Why this theme

Load growth has returned to the power system after a decade of flat demand. The constraint has moved from generation to transmission, transformers and switchgear, and the companies that make or own those assets are reporting multi-year backlogs.

How the desk is cutting it

• Equipment: switchgear, transformers, power electronics for the data-center fit-out.
• Generation: contracted and merchant producers with large-load agreements.
• Fuel: uranium and the small-reactor developers (early, speculative).

The report below ranks the names the desk could actually own.