NRG Energy, Inc. First Quarter 2025 Earnings and Acquisition of a Premier Power Portfolio May 12, 2025 1 | NRG 1Q25 Earnings Safe Harbor Forward-Looking Statements In addition to historical information, the information presented in this presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks and uncertainties ...

Core Viewpoint - The release of the national-level policy on virtual power plants marks a significant step towards the standardized, large-scale, market-oriented, and normalized development of virtual power plants in China, facilitating the construction of a unified electricity market and the transition to a clean and low-carbon energy system [1][5]. Group 1: Development Status - Virtual power plants in China are still in the early stages of development, with a lack of unified understanding of their definition and functions, as well as the need for improved management requirements, market mechanisms, and standard systems [1][3]. - As of April 24, 2023, the number of users aggregated by virtual power plants in Shanxi has reached 122, with an aggregated capacity of 202.98 million kilowatts and a maximum adjustable load of 26.43 million kilowatts [4]. Group 2: Functionality and Benefits - Virtual power plants can aggregate various distributed resources and participate in electricity system optimization and market transactions without the need for physical power generation facilities [1][2]. - They enhance system flexibility and user responsiveness, potentially lowering electricity costs for households and allowing them to participate in green energy production [2][5]. Group 3: Policy Support and Future Goals - The "Guiding Opinions" set clear development goals, aiming for a virtual power plant adjustment capacity of over 20 million kilowatts by 2027 and over 50 million kilowatts by 2030 [5][6]. - The policy encourages local governments to develop tailored virtual power plant plans and supports private enterprises in investing and managing virtual power plants, promoting a diversified energy investment landscape [5][6]. Group 4: Challenges Ahead - Key challenges include the need for standardized market mechanisms, technological advancements for data management and security, and the establishment of effective resource integration mechanisms [4][5]. - Many virtual power plant operators are struggling to achieve financial sustainability, relying on subsidies and other business segments for support [5].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB520.0 million (approx. CAD99.0 million), an increase of RMB86.0 million (approx. CAD16.2 million), or 20%, from RMB434.0 million (approx. CAD82.8 million) in 2023 [3] - Gross profit in 2024 was RMB134.6 million (approx. CAD25.6 million), an increase of RMB15.3 million (CAD2.8 million) or 13% from RMB119.3 million (approx. CAD22.8 million) in 2023, with a gross profit margin of 25.9%, down from 27.5% in 2023 [4] - Net profit for 2024 was RMB16.9 million (approx. CAD3.2 million), an increase of RMB13.9 million (approx. CAD2.6 million) from RMB3.0 million (approx. CAD0.6 million) in 2023, reflecting a 467% increase [5] - EBITDA for 2024 was RMB103.9 million (approx. CAD19.8 million), an increase of RMB31.7 million (approx. CAD6.0 million), or 44%, from RMB72.2 million (approx. CAD13.8 million) in 2023 [7] Business Transformation - CF Energy has transitioned from a traditional natural gas company to a district energy solutions provider, with the Sanya Haitang Integrated Smart Energy Project now operational and expanding its customer base [8] - The company operates a battery swap station network, aiming to test the viability of district energy storage through this initiative, enhancing its expertise in storage-related technology [9] - The company envisions a smart energy centralized cooling system for hotels and battery swap stations, functioning as a virtual power plant to provide grid services such as peak shaving and load balancing [10][22] Strategic Outlook - The company aims to become the largest clean energy service solutions provider and carbon asset management company in Hainan, recognizing the need to evolve beyond being a natural gas distributor [12] - CF Energy is developing a distributed smart energy ecosystem that integrates various energy storage technologies and energy management systems to enhance sustainability and efficiency [13][17] - The company is working on integrating a demand response system to optimize energy usage during peak periods, allowing for real-time monitoring and control of energy flows [23]

Core Viewpoint - PG&E has launched the Seasonal Aggregation of Versatile Energy (SAVE), a first-of-its-kind virtual power plant (VPP) aimed at enhancing local grid reliability by utilizing residential distributed energy resources [1][2][3] Group 1: Program Overview - The SAVE program will involve up to 1,500 residential customers with battery energy storage systems and up to 400 customers with smart electric panels, providing localized support during peak demand periods from June to October 2025 [2][4] - The program is designed to alleviate local grid constraints by supplying battery power and load flexibility to neighborhoods when electric substations and feeder lines are nearing capacity limits [2][5] Group 2: Participation and Technology - Participating aggregators, including Sunrun and SPAN, will receive week-ahead hourly signals from PG&E to manage energy capacity needs effectively [4][6] - Sunrun will manage battery dispatches and ensure that all enrolled batteries maintain at least 20% backup reserve for power availability during outages [7][8] - SPAN will utilize its Dynamic Service Rating™ capability to shape home energy demand during peak events, allowing customers to adjust their preferences via the SPAN Home® App [11][12] Group 3: Community Impact - The SAVE program focuses on equity, with over 60% of participating customers coming from disadvantaged or low-income communities [5] - The neighborhoods selected for the program are primarily located in the South Bay Area and Central Valley, targeting areas with potential overload during peak summer hours [5]

Core Viewpoint - PG&E has launched the Seasonal Aggregation of Versatile Energy (SAVE), a first-of-its-kind virtual power plant (VPP) aimed at enhancing local grid reliability by utilizing residential energy resources to alleviate grid constraints [1][2]. Group 1: Program Overview - The SAVE program will involve up to 1,500 residential customers with battery energy storage systems and up to 400 customers with smart electric panels, providing localized support during peak demand periods from June to October 2025 [2][4]. - The program is part of PG&E's Electric Program Investment Charge (EPIC) initiative, which allows California utilities to demonstrate new technologies for safety, reliability, and affordability [6]. Group 2: Participation and Technology - Sunrun will manage battery dispatches for customers in Northern and Central California, ensuring that all enrolled batteries maintain at least a 20% backup reserve for power availability during outages [7]. - SPAN will enroll customers with smart electric panels to receive dispatch signals, utilizing its Dynamic Service Rating™ capability to manage home energy demand during peak events [9][10]. Group 3: Community Impact - The SAVE program focuses on equity, with over 60% of participating customers coming from disadvantaged or low-income communities [5]. - The neighborhoods selected for the program are based on potential overload risks during peak summer hours and the concentration of participating customers [5]. Group 4: Industry Significance - Virtual power plants like SAVE are seen as crucial for California's clean energy future, transforming residential homes from energy consumers to active grid assets [3][8]. - The program aims to alleviate strain on the electric grid while ensuring safety and reliability for customers [3][11].

Core Insights - Sunrun has partnered with Pacific Gas and Electric Company (PG&E) to create a program that utilizes home battery power to enhance local grid reliability, aiming to reduce costs for ratepayers by avoiding or deferring distribution investments [1][3][6] Group 1: Program Details - The program will operate for up to 100 hours from June through October, involving approximately 600 Sunrun customers in areas with distribution circuit constraints [2] - Customers participating in the Local PeakShift Power program will receive a one-time payment of $150 per battery for sharing their stored solar energy, while Sunrun will be compensated for managing battery dispatches [7] Group 2: Technological Integration - The program will leverage Sunrun's partnerships with Tesla and Lunar Energy, utilizing Tesla's grid services platform to optimize Powerwall batteries and Lunar Energy's AI-enabled forecasting for dispatching various battery types [5] - Sunrun's grid services platform allows for flexibility in enrolling customers in different programs, enhancing value for the company, its customers, and the grid [8] Group 3: Strategic Importance - This initiative is part of PG&E's 2025 Seasonal Aggregation of Versatile Energy (SAVE) virtual power plant, supporting California's energy goals and enhancing local reliability [3][4] - The collaboration marks the second partnership between Sunrun and PG&E to create a virtual power plant, showcasing Sunrun's capability to rapidly deploy solutions tailored to grid operators' needs [6]

Table of Contents As filed with the Securities and Exchange Commission on May 22, 2023 Registration No. 333-271536 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 NaaS Technology Inc. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (State or other jurisdiction of incorporation or organization) Cayman Islands 5990 Not Applicable (Primary Standard ...