Research on power, markets and the deals connecting them.
Trader and macro researcher
London, UK
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12 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 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
/Note
Triton Partners is looking to sell Trench Group, or take it public. Morgan Stanley is running a dual track, with an exit as early as next year.
Read the noteA case study of Microsoft's largest UK data centre: what it asked the grid for, what it paid for, and what is actually switched on.
Read the research/Note
When supply is capped, extra demand can't turn into extra volume, not in the near term. It turns into price. Price turns into Fed hikes, and hikes turn into a higher real discount rate.
Read the note/Note
Siemens Energy, June quarter. On gas it booked 15GW and shipped 6GW, a 2.5x book-to-bill, with lead times now three years or more.
Read the note/Note
Things to watch: GE Vernova's third quarter in late October, then Siemens Energy's full year in November.
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Is anyone actually talking about the contractors doing the building for this AI buildout and grid enhancement?
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The binding constraint on AI buildout is power delivery, not chips
Read the noteAll 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
US data centre electricity demand is expected to go from about 31 GW in 2025 to 41 GW in 2026 and 66 GW in 2027, with Goldman forecasting 95 GW by 2030. But of roughly 16 GW slated for 2026 delivery, only about 5 GW is under construction.
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.
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