Where the math is defensible.
Long-form research on live enterprise decisions. Publication is selective. Every number traces to a named source. No takes without evidence.
The 2026 Grid Capex Supercycle: Wires, Transformers, and the Cost of Connection
US transmission and distribution capex has tripled in a decade, EU TYNDP commits EUR 600 billion through 2034, and the binding constraint has moved from generation siting to transformers, conductor steel, and an interconnection queue measured in years.
Investor-owned utilities in the United States will spend more than USD 170 billion on transmission and distribution in 2026, up from a roughly USD 50 billion average across the early 2010s, according to the EEI Annual Capex Survey tracker. The drivers are a measurable step change in data center load, slow but real industrial reshoring, we...
The grid wakes up: AI demand, FERC 1920, and the PJM, MISO interconnection cliff
After two decades of flat US electricity demand, AI driven data center load is forcing a transmission and capacity build that the queue, the auctions, and the courts were not designed to deliver. The 2026 to 2030 window is where the gap closes or the bills break.
US electricity demand is growing again. The Energy Information Administration's Short Term Energy Outlook (STEO) for 2025 projects retail sales growth of roughly 2 percent year on year, against a 2014 to 2023 average closer to 0.4 percent. The PJM 2025 to 2026 capacity auction cleared at 14.7 billion dollars, up from 2.2 billion the year ...