RBC European Utils & Infra Morning Lightbulb

Research evidence excerpt

RBC European Utils & Infra Morning Lightbulb

RBC Europe Limited

Research RBCCM European

Utils & Infra (Equity)

+44 20 4557 7210,

RBCEuropeanUtilities@rbccm.com

Fernando Garcia (Analyst)

+44 20 7029 0267,

fernando.garcia@rbccm.com

May 19, 2026 Alexander Wheeler

(Analyst)

+44 20 7653 4481, RBC European Utils & Infra Morning Lightbulb alexander.wheeler@rbccm.com

Joseph Pepper (Analyst)RESEARCH • Battery storage: Pipeline opportunity shifts back to Europe +44 20 4557 7410,

• Iberdrola chairman Galán purchases €5.9m of shares joseph.pepper@rbccm.com

• Solaria presents a positive outlook on earnings, new DC deals and batteries deployment in 1Q26 Ziyad Jasimuddin (Senior Associate)

results presentation +44 20 7653 4757,

• More than 100 UK datacentres plan to burn gas to generate electricity ziyad.jasimuddin@rbccm.com

• Greencoat Renewables to join Main Board of South African stock exchange Charlotte Mettyear (Analyst)

+44 75 4786 7085,

Battery storage: Pipeline opportunity shifts back to Europe charlotte.mettyear@rbccm.comEQUITY We believe a 'boom, bust, normalise' revenue cycle is emerging across battery markets, as more mature

markets (GB) recover following previous revenue droughts, with power price spreads supported by

ongoing renewable build-out, while adolescent markets (Texas) are facing short-term BESS saturation

and rationalisation of battery pipelines. Conversely, we think the first mover advantage is significant in

new markets (Spain), which is scaling from a standing start with attractive spreads. Engie and Grenergy

remain our top picks for BESS exposure, while we estimate at current spreads, new Spanish BESS can

achieve full capex repayment on a long-life BESS asset within the first four years of operation. (RBC

Capital Markets)