ECOFIN GLOBAL UTILITIES AND INFRASTRUCTURE TRUST PLC - Investor Presentation

Public utility stocks trade below 10x EBITDA while private equity pays ~20x for comparable infrastructure, implying undervaluation amid surging power demand.

• Demand surge ahead: U.S. electricity demand is projected to rise 40% by 2040, while UK/Europe expect a 50% jump by 2035, driven by AI data centers, EVs, and heat pumps.
• Spain's cautionary tale: April 2025 blackouts stemmed from heavy reliance on intermittent renewables without adequate battery backup, leaving Spain's grid (linked to Europe by one line to France) unable to guarantee baseload power.

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