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Strategic Plan 2020-2023

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Strategic Plan 2020-2023 Strategic Plan 2020-2023 Ignitis Group │ 2020 June Legal notice Disclaimer This document contains certain forward-looking statements, which include, without limitation, any statements preceded by, followed by or that include the words "may", "will", "would", "should", "expect", "intend", "estimate", "forecast", "anticipate", "project", "believe", "seek", "plan", "predict", "continue", "commit", "target", "undertaking" and similar expressions or their negatives. Such forward-looking statements are based on Ignitis Group's current views and numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. Although Ignitis Group believes that the estimates and projections reflected in the forward-looking statements are reasonable, they involve inherent known and unknown risks, uncertainties and other important factors beyond Ignitis Group's control that could cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements or from the past results, performance or achievements of Ignitis Group. As a result, you should not rely on these forward-looking statements. Unless required by law, Ignitis Group is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this document, whether as a result of new information, future events or otherwise. Strategic Plan 2 Content 01 Positioning 02 Strategic plan 2020-2023 03 Appendices Strategic Plan 3 Positioning 4 Ignitis Group at a glance Creating an Energy Smart world • One of the largest energy groups in the Baltics • Committed to​ become net CO2 neutral. No coal. No nuclear. Aligned with the fundamental ESG principles • Main businesses – Networks (electricity dominant) and Green Generation. Also engaged in complementary Flexible Generation and Customers & Solutions businesses Adjusted EBITDA Share of electricity generated 4% 2% 8% 1% Networks 17% Green generation 2019 Green Flexible 2019 generation 259.6 generation EURm 98% Conventional Customers & generation Solutions 70% Other Ignitis Group activities 98% Innovation projects Positioning 5 Business segments Core businesses focused on sustainable value creation Green Flexible Customers & Networks Generation Generation Solutions Resilient and efficient distribution Focused, sustainable and Reliability and flexibility of power Innovative solutions for easier life enabling the energy transition profitable growth system and energy evolution Material share of regulated Material share of Fully regulated Mostly regulated or contracted activities regulated activities #1 in Lithuania** #1 in Lithuania** #1 in Baltics* #1 in Baltics*** #2 in Baltics** #2 in Baltics** Country-wide natural monopoly of Unique remote solar platform electricity and gas distribution MWe: 1,077 MWe: 1,055 “saulesparkai.lt” networks in Lithuania * Based on network size and number of customers ** Based on installed capacity *** Based on number of customers Positioning 6 Sustainable investments to accelerate our continued growth Adjusted EBITDA Investments EURm EURm +4.7% 3x CAGR 260 234 238 459 216 221 57% 152 87% 39% 2015 2016 2017 2018 2019 2015 2019 Networks Green Generation Other Positioning 7 We are well positioned to benefit from energy transition in our core markets Our core focus is on home markets - Baltic countries, Poland and Finland We also explore new opportunities in other European countries on the energy transition path Latvia UK, France, Lithuania Estonia Poland Poland Finland Estonia Norway, Israel 1937 2013 2016 2017 2017-2019 2019 2020 Start of operations Supply activities Onshore Wholesale Corporate VC fund Onshore wind farm Gas supply activities wind farm operations trading investing in European construction operations energy start-ups established in 2017 Positioning 8 Contributing to decarbonisation by growing green energy share Share of green energy, % Electricity generation Heat production 98% 90% 94% We are 78% committed to 69% 70% 74% 72% achieve net CO2 neutrality by 47% 2050 22% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Taking the steps to a In less than 5 years, we doubled the share of green Green share to increase further. Two CHPs are power generation with 98% of our power generation currently under construction, estimated start of sustainable future coming from green sources operation by 2020-2021 Positioning 9 Strong commitment to a more sustainable future Environmental, social and governance criteria are an integral part of our business goals We align our business goals with the We are committed to reduce net carbon United Nations’ Sustainable Development Goals dioxide (CO2) emissions to zero by 2050 Our primary focus is on five SDGs where Ignitis' impact is most significant. We also contribute to the achievement of almost all SDGs. Positioning 10 Innovation driven to ensure our long-term success #Open funding Selected investments by our corporate Investments by Smart Energy Fund powered by venture capital fund: Ignitis Group (managed by Contrarian ventures) #Open culture Automating solar design Accelerating the sustainable Internal and external initiatives to promote and engineering mobility transition Energy Tech and attract innovative ideas #Open data and infrastructure Raising the IQ of the world’s Green, carbon-free hydrogen Sharing data and inviting to Sandbox program batteries production technology to create and prove new concepts #Open partnerships Cooperation with universities, companies, AI automating infrastructure Making sustainable mobility utilities for R&D and experience sharing projects inspection solutions to gig workers Positioning 11 Strategic plan 2020-2023 12 Leading regional platform to drive sustainable growth Allocation of Poland investments Lithuania Latvia, Estonia Other 2020-2023 • Onshore wind • Offshore wind Green Generation • Solar Focused, sustainable and • Waste-to-energy 40-50% profitable growth • Biomass • Hydro • Network maintenance and efficiency improvement Networks • New connection points and upgrades Resilient and efficient energy • Smart meter roll-out 40-45% distribution enabling • Network digitisation and automation energy transition​ • Facilitation of decentralized renewable generation • Data-hub development • Investments required for balancing of Flexible Generation renewables as well as increased Reliable and flexible power system system adequacy • Maintenance of operating assets 5-10% Customers & Solutions • Innovative solutions and platforms Innovative solutions for easier life ​and energy evolution​ • Digital channels Strategic Plan 13 Investments over 2020-2023 5%-10% 40-45% 1.7-2.0 40-50% EURbn 85-95% of investments are SDGs related Green Generation Networks Other Strategic Plan 14 CO2 reduction path Net GHG emissions Ignitis Group‘s pathway to net CO2 neutrality 600 by 2050: 500 30x • 2020: Holistic CO2 emissions measurement and emissions** eq 400 net CO2 management plan in place 2 reduction neutral • 2021: Detailed plan aligned with SBTi* in place. Ready for 300 disciplined implementation 200 • 2023: Focus on: Thousand t CO t Thousand • reduction of Ignitis Group‘s operational emissions (Scope 1) 100 in line with expansion of green generation • reduction of energy consumption (Scope 2) 0 • supply chain emissions (Scope 3) 2013** 2015** 2017** 2019** 2020-2023 2050 Generation based emissions Committed Focus on significantly decreased due to lower to become reduction of conventional generation and net CO2 emissions in decommissioning of old gas and neutral Scope 1, 2 & 3 fuel-oil fired power production capacities * Science Based Targets Initiative ** Generation based (Scope 1; Elektrėnai Complex) Strategic Plan 15 Green Generation Focused, sustainable and profitable growth 16 Operating assets Kruonis PSHPP Kaunas HPP 4 wind farms Elektrėnai boiler Electric capacity 900 MW 101 MW 76 MW - Heat capacity - - - 40 MW Energy source Hydro (pumped storage) Hydro (river flow) Wind Biomass Location Lithuania Lithuania Lithuania and Estonia Lithuania Feed-in (LT), feed-in premium Revenue source ~30/70% regulated/merchant* Merchant Mostly regulated (EE) Other info 4 units of 225 MW 4 units of 25 MW LT 58 MW, EE 18 MW - * Proportions based on 2019 adjusted EBITDA. Regulated portion is based on RAB*WACC model Green Generation 17 Assets under construction Kaunas CHP Vilnius CHP Pomerania WF Mažeikiai WF Electric capacity 24 MW (WtE) 19 MW WtE, 73 MW biomass 94 MW (29 WTGs) 63 MW (14 WTGs) Heat capacity 70 MW (WtE) 60 MW WtE, 169 MW biomass n.a. n.a. Energy source Waste-to-energy Waste-to-energy/Biomass Wind Wind Total CAPEX EUR ~150m EUR ~350m EUR ~130m EUR ~80-90m Expected COD 2020 Q3 2021 Q2 2021 Q1 2022 Construction status* Commissioning ~80% completed All 29 foundations completed Tendering suppliers Comments Partnership with Fortum Financed by EU and EIB Financed by EIB - *As of June 2020 Green Generation 18 Target to reach 1.6-1.8 GW in 2023, 4 GW in 2030 4 GW ~50-250 MW* 1.6-1.8 GW ~200 MW 186 MW 63 MW 1.1 GW 24 MW POM MŽK Secured Secured KKJ pipeline pipeline VKJ Operational 2020 2021 2022 Signed LOIs Residual target 2023 target Residual target 2030 target with developers Secured Wind (onshore) Additions Wind (offshore) Hydro 5-15% 7% 15-25% 55-65% Biomass, WtE 40-50% 10-15% 93% Solar PV 98% 40-60% 15-20% 70-80% 2% 30-40% 30-50% 15-25% 0-20% 0-10% * Additional unsecured projects‘ pipeline required to reach 2023 target. Green
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