BUZZ-TD Cowen initiates coverage on utilities citing higher power demand

Reuters01-09
BUZZ-TD Cowen initiates coverage on utilities citing higher power demand

** 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))

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