Q2 2023 Financial Overview & Strategic Plan

GROWING ELECTRICITY SUPPLY/DEMAND IMBALANCE Demand Rapidly Increasing Supply Reliability Deteriorating . Climate change impacts – more severe and volatile weather One-way system - capacity constrained and reliant on fossil fuels • Infrastructure underinvestment - susceptible to power outages • Penalties for carbon intensity – incentivizing more intermittent renewables GENERAC • Increasing intermittency – higher potential grid instability and rolling blackouts . Electrification of everything - dramatic increase in electricity demand • Transportation - EV adoption & charging • Homes & businesses - electrification of HVAC, water heating, appliances • Home as a Sanctuary - Higher 9s of reliability . Overall higher sensitivity to power outages 104 | 99.9% 25% of Americans are at high risk of resource adequacy shortfalls during normal seasonal peak conditions in the 2023-2027 period¹ 1.2022 NERC Long Term Reliability Assessment Report 8

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