Research
Introducing neopower.
Not a hyperscaler, not a neocloud, not a utility, not a financier. The category for the layer that decides whether a site energizes on schedule, and the company that stands in it.
4 min read
Power is the last unfinancialized layer of the AI stack.
The case for reserved and consumed power has nothing to do with cost of capital. Chips financialized, shells financialized, and power is the layer still sitting on the default assumption of ownership.
7 min read
The turbine gap: the futures market nobody announced.
A heavy-frame gas turbine ordered today is, for practical purposes, a 2030 decision. The market that clears sooner already has two prices, and only one of them is published.
8 min read
Bridge to permanent: the lifecycle economics of on-site generation.
The sharpest objection to on-site power is the stranded asset in year six. It is right about the timeline and wrong about the asset class, and the error hides in one word.
6 min read
The queue is the product.
The data center industry has one metric left that separates winners from announcements: months to megawatts. The energization gap, measured, and the distressed market it is about to create.
6 min read
Behind the meter goes mainstream.
In eighteen months, on-site generation went from a workaround that made regulators nervous to a pathway regulators are ordering grid operators to build. The docket record, and where the arc ends.
6 min read