Contributors Bradley Bolte Director, Power Development, Siemens Energy Charles Bourgault Industry Manager, World Economic Forum Shiva Prashanth Kasina Senior Manager, Corporate Planning, NTPC Ltd Clémence Léveque Economist, Deloitte France Bernhard Lorentz Global Consulting Services Sustainability & Climate Leader, Managing Partner, Deloitte Sustainability & ClimateAntoine Museur Economist, Deloitte France Saskia Routs Director, Power Development, Siemens Energy Uwe Schütz Head of Outreach and Messaging, Siemens Energy Manuel Villavicencio Director, Deloitte France Johannes von Karczewski Head of Government and Executive Affairs, Siemens Energy Acknowledgments The World Economic Forum would like to thank the Electricity Industry Chief Strategy Officers’ community for their valuable ideas, contributions and feedback provided during the drafting of this report, as well as the Electricity Industry Governors’ community for their direction, guidance and feedback. In addition, the Forum would like to acknowledge the following experts, without whose contributions this white paper would not have been possible. Nevertheless, the paper does not necessarily reflect the views of these individuals or their companies. Expert advice is purely consultative in nature and does not imply any association with the takeaways or conclusions presented within this paper. Noel Aoun Chief Strategy Officer, TAQA Roman Gryniv Head of Strategy and Business Development, DTEK Abhinav Gupta Senior Vice President, ReNew Santiago Herrero Navas Head, Multilateral and Development Finance, Iberdrola Francisco Laverón Head of Energy Prospective and Policy, Iberdrola Yvonne Leung Global Strategic Engagement Lead, Philanthropy for Nature and Climate, World Economic Forum Ma Li Vice Chief Engineer, State Grid Corporation of China Elvira Lopez Prados Head of Chief Executive Officer Office, ACCIONA EnergíaPhilip Nevels Head, Corporate Strategy, AES Cosma Panzacchi Senior Vice-President, Corporate Strategy and Sustainability, Siemens Energy Vincent Petit Senior Vice-President, Climate and Energy Transition Research, Schneider Electric Davide Puglielli Head of Strategy and Group Positioning, Enel Production Jean-Philippe Stanway Designer Jonathan Walter Editor Financing the Energy Transition: Meeting a Rapidly Evolving Electricity Demand 28

Financing the Energy Transition 2025