Love Is A Battlefield…Watt’s Gating Returns?

Companies Mentioned: Siemens Energy, GE Vernova, Mitsubishi Power, Ansaldo Energia, Hitachi Energy, ABB, Eaton, Schneider Electric, Doosan Enerbility, Rolls-Royce, Thyssenkrupp Nucera, Nel, Bloom Energy, Albemarle, SQM, Tianqi, Ganfeng, Pilbara Minerals, Mineral Resources, ArcelorMittal, Heidelberg Materials, Shell, BP, TotalEnergies, Enel, Phillips 66, Green Plains
Commodities Mentioned: Electricity, Hydrogen, Carbon, Lithium, Natural Gas, Ethanol, Corn, Copper, Nickel, Cobalt, Ammonia

1^st Topic of the Week: Record power equipment backlogs embed pricing power as grid bottlenecks govern capital allocation cycles, but is transmission-driven deferral of large-load monetization through 2028 underappreciated?
2^nd Topic of the Week: Thyssenkrupp Nucera’s honed pipeline, China’s rising exports, and CBAM uncertainty raise a critical question: who converts projects into realized returns before capital patience erodes further?
Otherwise, are investors underestimating how policy recalibration, grid bottlenecks, and capital discipline are simultaneously amplifying volatility while structurally entrenching long-term transition demand?

Exhibit 1: Record power equipment backlogs embed multi-year margin expansion across generation and grid.