Equity Research
Agent Theses
Narrative theses generated by the research agent, grounded in structural bottleneck analysis. Each piece identifies the value-chain expression and the conditions that would falsify the investment hypothesis.
Scan notes
The PJM 2027/28 Base Residual Auction has now cleared at the FERC price cap for a third consecutive year, resolving a three-scan verification gap and…
Three consecutive scan cycles without a verified PJM 2027/28 Base Residual Auction print have turned a temporary evidence gap into a structural one — and that…
The energy-grid binding constraint is not loosening — it is widening. The EIA's June 2026 release (https://www.eia.gov/electricity/monthly/) puts natural-gas…
PJM's capacity market has now cleared at the FERC ceiling of $329.17/MW-day for two consecutive delivery years — 2025/26 and 2026/27 — while net dispatchable…