Asia Summer School: Power: Changing Face

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Asia Summer School: Power: Changing Face

Foundation

July 6, 2026 01:00 PM GMTM

Investor Presentation | Asia Pacific Morgan Stanley Asia (Singapore) Pte.+ Mayank Maheshwari

Equity Analyst

Asia Summer School: Power: Changing Face Mayank.Maheshwari@morganstanley.comRyan M Heng +65 6834-6719

Ryan.Heng@morganstanley.com +65 6834-6465

In the age of electricity, Asia’s power markets are becoming increasingly more dynamic, prompting Vivek Rajamani

policymakers to focus on securing energy supply chains. As these markets evolve, shifts in power EquityVivek.Rajamani@morganstanley.comAnalyst +65 6834-6740

economics, emerging fuel sources, and advances in energy storage technologies are reshaping the Morgan Stanley India Company Private Limited+

region’s electricity landscape. Pranitha Shetty

Research Associate

See our notes: Pranitha.Shetty@morganstanley.com +91 22 6118-3022

Hinal Choudhary

• Asia Energy Security and AI: Energy Meets Compute: Supercycle Recharges Research Associate

Hinal.Choudhary@morganstanley.com +91 22 6118-2044

• Power: Changing Face with AI

Exhibit 1: Economics of power

Round the Clock Power Generation Economics (UScents/kwh)

25 Renewables Fossil Baseload Nuclear Wholesale

Natural Gas Cost Power Prices ASEAN Utilities and Infrastructure

20.7 Coal Cost

20 Operating & Capital Cost Asia Pacific

Singapore, 18.0 Industry View In-Line

14.9

15 11.6

Japan, 13.0

11.1 5.1 11.1

10.3 9.8 10.0

4.5 7.7 US, 8.5

5.9 5.2 4.6 Australia, 7.6

5 4.0 China, 6.0

India, 5.5

4.4 10.3 11.1 9.1 9.8 6.5 4.6 3.7 5.4 20.0 15.0 Morgan Stanley does and seeks to do business with

Cost Solar Power Cost of Energy Solar+BESS Hybrid (Solar Gas Peaker (15% CCGT on LNG @ CCGT @ 6000kcal Coal @ CCGT @ Fuel Cells @ SMR Large scale companies covered in Morgan Stanley Research. As a result,