Investor Presentaiton

Intra-day price volatility is 4-5x higher compared to 2018 Price volatility expressed as 5 cheapest hours vs 6am-10pm Change in price volatility (€/MWh) 2018 2022 38 80 78 00 84 18 17 17 14 11 ES DK1 FR DE NL Source: ENTSO-E 89 。 Share of renewable energy in the energy mix continuously increases 。 The flexibility on supply side results in higher intra- day price volatilities o Increased number of hours with negative prices are expected KYOTO

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