Leonhard Birnbaum 2.0 1 idea

E.ON is expanding its investment program by €5 billion. Infrastructure is the bottleneck for the energy transition, data centers, and EVs. Regulatory environments are shifting to guarantee returns on grid investments because the cost of *not* having infrastructure (bottlenecks) is higher than the cost of building it. Demand is structural and disconnected from short-term economic cycles. LONG. A defensive play on the AI/Electrification theme. Regulatory pushback on consumer energy prices.