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Investor Presentaiton

Duck Curve Becoming More Extreme Changing California Supply Mix Results in Market Imbalance and Instability Actual net-load and 3-hour ramps are about four years ahead of ISO's original estimate MW 28,000 Typical Spring Day1 2012 (actual) 2013 (actual) 26,000 24,000 22,000 20,000 18,000 2014 16,000 2015 2016 14,000 2018 2017 potential overgeneration 2019 2020 12,000 10,000 Actual net load of 6,964 MW on Feb. 18, 2018 0 12am 3am 6am 9am 12pm Hour 3pm 6pm 9pm increased ramp Actual 3-hour ramp of 14,432 MW on Feb. 23, 2018 Solutions are necessary to handle the deeper belly and steeper ramps of the duck curve including: ■ Battery storage - increase the effective participation by energy storage resources ■ Flexible fast ramping generation – invest in fast-responding resources like gas-fired generation that can follow sudden increases and decreases in demand 1 CAISO AltaGas See "forward-looking information" 51
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