Research on power, markets and the deals connecting them.
Trader and macro researcher
London, UK
Wider write-ups on whatever I want to cover at more length. Often energy or trading, not always.
GE Vernova has agreed to buy Trench from Triton for $9bn. The deal, the price, and why a transformer maker wants to own its bushing supplier.
Read the reportSource: GE Vernova investor presentation, 28 October 2026, revenue and margin by year converted at 1.12. The multiples are my arithmetic
A study of Triton Partners' exit from Trench: what Trench makes, what Triton paid and has already taken out, where the company sits in the grid and AI buildout, and whether it gets sold or listed.
Read the report| Period | Revenue, € millions | Order intake, € millions |
|---|---|---|
| Fiscal 2024 | 684 | 1,040 |
| Fiscal 2025 | 907 | 1,400 |
| Fiscal 2026 (first three quarters) | 860 | 1,490 |
Source: Trench Group results, 16 December 2025, and POWER Magazine
All 26 accelerated transmission projects across the three licences. Where the dates have moved, which allowances are public, what money has gone out before assessment, and where each one is in planning.
Read the reportSource: UK electricity grid map, 17 September 2026
The first verified map of the UK electricity transmission build-out. 48 nodes, 58 flows and 1,347 sourced facts, plus an open record of what I have not got to yet.
Read the report