ENERGY, POWER & RENEWABLES MARKET UPDATE

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JUNE 2021

ENERGY, POWER & RENEWABLESMARKET UPDATE

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Alesco - Energy Insurance Market Overview

ABOUTALESCO

Alesco is a fast-growing and dynamic insurance broker that specialises in property, liability, accident & health, contingency and related lines of business across a diverse range of industries from energy and construction to marine, aviation and fine art, just to name a few. Combining the strength and reach of a global brand, with the service levels and flexibility of a specialist independent broker, Alesco is committed to building confidence and creating certainty in your business.

Clients across the globe rely on Alesco to identify, manage and mitigate risk – and to provide them access to the international insurance and reinsurance markets. Should clients require support in an individual specialism or the development of a single, comprehensive proposition across their portfolio, we have the proven skills and connections to serve national and international interests.

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CONTENTS

1. INDUSTRY OVERVIEW 2. UPSTREAM ENERGY 3. MIDSTREAM ENERGY

5. CASUALTY 7. RENEWABLE ENERGY

4. DOWNSTREAM ENERGY

6. POWER8. OIL RECENT

DEVELOPMENTS/ MARKET INTELLIGENCE

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1. INDUSTRY OVERVIEW

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¥ COVID-19 continues to present challenges particularly for risks where on site engineering is required – insurers and insureds are adapting well to the use of remote technology although it is far from ideal.

¥ A high profile cyber loss in the USA in Q2 2021 in the midstream energy sector has caused buyers to reconsider their approach to cyber risk transfer.

¥ Some Energy sectors are seeing continuing capacity withdrawal on environmental concerns as a result of pressure on insurers from ESG lobbyists in particular oil sands, coal fired power generation and some offshore drilling activity e.g. Arctic region.

¥ Oil prices have returned to pre-pandemic levels but rig counts overall are still at around 50% of the levels in early 2020 (although to some extent this reflects a displacement of older equipment).

¥ In the Upstream market so far in 2021 on average we have seen single digit rises in the range of 2.5%-10%. Underwriters are continuing to scrutinise specific sections like loss of production income (LOPI) and control of well..The higher rate increases have been seen mostly on smaller accounts or niche areas such as onshore contractors.

ENERGY INDUSTRY OVERVIEW ¥ 2020 saw the Downstream market make a profit for

the first time in a number of years. The rate rises seen over the past 18-24 months are beginning to plateau. Those insureds with good risk engineering and a good loss record are now looking at 10%-15% rate rises compared to the 20%-30% in early 2021. Total capacity appears to be fairly stable at approximately USD4bn.

¥ The Power market has continued in to 2021 where it left off 2020; rates are still rising albeit perhaps a little slower than at the start of the year. We may be reaching a point where we are seeing real competitive tension between underwriters, partly down to pockets of new capacity and demanding growth targets. ESG continues to be a significant factor in the reduction of capacity for coal powered generation assets with the Lloyds directive to stop writing Coal Fired power plants from 2022.

¥ 2020 was a challenging year in the energy casualty sector with key capacity withdrawing all together or significantly reducing appetite. There is some positive news for 2021 as we are seeing rates stablilise.

¥ The renewable energy market has started the year with greater stability than 12 months ago. Rate increases at the start of 2021 are typically in the range of 10%-25%. We have seen some ‘new’ capacity into the offshore wind sector as insurers look to increase their exposure to the green energy sector.

¥ In these tougher market conditions the mutual OIL continues to add new members and is now up to 62. OIL’s financial results have outperformed the commercial market over the last ten years and longstanding members are receiving annual dividends (to the value of about 50% of premiums 2014-2021). OIL are undertaking a strategic review which could result in an increased limit (from $400M) and a more tailored product for the new and expanding renewables sector.

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OIL PRICE TREND – 5 YEARS TO JUNE 2021

Benchmark oil prices currently $60 per barrelSource: https://fred.stlouisfed.org/tags/series?t=oil


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MONTHLY RIG COUNTS (LAND AND OFFSHORE, ALL ASSETS)

MONTHLY RIG COUNTS (TO MAY 2021)

Total global rig count 1,100 (down 950 in 2020)Source: https://rigcount.bakerhughes.com/intl-rig-count


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2. UPSTREAM ENERGY

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• In the first half of 2021 we have seen rate rises between 2½% and 10% on average for Upstream business, however this is dependent on loss record and profile. It is often though more complicated than a blanket “rate rise” across an account, rather sections such as LOPI and Control of Well are being peeled back, scrutinized and will be the reason for overall policy rises. The upper end of these rate changes (10%) have been seen mostly on business with smaller premium levels (sub USD 1mm) and in certain niche areas of the upstream book of business such as onshore contractors and salt water disposal.

• Notwithstanding the above there still seems to be excess capacity for many upstream accounts, especially for business that is larger in scale and with attractive loss records. Whilst rate momentum has continued into the 2nd quarter of 2021 we are seeing this slowing to low single digit rate increases. Where market competition can be established and placements are able to be remarketed, we are seeing the first examples of reductions.

• Rates have increased on Construction business by around 10-15% along with deductibles and large projects continue to be challenging, with limited appetite to offer subsea elements. There have been a number of pipeline/subsea losses around the globe which has seen some more underwriters stop writing this class of business within the Construction All Risk (CAR) portfolio. Very good underwriting information around the contractor is needed to place Subsea risks currently.

• Across the Upstream sector there seems to be a minimum premium issue within the market, more often underwriters are imposing minimum premium limits on small business, or introducing artificial rate rises, mostly we are seeing this up to $50k however there is possibility as the year develops that this could be anything up to $100k. Something to watch for as we go through the year.

• The Environmental, Social and Governance (ESG) movement within Lloyds is growing and poses a potential problem for underwriters as this could isolate risk appetite.

• There have been some new Underwriters enter into the sector for 2021 - Dale Underwriting, Inigo (Energy capability not live yet) Ki (association with BRIT) and ERS, however overall capacity is more or less flat, perhaps marginally down. This is due to a reduction in capacity from some major players, and new entrant capacity not making up the shortfall.

UPSTREAM ENERGY CAPACITY, DEMAND & OUTLOOK

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• 2020 was a relatively quiet year in terms of losses, with only 1 loss to date exceeding $100m. 2021 appears to be a similar story so far with loss activity below historical norms. Historically low underlying rating and utilisation premiums levels owing to the commodity price environment in 2020 continues to make Upstream Energy a marginal class of business for most insurers. It continues to be a fragile class as it struggles to gain rate or premium momentum but is underwritten within business’s who have faced COVID losses and subsequent results amongst the worst in their history.

• A significant loss to note however, which isn’t included at the moment in the industry data, is from Norwegian energy firm Equinor who confirmed that its Hammerfest liquid natural gas (LNG) facility will be closed for up to 12 months. The cost is being reserved by the market in the range of USD350M-600M for all JV partners including Equinor’s London BI purchase, however estimates will likely be updated through the course of 2021 as the true extent of the loss is understood during repair.

UPSTREAM ENERGY CAPACITY, DEMAND & OUTLOOK CONTINUED

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UP/DOWN/POWER LAND/OFFSHORE COUNTRY CAUSE CATEGORY SUBCATEGORY TOTAL/ACTUAL USD

Upstream Land Canada Fire no explosion Oil sands Production facility 141,399,508

Upstream Offshore Indonesia Blowout no fire Well Well 101,500,000

Upstream Offshore Brazil Heavy weather MOPU FPSO 100,000,000

Upstream Offshore Norway Heavy weather MOPU FPSO 95,000,000

Upstream Land Brazil Fire no explosion MOPU FPSO 61,700,000

Upstream Offshore Vietnam Blowout no fire Well Well 59,100,000

Upstream Offshore Canada Faulty design MOPU FPSO 53,657,296

Upstream Offshore Norway Ruptured pipeline Pipeline Pipeline 52,900,000

Upstream Offshore Congo Blowout no fire Well Platform rig 50,000,000

Upstream Land USA Blowout no fire Well Well 46,500,000

UPSTREAM ENERGY LOSSES 2019TOP 10 LARGEST UPSTREAM ENERGY LOSSES IN 2019

Total 2019 Upstream Losses (132): $1,905,486,540

Total Top 10 Losses: $761,756,804 = 39.98%

Operational (116): $1,474,792,997

Construction (26): $430,693,543

Losses are incurred actual amounts, as reported, not indexed, sourced from the Willis Towers

Watson’s energy industry loss database for ground up losses of $1m or more at the time of loss.

Note that 2020/2021 figures are subject to further development, both in terms of frequency and

severity of losses. As at 14th April 2021.

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TOP 10 LARGEST UPSTREAM ENERGY LOSSES IN 2020


Upstream Offshore Angola Faulty work/op error Rig Drillship 155,200,000

Upstream Offshore USA Blowout no fire Well Well 86,500,000

Upstream Offshore USA Windstorm Platform Platform 47,000,000

Upstream Offshore Vietnam Unknown SSCS SSCS 37,350,000

Upstream Offshore Nigeria Unknown Pipeline Pipeline 30,000,000

Upstream Offshore UK Mechanical Failure Pipeline Platform rig 23,800,000

Upstream Land Malaysia Subsidence/landslide Pipeline Pipeline 17,000,000

Upstream Land Canada Fire no explosion Oil Sands Equipment 16,000,000

Upstream Offshore China Anchor/jacking/trawl Pipeline Pipeline 15,200,000

Upstream Land Algeria Blowout + fire Well Well 15,000,000

UPSTREAM ENERGY LOSSES 2020

Total 2020 Upstream Losses (65): $712,826,239

Total Top 10 Losses: $443,050,000 = 62.15%

Operational (49): $610,677,239

Construction (16): $102,149,000





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3. MIDSTREAM ENERGY

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MIDSTREAM ENERGY ¥ At the half year mark, the market remains in its

hardening phase with rate rises in the midstream sector, however as predicted in our last brief, the market stance is softening off and clients with clean business can now expect to be quoted circa +10%. The London Downstream market and Domestic market continue to harden at a faster pace and so the Alesco Midstream Facility remains competitive by contrast.

¥ The Midstream sector continues to see the imposition of minimum premiums though the demand by the market seems to have stabilised at between USD50k and USD75k for this sector of the business and at time of writing there aren’t any signs of a further hardening of this stance.

¥ The unusually cold weather in the early part of the year so far hasn’t translated into a large number of claims in the Midstream space, so the most prevalent losses still remain Gas Plant fires and Compressor issues, with resultant BI the major cause of loss to the market.

¥ The Downstream market, where midstream has traditionally been purchased, continues to harden at a significant rate following poor book performance in that sector, and the pricing delta between the Upstream and Downstream markets continues to widen despite the year on year rises.

¥ Capacity remains static at the half year point with signs of some new entrants to the market potentially to come later in the year.

¥ High profile Midstream loss in the cyber sector in North America is likely to cause clients to rethink their Cyber risk transfer and the Alesco Midstream team is actively engaging with market to bring a satisfactory product to the table for the cover clients.

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4. DOWNSTREAM ENERGY

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• As we move towards the end of the 2nd Quarter of 2021 the rate rises which the Downstream Market has undergone over the last 18-24 months are beginning to plateau and we believe we may be close to reaching the crest of the hard market cycle.

• Whilst we are still not at the stage of seeing rate reductions, for those Insured’s with good loss records and who can provide quality engineering for their risk we are now looking at +10%-15% rate rises as opposed to rises upwards of +20%-30% which had been witnessed earlier in the year.

• Whilst underwriter discipline has largely remained intact, we are starting to see a move away from reduced capacity deployment. Nevertheless since we have not seen a large influx of new capacity there has not been a marked change in the supply vs. demand balance. That’s not to say there have been no new players entering the marketplace and the emergence of Guideone amongst others is a welcome addition.

• Despite this we estimate capacity to remain fairly constant at approx. USD4bn but with the caveat that Insureds with a Policy Limit beyond USD1.50bn are faced with a challenge to complete a placement at a cost which is not considered to be too prohibitive. For Risks in Cat exposed areas the access to competitively priced capacity is even more challenging.

• The pressure clients are experiencing on pricing and the withdrawal of capacity and in some cases reduced capacity deployment has led to more programmes reintroducing a layered structure (when they have been placed wholly quota share for many years). This approach, which has had a legacy of typically being done out of necessity due to lack of commercial QS capacity, can often bring additional capacity and competition where and when it is needed.

• Covid-19 continues to present challenges when it comes to on site Engineering in many parts of the World and Insurers and Insureds are having to continue to rely on remote surveys in order to gain any up to date risk engineering information. Whilst not an ideal situation both Insureds and Insurers have generally adapted well to the use of remote technology.

• We continue to see programme retention levels generally being offered unamended although we are continuing to see a more detailed review of conditions and wordings with Business Interruption Volatility Clauses (the latest version being LMA5515), Cyber Clauses and Communicable Disease Clauses at the forefront of most insurers minds. As a result of COVID-19 there is now a mandate that all policies include a Communicable Disease Clause and a requirement for Insureds to provide details of the measures they have in place to ensure the smooth running of their facilities in the event of an outbreak of a pandemic within their workforce.

DOWNSTREAM ENERGY

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TOP 10 LARGEST DOWNSTREAM ENERGY LOSSES IN 2019


Downstream Land USA Fire + explosion/VCE Refinery Refinery 845,000,000

Downstream Land USA Fire + explosion/VCE Petrochemical Olefins 634,000,000

Downstream Land Cameroon Fire + explosion/VCE Refinery Tank farm/terminal 445,000,000

Downstream Land France Fire no explosion Refinery Secondary process 440,000,000

Downstream Land USA Fire + explosion/VCE Tank farm/terminal Tank farm/terminal 206,900,000

Downstream Land France Fire + explosion/VCE Chemical Chemical 205,000,000

Downstream Land Canada Faulty work/op error Refinery Secondary process 151,058,500

Downstream Land USA Fire + explosion/VCE Petrochemical Olefins 121,000,000

Downstream Land Egypt Fire no explosion Refinery Inorganic Chemicals 96,595,863

Downstream Land Russia Mechanical failure Chemical Secondary process 91,600,000

DOWNSTREAM ENERGY LOSSES 2019

Total 2019 Downstream Losses (97): $$4,566,238,291

Total Top 10 Losses: $3,236,154,363 = 70.87%

Operational (87): $4,339,497,521

Construction (10): $226,740,770





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Downstream Land South Korea Fire + explosion/VCE Petrochemical Olefins 440,000,000

Downstream Land South Korea Fire no explosion Petrochemical Olefins 354,527,696

Downstream Land USA Windstorm Refinery Refinery 175,000,000

Downstream Land South Africa Fire + explosion/VCE Refinery Secondary process 155,000,000

Downstream Land Algeria Unknown Gas plant Gas processing 147,500,000

Downstream Land Sweden Fire no explosion Petrochemical Olefins 146,718,000

Downstream Land South Africa Fire + explosion/VCE Refinery Secondary process 120,000,000

Downstream Land Malaysia Fire + explosion/VCE Refinery Secondary process 100,000,000

Downstream Land India Fire + explosion/VCE Gas plant Gas plant/trans 100,000,000

Downstream Land USA Fire + explosion/VCE Refinery Primary process 95,900,000

DOWNSTREAM ENERGY LOSSES 2020TOP 10 LARGEST DOWNSTREAM ENERGY LOSSES IN 2020

Total 2020 Downstream Losses (70): $2,917,686,439

Total Top 10 Losses: $1,834,645,696 = 62.88%

Operational (59): $2,003,810,416

Construction (11): $913,876,023





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5. CASUALTY

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• Following the market turmoil of 2020, in most cases rates have now stabilised somewhat, but generally speaking pressure remains. The new market entrants, announced in 2020, have begun to underwrite following the lengthy process of on-boarding their underwriting teams. These new markets have the benefit of an unencumbered balance sheet, which, especially in long-tail casualty lines, gives them an edge over legacy carriers who remain weighed down by historic under-reserving. However, as the new entrants have been looking to benefit from the improved rating environment, we have seen little appetite for undercutting the market in order to win business. Typically these new entrants are offering modest line sizes which help complete deals at the original quoted terms – this capacity has proved extremely valuable.

• Pressure on rate however remains, this is largely due to the following:

- Lack of suitable alternative options

- Risk selection – underwriters are focusing on the underlying risk and associated rate adequacy, there is a willingness to walk away from renewals if terms are not deemed satisfactory.

- Review of line sizes – we have seen some of the larger legacy market participants seek to reduce their line size across accounts so as to prevent them from having a disproportionately large exposure to any one loss.

• Cyber remains a hot topic in the market with little consensus between underwriters. The debate focuses around affirmation of coverage and whether malicious cyber events should be covered. Whilst generally excluded some underwriters are willing to afford coverage for malicious cyber albeit on a severely restricted basis, others are unwilling to. This divergence between market participants has been driven by reinsurers and has caused challenges when placing significant towers.

• Auto – whilst significant auto exposures in the USA have been extremely challenging for several years, there are signs of underwriters seeking an increased attachment point for large Canadian auto fleets. Whilst from a loss standpoint this does not appear justified, casualty underwriters appear concerned that the issues witnessed in the USA could one day cross the boarder.

CASUALTY

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6. POWER

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POWER ¥ COVID-19 still remains a challenge. At the current

time, the provision of up to date Risk Engineering information is a prerequisite for underwriters. With travel restrictions remaining largely in place this continues to be an issue. Desk Top reports combined with more direct interface between client and underwriter has proved to be helpful in many circumstances however in certain geographical areas this is proving to be challenging. As a market, we continue to navigate our way through this situation but we continue to watch with interest for any relaxation in travel restrictions going into Q3/Q4.

¥ Markets are continuing to underwrite with caution. Rates are still rising albeit perhaps a little slower and the market is also showing a slightly greater appetite for clean/good quality business. General terms and conditions may now have seen a cycle of adjustment so in many cases no major changes are being seen in this respect on clean business. There is still a high level of underwriting discipline but hopefully we are getting to a point where there may be the possibility of introducing some competitive tension between markets. This may be further encouraged by the recent emergence of pockets of new capacity and increased growth targets in certain areas. We are still encouraging our clients to have an early engagement with underwriters and provide as much comprehensive/updated risk information as possible.

¥ The focus on Coal remains an ongoing situation and one which we continue to monitor closely. This is a high profile issue, particularly with the Lloyd’s directive to stop writing schedules including Coal fired Power Plants from 2022. This is a stance not just exclusive to Lloyd’s, with the reduction in available capacity impacting both pricing and limits purchased. A recent high profile loss at a Coal Fired plant in Australia is only serving to bring this into further focus.

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Power Land Algeria Mechanical failure Power Thermal Gas 74,600,000

Power Land Canada Fire no explosion Power Thermal Gas 38,839,000

Power Offshore Germany Faulty design Power Renewable Wind 36,600,000

Power Land USA Flood Power Thermal Gas 28,500,000

Power Land Italy Mechanical failure Power Thermal Gas 23,840,000

Power Land USA Mechanical failure Power Thermal Gas 19,500,000

Power Land Georgia Subsidence/landslide Power Renewable Hydro 16,700,000

Power Land USA Flood Power Renewable Wind 14,250,000

Power Land Chile Mechanical failure Power Renewable Wind 14,000,000

Power Land UK Unknown Power Renewable Wind 13,925,000

POWER LOSSES 2019TOP 10 LARGEST POWER ENERGY LOSSES IN 2019

Total 2019 Power Losses (76): $532,523,494

Total Top 10 Losses: $280,754,000 = 52.72%

Operational (44): $232,126,425

Construction (32): $300,397,069





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Power Land France Fire + explosion/VCE Power Thermal Gas 87,848,000

Power Land Saudi Arabia Mechanical failure Power Thermal Power Thermal 59,250,000

Power Offshore UK Unknown Power T&D Cable (elec/control) 45,788,200

Power Offshore Philippines Anchor/jacking/trawl Power T&D T&D 40,000,000

Power Land USA Fire no explosion Power Renewable Solar 37,700,000

Power Land India Subsidence/landslide Power Renewable Hydro 26,700,000

Power Offshore USA Anchor/jacking/trawl Power Renewable Wind 15,634,000

Power Land Russia Unknown Power Thermal Gas 14,993,692

Power Offshore UK Unknown Power Renewable Wind 13,113,000

Power Land Chile Fire no explosion Power Renewable Wind 12,828,700

POWER LOSSES 2020TOP 10 LARGEST POWER ENERGY LOSSES IN 2020

Total 2020 Power Losses (51): $498,117,828

Total Top 10 Losses: $353,855,592 = 71.04%

Operational (27): $371,358,705

Construction (24): $126,759,123





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7. RENEWABLE ENERGY

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RENEWABLE ENERGY ¥ Renewable Energy market remains stabilised compared

to 2020 market correction.

¥ Renewals are seeing some 10% to 25% increases in rates and levelling of deductibles.

¥ Greater emphasis on equipment warranty status, technology manufacture and O&M scope than previous years as insurers become more familiar with their book performances.

¥ Increase in insurer available capacity in terms of number of insurers in renewable energy has offset/compensated the change in approach from some leads dropping from 100% to 50% lead lines.

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8. OIL RECENT DEVELOPMENTS & MARKET INTELLIGENCE

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¥ Total Shareholders Equity at 31/03/2021 was $3.77bn (31/12/2020 : $3.95bn)

¥ Written premiums for 2020 were $474M (2019 was $468M) but with additional retrospective premiums of $43M so the combined premium was $517M (2019 was $478M)

¥ 2020 was an average loss year ($448M) resulting in underwriting income $67M

¥ The 2020 losses included two claims from Hurricane Laura (total $167M as reported at 30th September 2020)

¥ 2020 investment income was $420M

¥ Overall membership is now 62 (new members in 2020/1: North West Redwater Partnership; United Refining; Pembina Pipelines; Ecopetrol; Federated Co-operatives; Inter Pipeline Limited)

¥ OIL will pay a further dividend of $380M in June 2021

¥ The final loss position for 2020 above has resulted in flat 2021 premiums and a stable TWP position for most members.

OIL RECENT DEVELOPMENTS & MARKET INTELLIGENCE

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Australia (5)

Beach Energy LimitedBHP Billiton Petroleum (Americas) Inc.Santos LtdWoodside PetroleumOrigin Energy

Canada (12)

Bruce PowerCanadian Natural Resources Ltd.Cenovus EnergyFederated Co-operatives LimitedHusky Energy Inc.Inter Pipeline LtdNorth West Redwater PartnershipNOVA Chemicals CorporationParamount Resources Ltd.Pembina PipelinesSuncor Energy Inc.TransCanada Pipelines Limited

Latin America (3)

PREPAEcopetrol S.A. Braskem S.A.

Europe (14)

BASF SECEPSA S.A.Electricité de FranceE.N.I. S.p.A.EquinorGalp Energia S.A.Lyondell Chemical CompanyMOL Reinsurance Company LimitedOMV AktiengesellschaftOrstedRepsol S.A.Royal VopakTOTAL S.A.Yara International ASA

United States (27)

Apache CorporationArena Energy LPBuckeye Partners Chevron Phillips Chemical Company Chevron CorporationCITGO Petroleum CorporationConocoPhillips Petroleum CompanyDelek US Holdings Drummond Company Inc.DTE EnergyEnergy Transfer Partners LPHess CorporationHollyFrontier CorporationLOOP LLCMarathon Oil CompanyMarathon Petroleum CorporationMotiva Enterprises LLCMurphy Oil CorporationOccidental Petroleum Corporation

Phillips 66 CompanyPlains All American Pipeline LPSempra EnergyThe Sinclair CompaniesThe Williams CompaniesUnited Refining CompanyValero Energy CorporationWestlake Chemical Corporation

Asia (1)

CNOOC Limited

Source: https://www.oil.bm/current-members/

CURRENT OIL MEMBERS - 62 AS AT 1ST JUNE 2021

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CONTACT USFOR FURTHER INFORMATION CONTACT:

CONDITIONS AND LIMITATIONS: This note is not intended to give legal or financial advice, and, accordingly, it should not be relied upon for such. It should not be regarded as a comprehensive statement of the law and/or market practice in this area. In preparing this note we have relied on information sourced from third parties and we make no claims as to the completeness or accuracy of the information contained herein. It reflects our understanding as at 24/06/2021, but you will recognise that matters concerning COVID-19 are fast changing across the world. You should not act upon information in this bulletin nor determine not to act, without first seeking specific legal and/or specialist advice. Our advice to our clients is as an insurance broker and is provided subject to specific terms and conditions, the terms of which take precedence over any representations in this document. No third party to whom this is passed can rely on it. We and our officers, employees or agents shall not be responsible for any loss whatsoever arising from the recipient’s reliance upon any information we provide herein and exclude liability for the content to fullest extent permitted by law. Should you require advice about your specific insurance arrangements or specific claim circumstances, please get in touch with your usual contact at Alesco.

Alesco is a trading name of Alesco Risk Management Services Limited. Alesco Risk Management Services Limited is an appointed representative of Arthur J. Gallagher (UK) Limited which is authorised and regulated by the Financial Conduct Authority. Registered Office: The Walbrook Building, 25 Walbrook, London EC4N 8AW. Registered in England and Wales. Company Number: 1193013. www.alescorms.com FP880-2021 Exp. 24.06.2022. ARTUK-2555

Jonathan Smith Managing Partner, Energy [email protected]

Julian Raven Deputy Managing Partner, Energy [email protected]

Patrick McMurry Executive Partner, Energy [email protected]

Upstream Matt Byatt [email protected]

Midstream Rob Neighbour [email protected]

Downstream Glyn Davies [email protected]

Casualty William Holden [email protected]

Power Jon Parker [email protected]

Renewable Energy Duncan Gordon [email protected]

OIL Derek Thrumble [email protected]

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ENERGY, POWER & RENEWABLES MARKET UPDATE