Energy Transition Market Growth

Increased electrification and decarbonization offer major opportunities ELECTRIFICATION >800 TWh of electricity used for data centers-a), e.g. as large as at least Sweden or potentially Germany >20% growth in electric vehicles sales through 2025-b) N ~$1T investment required to double clean power consumption in Southeast Asia-c) from 2023 levels ~750 MILLION people lack access to electricity today (TWh/y) 59K Net-zero scenario EGE VERNOVA Global generation to grow -2x N 2022 2040 9K 21K DECARBONIZATION ~800 GW of coal capacity outside China and India... >$4T of capital to replace coal GW-d) -2x potential increase in U.S. power demand from industrial electrification ~5% of all MWh generated are lost due to grid inefficiency in the U.S. 29K 45K Stated policies Capacity (GW) Source except as otherwise noted: IEA World Energy Outlook 2023 (a- also includes electricity used for artificial intelligence and cryptocurrency © 2024 GE Vernova and/or its affiliates. All rights reserved. (b - According to Morgan Stanley Equity Research (c- According to Morgan Stanley Equity Research; clean power includes wind, solar, hydro, biomass, batteries, electric vehicle, and hydrogen market infrastructure (d - Assumes GW replaced by equal parts wind, solar, gas based on average $/kW from Lazard LCOE 2023 12

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