (15.8x); amber marks below · 33 rated companies; 8 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 of 33 rated names shown here; the remaining 3 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV P/E (CY2027E) Rev growth EBITDA margin Rule of 40 CORE — CONTINUED — 12.4x–17.2x · median 15.8x · 19 companies Dominion Energy, Inc. D Regulated electric utilities $155B 15.8x 7% 48% 55 Duke Energy Corporation DUK Regulated electric utilities $179B 15.8x 5% 52% 56 Xcel Energy Inc. XEL Regulated electric utilities $79.5B 15.3x 11% 48% 58 Black Hills Corporation BKH Adjacent: regulated natural gas utilities $10.0B 15.2x 3% n/a n/a PPL Corporation PPL Regulated electric utilities $43.1B 15.2x 6% 45% 51 CMS Energy Corporation CMS Regulated electric utilities $38.4B 15.1x 4% 44% 48 FirstEnergy Corp. FE Regulated electric utilities $54.3B 14.6x 5% 34% 39 Public Service Enterprise Group Incorporated PEG Regulated electric utilities $57.2B 14.3x 4% 42% 46 Exelon Corporation EXC Regulated electric utilities $91.8B 13.3x 3% 40% 43 Avista Corporation AVA Diversified electric and gas utilities $6.1B 12.4x 2% n/a n/a DISCOUNT — <12.4x · median 5.7x · 8 companies Portland General Electric Company POR Regulated electric utilities $10.1B 12.4x 8% 38% 45 Hawaiian Electric Industries, Inc. HE Regulated electric utilities $4.0B 9.4x 5% 20% 24 Edison International EIX Regulated electric utilities $63.4B 7.9x 3% 45% 48 PG&E Corporation PCG Regulated electric utilities $90.0B 6.7x 4% 46% 50 CMS Energy Corporation 5.875% J CMSC Regulated electric utilities $24.5B 4.8x -14% n/a n/a
20
06 · PRECEDENT TRANSACTIONS (1 OF 2)
All Precedent Transactions with Disclosed Terms, Newest First
All Precedent Transactions with Disclosed Terms, Newest First.
All Precedent Transactions with Disclosed Terms, Newest First 30 transactions with disclosed terms in this tier (73 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 70 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.
Everything on this page
06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 30 transactions with disclosed terms in this tier (73 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 70 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 30 transactions shown; the rest are in the companion workbook. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2025 Blackstone Infrastructure Partners L.P. → TXNM Energy, Inc. $10.2B 5.1x 14.3x The announced transaction points to investor appetite for a regulated utility platform where jurisdiction, recovery and future investment requirements can be underwritten. Aug-2024 Bernhard Capital Partners → Emera LDC $1.3B 0.7x 8.8x The announced transaction suggests that long-duration investors will consider regulated operations at a valuation that reflects asset mix and capital intensity. May-2024 Alloy Parent LLC → ALLETE, Inc. $5.5B 3.2x 14.2x The announced transaction shows buyer willingness to assess a regulated utility alongside its financing needs and investment program. Mar-2022 Minerals Technologies Inc. → Companhia de Geração e Transmissão de Energia Elétrica do Sul do Brasil (CGT Eletrosul) n/a 11.8x 11.8x The transaction was recorded at 11.8x on both EV / Revenue and EV / EBITDA, underscoring the need to understand the underlying perimeter before using it as a benchmark. Oct-2020 Avangrid, Inc. → PNM Resources, Inc. n/a n/a 13.8x The announced transaction was recorded at 13.8x EV / EBITDA, offering a reference point for strategic utility combinations. Dec-2019 Enel S.p.A. → Enel Chile S.A. $2576B n/a n/a The announced transaction broadens the sector record, but its usefulness depends on matching the business perimeter and jurisdictional exposure. Jun-2019 Infrastructure Investments Fund → El Paso Electric Company n/a n/a 16.0x The announced transaction was recorded at 16.0x EV / EBITDA, showing the level reached for a regulated franchise within this sample. Nov-2018 n/a → Entergy Arkansas, Inc. $4.1B 1.9x n/a The completed transaction was recorded at $4.1B and 1.9x EV / Revenue, providing a revenue benchmark for the stated asset perimeter. Feb-2018 Dominion Energy, Inc. → SCANA Corporation n/a n/a 9.4x The announced transaction was recorded at 9.4x EV / EBITDA, adding a lower reference point for a strategic utility combination.
21
06 · PRECEDENT TRANSACTIONS (2 OF 2)
All Precedent Transactions with Disclosed Terms, Newest First
All Precedent Transactions with Disclosed Terms, Newest First.
All Precedent Transactions with Disclosed Terms, Newest First 30 transactions with disclosed terms in this tier (73 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 70 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.
Everything on this page
06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 30 transactions with disclosed terms in this tier (73 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 70 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 30 transactions shown; the rest are in the companion workbook. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2017 Hydro One Limited → Avista Corporation $5.2B 3.6x 11.1x Value shown as recorded in the filing; deal value unit unresolved. Jan-2017 State Grid Brazil Power Participacoes Ltda. → CPFL Energia S.A. n/a 0.7x 8.8x Mar-2016 NextEra Energy, Inc. → Hawaiian Electric Industries, Inc. $2.5B 0.9x n/a Value shown as recorded in the filing; deal value unit unresolved. Feb-2016 Dominion Energy, Inc. → Questar Corporation n/a n/a 9.8x Value shown as recorded in the filing; deal value unit unresolved. Feb-2016 The Southern Company → PowerSecure International, Inc. n/a 1.0x 18.7x Jan-2016 Great Plains Energy Incorporated → Westar Energy, Inc. n/a n/a 12.7x Aug-2015 Southern Company → AGL Resources Inc. n/a n/a 11.0x Value shown as recorded in the filing; deal value unit unresolved. Jul-2015 Iberdrola SA → UIL Holdings Corporation n/a n/a 11.5x Jan-2015 Emera Inc. → Teco Energy, Inc. n/a n/a 11.7x
22
06 · METHODOLOGY
Sources, Assumptions and Data Quality
Sources, Assumptions and Data Quality.
Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 22
Everything on this page
06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Electric Utilities Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (33 of 41 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (33 of 41 companies), so this report follows it. P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Electric Utilities and it clears the coverage gate with 33 of 41 companies (80%). EV / Revenue is carried as a cross-check. DATA QUALITY & EXCLUSIONS 0 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 1196 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (1195) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.
23
The Premium Sits Where Earnings Visibility and Capital Execution Remain Credible.
The Premium Sits Where Earnings Visibility and Capital Execution Remain Credible..
Closing — The Premium Sits Where Earnings Visibility and Capital Execution Remain Credible. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 23
Everything on this page
The Premium Sits Where Earnings Visibility and Capital Execution Remain Credible. NeuraCap AI — Electric Utilities Coverage September 2026 · Prepared by NeuraCap AI · Confidential Electric Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

Sources and methodology

This report covers Electric Utilities (Utilities › Utilities › Electric Utilities) with market data and consensus estimates as of September 28, 2026. The company universe is the 41 listed companies whose core business is Electric Utilities according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: American Electric Power Company, Inc. (AEP), Avista Corporation (AVA), Black Hills Corporation (BKH), CMS Energy Corporation (CMS), Consumers Energy Company (CMS-PB), CMS Energy Corporation 5.875% J (CMSC), CenterPoint Energy, Inc. (CNP), Dominion Energy, Inc. (D), DTE Energy Company 2020 Series (DTB), Duke Energy Corporation (DUK), Entergy Arkansas, Inc. 1M BD 4.875%66 (EAI), Consolidated Edison, Inc. (ED), Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN), Edison International (EIX), Entergy Louisiana, LLC COLLATERAL TR MT (ELC), Emera Incorporated (EMA), Entergy Mississippi, Inc. 1M BD 66 (EMP), Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066 (ENO), Evergy, Inc. (EVRG), Exelon Corporation (EXC), FirstEnergy Corp. (FE), Fortis Inc. (FTS), Hawaiian Electric Industries, Inc. (HE), IDACORP, Inc. (IDA), Korea Electric Power Corporation (KEP), Alliant Energy Corporation (LNT), MGE Energy, Inc. (MGEE), NextEra Energy, Inc. (NEE), National Grid plc (NGG), Northwestern Energy Group Inc (NWE), Otter Tail Corporation (OTTR), Pampa Energía S.A. (PAM), PG&E Corporation (PCG), Public Service Enterprise Group Incorporated (PEG), Pinnacle West Capital Corporation (PNW), Portland General Electric Company (POR), PPL Corporation (PPL), Southern Company (The) Series 2 (SOJE), TXNM Energy, Inc. (TXNM), WEC Energy Group, Inc. (WEC), Xcel Energy Inc. (XEL). The market map groups them by business vertical — Regulated electric utilities: 37 companies (NEE, DUK, D, NGG, AEP, KEP, EXC, PCG,

Scope and company universe

What was excluded and why

No company or value in this universe failed the validation gates; every recorded figure enters the statistics on its stated basis.

Primary valuation basis and how it was chosen

Primary valuation basis: P / E on CY2027E consensus (33 of 41 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (33 of 41 companies), so this report follows it. P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Electric Utilities and it clears the coverage gate with 33 of 41 companies (80%). EV / Revenue is carried as a cross-check. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 30 of 41 companies; EV / rEVenue: 36 of 41 companies; P/E: 33 of 41 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥17.2x, Core 12.4x–17.2x, Discount <12.4x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 15.8x = median(pe_ratio CY2027E) (33 rated companies) · 18.3x = median(pe_ratio CY2027E) within Premium tier (n=6) · 15.8x = median(pe_ratio CY2027E) within Core tier (n=19) · 5.7x = median(pe_ratio CY2027E) within Discount tier (n=8) · 16.5x = median(pe_ratio CY2027E) | growth ≥ 5% (n=17) · 15.1x = median(pe_ratio CY2027E) | growth < 5% (n=16) · 17.0x = median(pe_ratio CY2027E) | EBITDA margin ≥ 46% (n=14) · 14.6x = median(pe_ratio CY2027E) | EBITDA margin < 46% (n=13) · 51% = median Rule of 40 score (revenue growth + EBITDA margin) (n=27) · 16.9x = median(pe_ratio CY2027E) within balanced quadrant (n=9) · 17.2x = median(pe_ratio CY2027E) within marginOnly quadrant (n=5) · 15.2x = median(pe_ratio CY2027E) within growthOnly quadrant (n=5) · 13.8x = median(pe_ratio CY2027E) within neither quadrant (n=8)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Electric Utilities recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 73 transactions were recorded for this industry; 30 are shown. 43 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 18 × deal value unit unresolved; 41 × no evidence record; 5 × duplicate precedent id; 1 × self transaction; 1 × carve out target recorded as parent; 4 × divestiture roles reassigned. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 1200 source documents stand behind this report; by publisher domain: sec.gov (1195), home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

More coverage in Utilities

Want this analysis for a company in Electric Utilities?

Company valuation reports run the same method against a single business — public or private.

Get a free sample report Browse the research

Electric Utilities Sector Outlook — September 2026

Key figures

Read the report

Executive summary

Key findings

What each page shows

Electric Utilities: Premiums Sit with Visibility

What This Report Covers

Electric Utilities Are Anchored by Regulated Operators, with Premiums Tied to Visible Earnings and Capital Execution

02

Regulated Electric Utilities Set the Sector Benchmark

Regulated Electric Utilities Carry the Weight of the Sector

03

Forward Pricing Separates Durable Earnings from Higher-Uncertainty Cases

Profitability Separates the Two Ends: Names Above the 46% Margin Line Carry 17.0x Against 14.6x Below It

Higher Multiples Sit Across Two Growth Profiles

Higher Multiples Appear Across More than One Operating Profile

The Strategic Choice Turns on Recovery, Financing and Portfolio Fit

04

Precedent Transactions Put Asset Quality and Capital Needs in Focus

05

Stronger Standing Requires Recovery, Returns and Financing to Move Together

06

Public Comparables on P / E (CY2027E), Grouped by Valuation Tier