Renewables auctions and subsidies

“Table of Contents In addition, certain of our projects are partially dependent on a regulatory environment that favors technologies focused on limiting the impact of climate change, in particular toward the production and distribution of clean hydrogen. For example, we anticipate benefits from tax incentives created by the U.S. Inflation Reduction Act of 2022 for carbon sequestration and clean hydrogen production in future years once our projects in these areas come on-stream in the U.S.”

Annual report 2025A · The company itself

“If there is a reversal in the regulatory environment or a discontinuation or reduction of incentives or benefits for the development of technologies limiting the impact of climate change, particularly those focused on low- and zero-carbon hydrogen production, or significant uncertainty regarding such efforts, certain of our projects may be threatened and for completed projects demand for our products may be less than we anticipate and certain projects could be adversely affected. For example, in fiscal year 2025, we cancelled a project to build a green liquid hydrogen project in the U.S., based in part on a regulatory development that rendered existing hydroelectric power supply ineligible for the Clean Hydrogen Production Tax Credit (45V) and incurred a significant impairment charge for the amount that we had invested in the project. Further negative regulatory developments could adversely affect our projected returns, which could lead us to re-evaluate certain projects and may harm our business and financial performance.”

Annual report 2025A · The company itself

“However, the One Big Beautiful Bill Act (OBBB Act) includes significant changes to renewable tax credits, including accelerating the termination of production tax credits and investment tax credits. These changes may materially limit our ability to sell or transfer renewable tax credits at reasonable terms in future periods.”

Annual report 2025A · The company itself

“Repeal or amendment of the Inflation Reduction Act of 2022, or portions of the Inflation Reduction Act of 2022, could have an adverse impact on our financial condition and results of operations, including, but not limited to, a material increase in customer costs, a material decrease in cash flows from operating activities, which could impact metrics used by rating agencies, and a negative impact on the economics of future planned renewable and energy storage projects.”

Annual report 2025A · The company itself

“We have sold, and continue to plan to sell, a substantial amount of our eligible renewable tax credits.”

Annual report 2025A · The company itself

“For example, changes in government policies, tax credits, and/or regulation of ethanol and biodiesel, including, but not limited to, the Clean Fuels Production Tax Credit and the related "45Z" tax credit and the Renewable Fuel Standard under the Energy Independence and Security Act of 2007 in the United States, including the treatment of small refinery exemptions, can have an impact on the Company’s operating results.”

Annual report 2025A · The company itself

“Political support for increased investments in green energy solutions from major economies in Europe and China is expected to continue over the long-term.”

Annual report 2024A · The company itself

“Key influences include CO pricing mechanisms, such as the EU Emissions Trading System (EU ETS), the phased implementation of the Carbon Border Adjustment Mechanism (CBAM), and funding opportunities for CCUS projects under the U.S. Inflation Reduction Act (IRA).”

Annual report 2024A · The company itself

“A key operational risk is related to the operating performance of the producing assets, another risk relates to the process of transitioning development projects from the backlog and pipeline stage to finalization. Even though the Group has a solid project pipeline, finalizing the projects depends on a number of factors such as project availability, local authority approvals, environmental impact, suppliers, financing, power prices and the regulatory framework in the relevant market.”

Annual report 2024A · The company itself

“Changes in tax policies, transmission pricing mechanisms, subsidy frameworks, and energy trading regulations are actively being evaluated across Europe. Emerging policies may affect Cloudberry’s revenue streams and operating costs, requiring the company to continuously adapt its commercial strategy.”

Annual report 2024A · The company itself

“2727 Strategy, performance and risksStrategy, performance and risks | Risk Management Strategy, performance and risks | Risk Management Additionally, political shifts and environmental policies within the Nordic region can impact Cloudberry’s operations. Positive or negative adjustments to renewable energy taxation, concession approvals, and local permitting processes may result in changes in administrative hurdles or investment barriers.”

Annual report 2024A · The company itself

“To ensure solid governance internally and in our value chain at all times Promoting renewable energy development Cloudberry actively contributes to climate change mitigation by advocating for the accelerated and responsible expansion of renewable energy. We engage with local politicians, policymakers, industry leaders, and regulatory bodies to drive clean energy legislation and create favorable market conditions for investment.”

Annual report 2024A · The company itself

“Accelera Segment Results During 2025, due to the continued rapid deterioration in our electrolyzer markets and overall hydrogen markets, along with significant uncertainty in the alternative power markets resulting from reductions in government incentives, we fully impaired all of the goodwill for our electrolyzer business and wrote off certain inventory in the third quarter of 2025, totaling $240 million. These conditions prompted a further strategic review of this business in the fourth quarter of 2025. As a result of market conditions and the current business outlook, we intend to stop new commercial activity in the electrolyzer space, subject to information and consultation in accordance with local legal requirements.”

Annual report 2025A · The company itself

“•The slower adoption of zero-emission solutions reduced Accelera’s near-term revenue outlook, prompting significant restructuring actions and a refined strategic investment approach. While we anticipate these actions will gradually improve the cost structure, we expect ongoing investments in priority technologies to result in continued near-term operating losses.”

Annual report 2025A · The company itself

“De viktigaste pågående trenderna som driver på detta är kundoch säkerhetskrav, nätverkstillförlitlighet och övervakning, regulatoriska krav, behovet att uppgradera föråldrad el- och kommunikationsinfrastruktur, samt samhällets ökande användande av förnybar energi.”

Annual report 2024A · The company itself

“Government incentive programs, such as those enacted under the Inflation Reduction Act of 2022 (the “IRA”) as amended by the One Big Beautiful Bill Act of 2025 (“OBBBA”), have contributed to this momentum by providing solar module manufacturers, project developers, and project owners with various incentives to accelerate the deployment of solar power generation. Among other things, the IRA (i) reinstates the 30% investment tax credit for qualifying solar projects that meet certain wage and apprenticeship requirements, (ii) extends the production tax credit (“PTC”) to include energy generated from solar projects, (iii) provides incremental investment and production tax credits for solar projects that meet certain domestic content and location requirements, and (iv) offers tax credits for solar modules and solar module components manufactured in the United States and sold to third parties.”

Annual report 2025A · The company itself

“The current federal tax regime for utility-scale solar is primarily governed by the technology-neutral clean electricity investment tax credit (“ITC”) under Section 48E and the clean electricity production tax credit (“PTC”) under Section 45Y, which were enacted as part of the IRA. These credits require projects to satisfy certain wage and apprenticeship requirements and to meet specified beginning-of-construction standards, which may be achieved by certain qualifying procurement activities or physical work activities. Although the IRA originally provided for long‑term availability of the 45Y and 48E credits subject to an emissions‑based phase‑down beginning no earlier than 2032, the OBBBA amended the availability of these credits for wind and solar energy projects by imposing an accelerated termination framework in addition to certain foreign-entity-related limitations.”

Annual report 2025A · The company itself

“The modification, reduction, elimination, or expiration of government subsidies, economic incentives, eligibility limitations, tax incentives, renewable energy targets, and other support for on-grid solar electricity applications, or the impact of other public policies, such as tariffs or other trade remedies imposed on solar cells and modules or related raw materials or equipment, have, and in the future could, negatively impact demand and/or price levels for our solar modules and limit our growth or lead to a reduction in our net sales or increase our costs, thereby adversely impacting our operating results. Although we believe that solar energy will experience widespread adoption in those applications where it competes economically with traditional forms of energy without any incentive programs, in certain markets our net sales and profits remain subject to variability based on the availability and size of government subsidies and economic incentives.”

Annual report 2025A · The company itself

“Many of these incentive programs expire, phase down over time, require renewal by the applicable authority, or may be amended. To the extent government incentive programs are reduced earlier than previously expected, are changed retroactively, or are not renewed, such changes have and could negatively impact demand and/or price levels for our solar modules, lead to a reduction in our net sales, and adversely impact our operating results.”

Annual report 2025A · The company itself

“Current regulatory policies, or any future changes or threatened changes to such policies, may subject us to significant risks, including the following: •a reduction or removal of certain energy programs and initiatives and the incentives they provide may diminish the market for future solar energy off-take agreements, slow the retirement of aging fossil fuel plants, including the retirements of coal generation plants, and reduce the ability for solar project developers to compete for off-take agreements, which may reduce PV solar module sales; 19 Table of Contents •any limitations on the value or availability to manufacturers or potential investors of tax incentives that benefit solar energy production, sales, or projects, such as the Section 45X advanced manufacturing production credit, ITC, and PTC, as seen in the accelerated termination of certain energy tax credits under the “One Big Beautiful Bill” the U.S.”

Annual report 2025A · The company itself

“President signed into law on July 4, 2025, could result in reducing such manufacturers’ or investors’ economic returns and could cause a reduction in the availability of financing, thereby reducing demand for PV solar modules; •any incentives contingent upon domestic production of modules, such as tax incentives set forth under the IRA, could limit our ability to sell modules manufactured in certain foreign jurisdictions, which may adversely impact our module average selling prices and could require us to record significant charges to earnings should we determine that the manufacturing facilities and equipment in such foreign jurisdictions are impaired; and •any effort to overturn federal and state laws, regulations, or policies that are supportive of solar energy generation or that remove costs or other limitations on other types of electricity generation that compete with solar energy projects could negatively impact our ability to compete with traditional forms of electricity generation and materially and adversely affect our business.”

Annual report 2025A · The company itself

“Government incentive programs have contributed to this momentum by providing solar module manufacturers, project developers, and project owners with various incentives to accelerate the deployment of solar power generation. For more information about these incentive programs, see Item 1. “Business – Incentive Programs.” Although we compete in markets that do not require solar-specific government incentive programs, our net sales and profits remain subject to variability based on the availability and size of these programs, including tax and production incentives, renewable portfolio standards, and other incentive programs intended to stimulate economies, achieve decarbonization initiatives, and/or establish greater energy independence.”

Annual report 2025A · The company itself

“Module average selling prices in many global markets have declined. However, recent module pricing in the United States, our primary market, has remained stable due, in part, to the rising demand for domestically manufactured modules as a result of the IRA, energy tax credit eligibility restrictions (including foreign-entity-related limitations) as amended by the OBBBA, and tariffs on modules imported into the United States.”

Annual report 2025A · The company itself

“For example, many governments have proposed or enacted policies or incentive programs intended to encourage renewable energy investments to achieve decarbonization objectives and/or establish greater energy independence. While we compete in markets that do not require solar-specific government subsidies or incentive programs, our net sales and profits remain subject to variability based on the availability and size of government subsidies and economic incentives.”

Annual report 2025A · The company itself

“This is directly required by California’s ZEV requirements, insofar as those requirements are not preempted by the 2025 federal legislation described above, but is also required to comply with the emissions and fuel economy standards promulgated in recent years, which are not achievable solely through sales of internal combustion engines with today’s technology. There are factors limiting faster and future growth of EV sales, including: supportive public policy; consumer acceptance and understanding of EVs; upfront costs; technology cost and readiness; battery raw material availability and cost; and the availability of adequate infrastructure to support vehicle charging.”

Annual report 2025A · The company itself

“A decrease in, expiration without renewal of, or other cessation or clawback of government incentives for any of our operations or that impact consumers of our products and services (e.g., the termination of U.S. tax credits intended to incentivize the purchase of EVs), as a result of administrative decision or otherwise, has had and could in the future have a substantial adverse impact on the operation of our business, financial condition, or results of operations.”

Annual report 2025A · The company itself

“Our businesses benefit from government incentives and policies supporting utility-scale renewable energy (e.g., tax incentives). In addition, regulatory policies influencing renewable energy mandates and grid integration standards directly impact the demand for wind energy. Reductions, elimination, suspension or adverse modifications have and could in the future limit markets for new projects, reduce returns on projects or manufacturing, lead to project abandonment, or impair investments.”

Annual report 2025A · The company itself

“•Regulatory and policy changes – Government policies and regulations, such as carbon pricing, renewable energy mandates, and subsidies for renewable energy technologies, can significantly impact the power generation landscape. Staying ahead of regulatory changes and adapting to new compliance requirements is crucial for maintaining a competitive advantage. •Financial and investment dynamics – Access to capital and investment trends in the energy sector can influence the development and deployment of new power generation projects.”

Annual report 2025A · The company itself

“Segment revenues decreased $0.6 billion (6%) organically*, primarily at Offshore Wind due to the nonrecurrence of revenues recorded on the settlement of a previously canceled project of $0.5 billion in the third quarter of 2024, project delays, and fewer nacelles produced in the year, and decreases at LM Wind Power due to lower volume from footprint reduction, partially offset by increases at Onshore Wind due to improved pricing, delivery of more units, and higher transactional services.”

Annual report 2025A · The company itself

“Segment EBITDA increased $0.1 billion (10%) organically*, primarily at Onshore Wind due to improved pricing on an increased number of units delivered, partially offset by decreases at Offshore Wind due to the nonrecurrence of a gain recorded on the settlement of a previously canceled project of $0.3 billion in the third quarter of 2024 and a termination of a supply agreement in the first quarter of 2025, partially offset by lower contract losses of $0.4 billion.”

Annual report 2025A · The company itself

“EU Hydrogen Strategy: As part of the EU Green Deal, this strategy outlines a plan for developing renewable hydrogen with specific production targets. By 2024,  electrolyzers in the EU, generating 1 million tonnes of renewable hydrogen.”

Annual report 2024A · The company itself

“exposed to political factors. A reduction in government support for green hydrogen could affect both the Company’s ability to operate and its ability to expand its business through dampening of customer demand.”

Annual report 2024A · The company itself

“In 2024, over 45 GW of offshore wind capacity was auctioned across key markets, including the Netherlands, France, Germany, and the U.S. Auction interest varied, with mainly strong interest in the UK and Germany. Record auctions for offshore wind volumes are projected for 2025, both in terms of number of sites and installed capacity.”

Annual report 2024A · The company itself

“However, there have also been auctions that have failed to attract relevant bids due to unattractive terms. This is a market risk, and governments have, in the past, addressed failed auctions by improving terms.”

Annual report 2024A · The company itself

“Delays in announced government incentives, higher interest rates, and higher than expected costs for building and operating hydrogen facilities (outside of Nel’s core scope) have led to lower than expected order intake for the industry as a whole and for Nel in the last two years.”

Annual report 2024A · The company itself

“Reduced and/or delayed support from governments will delay the developments of the renewable hydrogen industry.”

Annual report 2024A · The company itself

“Political incentive schemes such as the Inflation Reduction act in the United States and the Hydrogen Bank in the EU are expected to be important contributors to developing the industry.”

Annual report 2024A · The company itself

“Lisäksi maailmantalouden epävarmuus on ajanut monien maiden hallitukset arvioimaan uudelleen uusiutuvan energian kustannuksia ja rahoitusta. Tämä uudelleenarviointi voi alentaa kunnianhimoa ilmastotavoitteiden suhteen tai hidastaa ilmastotekojen toteutusta. Näistä molemmat ovat tärkeitä Nesteen uusiutuvien tuotteiden kysynnälle.”

Annual report 2025A · The company itself

“Tuotteisiin ja raaka-aineisiin kohdistuva kehittyvä lainsäädäntö ja muuttuva kauppapolitiikka vaikuttavat uusiutuvien polttoaineiden markkinoilla sekä kysyntään ja tarjontaan. Uusiin energiamuotoihin siirtymistä tukeva trendi on kannustanut uusiutuvien tuotteiden tuotantokapasiteetin kasvattamiseen. Samanaikaisesti uusiutuvien tuotteiden kysyntä ja marginaalitaso riippuvat lakisääteisen ja vapaaehtoisen kysynnän kasvusta.”

Annual report 2025A · The company itself

“Any reductions or modifications to, or the elimination of, governmental incentives or policies that support clean energy, including, but not limited to, tax laws, policies and incentives, RPS and feed-in-tariffs, or changes in or the imposition of additional taxes, tariffs, duties or other costs or assessments on clean energy or the equipment necessary to generate, store or deliver it, could result in, among other items, the lack of a satisfactory market for the development and/or financing of new clean energy projects, NEE and FPL abandoning the development of clean energy projects, a 23 Table of Contents loss of investments in clean energy projects and reduced project returns, any of which could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.”

Annual report 2025A · The company itself

“NEE depends on government policies that support clean energy and enhance the economic feasibility of developing and operating clean energy projects in regions in which NEER and FPL operate or plan to develop and operate such facilities. The federal government, a majority of state governments in the U.S. and portions of Canada provide incentives, such as tax incentives, RPS or feed-in-tariffs, that support or are designed to support the sale of energy from clean energy facilities, such as wind and solar energy facilities and energy storage facilities.”

Annual report 2025A · The company itself

“Godt posisjonert frem mot 2030 Etterspørselen etter aluminium er forventet å øke fem mot 2050 drevet av elektriske kjøretøy, fornybar energi og infrastruktur og dette skaper muligheter for Hydros lavkarbonog resirkulerte produkter.”

Annual report 2024A · The company itself

“Hydro søker aktivt etter tilgjengelige alternativer for fornybar kraft, inkludert landbasert vindkraft, for å møte behovet for kostnadseffektiv kraft til sin industrielle virksomhet.”

Annual report 2024A · The company itself

“Ambisjoner innen fornybar energi Tilgang til rimelig fornybar energi har vært sentralt for vår virksomhet i 120 år og det er avgjørende for at vi skal nå vår ambisjon om å være en pionér i det grønne skiftet for aluminium.”

Annual report 2024A · The company itself

“Tilgang til konkurransedyktig fornybar kraft er grunnlaget for levering av lavkarbonaluminium til en konkurransedyktig kostnad på lang sikt, og er en viktig faktor for Hydros plassering i 28. persentil på den globale kostnadskurven for primæraluminium i 2024.”

Annual report 2024A · The company itself

“Rundt 80 prosent av elektrisiteten som brukes i Hydros produksjonskapasitet for primæraluminium er basert på fornybar kraft.”

Annual report 2024A · The company itself

“I 2023 lanserte Hydro sin 2030-strategi, og trappet opp vekstambisjonene innen resirkulering av aluminium, ekstrudering og fornybar energi.”

Annual report 2024A · The company itself

“Oppnår strategiske milepæler De fire hovedkomponentene i vår strategi for 2030 er å vokse innen resirkulering og ekstrudering av aluminium, og å styrke satsingen på fornybar energiproduksjon.”

Annual report 2024A · The company itself

“Det ene er Illvatn pumpekraftverk i Sogn og vårt prosjekt sammen med Lyse der vi har søkt konsesjon for å oppgradere og utvide vannkraftver kene i Røldal-Suldal. Sammen med partnere utvikler vi vindprosjekter nærme våre norske verk.”

Annual report 2024A · The company itself

“Hydro Energy er en stor fornybarprodusent og markedsaktør som utvikler forretningsmuligheter for det grønne skiftet.”

Annual report 2024A · The company itself

“Hydro endrer aluminiumsindustrien ved å levere grønnere materialer til produkter som er avgjørende for å støtte den raske utviklingen på verdensbasis.”

Annual report 2024A · The company itself

“The regulatory environment is subject to significant changes due to state and federal policies affecting wholesale and retail competition and the creation of incentives for the addition of large amounts of new renewable and nuclear generation and, in some cases, transmission. These changes are ongoing, and the Company cannot predict the future design of the wholesale power markets or the ultimate effect that the changing regulatory environment will have on NRG's business.”

Annual report 2025A · The company itself

“The competitive wholesale marketplace may be impacted by out-of-market subsidies, imports of power from Canada, renewable mandates or subsidies, mandates to sell power below its cost of acquisition and associated costs as well as out-of-market payments to new or existing generators. These out-of-market subsidies to existing or new generation undermine the competitive wholesale marketplace, which can lead to premature retirement of existing facilities, including those owned by the Company.”

Annual report 2025A · The company itself

“Lower Carbon Infrastructure Development — Policy mechanisms at the state and federal level, including production and investment tax credits, cash grants, loan guarantees, accelerated depreciation tax benefits, RPS, and carbon trading plans, have supported and continue to support the development of renewable generation, demand-side and smart grid, and other lower carbon infrastructure technologies. According to ERCOT, 46% of 2025 energy consumption in the ERCOT market was generated from carbon emission-free resources, with wind power contributing 24%. In addition, subsidies and incentives may contribute to increases in renewable power sources, customer awareness and preferences are shifting toward sustainable solutions.”

Annual report 2025A · The company itself

“Changes to government policies relating to renewable feedstocks and renewable fuels that adversely affect programs like the renewable fuels standards program, low-carbon fuels standards and tax credits for processing certain renewable feedstocks impact our financial condition and results of operations.”

Annual report 2025A · The company itself

“Additionally, renewable fuels, alternative energy mandates and energy conservation efforts could reduce demand for refined petroleum products. Tax incentives and other subsidies can make renewable fuels and alternative energy more competitive with refined petroleum products than they otherwise might be, which may reduce refined petroleum product margins and hinder the ability of refined petroleum products to compete with renewable fuels.”

Annual report 2025A · The company itself

“Our Values 8 Reach Subsea | Annual Report 2024 Annual Report 2024 Contents Business Performance Sustainability Financial Statements Corporate Governance & Management Corporate Structure Our Focus Well-positioned Reach is perfectly positioned in a rapidly growing market driven by a strong oil & gas market as well as accelerating green energy transition, which will drive ocean-based activities for generations.”

Annual report 2024A · The company itself

“In 2024, approximately one-third of our revenue came from projects in the Renewable/Other sector, with the remaining two-thirds from Oil & Gas-related projects.”

Annual report 2024A · The company itself

“Renewables Awarded several contracts within the renewables market, including cable/route survey, installation, walk to work, light construction and decommissioning.”

Annual report 2024A · The company itself

“We support industries like oil & gas, offshore wind, offshore cables, and emerging markets such as carbon storage, environmental monitoring, and subsea minerals.”

Annual report 2024A · The company itself

“In addition, certain governmental rebates, tax credits and other financial incentives that are currently available with respect to our solar and energy storage product businesses allow us to lower our costs and encourage customers to buy our products and investors to invest in our solar financing funds. However, these incentives may expire when the allocated funding is exhausted, reduced or terminated as renewable energy adoption rates increase, sometimes without warning.”

Annual report 2025A · The company itself

“AR7 auction, awarding 8.4 GW of new offshore wind capacity, marks a significant step”

Annual report 2025A · The company itself

“As an example, the German market had 14.4 GW of onshore wind awarded through their auction systems in 2025.”

Annual report 2025A · The company itself

“Inadequate grid expansion, ineffective auction design and permit delays could increase costs, hinder investments, and reduce the viability of wind deployment.”

Annual report 2025A · The company itself

“Advocacy for improved auction designs, such as rewarding mature technology and moving away from uncapped negative bidding, is yielding positive results.”

Annual report 2025A · The company itself

“• Accelerate the energy transition via policy engagement, industry partnerships, and active participation in global forums.”

Annual report 2025A · The company itself

“Changes to federal and state renewable fuel policies could affect the financial performance of our Renewable Energy segment. The primary drivers of value for renewable fuel produced at our landfills are tax policies, such as the federal tax credits for investments in RNG production under the IRA and OBBBA, and federal and state incentive programs, such as the federal RFS program, the California Low Carbon Fuel Standard and similar state programs that promote the production and use of renewable transportation fuels, which are all subject to change.”

Annual report 2025A · The company itself

“RINs prices generally respond to regulations enacted by the EPA, as well as fluctuations in supply and demand. The value of the RINs is set through a market established by the RFS program, which market has historically been volatile. While the previous rules under the RFS program reflected the outsized role of biogas under the program and delivered reforms benefiting the solid waste sector, the current administration has retroactively lowered 2024 blending volumes, proposed reductions for 2025, set low targets for 2026–2027 and begun to grant small refinery exemptions from RFS program requirements.”

Annual report 2025A · The company itself

“Approx. 90 % of our expected revenue from generation of power from renewable offshore and onshore assets in 2026-2030 have no exposure to power price risk as the price is either regulated through subsidies or contracted through CPPAs.”

Annual report 2025A · The company itself

“Achieving our vision depends not only on our own actions but also on external conditions, including the strength and reliability of climate and energy policies, timely grid and infrastructure development, and supply chains able to scale lower-emissions technologies. These dependencies introduce uncertainties that could slow our transition.”

Annual report 2025A · The company itself

“As part of our DMA’s financial materiality assessment, we have evaluated uncertainties in the energy transition policy and regulatory landscape. Transition risks are particularly relevant in markets where changes to investment conditions, subsidy schemes, or policy priorities can affect the viability of existing projects and the development of new ones.”

Annual report 2025A · The company itself

“In particular, in the U.S., AES’ renewable energy generation growth strategy has depended in part on federal, state, and local government policies and incentives that support the development, financing, ownership, and operation of renewable energy generation projects, including investment tax credits, production tax credits, accelerated depreciation, renewable portfolio standards, feed-in-tariffs, and similar programs, REC mechanisms and compliance programs, and tax exemptions. More recently, the favorable regulatory regimes associated with the U.S. Inflation Reduction Act of 2022 have been curtailed by the passage of H.R.”

Annual report 2025A · The company itself

“Ren energiproduktion, pålitlig laddningsinfrastruktur och effektiva incitament behövs för att påskynda övergången.”

Annual report 2024A · The company itself

“In 2025, the renewable electricity and energy share rose significantly to 26% of the total energy and 47% of indirect energy. This was primarily due to the power purchase agreement, which supplies renewable energy certificates that cover parts of the European electricity consumption.”

Annual report 2025A · The company itself

“•Investment-grade renewable energy projects available for contracting by 2030 have declined due to interconnection delays, transmission constraints, and rising demand from large buyers. Contract costs have increased, driven by higher material and labor costs, tariffs, extended interconnection timelines, and competition. Additionally, changes in federal, state, and local laws, incentive programs, and tax credits, as well as volatility in renewable energy credit markets are risks that may impact project economics and timelines. Such changes in the availability, costs, regulatory environment, and market dynamics for renewable energy may impact our ability to procure renewable energy to reduce GHG emissions from purchased electricity. •Our tenants may be unwilling or unable to accept potential incremental expenses associated with sustainability programs, including expenses to procure renewable electricity, and comply with requirements stipulated under building certification standards such as LEED, Fitwel, and WELL.”

Annual report 2025A · The company itself

“Men när subventionerna plötsligt upphörde i mitten av 2023 kollapsade marknaden, och lämnade efter sig höga lagernivåer och låg efterfrågan.”

Annual report 2024A · The company itself

“In addition, certain investments by funds or vehicles we manage may be based, in part, on assumptions regarding the availability, amount or duration of federal, state, local or foreign government programs, incentives, subsidies, regulatory frameworks or tax credits applicable to particular industries, assets or business activities. Such programs or incentives are often available only for limited periods, may be subject to phase-outs, caps or eligibility requirements, and may depend on continued legislative, regulatory or budgetary support.”

Annual report 2025A · The company itself

“The decrease is due to lower sales prices in our tropical oils business, driven by a more balanced supply and demand environment and uncertainty related to U.S. biofuel policies.”

Annual report 2025A · The company itself

“The overall market sentiment is impacted by a slow-down in government incentives combined with higher interest rates and overall cost increases.”

Annual report 2024A · The company itself

“Lastly, the local authorities and governments have an important role in the renewable hydrogen sector by enacting legislations that support research and innovation and scalable investments in production and infrastructure.”

Annual report 2024A · The company itself

“Political incentive schemes such as the Inflation Reduction act in the United States and the Hydrogen Bank in the EU are expected to be important contributors to developing the industry.”

Annual report 2024A · The company itself

“In connection with our recent entry into the solar industry, we face risks specific to this sector, such as dependence on government manufacturing tax incentives, exposure to policy and regulatory changes, and complexities in sourcing specialized components. These factors, along with market volatility and evolving industry standards, could further impact the profitability of this business.”

Annual report 2025A · The company itself

“Business development focuses on: • operating models enabled by a lighter capital structure • strengthening risk management • realising the value of project development • securing cash flow OPERATING ENVIRONMENT In the long term, the energy transition and the shift towards a low-carbon economy support investments in renewable energy.”

Annual report 2025A · The company itself

“Supportive policies may be needed to facilitate the siting and cost recovery of transmission and distribution upgrades needed to accommodate the build out of new generation facilities, including large volumes of renewables and energy storage.”

Annual report 2025A · The company itself

“In certain markets, there are specific requirements to cover our operations with power procured from renewable energy resources and the availability of such alternative energy resources may be limited. Any such limitations may have a negative impact on a given IBX data 14 Table of Contents center and may limit our ability to grow our business which could negatively affect our financial performance and results of operations.”

Annual report 2025A · The company itself

“In each of the states that we operate, there are requirements for purchases of renewable energy credits from the generation of renewable energy. As the requirement for credits increases and outpace the renewable energy coming online, we may be required to pay higher prices and make alternative compliance payments to the states. Unless renewable energy availability is increased to meet these credit requirements, we will face the risk of increasing costs.”

Annual report 2025A · The company itself

“On July 4, 2025, President Trump signed into law the OBBBA, which, among other things, makes permanent certain corporate tax incentives that were set to expire in the TCJA, and terminates tax credits for most wind and solar projects placed in service 119 after 2027. Because many of the provisions of the TCJA will be continued under the OBBBA, and as FirstEnergy is not materially impacted by tax incentives associated with wind and solar projects, FirstEnergy does not expect to be materially impacted by the OBBBA.”

Annual report 2025A · The company itself

“9 Materiaalit ja palvelut milj. euroa 2025 2024 Ostot 1) 2 271 2 531 Ostot osakkuus- ja yhteisyrityksiltä 581 626 Muut 49 138 Yhteensä 2 901 3 295 1)Ostot sisältävät uusiutuvan energian sertifikaattien ostoja 45 miljoonaa euroa (2024: 66) ja CO2-päästöoikeuksien ostoja 57 miljoonaa euroa (2024: 67).”

Annual report 2025A · The company itself

“Myyntituloja kertyy myös uusiutuvan energian sertifikaattien myynnistä. Ne koostuvat pääosin alkuperätakuista, jotka saadaan vastikkeetta ja perustuen uusiutuvaan energian tuotantoon. Toimittamattomat sertifikaatit esitetään varastossa.”

Annual report 2025A · The company itself

“On July 4, 2025, the United States signed into law the One Big Beautiful Bill Act (OBBBA). The OBBBA accelerates the phase-out of tax incentives for the solar market and includes certain domestic supply chain requirements to qualify for these incentives.”

Annual report 2025A · The company itself

“Government Incentives and Regulation, including Environmental Matters Generac’s presence in energy technology solutions has increased our exposure to renewable energy mandates and investment tax credits from certain government incentives. These incentives cover a wide range of clean energy products and solutions, including solar inverters, battery storage systems, grid services, and grid-edge devices.”

Annual report 2025A · The company itself

“In July 2025, the United States passed the One Big Beautiful Bill Act that accelerates the phase-out of tax incentives for the solar market and includes certain domestic supply chain requirements to qualify for these incentives. While this phase-out of tax incentives will negatively impact the solar and storage markets in the near term, we believe the overall mega-trends that drive the solar, storage, and energy management markets will continue, supporting customer interest and demand for these products over the long-term as grid capacity is strained and energy costs rise.”

Annual report 2025A · The company itself

“För att främja tillväxten av hållbar energi produktion och biobaserade verksamheter har Holmen varit aktiv via dialog, remissvar, beredskap och påverkansarbete, i egen regi och tillsammans med bransch organisationer.”

Annual report 2024A · The company itself

“ÅRSREDOVISNING 2024 8 VD har ordet Luften gick ur den svenska privata solcellsmarknaden 2024. Högre räntor, lägre elpriser och minskade subventioner var några anledningar.”

Annual report 2024A · The company itself

“Nekkar considers its main climate risks to be associated with the global ambition/implementation gap for the transition to more renewable energy, as well as climate policy and taxation changes that could limit or delay the adoption of Nekkar’s new technologies that are enablers to reduce the carbon footprint in the industries the company operates. This applies to both the renewables and aquaculture industries.”

Annual report 2024A · The company itself

“However, the combination of postponement of license awards for offshore wind on the Norwegian continental shelf and the substantial dropout rate of developers who have chosen not to bid for licenses offshore Norway, has affected potential customers’ sense of urgency when it comes to investment decisions. The SkyWalker project is therefore currently on hold until partnership solutions are in place.”

Annual report 2024A · The company itself

“Utvecklingen för vindkraftsindustrin har av politiska skäl drabbats av bakslag kopplade till tillståndsgivningen av nya anläggningar. Affärsområdethardockfortsattattframgångsriktutvecklakomponenterochsystem försjälvavindkraftverkenoch räknarmedattdennautvecklingkommeratt fortsätta.   41% 31% 15% 13% Norden Europa (exkl Norden) Nordamerika 41% 31% 15% 13% Norden Europa (exkl Norden) Nordamerika > NIBE ELEMENT > ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB · 45 · 2024 2023 2022 20212020 629* *Exkl Jämförelsestörande poster 20242023202220212020 L Nettoomsättningenminskademed6,8%jämförtmed2023. Nibe StovesNibe Energy SystemsNibe Element Nettoomsättning Nettoomsättning Nettoomsättning Andelavkoncernen Rörelseresultat Andelavkoncernen ” CHRISTER FREDRIKSSON Affärsområdeschef Utvecklingsprojekt och investeringar i elektrieringen av infrastruktur i samhället, såväl som satsningar inom tillverkning av halvledare, har haft en positiv utveckling.”

Annual report 2024A · The company itself

“Our strategy emphasizes reinforcing our market leading position in Norway, further growth in Denmark, Sweden and Finland, as well as selective growth in renewables outside the Nordics.”

Annual report 2024A · The company itself

“Pennsylvania's Alternative Energy Portfolio Standard (AEPS) requires electric distribution companies and electricity generation suppliers to obtain from alternative energy resources a portion of the electricity sold to retail customers in Pennsylvania. Under the default service procurement plans approved by the PAPUC, PPL Electric purchases all of the alternative energy generation supply it needs to comply with the AEPS.”

Annual report 2025A · The company itself

“With respect to certain services within our Electric segment, current and potential legislative or regulatory initiatives may not be implemented or extended or result in incremental increased demand for our services, including legislation or regulation 31 that mandates percentages of power to be generated from renewable sources, requires utilities to meet reliability standards, provides for existing or new production tax credits for renewable energy developers, or encourages installation of new electric power transmission and renewable energy generation facilities.”

Annual report 2025A · The company itself

“In 2025, we invested 389 MEUR in decarbonisation related to new electric production lines, upgrades and conversions as well as signing two new power purchase agreements, in Poland and Spain.”

Annual report 2025A · The company itself

“Viktige aktiviteter i 2024: • Vi har startet runde to med SpareBank 1 Vekstprogram med fire nye utvalgte bedrifter for å bidra til næringsutvikling i regionen. • Vi har etablert et eget SpareBank 1 Regnskap team i konsernet for tilgjengelig og kompetent oppfølging av økende kundemasse i konseptet mellom bank og regnskap. • Vi har gjennomført kundeseminar med fokus på mangfold for bankens bedriftskunder. • Videreutviklet bankens betjeningskonsept for bedriftskunder. • Vi har besluttet å etablere et betjeningskonsept for bankens landbrukskunder, for å sikre relevant kundeoppfølging og relevante initiativ ovenfor dette kundesegmentet. • Banken har gjennom året økt porteføljen med grønne utlån til bedriftsmarkedet med 125 mill. kroner.”

Annual report 2024A · The company itself

“Tele2 har som mål att avveckla fossila bränslen i sin verksamhet senast 2029, övergå till eldrivna fordon och använda förnybara energikällor. Planen inkluderar även samarbete med leverantörer för att minska deras utsläpp, uppmuntran till förnybar energi bland kunder och utveckling av en cirkulär ekonomi för elektronisk utrustning.”

Annual report 2024A · The company itself

“Global increase in demand for renewable electricity will potentially lead to increased cost of securing said energy.”

Annual report 2024A · The company itself

“Telenor is proactively sourcing renewable electricity through long term Power Purchase Agreements (PPA), to secure access to renewable energy at predictable costs.”

Annual report 2024A · The company itself

“Sijoittaminen uusiutuvaan energiaan tarjoaa puolestaan mahdollisuuden hyötyä yhteiskuntien kasvavasta sähkönkulutuksesta ja vihreän siirtymän megatrendistä.”

Annual report 2025A · The company itself

“Veidekke har arbeidet med å utvikle en plan for utslippskutt knyttet til sine klimamål 2030 og mål om netto null utslipp innen 2045. Figurene på side 79 illustrerer tiltak som gjør at selskapet innfrir målene sine.”

Annual report 2024A · The company itself

“Notably, the Company's ability to successfully develop our current renewables projects, or in the future acquire additional renewable assets, may be impacted by the demand for and viability of renewable assets generally, which may vary depending on availability of projects and financing, as well as public policy, financial and tax mechanisms implemented at the state and federal levels to support the development of renewable assets.”

Annual report 2025A · The company itself

“In 2024, Wilhelmsen increased the shareholding in Edda Wind ASA to 31% and was instrumental in the success of the Ventyr alliance securing the first large Norwegian offshore wind tender.”

Annual report 2024A · The company itself

“These IROs are integrated into Zalaris’ business model through the adoption of energy efficiency measures, use of renewable electricity, and resilience strategies to minimise service disruptions.”

Annual report 2024A · The company itself

“Vi har under året varit involverade i branschorganisationen Wind Europes projekt för att formulera återvinningskrav, vilka är tänkta att inkluderas i auktioner för tilldelning av områden för etablering av havsbaserad vindkraft i olika länder.”

Annual report 2024A · The company itself