N R G E N E R G Y I N C . SECOND QUARTER 2025 EARNINGS PRESENTATION August 6, 2025 1 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 and can typically be identified by termi ...

Clean Energy & Grid Support - Tesla Energy's Powerwall fleet in California dispatched 345 MW to the grid during a Virtual Power Plant event [1] - The 345 MW dispatch reduced the need for fossil-fueled peaking plants [1]

RT Tesla Energy (@teslaenergy)Tonight, the Powerwall fleet in California dispatched 345MW to the grid during a Virtual Power Plant event, reducing the need for fossil-fueled peaking plants https://t.co/1rpoVsFSAZ ...

Energy Solutions & Grid Impact - Tesla Energy's Powerwall fleet in California dispatched 345 MW to the grid during a Virtual Power Plant event [1] - This initiative reduces the reliance on fossil-fueled peaking plants [1] Revenue Generation - Powerwall users can leverage peak hours in the Bay Area to generate income [1]

Investment Rating - The report rates NARI Technology as a "Buy" with a 12-month target price of Rmb31.8, implying a 39% upside based on an unchanged 25X 2026E P/E [1][12][15]. Core Insights - NARI Technology is expected to achieve a revenue growth of 13% year-on-year (yoy) in 2025E, surpassing its target of 12% yoy growth, supported by a backlog of Rmb50.7 billion and a strong order intake of over 50% yoy in 1Q25 [1][2][15]. - The company anticipates that its Ultra-High Voltage (UHV) revenue will double in 2025E, driven by significant project execution and new contracts [1][4][7]. - NARI Technology is positioned to benefit from China's structural smart grid needs, with a focus on overseas markets and new growth drivers such as AI integration and market-based electricity price reform [1][5][10][15]. Summary by Sections Revenue and Growth - The company targets Rmb64,500 million in revenue for 2025E, indicating a 12% yoy increase, marking a shift in guidance to a more conservative growth outlook after eight years [2][15]. - The 1Q25 revenue growth was reported at 16% yoy, with power grid automation growing by 25% yoy, primarily due to UHV revenue recognition [1][4]. Segment Performance - **Grid Automation**: Revenue in this segment was Rmb28.5 billion in 2024, with a growth expectation of over 10% yoy in 2025E, driven by UHV revenue [4]. - **Grid Digitalization**: This segment recorded Rmb12.4 billion in revenue in 2024, with a projected growth of close to 10% in 2025E, supported by national policies promoting AI integration and virtual power plants [5]. - **Power Generation**: Revenue reached Rmb12.2 billion in 2024, with a growth expectation of 14% yoy in 2025E, despite a moderation in installation growth [8]. - **Industrial Internet**: The segment faced a decline of 24% yoy in 2024 but is expected to return to growth in 2025E [9]. Overseas Business - NARI Technology's overseas revenue reached Rmb3.28 billion in 2024, a 135% yoy increase, contributing 6% to total revenue, with expectations for continued growth in 2025E [10][15]. Expense Management - The company guided an expense of Rmb7,741 million for 2025E, indicating a 19.6% yoy increase, primarily due to increased R&D investments [11][15]. Valuation and Financial Metrics - The report maintains earnings forecasts unchanged, with a focus on a stable margin profile supported by necessary investments in R&D and a reclassification of interest income [12][15].

日前，国家发展改革委、国家能源局发布《关于加快推进虚拟电厂发展的指导意见》（以下简称《意 见》），标志着我国有了首个针对虚拟电厂的国家级专项政策。 近年来，各地和相关企业积极探索虚拟电厂建设，广东、山东、山西等省份虚拟电厂发展较快。但总体 来看，全国虚拟电厂建设还处于起步阶段，各方对虚拟电厂定义和功能定位缺乏统一认识，适应虚拟电 厂发展的管理要求、市场机制和标准体系有待进一步健全。 多位专家在接受科技日报记者采访时分析，《意见》的出台，将为系统推进虚拟电厂规范化、规模化、 市场化、常态化发展提供重要指导，助力全国统一电力市场构建、新型电力系统建设和能源电力清洁低 碳转型。 没厂房没机组也能供电 不建厂房、不冒烟，但却能聚合各类分散资源，协同参与电力系统优化和电力市场交易——这便是虚拟 电厂。它是实现智能配电网的重要技术之一，在新型电力系统建设和电力市场建设过程中扮演着重要角 色。 "虚拟电厂具备传统电厂调峰、调频等功能，但本身不拥有实体发电机组。"山西大学电力与建筑学院电 力工程系主任闫来清介绍，虚拟电厂本质上是一个聚合与协调的平台。它通过先进的信息通信和智能控 制技术，将分散的可控负荷、分布式能源、储能设备 ...

TORONTO, April 28, 2025 (GLOBE NEWSWIRE) -- CF Energy Corp. (TSX-V: CFY) (“CF Energy” or the “Company”, together with its subsidiaries, the “Group”), an energy provider in the People’s Republic of China (the ”PRC” or “China”), announces that the Company has filed its audited consolidated financial results for the year ended December 31, 2024 The audited consolidated financial statements and Management’s Discussion and Analysis (“MD&A”) can be downloaded from www.sedarplus.ca or from the Company's website a ...

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 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]