10 Unlike physical strikes, cyberattacks can disable multiple assets remotely and simultaneously, with consequences that extend well beyond the targeted company, as shown for selected examples in Table 1. The risk is amplified when critical infrastructure is concentrated in one location. Additionally, climate hazards are becoming a persistent physical threat to energy security, particularly for power assets. Extreme heat, drought, water stress, flooding and wildfire are already disrupting generation and transmission networks worldwide. According to S&P Global Sustainable 1, by 2050, more than 85% of today’s installed power capacity would be exposed to major climate hazard, with exposure reaching 100% in the Middle East and Africa and rising most sharply in Europe. 1.1 DISRUPTION IS NOW A PERSISTENT FEATURE OF ENERGY SYSTEMS UNATTRIBUTED QUOTE “AI HAS ACCELERATED CYBER THREATS TO ALL INDUSTRIES, INCLUDING THE ENERGY INDUSTRY” 45% of US East Coast fuel supply halted and a 5,500-mile pipeline shut for 6 days after a ransomware attack on Colonial Pipeline, 20213 11 GW of wind capacity lost remote monitoring and control after a satellite-network cyberattack affected 5,800 turbines across Central Europe, February 20224 22 energy companies compromised, some forced into island-mode operation, in the largest coordinated multi- day cyberattack in Denmark, May 20235 ~500,000 heating customers placed at risk after a destructive cyberattack penetrated a major CHP plant in Poland, December 20256 Analysis by S&P Global Energy © 2026 S&P Global UNATTRIBUTED QUOTE “WE HAVE NORMALIZED THESE RISKS OVER THE LAST 30 YEARS… WE HAVE TO WAKE UP TO A NEW REALITY AND RESPOND ACCORDINGLY.” FIGURE 3:Global power capacity exposed to climate physical hazards Analysis by S&P Global Energy © 2026 S&P Global As shown in Table 2, a selection of recent weather- related disruptions highlights the increasing vulnerability of energy systems, infrastructure and critical supply chains to extreme weather events. TABLE 1:MAJOR CYBERATTACKS ON ENERGY INFRASTRUCTURE