CEH-denominated site economics. Power pathway analysis. Capital structure intelligence. Published quarterly for institutional subscribers.
Interconnection queue timelines have expanded from 18 to 48+ months across major ISOs over the past four years. This report quantifies the IRR impact of queue position across four capital deployment scenarios and introduces the Power Pathway Analysis (PPA) framework for underwriting timeline risk.
"A 12-month delay in interconnection approval at a 200MW site with $180M in capital deployed represents approximately 340–480 basis points of IRR erosion, net of land carry costs."
ORM Capital Series, Q1 2026 · p. 14Six active research topics. Subscriber access unlocks full PDFs, model files, and appendix data. New reports publish at the start of each quarter.
IRR sensitivity to interconnection queue timing across four capital deployment scenarios. Introduces the Power Pathway Analysis framework.
Download Report →Full CEH cost modeling for 20 indexed sites, including energy rate assumptions, PUE benchmarks, and grid benchmark calibration by ISO region.
Interconnection queue depth, BTM feasibility, and timeline projections across ERCOT, PJM, MISO, and SPP. Includes market-specific threshold analysis.
Hyperscaler capacity commitments mapped against ISO interconnection queue depth. Where demand is outrunning supply — and which markets clear first.
How PE, infrastructure funds, and hyperscaler JVs are structuring AI campus acquisitions. Cap rate compression, preferred return stacks, and co-GP dynamics.
Levelized cost comparison across three power procurement strategies for 50–500MW AI infrastructure deployments, using CEH as the normalizing unit.
Capital Series subscriptions are extended to qualifying institutional entities: infrastructure-focused investment funds, family offices with real assets mandates, hyperscaler strategy teams, and developer advisory clients.
Research in active development. Topics and provisional titles subject to revision.
CEH-denominated analysis, power pathway frameworks, and capital structure intelligence for institutional teams underwriting AI infrastructure. Not a newsletter.
Distribution restricted to qualified institutional entities. All requests reviewed individually.