This document summarizes an opening presentation for a GTM Forum on wind and storage. It provides an overview of Wood Mackenzie, a leading research firm for the energy industry, and the growth expected in utility-scale solar, storage and wind installations in the US through 2023. It notes that the energy transition is underway in the US, and that opportunities are emerging for wind developers and OEMs to deliver hybrid wind-storage solutions, but challenges remain around use cases, costs, regulations and identifying customers. Key discussion points for the forum are listed around power market design, the role of storage in wind projects, technology alternatives, and commercial and regulatory hurdles.

1. woodmac.comTrusted Intelligence
Dan Shreve – July 19, 2018
GTM Forum: Wind & Storage
Welcome & Opening Remarks

2. P OW E R & R E N E WA B L E S R E S E A R C H woodmac.com 2
We provide commercial insight and access to our experts
leveraging our integrated proprietary metals, energy and
renewables research platform
Wood Mackenzie
is ideally
positioned to
support
consumers,
producers, and
financiers of
the new energy
economy
Wood Mackenzie offices Wood Mackenzie Power & Renewables offices
• 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 focused
on power and
renewables
• Located close to

3. 3
woodmac.com
New utility scale solar installations,
U.S., 2018-2023e
New utility scale storage
installations, U.S., 2018-2023e
New wind installations, U.S., 2018-
2023e
Why are we here today?
Energy transition is underway here in the United States
Source: Wood Mackenzie
7/19/18
7/19/187/19/187/19/187/19/187/19/18
7/19/18
7/19/18
7/19/18
7/19/18
7/19/187/19/18
Over 120GW of cumulative
capacity by EOY2023
7/19/187/19/187/19/18 7/19/18
7/19/18
7/19/187/19/18
7/19/18
7/19/187/19/187/19/187/19/18
0.28
0.48
0.99
1.15
1.43
7/19/18 7/19/187/19/18 7/19/18 7/19/18
7/19/18
Over 76GW of cumulative
capacity by EOY2023
Utility scale storage 50% of
total storage deployment

4. 4
woodmac.com
 Prevailing wind market dynamics
» Demand cliff looming
» Intense focus on LCOE
» Evolutionary technology enhancements
» Global consolidation of owners and OEMs
more acute in the U.S.
» Blurred lines within the value chain with
clients sometimes turned competitor
 Need to define new value streams and
enhance competitive differentiation
» Industry caught in a “me too” loop for
hardware and service offerings
» Storage represents potential disruptor
Opportunities beginning to emerge
Wind energy developers and OEMs are uniquely positioned to deliver large scale hybrid solutions to the
market
Source: Wood Mackenzie
Hig
h
Low
Capabilitytodeliver
competitive
differentiationvia
hybridproduct
Low Hig
h
Opportunity for
competitive
differentiation via
hybrid product
Wind
OEMs
IPPs
EPCs
Integrators
Battery
OEMs
Utilities

5. 5
woodmac.com
Challenges remain significant
Despite tremendous growth prospects, business models have yet to fully materialize for wind/storage
hybrids
Costs remain high,
especially for large
scale storage,
making positive
ROI cases elusive
Ink is still wet on
federal regulations
while state &
regional storage
policies remain in
flux
Use cases still
being defined, task
made more difficult
due to strength &
scale of U.S. grid
Not clear who the
client/end user will
be given diversity
of use cases and
lack of clarity on
remuneration

6. 6
woodmac.com
Key discussion points for the day
What are the unique attributes
 Where are we with respect to national/regional power market design?
 How does energy storage factor into that discussion?
 Does the wind market need energy storage to aid future demand for wind turbines?
 What are the use cases for storage that favor a hybrid approach versus standalone
application?
 What are the commercial/technical/regulatory challenges associated with hybridization?
 Are there technology alternatives to the “traditional” Li-ion approach?

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