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2024 05 29 010-88005313 010-88005231 021-60875174 0755-81982965 021-S0980520080003 S0980523050002 S0980520080009 S0980523010001 S0980524030001|2011 2020 2023 5900 2500 2400 1000 2024“”“”5 85%3100 IEA 2023-2030 5,000 2030 8,000 CAGR 12.6%2024 ZXEVyRsPtQnMoQpMsPqPoPaQaOaQnPnNmOqMlOnNtOiNnOmM6MoOyQMYnQoOvPmOqQ 330k V 220k V)110k V220kV)1 10k V)/110 66 kV 35k V 10 20 kV 380/220V,1 kV MVA km 10 0.22 62035 215 2050110 1050 50150220 100500 100300330 200800 200600500 10001500 150850750 20002500 500 01020304cV7PrHerkwXodEexixt7N5KvZxvDHl7CnYBIQwX/6MPiVHbZvxhiVQNo+x1JEE5/01 2 2011-2021)IEA-2022 World Energy Outlook 2022)1 2011-2023)IEA-2023 World Energy Investment 2023)2011 2020 2023 5900 2500 2400 1000 3100 IEA 2023-2030 5,000 2030 8,000 CAGR 12.6%3,000GW 1,500GW 3 IEA 4 IEA-2023 World Energy Investment 2023)20 2012-2021 2,400GW IEA 2022-2030 3,500GW 2031-2040 4,500GW 2022-2030 4,900GW 2031-2040 6,500GW 2041-2050 4,800GW 2 2021-2050 IEA-2023 World Energy Investment 2023)EMDE IEA 2021 530 2050 1,270 140%2021 7,170 2050 15,370 114%2021 2/3 2050 180-200%2021 2030 2050 2021-2030 2030-20502021 2030 2050 2021-2030 2030-20502021 2030 2050 0.5 0.6 1.0 20%67%11.1 11.5 15.2 4%32%11.6 12.1 16.1 0.5 0.6 0.9 20%50%10.3 11.0 14.0 7%27%10.8 11.7 14.9 0.5 0.6 1.0 20%67%6.9 8.0 13.7 16%71%7.4 8.5 14.7 0.2 0.3 0.8 50%167%4.7 6.3 11.9 34%89%4.9 6.6 12.7 0.5 0.7 1.7 40%143%11.3 14.0 25.6 24%83%11.8 14.7 27.2 0.3 0.4 1.1 33%175%3.9 5.0 14.0 28%180%4.2 5.3 15.0 1.6 2.4 3.7 50%54%7.8 12.3 27.6 58%124%9.4 14.8 31.4 EMDE 1.2 1.5 2.5 25%67%14.4 16.8 30.0 17%79%15.6 18.3 32.5 5.3 7.2 12.7 36%76%71.7 86.4 153.7 21%78%77.1 93.4 166.4 6%5 ABB GE Vernova 010,00020,00030,00040,0002019 2020 2021 2022 2023ABB-40%-20%0%20%40%60%2020 2021 2022 2023ABB AI 7 8 AI 2022 2023 2022 4,150 55%IRA IIJA CHIPS AI-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%2019 2020 2021 2022 2023 0%10%20%30%1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 9 GDP GDP Wind 3-1 Wind IEA IRENA ENTSO-E GDP GDP 2022 GDP2017-2022GDP CAGR2022 2017-2022 CAGR2022 KWh KWh/KW%KWh%GW 7.7 11,991 1,553 3.8 25.7 5.6%4.6 1.1%1,254 3.8 7,526 1,996 2.1 16.9 4.0%2.8-1.0%921 2.9 7,505 2,588 2.5 3.6 0.2%1.0-0.2%318 0.9 2,502 2,806 1.0 1.9 1.4%0.7 2.8%213 0.2 1,331 5,521 0.3 3.4 4.8%1.9 4.8%410 1.1 2,756 2,520 0.5 1.8 8.5%0.4 0.7%88 3.0 9,284 3,049 2.3 1.1 9.2%0.4 0.3%84 0.6 4,404 6,811 1.0 0.4 1.4%0.2-1.7%55 1.3 6,257 4,919 1.8 1.3 7.8%8.8 8.8%2,564 7000KWh 1.1 KWh 2500KWh 1300KWh 2017-2022 8.8%4.8%1.1%GDP GDP 02,0004,0006,0008,0000246810 GDP GDP KWh/3-2 Wind IEA IRENA ENTSO-E 885 km 69kV 230kV 39 km 400-600kV 2,900 km(GRIP)105 38.3 2020 109GW 2030 151.5GW+139%2035 449GW+412%2040 509.5GW+467%40.47 km 220kV 2400 2540 4.3 km 1.8 km 2.5 km 5840 4000 1700 2025-2030 64GW 2040 142GW 2050 6-7(400 450)2023-2032 672km 30.16GVA 18.4 km 2023-2032 1580 300 70%30%2023-2032 41,460 24-28 17,786 29-32 23,674 2020 220 41.3 400 18.1 220 17.5 765 4.2 1.6 2022 2030 GEC 263.1 2022 2030 5.1 433.5GVA 765kV 400kV EHVAC 800kV 350kV HVDC 2016 2030 1,316 400 2.8 2022-2036 5,058 Circuit km 30GVA 2022 9.3 km 500kV EPC 24 2030 4,000-5,000 1,000-1,350 2023-2025 3,600 54 15 2022 4,347 19GVA 2023-2027(TDP)37.76(TDP)2023 2032 14,218 105.87GVA 02 11 ENTSO-E 2022 10 ENTSO-E 2022-220kV 13 TYNDP(:;:;:;:)12 ENTSOE-2022 ENTSO-E 10 TYNDP 2400 2540 285 141 63%19%4.3 km 1.8 km 2.5 km 2030 2023 52 2022 2020 29 17 100 500k 250/57/1150025000180002010-2022 2023-2035 15672048 2022 2023-2032 2400 63%19%3569289 2035 -2030 70%2030 2022 300%70%/525kV 2023 Viking Link 764 100km 30GW 2023-2033 31 30.8GW 6700 200 525kV 1 NKT 2023 3 4 2022 kV MW km 1 2009-Basslink 400 DC 500 2902 2010-SAPEI 500 DC 500 2 4103 2010 Trans Bay 200 DC 400 854 2011-Fenno-Skan 500 DC 800 2005 2011-BritNed 450 DC 250 2506 2012 Oslofjord II 400 AC 1000 137 2013-Malta Sicily 220 AC 200 1008 2014 Dardanelles 400 AC 1000 49 2014-Estlink 2 450 DC 670 14510 2014-Skagerrak 4 525 DC 700 14011 2016-Western Link 600 DC 2200 42012 2017 Maritime Link 200 DC 500 17013 2018 The Strait of Belle Isle project 350 DC 900 10014 2019-NordLink 525 DC 1400 51615 2019-Nemo Link 400 DC 1000 13016 2020-IFA 2 320 DC 1000 24017 2021-North Sea Link 525 DC 1400 720 2023(01)1-6 14/2022 58(2)1-8 16 2023-2032/km%EMBER 15 2023-2030 EMBER 1-22-30 60%2023 11 2030 2022 60%2023-2026 2.5 km 5.3%2026 52.3 km 2030 2022 10%22 40%40 1950-1980 70 EMBER 2023 300 2340 17 2022-2023 EMBER IEA 2014-2019 20 2022 10 5840 4000 1700 2025-2030 64GW 2040 142GW 2022 920.8GW 33.1%14.7%12.1%20.1%10.7%2022 350 2031-2050 650-700 5 REPowerEU REPower EU 2030 2022-2030 5840 2022-2030 4000 GW 592 GW 51041.5 18 19 2011-2020 100kV(GDO)20 NERC NERC ERCOT ERCOT WECC 97 69kV 230kV 39 400-600kV 2900 885 69kV 2010 10 690 PJM Interconnection 13 21 US-Canada Power System Outage Task Force 2004 23 22 2022 2,000GW 2015 3 2022 5 2011-2020 EIA 2022 1254GW 45%16.4%11.3%6.4%5.7%2011-2020 2%24 Bernstein Analysis 25 Bernstein Analysis Brattle 40 30-40 70 20 50-70 50-70 2020-2040 Bernstein Analysis 2023 6%2024 19%6%4%9%6%10%6%19%0%2%4%6%8%10%12%14%16%18%20%2018 2019 2020 2021 2022 2023 2024E 26 Bernstein Analysis/GDP 90 10%350TWh 7 IRA IIJA CHIPS IRA 200 2023 1940 10%2040 60%25%Bernstein Analysis 2005-2022 0.3%2023-2028 2.0%27 Bernstein Analysis US Census Bureau 28 Bernstein Analysis 2023 2020 85TW-mi 2035 65%2020 109GW 2030 151.5GW+139%2035 449G+412%2040 509.5GW+467%2030 60%1.9 2050 300%9.5(GRIP)2023(GDO)(GRIP)GRIP 105 38.3 2024 5 FERC 20 6(GRIP)GRIP 1 25 9.18 2 30 10.8 3 50 18.2 105 38.3/10%5-7 10 10%-25%2035 17.8 50%1-2 2-3 5 2010 350%29 Bernstein Analysis 30 Bernstein Analysis 18 5-7 2 05101520 31 GWs Bernstein Analysis-29%-7%6%12%16%20%26%14%32%50%41%050010001500200025002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E14-19 CAGR:+18%19-22E CAGR:+41%33 Wood Mackenzie 32 Bernstein Analysis BloombergNEF 2022 3-6 1-2 2 90%2030 Wood Mackenzie 2022 2023 120 4-9 34 7”21-23“”10 9330 55%18%“”54 60 81 2022 2023 2023 11.8 0-12 0-12 0-42 12-18 12-24 42-44 18-54 24-60 44-81 35 2448620102030405060702019 2022 20232.39 2.28 2.46 2.56 3.90 10.22 11.79-2.00 4.00 6.00 8.00-2.00 4.00 6.00 8.00 10.00 12.00 14.002017 2018 2019 2020 2021 2022 2023 03 18.4 450GVA SIN SIN/230 800 15 2023 12 15 30 1468 800 5GW 2029 24 2023-2032 41,460 24-28 17,786 29-32 23,674 1580 300 70%30%2022 PET/PELP 2033 994 191 2038 2.42 74GVA 36 37 62.218.488.822.50.020.040.060.080.0100.0+GW 2023 2032E 22.5%42.7%14.6 15.4 16.1 17.0 17.9 18.4 363 376 394 411 435 451-100 200 300 400 500 10.0 15.0 20.0 25.02018 2019 2020 2021 2022 2023E GVA 2023 8 213.23GW 51.2%19%13.4%5.0%2032 28.6GW 26.6GW 1 2 3 GDP 2032 3.4%2022 63%52%2023 8 SIN 15 7 38 2022 IRENA 39 GDP Wind 52%12%15%12%9%-30%-20%-10%0%10%20%30%40%-5,000 10,000 15,000 20,000 25,000 30,000GDP YoY 2020 220 41.3 400 18.1 220 17.5 765 4.2 1.6 2020 99.1GW 29.5GW 30%2021 2030 50%GEC 500GW 2024 3 31(EHV)17.77 278 527.45GVA 48GW 116.54GW 2022 2030 GEC 263.1 5.1 433.5GVA 765kV 400kV EHVAC 800kV 350kV HVDC GEC 39.14 32GW 2015-2023 GEC 29.52 12,900ckm 39.6GVA 34.5GW 2022 410.34GW 57.5%15.1%11.4%10.2%8 GEC GEC(GEC)2012-13 2015 2022 CCEA 2022-2026 14.50 20GW 7,574ckm 29,737MVA 2023 11 3 CCEA 2029-30 24.91 13GW 713ckm 480ckm 5GW 2015 13.63 6GW 2020 3 3,200ckm 17,000MVA 7.45GW 8 2015 15.89 24GW 9,700ckm 22,600MVA 2023 12 31 9060 21,303 MVA 16GW 2024 6 30 ckm mva GW 1 2015-2020 3,200 17,000 13.63 7.5 1 2015-2024 9,700 22,600 15.89 24.0 2 2022-2026 29,737 7,574 14.5 19.0 2 2023-2030 713 480ckm 5GW 24.91 13 43,350 52,174 68.93 63.44 2022 77%63%(CCE)18 2017 2021 4.1%1.6%5 3.1%5%GDP 2022 2,756KWh 2022 GDP 10,935 40 2022 IRENA 41 2015-2022 KWh IEA 63%13%9%7%7%0.31 0.32 0.32 0.36 0.34 0.32 0.38 0.40-15%-10%-5%0%5%10%15%20%25%-0.10 0.20 0.30 0.40 0.502015 2016 2017 2018 2019 2020 2021 2022 GWh YoY 2022-2036 PRODESEN 2022-2036 56GW 2022 55%9GW 4.6GW 2022-2036 5,058 Circuit km 30GVA 2016 2030 1,316 400 2.8 986.86 75%57GW 140 42 2022-2036 MW 43 2021 43623018695672289946685264503489650200400600800100012002022-2025 2026-2036115kV,4.85 138kV,0.16 161kV,0.05 230kV,2.97 400kV,2.61 2023 97%99%SEC GDP 2022 9,284KWh 2022 GDP 30,448 44 2023 IRENA 45 2015-2021 IEA 97.1%2.4%0.4%0.1%3,603 3,690 3,794 3,891 3,877 3,943 4,089-2%0%2%4%6%8%3,200 3,400 3,600 3,800 4,000 4,2002015 2016 2017 2018 2019 2020 2021 KWh YoY 2016 2 0 3 0”2030 NREP 2030 58.7GW 50%40GW 16GW 2.7GW 2030 2,930 2023-25 3,600 54 15 CEO Khaled Al-Gnoon 2030 4,000-5,000 1,000-1,350 500kV EPC 24 2-3-2022 2023 Neom 2023 6.1 46 SEC 8.48.58.99.29.34174314434574741802302803303804304805307.58.08.59.09.510.02018 2019 2020 2021 2022 GVA 47 4.78 2.27 2.76 2.68 2.68 3.90 5.65-1.00 2.00 3.00 4.00 5.00 6.00 7.00-1.00 2.00 3.00 4.00 5.00 6.002017 2018 2019 2020 2021 2022 2023 10 TDP 5 2023-2027 9 TDP 2023-2032 TDP 2022 8.1GW 4,347 19GVA TDP TDP 2023-2032 14,218km 105.87GVA 2023-2027 TDP 37.76 24.99 5.09 TDP TDP 30 TDP 5.09 51%2022 54.67GW 72.8%29GW 70%2030 38.36GW 42.9%17.74GW 22.8%8.23GW 10.7%4.6GW 5.9%1.86GW 2.4%25.0 IRP 11.5 13.4 5.1(51%)2.6 1.1 EIA 1.6 1.6 3.4 37.8 2023-2027 2028-2032 765KV 200 6,128 6,328400KV 2,679 5,019 7,698275KV 14 178 192 2,893 11,325 14,218 60 100 160 MVA 26,970 78,895 105,865 04 DCS 48 1 2 3 4 5 1 D T U F T U TTU 6 7 8 9 10 2 3 1 2 A I S G I S H G I S 3 SV C S VG 4 5 6 1 2 49 11/GIS/12 GIL/13 Wind 2023 50%Wind 2023 515.7 10%71.8 11%2023 3%2023 70%2024 2025-2026/385.0424.1468.3515.777.048.556.464.571.86.02%2%1%3%0.0%0.5%1.0%1.5%2.0%2.5%3.0%0.0100.0200.0300.0400.0500.0600.02020 2021 2022 2023 24Q1 2020 2021 2022 2023 103.2 114.0 126.6 138.2/69.8 74.1%/55%54%/20.3 24.9%/16%18%/18.9 23.1%/15%17%/8.8 8.4%/7%6%/8.8 7.7%/7%6%48.5 56.4 64.5 71.8 ROE%15%16%16%16%14 Wind 51%Wind GIS AIS 2023 124.6 18%15.6 28%EPC+2023 21.6 17%2023 85%73.787.0105.4124.626.69.312.0 12.215.63.616%16%18%17%14.5%15.0%15.5%16.0%16.5%17.0%17.5%18.0%0.020.040.060.080.0100.0120.0140.02020 2021 2022 2023 24Q1 2020 2021 2022 2023 21.6 26.5 27.7 36.8 10.3 12.7 13.5 18.7%48%48%48%51%4.7 5.3 6.4 8.2%22%20%23%22%2.8 3.5 3.3 4.6%13%13%12%13%0.5 1.3 0.9 1.2%2%5%3%3%3.4 3.8 3.7 4.1%16%14%13%11%9.3 12.0 12.2 15.6 ROE%16%16%14%16%15 Wind 52%Wind 2023 114.6 26%19.0 101%2023 19.6 17%70 2023 74%70.9 70.291.0114.630.29.66.99.519.03.622%15%18%17%0%5%10%15%20%25%0.020.040.060.080.0100.0120.0140.02020 2021 2022 2023 24Q1 2020 2021 2022 2023 20.4 17.8 26.3 39.0 15.6 13.0 19.5 28.8%76%73%74%74%2.6 2.8 5.5 8.8%13%16%21%23%1.7 1.5 0.7-%8%8%2%0%0.4 0.5 0.6 1.4%2%3%2%3%9.6 6.9 9.5 19.0 ROE%11%8%10%19%16 Wind 53%Wind 2023 73.1 4%10.0 19%2023 1.3 2%2023 HKWB Inch Cape 2023 74%17%91%2023 50.579.370.173.113.18.911.98.410.02.60%1%1%2%0.0%0.5%1.0%1.5%2.0%0.020.040.060.080.0100.02020 2021 2022 2023 24Q1 2020 2021 2022 2023 15.4 20.1 15.7 18.5 3.2 3.7 3.8 3.1%21%18%24%17%11.7 14.4 9.7 13.6%76%71%62%74%0.5 2.0 2.1 1.7%3%10%14%9%0.0 0.1 0.0-%0%0%0%0%8.9 11.9 8.4 10.0 ROE%34%30%16%17%17 Wind 54%Wind 2023 170.6 14%10.1 28%2023 1.5 1%2023 80%2023 2024-2025 50%111.9119.9149.2170.628.17.2 7.2 7.610.12.42%1%1%1%0.0%0.5%1.0%1.5%2.0%0.050.0100.0150.0200.02020 2021 2022 2023 24Q1 2020 2021 2022 2023 22.6 24.7 28.4 30.7 9.8 11.4 11.5 10.4%43%46%40%34%4.2 4.5 7.3 8.8%19%18%26%29%2.3 2.8 4.1 5.1%10%11%14%17%4.6 4.6 3.2 3.0%21%18%11%10%1.6 1.4 2.3 3.4%7%6%8%11%7.2 7.2 7.6 10.1 ROE%9%8%8%10%18 Wind 55%Wind 2023 66.7 41%5.0 78%2023 11.8 18%2023 78.3 35%20.0 119%2023 2023 73%21%94%2020-2023 CAGR 28%24.233.047.566.713.02.3 2.3 2.85.00.920%18%14%18%0%5%10%15%20%25%0.010.020.030.040.050.060.070.080.02020 2021 2022 2023 24Q1 2020 2021 2022 2023 6.5 7.8 9.6 15.2 5.3 6.1 7.1 11.0%81%78%74%73%1.0 1.4 1.9 3.1%15%18%19%21%0.2 0.3 0.7 1.0%3%3%7%7%2.3 2.3 2.8 5.0 ROE%12%11%11%16%19 Wind 56%Wind GIS 40.5-1100 GIL 2023 110.8 19%8.2 284%7.2 7%EPC 2023 24-36 2023 81%1100kV GIS 2024 2023 14 17 97.892.7 92.7110.820.41.3 0.72.18.22.33%2%2%7%0%1%2%3%4%5%6%7%0.020.040.060.080.0100.0120.02020 2021 2022 2023 24Q1 2020 2021 2022 2023 12.2 12.7 16.3 23.7 6.2 7.2 12.2 14.1%50%57%74%60%3.2 3.3 3.4 4.9%26%26%21%21%-0.0-1.1-2.4 0.7%0%-8%-15%3%2.2 2.6 2.6 3.5%18%20%16%15%0.8 0.7 0.5 0.6%6%6%3%2%1.3 0.7 2.1 8.2 ROE%1%1%2%8%20 Wind 57%Wind 90%2023 19.6 15%5.4 51%2023 2.7 79%14%5.0pcts 130 13.715.317.119.64.52.94.23.65.41.310%11%9%14%0%2%4%6%8%10%12%14%16%0.05.010.015.020.025.02020 2021 2022 2023 24Q1 2020 2021 2022 2023 6.5 7.4 8.4 10.2 5.6 6.7 7.8 9.5%87%91%92%93%0.4 0.4 0.3 0.3%6%6%3%3%0.1 0.1 0.1 0.1%1%1%1%1%0.4 0.2 0.3 0.3%7%2%3%3%2.9 4.2 3.6 5.4 ROE%12%15%12%16%21 Wind 58%Wind 14.8%2023 30%2023 572.5 25%36.9 8%2023 10.8 14%2023 99%332.5388.6459.7572.5159.264.334.040.2 36.910.828%22%23%14%0.0%5.0%10.0%15.0%20.0%25.0%30.0%0.0100.0200.0300.0400.0500.0600.0700.02020 2021 2022 2023 24Q1 2020 2021 2022 2023 92.3 96.0 106.3 125.8 31.1 35.6 50.5 67.5%34%37%48%54%59.2 56.9 52.9 56.5%64%59%50%45%2.0 3.5 2.8 1.9%2%4%3%1%64.3 34.0 40.2 36.9 ROE%24%11%12%10%22 Wind 59%Wind 2023 45.9 10%5.1 21%2023 1.2 3%2023 92%30.240.341.645.99.43.84.2 4.25.10.92%2%3%3%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%0.010.020.030.040.050.02020 2021 2022 2023 24Q1 2020 2021 2022 2023 12.2 14.2 12.7 14.9 6.1 7.2 7.7 9.1%50%51%61%61%5.1 5.7 4.4 4.6%42%40%34%31%0.6 0.8 0.4 0.6%5%6%3%4%0.4 0.4 0.1 0.5%3%3%1%3%0.1 0.1 0.1 0.1%0%0%1%1%3.8 4.2 4.2 5.1 ROE%20%20%14%13%23 2024.5.28 Wind/PE/2023A 2024E 2025E 2023A 2024E 2025EETN.N(EATON)340.9 1363 32.2 36.2 39.8 42.4 37.7 34.2600406.SH 23.0 1848 71.8 79.4 94.6 25.7 23.3 19.5002028.SZ 71.5 553 15.6 19.5 24.4 35.5 28.4 22.6601567.SH 34.5 487 19.0 22.7 27.5 25.6 21.5 17.7601877.SH 21.9 471 36.9 47.2 53.9 12.8 10.0 8.7603606.SH 48.1 331 10.0 13.7 18.6 33.1 24.2 17.8000400.SZ 29.9 304 10.1 12.1 17.1 30.3 25.2 17.8688676.SH 62.5 286 5.0 7.5 10.7 56.6 37.9 26.7600312.SH 14.8 201 8.2 11.0 13.5 24.6 18.3 14.9002270.SZ 21.7 195 5.4 6.7 8.1 35.9 29.3 24.2002706.SZ 8.3 93 5.1 6.4 8.4 18.2 14.5 11.1 6 12 6 12 A 300 000300.SH 899001.CSI(HSI.HI)500(SPX.GI)IXIC.GI 10%10%10%10%10%10%125 36 518046 0755-82130833 1199 1 12 200135 6 9 100032
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