<SEC-DOCUMENT>0001387131-22-005493.txt : 20220429
<SEC-HEADER>0001387131-22-005493.hdr.sgml : 20220429
<ACCEPTANCE-DATETIME>20220429103026
ACCESSION NUMBER:		0001387131-22-005493
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220429
DATE AS OF CHANGE:		20220429
EFFECTIVENESS DATE:		20220429

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEXTERA ENERGY INC
		CENTRAL INDEX KEY:			0000753308
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				592449419
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08841
		FILM NUMBER:		22871341

	BUSINESS ADDRESS:	
		STREET 1:		700 UNIVERSE BLVD
		CITY:			JUNO BEACH
		STATE:			FL
		ZIP:			33408
		BUSINESS PHONE:		561-694-4697

	MAIL ADDRESS:	
		STREET 1:		P O BOX 14000
		CITY:			JUNO BEACH
		STATE:			FL
		ZIP:			33408

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FPL GROUP INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Majority Action, LLC
		CENTRAL INDEX KEY:			0001738314
		IRS NUMBER:				825260248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
		BUSINESS PHONE:		2022152895

	MAIL ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>nee-px14a6g_042922.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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        OF REGISTRANT: NextEra Energy, Inc.&nbsp;</FONT></P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>NextEra
Energy, Inc. [NYSE:NEE]: Due to the Company&rsquo;s Failure to Set Net Zero Targets, Make the Near-Term Shifts in Capital Allocation
and Investment Necessary to Decarbonize in Alignment with a 1.5&deg;C Pathway, and Ensure Alignment of Policy Influence Activities:</B></FONT></P>

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<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: #0072BD">Vote
                                         AGAINST Chair James L. Robo (Item 1i), and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: #0072BD">Vote
                                         AGAINST Lead Director Sherry S. Barrat (Item 1a)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0072BD"><B><I>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.
</I></B></FONT><I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Therefore, the actions of companies
that fail to align to limiting warming to 1.5&deg;C pose risks to the financial system as a whole, and to investors&rsquo; entire
portfolios, in addition to specific risks to those companies. See <B>Appendix A</B> for more information regarding Majority Action&rsquo;s
Proxy Voting for a 1.5&deg;C World initiative and the transformation required in key industries. </FONT></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0072BD"><B>NextEra
Energy, Inc. (NextEra) emitted the sixth-most CO2<SUP>1</SUP> and generated the second-most electricity among U.S. investor-owned
utilities in 2019.<SUP>2</SUP></B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The company
is among the 167 target companies named by Climate Action 100+ as the largest global emitters and &ldquo;key to driving the global
net zero transition.&rdquo;<SUP>3</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Electric
power production is responsible for nearly one-third of energy-related carbon emissions in the U.S.<SUP>4</SUP> The largest
publicly-traded electric utilities remain among the largest sources of carbon emissions in the U.S. economy,<SUP>5</SUP> and
their capital investments in electric power infrastructure have the potential to lock in emissions for decades to come. In addition
to curbing a direct source of emissions, the decarbonization of electricity production also enables the decarbonization of other
sectors such as transportation and buildings as those sectors electrify.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Failure
to set ambitious decarbonization targets in line with <FONT STYLE="background-color: white">1.5&deg;C</FONT> pathways, and to
align companies&rsquo; business plans and policy influence to those targets, is a failure of strategy and corporate governance,
for which long-term investors should hold directors accountable. At companies where the production, processing, sale, and/or consumption
of fossil fuels is central to their core business, and greenhouse gas (GHG) emissions reductions have profound strategic implications,
the board chair, and lead independent director where the position exists, should be held accountable.</B></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Target
setting</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 83%; border: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Net
    zero commitment by no later than 2050 for power production</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Net
    zero commitment clearly includes all relevant emissions sources and has limited use of offsets, negative emissions, or unproven
    or uncommercialized technologies, including carbon capture and storage</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Robust
    interim targets of at least 80% by 2030 or at least 6% per year on a straight-line basis between 2019-2030 (on track to reach
    zero by 2035)</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NextEra
is the only Climate Action 100+ U.S.-based utility company with substantial emissions to have not committed to achieving net zero
emissions by 2050.<SUP>6</SUP> NextEra has set an interim emissions intensity reduction target of 67% by 2025. While this is
projected to reduce NextEra&rsquo;s absolute emissions by 40% by 2025, an annual rate of 5.8%<SUP>7</SUP>, the company has yet
to set emissions reduction goals beyond that date.<SUP>8</SUP> NextEra&rsquo;s emissions intensity target does not guarantee
that emissions will fall in absolute terms. In addition, NextEra&rsquo;s 2025 target includes only scope 1 emissions from its
owned generation.<SUP>9</SUP> The company lags behind its investor-owned peers such as Duke Energy<SUP>10</SUP> and Dominion
Energy,<SUP>11</SUP> which have expanded their net zero goals to include certain scope 2 and 3 emissions including emissions
from power purchased for resale and upstream sources of emissions from the production of fossil fuels such as methane emitted
during the production, processing, and transportation of fossil gas. In order to achieve net zero emissions, NextEra appears reliant
on the unproven potential of green hydrogen, or hydrogen produced from renewable energy, to replace an undisclosed amount of the
fuel powering its combined-cycle gas turbines.<SUP>12 13</SUP></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Capital
allocation and investment plans</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 83%; border: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Firm
    plan to phase out coal by 2030</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>&#10003;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>No
    investment in new gas generation</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coal
comprised only 2% of NextEra&rsquo;s owned generation in 2020.<SUP>14</SUP> As of 2021, NextEra has closed its coal-fired power
plants in Florida, and has announced plans to close three of its four remaining coal units outside of Florida by January 2024.<SUP>15
</SUP>Fossil gas comprised 48% of NextEra&rsquo;s owned generation in 2020, and the company continues to expand its gas generation
infrastructure with more than 2,200 MW of new gas generation either planned or under construction in Florida. Specifically, NextEra
brought four new combustion turbine units (961 MW) online at the Gulf Clean Energy Center in late 2021,<SUP>16</SUP> and plans
to modernize the Dania Beach Clean Energy Center with a new combined cycle unit (1,267 MW) in mid-2022.<SUP>17</SUP></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Policy
influence</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 83%; border: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Alignment
    of policy influence activities with net zero target and limiting warming to 1.5&deg;C</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">While
InfluenceMap scored NextEra&rsquo;s climate policy engagement in the &ldquo;C&rdquo; performance band, NextEra&rsquo;s subsidiaries
such as Florida Power &amp; Light have recently advocated against clean energy and energy efficiency policies.<SUP>18</SUP>
NextEra meets some of the criteria for climate policy engagement, according to its Climate Action 100+ company assessment.<SUP>19
</SUP>For example, though NextEra discloses its trade association memberships, the company does not have any specific commitment
to ensure that its trade associations&rsquo; climate policy advocacy is in line with the goals of the Paris Agreement.<SUP>20
</SUP>The company was the top funder of a dark money group and its efforts to ban a clean energy transmission project in Maine.<SUP>21
</SUP>Similarly, NextEra lobbyists led an effort to subvert a policy that lets Florida homeowners and businesses offset the cost
of installing solar panels by selling power back to electricity providers in Florida, according to emails obtained from the Florida
Senate.<SUP>22</SUP></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Conclusion:
NextEra Energy, Inc. has failed to set net zero targets, make the near-term shifts in capital allocation and investment necessary
to decarbonize in alignment with a 1.5&deg;C pathway, and ensure alignment of policy influence activities. Therefore, we recommend
that shareholders vote AGAINST Chair James L. Robo (Item 1i) and vote AGAINST Lead Director Sherry S. Barrat (Item 1a) at the
company&rsquo;s annual meeting on May 19, 2022.</B></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 21pt">Appendix
A: Proxy Voting for a 1.5&deg;C World</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
world is currently on track to reach disastrous levels of warming, driving massive harm and threatening the lives and livelihoods
of millions.</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate leaders in the industries
responsible for this crisis have failed to take up the leadership required to change course.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>&ldquo;Climate
risk&rdquo; is systemic, escalating and irreversible - and corporate boards urgently need to take responsibility for averting
and mitigating this risk.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
UN Intergovernmental Panel on Climate Change (IPCC) in 2018 made clear that in order to have at least a 50% chance of limiting
warming to 1.5&deg;C and avoiding the most catastrophic effects of the climate crisis, we must bring global, economy-wide carbon
emissions down to net zero by 2050 at the latest.<SUP>23</SUP> According to the International Energy Agency (IEA), in order
to achieve net zero emissions globally by 2050, the electricity sector must reach net zero emissions in OECD countries no later
than 2035 and there can be no investment in new fossil fuel production from today.<SUP>24</SUP> The IPCC also recognizes that
reducing rates of deforestation and forest degradation also represents one of the most effective and robust options for climate
change mitigation.<SUP>25</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">That
means that corporate directors must ensure that companies set ambitious decarbonization targets in line with 1.5&deg;C pathways,
and align companies&rsquo; business plans, capital expenditures, and policy influence to those targets. Despite the escalating
climate crisis, systemically important U.S. companies continue to invest in the expansion and continued use of fossil fuels, further
accelerating global warming.<SUP>26</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.
</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Therefore, the actions of companies that directly
or indirectly impact climate outcomes pose risks to the financial system as a whole and to investors&rsquo; entire portfolios.
In order to manage this systemic portfolio risk, investors must move beyond disclosure and company-specific climate risk management
frameworks and focus on holding accountable the relatively small number of large companies whose actions are a significant driver
of climate change.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When
directors fail to transform corporate business practices in line with 1.5&deg;C pathways, responsible investors must use their
most powerful tool &ndash; their proxy voting power &ndash; to vote against directors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Bold
and unprecedented action by investors is a prerequisite to averting further global economic and financial catastrophe. While past
shareholder efforts at standard setting, disclosure and engagement have laid important groundwork, company commitments won thus
far have been far too incremental, far too hard fought, and collectively insufficient to the scale of the crisis.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #0072BD"><B>Business-as-usual
proxy voting will not suffice to address the seriousness of the crisis at hand.</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
urge investors to vote against directors at companies failing to implement plans consistent with limiting global warming to 1.5&ordm;C.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Key
Sectors Are Critical to Curbing the Climate Crisis</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
electric power, finance, transportation, and oil and gas sectors are key drivers of the production and consumption of fossil fuels
and must all make dramatic transformations to curb the worst of catastrophic climate change and protect long-term investors. Similarly,
companies driving deforestation &ndash; including companies that source key deforestation-linked agricultural commodities, driving
market demand for one of the greatest threats to the world&rsquo;s forests &ndash; must adopt comprehensive climate policies and
end deforestation.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Substantial
votes against board members at these companies could help realign business and investment plans to the goals of the Paris Agreement,
hold companies accountable for lobbying and policy influence practices that obstruct climate action, and align executive compensation
to key decarbonization goals.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">While
each industry and company will need to chart its own path in pursuing decarbonization consistent with limiting warming to 1.5&ordm;C,
setting a target to reach net zero emissions by no later than 2050 is a critical first step. In the absence of such a target,
investors can have no confidence that the company will be able to transform its business consistent with limiting warming to 1.5&ordm;C.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="color: #0072BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Voting
guide: Electric power generation</FONT></P>

<P STYLE="color: #0072BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Electric
power production is responsible for nearly one-third of energy-related carbon emissions<SUP>27</SUP> in the United States. The
largest publicly-traded electric utilities remain among the largest sources of carbon emissions in the U.S. economy,<SUP>28
</SUP>and their capital investments in fossil fuel-based electric power infrastructure have the potential to lock in greenhouse
gas emissions for decades to come. In addition to curbing a direct source of emissions, the decarbonization of electricity production
also enables the decarbonization of other sectors such as transportation and buildings as those sectors electrify.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">While
power generation globally has made some progress<SUP>29</SUP> towards decarbonization, falling emissions intensity of electricity
production has yet to be matched by reductions in absolute emissions. Given the substantial increase in electricity production
that will be required to decarbonize and electrify sectors such as transportation and buildings, reductions in the emissions intensity
of electricity will not deliver the emissions reductions needed to limit warming to 1.5&deg;C.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Target
setting</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">According
to the IPCC,<SUP>30</SUP> decarbonization of the power sector globally by no later than 2050 is a robust feature of all modeled
pathways aligned with limiting warming to 1.5&deg;C. In 2021, the IEA released its Net-Zero by 2050<SUP>31</SUP> Scenario, which
requires emissions from electricity production in OECD countries to reach zero by 2035. The Global Sector Strategy<SUP>32</SUP>
for investor coalition Climate Action 100+ reiterates that investors expect that emissions from electricity generation should
reach net zero by 2040 globally and by 2035 in advanced economies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">While
accelerated timelines for decarbonization of electric power are now well-accepted, the base level requirement for utilities and
their boards is to make commitments to reduce their emissions to net zero no later than 2050. In assessing the credibility and
robustness of net zero targets, investors should consider whether a target includes all relevant Scope 1, 2, and 3 emissions company-wide.
For utilities, this includes emissions not only from electricity directly generated by assets they own, but also emissions from
purchased and resold power, and for combined gas-electric utilities, emissions from customer use of fossil gas. Investors should
also take into account whether the utility has plans to eliminate the upstream methane emissions from gas used in power production
or by its customers.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition to the base level requirement, in order to be aligned with the IEA&rsquo;s Net-Zero by 2050 Scenario, interim targets and milestones
are necessary. Such interim targets and milestones should prioritize accelerated emissions reduction between now and 2030 rather
than delaying the hard task of emissions reduction until after that date. This is underscored by the IEA&rsquo;s report on Achieving
Net-Zero Electricity Sectors in G7 Members, which requires emissions reductions of 76% or higher to be achieved by 2030 in G7
countries from 2019 levels under its Net-Zero by 2050 scenario,<SUP>33</SUP> with average reductions in the order of 6% per
year between now and 2035.<SUP>34</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Finally,
robust net zero targets should not rely on substantial use of offsets, negative emissions, or technologies that are not yet developed
or commercialized to avoid having to make short-term greenhouse gas emissions reductions. Any use of such offsets or negative
emissions should be clearly disclosed to allow investors to assess the quality and credibility of utilities&rsquo; plans. The
Science Based Targets Initiative currently only allows for small amounts of emissions after net zero to be mitigated with carbon
removal;<SUP>35</SUP> any other investment into mitigation is encouraged but not a substitute for lowering a company&rsquo;s own emissions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Key
Data Sources: </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Climate
                                         Action 100+, Disclosure Indicators 1-4<SUP>36</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Science-Based
                                         Targets Initiative,<SUP>37</SUP> Companies list<SUP>38</SUP> and Sector Guidance<SUP>39</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CDP
                                         (formerly Carbon Disclosure Project),<SUP>40</SUP> search company survey responses</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="color: #0072BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Capital
Allocation</FONT></P>

<P STYLE="color: #0072BD; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investors
must have confidence that utilities are making the near-term shifts in capital allocation and investment necessary to decarbonize
in alignment with a 1.5&deg;C future. According<SUP>41</SUP> to multiple<SUP>42</SUP> studies,<SUP>43</SUP> U.S. power producers
must phase out the use of coal generation by 2030 in order to stay on track to limit warming to 1.5&deg;C. The IEA&rsquo;s Net
Zero by 2050 Scenario<SUP>44</SUP> indicates all unabated coal generation must be phased out completely by 2030 in OECD countries.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Further
research indicates that the cost to operate 74% of existing coal generation capacity exceeds the cost to replace it with wind
and solar generation. By 2025, 86% of the coal generation capacity will be cheaper to replace<SUP>45</SUP> with renewables.
For regulated utilities,<SUP>46</SUP> these additional costs will be borne by shareholders if utilities are unable to convince
regulators to pass on those costs to consumers, creating substantial stranded asset risk for investors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">One
study by researchers at UC Berkeley found that the U.S. electricity grid could reach 90% clean energy nationally<SUP>47</SUP>
with no need for any additional fossil gas generation plants by 2035. According to Deloitte, existing gas generation capacity
&ldquo;accounts for most of the undepreciated value of US fossil fuel capacity,&rdquo;<SUP>48</SUP> making it the largest source
of potential stranded asset risk to utilities and their investors. Any future for gas generation beyond 2050<SUP>49</SUP> will
only be possible with carbon capture, utilization and storage, a technology that does not fully abate emissions, does not account
for upstream methane emissions, and is currently cost-prohibitive. In addition, increasing prices and volatility<SUP>50</SUP>
in the global gas market make investments in more gas generation a potentially risky long-term bet. In assessing the alignment
of capital allocation plans with limiting warming to 1.5&deg;C, investors should consider whether utilities are planning for no
investment in new gas generation.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Key
Data Sources:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Climate
                                         Action 100+, Disclosure Indicator 6<SUP>51</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

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<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carbon
                                         Tracker,<SUP>52</SUP> Company Profiles: Utilities<SUP>53</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sierra
                                         Club, Dirty Truth report<SUP>54</SUP> and Data Dashboard<SUP>55</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Policy
Influence</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Utilities
must fully align their policy influence activities, including political spending and lobbying activities, with the policy settings
required to accelerate sector-wide emissions reduction on a timeline necessary to limit warming to 1.5&deg;C. Utilities must provide
full disclosure of all political and lobbying spending to allow investors to assess this alignment. Finally, utilities must ensure
the alignment of the policy influence activities of any trade associations or similar entities of which they are members or to
which they contribute, or cease membership of such organizations. With efforts under way at the federal level in the U.S.<SUP>56
</SUP>to provide additional policy support to electric power decarbonization, utilities must not be engaged in efforts to delay
or hinder those policy advances.</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Key
Data Sources:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Climate
                                         Action 100+, Disclosure Indicator 7<SUP>57</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Influence
                                         Map,<SUP>58</SUP> List of companies and influencers<SUP>59</SUP></FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Energy
                                         and Policy Institute<SUP>60</SUP></FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Summary
Table</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="width: 19%; border: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>TARGET
    SETTING </B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>1.1</B></FONT></TD>
    <TD STYLE="width: 72%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Net
    zero commitment by no later than 2050 for power production</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: white 2.25pt solid; padding: 12.15pt; border-right: white 2.25pt solid; background-color: #F25025; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>1.2</B></FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding: 12.15pt; border-right: white 2.25pt solid; background-color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Net
    zero commitment clearly includes all relevant emissions sources and has limited use of offsets, negative emissions, or unproven
    or uncommercialized technologies, including carbon capture and storage</B></FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0072BD"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border: white 2.25pt solid; padding: 12.15pt; background-color: rgb(0,113,189); width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding: 12.15pt; border-right: white 2.25pt solid; background-color: #F25025; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>1.3</B></FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding: 12.15pt; border-right: white 2.25pt solid; background-color: #0072BD; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Robust
    interim targets of at least 80% by 2030 or at least 6% per year on a straight-line basis between 2019-2030 (on track to reach
    zero by 2035)</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>CAPITAL
    ALLOCATION</B></FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding: 12.15pt; border-right: white 2.25pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2.1</B></FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding: 12.15pt; border-right: white 2.25pt solid; background-color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Firm
    plan to phase out coal by 2030</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: white 2.25pt solid; padding: 12.15pt; border-right: white 2.25pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2.2</B></FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding: 12.15pt; border-right: white 2.25pt solid; background-color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Limited
    investment in new gas generation planned</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>POLICY
    INFLUENCE</B></FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding: 12.15pt; border-right: white 2.25pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>3.1</B></FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt solid; padding: 12.15pt; border-right: white 2.25pt solid; background-color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Alignment
    of policy influence activities with net zero target and limiting warming to 1.5&deg;C</B></FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1 </SUP>MJBradley,
&ldquo;Emissions Data Charts&rdquo;, <FONT STYLE="color: #1155CC"><U>https://www.mjbradley.com/content/emissions-benchmarking-emissions-charts </U></FONT>accessed
Apr 27, 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2
</SUP>MJBradley, &ldquo;Generation Data Charts,&rdquo; <FONT STYLE="color: #1155CC"><U>https://www.mjbradley.com/content/emissions-benchmarking-generation-charts
</U></FONT>accessed Apr 27, 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3
</SUP>Climate Action 100+, &ldquo;Companies&rdquo;, <FONT STYLE="color: #1155CC"><U>https://www.climateaction100.org/whos-involved/companies/
</U></FONT></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4
</SUP>U.S. Energy Information Agency, &ldquo;(FAQs) What are U.S. energy-related carbon dioxide emissions by source and sector?&rdquo;
<FONT STYLE="color: #1155CC"><U>https://www.eia.gov/tools/faqs/faq.php?id=75&amp;t=11</U></FONT>, accessed Mar 23, 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5
</SUP>MJBradley, <I>Benchmarking Air Emissions</I>, July 2020, <FONT STYLE="color: #1155CC"><U>https://www.mjbradley.com/sites/default/files/Presentation_of_Results_2020.pdf</U></FONT>,
p. 3 and p. 7.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>6
</SUP>Climate Action 100+, &ldquo;Company Assessment: NextEra Energy, Inc.&rdquo;, accessed Apr 27, 2022, <FONT STYLE="color: #1155CC"><U>https://www.climateaction100.org/company/nextera-energy-inc/#skeletabsPanel3
</U></FONT>Note: MJBradley&rsquo;s Benchmarking Air Emissions site ranked Exelon&rsquo;s CO2 emissions 27th among U.S investor
owned utilities in 2019</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>7
</SUP>Pomerantz and Kasper, &ldquo;Many U.S. electric utilities plan slow decarbonization over next decade, out of sync with Biden
plan&rdquo;, Energy and Policy Institute, <FONT STYLE="color: #1155CC"><U>https://www.energyandpolicy.org/utilities-carbon-goal-biden-climate-plan/
</U></FONT>see Utility Emissions, Feb 2022: Decarbonization Pace Data table</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>8
</SUP>NextEra Energy, <I>Environmental, Social and Governance 2021 Report</I>, <FONT STYLE="color: #1155CC"><U>https://www.nexteraenergy.com/content/dam/nee/us/en/pdf/2021_NEE_ESG_Report_Final.pdf</U></FONT> p. 18</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>9
</SUP>CDP, <I>Climate Change Report: NextEra</I>, 2021, <FONT STYLE="color: #1155CC"><U>https://www.investor.nexteraenergy.com/~/media/Files/N/NEE-IR/Sustainability/NextEra%20Energy%202021%20CDP%20Response.pdf</U></FONT> p. 18</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>10
</SUP>Duke Energy, <I>Duke Energy expands clean energy action plan</I>, <FONT STYLE="color: #1155CC"><U>https://news.duke-energy.com/releases/duke-energy-expands-clean-energy-action-plan</U></FONT>,
accessed Mar 1, 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>11
</SUP>Dominion Energy, <I>Dominion Energy Broadens Net Zero Commitments</I>, <FONT STYLE="color: #1155CC"><U>https://news.dominionenergy.com/2022-02-11-Dominion-Energy-Broadens-Net-Zero-Commitments</U></FONT>,
accessed Mar 1, 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>12
</SUP>NextEra Energy, <I>Environmental, Social and Governance 2021 Report</I>, <FONT STYLE="color: #1155CC"><U>https://www.investor.nexteraenergy.com/~/media/Files/N/NEE-IR/Sustainability/2021_NEE_ESG_Report_vF.pdf</U></FONT> p. 3</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>13
</SUP>Note: Green hydrogen was very recently described as &ldquo;still quite early stage,&rdquo; by Kyle Mangini, global head
of infrastructure at IFM Investors <FONT STYLE="color: #1155CC"><U>https://www.ft.com/content/6bdfba87-2ea2-4e47-abdf-ed853a22c15d</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>14
</SUP>NextEra Energy, <I>Environmental, Social and Governance 2021 Report</I>, <FONT STYLE="color: #1155CC"><U>https://www.investor.nexteraenergy.com/~/media/Files/N/NEE-IR/Sustainability/2021_NEE_ESG_Report_vF.pdf</U></FONT> p. 9</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>15
</SUP>NextEra Energy, <I>Environmental, Social and Governance 2021 Report</I>, <FONT STYLE="color: #1155CC"><U>https://www.investor.nexteraenergy.com/~/media/Files/N/NEE-IR/Sustainability/2021_NEE_ESG_Report_vF.pdf</U></FONT> p. 21</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>16 </SUP>Florida
Power &amp; Light Company, <I>Ten Year Power Plant Site Plan: 2022 - 2031</I>, April 2022, <FONT STYLE="color: #1155CC"><U>http://www.psc.state.fl.us/Files/PDF/Utilities/Electricgas/TenYearSitePlans/2022/Florida%20Power%20and%20Light%20Company.pdf</U> </FONT>p.
101</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>17
</SUP>Florida Power &amp; Light Company, <I>Ten Year Power Plant Site Plan: 2022 - 2031</I>, April 2022, <FONT STYLE="color: #1155CC"><U>http://www.psc.state.fl.us/Files/PDF/Utilities/Electricgas/TenYearSitePlans/2022/Florida%20Power%20and%20Light%20Company.pdf</U></FONT> p. 96</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>18
</SUP>InfluenceMap, LobbyMap: NextEra Energy, accessed Apr 27, 2022, <FONT STYLE="color: #1155CC"><U>https://lobbymap.org/company/NextEra-Energy/projectlink/NextEra-Energy-In-Climate-Change</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>19
</SUP>CA100+, Company Assessment: NextEra Energy, accessed Apr 27, 2022, <FONT STYLE="color: #1155CC"><U>https://www.climateaction100.org/company/nextera-energy-inc/</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>20
</SUP>CA100+, Company Assessment: NextEra Energy, accessed Apr 27, 2022, <FONT STYLE="color: #1155CC"><U>https://www.climateaction100.org/company/nextera-energy-inc/</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>21
</SUP>Schafer &amp; Anderson, &ldquo;NextEra spent $20 million to ban clean energy transmission project in Maine&rdquo;, <I>Energy
and Policy Institute</I>, Nov 3, 2021, <FONT STYLE="color: #1155CC"><U>https://www.energyandpolicy.org/nextera-spent-20-million-to-ban-clean-energy-transmission-project-in-maine/</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>22
</SUP>Klas &amp; Ariza, &ldquo;Revealed: the Florida power company pushing legislation to slow rooftop solar&rdquo;, <I>The Guardian</I>,
Dec 20, 2021, <FONT STYLE="color: #1155CC"><U>https://www.theguardian.com/environment/2021/dec/20/revealed-the-florida-power-company-pushing-legislation-to-slow-rooftop-solar</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>23
</SUP>IPCC, <I>Special Report on Global Warming of 1.5&deg;C., </I>2018<I>, </I><U>https://www.ipcc.ch/site/assets/uploads/sites/2/2019/06/SR15_Full_Report_Low_Res.pdf</U>, pp. v, 5, 7-10, 95-97 and 116</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>24
</SUP>International Energy Agency (IEA), <I>Net Zero by 2050: A Roadmap for the Global Energy Sector, </I>May 2021. https://www.iea.org/reports/net-zero-by-2050<U>,
</U>Slide 8.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>25
</SUP>IPCC. <I>Special Report on Climate Change and Land, Summary for Policy Makers</I>,January, 2020, <U>https://www.ipcc.ch/site/assets/uploads/sites/4/2020/02/SPM_Updated-Jan20.pdf</U>,
pp 23-24 and 26.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>26
</SUP>Climate Action 100+: Net-Zero Company Benchmark Company Assessments https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>27
</SUP>U.S. Energy Information Agency, &ldquo;FAQs: What are U.S. energy-related carbon dioxide emissions by source and sector?,&rdquo;
<FONT STYLE="color: #1155CC"><U>https://www.eia.gov/tools/faqs/faq.php?id=75&amp;t=11</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>28
</SUP>MJBradley &amp; Associates, <I>Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States</I>,
<FONT STYLE="color: #1155CC"><U>https://www.mjbradley.com/sites/default/files/Presentation_of_Results_2020.pdf</U></FONT> p. 9</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>29
</SUP>IIGCC as part of Climate Action 100+, <I>GLOBAL SECTOR STRATEGIES: INVESTOR INTERVENTIONS TO ACCELERATE NET ZERO ELECTRIC
UTILITIES</I>, Oct 2021, <FONT STYLE="color: #1155CC"><U>https://www.climateaction100.org/wp-content/uploads/2021/10/Global-Sector-Strategy-Electric-Utilities-IIGCC-Oct-21.pdf</U></FONT> p. 26</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>30
</SUP>IPCC, <I>Special Report: GLOBAL WARMING OF 1.5 &ordm; Summary for Policy Makers</I>, <FONT STYLE="color: #1155CC"><U>https://www.ipcc.ch/sr15/chapter/spm/</U></FONT> p. C1</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>31
</SUP>International Energy Agency, <I>Net Zero by 2050 A Roadmap for the Global Energy Sector</I>,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1155CC"><U>https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf</U></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> p. 20</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>32
</SUP>IIGCC as part of Climate Action 100+, <I>GLOBAL SECTOR STRATEGIES: INVESTOR INTERVENTIONS TO ACCELERATE NET ZERO ELECTRIC
UTILITIES</I>, Oct 2021, <FONT STYLE="color: #1155CC"><U>https://www.climateaction100.org/wp-content/uploads/2021/10/Global-Sector-Strategy-Electric-Utilities-IIGCC-Oct-21.pdf</U></FONT> p. 10</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>33
</SUP>IEA, Achieving Net Zero Electricity Sectors in G7 Members,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1155CC"><U>https://iea.blob.core.windows.net/assets/9a1c057a-385a-4659-80c5-3ff40f217370/AchievingNetZeroElectricitySectorsinG7Members.pdf</U></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> p. 92</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>34
</SUP>IEA, Achieving Net Zero Electricity Sectors in G7 Members, <FONT STYLE="color: #1155CC"><U>https://iea.blob.core.windows.net/assets/9a1c057a-385a-4659-80c5-3ff40f217370/AchievingNetZeroElectricitySectorsinG7Members.pdf</U></FONT> p. 38</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>35
</SUP>Science Based Targets, &ldquo;Science-Based Net-Zero Targets: &lsquo;Less Net, more Zero&rsquo;,&rdquo; <FONT STYLE="color: #1155CC"><U>https://sciencebasedtargets.org/blog/science-based-net-zero-targets-less-net-more-zero</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>36
</SUP>Climate Action 100+, &ldquo;Companies,&rdquo; <FONT STYLE="color: #1155CC"><U>https://www.climateaction100.org/whos-involved/companies/</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>37
</SUP>Science Based Targets, <I>SETTING 1.5&deg;C-ALIGNED SCIENCE-BASED TARGETS: QUICK START GUIDE FOR ELECTRIC UTILITIES</I>,
June 2020, <FONT STYLE="color: #1155CC"><U>https://sciencebasedtargets.org/resources/legacy/2020/06/SBTi-Power-Sector-15C-guide-FINAL.pdf</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>38
</SUP>Science Based Targets, &ldquo;Companies Taking Action&rdquo; <FONT STYLE="color: #1155CC"><U>https://sciencebasedtargets.org/companies-taking-action</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>39
</SUP>Science Based Targets, &ldquo;Sector Guidance&rdquo; <FONT STYLE="color: #1155CC"><U>https://sciencebasedtargets.org/sectors</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>40
</SUP>CDP, <FONT STYLE="color: #1155CC"><U>https://www.cdp.net/en</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>41
</SUP>James H. Williams et al., &ldquo;Carbon-Neutral Pathways for the United States,&rdquo; <I>Advancing Earth and Space Science</I>,
<FONT STYLE="color: #1155CC"><U>https://agupubs.onlinelibrary.wiley.com/doi/epdf/10.1029/2020AV000284</U></FONT>, 2021, p. 20</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>42
</SUP>Eric Larson et al., &ldquo;Net-Zero America: Potential Pathways, Infrastructure, and Impacts,&rdquo; Princeton University,
October 21, 2021, <FONT STYLE="color: #1155CC"><U>https://www.dropbox.com/s/ptp92f65lgds5n2/Princeton%20NZA%20FINAL%20REPORT%20%2829Oct2021%29.pdf?dl=0</U></FONT> p. 29</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>43 </SUP>Climate
Analytics, <I>Global and regional coal phase-out requirements of the Paris Agreement: Insights from the IPCC Special Report
on 1.5&deg;C</I>, Sep 2019 <FONT STYLE="color: #1155CC"><U>https://climateanalytics.org/media/report_coal_phase_out_2019.pdf</U></FONT>
at &ldquo;key messages&rdquo;,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>44
</SUP>IEA, <I>Net Zero by 2050 A Roadmap for the Global Energy Sector</I>, October 2021,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1155CC"><U>https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf</U></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">
p. 20</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>45
</SUP>ERIC GIMON et al., &ldquo;THE COAL COST CROSSOVER: ECONOMIC VIABILITY OF EXISTING COAL COMPARED TO NEW LOCAL WIND AND SOLAR
RESOURCES,&rdquo; <I>Energy Innovation</I>, Mar 2019, <FONT STYLE="color: #1155CC"><U>https://energyinnovation.org/wp-content/uploads/2019/03/Coal-Cost-Crossover_Energy-Innovation_VCE_FINAL.pdf</U></FONT> p. 1</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>46
</SUP>ERIC GIMON et al., &ldquo;THE COAL COST CROSSOVER: ECONOMIC VIABILITY OF EXISTING COAL COMPARED TO NEW LOCAL WIND AND SOLAR
RESOURCES,&rdquo; <I>Energy Innovation</I>, Mar 2019, <FONT STYLE="color: #1155CC"><U>https://energyinnovation.org/wp-content/uploads/2019/04/Coal-Cost-Crossover_Energy-Innovation_VCE_FINAL2.pdf</U></FONT> p. 11</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>47
</SUP>Goldman School of Public Policy, &ldquo;2035 THE REPORT: PLUMMETING SOLAR, WIND, AND BATTERY COSTS CAN ACCELERATE OUR CLEAN
ELECTRICITY FUTURE,&rdquo; <I>University of California Berkeley</I>, June 2020, <FONT STYLE="color: #1155CC"><U>http://www.2035report.com/wp-content/uploads/2020/06/2035-Report.pdf?hsCtaTracking=8a85e9ea-4ed3-4ec0-b4c6-906934306ddb%7Cc68c2ac2-1db0-4d1c-82a1-65ef4daaf6c1</U></FONT> p. 25</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>48
</SUP>Stanley Porter et al., &ldquo;Utility decarbonization strategies: Renew, reshape, and refuel to zero,&rdquo; <I>Deloitte</I>,
Sep 21, 2020, <FONT STYLE="color: #1155CC"><U>https://www2.deloitte.com/us/en/insights/industry/power-and-utilities/utility-decarbonization-strategies.html</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>49
</SUP>Stanley Porter et al., &ldquo;Utility decarbonization strategies: Renew, reshape, and refuel to zero,&rdquo; <I>Deloitte</I>,
Sep 21, 2020, <FONT STYLE="color: #1155CC"><U>https://www2.deloitte.com/us/en/insights/industry/power-and-utilities/utility-decarbonization-strategies.html</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>50
</SUP>ANNE-SOPHIE CORBEAU, &ldquo;The Global Energy Crisis: Implications of Record High Natural Gas Prices,&rdquo; <I>Columbia
SIPA Center on Global Energy Policy</I>, Oct 20, 2021, <FONT STYLE="color: #1155CC"><U>https://www.energypolicy.columbia.edu/research/commentary/global-energy-crisis-implications-record-high-natural-gas-prices</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>51
</SUP>Climate Action 100+, Companies, <FONT STYLE="color: #1155CC"><U>https://www.climateaction100.org/whos-involved/companies/</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>52
</SUP>Carbon Tracker Initiative, <FONT STYLE="color: #1155CC"><U>https://carbontracker.org/</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>53
</SUP>Carbon Tracker Initiative, &ldquo;Company profiles,&rdquo; <FONT STYLE="color: #1155CC"><U>https://carbontracker.org/company-profiles/</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>54
</SUP>Sierra Club, The Dirty Truth About Utility Climate Pledges, <FONT STYLE="color: #1155CC"><U>https://coal.sierraclub.org/the-problem/dirty-truth-greenwashing-utilities</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>55
</SUP>John Romankiewicz, Utility Dashboard, <FONT STYLE="color: #1155CC"><U>https://public.tableau.com/app/profile/john.romankiewicz/viz/Utilitydashboard/Story1</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>56
</SUP>Yvonne McIntyre &amp; Derek Murrow, &ldquo;House Proposes Strong Clean Electricity Performance Program,&rdquo; <I>NRDC</I>,
Sep 14, 2021, <FONT STYLE="color: #1155CC"><U>https://www.nrdc.org/experts/yvonne-mcintyre/house-proposes-strong-clean-electricity-performance-program</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>57
</SUP>Climate Action 100+, &ldquo;Companies,&rdquo; <FONT STYLE="color: #1155CC"><U>https://www.climateaction100.org/whos-involved/companies/</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>58
</SUP>InfluenceMap, <FONT STYLE="color: #1155CC"><U>https://influencemap.org/index.html</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>59
</SUP>LobbyMap, &ldquo;Company Profiles,&rdquo; <FONT STYLE="color: #1155CC"><U>https://lobbymap.org/filter/List-of-Companies-and-Influencers#1</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>60
</SUP>Energy and Policy Institute, <FONT STYLE="color: #1155CC"><U>https://www.energyandpolicy.org/</U></FONT></FONT></P>

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