FERC's June Deadline & End of the Large-Load Grey Zone For the last year and a half, the economics of siting a gigawatt of data…
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In today's U.S. capacity markets, two acronyms are increasingly shaping investment decisions: ELCC (Effective Load-Carrying Capability) and DSCR (Debt Service Coverage Ratio).They are no longer…
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The sale of four natural gas units by Constellation to LS Power for roughly $5 billion is not cheap by any description, but it does…
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Prices for PJM capacity in the 3rd Incremental Auction structure were released this week by the ISO, and some clients have asked us why they…
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Lack of demand side visibility in US power and capacity markets remains shocking. As the largest US power market braces for a 15-year, $150 billion…
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With $150 billion of capacity revenue at stake, PJM's planning for a long-term auction process later this year has outsized stakes for project finance in…
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How long can price controls work in the largest US power market? PJM’s recent Base Residual Auction (BRA) for Delivery Year 2027/28 clearing at the…
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Investors regularly optimize for demand growth but often struggle to model the complexity imposed by supply constraints. In energy, remembering both sides of the equation…
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Energy transition investors kept the US energy economy humming during the real world climate risk “stress test” of the last week. As system strains mount…
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Tens of billions of dollars of naked capacity exposure is being willed into financial materiality by the Trump administration today. Lack of liquidity down the…
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Wall Street may be transfixed by the drama in global oil markets, but the world's financial capital faces structural energy problems much closer to home.…
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What happens next will reshape US power markets. PJM’s huge auction result has attracted attention because it highlights the impact of a worsening shortfall of…
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