In this episode of J.P. Morgan’s Making Sense, Bryan Long, Power Trading and Origination at J.P. Morgan, is joined by Sam Tegel, CEO of ElectronX, to explore why US power has become an increasingly attractive and tradable product for a growing wave of global market participants. Against a backdrop of surging data center demand, renewable penetration, and grid complexity, they discuss how short-term electricity derivatives are unlocking new risk management tools and drawing in liquidity from proprietary trading firms, crypto miners, and institutional investors worldwide. The conversation also covers the convergence of power and compute costs, and what deeper market liquidity means for private capital deployment in US energy infrastructure. This episode was recorded on May 19, 2026. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures © 2026 JPMorgan Chase & Company. All rights reserved.

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