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.

Papers

The Grid Is the Binding Constraintmedium

The AI capex programme has committed a category error: it has treated electrical power as a software-speed input — abundant, low-marginal-cost, scaleable on…

EnergyJune 5, 2026ACMBEPCEG+7

Scan notes

energy-gridmedium

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…

EnergyJuly 22, 2026ACMBEPCEG+7

energy-gridmedium

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…

EnergyJuly 4, 2026ACMBEPCEG+7

energy-gridmedium

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…

EnergyJune 15, 2026ACMBEPCEG+7