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Here are 1-3 brief analogies to describe Brookfield Renewable (BEPC):

• Like a Real Estate Investment Trust (REIT) for renewable energy power plants.
• A global electricity provider that generates power exclusively from hydroelectric, wind, and solar sources.

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• Hydroelectric Power Generation: The company generates electricity through the operation of hydroelectric power plants.
• Wind Power Generation: The company generates electricity through the operation of wind power plants.
• Solar Power Generation: The company generates electricity through the operation of solar power plants.

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Brookfield Renewable (symbol: BEPC) primarily sells the electricity generated from its hydroelectric, wind, and solar power plants to other companies rather than directly to individuals. Its customer base is diversified across various entities that require large-scale, reliable energy supply, often under long-term Power Purchase Agreements (PPAs).

The major categories of customers for Brookfield Renewable include:

• Electric Utilities: These are the traditional buyers of electricity, which then distribute and sell it to residential, commercial, and industrial end-users. Utilities represent a significant portion of Brookfield Renewable's off-take agreements across its global operations.
• Corporate Off-takers: Large corporations, including technology companies, industrial entities, and commercial businesses, increasingly seek to procure renewable energy directly to power their operations, meet sustainability goals, and manage energy costs.
• Government and Public Sector Entities: Municipalities, government agencies, and other public institutions may also enter into PPAs to secure their energy supply from renewable sources.

While Brookfield Renewable maintains a broad and diversified customer portfolio, prominent examples of public companies that have entered into significant Power Purchase Agreements (PPAs) for renewable energy with Brookfield Renewable (or its affiliates) include:

• Microsoft (MSFT)
• Amazon (AMZN)

These technology giants are examples of the type of large corporate customers that contract with Brookfield Renewable for their substantial renewable energy needs across various projects and geographies.

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Connor Teskey, Chief Executive Officer

Connor Teskey joined Brookfield in 2012. Prior to joining Brookfield, he worked in corporate debt origination at a major Canadian financial institution. He became CEO of Brookfield Renewable Partners in 2020. In February 2026, he was appointed CEO of Brookfield Asset Management Ltd., and also serves as President of Brookfield Asset Management and CEO of its Renewable Power & Transition business. Teskey spearheaded Brookfield's 2019 acquisition of Oaktree Capital Group. He also launched the $15 billion Brookfield Global Transition Fund in 2021, which is dedicated to net-zero decarbonization.

Wyatt Hartley, Chief Financial Officer, Co-President

Wyatt Hartley joined Brookfield in 2010. Before joining Brookfield, he worked at a "big-four" accounting firm where he qualified as a Chartered Professional Accountant. He held several senior finance positions within Brookfield, including Chief Financial Officer of Brookfield Infrastructure Group's American operations and CFO of Acadian Timber Corp. Hartley was appointed CFO of Brookfield Renewable in 2017. He is also a Managing Partner and Head of North American Asset Management of Brookfield's Energy Group, and Co-President of Brookfield Renewable Partners.

Jennifer Mazin, Co-President, General Counsel

Jennifer Mazin joined Brookfield in 2014. Before joining Brookfield, she was Assistant General Counsel at a global mining company. She also worked at a New York-based law firm, where her focus included corporate finance, mergers and acquisitions, and corporate governance. As Co-President of Brookfield Renewable Partners and General Counsel in Brookfield's Energy Group, she is responsible for transaction execution and public company matters.

Mitch Davidson, Managing Partner, Renewable Power & Transition and CEO-Renewable Power (U.S.)

Mitch Davidson joined Brookfield in 2018. He has over 20 years of experience in the power sector. Prior to Brookfield, he held several senior executive positions with energy companies, notably serving as President and CEO of NextEra Energy Resources from 2004 to 2011. He also held executive roles at Duke Energy North America, Entergy-Koch LP, and Entergy Power Marketing Inc. He is a Managing Partner in Brookfield's Energy Group, where he advises leadership teams of portfolio companies in the U.S.

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1. High Debt Load and Interest Rate Sensitivity: Brookfield Renewable carries a substantial debt load, making its earnings sensitive to fluctuations in interest rates. Rising interest rates can increase the company's cost of capital, potentially hindering its growth trajectory and impacting project economics.
2. Regulatory and Policy Changes: The company operates within a highly regulated industry that is significantly influenced by government policies, subsidies, and environmental regulations. Changes in these areas, such as shifts in renewable energy incentives, permitting delays for new projects, or the imposition of tariffs on solar components, could adversely affect Brookfield Renewable's operations, profitability, and expansion plans.
3. Supply Chain Vulnerabilities: Brookfield Renewable, like other companies in the renewable energy sector, is exposed to the complexities and potential disruptions within its global supply chain. This includes reliance on specific regions for raw materials, exposure to fluctuating prices of key components (like polysilicon, copper, and lithium), and the risk of delays caused by geopolitical instability or natural disasters. Such disruptions can lead to increased costs and project setbacks.

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The clear emerging threat to Brookfield Renewable (BEPC) is the development and increasing viability of **Small Modular Reactors (SMRs)**. SMRs represent a new generation of nuclear fission technology designed to be factory-built, smaller, and more flexible than traditional nuclear power plants. They offer carbon-free, dispatchable, and highly reliable baseload power with a smaller land footprint.

While Brookfield Renewable specializes in intermittent renewables (wind and solar) and hydroelectric power, SMRs could emerge as a significant competitor for future grid capacity and clean energy investment. As SMR designs gain regulatory approval and move towards commercial deployment, their advantages in providing consistent, non-intermittent power could make them a preferred choice for certain grid needs, potentially reducing the overall market share available for new large-scale renewable projects. This competition could impact BEPC's growth opportunities and the pricing power of its future assets by offering an alternative solution to meet clean energy demand.

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Brookfield Renewable (symbol: BEPC) operates in the renewable energy sector, primarily with hydroelectric, wind, and solar power plants across various regions. The addressable market sizes for its main products and services in its key operating regions are detailed below:

Global Addressable Markets

• Renewable Energy: The global renewable energy market size was valued at approximately USD 1,498.05 billion in 2024.
• Hydroelectric Power: The global hydropower generation market size was worth around USD 296.13 billion in 2024.
• Wind Power: The global wind energy market size was valued at USD 174.5 billion in 2024.
• Solar Power: The global solar energy market size was estimated at approximately USD 95.45 billion (USD 95,451.6 million) in 2024.

United States Addressable Markets

• Hydroelectric Power: Unable to size the market in terms of revenue for 2024. The U.S. hydropower market is projected to grow, with significant untapped hydro potential reserves.
• Wind Power: The U.S. wind energy market accounted for USD 17.2 billion in 2024.
• Solar Power: The U.S. solar power market size in 2024 was USD 53.45 billion.

Europe Addressable Markets

• Hydroelectric Power: The Europe hydropower market was valued at USD 50.9 billion in 2023.
• Wind Power: The Europe wind power market was valued at USD 30.60 billion in 2025.
• Solar Power: Unable to size the market in terms of revenue for 2024.

Colombia Addressable Markets

• Hydroelectric Power: Unable to size the market in terms of revenue for 2024. The overall Colombia Power Market is valued at USD 13 billion, with hydropower being a significant component.
• Wind Power: Unable to size the market in terms of revenue for 2024. The overall Colombia Power Market is valued at USD 13 billion, with significant investments in wind power.
• Solar Power: The solar energy systems market in Colombia is expected to reach a projected revenue of US$ 0.5 billion by 2030.

Brazil Addressable Markets

• Hydroelectric Power: The Brazil small hydropower market size reached USD 50.16 million in 2024. The broader Brazil hydropower market is projected to reach USD 18.01 billion by 2035.
• Wind Power: Unable to size the market in terms of revenue for 2024. Brazil installed 5.4 GW of new wind capacity in 2024.
• Solar Power: Unable to size the market in terms of revenue for 2024. Brazil installed 18.9 GW of solar power in 2024.

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Brookfield Renewable (BEPC) is poised for future revenue growth over the next 2-3 years, driven by several key factors in the expanding renewable energy market:

1. Significant Expansion of Renewable Energy Generating Capacity (Organic Growth): Brookfield Renewable is focused on aggressively growing its operating capacity across hydroelectric, wind, and solar power plants. The company has a substantial development pipeline of over 200 GW and aims to add approximately 10 GW of new capacity annually by 2027. This organic expansion is a core component of its growth strategy, fueled by both strategic acquisitions and internal development efforts.
2. Growing Demand for Clean Energy from Corporates and Governments (Electrification & Decarbonization): A major driver for Brookfield Renewable is the accelerating global demand for green energy, particularly from power-hungry data centers supporting cloud computing and AI expansion. The company is capitalizing on this trend by securing long-term power purchase agreements (PPAs) with major technology companies like Microsoft and Google, which are actively pursuing decarbonization initiatives.
3. Rapid Scaling of Battery Storage Solutions: Brookfield Renewable is making a substantial push into battery storage, planning to quadruple its installed battery capacity to more than 10 GW within the next three years. This expansion is crucial for integrating intermittent renewable power sources and enhancing grid stability, meeting a critical need in the evolving energy landscape.
4. Benefiting from Inflation-Linked Contracts and Higher Re-contracting Prices: A significant portion of Brookfield Renewable's revenue is generated through long-term contracts that include inflation escalators, providing a built-in mechanism for revenue growth. Additionally, as older power purchase agreements expire, the company is able to re-contract energy at considerably higher prices due to robust demand and a more favorable pricing environment.
5. Expansion into Nuclear Energy Solutions with Westinghouse: Brookfield Renewable holds a significant stake in Westinghouse, a leading nuclear energy technology company. This position is expected to drive future revenue growth through a landmark U.S. government agreement to deliver new nuclear reactors using Westinghouse technology, offering multi-decade economic value.

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Share Repurchases

• Brookfield Renewable Corporation (BEPC) is authorized to repurchase up to 7,244,255 Class A exchangeable subordinate voting shares, representing 5% of its issued and outstanding shares, under a normal course issuer bid renewed on December 15, 2025.
• BEPC had not repurchased any Exchangeable Shares under its existing normal course issuer bid in the 12 months prior to December 15, 2025.
• An "at-the-market" (ATM) equity issuance program launched in January 2026 for BEPC shares is intended to fund repurchases of Brookfield Renewable Partners' (BEP) non-voting limited partnership units on a one-for-one basis, aiming to keep the combined number of LP units and BEPC shares broadly unchanged.

Share Issuance

• On January 12, 2026, Brookfield Renewable Corporation launched an at-the-market equity issuance program, enabling it to sell up to $400 million of Class A exchangeable subordinate voting shares directly from treasury into Canadian and U.S. markets.
• The proceeds from the $400 million ATM program are primarily intended to facilitate repurchases of Brookfield Renewable Partners' limited partnership units, with the overall goal of being non-dilutive to Brookfield Renewable by maintaining a stable combined number of LP Units and BEPC Shares outstanding.

Inbound Investments

• In November 2025, Brookfield Corporation purchased US$200 million of Brookfield Renewable Partners (BEP) limited partnership units concurrently with a US$450 million equity offering by BEP, contributing to approximately US$650 million in total proceeds for the broader Brookfield Renewable platform to fund investments and for general corporate purposes.

Outbound Investments

• In 2025, Brookfield Renewable committed or deployed up to $8.8 billion ($1.9 billion net to Brookfield Renewable) across strategic technologies in its core markets via development and acquisitions.
• In 2024, Brookfield Renewable deployed or committed to deploy $12.5 billion ($1.8 billion net to Brookfield Renewable) into growth initiatives, including closing investments in Infinium, Ørsted, and Neoen in December 2024.
• In 2023, Brookfield Renewable deployed or agreed to deploy $9 billion of capital alongside its partners.

Capital Expenditures

• Brookfield Renewable's capital expenditures for the last 12 months (as of February 2026) were -$1.14 billion.
• The company has a target to deploy $7 billion to $8 billion over the next 5 years for capital deployment, which includes capital expenditures for growth and development.
• Brookfield Renewable developed approximately 7,000 megawatts of new capacity in 2024, a significant increase from 3,500 MW in 2022, primarily focused on hydroelectric, wind, and solar power plants.