Ann: Regulatory & Project Development Update, page-104

The bill will have no, or very, very minimal impact on Saddle Hills as a peaker. It is the Clean Electricity Regulations that will have major impact on SH.

The large plants with CCS are reliant on the bill as that will result in reimbursement of a significant proportion of the costs thus making the returns more comparable or more cost effective with existing gas plants. Taking into account the carbon tax and the limits on non-CCS gas plants from the CERs then I expect these projects to go ahead.

The teaser put out last year was projecting Ellis 1 & 2 to be completed and operational in 2028. The continuance of the pre-FEED work to date means that is still the case, although the delays with the ITC bill and the CERs may see the completion to be later in 2028 than otherwise might’ve been the case.