Kevin Stevens 🔋⚡️

Maybe the coolest map of global power plants ever made.

Big milestone for the Constellation - Calpine transaction. Power generation assets are trading hands because they're so valuable, but it doesn't increase the much-needed supply.

Substack not working with any other service like Readwise or a web clipper is annoying. I want to take insights from others and apply them to my work and they make it impossible.

Reminds me of a bit of “the map is not the terrain” - we can adapt to what’s in front of us or use maps that are by definition drawn from the past. h/t @farnamstreet

I know quoting Chamath is sacrilege, but @morganhousel preached this week.

HEARTWARMING: #Bills Josh Allen remembered a special needs fan and hugged him. Fan: “I was like you’re not gonna remember who I am” Josh: “ I can’t forget you, brother… how’s the golf game?” Fan: “Sometimes good, sometimes sht” JA: “Me to” PRECIOUS 🥹https://t.co/NzAGHbA2hj

Wild that there’s a misinformation campaign against AC in Europe as record temperatures hit the entire continent.

PJM 2026/2027 capacity prices cleared at $329.17! 2024/2025: $28 2025/2026: $269 2026/2027: $329 15-30% of generation slated for retirement by 2035. 46GW in queue with some delays due to supply chain and interconnection. Going to be a wild ride.

Power prices TTM inflation as of June is +2.4% higher than all goods, breaching the 2% level for the first time since the Russia-Ukraine spike in 2022. Aside from that moment, price inflation has not been 2% above all goods inflation since 2014 and has mostly been deflationary.

Microgrids and onsite generation are coming faster than we think. I've long been bearish on the sector, but there are too many signs to ignore now between long interconnection queues, rising power prices (supply and T&D), and reliability needs. Repsol lost almost $200M.

One of the best arguments for scaling up US production regardless of EV demand: we now have battery factories that can pivot to serve the stationary and grid battery markets even as EV sales slump.

VC is sales. Love it or leave it. Pick a space—momentum matters. And know what kind of investor you want to be. @tseides of Capital Allocators, @kevindstevens of @EnergizeCapital, and @jaypatil of @swellvc share key advice for new investors in this episode of Investor Stories.

New forecast from the EIA estimates that wholesale power prices are due to jump 12% this summer with natural gas as the main culprit. PJM’s hot summer with NG as the main generation source is driving most of the increase. h/t @grid_status for the chart

Incredible play here.

One hand can change your life! 😱 I keep thinking about this hand 🤯 On DAY 1 of the @WSOP Main Event @LeoMargets put a player all in with only 15k chips behind her with a (semi-bluff-ish?) move against DeSantis who had her beat, putting him in for his tournament life… Had he…

Teams beat Slack and Zoom because of $MSFTs distribution advantage. ChatGPT has been distributed like a consumer product where virality wins. So far, VSCode and GitHub haven’t provided the leverage that Office did.

There’s uncertainty around renewables in the US. But, the world’s largest oil producer put down $8B more and wants to 32x the amount of renewable energy in 5 years. We’re definitely in an energy addition cycle and with demand growing the way it is there’s opportunity everywhere.

A new DOE report estimates blackout hours could grow near 1,000 by 2030. The report assumes 104 GW of plant retirements by, with the addition of 210 GW of new generation. I'll take the opposite side of this trade and say the 104 GW finds a way to extend the useful life.

One of the world’s best businessmen vs one of the world’s best businesses.

More frequent and intense heat waves in the EU creates a dangerous situation due to the lack of AC. Talked with a friend in the UK last week, lag time to have an AC installed is running 1-3 months depending on where you live.