J.P.摩根-美股能源行業(yè)-J.P.摩根能源問(wèn)題庫(kù)：勘探和開(kāi)采、綜合石油和煉油、中游、油田服務(wù)和設(shè)備、公用事業(yè)和替代能源

NorthAmericaEquityResearch

14June2022

JPMEnergyQuestionBank

E&P,IntegratedOil&Refining,Midstream,Oilfield

Services&Equipment,Utilities,andAlternative

Energy

TheJ.P.MorganEnergyResearchTeamishostingourseventhannualEnergy,Power&RenewablesConferencetakingplaceliveinNewYorkonJune22-23,2022.Intotal,wehave~140companiesconfirmedtoparticipatewithamixofE&Ps,OilfieldServicesandEquipment,IntegratedOilsandRefiners,EnergyInfrastructureandMLPs,NorthAmericanUtilities,andAlternativeEnergycompanies.Inordertofacilitatemeetingpreparation,wehavecompliedalistofkeyquestionsforcompanies(coveredandnon-covered)thatareparticipatinginourconference,includingpresentingcompaniesaswellasselectcorporatesthataredoing1x1meetingsonly.Questionsarelistedinalphabeticalorderbysub-sector.

E&PQuestions(primarycoverageArunJayaramandZachParham):Antero(AR),APACorp(APA),CaliforniaResourcesCorp(CRC),CallonPetroleum(CPE),CentennialResourceDevelopment(CDEV),ChesapeakeEnergy(CHK),CNXResources(CNX),ComstockResources(CRK),ContinentalResources(CLR),CoterraEnergy(CTRA),DevonEnergy(DVN),DiamondbackEnergy(FANG),EOGResources(EOG),EQTCorp(EQT),GulportEnergy(GPOR),HessCorp(HES),LaredoPetroleum(LPI),MagnoliaOil&Gas(MGY),MarathonOil(MRO),MatadorResources(MTDR),MurphyOil(MUR),NationalFuelGas(NFG),OasisPetroleum(OAS),Ovintiv(OVV),PDCEnergy(PDCE),PioneerNaturalResources(PXD),RangeResources(RRC),SMEnergy(SM),SouthwesternEnergy(SWN),TalosEnergy(TALO),andVermillionEnergy(VET.CN).

OilServices&EquipmentQuestions(primarycoverageArunJayaram):BakerHughes(BKR),BristowGroup(VTOL),Halliburton(HAL),Helmerich&Payne(HP),LibertyOilfieldServices(LBRT),NaborsIndustries(NBR),NationalEnergyServicesReunited(NESR),NexTierOilfieldSolutions(NEX),NineEnergyService(NINE),NobleCorp(NE),NOVInc(NOV),NOWInc.(DNOW),OceaneeringInternational(OII),Patterson-UTI(PTEN),ProFracHoldingCorp(PFHC),ProPetro(PUMP),Schlumberger(SLB),SolarisOilfieldInfrastructure(SOI),TechnipFMC(FTI),Tenaris(TS),Transocean(RIG),andValaris(VAL).

IntegratedOilandRefinerQuestions(primarycoveragePhilGresh):CenovusEnergy(CVE.CN),ChevronCorp.(CVX),ConocoPhillips(COP),CVREnergy(CVI),DelekUSHoldings(DK),Denbury(DEN),ExxonMobil(XOM),HFSinclair(DINO),ImperialOil(IMO.CN),MEGEnergy(MEG.CN),ParPacific(PARR),ParklandCorp.(PKI.CN),PBFEnergy(PBF),Phillips66(PSX),andValeroEnergy(VLO).

Oil&GasExploration&

Production

ArunJayaramAC

(1-212)622-8541

arun.jayaram@

BloombergJPMAJAYARAM<GO>

ZachParhamAC

(1-212)622-5837

zach.parham@

IntegratedOils&Refining

PhilGresh,CFAAC

(1-212)622-4861

phil.m.gresh@

BloombergJPMAGRESH<GO>

JohnMRoyall,CFAAC

(1-212)622-6406

john.m.royall@

BloombergJPMAROYALL<GO>

EnergyInfrastructure&UtilitiesJeremyTonet,CFAAC

(1-212)622-4915

jeremy.b.tonet@

BloombergJPMATONET<GO>

RichardWSunderlandAC

(1-212)622-2869

richard.w.sunderlandiii@DanWalkAC

(1-212)622-1250

daniel.walk@

AlternativeEnergyandServices

MarkStrouse,CFAAC

(1-212)622-8244

mark.w.strouse@

BloombergJPMASTROUSE<GO>

TransportationandFuel

Transformation

BillPetersonAC

(1-415)315-6766

bill.peterson@BloombergJPMAPETERSONB<GO>J.P.MorganSecuritiesLLC

NorthAmericanMidstreamQuestions(primarycoverageJeremyTonet

andDanWalk):AltaGas(ALACN),ArisWater(ARIS),CheniereEnergy,

Inc.(LNG),CleanEnergyFuelsCorp(CLNE),DTMidstream(DTM),DCP

Seepage239foranalystcertificationandimportantdisclosures.

J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

2

ArunJayaram

(1-212)622-8541

arun.jayaram@

NorthAmericaEquityResearch

14June2022

Midstream(DCP),Enbridge(ENBCN),EnergyTransfer(ET),EnLink

Midstream(ENLC),EnterpriseProductsPartners(EPD),ExcelerateEnergy

(EE),GibsonEnergy(GEICN),HessMidstreamPartners(HESM),Kinetik

HoldingsIn(KNTK),MitsubishiPowerAmerica(Power),ONEOKInc.

(OKE),PembinaPipelines(PPLCN),Plains(PAGP/PAA),TCEnergy(TRP

CN),Tellurian(TELL),UGICorporation,(UGI),USACompression(USAC),

WesternMidstreamPartners(WES),andWilliams(WMB).

NorthAmericanUtilitiesQuestions(primarycoverageJeremyTonetand

RichardSunderland):AmerenCorporation(AEE),AmericanElectricPower

(AEP),AESCorp(AES)AvangridInc.(AGR),AlleteInc.(ALE),Algonquin

Power&Utilities(AQNCN),CMSEnergyCorp(CMS),ConstellationEnergy

Group(CEG),DominionEnergyInc(D),ConsolidatedEdisonInc(ED),Emera

Inc.(EMACN),EversourceEnergy(ES),EntergyCorp.(ETR),ExelonCorp.

(EXC),FirstEnergyCorp.(FE),FortisInc.(FTSCN),NextEraEnergyInc.

(NEE),NiSourceInc.(NI),NewJerseyResources(NJR),PublicService

EnterpriseGroupInc.(PEG),SouthJerseyIndustries(SJI),NuScale(SMR),

TheSouthernCompany(SO),Spire(SR),Sempra(SRE),SouthwestGas

Holdings(SWX),TransAltaCorp(TACN),WECEnergyGroup(WEC),and

XcelEnergyInc.(XEL).

AlternativeEnergyandServicesQuestions(primarycoverageMark

Strouse):AtlanticaSustainableInfrastructure(AY),EnphaseEnergyInc

(ENPH),FluenceEnergyInc(FLNC),FuelCellEnergyInc(FCEL),Generac

(GNRC),HannonArmstrongSustainable(HASI),OrmatTechnologiesInc

(ORA),ShoalsTechnologiesGroupInc(SHLS),SolarEdgeTechnologies

GroupInc(SEDG),SunnovaEnergyInternationalInc(NOVA),andSunrunInc

(RUN).

TransportationandFuelTransformationQuestions(primarycoverageBill

Peterson):ChargePoint(CHPT),EVgo(EVGO),andPlugPower(PLUG).

3

ArunJayaram

(1-212)622-8541

arun.jayaram@

NorthAmericaEquityResearch

14June2022

TableofContents

AlternativeEnergy,AppliedandEmergingTechnologies 7

Ormat(ORA) 7

Sunrun(RUN) 8

HannonArmstrong(HASI) 9

Sunnova(NOVA) 10

Shoals(SHLS) 12

SolarEdge(SEDG) 13

EnphaseEnergy(ENPH) 15

Generac(GNRC) 17

AtlanticaSustainableInfrastructure(AY) 19

FuelCellEnergy(FCEL) 20

FluenceEnergy(FLNC) 21

EnergyInfrastructureC-Corps/LLCs 22

AltaGasLtd.(ALACN) 22

ArisWaterSolutionsInc.(ARIS) 24

CheniereEnergyInc.(LNG) 25

CleanEnergyFuelsCorp.(CLNE) 26

DTMidstream(DTM) 27

ExcelerateEnergy(EE) 28

EnbridgeInc.(ENB) 29

EnLinkMidstreamLLC(ENLC) 30

GibsonEnergyInc.(GEICN) 31

HessMidstreamPartners(HESM) 32

KinetikHoldingsInc.(KNTK) 33

ONEOKInc.(OKE) 34

MitsubishiPowerAmerica(Private) 35

PlainsAllAmericanPipelineLP(PAA/PAGP) 36

PembinaPipelineCorp.(PPL) 37

TCEnergyCorp.(TRP) 38

TellurianInc.(TELL) 39

UGICorporation(UGI) 40

WilliamsCompaniesInc.(WMB) 41

EnergyInfrastructureMLPs 42

DCPMidstream(DCP) 42

EnergyTransferLP(ET) 43

EnterpriseProductsPartners(EPD) 44

USACompressionPartners(USAC) 45

WesternMidstreamPartnersLP(WES) 46

ExplorationandProduction 47

Antero(AR) 47

APACorp(APA) 50

4

ArunJayaram

(1-212)622-8541

arun.jayaram@

NorthAmericaEquityResearch

14June2022

CaliforniaResourcesCorp(CRC) 53

CallonPetroleum(CPE) 55

CentennialResourceDevelopment(CDEV) 58

ChesapeakeEnergy(CHK) 61

CNXResources(CNX) 65

ComstockResources(CRK) 68

ContinentalResources(CLR) 70

CoterraEnergy(CTRA) 73

DevonEnergy(DVN) 76

DiamondbackEnergy(FANG) 80

EOGResources(EOG) 83

EQTCorp(EQT) 86

GulfportEnergy(GPOR) 89

HessCorporation(HES) 92

LaredoPetroleum(LPI) 95

MagnoliaOil&Gas(MGY) 98

MarathonOil(MRO) 101

MatadorResources(MTDR) 104

MurphyOil(MUR) 107

NationalFuelGas(NFG) 110

OasisPetroleum(OAS) 113

Ovintiv(OVV) 115

PDCEnergy(PDCE) 118

PioneerNaturalResources(PXD) 122

RangeResources(RRC) 125

SMEnergy(SM) 128

SouthwesternEnergy(SWN) 131

TalosEnergy(TALO) 134

VermilionEnergy(VET.CN) 136

IntegratedOilsandRefiners 139

CenovusEnergy(CVE) 139

Chevron(CVX) 141

ConocoPhillips(COP) 143

CVREnergy(CVI) 144

Delek(DK) 146

Denbury(DEN) 148

ExxonMobil(XOM) 150

HFSinclair(DINO) 152

ImperialOil(IMO.CN) 154

MEGEnergy(MEG.CN) 156

ParPacificHoldings(PARR) 157

ParklandCorporation(PKI.CN) 159

PBFEnergy(PBF) 160

Phillips66(PSX) 162

ValeroEnergy(VLO) 164

OilServicesandEquipment 166

5

ArunJayaram

(1-212)622-8541

arun.jayaram@

NorthAmericaEquityResearch

14June2022

BakerHughes(BKR) 166

BristowGroup(VTOL) 168

Halliburton(HAL) 169

Helmerich&Payne(HP) 172

LibertyOilfieldServices(LBRT) 174

NaborsIndustries(NBR) 176

NationalEnergyServicesReunited(NESR) 178

NexTierOilfieldSolutions(NEX) 180

NineEnergyService(NINE) 181

NobleCorp(NE) 182

NOVInc.(NOV) 183

NOWInc.(DNOW) 185

OceaneeringInternational(OII) 187

Patterson-UTIEnergy(PTEN) 188

ProFracHolding(PFHC) 190

ProPetroHolding(PUMP) 191

Schlumberger(SLB) 193

SolarisOilfieldInfrastructure(SOI) 196

TechnipFMC(FTI) 198

Tenaris(TS) 200

Transocean(RIG) 202

Valaris(VAL) 204

TransportationandFuelTransformation 205

ChargePoint(CHPT) 205

EVgo(EVGO) 206

PlugPower(PLUG) 207

Utilities 208

AESCorp.(AES) 208

AmerenCorp.(AEE) 209

AmericanElectricPower(AEP) 210

AlleteInc.(ALE) 211

AlgonquinPower&UtilitiesCorp(AQN) 212

AvangridInc.(AGR) 213

CMSEnergyCorp.(CMS) 214

ConsolidatedEdisonInc.(ED) 215

ConstellationEnergyGroup(CEG) 216

DominionEnergyInc.(D) 217

EmeraInc.(EMACN) 218

EversourceEnergy(ES) 219

EntergyCorp.(ETR) 220

ExelonCorp.(EXC) 221

FirstEnergyCorp.(FE) 222

FortisInc.(FTSCN) 223

NextEraEnergyInc.(NEE) 224

NiSourceInc.(NI) 225

6

ArunJayaram

(1-212)622-8541

arun.jayaram@

NorthAmericaEquityResearch

14June2022

NewJerseyResources(NJR) 226

PublicServiceEnterpriseGroupInc.(PEG) 227

SouthJerseyIndustries(SJI) 228

SJWGroup(SJW) 229

NuScalePowerCorp(SMR) 230

Spire(SR) 231

TheSouthernCompany(SO) 232

SempraEnergy(SRE) 233

SouthwestGasHoldings(SWX) 234

TransAltaCorp(TACN) 235

WECEnergyGroupInc.(WEC) 236

XcelEnergyInc.(XEL) 237

7

ArunJayaram

(1-212)622-8541

arun.jayaram@

NorthAmericaEquityResearch

14June2022

AlternativeEnergy,AppliedandEmergingTechnologies

Ormat(ORA)

GeothermalMarket

1.Whatisthesizeofthismarket?Whatisyourmarketshare?

2.WhatistheLCOEcomparedtoothersourcesofpower?

3.Whomdoyoucompetewith?

4.Doyouviewstorageasalong-termthreattogeothermal’sbaseloadpowerargument?

5.CArecentlyannouncedtargetsforbaseloadrenewablepower.CanyoudiscusshowORAmaybenefitfromthisopportunity?

6.Youtargetaddingabout200MWtoyourgeothermalportfoliobytheendof

2023.Canyoutalkaboutyourvisibilityintothatgrowth?

7.HowarePPApricesfornewprojectstrendinggiventhesurgeinfossilfuelprices?

8.Canyouprovideanupdateonprojectdevelopment?Someprojectcompletiondateshaveseendelaysoverthepastyear.Havetheseissuessubsided?

Third-PartySales

9.Whatisyourstrategywiththissegment?

10.Whydoyoubelievedemandisreturning,andhowcanmarginsrebound?

Storage

11.HowisORAaddressingenergystorage?

12.Whomareyoucompetingwith,andwhatdoyouseeasyourcompetitiveadvantage?

13.Doyouhaveanybottleneckswiththeavailabilityand/orpricingofbatterycells?

14.Youtargetaddingabout260MWtoyourstorageportfoliobytheendof

2023.Canyoutalkaboutyourvisibilityintothatgrowth?

General

15.WhatisEGSandhowmightORAparticipate?

16.Anycommentontheallegationsofwrongdoing?Anythingyoucanshareaboutthepotentialtimingofresolution?

8

ArunJayaram

(1-212)622-8541

arun.jayaram@

NorthAmericaEquityResearch

14June2022

Sunrun(RUN)

InputCosts

1.AD/CVDmaybeamootpointaftertheBidenAdministration’srecentannouncement;however,whywasitthattherewaslittleimpacttoRUNiftariffswereimplemented?

2.Whattypesofpanelsdoyouuse?Areyoupayinghigherpricesofpanels?

3.IfmoresupplyisavailableowingtotheremovaloftheAD/CVDthreat,whendoyouexpecttoseesomereliefinpanelpricing?

4.HowisRUNnavigatingachallenginglaborenvironment?

5.What%ofasystemcostistiedtolabor?

6.Whatisthelatestregardingbatteryavailabilityandpricing?

7.WhatistheimpacttoRUNfromChinalockdowns?

CustomerPricing

8.Howmuchareutilityretailpricesincreasing?Isthisbroadbasedorspecifictoacertainregionofthecountry?

9.WhatisthenetimpacttoRUN’svalueperhome?Areyoumaintainingspreads?Doyouseethisasanopportunitytoincreasepricingfasterthanyourinputsandthereforeimproveyourspreads?

10.HowshouldinvestorsthinkaboutNPVpersubscriberoverthenextcoupleofyears?Ruleofthumbforcustomersaddingstorage,EVcharging?

EnergyStorage

11.Youtargetapproximatelydoublingyourenergystorageinstallationsthisyear.Howisthisprogressing?Anyimpactfromsupplyconstraints?

12.Whatistheenergystorageattachrateforyournewinstalls,andhowdoyouseethisevolving?

13.Howdiversifiedisyourbatterysupplychain?

14.CanyouquantifythebenefittoyourNPVperhouseholdfromenergystorage?

FordPartnership

15.Anyinsightsonprogressofinitialinstallations?

16.Whatsynergiesareyouseeingwithotherservicessuchassolarand/orstorage?

17.Whataboutthegridservicesopportunities?AreFordownersabletooptintoprogramstosellelectricityintothegrid?

18.HowmaterialistheEVchargingbusiness?Whatisthevaluepercustomeruplift?Howdoyouseetheattachratesevolving?

9

ArunJayaram

(1-212)622-8541

arun.jayaram@

NorthAmericaEquityResearch

14June2022

HannonArmstrong(HASI)

TenEnginesofGrowth

1.Whatarethese?

2.Whichareperformingbestcurrently?

3.Howdoyouseeyourmixevolvingovertimeoftechnologiesandmarkets(FTMvsBTM)?

4.Howdoyouthinkaboutthemixoverthenextfewyearsfrommorenascentareassuchasstorage,EVcharging,andhydrogen?

DealSize

5.HASIhasbeenhistoricallydrivenbysmallerdeals.ShouldweexpectlargedealssuchasthosewithENGIEandClearwaytorepeat?

6.Whatisyourcompetitiveadvantageintheselargerdeals?

General

7.Canyoudiscussyourdifferentiationvs.otherpublicly-listedrenewabletotalreturncompanies?

8.WhatistheimpacttoHASIfromtherecentAD/CVDannouncementfromPresidentBiden?

9.Whatisyourtargetedannualinvestmentactivity?

10.Whatisthetargetmixofportfoliovssecuritizationdealsneartermandlongterm?

11.Whatdrivesoneovertheother?

12.WhatistheimpacttoHASIfromachangeininterestrates?

13.CanyoudiscusstrendsinnewPPApricinggivenelevatedfossilfuelprices?

14.Howdoesthisimpactwhereinthecapitalstackyoudecidetoinvest?You’vementionedmorecommonequity.Why?

10

ArunJayaram

(1-212)622-8541

arun.jayaram@

NorthAmericaEquityResearch

14June2022

Sunnova(NOVA)

InputPrices

1.AD/CVDmaybeamootpointaftertheBidenAdministration’srecentannouncement;however,whywasitthattherewaslittleimpacttoNOVAiftariffswereimplemented?

2.Whattypesofpanelsdoyouuse?Areyoupayinghigherpricesofpanels?

3.IfmoresupplyisavailableowingtotheremovaloftheAD/CVDthreat,whendoyouexpecttoseesomereliefinpanelpricing?

4.Howareyourdealersnavigatingachallenginglaborenvironment?Isthisaconstraintonpricingoravailability?

5.Whatisthelatestregardingbatteryavailabilityandpricing?

CustomerPricing

6.Howmuchareutilityretailpricesincreasing?Isthisbroadbasedorspecifictoacertainregionofthecountry?

7.WhatisthenetimpacttoNOVA’svalueperhome?Areyoumaintainingspreads?Doyouseethisasanopportunitytoincreasepricingfasterthanyourinputsandthereforeimproveyourspreads?

TransitiontoaWholeHomeElectricProvider

8.You’vetalkedaboutnear-termenergystoragetrends.Howdoyouseetheenergystorageattachratetrendingoverthemedium/longer-term?

9.Howdoesnetmeteringimpactstoragetrends?Doyouthinknetmeteringeventuallygoingawaybolstersthecaseforenergystorage?

10.Canyouquantifythebenefittoyourvalueperhouseholdfromenergystorage?

11.WithinEVcharging,youhaveapartnershipwithChargePoint.Canyoudescribethisrelationship?Howmaterialisyourcustomercount?Howdoyouenvisionthisramping?

12.Shouldweexpectadditionalpartnershipsovertime?

13.CanyouquantifythebenefittoyourvalueperhouseholdfromEVcharging?

14.Whataboutthegridservicesopportunities?Arehomeownersabletooptintoprogramstosellelectricityintothegrid?

CreditMarkets

15.Owingtorisingutilityrates,amaterialportionofyourexistingcustomersaresavingmorethan50%comparedtowhattheywouldotherwisepaytheirutility.Isthisloweringdefaultrates,andifso,isthatbeingreflectedyetincreditspreads?

16.Doincreasedinterestratesimpactyourmixofloansvs.leases/PPAs?

11

ArunJayaram

(1-212)622-8541

arun.jayaram@

NorthAmericaEquityResearch

14June2022

NetEnergyMetering

17.CanyouprovideanupdateontheCaliforniaNEM3.0proposal?Whatisyourexpectationfortheeventualoutcome?

18.Manystates(beyondCA)havemaderecentheadlinesforNEMpolicychanges(orlackof).Howdoesthethird-partydealerpositionyoutooperateinchangingNEMenvironments?

General

19.HowmuchGridServicesbusinessisnowcontracted?Canyougiveabitmorecoloronthestructureandeconomicsoftheseinitiatives?

20.Johnhassaidonarecentearningscallthatthestockisundervaluedbelowthe$40level.Whynotbesuperaggressivewithbuybacksattheselevels?

21.WhatareyouhearingoutofWashingtonregardingpotentialincentives/stimulus(e.g.,BBB)?

22.WhatistheimpacttoNOVAfromChinalockdowns?Howdiversifiedisyourbatterysupplychain?

23.Youmentionedonyourlastearningscallthatstorageattachratesdeclinedin1QbuthadtickedbackupinApril.Howhasthistrendedduringtheremainderof2Q?

24.Withallofthechallengesintoday’smarket,areyouseeingsmallerinstallersstrugglingtocompete?DoyoubelievethisisdrivingthemtowardjoiningtheNOVAnetwork?

12

ArunJayaram

(1-212)622-8541

arun.jayaram@

NorthAmericaEquityResearch

14June2022

Shoals(SHLS)

SolarMarket

1.Withinyourcoresolarmarket,doyouexpecttoexpandintootherBOSofferings?

2.Doyouintendtobuildorbuyyourwayintothismarket?

3.HowshouldwethinkaboutthepotentialTAMexpansion?

EnergyStorageMarket

4.Whatisyouropportunitywithintheenergystoragemarket?

5.Whatisthesizeoftheopportunity?

6.Howisthistrending?Andhowmaterialdoyouexpectthistobetorevenueintheshort/mediumterm?

EVChargingMarket

7.WhatisyouropportunitywithintheEVchargingmarket?

8.Whatisthesizeoftheopportunity?

9.Howisthistrending,andhowmaterialdoyouexpectthistobetorevenueintheshort/mediumterm?

General

10.Whomdoyoucompetewith?Areyouseeinganynewentrants?

11.ThenumberofcustomersyouworkwithhasexpandeddramaticallysincetheIPO.Howshouldwethinkaboutyourgrowthintermsofexpandingwithinthesecustomersvsopportunitytoaddadditionalcustomers?

12.HowisSHLSexpandinginternationally?Whichtechnologiesandwhichcountries?

13.AnyupdateontheCFOsearch?

14.Canyoutalkaboutnear/medium-termcapitalneedsasyoucontinuetogrowthebusinesswhilenavigatingindustryheadwinds?

AD/CVD

15.YouloweredyourFYguidance,butonlyslightly.Whatgivesyoutheconfidencetomeetthattarget?

16.Isitreasonabletoassumethisloweroutlookcanberecoverednowthattariffswon’tbeimplementedthisyear?Howdoyouthinkabouttheimpactto2023?

13

ArunJayaram

(1-212)622-8541

arun.jayaram@

NorthAmericaEquityResearch

14June2022

SolarEdge(SEDG)

Europe

1.What%ofyourrevenuecomesfromEurope?

2.You’vetalkedaboutaccelerationinEuropeevenbeforetheREPowerEUplanwasannounced.Whatisdrivingthat?

3.HowdoesREPowerEUaddtothisgrowth?

4.Areyouseeingaccelerationnoworisitstillprimarilyplanning?

5.DoesREPowerEUbenefityourresidentialorC&Ibusinessmore?

6.Whatisthesplitofyourresi/C&IrevenueinEurope?

7.Europehasarelativelyhigherattachrateforenergystorage.Howshouldwethinkaboutthevaluepercustomerupliftfromaddingenergystorage?

Batteries

8.Canyouprovideanupdateonyourcapacitybuildout?

9.AnyimpactfromRussia/UkraineorChinalockdowns?

10.CapacityfrominternalvsSamsungnear-term?Expecttoaddmorepartnersovertime?

11.ThoughtsonNMCvsLFP/other?Whatistheearliestthatwecouldseethatpotentiallyshift?

U.S.

12.Canyoutalkabouttheimpactthatyou’veseensincetheAD/CVDinvestigationwasannounced?WasC&Imoreimpacted?

13.