AltaGas Value Proposition

Despite Negative Rhetoric, Natural Gas is the Long-term Solution Percent of Household Energy Demand (Natural Gas vs. Electricity) Electrification Lacks Pragmatism (Electricity vs. Natural Gas Costs) Switching to electricity from gas The Rising Push Back on U.S. Natural Gas Bans 1 100% 80% 60% 40% 20% 0% Michigan Virginia % Nat Gas Maryland DC National Average % Electricity would: A Cost 3.2x B the cost of gas¹ Wipe out more than 75% of U.S. household monthly savings² Cripple the ~12% of people living below the poverty line across our jurisdictions Natural Gas accounts for nearly 70% of U.S. household energy demand, but only represents a third of home energy costs.1 Sources: Energy Analysis, AGA; RRA; Internal Analysis Using US Government Reported Public Information. Notes: 1) Based on national average (Michigan 4.8x, Maryland 2.6x, D.C. 2.6x, and Virginia 2.5x); 2) Does not assume heat pumps are installed across entire installed housing stock and based on historical data. *See "Forward-looking Information" 2 3 Local gas bans and electrification codes in new buildings Adopted State legislation prohibiting local governments from restricting natural gas utility service Passed Introduced In Development There are >3x as many states banning gas bans than states adopting gas bans. Federal Courts have rejected gas ban legitimacy and highlight the right to choose. Federal Appeals Court Throws Out Berkeley, California's Ban on Natural Gas Ninth U.S. Circuit Court of Appeals in San Francisco AltaGas Natural Gas is Critical to Energy Transition, Electrification of Space Heating will take Decades 24

View entire presentation