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Summary of Key Points from the Expert Call on High Voltage Power Equipment Industry Overview - **Industry**: High Voltage Power Equipment - **Key Drivers**: Demand driven by renewable energy installations, data centers, and potential growth in transmission capital expenditures (capex) Core Insights 1. **Price Increases**: - Price hikes for high voltage power equipment have accelerated, with certain types experiencing over 10% year-over-year increases since June 2025, attributed to tariffs and rising demand from renewables [2][4][5] - General price increases were noted at 3-5% in the first half of 2025, with transformers seeing the largest hikes [4][5] 2. **Strong Demand**: - Demand for high voltage power equipment remains robust year-to-date (YTD), primarily driven by new connections for renewable energy projects, accounting for over 70% of total demand [2][5] - The expert anticipates continued strong demand through 2026/27 due to the push for renewable energy and data center installations [2][5] 3. **Future Demand Dynamics**: - While demand from renewables may plateau, it is expected that new connections for gas-fired and nuclear power plants, along with data centers, will fill the gap [5][6] - The replacement cycle for existing equipment is expected to gain momentum in the coming years, although currently, replacement demand is less than 30% [2][5] 4. **Transmission Capex Growth**: - A forecasted 10% growth in transmission capex for 2025, with potential for stronger growth in subsequent years, contingent on resolving permitting issues [6] - The expert highlighted that regulatory hurdles remain a significant barrier to long-distance transmission network growth [6] 5. **Trade Tariff Impact**: - The impact of trade tariffs on pricing is seen as limited, with operators willing to pay higher prices to secure essential equipment for grid connections [6] - Equipment manufacturers are adjusting prices or negotiating with customers to pass on increased costs due to tariffs [6] 6. **Supply Constraints**: - There has been no noticeable increase in supply for high voltage power equipment YTD, particularly for transformers, primarily due to a lack of skilled labor [6] - Local manufacturers face challenges in ramping up capacity, and there is reluctance among regulated utilities to procure from Chinese manufacturers due to national security concerns [6] Additional Insights - **Market Sentiment**: The expert's views align with a bullish outlook on the demand/supply imbalance for high voltage power equipment in the US, supporting the positive ratings on companies like Hyundai Electric, Hyosung Heavy, and Sieyuan Electric [2][4] - **Long-term Trends**: The expert noted that lead times for high voltage equipment remain extended, indicating ongoing supply chain challenges [5] Conclusion - The high voltage power equipment industry is poised for growth driven by renewable energy and data center demands, despite challenges in supply and regulatory hurdles. The pricing environment is influenced by tariffs, but demand remains strong, suggesting a favorable outlook for key players in the market.

Core Viewpoint - Orrön Energy AB has entered into an agreement to sell a 76 MW solar project in Germany for a total consideration of MEUR 4.0, with MEUR 2.0 paid at closing and the remaining contingent upon approvals [1][2][3] Group 1: Transaction Details - The solar project is located in northeastern Germany and is being developed as an agrivoltaic project, allowing agricultural activities alongside solar power generation [1] - The contingent consideration of MEUR 2.0 is subject to municipal approval of the zoning plan and EU Commission approval of the German Solar Package 1 legislation [1] Group 2: Strategic Implications - This transaction is part of the company's strategy to monetize early-stage projects from its greenfield portfolio to diversify and enhance revenue streams [2] - The CEO of Orrön Energy expressed that this sale demonstrates the company's ability to unlock value early in the development cycle and is a significant step in delivering on its strategy [3] Group 3: Company Overview - Orrön Energy is an independent, publicly listed renewable energy company within the Lundin Group, focusing on high-quality cash flow-generating assets and greenfield growth opportunities in various regions including the Nordics, UK, Germany, and France [5] - The company has significant financial capacity to fund further growth and acquisitions, supported by a major shareholder and a management team with a proven track record [5]

Financial Data and Key Metrics Changes - The company reported second quarter adjusted earnings per share (EPS) of 1.05, which aligns with the guidance for 2025 [5][28] - Adjusted EPS for the quarter was positively impacted by net investments for customers, higher retail sales volume, and increased other income, despite higher operational and maintenance costs [29][30] - Weather-adjusted retail sales growth for the quarter was strong at 4.5%, with industrial sales contributing close to 12% growth [29][30] Business Line Data and Key Metrics Changes - The company has updated its four-year capital plan to $40 billion, which includes significant investments in customer-driven generation, including approximately 3 gigawatts of solar and 1.4 gigawatts of battery storage [8][9] - The industrial sales growth rate is expected to be approximately 13% over the next four years, driven by new growth in Arkansas [8][10] Market Data and Key Metrics Changes - The company has secured significant new growth opportunities in Arkansas, which will benefit existing customers and communities [8][10] - The customer pipeline remains robust, particularly in the data center segment, which is expected to contribute significantly to future growth [10] Company Strategy and Development Direction - The company aims to be the premier utility provider and create sustainable value for stakeholders, focusing on customer service and economic development [5][6] - The strategy includes a focus on storm resilience and grid hardening, with a planned $8 billion investment in transmission over the next four years [14][15] - The company is also exploring new nuclear opportunities while managing construction risks through potential partnerships with larger entities [54][122] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 guidance and highlighted the importance of capital deployment to support growth [35][36] - The company is optimistic about the economic impact of its projects on communities and the potential for job creation [11][24] - Management noted improvements in storm recovery processes and regulatory support, which are expected to enhance financial stability and customer confidence [100][104] Other Important Information - The company completed the sale of its gas local distribution company to focus on its core electric business [17] - The company has been recognized as a top community-minded company, reflecting its commitment to social responsibility [24][25] - The board of directors has welcomed a new member with extensive investment experience, which is expected to enhance governance [25] Q&A Session Summary Question: Inquiry about the new Arkansas customer and sales growth - Management indicated that specific details about the customer cannot be disclosed at this time, but regulatory filings will provide more information soon [42] Question: Clarification on gas generation capacity - The seven gigawatts of gas generation capacity mentioned is related to projects not yet publicly announced, indicating potential for future customer growth [45] Question: Update on Meta's Hyperion data center expansion - Management confirmed that no regulatory approval process has started for the expansion, and further details would need to come from Meta [50] Question: Discussion on nuclear projects and risk management - Management is exploring various options to manage construction risks associated with new nuclear projects, including potential partnerships with larger entities [54][122] Question: Updates on storm recovery processes - Management highlighted new mechanisms in Louisiana for quicker storm cost recovery, which are expected to benefit customers and improve credit metrics [100][104] Question: Concerns regarding the ability to complete gas projects on time - Management expressed confidence in their relationships with EPCs and the use of standardized designs to facilitate timely project completion [106][109]

Core Insights - Scatec ASA has been awarded preferred bidder status for 846 MW solar projects in South Africa, marking a significant milestone in the company's renewable energy initiatives in the region [1][3][4] Project Details - The Kroonstad PV cluster will consist of three solar power plants: Oslaagte Solar 2 (293 MW), Oslaagte Solar 3 (293 MW), and Leeuwspruit Solar (260 MW) [2] - The total estimated project cost is ZAR 13 billion (USD 735 million), with financing structured as up to 90% non-recourse project debt and the remainder from equity [2][6] Company Positioning - Scatec will hold 50.90% equity in the project, with Stanlib's infrastructure fund owning 46.50% and a Community Trust holding 2.6% [6] - The company will provide engineering, procurement, construction (EPC), operations & maintenance (O&M), and asset management (AM) services for the project [6] Future Outlook - Financial close is anticipated in 2026, with construction expected to commence thereafter [5][6]

Core Insights - Shoals Technologies Group, Inc. has secured a contract with CJR Renewables to provide its Big Lead Assembly (BLA) for the 110 MW Alcones project in Chile, marking a significant step in the company's expansion into South America [1][3] - The BLA system is designed to enhance energy yield, reduce the levelized cost of energy, and simplify installation processes, thereby improving long-term reliability of solar installations [2][3] - Once operational, the Alcones project is expected to supply electricity to over 86,000 households and prevent more than 62,000 tons of CO₂ emissions annually [3] Company Overview - Shoals Technologies Group is a leader in electrical balance of systems (EBOS) solutions for the energy transition market, recognized for its innovative technologies that enhance installation efficiency and system performance [4] - The company has a strong track record of delivering high-quality EBOS solutions that exceed industry standards, positioning itself as a key player in the renewable energy sector [3][4]

INVESTOR RELATIONS Aaron Jagdfeld PRESIDENT & CEO GENERAC INVESTOR PRESENTATION November 2023 OUR PURPOSE: Lead the evolution to more resilient, efficient, and sustainable energy solutions. GENERAC YorkRagen CHIEF FINANCIAL OFFICER Mike Harris SENIOR VICE PRESIDENT – CORPORATE DEVELOPMENT & INVESTOR RELATIONS Kris Rosemann SENIOR MANAGER – CORPORATE DEVELOPMENT & INVESTOR RELATIONS (262)506 -6064 InvestorRelations@generac.com 2 GENERAC Forward Looking Statements Certain statements contained in this presenta ...

Group 1: Brookfield Renewable - Brookfield Renewable has a globally diversified portfolio of clean energy assets across North America, South America, Europe, and Asia, including hydroelectric, solar, wind, energy storage, and nuclear power [2][4] - The company is not a regulated utility and sells power under long-term contracts, allowing for growth as the world shifts to cleaner energy [4] - Brookfield Asset Management, with over 100 years of infrastructure investment experience, plans to increase clean-energy investments by around 100% by 2030, positioning Brookfield Renewable as a key funding source [5] - Brookfield Renewable Partners offers a 5.6% yield, while Brookfield Renewable Corporation has a 4.6% yield, both representing the same entity [6] - A $2,000 investment in Brookfield Renewable can yield 75 shares of partnership units or 60 shares of corporate shares [7] Group 2: Chevron - Chevron is a globally diversified, integrated energy company with a 4.7% dividend yield, having increased its dividend for 38 consecutive years despite the volatility in oil and natural gas prices [8][9] - The company maintains a strong balance sheet with low leverage, allowing it to manage debt during downturns and support its business and dividend [9] - Current challenges for Chevron include weak energy prices and company-specific issues such as a complicated acquisition of Hess and investments in politically unstable Venezuela [10] - The high yield presents a long-term investment opportunity, with a $2,000 investment yielding approximately 13 shares [11] Group 3: Investment Outlook - Both Brookfield Renewable and Chevron are attractive to dividend investors due to their high yields and strong business fundamentals [12]

Core Insights - First Solar Inc. (FSLR) is the largest solar photovoltaic (PV) manufacturer in the Western Hemisphere and is significantly increasing its U.S. production capacity to meet rising solar demand, targeting an installed nameplate capacity of approximately 14 gigawatts (GW) by the end of 2026 [1][8] Company Developments - FSLR has commenced commercial operations at its fourth manufacturing facility in the U.S. in Q2 2025 and is progressing on its fifth facility, expected to start operations in the second half of 2025 [2] - The company plans to invest approximately $0.6 billion in U.S. facilities and upgrades throughout 2025 and 2026 [2][8] Industry Trends - Other solar companies, such as Canadian Solar Inc. (CSIQ) and SolarEdge Technologies (SEDG), are also expanding their manufacturing capacities in response to increasing demand and government incentives [4] - Canadian Solar's facility in Mesquite, TX, is expected to contribute around 3 GW of volume delivery this year, enhancing the share of domestically produced products in its U.S. shipments [5] - SolarEdge Technologies is increasing its manufacturing of inverters in Florida and batteries in Utah to leverage federal incentives from the Inflation Reduction Act [6] Market Performance - FSLR shares have declined by 45.1% over the past year, compared to a 49% decline in the industry [7] - The company's shares are trading at a forward 12-month Price/Earnings ratio of 7.99X, significantly lower than the industry's average of 14.40X [9]

Industry Overview - The global shift toward sustainability is transforming the energy landscape, with a rapid adoption of renewable sources like solar and wind, highlighting the critical need for reliable energy storage [1][2] - Demand for scalable storage solutions has surged alongside the increased adoption of renewable energy, positioning both as key pillars of the global energy transition [2] Growth Projections - According to the IEA, global electricity generation grew over 1,200 terawatt-hours (TWh) in 2024, with clean energy accounting for 80% of this growth, indicating strong growth opportunities in renewable energy and battery storage [3] - The IEA projects that new renewable energy capacity added globally between 2024 and 2030 will exceed 5,500 gigawatts (GW), almost three times the increase seen between 2017 and 2023, with energy storage projected to increase six times [4] Demand Drivers - The essential nature of electricity fuels strong demand even during economic downturns, providing stability to stakeholders in renewable energy and battery storage [5] - Factors such as expanding industrial output, rapid growth in electric vehicle (EV) adoption, data center proliferation, and increased use of cooling systems amid worsening climate conditions are contributing to a surge in electricity demand [5] Policy and Economic Support - Robust policy support, fiscal incentives, international commitments to net-zero emissions, and declining installation costs for solar and wind are enhancing the competitiveness of clean energy companies [6] Company Highlights - Ameren Corp. is investing in cleaner energy sources, with 1,200 MW of approved generation currently under construction and plans to expand its renewable portfolio by adding 3,200 MWs by 2030 [7][8] - American Electric Power Corp. aims to enhance its renewable generation portfolio to 50% by 2030, with a planned investment of $9.9 billion during 2025-2029 [10][11] - Vestas Wind Systems, the largest wind turbine manufacturer, has around 56,700 wind turbines under service, expected to avoid 490 million tons of CO2 over their lifetime, reflecting a 25% improvement year over year [13] - Stem Inc. has emerged as a leading clean energy software provider, managing nearly 30 GW of solar assets and over 5 GWh of contracted energy storage globally, with significant year-over-year growth in energy storage and solar systems [15][16]