EDP Renewables North America Massachusetts Wind Working Group March 15, 2013

Confidential and Proprietary 2 1.Short description of who we are 2.Importance of Long-term Contracting and EDPR’s response to signals in New England 3.A developers perspective on New England 4.Questions Agenda

Confidential and Proprietary 3 Global Renewable developer and long-term owner/operator of renewable facilities 11 Countries 7.3 GWs of installed capacity 30 GWs of pipeline EDPR North America Acquired Horizon Wind in 2007 Ranked 3 rd in terms of installed wind capacity with over 3,800 MWs Over 500 MWs in New York HQ Houston, TX New England Although we currently have no installed MWs We have maintained active pipeline in Northern ME for over 10 years EDP Renewables

Confidential and Proprietary 4 We are extremely excited about the regulatory climate in New England and have focused our attention here. Revenue certainty drives renewable development, as financing and capital deployment do not occur in any meaningful way without it. EDPR’s respond has resulted in Opened an office Boston, currently with 2 Orignators, with considerable developer time spent in the region Jeff Bishop, our Eastern Region regulatory lead is spending the majority of his time in New England Actively pursuing greenfield development Actively pursuing acquisition opportunities Actively pursuing transmission alternatives to assist the region in meeting renewable targets Submitted projects into the GCA Round 1 solicitations NESCOE, 83A, & CT long-term contracting prospects

Confidential and Proprietary 5 Strong Regulatory Climate Slightly higher capex due to transportation NCF’s generally lower, than other areas of the country Energy prices generally higher Capacity Market questionable for wind resources Streamlined Permitting process would open up more opportunities for lower cost projects Interconnection rules - we perceive as a little less friendly than PJM and NY, due to time delays Current Utility procurements are focus on “low hanging fruit” – PTC Current perception is that MA and CT are in a competitive race to capture PTC eligible projects Our hope is this is a sustainable model over time, but the framework seems to be place  Supply Curve Analysis in Jan 2012, indicated we have plenty of supply but need for coordinated planning, and identified potential transmission may be needed to meet long-term renewable targets to market will likely be needed  FERC Order 1000 may be helpful, but how it would be implemented is open for debate  CT final Bill will be important for us to see  NESCOE later this year  Round 2 of MA GCA – there are questions around whether it is rolled into NESCOE. Developer Perspective – New England