Ideas
Andy DeVries
Head of Investment Grade Credit and Head of Utilities and Power, CreditSights
0:10
Short near-term power, flip long later.
New solar supply is currently crushing power prices, while data center demand and new gas plants are weighted toward the end of the decade. Therefore, be short power for the next few years and flip long later; timing the flip is key and can be expressed in forward power or natural gas curves.
Andy DeVries
Head of Investment Grade Credit and Head of Utilities and Power, CreditSights
12:08
Utilities overbuilding versus data-center demand.
Utilities are already working to connect about 110GW of data-center capacity on an apples-to-apples basis after PUE, while third-party demand forecasts only require roughly 50GW by 2030. That suggests an overbuild, and if demand disappoints, ratepayers or utility shareholders will bear the costs.
Andy DeVries
Head of Investment Grade Credit and Head of Utilities and Power, CreditSights
13:31
Texas power curves may be mispriced.
Texas is a walled-off 87GW peak market. Oncor expects 30GW of data-center demand by 2030 and says forward power curves are mispriced if they do not reflect that; the curves are flat or up only about $1, creating a monitoring setup if demand materializes.
Andy DeVries
Head of Investment Grade Credit and Head of Utilities and Power, CreditSights
15:44
Natural gas curve inversion worth watching.
The natural gas forward curve is inverted, going from about $3.70 to $3.60 by the end of the decade, despite expected LNG export growth and data-center demand. That setup suggests the market expects more supply or weaker demand and is worth monitoring in a tradable curve.
Andy DeVries
Head of Investment Grade Credit and Head of Utilities and Power, CreditSights
22:30
NiSource ratepayer deal is gold standard.
NiSource's NIPSCO/Genco structure with Amazon kicks back $1bn over 15 years to ratepayers, protecting them from data-center cost risk. DeVries calls this the gold-standard blueprint for utility data-center deals.
Andy DeVries
Head of Investment Grade Credit and Head of Utilities and Power, CreditSights
24:44
Gas turbine scarcity boosts GE Vernova.
Gas turbine lead times are years long and cannot be delivered quickly, which DeVries calls a bullish supply-demand backdrop for GE Vernova.
Andy DeVries
Head of Investment Grade Credit and Head of Utilities and Power, CreditSights
31:12
Data-center private credit risk builds.
Private credit is being drawn into data-center lending after PIMCO's profitable Meta loan, but competition will erode covenants and rates. The oversupply problem is really a 2030 event, so lower-tier data-center credits are where risk builds.
Andy DeVries
Head of Investment Grade Credit and Head of Utilities and Power, CreditSights
32:12
CoreWeave debt looks risky.
CoreWeave may be a $50bn market-cap company, but the bond market is demanding a roughly 10% yield to lend against its 2030 paper, implying doubts about durability. CreditSights is in the bond market's camp on supply-demand, though the oversupply timing is 2030.
Andy DeVries
Head of Investment Grade Credit and Head of Utilities and Power, CreditSights
33:22
Meta off-balance-sheet debt carries risk.
Meta's Louisiana data-center debt was structured off balance sheet at 220bp over Treasuries. The docs include a Meta guarantee, but it may lapse if the asset is sold, and rating agencies only impute lease payments once the lease starts, creating credit risk for holders.
Andy DeVries
Head of Investment Grade Credit and Head of Utilities and Power, CreditSights
37:17
Short SMR stocks if they rally.
Small modular reactors only reach final investment decision if Big Tech agrees to buy output and invest equity in manufacturers. If SMR stocks rally on such a deal, they are shorts because they already reflect several deals happening; the big ones are NuScale and Oklo.
This Bloomberg Odd Lots video, published February 02, 2026,
features Andy DeVries
discussing Forward power curves, XLU, Texas forward power, Natural gas forward curve, NI, GEV, Data Center Private Credit, CoreWeave debt, Meta data center debt, SMR, OKLO.
10 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Andy DeVries
· Tickers:
Forward power curves,
XLU,
Texas forward power,
Natural gas forward curve,
NI,
GEV,
Data Center Private Credit,
CoreWeave debt,
Meta data center debt,
SMR,
OKLO
