p a g e 9 Public Purpose vs. Private Gain States may step in to restrict load growth to preferred sources or fast - track infrastructure expansion for preferred loads New Yorks ban on cryptocurrency operations Californias expedited approval process for Electric Vehicle Supply Equipment (EVSE) Loads that could be risks to state decarbonization goals ( e.g. datacenters) but are less sensitive to electricity price may be leveraged to support decarbonization Time is of the essence. Almost certainly more time - sensitive than cost - sensitive. Even states without decarbonization goals have to weigh their ability to manage system reliability against rapid near - term growth

Key Dimensions of the Load Growth Question - Page 9 Key Dimensions of the Load Growth Question Page 8 Page 10