ERCOT is forecasting Texas electricity demand rising doubling to 145 GW by 2031 which is about ~10 GW per year so meeting that demand requires a lot more power at every step of the chain: • $VST monetizes generation thats already operating and connected to the Texas grid • $GEV supplies gas turbines needed to bring new generation online • $BE brings power directly onsite when data centers cannot wait for grid connections • $VRT handles power and cooling infrastructure once that electricity reaches data center Essentially every new gigawatt creates another opportunity across generation, grid access and infrastructure inside the data center.

$CORZ ERCOT Batch Zero SEC filing: • Denton: Base load (371 MW) • Pecos: Base load (300 MW) Studied load (300 MW) • Hunt: Base load (431 MW) Final ramp for the Pecos site is still pending Batch Zero close

Needham reiterated $CIFR buy rating and $25 price target on ERCOT Batch Zero conditional classifications: They believe a 16.5x their 2028 EV/Adj. EBITDA estimate is appropriate given Cipher’s long-term contracted cash flows, vertically integrated development capabilities and embedded optionality across its site portfolio. The firm believes 1GW of conditionally approved Base Load capacity still represents a significant pipeline of capacity, despite the headline "miss" on expectations.

$IREN’S 2GW SWEETWATER HUB CONDITIONALLY INCLUDED AS BASE LOAD IN ERCOT BATCH ZERO Sweetwater 1 accounts for 1.4GW and Sweetwater 2 for 600MW, both part of IREN’s broader 5GW+ global data-center development pipeline. At Sweetwater 1, the high-voltage substation is already energized, with 300MW of gross data-center capacity under construction and targeted for delivery in Q4 2027. IREN also said additional large-scale projects across its development pipeline have been included in Batch Zero. ERCOT classifications remain conditional and subject to further approvals.