Brookfield Renewable Corp and Brookfield Renewable Partners LP Q2 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Robert Hope - Scotiabank Global Banking and Markets, Research Division - Analyst : I was hoping you could add some color on how you're thinking about how your development pipeline overlays with the expected increase in demand from technology companies. Could you potentially look to augment or reorder your projects such that they are -- they align better with the geographies where we could see the largest increase in technology demand? Or kind of more broadly, how do you stack up your development pipeline versus the areas where you expect to see growth? Connor David Teskey - Brookfield Renewable - President of Brookfield Asset Management and CEO of Renewable Power & Transition Sure. Thanks, Rob. Perhaps taking a step back, what we are seeing in the market today is a pretty strong supply/demand imbalance that if you have economic ready-to-build projects near load centers, you have multiple potential offtakes for that power. There is more demand for that power

Question: Robert Hope - Scotiabank Global Banking and Markets, Research Division - Analyst : I appreciate that. And then maybe another broad question. How are you seeing system operators? Or how this -- have you seen any changes in system operators or transmission interconnection rules just given the significant increase in renewables Alberta pipeline across the globe? Just kind of referencing the Alberta announcement from yesterday. And whether or not we could see some system operators pause to put a more orderly investment of renewables in the system? Connor David Teskey - Brookfield Renewable - President of Brookfield Asset Management and CEO of Renewable Power & Transition Certainly. So we'll make 3 comments on that. The first is, there seems to be a lot of heightened interest on grid interconnection timing and how that impacts development in the last 6 or 12 or 18 months. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 04, 2023 / 12:30PM, BEPC.N - Q2 2023 Brookfield Renewable Corp and Brookfield Renewable Partners LP Earnings Call We would respectfully suggest that -- securing grid connection has been a critical component of developing renewables for the last 10 years. And therefore, while it might be getting more airtime in the news more recently, identifying which projects have grid connection, where they sit in the grid queue has always been part of our development process and always something we take into account when buying development pipeline. It would have been almost ridiculous for a renewables developer to not see some of this grid connection congestion coming. It should have been baked into everyone's underwriting. It's certainly been baked into ours. The second point I would make is, every project around the world in order to get built needs lands, permits, grid connection. And once you have those 3 things, it needs financing offtake and equipment and construction EPC. We encourage anything around the world that expedites the bringing forward of any of those necessary requirements of development to bring projects forward. So we greatly encourage some of the things that we're seeing around the world to make interconnection processes more efficient and connect more projects quicker. We think we will be a net beneficiary of that and someone that can move quickly to take advantage of any of those changes.