diff --git a/RELEASE_NOTES.md b/RELEASE_NOTES.md
index 2ba404c..280ab60 100644
--- a/RELEASE_NOTES.md
+++ b/RELEASE_NOTES.md
@@ -1,5 +1,22 @@
 # Frequenz Gridpool Library Release Notes
 
+## Summary
+
+<!-- Here goes a general summary of what this release is about -->
+
 ## Upgrading
 
-- This updates the component-graph version to 0.4, which breaks the config format for component graphs when there are created.
+- This updates the component-graph library to v0.5.0, which now needs `frequenz-client-assets` >= 0.3.1. It changes the generated per-category formulas, so regenerate stored configs with this release and review the diff.
+
+  - The formula fallback engine was rewritten. Formulas can now use meter subtraction as a fallback, which gives better fallback coverage. The exact formula strings can differ from the previous release, even for the same graph.
+  - The per-category formulas (`pv`, `battery`, `chp`, `ev`) now read the component first and use the meter as the fallback. This is the opposite of the previous order.
+
+  See the [v0.5.0 release notes](https://github.com/frequenz-floss/frequenz-microgrid-component-graph-python/releases/tag/v0.5.0) of the component graph library for the full list of changes.
+
+## New Features
+
+<!-- Here goes the main new features and examples or instructions on how to use them -->
+
+## Bug Fixes
+
+<!-- Here goes notable bug fixes that are worth a special mention or explanation -->
diff --git a/pyproject.toml b/pyproject.toml
index 04d3b82..d0397fb 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -29,8 +29,8 @@ dependencies = [
   "marshmallow-dataclass >= 8.7.1, < 9",
   "asyncclick >= 8.3.0.4, < 9",
   "typing-extensions >= 4.14.1, < 5",
-  "frequenz-microgrid-component-graph >= 0.4.0, < 0.5",
-  "frequenz-client-assets >= 0.3.0, < 0.4",
+  "frequenz-microgrid-component-graph >= 0.5.0, < 0.6",
+  "frequenz-client-assets >= 0.3.1, < 0.4",
 ]
 dynamic = ["version"]
 
@@ -91,6 +91,9 @@ dev-pytest = [
   "pytest-mock == 3.15.1",
   "pytest-asyncio == 1.3.0",
   "async-solipsism == 0.9",
+  # The tests also cover the graph renderer, which needs matplotlib and
+  # networkx.
+  "frequenz-gridpool[render-graph]",
 ]
 dev = [
   "frequenz-gridpool[dev-mkdocs,dev-flake8,dev-formatting,dev-mkdocs,dev-mypy,dev-noxfile,dev-pylint,dev-pytest,render-graph]",
diff --git a/tests/test_graph_generator.py b/tests/test_graph_generator.py
index a5901b3..019b235 100644
--- a/tests/test_graph_generator.py
+++ b/tests/test_graph_generator.py
@@ -63,4 +63,4 @@ async def test_formula_generation() -> None:
     graph = await g.get_component_graph(MicrogridId(10))
 
     assert graph.grid_formula() == "COALESCE(#2, #4, 0.0) + #3"
-    assert graph.pv_formula(None) == "COALESCE(#2, #4, 0.0)"
+    assert graph.pv_formula(None) == "COALESCE(#4, #2, 0.0)"