Inactive · established relationshipLive session · 10:17 ET

MARKET-DISCOVERED GROUP

Regulated Water Utilities

THE TRADER READRecurring relationship, inactive in the latest snapshot

Price direction is split across 15 measured members. Capital-flow agreement is 23%, so the basket is not yet clean.

Price breadth13 up · 2 downRelative median unavailable

Capital-flow alignment23%Price breadth is not yet confirmed by flow

Activity nowCalmActivity score 0/100 · lift 0.8×

Evidence depth11 episodes52 observed active sessions

EVIDENCE CLOCK

What happened, in timestamp order

0 timed events

TIMING READA causal timing read is unavailable because no material member price onset could be timestamped.

No session event has enough timestamp precision to place on the clock.

2 earlier filing context receipts

TUE, FEB 24SWX filing documented shared operating contextcredit / rates affecting interest expense · date precision only

TUE, JUL 28AWK filing documented shared operating contextcredit / rates affecting interest expense · date precision only

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations

Price sequence unavailableA timestamped price sequence is unavailable.

RELATIVE CO-MOVEMENT

How the members are behaving together

Session-normalized

Observed intraday paths are not available for this group yet.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast

WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

9/15 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across AWK, CPK, CWT, HTO, MGEE, SRE, SWX, WTRG.

credit / rates affecting interest expense

“$19.4 million higher Net interest deductions primarily due to amounts incurred on higher over-collected PGA balances for Arizona and Nevada when compared to 2024, as well as higher variable interest expense adjustment mechanism in Nevada of $5.9 million associated with Southwest Gas’ industrial development revenue bonds noted above.”
SWX 10-K · 2026-02-25

capital investment / capacity affecting capex

“The decrease was driven by reduced outflows for capital expenditures and property additions in the first nine months of 2025 compared to the same period of 2024, partially offset by a reduction in proceeds received from the sale of other property as compared to 2024.”
SWX 10-Q · 2025-11-05

credit / rates

“Partially offset by: • $22.9 million lower Net interest deductions primarily driven by the repayment of the $550.0 million term loan in the Summer of 2025 as well as the decrease in the balance that was previously outstanding on the revolving credit facility.”
SWX 10-K · 2026-02-25

CONFIRMATION NETWORK

Outsiders and cross-asset links

2 outsiders confirming

No qualified cross-asset lead/lag link is available for this group.

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

NWNMoving with group

SWX · text peer

MPLXMoving with group

MGEE · text peer

MSEXNot confirming

AWK · text peer

NFGNot confirming

AWK · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately

SWXHTOBEPCNGGSREFTSCWTAQNWTRGBEPCPKAWKAWRMGEEEMA

5/15 active13 rising · 2 falling

MemberUnusual activityToday's moveRead now

SWXSouthwest Gas Holdings, Inc.

Most unusual · 100/100

+0.5%

Active; unclassifiedActive in 1.9% of observed group sessions

HTOH2O America

Elevated · 75/100

+0.4%

Active; unclassifiedActive in 92.3% of observed group sessions

BEPCBrookfield Renewable Corporation

Elevated · 62/100

+0.5%

Flow divergenceActive in 0% of observed group sessions

NGGNational Grid plc

Elevated · 38/100

-0.4%

Flow confirmerActive in 0% of observed group sessions

SRESempra

Elevated · 31/100

+1.7%

Flow divergenceActive in 1.9% of observed group sessions

FTSFortis Inc.

Quiet · 15/100

-0.1%

Watch / laggardActive in 0% of observed group sessions

CWTCalifornia Water Service Group

Quiet · 12/100

+0.4%

Watch / laggardActive in 92.3% of observed group sessions

AQNAlgonquin Power & Utilities Corp.

Quiet · 8/100

+1.1%

Watch / laggardActive in 1.9% of observed group sessions

WTRGEssential Utilities, Inc.

Quiet · 8/100

+0.7%

Watch / laggardActive in 78.8% of observed group sessions

BEPBrookfield Renewable Partners L.P.

Quiet · 2/100

+0.5%

Watch / laggardActive in 0% of observed group sessions

CPKChesapeake Utilities Corporation

Quiet · 0/100

+0.8%

Watch / laggardActive in 5.8% of observed group sessions

AWKAmerican Water Works Company, Inc.

Quiet · 0/100

+0.7%

Watch / laggardActive in 73.1% of observed group sessions

AWRAmerican States Water Company

Quiet · 0/100

+0.6%

Watch / laggardActive in 90.4% of observed group sessions

MGEEMGE Energy, Inc.

Quiet · 0/100

+0.3%

Watch / laggardActive in 0% of observed group sessions

EMAEmera Incorporated

Quiet · 0/100

+0.2%

Watch / laggardActive in 0% of observed group sessions

View exact member values

TICKER	Company	Role now	Today	Observed history	Trader interpretation
SWX	Southwest Gas Holdings, Inc.	Most unusual	+0.5%	1.9% of 52 sessions	Most unusual activity in this snapshot; performance direction may differ.
HTO	H2O America	Participating	+0.4%	92.3% of 52 sessions	Price participation is not yet confirmed by per-name flow.
BEPC	Brookfield Renewable Corporation	Participating	+0.5%	0% of 52 sessions	Price participation with distributing signed flow.
NGG	National Grid plc	Participating	-0.4%	0% of 52 sessions	Price participation with accumulating signed flow.
SRE	Sempra	Participating	+1.7%	1.9% of 52 sessions	Price participation with distributing signed flow.
FTS	Fortis Inc.	Quiet / lagging	-0.1%	0% of 52 sessions	Not participating yet; a breadth test or a genuine divergence.
CWT	California Water Service Group	Quiet / lagging	+0.4%	92.3% of 52 sessions	Not participating yet; a breadth test or a genuine divergence.
AQN	Algonquin Power & Utilities Corp.	Quiet / lagging	+1.1%	1.9% of 52 sessions	Not participating yet; a breadth test or a genuine divergence.
WTRG	Essential Utilities, Inc.	Quiet / lagging	+0.7%	78.8% of 52 sessions	Not participating yet; a breadth test or a genuine divergence.
BEP	Brookfield Renewable Partners L.P.	Quiet / lagging	+0.5%	0% of 52 sessions	Not participating yet; a breadth test or a genuine divergence.
CPK	Chesapeake Utilities Corporation	Quiet / lagging	+0.8%	5.8% of 52 sessions	Not participating yet; a breadth test or a genuine divergence.
AWK	American Water Works Company, Inc.	Quiet / lagging	+0.7%	73.1% of 52 sessions	Not participating yet; a breadth test or a genuine divergence.
AWR	American States Water Company	Quiet / lagging	+0.6%	90.4% of 52 sessions	Not participating yet; a breadth test or a genuine divergence.
MGEE	MGE Energy, Inc.	Quiet / lagging	+0.3%	0% of 52 sessions	Not participating yet; a breadth test or a genuine divergence.
EMA	Emera Incorporated	Quiet / lagging	+0.2%	0% of 52 sessions	Not participating yet; a breadth test or a genuine divergence.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome

POINT-IN-TIME LIVE OUTCOMES

Observed follow-through

9/9 events completed

30 minutes-0.48%17% continuation · n=6Median MFE +0.04% · MAE -1.67%

60 minutes-0.74%17% continuation · n=6Median MFE +0.04% · MAE -1.67%

Session close-0.63%0% continuation · n=4Median MFE +0.03% · MAE -1.67%

Next-session close-1.16%17% continuation · n=6Median MFE +0.04% · MAE -1.67%

moderate structural support

11 completed episodes across 52 active sessions provide moderate historical support. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support115 daysHow often the cohort identity was observed

Completed episodes11Separate periods of broad group activity

Active sessions52Completed session observations, not trades

2026-09-291 active session100% composition consistency through the episode

2026-09-031 active session100% composition consistency through the episode

2026-08-17 → 2026-08-245 active sessions50% composition consistency through the episode

2026-07-07 → 2026-08-1224 active sessions33.3% composition consistency through the episode

2026-06-23 → 2026-07-027 active sessions28.6% composition consistency through the episode

2026-06-15 → 2026-06-173 active sessions50% composition consistency through the episode

MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS

CWT92.3% · 9 episodes

HTO92.3% · 9 episodes

AWR90.4% · 9 episodes

WTRG78.8% · 9 episodes

AWK73.1% · 10 episodes

CPK5.8% · 2 episodes

AQN1.9% · 1 episode

SRE1.9% · 1 episode

SWX1.9% · 1 episode

BEP0% · 0 episodes

BEPC0% · 0 episodes

EMA0% · 0 episodes

FTS0% · 0 episodes

MGEE0% · 0 episodes

NGG0% · 0 episodes