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Climate Resiliency Report CATS Means the Cap-And-Trade System for Greenhouse RCP Means Representative Concentration Pathways

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Climate Resiliency Report CATS Means the Cap-And-Trade System for Greenhouse RCP Means Representative Concentration Pathways Caution regarding forward-looking statements The forward-looking statements contained in this climate resiliency • the trends shaping these scenarios and their expected or potential and distribution systems; the evolution and profitability of report for Énergir (as defined in the Glossary) (the “Report”) impact on energy markets in general and the Corporations development projects; the ability to complete attractive acquisitions include information regarding the impact of climate change on in particular, as well as the transition risks associated with each and the related financing and integration aspects; the ability to a global scale, including in the communities served by Énergir of these scenarios for the Corporations’ business models; complete new development projects; the ability to secure future and its material subsidiary, Green Mountain Power (as defined in financing; general economic conditions; the impact of an epidemic • the analysis of the scenarios on the Corporations’ strategies with the Glossary) (collectively, the “Corporations”), the Corporations’ or pandemic outbreak (such as COVID-19) or other public health respect to the resilience of their respective business models; decarbonization strategy in order to mitigate the risks of climate crisis; exchange rate and interest rate fluctuations; and other change and to adapt to such changes and take advantage of • the effectiveness of the Corporations’ risk management factors described in section G) RISK FACTORS RELATING TO opportunities as well as other information that is not historical strategies, particularly in mitigating climate change risks; ÉNERGIR INC. AND ÉNERGIR, L.P. of Énergir Inc.’s MD&A for the fact. These forward-looking statements can reflect the intentions, • Énergir’s 2030-2050 vision; fiscal year ended September 30, 2020 and in subsequent quarterly initiatives, expectations and opinions of the Corporations’ Énergir Inc. MD&As that might address changes to these risks. management team (collectively, “Management”) and are designed • Énergir’s plans to develop climate targets and indicators directly Variations in these factors could cause the information provided in to help stakeholders better understand the approach it intends related to GHG emissions from its operations, as well as some of this Report to differ materially from actual results. Such variations to take in managing climate change risks and opportunities. those from its entire value chain, both upstream and downstream could, for example, include unforeseen changes in the legislative Such information may not be pertinent for other purposes. Generally, at its clients’ sites; and regulatory framework, failure to obtain certain authorizations, forward-looking statements are often identified by words and • Green Mountain Power’s Climate Plan; significant fluctuations in natural gas prices, supply difficulties or expressions such as “anticipates”, “believes”, “estimates”, “expects”, any other significant change related to one or more of the aforesaid “seeks”, “plans”, “projects, “forecasts”, “aims”, and other variants • GHG indicators and performance and targets for Green Mountain factors. and similar expressions as well as the negative or conjugated forms. Power; • Green Mountain Power’s roadmap in managing risks and Although the forward-looking statements contained in this This Report contains information or forward-looking statements opportunities related to climate change; Report are based on what Management believes to be reasonable relating in particular to the following: assumptions, Management cannot assure investors that actual • expected future financial and operating performance, financial results will be consistent with these forward-looking statements. • the future of energy on a global scale, particularly factors and strength and flexibility, opportunities for growth and expansion, These forward-looking statements are made as of the date of this trends that could or should shape that future; strategic planning and the execution of the Corporations’ Report, and Management assumes no obligation to update or revise • the transition towards a lower-carbon economy, and the role that strategic plans. them to reflect new events or circumstances, except as required different energy sources should play in this transition; under applicable securities laws. These statements do not reflect the Such forward-looking statements reflect the current opinions of potential impact of any unusual item or any business combination or • quantitative scenarios issued by organizations forecasting Management and are based on information currently available other transaction that may be announced or that may occur after several possible global GHG emission trajectories by 2030-2050 to Management. and which the Corporations have relied on, scenarios that take the date hereof. All forward-looking statements in this Report are qualified by these cautionary statements. Readers are cautioned into account the impact, over different timelines, of what the Forward-looking statements involve known and unknown risks and to not place undue reliance on these forward-looking statements. climate risks and opportunities identified in this report might uncertainties and other factors outside the control of Management, have on the resilience of the Corporations’ business models. including but not limited to the general nature of the aforementioned, It should be noted that no climate scenario is perfect and, terms of decisions rendered by regulatory agencies; uncertainty in this context, the Corporations have chosen those that best that approvals will be obtained by the Corporations from regulatory meet TCFD criteria (as defined in the Glossary). Readers should agencies and interested parties to carry out all of their activities note that the scenarios are not a statement by the Corporations and the socio-economic risks associated with such activities; on plausible assumptions, but aim instead to cover the realm the competitiveness of natural gas in relation to other energy of possibilities; sources in a context of worldwide fluctuations in petroleum product prices; climate change and its impact on the Corporations’ business • the scenarios of Énergir and Green Mountain Power (collectively, activities, whether due to acute or chronic physical events, political, the "scenarios") as they have been scaled for Quebec and regulatory, technological, market, or legal changes; uncertainty Vermont since the two jurisdictions have their own policies and related to the implementation of Quebec’s 2030 Energy Policy, regulations and they have each made political commitments the city of Montreal’s climate plan and Vermont's Renewable Energy to fight climate change; Standard; the reliability or costs of natural gas and electricity supply; the integrity of the natural gas and electricity transportation 2 > Énergir > Climate Resiliency Report CATS means the cap-and-trade system for greenhouse RCP means Representative Concentration Pathways. About this Report gas emission allowances established by the Regulation REC means a renewable energy certificate certifying respecting the cap-and-trade system for greenhouse that one megawatt hour of electricity was generated from This Climate Resiliency Report follows the gas emission allowances (Quebec). recommendations set by the Task Force on Climate- an eligible renewable energy source. RECs can be sold related Financial Disclosures (“TCFD”). It covers the CIRAIG means the Interuniversity Research Centre for and traded independent of the underlying energy source, two most material entities according to size and type of the Life Cycle of Products, Processes and Services. and their owner can claim that they purchased renewable energy. activities in relation to climate change, that is, Énergir with CO2 means carbon dioxide. respect to its natural gas distribution activities in Quebec, means Renewable Energy Standard. Mandatory CO eq. means carbon dioxide (CO ) equivalent. RES and Green Mountain Power with respect to electricity 2 2 renewable energy requirement for Vermont utilities set out distribution activities in Vermont. COVID-19 means the global coronavirus disease pandemic by the renewable energy statutes of Vermont. that broke out during fiscal year 2020. The report covers Énergir and Green Mountain Power’s RNG means renewable natural gas. fiscal year ended on September 30, 2020, i.e. the period Delayed Action Scenario means the Bank of Canada’s Scope 1 means direct GHG emissions from fixed or mobile from October 1, 2019 to September 30, 2020. 2 degrees Celsius or less Scenario by 2100 compared to preindustrial levels through delayed action. Énergir or Green Mountain Power facilities, as the case To learn more about Énergir’s sustainable development may be. performance according to various environmental, social Énergir means Énergir L.P. Scope 2 means indirect GHG emissions associated with and governance (ESG) indicators, please refer to its ESG means environnemental, social and governance. the generation of electricity, heat or vapour imported for Sustainability Performance Tracking Platform. As for Board means the Board of directors of Énergir Inc in its the operations of Énergir or Green Mountain Power, Green Mountain Power’s performance, please refer to as the case may be. their B Corp certification. capacity as general partner of Énergir, L.P. GHG means greenhouse gases. Scope 3 means GHG emissions other than the Scope 2 To learn more about Énergir or Green Mountain Power’s emissions
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