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ՏՈ ■FY02 (Actual) 5% CAGR 1,275 Significant Market Opportunity: Power Demand Growth SW Energy Historically, Power demand has grown at a CAGR of ~5% Similar growth expected over next decade ■FY21 (Actual) 523 Base Demand (in BU) 78 190 5% CAGR Peak Demand (in GW) ■FY21 (Actual) +1,104 BU 5% CAGR 2,379 1,275 ■FY32 (Expected) Base Demand (in BU) +130 GW 320 6% CAGR 190 India is world's 3rd largest power producer, however has a low per capita consumption (~1/3rd of world average) Per Capita Power Consumption (kWh) Rapid urbanisation and universal electrification to drive power demand 13,098 8,010 4,906 3,957 3,260 2,570 1,181 984 Japan JSW Energy Investor Presentation China South Africa World Average Brazil India Indonesia Source: Central Electricity Authority Reports, Rajya Sabha 1-FY03-FY20 Peak Demand (in GW) • • Sustained economic growth has driven power demand in India: Correlation between Power Demand to GDP growth ~0.7x1 between FY03-20 Going forward, unlocking of demand from increased rural electrification and rapid urbanisation to drive demand for power 29

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