California Market Update

[ADVANCED PREVIEW] Solar Agreement Update

Key Details:

• PPA to Lease: All California solar agreements are transitioning from PPAs to Leases.
• Target Go-Live: November 1, 2026.
• Impacts: PG&E, SCE, and SDG&E - (LADWP, IID, & APU utilities already operate on leases).

- Pre-November 1: Contracts retain PPA status.

- Post-November 1: Contracts issued as leases.