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2023-04-18
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Deloitte

Insights

Electric power supply

chains: Achieving security,

sustainability, and resilience

As supply chain disruptions become the new norm, what

strategies is the electric power sector adopting to mitigate

their impact?

Contents

Introduction 2

Demand growth could widen the gap between climate goals

Building sustainability into the electric power supply chain is

A circular economy can boost supply chain security, sustainability,

Multiple disruptors impact the electric power supply chain 3

and critical material supplies 7

Securing the electric power supply chain is increasingly critical 11

becoming a priority 14

and resilience 17

Creating robust electric power supply chains: The road ahead 22

Endnotes 23

Electric power supply chains: Achieving security, sustainability, and resilience

Introduction

OVER THE PAST two years, multiple

disruptions to supply chains have aected

operations across most industries. And the

electric power sector is no exception. The sector

was grappling with numerous challenges within its

supply chain networks even before recent

disruptions driven by the pandemic and the

Russian invasion of Ukraine.1

These disruptions—ranging from logistics

bottlenecks to shortages of raw materials and

components and labor shortages—have resulted in

rising costs and a scarcity of essential electric

supplies.2 They have also widened the gap between

demand and supplies of electrical equipment and

components, slowing the clean energy transition.

As a result, many electric power and renewable

energy companies are revisiting supply chain

strategies and rebooting their approach to supply

chain risk management—and their boards

increasingly expect it. Some are integrating supply

chain management deeper into business planning

and involving supply chain managers in the capital

planning process. They are working to develop

more secure and sustainable supply chains, while

managing third-party risk to ensure resilience in

the face of future disruptions.

To better understand the types of supply chain

disruptors, their impact on the sector’s operations,

and the strategies used to overcome these

disruptions, Deloitte surveyed more than 50

electric power and renewable sector executives in

the United States. The ndings were supplemented

by interviews with executives and leaders in

utilities and other electric power providers. Using

these insights, this report takes an in-depth view of

how the electric power sector can improve its

supply chain security, sustainability, and resilience.

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DeloitteInsightsElectricpowersupplychains:Achievingsecurity,sustainability,andresilienceAssupplychaindisruptionsbecomethenewnorm,whatstrategiesistheelectricpowersectoradoptingtomitigatetheirimpact?ContentsIntroduction2DemandgrowthcouldwidenthegapbetweenclimategoalsBuildingsustainabilityintotheelectricpowersupplychainisAcirculareconomycanboostsupplychainsecurity,sustainability,Multipledisruptorsimpacttheelectricpowersupplychain3andcriticalmaterialsupplies7Securingtheelectricpowersupplychainisincreasinglycritical11becomingapriority14andresilience17Creatingrobustelectricpowersupplychains:Theroadahead22Endnotes23Electricpowersupplychains:Achievingsecurity,sustainability,andresilienceIntroductionOVERTHEPASTtwoyears,multipledisruptionstosupplychainshaveaffectedoperationsacrossmostindustries.Andtheelectricpowersectorisnoexception.ThesectorwasgrapplingwithnumerouschallengeswithinitssupplychainnetworksevenbeforerecentdisruptionsdrivenbythepandemicandtheRussianinvasionofUkraine.1Thesedisruptions—rangingfromlogisticsbottleneckstoshortagesofrawmaterialsandcomponentsandlaborshortages—haveresultedinrisingcostsandascarcityofessentialelectricsupplies.2Theyhavealsowidenedthegapbetweendemandandsuppliesofelectricalequipmentandcomponents,slowingthecleanenergytransition.Asaresult,manyelectricpowerandrenewableenergycompaniesarerevisitingsupplychainstrategiesandrebootingtheirapproachtosupplychainriskmanagement—andtheirboardsincreasinglyexpectit.Someareintegratingsupplychainmanagementdeeperintobusinessplanningandinvolvingsupplychainmanagersinthecapitalplanningprocess.Theyareworkingtodevelopmoresecureandsustainablesupplychains,whilemanagingthird-partyrisktoensureresilienceinthefaceoffuturedisruptions.Tobetterunderstandthetypesofsupplychaindisruptors,theirimpactonthesector’soperations,andthestrategiesusedtoovercomethesedisruptions,Deloittesurveyedmorethan50electricpowerandrenewablesectorexecutivesintheUnitedStates.Thefindingsweresupplementedbyinterviewswithexecutivesandleadersinutilitiesandotherelectricpowerproviders.Usingtheseinsights,thisreporttakesanin-depthviewofhowtheelectricpowersectorcanimproveitssupplychainsecurity,sustainability,andresilience.2MultipledisruptorsimpacttheelectricpowersupplychainACOMBINATIONOFDISRUPTORSisdrivingsupplychaingridlockandimpactingend-to-endoperationsintheelectricpowersector.Prepandemicsupplychainvulnerability,duelargelytothegeographicconcentrationofcomponentmanufacturingandcriticalmineralsmining,hasbeencompoundedbytheeffectsofthepandemicandtheRussianinvasionofUkraine.Wehavedividedthesedisruptorsintofivecategories—environmental,geographic,operational,technological,andmacroeconomic—whichimpactedbetween32%and98%ofoursurveyrespondents’supplychainoperations(figure1).3Electricpowersupplychains:Achievingsecurity,sustainability,andresilienceFIGURE1RespondentsreportoperationalandmacroeconomicdisruptionsasthemostsigniﬁcantsupplychainchallengesPercentageofrespondentswhoidentiﬁedeachdisruptorashavingsigniﬁcantimpact98%OperationalManufacturedcomponentshortages,logisticsconstraints,divergentproductstandardsandregulations•Limitedavailabilityofrawmaterialsandlongerleadtimeforcomponents•Globalshippingcongestion,risingfreightcharges,andcontainershortagesareaﬀectingprojecttimelines•Divergentproductstandardscoupledwithpent-updemandcanhinderelectricalequipmentprocurement92%MacroeconomicTradepolicies,laborshortages•Tradetariﬀsandquotascandisruptprocurementofmaterialsandcomponentsfromforeignsuppliers,anddomesticmanufacturersmaylackproductioncapabilitiestoﬁllgaps•Laborconstraintsatportsandshortagesofskilledlaborersarealsocontributingtothesupplyimbalance44%TechnologyRiskofcyberattacks,chipshortages•Fragmenteddigitalsupplychainsforelectricpowercompaniesarecontributingtosupplier-drivencyberrisks•Theglobalshortageofhigh-endsemiconductorsconcernselectricpowercompanies,ascomponentssuchassolarpanelsandwindturbinesrequirechipsetstocontrolandmanage42%GeographicMajorcommodityshortages,priceﬂuctuations•Clean-energytransitionisshiftingkeyrawmaterialsfromfueltominerals,makingsupplychainshighlydependentonpotentiallyinsecureforeignsources•Globalmaterialssourcingoftenlimitedtoasmallnumberofcountriescanconstrainsuppliesofpowerequipmentandmaterials32%EnvironmentalTougherenvironmentalregulations,climate-relatednaturaldisasters•Increasingseverityandfrequencyofextremeweathereventsrisksdamagingutilityinfrastructure•StringentenvironmentalpoliciesfordomesticmininghaveledtoUSdependenceonforeignsourcesSource:DeloitteElectricPowerSectorSupplyChainSurvey.4r··\•Nearlyalloftherespondents(98%)consideroperationalchallengesasmajordisruptorsintheirsupplychains.•Inaddition,almostall(92%)alsoseemacroeconomicfactors,suchaslaborshortagesandtradepolicy,assignificantdisruptors.Pandemic-drivenlaborshortages,ontopofpreexistingshortagesresultingfromarapidlyretiringworkforce,arefurtherexacerbatingsupplychainchallenges.Theimpactofthesedisruptorsontheelectricpowersectorhasbeenwide-ranging—fromincreasedcoststoprojectdelays(figure2).They’renotonlyimpactinggridmodernizationeffortsandcleanenergydeployment,butalsocausingservice-relateddelays.Electricpowercompaniesaredraininginventoriesastheycontinuetoupgradeequipment,whilereplacementsareoftendelayed.3FIGURE2Alongwithothersupplychaindisruptions,aUStradeinvestigationintosolarpanelsuppliesfromfourSoutheastAsiannationshasalsoloomedovertheindustry,withthepotentialtofurtherconstrainsupplies.Tomitigatethedampeningeffectonthemarket,theBidenadministrationwaivedtariffsonpanelsfromthefournationsfortwoyearsandinvokedtheDefenseProductionActtoboostdomesticsolarpanelmanufacturing.aaNicholaGroom,“UStoconsidertariffsonsolarpanelsmadeinSoutheastAsia,”Reuters,March29,2022.Andrippleeffectsareimpactingthebroadereconomy,sometimesslowingnewhomeconstructionduetoalackofelectricalequipment—especiallydistributiontransformersandsmartmeters4—anddelayingtransportationelectrification.5ElectricpowerprovidershighlightmultipleconsequencesofsupplychaindisruptionPercentageofrespondentswhoselectedeachconsequence86%Increasedoperationalcosts64%Projectdelays62%Lossofproductivity36%Lossofsales28%Increasedleadtimes22%CustomerimpactSource:DeloitteElectricPowerSectorSupplyChainSurvey.5Electricpowersupplychains:Achievingsecurity,sustainability,andresiliencedeliveryleadtimeCostLeadincreasetimeAccordingtooursurvey,respondentsbelieveincreasedoperationalcosts(86%),projectdelays(64%),andlossofproductivity(62%)aresignificantlyimpactingtheindustry.Amongtheindustriesmostacutelyaffectedbythesesupplychainconstraintshasbeenthesolarindustry,whereathirdofallutility-scalesolarcapacityscheduledintheUnitedStatesforcompletioninQ42021wasdelayedbyatleastaquarter.Atleast13%oftheplannedcapacityforcompletionin2022haseitherbeendelayedbyayearorcanceled.6Thistrendwilllikelycontinueoverthenexttwoyearsassomeutilitieshavewarnedtheymayneedtodelay3–4GWoftotalsolarinstallationsuntil2024duetoshortagesofsolarpanelsandotherequipment.7Asevereshortageofkeycommodities,materials,andlaborcancreateaninflationarycostenvironmentforcompanies,resultinginincreasedcomponentcosts.Transformerpriceshavedoubled,whiletheaverageleadtimefordeliveryhasatleasttripledfromwhatitwastwoyearsearlier,reaching52weeksinsomecases(figure3).8FIGURE3Disruptorshavesigniﬁcantlyimpactedcomponents’costandTransformers20–100%100–400%Wireandcables20–60%60–300%Precastmanholes60%400–600%(electric)PVCconduits400–500%900–1,400%Stainlesssteel5–20%200–300%valvesandﬁttingsBatteries15–25%50–100%SolarPV20–30%30–50%Note:Costincreasesandleadtimearecalculatedfromsecondaryresearch,examples,casestudies,andutilityprojectstatusreports,usinginformationfromthesourceslistedbelow.Source:JacksonvilleDailyRecord;FederalReserveBankofSt.Louis;ScoopRobotix;KitCarsonElectricCooperative;NewsHerald;DawsonPublicPowerDistrict;WUSFPublicMedia;Reuters;MerﬁshUnited;BusinessWire;AmericanPublicPowerAssociation;ETEnergyworld;andDeloitteanalysis.6DemandgrowthcouldwidenthegapbetweenclimategoalsandcriticalmaterialsuppliesMEETINGA100%cleanelectricitystandardintheUnitedStatesbetween2035and2050isexpectedtorequiretriplingorquadruplingeachyearthe25GWofwindandsolarcapacityaddedin2021.9Renewabledeveloperscurrentlyhave282GWofwindandsolarinprojectpipelinesintheUnitedStatesthrough2025.10Inaddition,gridstoragedeploymentswouldneedtoincreasefromanaverageof1.6–11GWhperyearinthe2020sto40–250GWhperyearinthe2040s.11Aselectricpowercompaniescontinuetoannouncedecarbonizationgoals,manywillseektobuildnewrenewableenergyprojectstofulfillthem.AnddemandforrenewablescouldincreaseevenmorerapidlywithenactmentoftheInflationReductionActandtheincentivesitprovides.12Butbuildingcleanenergytechnologiessuchassolarandwindgenerallyrequiresmoreminerals,includingrareearthelements,thantraditionalfossil-fueltechnologies.13Ouranalysisshowsthatabout31milliontonsofkeyminerals/materialsarerequiredtosupportsolarandwinddemandintheUnitedStatesby2050(figure4).Withhighrelianceonimportsformostofthesematerials—andcompetingdemandfromotherindustriesforthesameminerals—there’sanimminentmismatchbetweenUSclimategoalsandtheavailabilityofcriticalmineralsessentialtomeetthem.7Electricpowersupplychains:Achievingsecurity,sustainability,andresilience■----IREEandotherNickelChromiumManganeseZincSiliconCopperAluminummaterialsFIGURE4AsthepushtomeetUSclimategoalsincreases,demandforthecriticalmineralsnecessarytogeneratemorerenewableenergyisalsoexpectedtoriseEstimatedUSdemandandimportdependenceforkeycleanenergymineralsandmaterialsthrough2050Material/mineraldemandNetimportrelianceasapercentageofconsumption146.6100%12.890%1280%1070%8.860%850%640%30%420%2.3210%0.30.10.10.200%Demand(milliontons)ImportpercentageNotes/assumptions:Demandestimatesrepresentthecumulativematerialdemandrequiredforsolarandwindtechnologyfrom2022to2050basedonWoodMackenzie'sEnergyTransitionOutlook2021projections.Mineralintensityhasbeenconsideredconstantovertheperiod.“REEandothermaterials”referstorareearthelementssuchasmolybdenum,neodymium,dysprosium,praseodymium,andterbium.Mineralrequirementsforsolarmodulesareprojectedformodulesmadewithcrystallinesilicon(c-Si)technology,sincetheyconstitute84%ofmodulesusedintheUnitedStates.Theseincludealuminum,copper,andsilicon.Forwind,themineralsconsideredincludealuminum,copper,chromium,manga-nese,nickel,zinc,andrareearthelements.Sources:USEnergyInformationAdministration;WoodMackenzie;EuropeanUnionJointResearchCenter;USGeologicalSurvey;andDeloitteanalysis.Further,thecleanenergytransitionwillrequireasignificantexpansionoftransmissionanddistributioninfrastructure,bothnewandend-of-lifelinereplacements,includingpowertransformersandhigh-voltagedirectcurrent(HVDC)systems,aswellasdigitalequipmentsuchasdigitalrelays,smartmeters,andsmartinverters.14Andtherawmaterialsformanyofthesearehighlydependentonasmallnumberofcountries,makingthemvulnerabletodisruption.15Theelectricpowersectorispursuingstrategiestoovercometheseimmediatechallenges—butaretheysufficient?Electricpowerandrenewableenergycompaniesaretakingstepstoresolvethesesupplychainpressures,includingusingemergencystocksofcomponentssuchastransformerstoaddressshort-termdemand,reviewingandplanningall8scheduledwork,substitutingavailablematerialswhenpossible,improvingcommunicationwithsuppliersonthetiminganddeliveryofmaterials,anddigitalizingprocessestoboostefficiency.Figure5highlightsthetopthreestrategiesoursurveyrespondentsarepursuingtoovercomesupplychainchallenges.Othersolutionsthatcompanies,endusers,andgovernmentsareimplementing—particularlyinthecleanenergysector—includedevelopingmoredomesticcomponentmanufacturing,boostingminingandproductionofcriticalmineralsandFIGURE5materials,andcommittingtofuturedemandtoincentivizeglobalinvestment.InJune2022,agroupofindependentpowerproducersformedtheUSSolarBuyerConsortiumtosupportexpansionofthedomesticsolarsupplychain.16However,tomitigatefar-reachingimpacts,theelectricpowersectorwilllikelyneedtoadoptnew,holisticapproaches.Developingresilientsupplychainsthatarealsosecureandsustainablewillrequireacohesivesupplychainmanagementstrategy.PowerandrenewableenergycompaniessurveyedareadoptinganumberofstrategiestoovercomesupplychainchallengesPercentageofsurveyrespondentswhoselectedeachstrategy82%Digitalizesupplychainmanagement82%Increasesafetystocklevels50%MonitorinventorylevelsfrequentlySource:DeloitteElectricPowerSectorSupplyChainSurvey.9Electricpowersupplychains:Achievingsecurity,sustainability,andresilienceSTAKEHOLDERSCOMETOGETHERTOBUILDUSOFFSHOREWINDINDUSTRYSUPPLYCHAINSAchievingtheUSnationaloffshorewind(OFW)energytargetof30GWby2030isexpectedtorequireasignificantramp-upindomesticmanufacturing,infrastructure,andworkforce.Industrystakeholdersaretacklingthisgoalonthreefronts:•Shippingandportinfrastructure:Offshorewindlogisticsrequirespecializedinfrastructure,particularlyportsandinstallationvessels,whichdoesnotcurrentlyexist.Theindustryisbringingwindcomponentmanufacturingfacilitiestoports,supportingredevelopmentofexistingports,andbuildingdomesticshipstocomplywithUStradepolicies.Recently,OFWvesselsweredesignatedas“nationalinterest,”makingthemeligibleforfinancialsupportthroughafederalshipfinancingprogram.17•Windturbineproduction:TheindustryiscreatingopportunitiestoestablishanOFWTier1(nacelle,towers,blades)supplychainandmanufacturersplantobeginproductionatUSfacilitiesinthecomingyears.SiemensGamesaRenewableEnergyannouncedthatitwillinvestinanewbladeproductionfacilityforOFWturbinesinVirginia.18Additionally,UScompaniesarepartneringwithEuropeancompaniesbothtoprocuremanufacturedcomponentsanddevelopthosecapabilitiesdomestically.19•Workforcetraining:Approximately10,500–42,500domesticfull-timeequivalentjobswilllikelybeneededoverthenext10yearstosupporttheOFWindustry.Companiesareincludingworkforcetrainingandoutreachaspartoftheirprojectdevelopmentplansandusingnewtechnologiestotrainprofessionals.ApartnershipbetweenSiemensGamesaRenewableEnergyandVinciVRusesvirtualrealityprogramstotrainandcertifyOFWprofessionals.2010SecuringtheelectricpowersupplychainisincreasinglycriticalFORELECTRICPOWERcompanies,thenumberofsuppliersandcontractedlaborersprovidingexpertiseandskillshasexpandedovertheyearstomeetawiderangeofindustryneeds.21Forexample,from2015to2020,Exelon’ssupplierpoolhadgrownby18%,to8,000suppliers,anditsspendingroseby13%toUS$9.5billion.22Inthecaseofcleanenergytechnologies,concernsaboutsupplychainsecurityaffectnotonlymanufacturedcomponentsbutalsogodeeperintothekeymaterialsandcriticalmineralsneededtobuildthosecomponents(seeRenewabletransition:Separatingperceptionfromreality).Tomanufactureasolarpanel,about40componentsmustgettothefactory,includingrareearthelements,23makinganalyzingnotjustTier1,butalsoTier2andTier3suppliersincreasinglyimportanttodiversifysupplyrisk.Whilehavingsuchavastbreadthanddepthofsupplierscanhelpmitigatesupplyconstraintscausedbynaturaldisasters,pandemics,tradepolicies,andmore,itcanalsoopenthedoortomorenoncomplianceandsafetyrisks,especiallywithoutadequatesupplierqualificationandriskmanagementcontrols.Understandingthesemultitiersupplierdependenciesandvulnerabilitiesbettercanhelppowerandrenewableenergycompaniesaddressnotonlythephysicalbutalsothecybersecurityrisksthatthesectorisincreasinglyfacing.Consequently,manycompaniesareexpandingtheirsupplychainmanagementapproachandintegratingitintototalthird-partyriskmanagement(TPRM).Infact,theirthird-partynetworksnowgowellbeyondsuppliersofgoodsandservicestoincludeaffiliatesandjointventurepartners,researchanddevelopment(R&D)organizations,technologyincubators,retailers,distributors,andsalesagentsthatcancausedisruptionsinthesupplychain.Untilrecently,companiesintheelectricpowersectoroftenaddressedsupplychainriskmanagementinsiloes,separatingrisksrelatedtopolicy,technology,finance,corruption,cybersecurity,suppliersandotherstakeholders,andmore.Andsupplychainownersoftenhadsoleresponsibility.ButsiloedapproachestoTPRMcanresultincheck-the-boxexercisesinwhichabusinessunitorfunctionnarrowlyfocusesonasinglepartofthebusiness,withoutconsideringtheeffectsonotherareasofsupplychain.Today,there’sincreasingcoordinationbetweenfunctionsinamoreintegrated,cross-riskapproach.Executivesacrosstheorganization,fromchieffinancialofficerstochiefoperatingofficers,areincreasinglyinvolved,andsomecompaniesarecombiningsupplychainwithTPRM.Theseprogramsarecontinuouslymonitoredtoenableproactivemanagementofemergingrisks.AseniorsupplyofficialataMidwesternutilitynotedthattheyrecentlyintegratedsupplierrelationshipmanagementintotheirsupplierqualityteamandaligneditwiththesupplychainfunction.11Electricpowersupplychains:Achievingsecurity,sustainability,andresilienceCompaniescanmanagetheserisksbyimprovingsupplychainvisibility—illuminatingeachtierofthesupplychainfromprimarysupplier(Tier1)throughtheirsupplier’ssupplychain(Tier2andbeyond).Withgreatervisibility,theycanbetterunderstandthepotentialrisksinvolvedwitheachsupplychainpartner,acrossalltiers.Forexample,acompanymightthinkitisdiversifyingriskbyprocuringsolarpanelsfromfourtofivesuppliers,butifthosesupplierswereallpurchasingacriticalelementforproducingsolarpanels,suchaspolysilicon,fromthesamesupplier,theriskmaybeinsufficientlymanaged.MostofoursurveyrespondentsreportedlimitedvisibilityintotheirsuppliernetworkbeyondTier1orTier2(figure6).ManagingcybersecurityriskinelectricpowersupplychainsCyberattackstargetingenergysystemshaveincreasedoverthelastfiveyears,24andpowersectorvulnerabilitymayberisingasrenewableanddistributedenergyresources(DERs)areaddedandsystemsbecomemorecomplex,digitalized,anddecentralized.What’smore,theseattacksaremorefrequentlytargetingoperationaltechnology(OT)andindustrialcontrolsystems(ICS),andthesoftwareusedtoconnectinformationtechnology(IT)andOT.25ThesecybercriminalsoftenseeICSasattractivetargetsforransomwarethinkingoperatorsmightpayuptoavoiddowntime.Digitalizingresourcesandconnectingthemtooperatingsystemscancreatenewvulnerabilities,includingsupplychainrisksfordigitalcomponentssuchassoftware,virtualplatformsandservices,anddata.Severalcyberattacksspecificallytargetingtheenergysectorhaveexploitedsupplychainvulnerabilitiesintrustedthird-partysupplierswithlesssecurenetworks(seeManagingcyberriskintheelectricpowersectorforadditionaldetails).FIGURE6Lessthanone-thirdofrespondentshavevisibilitybeyondTier2suppliersPercentageofsurveyrespondentswhoselectedeachlevelofvisibilityTier124%Tiers1and246%Tiers1,2,and330%Notes:Tier1includespartnerswithwhomcompaniesdirectlyconductbusiness,includingcontractedmanufacturingfacilitiesorproductionpartners;Tier2includescompaniesthatproduceandsupplypartstoTier1fromthematerialobtainedviaTier3;Tier3includesrawmaterialproviders.Source:DeloitteElectricPowerSectorSupplyChainSurvey.12Thesupplychainfordigitalcomponentsiscomplex,fragmented,andvirtual.Softwaredevelopmentisoftensourcedgloballytosavecosts,andpartsoftheprocessmaybesubjecttocontrolbyadversarieswhocouldinsertmaliciouscodeorotherwiseinterferewithsoftwareordatasets.Similarly,virtualplatformsandserviceshostedindatacenterswithinadversarynationsaresubjecttothesametypesofcollectionandinterference.Topreventorlimittheimpactoffuturecyberattacks,electricpowerandrenewableenergycompaniescanalsoenhancevisibilityintotheirsuppliers’cybersecurityprofilesandrequirethattheymeetcertainminimumstandards.Forexample,theycouldrequirethatsuppliershaveaformalcybersecurityprogramfortheproductorservicesofferedorprovidea“billofmaterials”detailingtheprovenanceofallproductcomponents.Figure7indicateshowwidespreadselectedvendorrequirementscurrentlyareamongoursurveyrespondents.Notably,somepowerandutilitycompaniesareapplyinglessonslearnedfromcompliancewiththeNorthAmericanElectricReliabilityCorporation’sCriticalInfrastructureProtection(NERC-CIP)standards.WhileNERC-CIPstandardsaremandatedonlyforbulkelectricsystemassets,somepowercompaniesareexpandingtheirenhancedcybersecuritysupplychainriskmanagementtootherpartsoftheirbusinesses.FIGURE7Manyelectricpowersectorsurveyrespondentsrequirethird-partysuppliersofconnectedproductsandservicesto......haveaformalproductsecurityprogramfortheconnectedproductorservicesoﬀering88%...haveaprocessforevaluatingtheirsuppliers'securitypractices,includingvalidatingsecuritytestingofsuppliedproducts/services70%...provideabillofmaterials(BOM)thatdescribesalltheunderlyingcomponentsofitsproduct,origination,anddeveloper/creator70%...provideasummaryofsecurityfeaturesand/orcompleteacybersecurityquestionnaireandsecurityriskassessment54%...employprocessestoensuresecurityofproducts/servicesaftersale50%...adheretoleadingpracticesforsecurity-by-designandhavedesignedsecuritysafeguardsintotheproduct46%Source:DeloitteElectricPowerSectorSupplyChainSurvey.13Electricpowersupplychains:Achievingsecurity,sustainability,andresilienceBuildingsustainabilityintotheelectricpowersupplychainisbecomingapriorityCOMPANIESINTHEelectricpowersectorareincreasinglycommittingtoputtingenvironmental,social,andgovernance(ESG)considerationsatthecoreoftheirdecision-makingprocessandintegratingitintotheirstrategiesandoperations.Andsupplychainsarebecominganimportantfocusarea.Sincesupplychainsareoutsideacompany’scoreoperations,theycancreatesomeofthehighestESGcomplianceexposure.Thesector’svastbreadthanddepthofsuppliersalsomeansthatESGrisks,especiallyforthecleanenergysector,reachmultiplevaluechainpartnersandsectors,includingmanufacturing,mining,andconstruction.Asinvestors,customers,regulators,andotherstakeholdersbegindemandingsustainableandethicalpracticesacrosstheproductioncycleofcleanenergy,ESGconsiderationsinthesupplychainwilllikelymultiply.ElectricpowercompaniescanbenefitfromathoroughunderstandingofpotentialESGriskexposureacrosstheirsupplychains—fromrawmaterialprocurementthroughproductionand,ultimately,theentireproductlifecycle.Theycanalsogainfromincorporatingtraceabilityintothesupplychaintotracktheprovenanceofproductsandcomponentsfromthepointoforiginthroughdeliverytotheenduser,providingsupplychaintransparencyforinvestorsandcustomers.Forexample,manysolardevelopersadheretotheSolarEnergyIndustriesAssociation’sSolarSupplyChainTraceabilityProtocol—asetofguidelinesintendedtotracetheoriginofsolarmaterials,especiallytoprovetheirprocurementisfreefromunethicallaborpractices.26TheESGagendaforelectricpowersupplychainsIn2020,Scope3emissionsfortheglobalelectricpowersectoraccountedfor,onaverage,110%morethanScope1andScope2emissionscombined.27Andsupplychainemissionsareasignificantcontributortotheseemissions.28InMarch2022,theUSSecuritiesandExchangeCommission(SEC)proposedrequiringUS-listedcompaniestodisclosegreenhousegasemissionsgeneratedbysuppliersandpartnersiftheyarematerialorincludedinanycompany’semissionreductiontargets.29Companiesinthesectorhavestartedprioritizingenvironmentalissuesintheirsupplychains,andapproachesincludegatheringinformationonsuppliers’sustainabilityperformancethroughtherequestforproposal(RFP)process,supplierscorecardreviews,andaskingsupplierstovoluntarilyfilloutannualsustainabilitysurveys.However,only13utilitieshavecommittedtoreducingsomeorallScope3emissions.30Accordingtooursurvey,only36%ofrespondentshavespecificsustainabilitymetricsintheirsupplierprocurementprocess.Inthesocialsphere,electricpowercompanieshaveoftenbeenattheforefrontindevelopingtheirlocalcommunitieseconomically—andmomentumisgrowingfordevelopinglocalsupplynetworks.Two14areasareespeciallyimportantacrosselectricpowersectorsupplychains:•Buildingadiversesupplierbase:Asinmanyothersectors,supplierdiversity,equity,andinclusion(DEI)isastrategicfocusfortheelectricpowersector.Theshareofdiversesupplier31spendinghasbeengrowingovertimeandisasubstantialportionofthetotalsupplierspendformanyelectricpowercompanies.Forexample,PG&E’sannualdiversesupplierexpendituresincreased36%over2016–2020,constitutingabout39%ofitstotalsupplierspend.32Forsomecompanies,supplierdiversityisacorporate-levelgoaltiedtoexecutivecompensation,andmanagementreviewsmonthlydiversespendreportstomonitorperformanceagainstestablishedannualorganizationalunitgoals.33Further,somecompaniessupporttheirprimesuppliersindevelopingastrongersupplierdiversityprogramfortheirownsuppliers/subcontractors.Oneutilityexecutivementionedthattheyareseekingtobetterunderstandandinfluencesubsupplierqualificationsandtheselectionprocess.•Ensuringadoptionofethicallaborpracticesacrossthesupplierbase:Unethicallaborpractices,especiallyforcleanenergytechnologies,havebeenacontentiousissueimpactingthesector’sgrowth.Examplesincludeallegationsofunethicallaborpracticesintheminingandprocessingofrawmaterialsforsolarpanelsandpoorhumanrightsandenvironmentalpracticesincobaltmines.34Someelectricpowercompanieshavebeguntoaskmanufacturerstodemonstratethattheirproductsdonotcontainmaterialsfromareasusingforcedorinvoluntarylabor.Whilemanycompanieshavesetacodeofconductfortheirsuppliersthatrequiresthemtoadheretoenvironmentalstandards,ensureDEIintheirsupplychains,safeguardemployeehealthandsafety,andmaintainethicallaborpractices,complianceisnotuniversal.CreatingmeaningfulESGprogresswithinthesupplychainrequiresanengagementjourneythatmovesfromsettingaggressiveemissionsreductiongoals,toimplementinginitiativestohelpsuppliersmeetgoals,andcreatingadditionalvalue-addedopportunitiesforsuppliers.Figure8illustratesfivestepsthatcanhelpelectricpowerandrenewableenergycompaniesbuildastrategicrelationshipwiththeirsupplierstoboostESGengagement.15Electricpowersupplychains:Achievingsecurity,sustainability,andresilience12345FIGURE8Aﬁve-stepprocesscanhelppowerandrenewableenergycompaniesboosttheirsupplierESGengagementOnboardsupplier•UseESGKPIs/metricstoevaluateandselectsuppliers•SharesuppliercodeofconductUnderstandsupplierbehavior•CollectsupplierdataontheirESGpracticesthroughrequestforproposals(RFPs)andannualsustainabilityassessmentsIncreasesupplierawareness•Shareindustrybestpractices•CreatetrainingprogramsforsupplierstoamendtheirESGpracticesModifysupplierbehavior•DeveloptoolstohelpsuppliersmonitorandadheretoESGtargets•HelpbenchmarksupplierpracticeswithindustryCreatesupplieropportunities•IdentifyproductandservicestrategiestoimproveESGproﬁle•DevelopadditionalvaluecreationactivitieswithstrategicsuppliersSource:Deloitteanalysis.16Acirculareconomycanboostsupplychainsecurity,sustainability,andresilienceTHELINEARNATUREofmostelectricpowerindustrysupplychainsmakesthemhighlysusceptibletodisruption.Whiletraditionallyassociatedprimarilywithrecyclingwaste,applyingcirculareconomy(CE)initiativesacrossallphasesofproductandservicelifecyclescanhelppowerandrenewableenergycompaniesdevelopmoresecure,sustainable,andresilientsupplychains.Embeddingtheseinitiativesintotheirbusinessmodelscanhelpcompaniesreducecosts,optimizeresources,andcreateaddedvaluethroughnewproductsandservices.Companiesinthissectorcanalsoplayasignificantroleindevelopingcirculareconomiesinrelatedindustries,suchasautomotiveandmanufacturing,helpingadvancetheirenergytransitions.Deloitte’sCEframework(figure9)fortheelectricpowersectorshowshowproductsandmaterialsmovethroughthesupplychain.Itconsistsofthreedimensionsrelatedtoproduct/serviceflowthatintegratecircularstrategies.Italsoinvolvescross-sectorcollaborationbetweenpublicandprivatestakeholders.Thesedimensions/strategiesgiverisetonewbusinessmodelsthatenablemultiplebenefitsforsupplychains.•Strategicdimensions:Thecircularsupplychain’sprimaryfocusisonkeepingresourcesintheproductlifecycleattheirhighestvalueforaslongaspossible,whichcanbeachievedbyincludinganyorallthreedimensions:351.Circulardesign:Reducingresourceandmaterialintensityrequirementsduringproduction,use,ordisposal.Strategies:Rethink,reduce,andredesign2.Circularuse:Extendingandoptimizingproductlifeandslowingtheresourcetransitiontowasteorresourcerecapture.Strategies:Repurpose,reuse,refurbish,andrepair3.Circularrecovery:Reintegratingwasteorproductionbyproductsbackintothemanufactureofnewproducts.Strategies:Recoverandrecycle•Circularbusinessmodels:Severalbusinessmodelsemergearoundthethreedimensionsthatusecircularstrategiesandsupportmovingtocircularsupplychains.Theygenerallycoexistandcoevolvetocreateacircularsupplychain,providingmultiplebenefitstothestakeholdersintheecosystem.Thesebusinessmodelsinclude:17Electricpowersupplychains:Achievingsecurity,sustainability,andresiliencet~-1.DesignProductdesignProjectdesign,vendorselection,inputmaterialsourcingRawmaterialsImplementationConstructionsite,production,manufacturingOperationsDecommissioningEquipment,materials,DistributionandlogisticsTransportationandwarehousing2.UseAsset-as-a-serviceSharingplatformsLifetimeextension3.RecoveryRecoverandrecycleFIGURE9CircularsupplychainscanbeneﬁttheelectricpowersectorandcreatenewopportunitiesPlanninginfrastructureConsumption/use,maintenanceBeneﬁtsEmissionreductionCostandriskreductionEﬃciencygainsNewrevenueStakeholdersinanelectricpowersupplychainRawmaterialssuppliersComponentsuppliersAssetmanufacturersElectricpowercompaniesDevelopers/installersOtherindustriesSource:Deloitteanalysis.18–Product/processdesign:Designanasset,product,orserviceusingless,recycled,orsustainable/renewableinputsandmodular/recyclabledesigns.–Asset-as-a-service:Thecustomerpurchasesaserviceforalimitedtime,whilethemanufacturermaintainstheownership.–Sharingplatforms:Employcommonmanagementamongmultipleusersofproducts.–Lifetimeextension:Repair,upgrade,reuse,orreconditiontoextendproductlife.–Recoverandrecycle:Recoverembeddedmaterials,energy,andresourcesfromproductsattheendofuse.•Thestakeholderecosystem:CEsupplychainsrequirecollaborationacrossthevaluechainandcross-sectoralpartnershipstocreatejointvalueanddeliverimpactatscale.Thiscanfosterinnovationandovercomechallengessuchaslackofcapital,knowledge,andtoolsforefficientoperations.Figure10providesexamplesofcircularbusinessmodelstheelectricpowersectorisimplementingacrossthethreedimensions.19Electricpowersupplychains:Achievingsecurity,sustainability,andresilienceFIGURE10ExamplesofcircularbusinessmodelsEnablingbusinessDimensionmodelBenefitsExamplesCircularProduct/processdesign•Efficiency•In2021,SiemensGamesalaunchedthedesigngainsRecyclableBlade,awindturbinebladethatcanbe•Optimizationrecycledattheendofitslifecycle.aCircularuseSharingplatforms•CostandriskreductionAsset-as-a-serviceLifetimeextension•Microgrids,virtualpowerplants,communitysolar,andenergymarketplatformsenablesharingofcleanenergytechnologies.•Energystorage-as-a-servicecanprovidepowerduringoutages,ensureconsistentpowerquality,andhelpindustrialandotherlargeelectricitycustomersreducedemandcharges.FotowatioRenewableVentures,incollaborationwithEnergyToolbaseandEcopulse,launched“energystorage-as-a-service”forindustrialcustomerswhowillnotpayupfrontforthebatteryinstallation,butwillsharetheirelectricitysavingswiththeprojectpartners.b•In2022,EDPRenewablesNorthAmericaLLCcompletedawindturbinerepoweringprojectintheUnitedStatesattheBlueCanyonIIWindFarm,increasingthecapacityfrom151MWto162MW,therebyextendingwindfarmlife.cSeveraladditionalrepoweringprojectsareunderwayorbeingplanned,includingworkonwindfarmsthatareonlyaboutadecadeold.dIn2020,33projectswerepartiallyrepowered,involving1,827turbinesthattotaled3,087MWpriortorepowering.e•In2021,DukeEnergydiverted87,700tonsofsolidwastethroughrecyclingandbeneficialreuse.Italsoremanufacturedandrepaired22%ofitsscraptransformers,significantlyreducingtheneedtopurchasenewequipment.fCircularRecoverandrecycle•Newrevenuerecovery•MinimizeemissionsIn2021,SouthernCompanyrepurposedandrecycleditsformercoalsitesinAlabamaandMississippitorecover2.4millionpoundsofcopper,2.85millionpoundsofaluminum,and137millionpoundsofferrousmetals.gIn2020,GERenewableEnergysignedanagreementwithVeoliatorecycleonshorewindturbinebladesintheUnitedStatesandturnthemintoarawmaterialforuseincementmanufacturing.hUsedtransformeroil(UTO)canbeprocessedto“asnew”qualityforreuseasinsulatingfluid.iSources:aSiemensGamesa,“SiemensGamesapioneerswindcircularity,”pressrelease,September07,2021.bAndyColthorpe,“‘Energystorage-as-a-service’launchedinMexicobyFotowatioRenewableVenturesandpartners,”EnergyStorageNews,March1,2022.cArianaFine,“EDPRconcludesitsfirstwindfarmrepoweringintheUS,”NorthAmericanWindPower,January25,2022.dKentKnutson,“Windfarmrepoweringanddecommissioningisbigbusiness,”EnergyCentral,November5,2019.eUSDOE,Land-basedwindmarketreport:2021edition,2021,p.vii.fDukeEnergy,2021ESGreport,2021,p.62.gSouthernCompany,Justtransitionreport:Engagingwithtransparency,2021,p.20.hMaryLaurence,“Recyclingwindturbineblades,”NorthwestRenewableEnergyInstitute,March30,2021.iElectricalOilServices,“Circulareconomy:Stopwastingvaluabletransformerinsulatingoil,”TransformersMagazine,January7,2019.20Electricpowersupplychains:Achievingsecurity,sustainability,andresilienceAlthoughmanyelectricpowercompaniesareAccordingtooursurvey,only6%ofrespondentsundertakingcircularsupplychaininitiativesforareimplementingCEactivitiesacrossallthreemorethanonedimension,veryfewaretakingdimensions(figure11).comprehensiveactionacrossallthreedimensions.FIGURE11FewelectricpowercompaniesareimplementingcirculareconomyactivitiesacrossallthreedimensionsCirculardesignCircularrecovery28%6%24%12%CircularuseSource:DeloitteElectricPowerSectorSupplyChainSurvey.21Electricpowersupplychains:Achievingsecurity,sustainability,andresilienceCreatingrobustelectricpowersupplychains:TheroadaheadCOMPANIESINTHEelectricpowerandrenewableenergysectorsshouldconsidercommittingtocirculareconomyprinciplesanddevelopingalonger-termvisionforsecurity,sustainability,andresilience.Belowaresomeconsiderationsforcompanieslookingtorealizethisvision:•Digitalizetoincrease360-degreesupplychainvisibility.Digitalizationcanenablecompletevisibilitythroughoutthesupplychainandimprovethetransparencyandtraceabilityofmaterialsandproducts.Blockchaintechnologycanenableauthenticateddatacommunicationbetweensupplychainstakeholders,thusincreasingsupplychaintransparency.Digitaltwinandadvancedanalyticscanhelpimprovedecision-makingbyorderingandtrackinginventory,collecting,andstoringperformancedatamoreefficiently,andproactivelyaddressingmaintenanceissuesbeforeafailureoccurs.•Advanceprocurementdepartments’rolefromenablingsavingstocreatingvalue.Sourcinginacircularsupplychainrequiresgreaterplanningandcoordinationthatmaysupersedeorganizationalboundaries.Therefore,procurement’sroleasaninterfacetostakeholdersintheupstreamsupplynetworkshouldbecomemorestrategic.Procurementdepartmentscanimprovetheirunderstandingofmaterials,affectthecircularityofthefinalproduct,andbecometrustedadvisors,especiallyonsupplierknowledge.36Insteadofjustchasingsavings,theenvironmentalandsocialfootprintcriteriabecomeincreasinglyimportantinsourcingdecisions.•Standardizeforeffectivecollaborationwithstakeholders.Standardizationofproducts,processes,orproceduresensuresallstakeholdersinasupplychainareonthesamepage.Itcanenablelowerproductionandprocurementcoststhrougheconomiesofscale,easierandlessexpensiverepairandreplacement,aswellasrecycling.Forexample,inthecaseofsolar,itwouldmeanamoreconsistentmethodofdesigningproductsandassemblingphotovoltaicpanelstomakeend-of-liferecyclingsimplerandsafer.Supplychaindisruptionswilllikelycontinuetooccur,possiblywithhigherfrequency.Itisthereforeincreasinglyimportantfortheelectricpowersectortobuildresilientsupplychainsthataresecureandsustainable,andcannotonlywithstandsuchdisruptions,butalsoemergestronger.22Endnotes1.JimThomsonandMarleneMotyka,“Globalsupplychaindisruptionscouldslowgridmodernizationanddecarbonization,”POWERGRIDInternational,October27,2021.2.Ibid.3.MasonCountyPublicUtilityDistrict,“Materialshortagesandsupplychaindisruptionsarecausingdelays,”MasonPUD,September16,2021.4.AustinKrohn,“Electricalsupplychainissuesslownewconstruction,”ColumbiaMissourian,December2021;AmericanElectricPowerCompany,“Supplychainmanagementanddiversity,”accessedJune24,2022.5.ClaudioVittori,GrahamEvans,andMatteoFini,“Electricalsteel—AnothertemporarysupplychainshortageorathreattoOEMs’electrificationplans?,”IHSMarkit,December14,2021.6.WoodMackenzie,“Solargrowthtrajectoryremainsuncertainasfederallegislationstalls,”pressrelease,March10,2022.7.NicholaGroom,“USsolarindustrywarnsofslowdownduetosupplychaindisruptions,tariffuncertainty,”Reuters,April29,2022.8.HughG.Willett,“Utilitiesfacesupply-chainissues,”News-Herald,May25,2022;JenniferHillerandKatherineBlunt,“Powercompaniesenterpeakhurricaneseasonlackingenoughtransformers,”WallStreetJournal,August1,2022;Sorin,“Tacklinglengthytransformerleadtimeonsolarprojects,”SolarScoop,April2019.9.HanaColwell,“CleanenergyinAmericareachesmilestonein2021,butinstallationpacemustacceleratetoreachemissionsgoals,”AmericanCleanPowerAssociation,February16,2022.10.S&PGlobal,“Capital,”accessedJune24,2022.11.USDepartmentofEnergy,Gridenergystorage:Supplychaindeepdiveassessment,February24,2022.12.TheInflationReductionActaimstoincentivizerenewableenergyinvestmentbyextendingandexpandingtheproductiontaxcredit(PTC)forelectricityproducedfromrenewablesourcesandtheinvestmenttaxcredit(ITC)forenergyproperty,andbyexpandingeligibilitytostand-aloneenergystorage,electricitytransmission,andothercleanenergyinvestments;Democrats.senate.gov,“InflationReductionActof2022,”legislativetext,accessedAugust19,2022.13.InternationalEnergyAgency,Theroleofcriticalmineralsincleanenergytransitions,2021,p.26.14.EUKOR,Transformermarketoutlook:Supportingthegrowthinthepowerindustry,June24,2021.15.USDepartmentofEnergy,Electricgridsupplychainreview:Largepowertransformersandhighvoltagedirectcurrentsystems:Supplychaindeepdiveassessment,February24,2022;USDepartmentofEnergy,Cybersecurityanddigitalcomponents:Supplychaindeepdiveassessment,February24,2022.16.ClearwayEnergyGroup,“LeadingUSsolarcompaniesannounceconsortiumtospendover$6bnonsolarmodulesandsupportexpansionofdomesticsupplychain,”pressrelease,June21,2022.17.MarineLink,“Offshorewindvesselsget‘vesselofnationalinterest’designationbyUSMARAD,”June28,2022.18.JohnEngel,“World’sfirstoffshorewindworkerscertifiedwithvirtualreality,”RenewableEnergyWorld,July19,2022.19.USDepartmentofEnergy,Windenergy:Supplychaindeepdiveassessment,February24,2022.23Electricpowersupplychains:Achievingsecurity,sustainability,andresilience20.SiemensGamesa,“Globalleadershipgrows:SiemensGamesasolidifiesoffshorepresenceinUSwithVirginiabladefacility,”pressrelease,accessedAugust23,2022.21.JustinTuttle,“Thefutureofsupplychainmanagementforenergyandutilitycompanies,”Siemens,accessedJune24,2022.22.ExelonCorp,Corporationsustainabilityreport,2020,p.123.23.MaterialHandlingandLogistics,“5keysupply-chainchallengesthatcleanenergysectorfaces,”June29,2021.24.USDepartmentofEnergy,Cybersecurityanddigitalcomponents,p.1.25.USDepartmentofEnergy,Cybersecurityanddigitalcomponents,pp.5–6.26.SolarEnergyIndustriesAssociation,“Solarsupplychaintraceabilityprotocol,”accessedJune24,2022.27.ClimateDisclosureProject,Globalsupplychainreport,2020,p.14.28.USEnvironmentalProtectionAgency,Emergingtrendsinsupplychainemissionsengagement,accessedAugust23,2022,p.22.29.USSecuritiesandExchangeCommission,“SECproposesrulestoenhanceandstandardizeclimate-relateddisclosuresforinvestors,”sec.gov,March21,2022.30.KarinRives,“Pathtonet-zero:Utilityexecsinsist‘wecan’,”S&PGlobal,June9,2022.31.Diversesupplierincludeswomen,minorities(includingHispanic,AfricanAmerican,AsianAmerican,Indian(subcontinent),andNativeAmerican),LGBTQ+,veterans,andservice-disabledveterans.32.PG&ECorp,“Supplierdiversityinfo,”accessedJune24,2022.33.SouthernCaliforniaEdison,Movingforward,togetherandstronger:Supplierdiversity2021annualreport/2022annualplan,accessedAugust23,2022.34.SourceIntelligence,“6unregulatedmaterialsthatcauseethicalsourcingrisksinyoursupplychain,”September24,2021.35.Deloitte,Thecaseforacirculareconomy,accessedAugust23,2022,p.2;figure9inthisreportisadaptedfromcontentinthereportcited.36.NinaSchmidandMarcusKutzner,Procurementinacirculareconomy:Benefitsbeyondsustainability,Deloitte,accessedAugust23,2022,p.6.24Deloitte.InsightsSignupforDeloitteInsightsupdatesatwww.deloitte.com/insights.Follow@DeloitteInsightDeloitteInsightscontributorsEditorial:RithuThomas,AparnaPrusty,ArpanKumarSaha,andAishwaryaIyerCreative:KevinWeier,MollyWoodworth,andNataliePfaffAudiencedevelopment:KellyCherryCoverartwork:KevinWeier,SylviaChang,andJimSlattonAboutDeloitteInsightsDeloitteInsightspublishesoriginalarticles,reportsandperiodicalsthatprovideinsightsforbusinesses,thepublicsectorandNGOs.Ourgoalistodrawuponresearchandexperiencefromthroughoutourprofessionalservicesorganization,andthatofcoauthorsinacademiaandbusiness,toadvancetheconversationonabroadspectrumoftopicsofinteresttoexecutivesandgovernmentleaders.DeloitteInsightsisanimprintofDeloitteDevelopmentLLC.AboutthispublicationThispublicationcontainsgeneralinformationonly,andnoneofDeloitteToucheTohmatsuLimited,itsmemberfirms,oritsandtheiraffiliatesare,bymeansofthispublication,renderingaccounting,business,financial,investment,legal,tax,orotherprofessionaladviceorservices.Thispublicationisnotasubstituteforsuchprofessionaladviceorservices,norshoulditbeusedasabasisforanydecisionoractionthatmayaffectyourfinancesoryourbusiness.Beforemakinganydecisionortakinganyactionthatmayaffectyourfinancesoryourbusiness,youshouldconsultaqualifiedprofessionaladviser.NoneofDeloitteToucheTohmatsuLimited,itsmemberfirms,oritsandtheirrespectiveaffiliatesshallberesponsibleforanylosswhatsoeversustainedbyanypersonwhoreliesonthispublication.AboutDeloitteDeloittereferstooneormoreofDeloitteToucheTohmatsuLimited,aUKprivatecompanylimitedbyguarantee(“DTTL”),itsnetworkofmemberfirms,andtheirrelatedentities.DTTLandeachofitsmemberfirmsarelegallyseparateandindependententities.DTTL(alsoreferredtoas“DeloitteGlobal”)doesnotprovideservicestoclients.IntheUnitedStates,DeloittereferstooneormoreoftheUSmemberfirmsofDTTL,theirrelatedentitiesthatoperateusingthe“Deloitte”nameintheUnitedStatesandtheirrespectiveaffiliates.Certainservicesmaynotbeavailabletoattestclientsundertherulesandregulationsofpublicaccounting.Pleaseseewww.deloitte.com/abouttolearnmoreaboutourglobalnetworkofmemberfirms.Copyright©2022DeloitteDevelopmentLLC.Allrightsreserved.MemberofDeloitteToucheTohmatsuLimited

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