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Relevant research•European Utilities: Network security (part 1): Blackouts, 8 May 2025••RWE/ IBERDROLA / EDPR/ Orsted: Positive news on US IRA, 13 May 2025•Meet the analysts Franck Bataille is a senior research analyst based in Pariscovering European HG Utilities & Energy, as well asEuropean Corporate Hybrids. Before joining Barclays inMay 2023, Franck was Head of the European CorporateCredit Sector Strategy team at Credit Suisse for 12 years,with a strong focus on the European Corporate Hybridsasset class. He was Ranked #1 in the 2019 EuromoneySurvey for Corporate Hybrid Bonds. Franck has a Mastersin Management – Finance from EDHEC Business SchoolGrande ÉcoleView Analyst PageDominic joined Barclays in December 2018 as head ofEuropean Utilities research. Prior to this, Dominic washead of utilities, renewables, infrastructure and transportresearch at Macquarie. Dominic started his utilities careerin 1998 working forOffer(now Ofgem) on utility retailderegulation. He joined the Credit Suisse Europeanutilities team in 2000. In 2005 he moved to Credit Suisseprop trading, where he became head of their globalutilities, renewable and infrastructure investments. In2010 he returned to research at Liberum Capital. Dominicholds a PhD (Chemical Engineering) from the University ofCambridge.View Analyst PageMaggie O’Neal is a Managing Director and Global Head ofSustainable Investing Research. Prior to moving to ESGResearch, Maggie covered Basic Industries/Industrials andwas named in the top three of Institutional InvestorEuropean Fixed Income Research team for her coverage ofBasic Materials and Industrials from 2016-2023. She co-developed Barclays’ approach to ESG Research andassumed her current role in 2022. Maggie joined Barclaysin 2015; she has 15 years of experience in research, havingpreviously worked at Deutsche Bank. Maggie studied atUCLA, Sciences Po Paris and King’s College London for Franck Bataille(i)+33 (0) 14458 3221BBI, ParisDominic Nash+44 (0)20 3134 2364Barclays, UKMaggie O'Neal(iii)+ 44 (0) 20 7773 6924Barclays, UKPatrickCoffey*+44 (0)20 3555 5955Barclays, UKEuropean Credit UtilitiesEuropean Equity UtilitiesSustainable Investing ResearchEuropean Equity Product Management GroupThis event is intended for Barclays institutional investor clients only. This event is strictly and solelyfor the benefit of the intended recipients. Please do not forward this invitation to any other partywithout written consent from Barclays Research. Barclays' Investment Bankers are permitted toattend this event. Participant comments are not for attribution.If your firm is in-scope for research unbundling under MiFID II and you require further informationregarding pricing to participate in this Barclays Research content event, please contact your salesrepresentative. For FICC clients who are in-scope for research unbundling under MiFID II, access to thisevent requires a FICC Basic package.Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies coveredin its research reports. As a result, investors should be aware that the firm may have a conflict ofinterest that couldaffectthe objectivity of this report. Investors should consider this report as only asingle factor in making their investment decision.This document is intended for institutional investors and is not subject to all of the independence anddisclosure standards applicable to debt research reports prepared for retail investors under U.S. FINRARule 2242. Barclays trades the securities covered in this report for its own account and on adiscretionary basis on behalf of certain clients. Such trading interests may be contrary to therecommendationsofferedin this report. (i)This author is a debt research analyst in the Fixed Income, Currencies and Commodities Researchdepartment and is neither an equity research analyst nor subject to all of the independence anddisclosure standards applicable to analysts who produce debt research reports under U.S. FINRA Rule2242.(iii)This author is a member of the EMEA Equity Research department who may publish equity anddebt research* This individual is a member of the Product Management Group and is not a Research AnalystAny views or opinions by Barclays research analysts have been previously published in researchreports available to our clients on Barclays Live. Click here to view the guide to the Barclaysfundamental equity research rating system.For analyst certifications and important disclosures including, where applicable, foreignaffiliatedisclosures, and the date and time when the production of each recommendation was completed andfirst disseminated, please refer to the full document(s) included in this email or go to our Researchportal on Barclays Live. To access conflict of interest disclosures relating to issuers covered byBarclays Research, please see https://publicresearch.barclays.com.Barclays Events Terms of Service | Barclays Events Privacy NoticeDisclaimer:BARCLAYSThis communication has b