Harry Sideris

"We've got Microsoft and we've got Amazon, we've got BMW... They want speed to power... They've been working side by side with us... to make sure that we have the right terms... [and are] willing to already without being asked or forced to sort of kick in that money." These companies are securing a competitive moat by locking in power access. Their willingness to pay premiums and accept curtailment clauses (being cut off for ~50 hours/year) demonstrates that access to power is now a critical scarcity. Companies securing this access today will dominate operations tomorrow. Long the companies successfully securing long-term power contracts. Over-investment in infrastructure if AI demand proves less sticky than projected.

"We've got Microsoft and we've got Amazon, we've got BMW... They want speed to power... They've been working side by side with us... to make sure that we have the right terms... [and are] willing to already without being asked or forced to sort of kick in that money." These companies are securing a competitive moat by locking in power access. Their willingness to pay premiums and accept curtailment clauses (being cut off for ~50 hours/year) demonstrates that access to power is now a critical scarcity. Companies securing this access today will dominate operations tomorrow. Long the companies successfully securing long-term power contracts. Over-investment in infrastructure if AI demand proves less sticky than projected.

Duke Energy stock is on pace for its seventh straight higher month. The CEO states, "Every new data center that we're signing up... is actually going to reduce the cost to our customers over the life of that contract... as they absorb some of the fixed costs." The market fear that AI power demand will strain the grid and alienate regulators (by raising residential prices) is incorrect. Duke is successfully structuring contracts where hyperscalers pay for the infrastructure upgrades. This turns a capex burden into a revenue engine while politically insulating the company by lowering relative costs for retail consumers. Long DUK as a prime beneficiary of the AI energy transition with a de-risked regulatory profile. Regulatory rejection of rate structures or delays in permitting new capacity.

"We've got Microsoft and we've got Amazon, we've got BMW... They want speed to power... They've been working side by side with us... to make sure that we have the right terms... [and are] willing to already without being asked or forced to sort of kick in that money." These companies are securing a competitive moat by locking in power access. Their willingness to pay premiums and accept curtailment clauses (being cut off for ~50 hours/year) demonstrates that access to power is now a critical scarcity. Companies securing this access today will dominate operations tomorrow. Long the companies successfully securing long-term power contracts. Over-investment in infrastructure if AI demand proves less sticky than projected.

"Our strategy has always been all of the above... Gas is a good baseload, cheap resource... We're going to upgrade our current nuclear plants by 300MW... We filed a permit... for our SMR [Small Modular Reactor]." Despite the push for renewables, the CEO of a major utility explicitly confirms that intermittent sources (solar/batteries) are insufficient for data center demand. They are actively expanding Natural Gas and Nuclear capacity to provide the necessary baseload. This implies sustained structural demand for these commodities. Long baseload commodities (Gas and Uranium) as utilities are forced to rely on them for grid stability. Federal policy shifts favoring 100% renewables or strict carbon taxes penalizing gas.

"Our strategy has always been all of the above... Gas is a good baseload, cheap resource... We're going to upgrade our current nuclear plants by 300MW... We filed a permit... for our SMR [Small Modular Reactor]." Despite the push for renewables, the CEO of a major utility explicitly confirms that intermittent sources (solar/batteries) are insufficient for data center demand. They are actively expanding Natural Gas and Nuclear capacity to provide the necessary baseload. This implies sustained structural demand for these commodities. Long baseload commodities (Gas and Uranium) as utilities are forced to rely on them for grid stability. Federal policy shifts favoring 100% renewables or strict carbon taxes penalizing gas.