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November202222ExecutiveSummary3PolicyandRegulation17ThePathAhead37Methodology38mbleBondDickinsonataGlance33nAmongAmongthemajortakeaways:rs44g55e66JeffreyWhittleBeltonZeiglerDaniellaLanderssalJoséLuisVittoreepagesIndustryInsightsonnsition721%20%21%20%8shiftedsstionvehiclesyNewtransmissioncorridors”in20212022202199tOurplanhasnotchangedOurplanhaschangedslightlyOurplanhaschangedmoderatelyOurplanhaschangedsignificantlyOurplanhasnotchangedOurplanhaschangedslightlyOurplanhaschangedmoderatelysignificantlyLnMarketconditionsappeartohaveinfluencedthischangeeghaninvestorsthatthebuildoutofthegridandfurtherdevelopmentofrenewableswillcounterrisingpricesgganizationsrs36%20222021es30%28%2022202120222021*Theseanswerchoiceswerenotprovidedinthe2021surveyInvestorsandexecutiveslargelyagreeonenergytransitionchallenges8%50%50%49%%%40%%%%20%TAL%%%Sentimenthasshiftedoverthelastyearonpreparednesstomeetemissions-reductionbenchmarksdGNotpreparedSlightlypreparedModeratelypreparedVerypreparedNotpreparedSlightlypreparedModeratelypreparedVeryprepared2022elyNeitherlikelynorunlikelyVerylikelyVeryunlikelyelyNeitherlikelynorunlikelyVerylikely20222020SMoreenergyexecutivesbelievetheirorganizationsareoaNotprepared7%SlightlypreparedModeratelypreparedVeryprepared2022dSlightlypreparedModeratelypreparedVeryprepareds2022NotpreparedSlightlypreparedModeratelypreparedVerypreparedNotpreparedSlightlypreparedModeratelypreparedVeryprepared22TheInfrastructureInvestmentandJobsActiswidelyviewedasbolsteringkeyaspectsoftheenergytransition2323omn2424ThePipelineandHazardousMaterialsSafetyAdministration252526Concernslingeraboutelectricvehicleadoption(SCARCITYOFRAWR&D/INNOVATIONsWIND–ofshore28Hydrogenappealstoenergyexecutives,butit’snotyetapracticaloption20222022andtransportation/vehicles)toenergy)edinthe2929n55%INDUSTRIALAPPLICATION20%BUTIONANDDELIVERYINFRASTRUCTURE29%METHANOLPRODUCTIONPRODUCTIONTECHNOLOGYADVANCEMENTSTORAGE 3030Investorsfindcostcurveandincentivescarcitygreaterchallengesthanexecutives,whoworrymostaboutdistribution,thepaceoftechnologydevelopmentandthelackofinfrastructureadonmparedton57%COSTCURVE/DEMANDUNCERTAINTY38%INFRASTRUCTUREISLACKINGORINCOMPATIBLE36%26%COMPLEXITYOFDISTRIBUTION3232Geothermalisgainingtraction,buildingonrecentysgG33Thischartreflectsresponsesfromthosewhoareactiveinorconsideringgeothermal. % promiseandperilofnuclearpower,albeitwithsomedifferences

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