Qi Cai, CFA

Market Monday: 1.2GWh of New BESS Shows Where the Market is Heading Although these announcements landed late in Q3, together they paint a clear picture of where U.S storage is heading as we move into 2026. Here's the snapshot 👇 ▪️ Michigan: 100 MW / 400 MWh (Jupiter Power) - Michigan’s first utility-scale BESS ▪️ California: 200 MW / 400 MWh - now operating in CAISO ▪️ Arizona: 100 MW / 400 MWh - GridStor project with a 20-year APS tolling deal What it tells us: ▪️ Storage is expanding into new states (not just TX/CA) ▪️ Utilities are locking in long-term storage contracts ▪️ 400 MWh blocks are becoming the standard for developers Even a few months on, these projects still signal the momentum carrying us into 2026. Which regions do you think will break out next year? #MarketMonday #BESS #EnergyStorage #BatteryStorage #ProjectDevelopment #CleanEnergy

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“This isn’t a ‘business as usual’ grid problem. It’s a regime shift. - Wind, solar, and storage are the cheapest and fastest to build, but face permitting and transmission bottlenecks. - Gas, nuclear, and other firm supply remain part of the mix for reliability. - Delays are costly: stalled projects means higher bills and tighter reserve margins.”

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I saw newer, safer and more efficient technologies being tested and approved for commercialization. These talented attendees have tirelessly worked for decades to prevail over some formidable science, materials and political challenges. The great news is all those challenges have receded by their efforts, and the promise of nuclear is really here, again. Nuclear's ability to create energy abundance, helps both geo-political, as well as, personal energy security.

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Excited to see my third BloombergNEF report on Wind Turbine Contracts published today! Wind turbine orders rose 77% outside mainland China in the third quarter of 2025, according to data collected by BloombergNEF, a sharp rebound from the previous quarter as project developers stepped up activity in the US to lock in government incentives before a mid-2026 construction deadline. Vestas announced more wind turbine orders than any other manufacturer in 3Q, securing 4,002 megawatts of deals. India’s Suzlon ranked second, and Nordex third. Overall, turbine makers disclosed 8,078MW of firm orders in 3Q. BloombergNEF collects and analyses publicly-disclosed wind turbine orders and manufacturer submissions. Clients can access the full research report on bnef.com and on the Bloomberg Terminal. Special thanks to the BloombergNEF Wind Research team for their support in producing these quarterly reports - especially Cristian Bogdan Dinca, Oliver Metcalfe, Xiangyu Chen

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On Bloomberg today, Michael Levy, CEO of Crow Holdings, noted that the energy companies are asking for deposits from datacenters "that can be as large as $1 million per MWh of requested power capacity. For a new project, this could amount to a total deposit of several hundred million dollars, for instance, two, three, four, or five hundred million dollars. This requirement, which is beginning to creep into the marketplace, is a mechanism for energy companies to restrict the supply of opportunity to only serious developers, given the current infrastructure limitations." This is exactly why technologies that smooth, stabilize, and make existing grid capacity usable in real time matter. Unlocking flexibility from infrastructure already in place is becoming just as critical as adding new generation. #contactus@relyionenergy.com Relyion Energy Inc

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