Research on power, markets and the deals connecting them.
Trader and macro researcher
London, UK
Tag
6 posts across Research, Reports, Notes.
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 case study of the largest GPU rental business: what it earns, what it owes, and what the credit market is really pricing.
Read the researchSource: FY2025 Form 10-K and Q2 2026 Form 10-Q, consolidated statements of cash flows. Gross cash movements over the period, not a sources and uses statement, so they do not sum.
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
/Note
CoreWeave borrows through separate SPVs, each holding chips plus one customer contract. DDTL 4.0, $8.5B in March 2026, priced at SOFR plus 225bps and rated A3 because it sits on a $14.2B Meta contract, so lenders are really underwriting Meta. DDTL 5.0, $3.1B in May, SOFR plus 450bps, rated Ba2, on...
Read the noteThe 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