Letter from our CEO

The U.S. power system is at an inflection point. This is the environment LS Power has
spent decades preparing for.

In 2025, we advanced nearly $4 billion of transmission projects toward construction – the largest grid buildout in LS Power’s history. Additionally, we progressed battery storage development initiatives, expanded gas generation development where new capacity is needed to strengthen the system and pursued existing facility upgrades to deliver critical infrastructure more quickly.

We also grew our operating platform through acquisitions totaling more than 5,100 megawatts (MW). This included more than 4,300 MW of wind, solar and battery storage assets, now consolidated under Clearlight Energy. This establishes our second nation leading renewable generation and battery storage platform, alongside REV Renewables. We also acquired approximately 850 MW of gas-fired generation that complement our conventional fleet and bolsters grid reliability.

Beyond generation we expanded our distributed energy resource platform with the acquisition of a company focused on providing comprehensive energy and infrastructure solutions for public sector stakeholders nationwide, which we now operate as OPTERRA Energy Services.

Together, these transactions broaden our energy platform and strengthen our position across an evolving power landscape.

2025 also marked an announced agreement with NRG Energy for the sale of an 18-plant natural gas generation portfolio and our demand-response platform – a milestone transaction that reflects the scale of the platform we built and the depth of the relationships LS Power has developed across the industry.

The breadth of our in-house expertise enables us to navigate policy complexity, manage supply chain challenges and execute solutions across power generation, transmission and related energy infrastructure. We remained actively engaged with federal and state policymakers and regulators throughout 2025, advocating for market structures that support reliability, affordability, competition and continued investment in critical grid infrastructure.

None of this happens without our people. We continued investing in the organization that will carry LS Power into its next chapter, welcoming new leaders into senior roles, expanding capabilities and deepening the foundation needed to meet the scale of the opportunity ahead.

The dedication, expertise and ownership mindset of our employees remain the driving force behind our success, positioning our platform to meet the challenges and opportunities of 2026 and beyond.

Thank you for your continued partnership and trust in LS Power.

Paul Segal

Chief Executive Officer