Investor Presentaiton

400 350 300 Energy Storage critical in India's Energy Transition Peak Demand vs Supply from Conventional Sources (GW) 250 - Peak Supply Conventional 200 150 Peak Demand Increasing Peak Demand-Supply Gap to be plugged by RE + Storage JSW Energy Storage Capacity GWh* 396 23.5 100 FY 18 FY19 FY 20 FY 21 FY 22 FY 23 FY 24e FY 25e FY 26e FY 27e FY 28e FY 29e FY 30e FY 31e FY 32e 2022 Peak Demand (GW) -Peak Supply (GW)- Conventional Sources (Thermal + Nuclear + Hydro) 2032 National Electricity Plan 2023 ☐ Projections of the order of 396 GWh of energy storage requirement by 2031-32 Renewable Energy + Storage Solutions required to plug increasing Peak Demand-Supply Gap going forward ■ Peak Power Demand is expected to grow at a CAGR of ~6% between FY23-30 ■ Old & Inefficient thermal capacities to keep on retiring YoY ■ Hence, Increasing gap between Peak Demand and Peak Supply from conventional power sources (Thermal+Nuclear+Hydro) will be needed to be plugged by supply from renewable + storage capacities JSW Energy Corporate Presentation - Jan 24 Source: Source: National Electricity Plan 2023, JSW estimates | * 6 hours storage for PSP as per company estimate 26

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