Greentech Media

1. October 29 - 30
Austin, TX

2. WiFi
Open Network: utguest

3. Questions? Enter them at gtm.cnf.io #GTMSummit
Q&A Platform
To ask questions to any
of the panels throughout
the day, visit gtm.cnf.io
on your smartphone or
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follow along with the
slide decks here.

4. Networking
Refreshments and snacks will be served in
the hall outside the conference room. We
will be holding our networking lunch in the
Tejas Dining Room

5. Slides
Most of the slide decks from the
conference will be emailed to all attendees
at the close of the conference.

6. Questions? Enter them at gtm.cnf.io #GTMSummit
Phoenix, AZ
April 29 - 30
Upcoming GTM Conferences
San Diego, CA
June 16 - 17
Denver, CO
December 3 - 4
Phoenix, AZ
April 28

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Welcome & Opening Polls Session
Julian
Spector
Greentech Media
Staff Writer
M

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Live Content Slide
When playing as a slideshow, this slide will display live content
Poll: Where are you joining us from?

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Live Content Slide
When playing as a slideshow, this slide will display live content
Poll: What best describes the organization your work for?

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Live Content Slide
When playing as a slideshow, this slide will display live content
Poll: How many years have you been working in the renewables sector?

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Live Content Slide
When playing as a slideshow, this slide will display live content
Poll: Which of the following topics are you most excited about?

12. Questions? Enter them at gtm.cnf.io #GTMSummit
Live Content Slide
When playing as a slideshow, this slide will display live content
Poll: In your view, what will be the biggest challenge to renewable
development in the next 5 years?

13. Questions? Enter them at gtm.cnf.io #GTMSummit
Multi-Practice Research Presentations: The Next Stage of
Renewable Energy & the Redesign of the U.S. Power Market
M
Matt
DaPrato
Wood Mackenzie
Power &Renewables
Product Suite Director
Ravi
Manghani
Wood Mackenzie
Power &Renewables
Head of Solar
Daniel
Finn-Foley
Wood Mackenzie
Power &Renewables
Head of Energy Storage
Elta
Kolo, Ph.D.
Wood Mackenzie
Power &Renewables
Research Manager,
Grid Edge
Dan
Shreve
Wood Mackenzie
Power &Renewables
Head of Global Wind
Energy Research

14. woodmac.comTrusted intelligence
About Wood Mackenzie
Wood Mackenzie offices Wood Mackenzie Energy Transition / 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) brings wind, solar, storage,
and grid edge expertise
 Integrated with over 500 energy sector-
dedicated analysts and consultants
globally, including 80+ specifically to
power and renewables
 Addition of Genscape adds real-time
power data in US, Europe and Asia
 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
woodmac.com
14

15. woodmac.comTrusted intelligence
 Bringing the next wave of renewables to the grid
 The adaptation phase: cost-competitive renewables in a post-subsidy world
 The intersection of decarbonization, decentralization and digitalization
 Gaining traction: Reaching an inflection point in the Energy Transition
 Achieving the last mile of deep decarbonization
A journey through the power’s transformation and role in the Energy Transition
Our agenda for the Power & Renewables Summit 2019

16. woodmac.comTrusted intelligence
60
70
80
90
100
110
120
130
140
150
Index(2020=100)
Coal Oil Gas Electricity
Power is the growth fuel of the global energy transition
Source: Wood Mackenzie Energy Transition Outlook
Acceleration beyond our current 3 degree path will support greater power sector growth

17. woodmac.comTrusted intelligence
Market evolutions and
technology revolutions have
disrupted legacy business
models, creating a new energy
landscape
The Power Market of the Past
A top-down, flow from supply to demand
Dispatchable
Generation
Transmission Distribution
End
Customers
Tomorrow’s Decarbonized and Decentralized Power Market
A bi-directional energy network with new technologies and actors at every node reshaping power market planning and operations
Dispatchable
Generation
Transmission Distribution End Customers
Intermittent
Generation
Energy
Storage
Advanced Metering
Infrastructure
Distributed
Generation
Electric
Vehicles
Connected
Devices
Demand Side
Management

18. woodmac.comTrusted intelligence
Multi-Practice Research Presentations: The Next Stage of
Renewable Energy & the Redesign of the U.S. Power Market
M
Matt
DaPrato
Wood Mackenzie
Power &Renewables
Product Suite Director
Ravi
Manghani
Wood Mackenzie
Power &Renewables
Head of Solar
Daniel
Finn-Foley
Wood Mackenzie
Power &Renewables
Head of Energy Storage
Elta
Kolo, Ph.D.
Wood Mackenzie
Power &Renewables
Research Manager,
Grid Edge
Dan
Shreve
Wood Mackenzie
Power &Renewables
Head of Global Wind
Energy Research

19. woodmac.comTrusted intelligence
Wind

20. woodmac.comTrusted intelligence
Tax extenders on the table once again as wind seeks parity with solar amidst heightened
competition, tariffs and more
US wind energy demand (GW)
6.0
2020
2.9
6.4
2021 2022
14.6
7.2
2023
2.7
2024
11.9
2025
2.2
2026 2027 2028
8.0
12.3
6.1
4.1
5.9
3.1
7.0 7.3
6.5
4.38.0
11.9
2018
12.3
0.8 2.0 2.8
14.6
4.1
3.0
4.3
2019
3.4
Offshore OnshoreFinal PTC under
construction deadline
PTC COD
deadline
BOEM EIS Order
Bureau of Ocean Energy Management
(BOEM) stated cumulative impact
studies must be executed
Technology gains and localization critical
BOEM demands may have adverse impacts on
localization due to perceived policy risk, which
subsequently impacts pricing
Trump
tariffs
Vineyard Wind delayed
800MW offshore wind project delayed as
result of BOEM order, driving uncertainty
regarding expected ITC benefits
Solar PV maintains 10% ITC, lobbying for 30% extension

21. woodmac.comTrusted intelligence
In the mid-term, onshore wind must be able to fight off solar, recoup PTC dollars via transition to
larger, longer life turbines
PJM AEP, wind energy net cone (USD/MWh)
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
20222018 2019 20262020 2021 20282023 2024 2025 2027 2029 2030
Net RevenueCapacity Revenue Scarcity Revenue SRMC Margin Tax Credits CONE
Unfavorable economics set in post PTC
Wind energy LCOE continues declines,
but transition to larger turbines and
associated cost reductions take time
Power prices rise, increasing wind
Carbon taxes, higher natural gas prices
and increased infrastructure costs all
contribute to wind recovery
CONE = Cost of New Entry
Based on the technology’s capital,
operating, other appropriate costs and
expected operating performance

22. woodmac.comTrusted intelligence
PJM East supply, 2020-2040 (GW)
Energy prices, February, 2040 (USD/MWh)
Energy prices, February, 2020 (USD/MWh)
Long term, increased renewables penetration in wind heavy zones will require substantial
investments in bulk transmission or long duration storage
2020 Nuclear
1
GasCoal
2 7
Storage
15
Wind
11
Solar 2040
222
Oil
195 1
1
$0
$20
$40
$60
$80
$100
$120
$0
$20
$40
$60
Offshore wind dominates
Massive wind facilities in close
proximity to one another may
overwhelm energy storage assets
More storage needed
Need to support both wind AND
solar penetration

23. woodmac.comTrusted intelligence
Solar

24. woodmac.comTrusted intelligence
Utility PV PPA prices are consistently below the price of new-build CC natural gas
Pricing for PPAs has ranged between $19 and $42/MWh for contracts signed over the past 18 months, opening
up new origination opportunities beyond procurement to meet RPS goals
Source: Wood Mackenzie
$0
$25
$50
$75
$100
$125
$150
$175
$200
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
PPAPrice($/MWh)
PPA Contract Execution Date
Price of CC Natural Gas
Project Sizes
300
MW
200
MW
100
MW

25. woodmac.comTrusted intelligence
Corporate procurement of front of the meter solar is growing
C&I solar is on target to drive 20% of the U.S. utility PV market 2019-2024
Annual installed capacity share by primary driver
Source: Wood Mackenzie
0
20
40
60
80
100
120
140
160
180
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040
Wind onshore
Solar utility
Gas CC
Median LCOE
U.S. LCOE range & medians (2018 $/MWh)
50%
23%
38%
21% 17%
23%
36%
35%
54%
55%
16%
24%
12% 7%
3%
10% 16% 7%
14%
19%
1% 0% 4% 5% 6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2016 2018 In Development
Percentcapacityofutilitybyprimarydriver
RPS Voluntary Procurement PURPA Retail Procurement CCA

26. woodmac.comTrusted intelligence
$0
$20
$40
$60
$80
$100
$120
Tucson Electric Power Xcel Energy NV Energy Hawaiian Electric Nevada Energy LADWP
PPApricing($/MWh)
2017 20192018
PacifiCorp’s latest IRP plan highlights the step change thinking of many Utilities and Corporations
(starting with the Xcel Colorado Dec 2017 bids)
Source: Wood Mackenzie

27. woodmac.comTrusted intelligence
Energy storage

28. woodmac.comTrusted intelligence
Energy storage system cost declines spark initial market activity, economics and incentives take
over in near term
U.S. energy storage capacity and system price declines, historical and five-year forecast
Source: Wood Mackenzie Energy Storage Service
311 478
4,834
-16% -16%
-29%
-26%
-15%
-11%
-9% -8% -7% -7% -6%
-8%
-7% -7%
-4%
-7%
-40%
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2013 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E
YoYPriceDecline(%)
AnnualU.S.StorageCapacity(MW)
Residential Non-Residential Front-of-the-Meter FTM YoY Price Decline (%) C&I YoY Price Decline (%)

29. woodmac.comTrusted intelligence
Policy and economic drivers push industry towards longer durations - innovation in energy storage
technologies accelerates to meet growing demand
Next generation of energy storage technologies
0
100
200
300
400
500
600
2015 2020 2025 2030 2035 2040
EnergyDensity(Wh/kg)
NMC 1:1:1
NMC 6:2:2
NMC 8:1:1
Solid State
Li-S
Low-cobalt cathodes
Next generation cathodes,
anodes, and electrolytes
Longer duration requirements
lead to non-lithium-ion scale
Key opportunities
Source: Wood Mackenzie Energy Storage Service
Invest in
alternative
technologies
Build scale and
demonstrate
capabilities
Capture value in
emerging longer-
duration markets

30. woodmac.comTrusted intelligence
Opportunity and strategy surrounding energy storage shifts dramatically as the market moves from
capturing value to the necessity of flexibility
Source: Wood Mackenzie Energy Storage Service
Adaptation -> Transition -> Transformation
Adapt to new market forces (2020 – 2024)
• Capture early market, establish scale
• Diversify or specialize markets and offerings?
• Establish supply chain amid growing competition
Transition technology to new system needs (2025 – 2035)
• Commercialize investments in next-gen storage technology
• Scale solutions to needs, ensure flexibility of offerings
• Expand into new markets, out-compete
Transform the way electricity is delivered (2036 – 2050)
• Decentralization
• Deep decarbonization
• Disrupt at the grid edge…

31. woodmac.comTrusted intelligence
Grid edge

32. woodmac.comTrusted intelligence
The last three years, from assessment to action
2018
2017
2019
DER roadmap DERs: Reliability
impacts
Evolving Resource
Mix and System
Reliability & DR
strategy
DR, EE, DG potential
study
Order 841
1. Participation of DER Aggregations in Markets
2. DERs – Technical Considerations for the Bulk Power System
Break out aggregation
Coordination of T&D
Operations in High
DER Grid
• “Interested in further exploring the interconnection of distribution-connected DERs.”
• 5 September 2019 data request on the individual DERs in ISO/RTO footprints
• Responses due 7 October 2019
• Next 30 days stakeholders are filling responses

33. woodmac.comTrusted intelligence
Manufacturing
Batteries
HVAC
Water Heaters
Lighting
Misc. Loads
Generator
New resources and aggregations
EV charging A lot of batteries
Connected home
Microgrids
Traditional demand response Flexibility portfolio
FOM BTM
A focus on flexibility
32 GW
in wholesale markets
88 GW
by 2024 from connected homes
?

34. woodmac.comTrusted intelligence
Source: Wood Mackenzie Power & Renewables - Grid Edge Data Hub
Venture capital & private equity activity reflecting opportunity
0
20
40
60
80
100
120
140
160
0
500
1,000
1,500
2,000
2,500
3,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
YTD
DealCount
DisclosedValue(MillionsUSD)
AMI Customer Energy Management DER Services
Distribution Automation Electric Vehicle Infrastructure Energy Storage
Grid Edge Customer Analytics Grid Edge Network Analytics Utility Back Office
Utility Network Operations Deal Count
$14.1 billion
$6.5
Energy storage
$2.1
E-mobility
$3.1
Customer energy
management

35. woodmac.comTrusted intelligence
2019 grid edge shopping spree
Source: Wood Mackenzie Power & Renewables Grid Edge Data Hub
Q1 2019
InvestmentAcquisition
FebruaryFebruaryJanuary March March
*
February February
Q2 2019
June June
Q3 2019
July
*Majority stake
September September October
Q4 2019
June

36. Questions? Enter them at gtm.cnf.io #GTMSummit
Keynote Fireside Chat
Ed
Crooks
Wood Mackenzie
Vice Chair, Americas
M
Shane
Smith
Constellation
Managing Director,
Strategic Development

37. Networking Break

38. Questions? Enter them at gtm.cnf.io #GTMSummit
M
What 100% Clean Energy State Mandates Mean for Large-
Scale Renewable Development in the Next Five-to-Ten Years
Emma
Foehringer
Merchant
Greentech Media
Writer
Kim
Oster
Cypress Creek
Renewables
Interim Chief Strategy
Officer
RJ
Johnson
NextEra Energy
Resources
Vice President of
Origination
Phil
Bartlett
Maine Public Utilities
Commission
Chairman
Eric
Macaux
Mintz
Member, Project
Development & Finance
Practice

39. Questions? Enter them at gtm.cnf.io #GTMSummit
Research Presentation:
Feeling the Heat: Large-Scale Corporate Wind&
Solar Procurement, a 2020-2024Outlook
Anthony
Logan
Wood Mackenzie
Power &Renewables
Senior Analyst
Colin
Smith
Wood Mackenzie
Power & Renewables
Senior Analyst, Solar

40. 40
C&I renewable energy demand woodmac.com
Feeling the Heat
Large-Scale Corporate Wind & Solar Procurement, a 2020-
2024 Outlook
Colin Smith
Senior Analyst
Colin.Smith@woodmac.com
Anthony Logan
Senior Analyst
Anthony.Logan@woodmac.com

41. 41
C&I renewable energy demand woodmac.com
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

42. Market environment for C&I renewable energy demand1.

43. 43
C&I renewable energy demand woodmac.com
Source: Woodmac, * https://www.industryweek.com/leadership/hope-not-plan-myth-american-manufacturing
United States electricity demand will continue to be driven by C&I sector
C&I segment will continue to serve as a critical client set for foreseeable future
 C&I segments comprise ~70% of
US electricity demand
 Industrial efficiency increasing 177
workers in 2019 have equal output
as 1,000 in 1950*
 Electrification within energy
intensive industries driving some
power growth
 Growth in concentrated power
demand from data centers
 Services economy driving
commercial growth and
differentiation based on
sustainability
1.5
2026
1.31.3
2017
1.1
1.6
1.2 1.3
1.0
1.3
2023
1.6
2019
1.0
1.71.7
1.6
20242020
1.1
1.7
2021
1.8
1.1
3.8
1.6
2022
1.3
1.1
1.3
1.0
1.1
1.2
1.7
2025
1.1 1.1
1.4
1.1
1.4
2028
1.4
1.1
2030
1.7
1.4
2029
1.5
1.2
1.0
1.7
1.31.2
2018 2027
3.7 3.8
3.9
1.6
4.0 4.0 4.1 4.1 4.1 4.2 4.2 4.3 4.3
3.9
68%
27%
41%
Total CAGR:1.3%
C&I CAGR: 1.2%
Residential Industrial Commercial
United States electricity demand (Pwh)

44. 44
C&I renewable energy demand woodmac.com
Source: Wood Mackenzie, RE100
Support for renewables is surging across the C&I sector
Peer pressure building as RE100 ranks grow, mirroring new entrant activity
Cumulative RE100 signatories by year
New C&I offtake entrants by year, U.S.
2016 2017 2018
Repeat C&I buyers C&I new entrants
Renewable C&I capacity, operational and in-development

45. 45
C&I renewable energy demand woodmac.com
Source: Wood Mackenzie
C&I offtaker segmentation
Technology/data sector dominates, but could be surpassed by industrial clients in coming years
 Data centres, using between 20% and 87% more electricity per square foot
than comparable buildings, are the largest segmentation of C&I offtakers
 The industrial sector is best positioned to surpass data and technology as the
largest offtaker of renewables in the U.S.
» The number of large industrial companies like Dalmia, Gürmen Group, and
Tata that have already signed renewable energy exceeds the number of
data and technology firms
 Retail and service industry companies have procured less offsite wind and
solar due to both their smaller average load size and ability to leverage
distributed generation resources like rooftop solar
Solar and wind capacity operating and in development by C&I segment Cumulative C&I capacity by segment in the U.S.

46. 46
C&I renewable energy demand woodmac.com
Source: Wood Mackenzie
Top 10 solar and wind C&I offtakers by procurement year
Substantial increase in C&I deals YoY takes place as PTC phaseout loom and Section 201 tariff scare abates
Select solar vs. wind C&I capacity deals by year of offtake announcement
Amazon
Others
Facebook
Google AT&T
Walmart
Apple
Microsoft
Exxon
Equinix
Dow Chemical
Wind
Solar
Technology
(MW)
Offtakers Offtakers Technology Offtakers Technology
5,318
Offtakers Technology
5,318
+56%
+109%
2015 or earlier 2016 2017 2018
5,814
230
2,779
1,783 1,783
2,779
5,814

47. 47
C&I renewable energy demand woodmac.com
Note: *State-run procurements via NYERDA (NY) and IPA (IL). Contracted volume ≠ Wood Mackenzie’s forecast as supply-side constraints make a 23GW installation year impossible.
Source: Wood Mackenzie
Who is buying?
Role of non-traditional offtake arrangements has grown as power prices tighten, but utilities seek 2020 projects
United States wind project offtaker type for installed & contracted projects
8
10
6
22
0
2
4
20
12
24
14
16
18
(GW)
2017
2006
2004
2005
9.1
2010
2020
2007
2008
2009
2014
2011
83%
2012
2015 9.6
2016
2018
2021
53%
9.9
10.7
2013
6.8
2.6
6.1
2019
0.5
3.3
5.7
8.38.0
14.1
2.7
6.9
12.6
22.7
2.9
49%
43%
33%
23%
43%
36%
27%
MerchantUtility Utility REC only HedgeC&I Other
7%
1%
5%
Cumulative
install base
111GW
0
6
10
7
5
8
12
2
11
1
3
13
4
14
9
0.0
2014
2010
(GW)
2012
2006
0.0
2004
2005
6.4
13.3
0.0
97%
2007
2008
0.2
2009
2011
2.9
2018
2019
61%
2020
2015
2021
2016
0.0
2.5
2017
1.6
0.0
7.3
0.1
2013
0.7
3.4
8.3
4.9 4.7
11%
8%
6%
10%
22%
9%
19%
2%
1%1%
Cumulative
install base
61GW
United States solar project offtaker type for installed & contracted projects

48. 48
C&I renewable energy demand woodmac.com
Source: REBA
Many C&I customers in regulated markets can’t buy VPPAs, Green Tariffs are an option
Utility engagement in the renewables sector is increasing, with green tariffs the latest product on tap
State of green tariff programs, United States Quantity of US green tariff deals
 Green tariffs provide hedge against increasing power prices.
 US green tariff programs remain in their infancy but provide
option to smaller and less sophisticated C&I RE buyers
 Utility engagement is critical, particularly in regulated markets
Green tariffs in place, deals executed
Green tariffs in place, no deals
Considering green tariff (at PUC level)
Singular green tariff transactions
Retail choice available
No large scale RE access
20152013 Under
negotiation
2014 20172016
0
+111%

49. 49
C&I renewable energy demand woodmac.com
Source: Wood Mackenzie
Factors making REC procurement favorable to PPAs for C&I customers
Developers/3rd party brokers will recommend REC procurement over PPAs for a number of factors
Factors favoring REC procurement or DER
 Smaller loads: <30,000 MWh 3rd party developers report they almost always
recommend REC procurement over PPAs.
 Distributed footprint: Companies with multiple locations spread around a
territory will make PPAs more difficult. Often these companies are better
suited for rooftop solar or community solar programs.
 Site Location: Not only the number of locations but where each site is
located, distance from points of interconnection, and which ISO/RTO the are
located in effect the ease at which C&I PPAs can be signed.
 Complicated decision-making process: Private companies or companies
owned by private equity have been described as more difficult customers
requiring more internal stakeholders to sign off before PPAs can be signed.
 Inability to allocate capex: Companies unable to divert capex towards legal
and financial investment required to pursue a solar or wind PPA are better
suited procuring RECs.
Factors favoring virtual or physical PPA
 Larger Loads: Developers have reported that companies with >100,000
MWh of energy use are the strongest candidates for C&I PPAs.
 Single large footprint: Companies with a large, central center with high
energy use are easier to interconnect than companies with multiple locations.
 GAAP vs IFRS accounting: Companies using GAAP accounting are able to
more easily table derivative accounting issues associated with virtual PPAs
than companies that use IFRS accounting. Since many international
companies use IFRS, this makes virtual PPAs more complicated and difficult
for international corporations.
 Simplified decision-making process: Fewer decision makers or early,
direct involvement of key stakeholders has been identify by multiple
developers as the key to a smooth, fast path to signing a C&I PPA.

50. 50
C&I renewable energy demand woodmac.com
Source: Wood Mackenzie
REC pricing dynamics
Rapid increases in renewable penetration will eventually crater REC prices, even with a carbon tax
Tier I REC Price Forecast for Select Markets  RECs abound, compliance market shortages arise from market
fragmentation and specificity
 Most states were able to meet their targets in the year of 2017 through both
indigenous generation, REC trading, and REC banking. Some are even
ahead of their ultimate targets.
 Renewable generation is projected to grow 240% by 2040. On the contrary,
aggregate RPS targets climb at a slower pace with only 90% (433 TWh)
increments over the forecast. Due to this outpacing, we project anticipate
65% of all RECs produced in 2040 to be “orphan” RECs (or RECs exceeding
targets).
 With that said, not all RPS carve-outs and tiers are necessarily expected to
meet full compliance as REC attributes are not always fungible from market-
to-market, leading to a deadweight loss equivalent to 1.8% compliance
shortfall.
 The rapid pace of renewables growth and seeming indifference to the
limitations of RPS policies is attributed to:
» Lowering cost of solar and wind makes renewables an economical option;
» Voluntary RPS goals, internal corporate procurement targets, and local
municipal targets encourage more flexible renewable procurement at the
corporative level, and potentially postpone state law making.

51. 51
C&I renewable energy demand woodmac.com
% of renewable energy target achieved
2019 2025 20352020 2021 2022 20302023 2040 2050
Source: Wood Mackenzie
CDP RE targets
CDP companies with active RE targets are looking to move quickly and decisively
 The definition of RE targets varies wildly, with some companies establishing
set MW consumption targets, while others have taken an all in approach with
100% energy consumption for their operations derived from renewable energy
sources
 Timing and progress to these goals highlights near term demand opportunity
» 49 companies have target dates before 2030
» 37 companies have not yet reached the halfway point with respect to their
current RE targets
Target year for renewable energy goal (achieved targets not included)
Current compliance and remaining opportunity, CDP companies with
an active renewable energy target
<10% 10-20% 75-99%50-75%20-30% 30-50% 100%
0.5 TWh
13.5 GW*
Note: Assuming all wind at 42% capacity factor
Target
compliance
Unmet need

52. 52
C&I renewable energy demand woodmac.com
Source: Wood Mackenzie
GHG reduction targets - MWh
GHG opportunity for RE limited due to redundancies with other RE programs
GHG opportunity from CDP companies segmented by scope type (MWh)  Scope 1 emissions focused on buildings,
vehicles, etc and activities will be more
focused on energy efficiency
» Long term potential upside for
electricity usage if fleet electrification
progresses (post 2030)
 Scope 2 emissions take brunt of the hit
with respect to redundancies with existing
renewable energy initiatives
» If limiting the opportunity to only S2
emissions, wind’s CO2 target upside
drops to only 815MW
 Scope 3 emissions are a growing focus
for companies worldwide and offer the
biggest upside for renewables
» Companies seeking to do business
with suppliers with lower carbon
footprints will indirectly drive more
renewables uptake by those suppliersRedundancies with
Existing RE projects
94
Targeted Emissions
Reductions
66
54
15
Scope 1
135
Targeted Emissions
Reductions
41
Final Targeted
emissions
38
3
53
Final Targeted
emissions
135
94
Scope 2
Scope 3
Equates to about 25GW of
wind capacity

53. 53
C&I renewable energy demand woodmac.com
The pool of potential C&I electricity demand is staggeringly deep
Recent C&I offtake deals reflect a tiny percentage of total C&I power demand, opportunities in REC conversion
F1000
Other U.S. C&I
Renewable
Non-renewable
800
550
0
200
1,000
400
600
350
750
850
1,200
1,050
150
50
300
650
1,150
950
250
100
1,100
500
700
900
450
11
47
US
demand
met (non-
PPA/GT)
Identified
contracted
demand
1,141 Identified but
uncontracted
demand
Remaining
potential
demand
1,094
Identified
operational
demand
1129
US
electricity
demand
(TWh)
1,192
Estimated annual renewable energy demand opportunity from F1000
companies
Estimated current F1000 power demand as a share of total US C&I
electricity demand, and current renewable share thereof, 2018
Renewable energy
demand opportunity

54. 54
C&I renewable energy demand woodmac.com
Note: CDP is Carbon Disclosure Project
Source: Wood Mackenzie
Scenario analysis of F1000 demand, considers RE goals, adoption rates and REC use
Analysis considered every company in the F1000, including stated and expected renewable energy goals
Global renewable energy procurement, CDP companies Behavior of Fortune 1000 companies – number of companies
<1%
37%
RECs provide offset
GHG emissions, but
without additionality
or cost savings Focus of study
PPA
Other
Green tariff
RECs
"Grid mix" 3% 3%1%
Bear
Scenario
64%
33%
64%
13%
20%
Baseline
67%
13%
20%
Bull
Scenario
0-25%50-75%
75-100% 25-50%
% Renewable goal Years to reach goal
91%
5%
2%
2%
Bear
Scenario
38%
45%
12%
5%
Baseline
16%
59%
10%
Bull
Scenario
16%
10-20 years30+ years / no goal
20-30 years 0-10 years

55. 55
C&I renewable energy demand woodmac.com
Source: Wood Mackenzie
Long-term power price to rise significantly in all major wholesale markets
Increases drive hedging interest from buyers and assuage developer fears over short tenors and merchant tails
Average wholesale power price forecast for US ISOs, 2019 to 2040 Utility and C&I contracts by term length, COD and size, 2012 to 2018
’24e ’32e’22e ’34e
(USD/MWh)
’28e’20e ’26e ’30e ’36e ’38e ’40e
+84%
+144%
+82%
+46%
SPPCAISO NYISO
ERCOT
ISO-NE
MISO PJM
201420132012 2015 2016 2017 2018 2019
(COD)
(years in term)
= Approx. 250MW
PJM
C&I Utility
SPP
ERCOT
Current-generation turbine design life range

56. 56
C&I renewable energy demand woodmac.com
Source: Wood Mackenzie, interviews
A significant amount of risk lies around the volume component of merchant projects
Pricing risk is more about in-country basis for the US or cross-country basis for Europe
Offtaker or hedging
structure
Quantity risks Electricity price risks Gas price risks
Typical duration
(years)
Weather (wind
speeds)
Curtailment Contracted
volume
Hub price Node vs. Hub
(basis)
Electricity – gas
price correlation
Node vs. gas
hub basis
10
Proxy revenue
swap
15-25
Physical PPA Up to 15
Synthetic PPA
(Node)
Up to 15
Synthetic PPA
(Hub)
Up to 15
Bank hedge Up to 15
Natural gas
forwards
Up to 12
Electricity
forwards
1-2
Merchant –
unhedged
N/A
Low Risk High Risk
NOT EXHAUSTIVE

57. 57
C&I renewable energy demand woodmac.com
Note: LCOE lines represent medians
Ranges represent US ranges for utility-scale projects
NetCONE analysis derived from H1 Federal Carbon Case
Source: Wood Mackenzie
Levelised Cost of Energy (LCOE) and Net Cost of New Entry (NetCONE) outlook
New analytic measures, such as NetCONE, point to solar leadership to meet future power demand
US LCOE range & medians (2018 $/MWh)
Wind onshore
Solar utility
Gas CC
Median LCOE
Wind and Solar NetCONE – ERCOT West
80
0
100
20
40
60
120
Wind, $/kW
2018 2020 2022 20302024 2026 2028
-31%
SRMC marginCapacity revenue CONE
Scarcity revenue Tax credits Net revenue
100
0
50
150
20242018
Solar, $/kW
2020 2022 2026 2028 2030
+80%

58. 58
C&I renewable energy demand woodmac.com
2.5
0.5
0.0
3.5
3.0
1.0
1.5
2.0
(GWh)
0.5
0.0
3.5
1.5
1.0
2.0
2.5
3.0
(GWh)
2
0
4
6
10
8
12
(GWh)
10
6
0
2
12
4
8
(GWh)
(USD/MWh)
(USD/MWh)
30
40
-10
0
10
20
1,000
1,010
(USD/MWh)
(USD/MWh)
Source: Wood Mackenzie
Wind’s shape risk grows in traditional markets, shifting C&I interest to solar
C&I “virtual power purchase agreements” are extremely vulnerable to shape and basis risks
ERCOT West average wholesale price and wind output during sample high
and low wind weeks in 2022
PJM (AEP) average wholesale price and wind output during sample high
and low wind weeks in 2022
Onshore wind Solar PV Hub price
Low wind (17-23 July 2022)
High wind (17-23 February 2022)
Low wind (17-23 July 2022)
High wind (17-23 February 2022)

59. 59
C&I renewable energy demand woodmac.com
Source: Wood Mackenzie
Additional capacity to meet C&I demand - forecast and potential range
Wind is the best option in near-term due to PTC, solar expected to be preferred C&I supply for long-term
Wind v. solar forecast for C&I demand, 2018-2030 (GW)
0
15
5
10
2024
6.54
2.98
6.70
2021
GW
2019 2020 20252022 2023 20302026 2027 2028
5.01
2029
5.07
1.94
6.49
5.88
4.24 4.54
5.55 5.71
Maximum Wind baselineMinimum Solar baseline
Wind dominates
during final years
of 100% PTC
Solar wins past 2020 due to
falling cost, ITC extension and
favorable diurnal generation
Large spread driven by
F1000 goal setting
behavior and REC usage
Baseline
10-year
capacity
additions:
Wind: 13 GW
Solar: 48GW

60. 60
woodmac.comInsert Footer text with “Update Footer” from GTM Tools
Click to add source note

61. Thank You!
AnthonyLogan
Senior Analyst
Anthony.Logan@woodmac.com
Colin Smith
Senior Analyst
Colin.Smith@woodmac.com

62. Networking Lunch
Tejas Dining Room (on Floor 1)

63. Questions? Enter them at gtm.cnf.io #GTMSummit
Case Study: The Missing Puzzle Piece:
The Energy Efficiency Layer of C&I’sPath
to Sustainable Energy
Julian
Spector
Greentech Media
Staff Writer
John
Rhow
Redaptive
Co-CEO
M

64. October 29, 2019
The Missing Puzzle Piece:
The Energy Efficiency Layer of
C&I's Path to Sustainable
Energy

65. © 2019 CBRE and REDAPTIVE | CONFIDENTIAL & PROPRIETARY 3
1/3+
GLOBAL
ENERY USE
+30%
EFFICIENCY
NEEDED
INDECISION
TIME
Emerging Marketplace
 Evolving consumer demands
 Environmental Programs
 Green Leasing / Bonds
 Goal Setting
 Renewable Power
 Emissions Reduction FUNDING

67. 5
How do you cover a large footprint, quickly?
Speed:
Enabled by a
no-risk decision
making process
Scale:
Achieved by robust
resources from both
CBRE and Redaptive
© 2019 CBRE and REDAPTIVE | CONFIDENTIAL & PROPRIETARY

68. 9
Data-Driven Planning Accelerates Building Improvements
 Identify Savings Opportunities
 Priority Rank Sites
 Establish Savings Guarantees
 Develop Execution plan
 CBRE and Redaptive take
on project deployment and
performance risk
© 2019 CBRE and REDAPTIVE | CONFIDENTIAL & PROPRIETARY

69. The EaaS Solution
Redaptive and CBRE developed a portfolio plan for Iron Mountain
and committed to deliver a guaranteed savings rate of 10% over a 5
year term across the first phase, resulting in more than $2 million is
savings each year.
 NonCapEx
 Early Capital Buy-Down Flexibility
The first phase of the program will upgrade Iron Mountain's facilities
to LED lighting, phase two and three will address additional lighting
sites as well as HVAC and other larger equipment replacements.
Iron Mountain Efficiency Program Generates $10.5M in
Savings
Phase 1 Highlights
 Portfolio Footprint: 74 Sites, 8.6 million sq.ft
 Fixtures Upgraded: 44,000
 Annual energy Savings: 20.3 million kWh
 Projected 10 Yr Net Savings: $10.5 million
 Annual Emissions Savings: 14,355 mt of CO2
Portfolio Outlook
 700 Sites
 Expanded lighting upgrades and Programmatic RTU
Replacements
Impact on RE 100 Goal
 In 4 years, Iron Mountain is well ahead of its plans and
has already achieved a 69% ratio of renewables out of
its total energy consumption by complementing wind
and solar procurement with programmatic portfolio-wide
energy efficiency upgrades.
Phase 1 Sites
Phase 2 and 3 Sites
© 2019 CBRE and REDAPTIVE | CONFIDENTIAL & PROPRIETARY

71. 7
Capital agnostic and
technology agnostic to reduce
energy consumption
Iron Mountain receives a
guaranteed rate of return if
they deploy their own capital
into this program
Flexibility and creativity
allowed us to accelerate and
scale our implementation—
bringing additional benefits
Iron Mountain can continue to
grow—finding new
facility upgrades and
environmental measures
Innovation Accelerates Deployments
© 2019 CBRE and REDAPTIVE | CONFIDENTIAL & PROPRIETARY

72. 8
Iron Mountain
Program
Accelerated
LED UpgradesAlone:
40% Building Efficiency
Improvement
11,376
73,756
2016 2019
Global Impact Opportunity
Code
Compliance
Eliminate
Performance Risk
Millions of
HVAC Units
Trillions
ofLights
5.6M Commercial
Buildings in US
Sustainability
Goals
© 2019 CBRE and REDAPTIVE | CONFIDENTIAL & PROPRIETARY

73. 10
?
Questions?
© 2019 CBRE and REDAPTIVE | CONFIDENTIAL & PROPRIETARY

74. CBRE © 2019 All Rights Reserved. All information included in this proposal pertaining to CBRE—including but not limited to its operations, employees,
technology and clients—are proprietary and confidential, and are supplied with the understanding that they will be held in confidence and not disclosed to third
parties without the prior written consent of CBRE. This letter/proposal is intended solely as a preliminary expression of general intentions and is to be used for
discussion purposes only. The parties intend that neither shall have any contractual obligations to the other with respect to the matters referred herein unless and
until a definitive agreement has been fully executed and delivered by the parties. The parties agree that this letter/proposal is not intended to create any
agreement or obligation by either party to negotiate a definitive lease/purchase and sale agreement and imposes no duty whatsoever on either party to continue
negotiations, including without limitation any obligation to negotiate in good faith or in any way other than at arm’s length. Prior to delivery of a definitive executed
agreement, and without any liability to the other party, either party may (1) propose different terms from those summarized herein, (2) enter into negotiations with
other parties and/or (3) unilaterally terminate all negotiations with the other party hereto. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its
affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respectiveowners.
Thank You.
Salamatধনয্বাদ
Obrigado 謝謝
Gracias
धन्यवाद
Спасибо 감사합니다 ‫הדות‬
Danke ありがとう Merci ‫ﺷﻛار‬

75. Questions? Enter them at gtm.cnf.io #GTMSummit
Adjusting to a Merchant World: The Next Chapter in U.S.
Utility-Scale Renewable Project Finance
M
Daniel
Finn-Foley
Wood Mackenzie
Power &Renewables
Head of Energy Storage
Conor
McKenna
CohnReznick
Capital
Senior Managing
Director
Jimmy
Chuang
Strata Solar
Chief Capital Markets
Officer
David
Kirkpatrick
Marathon Capital
Director
Todd
Glass
Wilson Sonsini
Goodrich &Rosati
Partner, Energy and
Infrastructure

76. Questions? Enter them at gtm.cnf.io #GTMSummit
Case Study: Austin Energy
Emma
Foehringer
Merchant
Greentech Media
Writer
Karl
Popham
Austin Energy
Interim CIO, Director,
Electric Vehicle and
Emerging TechnologiesM

77. © 2018 Austin Energy
Market Opportunity and EV Grid Integration
Case Study from Austin Energy SHINES Project
GTM Power & Renewables Summit
Manager, Electric Vehicles & Emerging Technologies
Karl Popham
October, 2019

78. Texas’ ERCOT Energy
Market is Hot!

79. Your Electric Vehicles
& Emerging Tech Team

80. 80
About Austin Energy

81. Electric Grid Industry Trends
Centralized
Fossil Fuel Reliant
Transportation –
Internal Combustion
Engine (Gasoline)
“Just in Time”
Generation
Decentralized
Energy Storage
Electric Vehicles
Renewables
The last 100+ Years

82. Austin Energy 2027 Goals
900 950 30 0
65% MW MW MW CO2
Offset 65% of
customer
load with
renewable
resources
900 MW of
savings
from energy
efficiency
and demand
response
750 MW utility-
scale solar + 200
MW local solar,
including 100
MW customer-
sited PV
Net zero
community-
wide GHG
emissions by
2050
10 MW
storage
and 20
MW
thermal
energy
storage
*All subject to meeting Affordability Goals:
<2% rate increase per year; AE rates in lower half of Texas utilities

83. 83
Wind vs. Coal
What “fuel” produced more energy
in Texas in first half of 2019?

85. 85
Internal Combustion Engines vs EVs
What sold more in Austin in
January 2019?

86. EV growth - one popular new model can spike adoption
Approx. 3% total sales

87. EV growth - one popular new model can spike adoption

88. The EV conversation has shifted from “If” to “How Quickly”
Source: Bloomberg NEF EV Outlook 2019

89. Projecting to 2023 – Adoption
• Estimated 52,300 EVs in Austin by
2023
• 1EV=$385/year new utility
Revenue or $20.1M/year
• ERCOT LTSA estimates Texas EV adoption
as 250,000 in 2023
• Austin has held 21% of Texas’ EVs market
share for the last 2.5 years
• At least 85% of these will be pure battery-
electric vehicles
2023: 250,000
EVs in Texas
ERCOT 2018 Long-Term System Assessment –
estimated EV adoption in Texas
Sources: ERCOT LTSA;
EPRI EV registration data
This is over a 5x increase in
the number of EVs in Austin

90. Utility EV Investment Portfolio
 EV Chargers Live/Work
 High-Speed Chargers
 Ratepayer/Grid Benefits
 Fair Electric Rates
 Truck/Bus
 New Mobility Services
 Low-Income Community Benefits
 Open/Competitive EV Charging
Market
 Engage Stakeholders
 Educate the Public
Austin Energy has over 38 initiatives categorized by:

91. EVs will drive the energy storage
market
EVs
Other

92. Utility Scale Energy
Storage + PV
Commercial Energy
Storage + PV
Residential Energy
Storage + PV
DER Management
Platform
1. Distributed
2. Renewable
3. Integrated
4. Real-time
5. Open Stand.
Austin SHINES is a “Virtual Power
Plant” demonstration
Vehicle to Grid
(V2G)
White-Paper
Available

93. Austin SHINES
Deployment
“Virtual power plant”, Austin
SHINES, integrates PV Solar and
storage with real-time controls.
Commercial Storage
Residential Storage & PV Solar V2G
Grid Storage & PV
Solar
DER Optimizer

94. Vehicle-to-Grid
10 kW / 40 kWh
Reserved for customer transportation
30 mi 12 kWh
Shared Value
Mobile Battery Storage: Customer and Utility Value
Available to grid when
plugged in

95. SHINES – V2G is part of the Aggregated Residential System
Control Application
Application Benefit
Kingsbery
ESS
Grid-scale
Mueller
ESS
Grid-scale
Aggregated
ESS
Commercial
Aggregated
ESS
Residential
Utility-Ctrl
Solar PV
Residential
Utility Peak Load Reduction
Lower transmission cost obligation
Day-Ahead Energy Arbitrage
Realize economic value through price differential
Real-Time Price Dispatch
Realize economic value from real-time price spikes
Voltage Support
Reduce losses and increase solar generation
Distribution Congestion Management
Increase local grid reliability
Demand Charge Reduction
Lower customer bills and realize system benefit
Customer
Reliability
Economic

96. Residential Program
• EV360 Time of Use (TOU) pilot
underway – $30/month “home & away”
White-Paper
Available

97. EV360 Members - Residential EV Charging
Source: Austin Energy EV360 Pilot Program

98. Thank You
Karl Popham
Manager, Electric Vehicles & Emerging Technologies
Austin Energy
www.pluginAustin.com &
austinenergy.com/go/shines
Karl.Popham@austinenergy.com
www.linkedin.com/in/karlpopham/
Thank You!

99. Questions? Enter them at gtm.cnf.io #GTMSummit
Assessing the Economics of Utility Rate-Based
Wind as the PTC Abates
Jeff
Gibbs
Ameren
General Executive,
Renewable Development
Anthony
Logan
Wood Mackenzie
Power & Renewables
Senior Analyst
M
Válter
Nunes
EDPR
Financial Planning & Control

100. Networking Break
Sponsored by:

101. Questions? Enter them at gtm.cnf.io #GTMSummit
Securing Solar Margins in a Post-ITC World:
The Technology Innovation Factor
Kent
Miller
Shoals
Senior Vice President
Ravi
Manghani
Wood Mackenzie
Power & Renewables
Head of Solar
M
John
Lichtenberger
Core Solar
Senior Vice President

102. Questions? Enter them at gtm.cnf.io #GTMSummit
Closing Roundtable: U.S. Carbon Pricing Legislation in
2020-2022: Point of No Return?
M
Tom
Erb
The World Bank
Partner Relations
Coordinator, Carbon Pricing
Leadership Coalition
Catrina
Rorke
Climate Leadership
Council
Vice President
Michael
Green
Climate XChange
Executive Director
Eleanor
Fort
The Dream Corps.
Senior Campaign Manager

103. Questions? Enter them at gtm.cnf.io #GTMSummit

104. Networking Reception
Sponsored by: