Q3 FY24 Distribution Update

Q3 FY24 Industry Update Power Demand and Supply Trend Average quarterly peak power demand registered at 213.5 GW for Q3 FY24 177.1 + 9.5% IndiGrid 194.0 +10.1% 213.5 Peak power demand witnessed a YoY increase of 10%, however the QoQ consumption came off by 7% India has envisioned aggressive generation growth to meet growing consumption demand ☐ Installed capacity at 428.3 GW in Dec'23 vs 410.3 GW in Dec'22 Q3FY22 Q3FY23 Peak Power Demand (GW) Q3FY24 Key Developments in Transmission / Solar / InvITs ☐ Transmission sector investment: NIP estimated a capex of ~INR 3,040 billion for the power transmission segment between 2020 and 2025 Based on the upcoming and under construction ISTS, a total investment of ~INR 2,215 billion is expected in the power transmission segment. □ MoP has released the National Framework on ESS* to encourage adoption and create ecosystem for development of ESS - ESS requirement as envisaged by National Electricity Plan - 2023 by the year 2031-32 is 74 GW (BESS-47 GW & PHP - 27) with storage capacity of ~400 GWh 2 Estimated fund requirement for above ESS requirement till 2031-32 is estimated at 4,800 billion Union Cabinet approved VGF# of 3.7 billion for development of 4 GWh of BESS by 2030-31; BESS developers for VGF grant to be selected through transparent competitive bidding process Source: 1) CEA Website (2) CEA monthly reports (3) Ministry of Power releases * Energy Storage Systems; #-Viability Gap Funding +Net Distributable Cash Flow 7

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