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WHO WE ARE At Camelot, we believe in and work towards a just, equitable, and sustainable society where everyone has access to clean and affordable electricity. Getting to this point will require substantial investment in solar, energy storage, and other clean energy technologies, with such investment coming not only from banks and investment funds but communities, corporations, and governments. > Read More RT Our Round Table Shawn Shaw, PE Founder, CEO Read More Bill Coon Head of Construction Read More Bill Atkinson, CEM Senior Project Engineer Read More Jacques Cantin, PE Senior Project Manager, PE Read More Nimisha Shah Associate Analyst Read More Lynn Appollis-Laurent, PE Director, Technical Services Read More Raafe Khan Head of Energy Storage and Emerging Markets Read More Mark Warner Senior Project Manager Read More Joe Chappell, PE Senior Project Manager Read More Taylor Parsons Director, Technical Advisory Read More Aaron King, PE Director of Programs & Policy Read More Michelle Aguirre Project Manager Read More Andrew Leslie Senior Project Engineer Read More

< Back Joe Chappell, PE Senior Project Manager Joe Chappell is a Senior Project Manager in Camelot Energy Group’s Technical Advisory team. He has over 15 years’ experience in the energy space, and in the past 9 years has focused on the engineering, deployment, and operation of numerous solar and storage projects. In recent years, Joe has developed a special interest in Technical Asset Management through his experience supporting the performance, reliability, and optimization of a fleet of 2+ GW of operating solar and storage assets. In 2026, he is looking forward to growing Camelot’s Technical Asset Management services offerings and capabilities. Joe received his B.S. and M.S. in Mechanical Engineering from The University of Alabama and is a licensed Professional Engineer in the State of Iowa. While Joe is new to the Camelot team, he has already developed a deep appreciation for the collaboration with his colleagues as well as Camelot’s investment in its Client relationships. The nerdiness within the team is endearing and keeps the work fun. Joe has been passionate about the natural world and conservation since an early age and believes strongly in energy access and affordability for underserved communities. In his free time, Joe enjoys excursions with his wife, Anna, and son, Jude. He is pleased by any chance to be outdoors, drink a good cup of coffee, and watch Alabama football. joseph.chappell@camelotenergygroup.com

< 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

< Back Raafe Khan Head of Energy Storage and Emerging Markets Raafe is Camelot's Head of Energy Storage and Emerging Markets at Camelot Energy Group. He brings a great depth of knowledge across the energy storage project lifecycle having held tactical and leadership positions at TATA Power (public utility), Mortenson Construction (EPC), Sunnova Energy Corporation (finance + asset management), Pine Gate Renewables (project development), and Visteon Corporation (product development). His interdisciplinary approach has resulted in over 5 GW of operating projects (wind + solar + storage) and over 25 GWh (storage) across the United States. He is a recipient of several national and international awards, including being a Forbes Under 30 honoree in the field of energy. An ardent advocate for energy access and equity, he is an accredited lecturer for the Battery MBA program and devotes his time to educating stakeholders in the energy storage space about technical and commercial challenges from the cell to a fully functional container system. Raafe has a Bachelor's in Electrical & Electronics Engineering degree from Manipal University and a Master's in Energy Science, Technology & Public Policy from Carnegie Mellon University. raafe.khan@camelotenergygroup.com

OUR LATEST ARTICLES Merlin's Library Filter by Category > Subscribe Regulatory Compliance Feb 17, 2026 Foreign Entity of Concern (FEOC) > Read Regulations for Battery Energy Storage Systems (BESS) Regulatory Compliance Feb 4, 2026 Tired of BESS commissioning delays? Start the process earlier than you think > Read Energy Markets Dec 30, 2025 PJM Interconnection > Read Summary of Base Residual Auction (BRA) 2027/2028 Energy Markets Dec 4, 2025 CAISO Market Operations > Read Understanding IFM, FMM and RTD in California's Energy Market Energy Markets Dec 2, 2025 SMART 3.0 - PY 26 Update > Read What's New in MA's Solar and Storage Framework Energy Markets Nov 11, 2025 ERCOT RTC + B > Read A Market Overhaul in Progress Energy Markets Nov 6, 2025 The Future of Grid - Scale Storage > Read How Technology, Market Shifts, and Design Are Redefining Energy Storage Regulatory Compliance Oct 30, 2025 NFPA 855 (2026) > Read Camelot Takes on Evolving ESS Safety Standards Energy Markets Oct 28, 2025 Smart 3.0 Is Here > Read Here's What You Need to Know Construction Aug 26, 2025 Constructability Part 2 > Read From Concept to Construction – Getting Solar Project Layout and Access Right Regulatory Compliance Aug 8, 2025 Camelot Unpacks UL 9540 – Part 2 > Read Regulatory Compliance Aug 8, 2025 Camelot Unpacks UL 9540 – Part 1 > Read Regulatory Compliance Apr 4, 2025 New U.S. Tariff Policy > Read Implications for Energy and Manufacturing Energy Markets Mar 20, 2025 New Acquisition Opportunity in MISO > Read M&A Opportunity Mar 14, 2025 New Acquisition Opportunity in ISO-NE > Read Construction Mar 10, 2025 Constructability Part 1 > Read The Critical Role of Constructability in Renewable Energy Projects Regulatory Compliance Feb 13, 2025 NERC’s New Compliance Threshold > Read What You Need to Know About the 20MW+ Requirements Energy Markets Feb 12, 2025 MA SMART Part 2 > Read Key Financial Implications for Hybrid Systems Energy Markets Jan 15, 2025 MA SMART Part 1 > Read Massachusetts SMART and Clean Peak Overview M&A Opportunity Jan 14, 2025 New Acquisition Opportunity in ERCOT > Read Energy Markets Nov 7, 2024 Part 2: VDER Revenue Stack > Read VDER Revenue Stack for Hybrid (Solar + Storage) Projects Energy Markets Oct 31, 2024 U.S. ISO/RTO Regions > Read Exploring Market Opportunities Across U.S. ISO/RTO Regions Energy Markets Oct 10, 2024 Part 1: VDER Revenue Stack > Read VDER Revenue Stack for Standalone Storage Projects Solar Availability Sep 11, 2024 Solar Availability Series Part 4 > Read Camelot’s Balanced Approach Solar Availability Aug 30, 2024 Solar Availability Series Part 3 > Read Methods for Maximization Solar Availability Aug 23, 2024 Solar Availability Series Part 2 > Read Measurements and Metrics Solar Availability Aug 15, 2024 Solar Availability Series Part 1 > Read Background and State-of-the-Industry Energy Markets Jan 30, 2024 On VDER > Read Simplifying the (Somewhat) Simplified Economics of DG Projects in New York State Subscribe Stay informed Email* Subscribe I want to receive alerts for new articles

< Back Bill Coon Head of Construction Bill is Camelot’s Head of Construction and oversees all aspects of solar and storage construction and installation quality. This work includes construction monitoring, field supervision, and QA inspection of clean energy construction projects. Bill has over 20 years in the construction field and prior to joining Camelot oversaw QA and safety for a solar construction company and spent time as a construction project manager, solar inspector, and engineer. Bill has a Bachelor’s Degree in Mechanical Engineering from Syracuse University. Bill also holds Installer, Inspector, Commissioning, and Maintenance certifications from the North American Board of Certified Energy Professionals (NABCEP) and is a licensed electrician. bill.coon@camelotenergygroup.com

< Back Nimisha Shah Associate Analyst nimisha.shah@camelotenergygroup.com

Jan 15, 2025 MA SMART Part 1 Massachusetts continues to establish itself as a leader in state-level clean energy programs, and Camelot is staying closely aligned on the latest developments in the region. Developers and other players take note: Through the Solar Massachusetts Renewable Target (SMART) Program and the Clean Peak Energy Standard, the state has introduced dynamic frameworks designed to accelerate renewable energy adoption while addressing grid reliability and peak demand challenges. Here, in part 1 of our two-part series on the Massachusetts programs, we’ll set the scene with what you need to know about the programs, and will dive more deeply into the key financial implications in part 2. Massachusetts SMART Program Overview The Solar Massachusetts Renewable Target (SMART) Program is a pioneering initiative aimed at promoting solar energy adoption across the state. Managed by the Massachusetts Department of Energy Resources (DOER), the program provides long-term incentives for solar photovoltaic (PV) projects, encouraging residential, commercial and small utility scale installations up to 5MW AC. Here’s an in-depth look at its objectives, structure, and benefits. The SMART program is a feed-in-tariff program that assigns a unique energy rate to different qualifying solar projects based on system size, system type, system location, offtaker type, and associated energy storage system size. The SMART program has a total capacity of 3,200 MW AC, which is distributed among Massachusetts' three investor-owned electric distribution companies: National Grid , Eversource Energy , and Unitil . The capacity assigned to each utility is proportional to the number of customers in their service area. Generally, sites serviced by municipally-owned electric utilities are not eligible for the SMART program. Each utility’s allocated capacity is further divided into two categories: one for systems larger than 25kW AC and one for systems smaller than 25kW AC. These categories are then subdivided into 16 "capacity blocks." As SMART applications are approved, these blocks gradually fill up. Once a block is fully subscribed, it is considered at capacity, and the program advances to the next block. The incentive rate for the new block is lower than that of the previous one, declining by 4% each block. Figure 1: Summary of Capacity Blocks as of 1/9/2025. SMART Capacity Block updates are posted at www.masmartsolar.com for each utility company To determine the exact SMART tariff rate that a project is granted, the DOER determines a base compensation rate based on the system size and the current utility capacity block. Then adders are applied based on system location, off-taker type, energy storage and racking (see Figure 1). Similar to the declining capacity blocks, the adders have declining “tranches”, and as each tranche is filled at the state level, the incentive rate declines by 4%. However, the adder rates for the Agricultural, Brownfield, Canopy, Floating and Landfill Adders will be locked in at their Tranche 1 rates for the duration of the SMART program and the adder rate for the Building Mounted Adder will be locked in at the Tranche 2 rate for the duration of the SMART program as modified by order 20-145-B released by the Department of Public Utilities on 12/30/2021. Figure 2: Previous Adder Values Massachusetts DOER SMART Program – Initial Release 2018 *Significant adjustments to this table are proposed in the Straw proposal: Figure 3: Straw proposal for new adders Massachusetts DOER SMART Updates – Straw Proposal 2024 SMART and Energy Storage Under the current SMART regulations, all projects over 500kW must be coupled with an Energy Storage System (ESS).* SMART projects coupled with ESS are provided with an “energy storage adder” that ranges between 0.025 – 0.077 $/kWh. The exact adder value is dependent on the max power output of the ESS and the duration, with the maximum adder being granted to projects with 100% of the max power of the PV system and 6 hours duration and the minimum adder being granted to projects with max 25% of max PV power and 2 hour duration. The incentive of the Energy Storage adder is applied to all power generated by the system, independent of the use case of the ESS. There is a requirement that each year the ESS must be cycled a minimum of 52 times to maintain eligibility for this adder.** * The new straw proposal published 7/29/24 specifies only projects over 1MW AC will require ESS ** The new straw proposal published 7/29/24 increases this requirement to 156 cycles per year and adds the requirement that the ESS is online and able to discharge 85% of the time during summer and winter months. Figure 4: Energy Storage Adder Matrix Massachusetts Clean Peak Energy Program Overview The Massachusetts Clean Peak Energy Standard (CPS) is a first-of-its-kind program designed to encourage the use of clean energy during peak electricity demand periods. Managed by the Massachusetts DOER, the program incentivizes renewable energy systems and energy storage solutions that contribute to grid stability and reduce reliance on fossil fuel-based power during high-demand hours. How the Program Works Clean Peak Energy Certificates (CPECs): Eligible resources earn Clean Peak Energy Certificates (CPECs) by generating or dispatching energy during defined Seasonal Peak Periods and the Actual Monthly System Peak, as specified by the Massachusetts Department of Energy Resources (MA DOER). CPECs can be traded in the market to electricity suppliers required to meet clean peak compliance obligations. Various applicable multipliers align CPEC generation with time periods and resource attributes that have the highest impact. For instance, higher multipliers are assigned for summer and winter months (4x) compared to other season months (1x). The Actual Monthly System Peak is weighted disproportionately to incentivize project owners to optimize performance during the peak hour of a given month, which determines the infrastructure sizing requirements. Hybrid Solar + ESS projects that are enrolled in the SMART program can also participate in the Clean Peak program and generate CPECs. However, these projects are awarded a 0.3 multiplier for all CPECs generated, effectively derating the value of their incentive by 70%. Eligible Resources: Wind turbines with storage. Solar PV systems paired with energy storage. Standalone storage systems charged with renewable energy. Demand response resources that reduce load during peak periods. Figure 5 – Energy Storage Charging Windows for Solar-Based Charging Hours Defined Peak Periods: Peak hours are established seasonally to reflect times of highest grid demand. These periods typically occur during late afternoon to early evening hour Figure 6 – Clean Peak Season (CPS) Windows Market-Driven Prices: The value of CPECs fluctuates based on market supply and demand, providing financial incentives for participating resources. Things To Note CPEC Revenues CPEC revenues are designed to incentivize clean energy generation during peak demand periods and can apply to projects that include solar paired with energy storage systems (solar + storage), as these systems are particularly effective at delivering energy during peak periods. Standalone solar projects can still qualify for CPEC revenues, but their ability to maximize these revenues is typically limited compared to solar-plus-storage systems, which offers greater flexibility in aligning energy delivery with peak periods because storage enhances the ability to participate in the Clean Peak Standard (CPS) program. By storing solar energy and dispatching it during peak demand hours, hybrid systems can generate additional CPEC revenues, making them a financially attractive option. ACP Rate Changes The DOER has implemented significant updates to the Alternative Compliance Payment (ACP) rate as part of its emergency rulemaking. The ACP rate will remain at $45/MWh through Compliance Year 2025. However, starting in 2026, the rate will increase to $65/MWh and stay at this level until 2032. After 2032, the ACP will return to $45/MWh, where it will remain through 2050. This marks a major departure from the original regulations, which planned for a declining ACP rate, dropping to $4.96 by the end of the policy period. While the higher ACP rate is expected to boost market prices, there is still a risk of steep price drops if surpluses exceed the banking limits of load-serving entities. Figure 7 – CPS Alternative Compliance Payment (ACP) Rates Near-Term Resource Multiplier (NTRM) DOER has also introduced a new NTRM under the CPS. The NTRM will provide a 2x multiplier on CPECs for up to 50 MW of qualified energy storage systems for a duration of 10 years. To qualify, the QESS must be a standalone, front-of-the-meter system interconnected to the distribution system, with a commercial operation date between January 1, 2019, and January 1, 2027. Additionally, it must not have received a Statement of Qualification before January 1, 2025, or the Distribution Credit Multiplier. Ownership is restricted to prevent any single entity from controlling more than 50% (25 MW) of the program’s capacity. DOER released the NTRM application on January 7, 2025[SS3] . Applications submitted by January 21, 2025, will be prioritized based on interconnection service agreement dates. Any applications received after this deadline will be reviewed on a first-come, first-served basis. These updates aim to encourage the development of energy storage systems while addressing previous concerns about market pricing and resource deployment under the CPS. Conclusions Looking forward, Massachusetts aims to expand and refine the SMART & Clean Peak Program to adapt to emerging technologies and evolving market conditions. By integrating solar energy with battery storage and enhancing equitable access, the program continues to serve as a model for other states aiming to transition to a clean energy future. For those considering solar or hybrid projects in the state, the program offers a valuable opportunity to contribute to sustainability while enjoying financial benefits. Stay tuned for Part 2, where we will discuss the revenue stack for hybrid projects, containing a combination of the SMART Program & Clean Peak Program. If you're interested in assessing solar, energy storage, and/or hybrid projects in ISO-NE’s MA SMART Program, feel free to reach out to us 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

Dec 2, 2025 SMART 3.0 - PY 26 Update The Massachusetts Department of Energy Resources (MA DOER) released their final form for the 2026 Program Year. Here’s what you need to know: The DOER began accepting SMART 3.0 applications on October 15, 2025, and since then, 191.90 MW has been submitted, with 301 applications > 25 kW and 86 applications < 25 kW Based on several factors, from the One Big Beautiful Bill Act (OBBBA) of 2025, to equipment supply chain issues, and projected load growth, the DOER revised the following elements of the draft report: PY26 Base Compensation Rates PY26 Energy Storage Multiplier PY26 Annual Capacity Block PY26 Capacity Allocations and Set Asides Capacity Block: PY2026 will have a 600 MW AC of available capacity for STGU subject to the annual cap. This is an increase from the 450 MW AC capacity in the initial draft. Per 225 CMR 28.05 (4), each EDC will be allocated at least 5% of the available capacity block and the remaining capacity will be allocated to the total retail electric load served to Massachusetts customers by each EDC. The distribution capacity for PY2026 was based on March 2026 retail electric load of each EDC. The allocations shall be as follows: Source: Camelot Energy Group 225 CMR 28.05 (5), a minimum amount of capacity is set aside for the following categories: Standalone STGUs > 25 kW and ≤ 250 kW STGUs > 250 and ≤ 500 kW Low Income Property STGUs And Community Shared Solar STGUs These set asides are allocated accordingly: Source: Camelot Energy Group Base Compensation Rates: Base Compensation Rates for STGUs > 25 kW AC were based on the levelized revenue requirements for each project based on the following inputs: Capacity factor Production degradation Installation costs Financing costs Operation and maintenance costs Project management costs Land lease costs Incremental operating and capital expense costs Based on public feedback, and an attempt to balance analysis results with the desire to avoid a significant shift in the MA solar market in the first full year of SMART 3.0 Base Compensation Rates were revised as follows: PY2026 Adders The Compensation Rate Adders for STGUs >25 kW AC were developed by comparing the average levelized cost of energy of all project types >25 kW AC for each respective adder category to a baseline value. Based on the Program Year 2026 analysis, DOER found that there was variation in whether Compensation Rate Adders for Program Year 2026 should be reduced, kept the same, or increased (see “Calculated PY26 Adder Rate” below). As with the Base Compensation Rates, based on the overall Annual SMART Program Assessment, DOER decided to maintain or increase the value of Compensation Rate Adders (see “PY26 Adder Rate” below). That said, the Compensation Rate Adders for PY2026 will be as follows: In conclusion, it is clear that federal policy and broad-based challenges in the energy value chain prompted some changes. We find that rates have mostly increased or stayed the same relative to the initial draft proposal. We see that the DOER is sending a price signal that energy storage and solar are going to be key tools in achieving state mandated energy affordability and climate-based goals. One thing is clear; Massachusetts is setting a strong example of how to fairly incentivize public and private investment in energy infrastructure with the goal of making energy affordable across customer archetypes in the Commonwealth. Raafe Khan < Back Back

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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

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