Private Capital Is Locking In Who Controls Firm Power
RTOs, states, and private capital are institutionalizing power scarcity through tariffs, BTM rules, and PE consolidation of dispatchable assets.
Issue 12 — Power / Infrastructure Constraint · Established Signal
Lead Signal
Grid Governance Is Codifying Scarcity — Not Just Reflecting It
Power scarcity in North America is no longer an emergent market condition. It is being institutionalized — through state tariff structures, RTO rule changes, and private equity consolidation of dispatchable capacity. The decisions being made now by regulators, grid operators, and infrastructure funds are not responses to a temporary supply-demand imbalance. They are locking in who controls firm capacity — and at what price — for the next decade.