Skipper India Expansion and Performance

SKIPPER POSITIVE OUTLOOK Limited REASONS FOR LONG-TERM SECTORAL OPTIMISM • India the fastest growing major global economy; expected to quadruple and emerge as a $ 10 trn economy in the next 15 years India's power appetite projected to increase [4]x in line with its growing economy in the next decade • India extensively under-penetrated: per capita power consumption considerably lower than peer countries which is estimated to reach 3000 units by 2040 compared to 1150 units in 2018. Three forecasted drivers of India's power consumption: organic increase in demand in a growing economy; under-penetration likely to correct (supply likely to increase demand)/ substantial growth of renewable energy 36

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