May 27, 2026 ERCOT NPRR 1333: Is Your Inverter-Based Resource Eligible for the $25M Grid-Forming Incentive? ERCOT just posted NPRR 1333, a $25M one-time incentive to retrofit existing inverter-based resources with advanced grid-support capabilities (grid forming, specifically). The mechanics are tight: $1,500 per MW of nameplate, paid 12 months after implementation Linear availability haircut below 90% Applications due March 31, 2027; implementation deadline December 31, 2028 First-come, first-served allocation Funded by Load on an LRS basics Section sunsets June 30, 2030 Three things stand out: The cap binds fast. $25M divided by $1,500/MW ~ 16,700 MW of qualifying capacity against ~50 GW of grandfathered ESRs alone, before wind and solar. First movers win. The price point signals intent. $1,500/MW is modest relative to hardware-heavy retrofits, suggesting the target is units where advanced grid support is largely a controls or firmware update. The protocol language hints at this directly, too The impact analysis is striking for what's absent. Based on the recent disclosure, there is no project cost, no system impact, no staffing impact, and no alternatives evaluated. This is a pure market-incentive lever, not an infrastructure program. Building on NOGRR 272 and PGRR 121 (approved by the PUCT in November 2025), NPRR 1333 closes the gap for the existing IBR fleet. ERCOT's own analysis suggests up to 10% improvement in Generic Transmission Constraints (GTC) in West Texas, McCamey, and the Panhandle under tested scenarios. For ESR owners with marginal-cost retrofit paths, the math is worth running this quarter, not next. Contact Camelot Energy Group today to evaluate your options! Raafe Khan < Back Back

< Back Calla Schultz Associate Project Engineer Calla Schultz is an Associate Project Engineer at Camelot Energy Group, where she supports the Technical Services team in advancing clean energy projects. Her focus is on engineering analysis, market and policy research, and technical documentation to inform decision-making and advance solar and battery energy storage project deployment. Previously, she interned at Camelot on the Programs and Policy team, contributing to technical advisory work and feasibility studies for public sector clients. Before joining Camelot, she worked as a Battery Energy Storage Systems (BESS) Intern at PureSky Energy. She has also conducted laboratory research in both academic and industry settings across life sciences and geochemistry, reflecting her interest in applying physical science to address environmental problems. Calla values collaborating with Camelot's experienced and thoughtful team to help build a resilient, accessible energy system for future generations. Outside of work, she enjoys traveling and learning about different cultures, practicing yoga, drinking coffee, and spending time in nature. She has an M.S. in Materials Science and Engineering from Boston University, with a concentration in Materials for Energy and Environment, and holds a B.S. in Chemistry from McGill University. calla.schultz@camelotenergygroup.com

Jun 25, 2026 Battery Storage Incentive Landscape in New York Introduction The New York energy landscape is shifting faster than most people realize. Between the summers being hotter than ever, strict emission rules, higher levels of electrification, and a grid that is feeling the pressure of these rising load demands, the disequilibrium between supply and demand could not be higher. If you are a property owner in New York, not only do you need to hunt for available incentives, you also need to understand how the timing, program specifics, and new compliance rules would impact the actual value of your investments. The markets are changing rapidly, and with this article, we aim to help break down the options for you. The state has committed to deploying 6GW of energy storage by 2030 in every region from the 5 boroughs to upstate cities. Understanding how these programs interact and how to execute a relatively linear execution workflow are crucial as these incentives are substantial as well as limited. NYSERDA Incentives Residential and Retail Storage Incentives This is New York’s primary incentive program for battery storage systems up to 5 MW AC . The program offers upfront rebates based on usable installed kilowatt-hour (kWh) capacity. Incentives are usually paid directly to the NYSERDA Participating contractors and are required to be passed by the customer as a reduction in the total installed project cost. Residential Energy Storage Incentives are available for behind-the-meter systems with up to 25 kWh of storage capacity. The Retail Energy Storage Incentives are available to both behind-the-meter and front-of-the-meter projects up to 5 MW AC . The program uses a “ declining block ” setup. Funding is divided into tiers, and as those tiers fill up, the incentive amount tends to drop. To lock in the highest possible rate, the best decision is to act soon! For qualifying in this incentive: You’ll need to work with a NYSERDA-approved installer. The system needs to meet all required safety and permitting standards, including UL 9540A fire safety testing and approvals from local authorities. Projects are expected to stay in service long enough to deliver meaningful, long-term benefits to the grid. Systems need to be properly integrated with building electrical infrastructure and utility interconnection requirements. Incentive levels change by region, with New York City operating under a separate declining block schedule compared to Upstate New York and Long Island, each of these follows its own regional incentive structure and funding. Value of Distributed Energy Resources (VDER) or the Value Stack The VDER is a methodology created by the New York State Public Service Commission to compensate energy created by distributed energy resources including solar, standalone energy storage and co-located energy storage systems. Eligible systems include behind-the-meter nonresidential projects larger than 750 kWAC, as well as front-of-the-meter projects up to 5 MWAC that export electricity onto the electric distribution system. The Value Stack tariff provides savings to a project through bill credits;, there are no direct cash payments. Compensation is based on when and where a project provides electricity to the grid, determined by the following components of the Value Stack: Energy Value (LBMP) Capacity Value (ICAP) Environmental Value (E) Demand Reduction Value (DRV) Locational System Relief Value (LSRV) Each month, NY utilities file a statement that includes the rates associated with each of the above components of the value stack. Bulk Energy storage incentive (Index Storage Credit Program) This program is designed for the large-scale “front-of-the-meter” projects, those larger than 5 MW that feed power directly into the grid. In this program the ISC gives developers long-term financial stability. You still sell power and services in the wholesale market although the ISC acts as a buffer against price rises. This works as a “contract for differences.” As the market price falls below the agreed strike price, NYSERDA pays you the difference. If market is booming and you make more than that price, you do end up paying the extra cost back. Which helps in keeping the income steady and predictable. Grid interconnection, strict safety testing (UL 9540A), and local permitting are yet required, as New York is more streamlined, they have more rigorous requirements. If you can manage the complex utility-scale projects this program is for you! Inclusive Storage Incentive (ISI) This program is designed as a bonus payment. If your project is in the Disadvantaged Community (DAC) it provides and additional per-kWh incentive adder for eligible projects along with the Residential and Retail Energy Storage Incentive. The goal of this incentive is to bring clean energy to the neighborhoods hit hardest by climate change, ensuring everyone gets a chance as New York moves to achieve its climate goals. This is for small property owners. You need to check from the NYSERDA’s mapping tool you are in the qualifying area which factors the local health, environmental and economic factors to identify communities in need. This incentive can be combined with other perks like property tax exemptions (RPTL § 487) and utility rewards programs. For this you receive the payment right alongside with your base incentive as the project is completed. Standard safety rules always need to be followed, which include passing the fire safety test (UL 9540A) and getting the permits for DOB and FDNY. BESS Peer Review Although not an incentive program, the new BESS Peer Review process is an important requirement tied to both the Retail and Bulk Storage programs for non-NYC projects. Required for all NYSERDA-funded energy storage projects exceeding 600 kWh, the Peer Review is a pre-construction desktop review of design documents conducted by vetted, qualified experts to verify code compliance and safety before construction begins. The process generally involves document submission, an iterative technical review with feedback, and results in an approved Peer Review Report. Applicants should plan for 45–60 days for a complete submission. Once approved, major design or equipment changes should be avoided, because any material deviations from the approved design carry financial risk and must be resubmitted for review. A post-construction onsite field inspection is also required to confirm the project was built in accordance with the approved design. We are proud to be one of the contracted firms that helped design the Peer Review program and are positioned to carry out reviews to help ensure projects are built to the highest safety standards for communities, local AHJs, and fire departments. Property Based Incentives Solar & Electric Storage Property Tax Abatement (PTA) If you like working on a solar or battery project this is a powerful incentive. It is designed to help you recoup a significant chunk of your investment through direct tax relief. 30% of the installation cost can be recovered, with a total cap of $250,000 which is spread over 4 years. Which breaks down tax to be $62,500 per year. New York is a fast city! Applications are to be submitted by March 15th to see the credit on the following tax year’s bill. In case you miss it then you must wait for next year to start saving. This PTA applies to Class 1 (residential homes), Class 2 (multifamily building) and Class 4 (commercial buildings). You need to clear the usual requirements: Clearing tests from DOB and DFNY UL9540A fire system standards must be met. The drawback is that you can’t combine this and the RPTL § 487 property tax exemption at the same time. Hence, owners need to calculate which incentive is more pocket-friendly for them. Clean Energy Systems Exemption (RPTL § 487) This is a statewide incentive program that keeps property taxes from increasing after the installation of a battery storage system. For 15- years any increase in your property assessed value which comes from the new system is completely tax-exempt. The incentive is best for owners and developers. As this is a state law the local governments and the school districts outside the New York can choose to opt out of this. To enroll in this, one needs to check with the local government to confirm if the local municipality is participating. How do you claim this? Owners need to file the RP-487 Form Notice of Intent (NOI) to their local tax authority. Meet fire codes, building code and utility interconnection standards. This exemption can’t be combined with Property Tax Abatement (PTA), so you will need to analyze the project's costs and see which helps you in saving more. Other Regional Incentives and Statewide Support Programs Con Edison Demand Management Programs (Downstate) This program is for high-traffic areas, i.e. Brooklyn and Queens, where the grid can get overloaded due to congestion. To solve building expensive power plants, Con Edison offers programs such as Brooklyn – Queens Demand Management (BQDM) which pays building owners for using less power when there is a strain on the grid. To reduce load during peak demand events in the summer due to the use of HVAC, Load Relief Programs are introduced where they pay the building owners and operators to reduce the load during the peak events. These programs tend to be highly lucrative paying between $2,500-$3,000 per kW. This isn’t a one-time confirmation;, it’s a combination of an upfront payment and ongoing rewards for how well your system would perform when dispatched by Con Edison during peak demand events. As summer heatwaves rise and we continue to see prolonged cold snaps, the grid needs a fast response. Battery storage is the perfect solution for this as it discharges power by dropping the buildings net demand the moment Conm Ed sends a signal. To qualify for this: The system needs a 4-hour dispatchable capacity. The systems need to be integrated with Con Ed’s monitoring system so they can verify that the load is reducing during peak events. When these payments are combined with NYSERDA rebates and federal tax credits, battery storage economics improve. In many neighborhoods, stacking these incentives transforms battery storage from a marginal option to a high return, and a must- have investment by also shortening the payback period. Other Utility Programs by Region PSEG Long Island has been testing out storage rebates in LIPA territory for residential and commercial customers. Residential – single family or small residential properties billed under residential tariffs. Commercial - non – residential or multifamily property billed under commercial institutional utility tariffs. National Grid, NYSEG, RG&E and Central Hudson offer programs which are focused on peak load reduction and demand response, encouraging customers to reduce usage during high-demand periods to help in managing the local grid constraints. Connected Solutions – This program is a performance-based incentive program that pays National Grid customers for sharing stored energy from their battery systems with the electric grid during periods of peak demand. Customers receive annual incentive payments based on the average amount of power they contribute. Active National Grid electric service account customers, both residential and commercial and industrial, with behind-the-meter battery energy storage systems are eligible. Statewide and Complementary Support Programs NY – Sun Program: Pairing solar panels with a battery system? You can be eligible for this incentive program. It is particularly helpful for commercial properties and housing projects dedicated to low-to-moderate income housing. NY Green Bank: Offers flexible, low-cost loans designed to support energy storage projects, whether deployed as standalone systems or on a solar array. NYSERDA Permitting Toolkit : A resource packed with templates and guides to make the permitting process less of a headache. This helps developers and local government get on the same page and ultimately cut down soft costs and delays. Clean Energy Communities (CEC): Local towns adopt clean energy-friendly policies as expedites permitting energy code enhancements that qualify for state funding. How to Maximize ROI Incentive stacking can improve project economics and support compliance objectives. A typical stack would include: NYSERDA rebates NYC PTA or RPTL § 487 Federal Investment Tax Credit Utility demand management programs Factors to consider: Timing – ensure to place the system in service Installation type – Standalone BESS vs. solar + storage Property type – Residential, commercial or multifamily. Compliance Landscape Local Law 97 (The Carbon Tax) Buildings which are over 25,000 sq ft and exceed their annual emissions usage limits face penalties of $268 per metric ton of CO2 emissions above the limit. Although the penalty rate is fixed, emissions caps tighten over time, increasing compliance risk for inefficient buildings. Batteries help buildings reduce emissions penalties by shifting electricity use to lower- emissions periods, lowering overall emissions intensity and supporting future solar or EV charging stations. Local Law 87 (The Efficiency Tune-Up) It requires covered New York city buildings to complete energy audits and retro-commissioning every ten years to identify and correct inefficiencies in building systems. Reports often reveal load spikes. Battery storage can support HVAC upgrades or electric boilers by managing these spikes and reducing the strain on electrical services. Compliance doesn’t require paying full costs. Stacking NYSERDA rebates, utility programs, the federal ITC and NYC property tax abatements can reduce the system costs. Residential and commercial battery storage is a practical way to support compliance with New York’s energy requirements while minimizing the need for major electrical infrastructure upgrades. BESS Moratorium Map Conclusion The clock is ticking. Incentives don’t stay forever. Funding levels through NYSERDA inventive levels decline as funding blocks are fully subscribed, and missing a single tax deadline means a delay for a year to save your pockets. Early action wins. Starting now doesn’t just improve your banks, it leads to smoother approvals through permitting and approval processes, particularly as demand for energy storage grows. Moving sooner will improve project economics. Early adoption of battery storage supports building level compliance efforts and contributes to a cleaner, more reliable and more resilient New York for the future. Raafe Khan, Nimisha Shah < Back Back

< Back Andrew Leslie Senior Project Engineer Andrew Leslie is a career Field Service Representative with over thirty years of customer service experience in the Power Utilities and Automotive sectors. As a member, lead-hand, or site supervisor of an installation and commissioning team, he was called upon regularly to provide support for the team’s EHS (Environment, Health & Safety) concerns. Project planning, coordination and execution are also areas of his expertise, along with civil construction of substations, duct banks and buried conduits required in Utility Hydro and EV Infrastructure projects. These projects typically included electrical and mechanical installation of switchgear, robots, and components, robotic programming, PLC coordination, and site support. As a Construction Supervisor, Lead-hand, and Team Member at Black and MacDonald, he primarily coordinated and executed Substation Maintenance and Construction projects for Toronto Hydro in the Downtown and Horseshoe substations, on Medium Voltage (5, 15, and 27.6 KV) installation and maintenance projects. His training in the Canadian Armed Forces has given him the ability to adapt to new challenges effectively and his experience as a Field Service Representative in the Power/Utilities and Automotive industries, Substation Construction and Maintenance, EV Infrastructure, BESS O&M, and HV Maintenance backs up his commitment to providing clients end-to-end Stellar Customer Service. andrew.leslie@camelotenergygroup.com

Feb 13, 2025 NERC’s New Compliance Threshold Big changes are coming for renewable energy projects in North America. Starting in May 2025, NERC will require all inverter-based resources (IBRs) with an aggregate nameplate capacity of 20 MVA or more—connected at 60 kV or higher—to register as a Generator Owner (GO) and/or Generator Operator (GOP). If your solar, wind, battery storage, or fuel cell project falls into this category, compliance is no longer optional—it’s mandatory. 1. Understanding the New Requirements Historically, NERC registration was only required for facilities above 75 MVA and 100 kV, but these new thresholds mean that many mid-sized energy projects will now be subject to NERC oversight for the first time. The goal? Enhancing grid reliability as more inverter-based resources connect to the bulk power system. 2. Key Steps for Compliance If your project meets the new criteria, here’s what you need to do: Assess Your Facilities – Determine if your current or planned projects exceed the 20 MVA and 60 kV thresholds. Begin the NERC Registration Process – Registering with NERC isn’t an overnight task. The process can take 6–12 months, depending on factors like documentation requirements, technical assessments, and coordination with regional reliability entities. Early registration helps avoid bottlenecks and ensures compliance well ahead of the May 2026 enforcement deadline. Develop a Compliance Plan – This includes: Meeting NERC Reliability Standards , such as PRC-024 (Generator Frequency and Voltage Protection) to ensure proper coordination with the grid. Updating operational procedures , like implementing real-time monitoring systems to log and report grid disturbances. Training personnel on cyber and physical security best practices to align with CIP (Critical Infrastructure Protection) requirements. Conducting regular audits to ensure ongoing compliance with evolving regulations. Engage with Experts – Compliance can be complex, and mistakes can be costly. Partnering with experienced professionals ensures a smoother transition. 3. How Camelot Energy Group Can Help At Camelot Energy Group, we can assist you with NERC registration and compliance support for energy storage and renewable energy projects. Whether you’re navigating the registration process for the first time or need a tailored strategy to meet NERC’s evolving reliability standards, our team of experts is here to help. From registration assistance to ongoing compliance support, we provide: End-to-end NERC compliance services tailored to your specific project Technical assessments to determine your compliance obligations Regulatory expertise to help you avoid penalties and operational risks With the May 2026 compliance deadline approaching, early action is critical. Don’t let regulatory hurdles slow down your project—reach out to Camelot Energy Group today to ensure you stay ahead of the curve. Contact us to discuss your NERC compliance strategy! < Back Back

Nov 6, 2025 The Future of Grid - Scale Storage Grid forming projects: Should developers want to design grid-forming inverters they will need to engineer their systems differently. This means that auxiliary loads and losses will be higher, and economics will need to be re-casted to account for SoC-loss during standby operation and forming operation In addition, the following challenges must be navigated: Transformer inrush control POW switching or V/f pre-flux ramp for soft energization Over-voltage issues Handling reactive power absorption Resonance and harmonics Damping network oscillations and ensuring stable short-circuit response Frequency and load pick-up challenges Stabilizing V/f during cold load pickup and staged block loading Operational sequencing Q-droop hierarchy, staged energization, etc. validated via EMT and HIL tests Synchronization issues Smooth ramping, droop control, etc. Ramp rate tuning Staged load pickup and reserve margins Raafe Khan and Shawn Shaw < Back Back

Apr 4, 2025 New U.S. Tariff Policy In an Executive Order signed on April 2, 2025, President Trump has instituted a minimum 10% universal tariff on all imports starting April 5. These 10% tariffs will be additional to “Reciprocal Tariffs” between 10% and 50% on products from about 60 countries starting April 9. The Trump Administration has calculated these Reciprocal Tariffs based on the ratio of country-level trade deficits with the US divided by the value of US imports from the target country. This ratio is being described as a measure of perceived unbalanced trade practices against the US and the Reciprocal Tariffs are being set at 50% of this value for most countries. We note that there are a variety of reasons for countries to have trade deficits and the existence of such deficits is not, in its own, an indication of unfair or unfavorable trade policies. It merely conveys that the US buys more of a country’s exports than that country buys of US exports and these deficits are a normal part of global trade between nations. Exceptions ➡️These new tariffs will not apply to goods that have been loaded on a vessel at a port and are deemed to be in transit before the new rates go into effect. ➡️The universal rate will not apply to goods in transit to the US before April 5 and the reciprocal rates will not apply to goods in transit to the US before April 9. ➡️According to the Executive Order, the new tariffs will not apply to certain articles that President Trump has already singled out for current or possible future sector-specific tariffs. Per the National Electrical Contractors Association (NECA), these sectors are steel, aluminum, some downstream products that use steel or aluminum, copper, pharmaceuticals, autos and auto parts, semiconductors, certain critical minerals and energy and energy products. ➡️The tariffs apply only to the non-US content of goods that include US components. However, at least 20% of the value of such goods would have to originate within the US. Implications for the Energy Sector The new tariffs will impact a variety of energy related technologies, from solar modules produced in Vietnam to wind turbines made with foreign components. FERC recently released their Energy Infrastructure Update for January 2025, in which they noted that the vast majority of new generating capacity will be in solar and wind . Other equipment necessary for bringing power plants online, like switchgear, transformers, and substation equipment is largely imported and will see costs increase. The fossil fuel industry is not exempt, either. Thermal generation equipment, like natural gas combined cycle (NGCC) turbines. Supply is already constrained, and capacity is tied up until about 2029-2031 from Tier 1 suppliers, so added costs will add even more strain. The broad application of new tariffs is expected to have an impact across the energy sector, from gas turbines to solar modules, just as energy demand is growing nationwide to fuel the growth of the AI sector. Impacts on the Energy Storage Supply Chain Many of the countries that supply battery energy storage systems (BESS) to the US market are heavily impacted by the new tariffs. As it currently stands, assuming no other changes, by January 2026, BESS from China will be subject to a total tariff of about 82.4%, as shown below. Clearly, juggling all of the relevant tariffs and duties is a significant exercise with many moving parts. *HTSUS = The Harmonized Tariff Schedule of the United States Tariff Rate Base Tariff, applied March 2025 20.0% HTSUS* Tariff (2012) 3.4.0% Section 301 Tariff 7.5% (2025), 25.0% (2026) Reciprocal Tariff 34.0% Total 64.9% (2025), 82.4% (2026) A summary of the major BESS exporting countries to the US and their new tariffs is shown below. Imported BESS from China have a significantly higher expected tariff than most other countries exporting BESS into the US market. The final tariffs on any product, however, will be complicated to determine as the underlying components may, themselves, be subject to additional tariffs (e.g., an Indonesian BESS made with Chinese inputs). This will be most impactful to the lithium iron phosphate (LFP) BESS suppliers in the near term but with no country being exempt from at least some sort of tariff, we can expect a great deal of supply chain adjustment in the months ahead. Country HTSUS Tariff Base Tariff Section 301 Tariff (Before 1/1/26) Section 301 Tariff (After 1/1/26) US Reciprocal Tariff Total New Tarriff Rate in 2025 Total New Tariff Rate in 2026 China 3.4% 20.0% 7.5% 25.0% 34.0% 64.9% 82.4% Indonesia 3.4% 10.0% 0.0% 0.0% 32.0% 45.4% 45.4% South Korea 3.4% 10.0% 0.0% 0.0% 25.0% 38.4% 38.4% Japan 3.4% 10.0% 0.0% 0.0% 24.0% 37.4% 37.4% Impacts on Battery Storage Pricing Based on our tariff tracker, Chinese made DC blocks are now effectively between the $130 - $180 per kWh-dc range (DDP to site), whereas Non-Chinese DC blocks (manufactured in let’s say Indonesia) are between the $115 - $165 per kWh-dc range (DDP to site). Baseline costs are expected to shift in the near term so this gap may narrow or widen further based on macroeconomic conditions. The gap between domestically manufactured non-LFP DC blocks and Chinese made LFP blocks is expected to narrow by early next year to about $50-$60 per kWh-dc. This means, if OEMs in this category reduce their prices by about 25-30%, based on current capacity projects, then, domestically manufactured non-LFP BESS will be a more attractive option for buyers based on total cost of ownership, not inclusive of the domestic content adder under the IRA. It is to be noted that the American Active Anode Material Producers (AAAMP) filed an AD/CVD petition in 2024 seeking a tariff of up to 910%. This has not yet been adjudicated by the Department of Commerce; however, we expect some movement on this later this fiscal year. Chart from Camelot Energy Group – Impact of April 5 Tariff on DC Blocks International Reactions The scale of the current trade actions is highly likely to elicit stiff responses from the international community. As of this morning of 4/4/25, China has announced a 34% tariff on all US imports, alongside increased export controls affecting rare earth minerals and other key materials exported to the US. While the US is a net importer of most clean energy technologies, US exports of biofuels and components for wind and hydropower systems may be impacted. Perhaps even more impactful, however, would be an increase in export controls that reduce the availability of key input materials. Efforts to onshore lithium-ion battery production, for example, will struggle without a ready supply of high grade graphite for making suitable anodes (currently, despite recent AD/CVD claims, there are no domestic suppliers of graphite who can meet the battery industry’s purity requirements). Also, the majority of equipment used in manufacturing solar cells is currently sold by China, with one recent manufacturer Camelot spoke with indicating the only other option was to buy European equipment at “4x the cost and half the output” compared to the Chinese alternatives. If these trade actions are intended to spur a renaissance of domestic manufacturing, the US is highly vulnerable to interrupted supply chains and export controls from abroad that restrict the very tools we need to build and scale a domestic manufacturing industry. The global trade situation and its impacts on the clean energy sector are evolving quickly and this is a developing topic. Stay tuned for periodic updates from the Camelot team in the days ahead. Follow us on LinkedIn for the latest insights. Next Steps for Industry Stakeholders With growing pressure due to pricing, it is time to carefully evaluate projects and supply chain risks. The Camelot team can help asset owners, investors, and other key stakeholders: Perform due diligence on potential new projects, optimizing technology, revenue streams, and asset management strategy Establish, strengthen, and diversify supply chains to ensure you have flexibility to keep your projects on track Evaluate new technologies that may offer new opportunities, as well as new challenges The Camelot team combines technical, economic, procurement, and strategic insights to help our clients navigate the changing market. Reach out to Hello@CamelotEnergyGroup.com today. We look forward to hearing how the new tariffs affect your business- and ensuring you get the help you need. Bespoke technical and strategic advisory for a better world Raafe Khan, Shawn Shaw < Back Back

Mar 10, 2025 Constructability Part 1 Constructability refers to the overall ease and efficiency with which a project can be built. This directly influences both the speed of construction, and the cost required to complete the project. It encompasses various aspects of design, planning, procurement, and execution to ensure the project can be built effectively, safely, and within budget and timeline constraints. The Importance of Constructability in Solar and Battery Storage Projects When it comes to solar and battery storage projects, constructability should be considered as early as the site acquisition stage. Typically, during this phase, developers identify a potential land parcel and create a preliminary layout to assess site capacity, estimate annual energy production, and gauge interconnection feasibility using the limited information available. While this is a crucial first step, constructability concerns are often overlooked or insufficiently analyzed. This can lead to projects with critical constructability challenges advancing through the development process—resulting in wasted time and money on projects with a low likelihood of successful execution. The Camelot Energy team has extensive experience in development, engineering, procurement, and construction, allowing us to help owners and developers identify and address constructability concerns early in a project’s lifecycle. By doing so, we help mitigate late-stage issues, ensuring smoother project execution. This article is the first in a series on "Constructability," where the Camelot team will highlight common challenges and showcase solutions that enable seamless project development and construction. The Ups and Downs of Topography in Renewable Energy Projects One of the most common constructability issues we encounter during the development and construction phases is inadequate attention to topography . The terrain of a project site significantly impacts design feasibility, energy production estimates, and overall constructability. Why Topography Matters Most preliminary project layouts are created using publicly available data, which typically provides only 5’ or 10’ contour intervals. While this offers a rough idea of site conditions, it lacks the precision needed to fully de-risk a project. This limitation is particularly problematic for sites with complex terrain, dense forestation, or proximity to floodplains. For such projects, hiring a professional survey company to conduct a detailed topographic survey (with 2’ contour intervals or finer) is essential. This data enables developers and engineers to validate site conditions accurately and plan accordingly. Using Topography Data in Project Design and Development Once a detailed topographic survey is completed, the preliminary layout—including solar arrays, battery storage units, access roads, fencing, and equipment pads—should be incorporated into computer-aided design (CAD) software . By integrating this data into the design, engineers can assess site suitability and proactively address constructability challenges. At this stage, a slope analysis should be conducted to identify areas of concern. This analysis requires input from multiple disciplines, including civil, structural, and electrical engineers, construction professionals, and racking vendors . Collaboration ensures that all aspects of the project are evaluated, and risks are mitigated early. Key Topography Considerations for Constructability Civil Design Grading requirements to meet design standards Stormwater management and hydrology considerations Access road construction feasibility Equipment pad locations and elevation planning Structural Design Vendor-specific racking slope tolerances Structural calculations for stability and safety Accommodation of varying site elevations Electrical Design Trenching and underground conductor runs Placement of medium-voltage poles and guy wires for overhead lines Routing and protection of underground cables Construction Considerations Water management strategies during construction Temporary erosion control measures Site layout for construction staging areas Placement of office trailers and parking zones Operations & Maintenance (O&M) Planning Long-term vegetation management strategies Ongoing erosion control measures Why Early Topographic Analysis is Essential Topography sets the foundation for every aspect of a renewable energy project—it is the building block of successful development and project design. Identifying and addressing topographic challenges early minimizes risks, helps maintain budget and schedule discipline, and ensures that project goals are met. By taking a proactive approach, developers can avoid costly redesigns, permitting delays, and unexpected construction obstacles. Looking Ahead This article is just the beginning of our series on constructability. In upcoming articles, we will dive deeper into other critical factors affecting constructability, including geotechnical challenges, interconnection hurdles, and procurement risks. Stay tuned for more constructability insights from the Camelot Energy Group! < Back Back

< Back Sagar Bharadwaj, PMP Project Manager Sagar Bharadwaj is a Project Manager at Camelot Energy Group with experience in renewable energy, energy storage, and project management. His work spans battery energy storage systems (BESS), long-duration energy storage, hydrogen technologies, technical project management, and engineering coordination, supporting projects from early-stage development through execution. Prior to joining Camelot, Sagar worked across the energy storage and clean energy sectors, supporting the development of lithium-ion and non-lithium battery technologies, hydrogen-powered aviation systems, and utility-scale energy storage projects. He managed the development of a long-duration battery energy storage project at the University of Minnesota, leading technical evaluations, procurement strategy, financial analysis, and project planning. He also supported the development of hydrogen-powered aviation systems at ZeroAvia and contributed to the development of battery technologies at Aerosapien Technologies. Sagar holds a Master of Science in Energy Science, Technology & Policy from Carnegie Mellon University and a Bachelor of Technology in Mechanical Engineering from Vellore Institute of Technology (VIT). He is also a certified Project Management Professional (PMP®). Outside of work, Sagar enjoys producing music, experimenting with new recipes, traveling to national parks, and staying up to date on emerging technologies Sagar.Bharadwaj@camelotenergygroup.com

Aug 30, 2024 Solar Availability Series Part 3 Welcome back for Part 3 of Camelot’s series on solar availability, which is an appropriately-hot topic as the industry continues to mature. If you’re just joining us for the series, please checkout Part 1 and Part 2 of this series. We’ve set the groundwork with how availabilities are calculated and reported along with the current state of IE assumptions. Today we’ll touch on ways of maximizing availability (minimizing downtime). This topic could be its own series, so we’ll focus on the bigger picture. If you’re curious about Camelot’s stance on availability assumptions as an IE, be on the lookout for future parts in this series. Thank you for joining us! The most impactful sources of downtime come from major component failures such as from inverters, which put entire blocks of a system offline at the same time, although more minor events can still bring smaller portions of the site down. We’ll focus primarily on the most impactful contributors to downtime here. There are two broad, controllable factors which impact availability: The frequency of downtime events , driven by component failure rates and the need for planned maintenance. The quality of the engineering and proactive maintenance is important for this piece; and The duration of downtime events , driven by staffing, readiness of replacements, and other primarily-O&M considerations. Reducing the Frequency and Duration of Downtime Events During Operations Owners and O&M providers and can have a significant impact on both the frequency and duration of downtime events at an operational project once it’s been built. Here are a few recommendations for ensuring success: Follow a Robust O&M Agreement. The O&M agreement should be closely followed during operations, which unfortunately does not always occur. The agreement should be robust and include elements of the items below. More recommendations for O&M agreements are also included in the next section. Predictive Maintenance: Utilize data analytics to predict potential equipment failures before they occur. By analyzing trends and historical data, O&M teams can identify patterns that signal imminent issues, allowing for timely interventions. Sufficient Preventive Maintenance: Schedule regular maintenance based on equipment manufacturers' guidelines and site-specific conditions. This includes checking electrical connections and inspecting mechanical systems such as trackers. Of note, energy-based availabilities can be optimized by scheduling maintenance events during periods of expectedly-low production. The time-based availability metric might be the same, but the smaller energy loss means a higher energy-based availability. Spare Parts Management: Maintain a well-stocked inventory of critical spare parts on-site or at a nearby location. This ensures that replacements can be done swiftly without waiting for parts to be ordered and delivered. Follow manufacturer recommended list and review periodically as components may become less available over time. Strong Vendor Relationships: Collaborate closely with equipment manufacturers and vendors to gain access to the latest updates, best practices, and support services. This can also help in negotiating favorable terms for spare parts and service agreements. Third-Party Audits: Engage third-parties to review the performance of the O&M program periodically. External audits can provide fresh insights and identify areas for improvement that internal teams might overlook. Training: conduct regular staff training and testing to ensure readiness for major component failures and extreme weather events. An inverter fire which caused system-wide availabilities to drop for a significant period of time Reducing the Frequency and Duration of Downtime Events During Development O&M activities may be the most visible contributor to a Project’s operational success, but they are not everything. An ace car mechanic can still see more issues with an old, poorly-built junker than a novice will see with a durable, high-end car. Camelot encourages developers to have a mindset of ensuring long-term operational success, which leads to fewer issues and less-impactful downtime. For this, we offer a few broad suggestions: Environmental Impacts: Consider site suitability at an early stage. Evaluate potential environmental risks such as wildlife interference, extreme wind speeds, natural disasters, and erosion which could affect the project’s operation and maintenance. Durable Components : Select robust inverters, transformers, racking systems, and other components designed to withstand harsh environmental conditions and have low failure rates. This often means evaluating cost tradeoffs for more expensive components. Exceed Codes and Standards: At a minimum, ensure the project complies with all local, regional, and international standards for safety, performance, and environmental impact. Even more importantly, most EPC agreements only require code compliance, and code is not about longevity of the asset, it is about safety. As such, make sure your EPC Agreement reflects materials, methods, and design standards consistent with the planned (and financed) useful life. Access: Ensure the site has adequate access for maintenance personnel, which can impact the duration of downtime events. Make major equipment accessible near site roadways and ensure roads are wide enough to facilitate easy use of cranes and other heavy kit. Design the site to allow for spacing between components so that specialized equipment isn’t required for access and repair. Remote Monitoring Infrastructure : Deploy advanced SCADA (Supervisory Control and Data Acquisition) systems to monitor the performance of the solar farm in real-time. This allows for quick identification of issues before they lead to significant downtime. Contract with Reliable O&M providers : Developers will elect to engage with O&M providers during the later stages of development, and should do their due diligence on prospective providers to ensure they will have the right capabilities. The O&M contract should be comprehensive and include elements of the list in the prior section. A few of the most impactful items include: Availability Guarantees: The agreement should include specific availability targets. These targets set clear expectations for how often the solar plant should be operational, and should be tied to incentives to increase the chance of compliance and incentivize high availability. Maintenance Schedules and Protocols , including preventative maintenance schedules, corrective maintenance procedures, and component replacement protocols. Regular Reporting Requirements: The agreement should mandate regular performance reports, including availability, downtime events, maintenance activities, and any corrective actions taken. Transparency in reporting helps project owners monitor O&M effectiveness. For more details on ways of ensuring optimal operations at a solar project, Camelot has released a couple of related articles, including Navigating the Testing and Commissioning Process for Solar Projects , and Tips and Tricks for Procuring PV Modules in 2024 and Beyond . For quick examples of some of the more notable mistakes made in construction/operations which directly lead to lower availabilities, you can follow us on our ongoing Field Failure Series (FFS) . The next article in this series will cover Camelot’s balanced approach when advising our clients on availability expectations for our projects. In the meantime, for questions and more details about Camelot Energy Group and our distinct attitude towards these issues, please reach out at info@camelotenergygroup.com . About Camelot Energy Group is a technical and strategic advisor to owners and investors in clean energy and energy storage projects, programs, and infrastructure. Guided by our core values of courage, empathy, integrity, and service we seek to support the energy needs of a just, sustainable, and equitable future. Our team has experience in supporting 7+GW of solar PV and 10+ GWh of energy storage and offers expertise in technology, codes and standards, engineering, public programs, project finance, installation methods, quality assurance, safety, contract negotiation, and related topics. Our services are tailored to a providing a different kind of consulting experience that emphasizes the humanity of our clients and team members, resulting in a high quality bespoke service, delivered with focus, attention, and purpose. Key services include: -Technical due diligence of projects and technologies -Owner’s representative and engineer support -Strategic planning -Training and coaching -Codes and standards consulting -Contract negotiation and support < Back Back

Mar 20, 2025 New Acquisition Opportunity in MISO At Camelot, we always try to keep a finger on the pulse of the solar and energy storage M&A market, as many of our clients turn to us for technical and market due diligence on these sorts of engagements. We just had a noteworthy M&A opportunity come across our desk from our friends at Enerdatics and wanted to share another new opportunity with our network. It’s for a portfolio of ten hybrid (Solar + BESS) projects and one standalone BESS in MISO, a region where many folks have had development and acquisition interests in projects of these kinds. This unique opportunity comprises ten hybrid projects and one standalone BESS totaling 327 MW of solar with co-located BESS + 200 MW of standalone BESS , available for sale in Illinois, Indiana, Wisconsin, and Michigan, USA. Projects are in mid-stage development. Eight of the eleven projects belong to the DPP 2022 cluster and have received their DPP1 Interconnection Cost Estimates from MISO. Initial development, including CIAs, Wetland Delineations, and Phase 1 ESAs, has been completed. The Projects benefit from long option periods of up to 10 years, providing significant flexibility in development. Geographic diversification across four states helps mitigate idiosyncratic market risks of development. Additional details are provided below. The seller is targeting to receive non-binding offers by March 28th, 2025 – please reach out now if you are interested! The seller’s preference is to transfer the ownership of the entire portfolio but is open to considering proposals for a subset of the portfolio in the interest of maximizing the value and number of projects that achieve commercial operation. Camelot Insights Camelot has recently performed diligence on several projects in MISO and we find that revenues can vary widely based on the system sizing and offtake strategy. Similar hybrid projects present a great opportunity and favorable economics in MISO; the ISO took the lead in 2024 with the highest total hybrid capacity in asset level M&A transactions compared to other ISOs/RTOs. In MISO, both Energy and Capacity account for a significant portion of the total revenue stack. Camelot recommends a thorough review of the revenue stack assumptions for the projects in this portfolio. Capacity Market: As MISO transitions to the Direct Loss of Load (DLOL) accreditation method for its capacity market, the accreditation for certain renewable resources is in flux and should be considered. The DLOL accreditation method evaluates the contributions of different resources primarily based on the availability of class-wide resources during a select set of high-risk hours. This method serves as a practical approximation of marginal Effective Load Carrying Capability (ELCC), potentially affecting how renewable and storage assets are valued within the capacity market. Energy Market : The energy market in MISO plays a crucial role in project economics due to its inherent nodal volatility. The variability in Locational Marginal Pricing (LMP) across nodes can present both risks and opportunities. Projects sited near congested nodes may experience significant price swings, which can create arbitrage opportunities for storage assets, allowing them to capitalize on price spreads. Given these factors, strategic site selection and an in-depth nodal analysis are recommended for maximizing returns in the MISO energy market. Costs & Technical Insights : Camelot also has recent data on CAPEX and OPEX applicable to the region and can perform a wholistic economic analysis of the projects to vet the seller’s assumptions. This, together with an evaluation of technology, designs, and key agreements, can help to refine your valuation and de-risk the technical aspects of the transaction. Please Reach Out Overall, this is an attractive opportunity in a very active market. If you are interested, we would be glad to put you in touch with the seller, and if you decide to pursue and need any help on the due diligence side of things, please reach out to Michelle Aguirre or Shawn Shaw, PE . Upcoming Webinar with Enerdatics Finally, stay tuned for an invite to an upcoming webinar which will be co-hosted by Camelot Energy Group and Enerdatics covering key trends in the US M&A market in 2024, including the growth of BESS and hybrid projects, and the uptick in activity in MISO. < Back Back

Aug 8, 2025 Camelot Unpacks UL 9540 – Part 2 In Part 1 of our Camelot Unpacks UL 9540 series, we tackled some of the most common misconceptions about this critical Battery Energy Storage System (BESS) Standard - misconceptions that can easily derail schedules, inflate costs, or cause compliance headaches. Now, it’s time to move from myth-busting to the nuts and bolts. In Part 2, we’ll walk through some key questions regarding the requirements baked into UL 9540, highlight when and why it’s required, and shed light on the often-misunderstood Field Listing process. Whether you’re overseeing a project, supplying equipment, or working on the financing side, this is the knowledge that keeps your BESS project both compliant and bankable. What does UL 9540 include? While no product certification is ever a perfect guarantee of safety, the UL 9540 Standard is fairly broad in its scope as it's intended for an ESS as a whole, with key tests summarized below. These tests are additional to compliance requirements related to materials, construction, software, electrical design, fire safety design, noise levels, and more. These tests are also additional to any component-level tests required. For example, UL 1973 includes about 30 different tests on the battery modules alone, covering a range of potential risks, such as overcharging, over-temperature operation, external fire exposure, and physical impacts. Table 1: UL 9540 Key Tests Test Category Test Name Description   Electrical Safety Grounding & Bonding Ensures low resistance ground path to safely handle potential fault currents   Electrical Safety Electromagnetic Immunity Ensures safety sub-systems are not subject to electromagnetic interference and electrostatic discharge.   Electrical Safety Insulation Resistance Confirms insulation provides suitable impedance to prevent unintended current flow.   Electrical Safety Dielectric Voltage Withstand Confirms the suitability of dielectric materials to prevent current flow without breakdown.   Electrical Safety Impulse Test Assesses resistance to electrical surges. Fire & Thermal Safety Thermal Runaway Propagation Requires testing according to UL 9540A, with results incorporated into the system design. Mechanical Safety Leakage Confirms no leakage occurs when stress-testing liquid coolant systems with elevated pressure levels. Mechanical Safety Strength Confirms that elevated pressure in coolant systems does not cause damage to piping and equipment. Environmental Testing Seismic Confirms no major equipment damage after simulated seismic event. Environmental Testing Salt Fog Confirms resistance to marine environments. Environmental Testing Moisture Resistance Tests to confirm that enclosures properly resist water ingress. Other Operational Tests Normal Operating Verifies that ESS components do not exceed temperature ratings during normal charge/discharge behavior. Key Subordinate Standards Compliance with UL 1973 (Batteries) Ensures battery modules meet safety and performance standards. Key Subordinate Standards Compliance with UL 1741 (Inverters) Tests the safe integration of inverters in the system.   When is UL 9540 Listing Required? Compliance with UL 9540 is required under a number of major Codes, as summarized below. Note that, as of this writing, nearly all locations within the US require compliance with at least one of the Code editions noted below (or a more recent version). There are likely a few local jurisdictions not yet enforcing these Code editions but, essentially, Listing to UL 9540 is a Code requirement nearly anywhere in the US.     Referencing Code First Version Incorporating Listing for BESS Relevant Section(s) NFPA 70: National Electrical Code 2017 706.5 NFPA 1: Fire Code 2018 Chapter 52, which requires compliance with NFPA 855 which, in turn requires UL 9540 Listing in Section 9.2.1 (2023 Edition) IFC: International Fire Code 2018 1207.3.1   Is it Acceptable to Field List a BESS to UL 9540? Certainly, this is quite common and widely accepted. In practice (and in Code) an ESS is "one or more devices, assembled together, capable of storing energy to supply electrical energy at a future time". As you can see, this goes beyond simply the ESS enclosure to include the equipment facilitating connection to the broader electrical system, such as the inverter. Most ESS manufacturers will not have an infinite combination of their product listed with each possible DC converter, inverter, and transformer. As such, Field Listing is widely required to validate the "system" meets relevant Code requirements.   How does Field Listing Work? The term "Field Listing" is a slight misnomer, as the "field" portion is only a small part of the overall review. In fact, completing the Field Listing requires considerable review of documentation and generally requires that all the components of the ESS be Listed to their own respective Standards (see summary above). The Nationally Recognized Testing Laboratory (NRTL) doing the Field Listing will review the documentation and subordinate Listing status of all the major components in order to underpin their final Field Listing. As you can see, a successful Field Listing requires that the ESS uses high quality components that are properly Listed, and the Field Listing is really just validating the site-specific combination of those components (and that those components have been installed/used per their Listing). Once complete, the NRTL will issue a Field Listing that applies only to that specific project or installation. Even if the exact same equipment is used again at another site, a new Field Listing is still required. The pathway from Code requirement to (some of) the underlying Standards is summarized in the figure below. As you can see, a simple UL 9540 Listing has a lot behind it and is a critical element in having a high quality and bankable BESS. Figure 1: Compliance Pathway   Why do the Components Need to be Listed Separately for a Field Listing? Put simply, many of the required tests to List a BESS to UL 9540 are destructive in nature and you would not want them done to your commercial project. For example: UL 9540A testing requires initiating thermal runaway (aka making the system catch fire on purpose) Vibration and Impact Resistance tests may involve damaging your enclosures Overcurrent and overvoltage tests require exposing the BESS to electrical conditions beyond its design As you can imagine, few manufacturers would be willing to honor warranties after you abuse their system in such ways. So, since we can't deliberately set projects on fire in the field, the NRTL will have to rely on the test results used to obtain other component Listings. As shown above, the DC Block is already Listed to UL 9540. In these cases, all of the most strenuous tests have already been completed and found sufficient by a NRTL and the Field Listing can really focus on the combination of components. In some cases, NRTLs may be willing to issue Field Listings based on manufacturer test reports, engineering analyses, and similar documents but this is a very risky prospect and will take considerably longer and increase the cost to the owner. Also, if the NRTL finds they don’t have sufficient basis for granting the Field Listing, they may require additional testing from the manufacturer, leaving your project in a sort of Limbo state for months, if not longer. So, while any combination of ESS components can theoretically be granted a Field Listing, it is far safer to ensure your ESS is a combination of already-Listed components. In particular, using a DC block that is Listed to UL 9540 in its own right is a great way to reduce the risk of significant costs and/or delays in the final Field Listing process. < Back Back