Thank You to Our Sponsors and Upcoming Events

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Upcoming GTM Events
Virtual
Nov 30-Dec 3
Virtual
Dec 10

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Housekeeping Notes
Log into the online summit agenda and click on
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Interactive Sessions & 1:1 Networking
If you have an All-Access Pass, use the Swapcard
Match App for dedicated 1:1 meetings at 2:45pm
ET today.
We also have an Interactive Breakout with Wärtsilä
at 4:30pm ET.
Take advantage of the short breaks in between
sessions to refresh, stretch your legs and prevent
virtual fatigue.
Head over to the Community Page to learn more.

5
Energy Storage Summit 2020 - Wood Mac Research Spotlight woodmac.com
Wood Mackenzie research spotlight –
what to expect at an ESS unlike any
before
Dan Finn-Foley
Head of Energy Storage
Daniel.Finn-Foley@woodmac.com
@DanFinnFoley

6
Wood Mackenzie offices Wood Mackenzie Power & Renewables offices
Wood Mackenzie is ideally
positioned to support
consumers, producers and
financers of the new energy
economy.
— Acquisition of MAKE and Greentech
Media (GTM)
— Leaders in renewables, EV demand
and grid-connected storage
— Over 500 sector-dedicated analysts and
consultants globally, including 75
specifically to power and renewables
— Located close to clients and industry
contacts
About Wood Mackenzie
We provide commercial insight and access to our experts leveraging our integrated proprietary metals, energy
and renewables research platform

Key theme – lessons learned from the “energy storage decade”
Tailwinds have accelerated the market into the 2020s

8
Source: Wood Mackenzie Power & Renewables
-
20
40
60
80
100
120
140
160
180
200
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Deployments(MW)
Residential Non-Residential Front-of-the-Meter
U.S. Q2 2020 deployments reached 168 MW
The strongest Q2 on record for deployments; Covid-19 pandemic has not hampered the downstream market

9
U.S. market deployed 288 MWh in Q2 2020
Shorter-duration systems resulted in a MWh total that is still the fifth-highest on record
-
50
100
150
200
250
300
350
400
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Deployments(MWh)

10
U.S. FTM snapshot: Energy storage in integrated resource plans
> 300 MW
> 0 MW
A full US energy storage IRP tracker is available as part of
the Wood Mackenzie Energy Storage Service.

Key theme – the energy transition, accelerated
As the transition inches towards inevitability, storage will emerge as a disruptor and a
competitor

12
Turning point – utility resource planning meets the era of storage
Storage’s dual role is on full display in updated Arizona utility targets
APS and TEP integrated resource plan changes, 2017 vs. 2020
0
1,000
2,000
3,000
4,000
5,000
6,000
Arizona Public Service Tucson Electric Power
15-yearMWenergystoragedeploymenttargets
2017/2018 IRP 2020 IRP
Source: Wood Mackenzie, utility resource plans
Dominion Energy IRP – 2019 vs. 2020
0
5,000
10,000
15,000
20,000
25,000
Offshore
Wind
Solar Energy
Storage
New-Build
Natural Gas
Total
Renewables
+ Storage
15-yearMWdeploymenttargets
2019 2020
6X
3.6X
8X
4.2X
Cut
Total planned MW increased by 424%
Energy Storage planned MW up 828%
APS storage planned up 960%
TEP storage planned up by factor of 47x
Disrupt
vs.
Enhance

13
Disrupt or enhance – storage’s role in the energy ecosystem breaks the mold
Storage can be a competitor, an ally, or, paradoxically, both
Impact
Disruptor Enabler

14
1,151
7,067
-
2,000
4,000
6,000
8,000
2012 2013 2014 2015 2016 2017 2018 2019 2020E 2021E 2022E 2023E 2024E 2025E
Energystoragedeploymentsbysegment(MW)
U.S. energy storage deployments will reach nearly 7 GW annually in 2025
Covid-19 creates near-term downside due to customer-acquisition issues, installation/interconnection delays
U.S. energy storage annual deployment forecast, 2012-2025E (MW)
Pair with
other
technologies
Out-compete
conventional
players
Enhance and
Innovate new
business
models
Capitalize on
volatility

Key theme – changing of the guard
What to expect from realignment of US politics?

16
Source – AP forecast election results, November 8th 2020
Voters in key battlegrounds deliver the presidency to Biden, Democrats
Biden
• 290 electoral votes
• 75,218,898 Votes
(50.65%)
Trump
• 214 electoral votes
• 70,814,342 Votes
(47.68%)
North Carolina and Georgia
(31 electoral votes) still
outstanding
Biden reforms
electoral “Blue Wall”
Competes in
traditionally red states

17
Source – AP forecast election results, November 8th 2020
Dems keep house - best-case scenario is an evenly-split Senate
Democrats
• 46 seats (+2 Ind.)
• Angus King (I-ME) and
Bernie Sanders (I-VT)
likely caucus with Dems
Republicans
• 48 seats
• Ahead in two uncalled
states (AK, NC)
Both senate seats in
Georgia are headed for
run-off elections.
The Vice President would
break any 50-50 ties
Republicans flip
Alabama senate seat
Democrats flip
2 senate seats

18
Executive action – how a divided government would mesh with an accelerating
energy transition
“Personnel is policy”
• New leadership at
DOE, EPA, potential
shifts at FERC, and a
climate “czar” will set
tone for federal action
Executive actions
• “Day 1” strokes of the
pen could bring the US
back into the Paris
accord, take swift action
on fossil-fuel
infrastructure
A grand bargain?
• Compromises have
become rarer, but Biden
has a track record of
forging them between a
Republican Senate and
a Democratic President
December 2010 – tax compromise includes extension of renewable tax credit grants during recession
April 2021 – budget deal funds APRA-E but EPA and Energy Efficiency & Renewable Energy funds slashed
January 2012 – wind energy Production Tax Credit (PTC) passes as part of the 2012 “fiscal cliff” compromise

19
One possibility: a new shot for a stand-alone storage ITC - what would it look like?
Impact will vary dramatically depending on how any potential tax credit is implemented
-
2,000
4,000
6,000
8,000
2012 2013 2014 2015 2016 2017 2018 2019 2020E 2021E 2022E 2023E 2024E 2025E
Energystoragedeploymentsbysegment(MW)
ITC effectively lowers costs, pushes projects into
commercialization earlier
Accelerated market creates scale, credit certainty
allows innovation, deployments increase
Less push to pair with solar could lead to
decoupling of strongly-linked markets
2019 Wood Mackenzie analysis showed potential
16% market upside depending on timing and %
value of the tax credit

20
Source – AP statehouse / Governor control, August 2020
Democrats sliding in key statehouse battles – August 2020 control shown below
Dem control Gov. + Leg.
Rep control Gov. + Leg.
Split control between
legislature and governor
Many races remain
uncalled – but Democrats
appear short of flipping any
state legislatures
Dem control Gov. + Leg.
Rep control Gov. + Leg.
Split control between
legislature and governor
Many races remain
uncalled – but Democrats
appear short of flipping any
state legislatures
Republicans on track to
regain the NH legislature
and the MT governorship

21
Key state-level initiatives driving storage now and for decades to come
A wide array of approaches continue to thrust states suddenly and dramatically into relevance
Short-term
• California’s Self
Generation Incentive
Program – aimed at
distributed energy and
now refocused on
resiliency
• New York’s Bridge
Incentive – a cash
incentive boost aimed to
jump start the market
• Massachusetts’s SMART
program – storage made
a key component of solar
initiatives
Mid-term
• Massachusetts's Clean
Peak Standard – a
targeted approach to
incentivize clean energy
during peak periods by
creating time-based
renewable credits
• State level planning and
modeling (multiple) –
ensures value recognition
and eligibility along with
setting up clear road
maps as signals to the
market
Long-term
• Clean energy targets
(multiple) – 100% clean or
renewable mandates
effective require storage.
Effects of these mandates
or goals are seen
particularly in utility
resource planning
• Energy storage mandates
(multiple) – mandates that
come paired with
regulations or policies to
ease and incentivize
storage yield results,
otherwise the nascent
market lacks direction

Key theme – covid and the “new normal”
Business-as-usual is not here yet – when will it be, and does the storage industry need
it?

23
Post-COVID scenarios – Wood Mac analysis shows that “what’s next” may vary
Subject matter experts across Wood Mackenzie collaborated in May to construct three scenarios for a post-Covid recovery
as a framework for discussing the new reality for the energy industry.
— A “V”-shaped recovery where GDP
rapidly returns to pre-pandemic levels,
which most closely resembles the base-
case used for this report’s forecast.
— States and cities continue to expand
renewable efforts after the “new normal”
sets in.
— Minor disruption would be anticipated for
FTM energy storage deployments while
BTM markets recover in 2021.
— Outlook for storage through 2025
remains relatively unchanged.
Full recovery
— Further retreat from globalization, supply
chains under heavy tariffs, high
persistent unemployment.
— Federal policy, rather than encouraging
energy storage deployments, potentially
becomes hostile to clean energy and
international supply chains.
— States pull back on climate policy.
— Interest in project financing shrinks.
— High unemployment and longer recovery
particularly affect BTM market interest.
— Potential significant effects on the
storage market through 2022-2023.
— Climate-forward policy at the state and
federal level is pursued as an
infrastructure and clean-tech based post-
pandemic stimulus effort.
— Federal efforts dovetail with state and
local plans launched through the 2010s
to dramatically accelerate the transition
to a green economy.
— Storage friendly policies at the state and
federal level drive storage growth to
higher levels, including incentives for
customer-sited projects.
— Storage market scales up as
incentives come online in 2021-2023.
Go it Alone Greener Growth

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