Adam Nicolopoulos

Deal Structure: Meta’s payments effectively replace expiring state subsidies, effectively creating a long-term revenue floor that covers Clinton's operational, licensing, and capacity expansion costs, including a planned 30 MW capacity uprate. While price specifics are still unknown, for context, Microsoft’s recent nuclear PPA with Constellation involved paying on the order of $100 per MWh for a revived plant’s output. Meta opted for a direct PPA to control its energy supply. The traditional model of buying power from the grid is too risky due to market instability and supply constraints. PPAs, especially for baseload sources like nuclear, are evolving from mere tools for meeting sustainability goals or achieving marginal cost savings into essential financial risk management instruments and a means to ensure operational continuity. Strategic Benefits for Constellation: The deal is structured so that Meta is providing the long-term “backstop” for the plant, while Meta secures a fixed supply of clean energy at a predictable price. We believe the deal also validates a new business model for corporate energy partnerships. Constellation anticipates leveraging this agreement as a template for future partnerships, potentially reviving additional reactors. Broader Utility Implications: Utilities owning nuclear or other firm clean energy assets could benefit from similar large-scale corporate PPAs. We also believe that renewable-rich utilities capable of offering firm, 24/7 clean power via storage, hydro, or hybrid solutions—such as NextEra, Southern Company, and Duke Energy—could also capitalize on this trend. Conversely, traditional utilities risk losing new load growth to independent producers unless they proactively offer tailored clean energy packages. Industry Trend: Meta joins Microsoft (Three Mile Island restart), Google (advanced SMRs), and Amazon (data center co-location with nuclear plants), highlighting a broader shift toward securing dedicated, reliable, clean power sources to meet surging AI infrastructure demands. Though distinct in timing and specific methods—Meta and Microsoft choosing existing reactors versus Google and Amazon’s longer-term SMR investments—each firm underscores an emerging strategy: combining alaways available nuclear power with renewables to reliably meet AI’s intensive energy needs.

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Utilities own valuable transmission infrastructure. As power generation becomes more geographically dispersed because of renewable generation, batteries, SMRs, etc., the value of transmission will increase. PE firms are wise to identify this asset class as a good bet on our energy future. Utilities, as transmission owners and developers, can tap on this additional source of non-dilutive risk capital.

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Dire Straits 2 - 3/28/2026 - Update from 3/9/2026 article The choke point for 20% of the global supply of petrochemicals (oil, gas, ethylene, etc.) continues to roil the global economy. Prior to the war with Iran in the gulf, the cost for a "fill-up" of my Ford Bronco was about C$100. Friday Mar 27, 2026 cost C$147.50. This was premium unleaded at $1.88/L. A 78 litre fill up in the other "Sydney" in Australia at A$3.00/L would be C$234.75! Denmark, 16.16 Danish kroner per litre (C$3.40) would be $266.05. Diesel prices are well above unleaded gas at $2.40-$2.43/L. The knock on effect on prices for a region largely devoid of rail (trucking dominant) will be enormous, with the price of most goods headed higher. Above target inflation levels likely for global central banks, including the Bank of Canada. In addition to the budget pressure of the price of gas, diesel and heating oil (correlated highly to diesel), interest rates are headed higher. Interest rate curves are "bear steepening". Futures markets are now pricing in a higher probability of rate hikes for the Canadian market. With overnight rates currently at 2.25% many forecast +0.75% by 2026 year end at 3.00%. Singapore jet fuel traded as high as $230/bl this week. This was trading at $93 before the Iran War. Fuels surcharges in 3.. 2..1. Shortages in many nations (Philippines, Thailand, India), rolling black outs, empty gas stations (Oz). Many places in the world will not have ready access to gas, at any price, given the supply chain constraints rearing their head. Declarations of emergency abound. The impassability of the Strait of Hormuz is leaving the market short 14 million bl/day. Global oil consumption is 100 million bl/day, hence that is 14% of global supply. The demand destruction of the C-19 era was significant enough to take the oil futures price negative (once all storage, land, tankers, etc. were full). Picking a "top" here is likely a fools errand. The previously floated idea of selling SPRs (strategic petroleum reserves) was tabled, for the moment. A 400 million barrels released (post re-refining) by the USA and allies would not have a discernable effect on prices, beyond a few days. Only resolution of the conflict can bring prices down with the Strait of Hormuz fully opened. This is not likely in the near term. Trump's jawboning about a cease fire and other derivation of a "deal" are having a diminished effect on oil prices, as the cries of TACO are countered with reports of troops enroute to the gulf. Watch this space. Your pump price is the "ticker tape" of the pain being felt. The "interrupter" clause may be enacted for the global economy if this conflict does not get resolved asap.

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COAL TO GREEN INITIATIVE (continued) Sunrise Investment Corporation is committed to partnering with companies seeking to transition from coal-fired power plants to green energy solutions, such as solar, wind, and energy storage projects, or to develop renewable initiatives in their host country. We offer comprehensive support for these projects that are fully documented and ready for construction. We also propose financial options that align with your capital needs and long-term strategic objectives. According to the International Energy Agency, approximately 9,000 coal-fired power plants worldwide generate around 2,185 gigawatts (GW) of electricity, with China, India, the United States, and Japan producing over 76% of this total. In contrast, the European Union (EU) has experienced nearly a one-third decline in coal power since 2012, reaching its lowest levels in 2024. Countries such as Ireland, the United Kingdom, Slovakia, Norway, Portugal, Sweden, and Austria have already eliminated coal from their energy systems. Others, including Germany, Greece, Spain, Denmark, Finland, France, Italy, and Hungary, aim to phase out coal by 2030 in alignment with the Paris Agreement. This shift is driven by the growth of solar and wind energy, rising carbon costs from the EU's Emissions Trading System, and stringent air pollution regulations that have rendered older coal plants unprofitable. The EU aims for climate neutrality by 2050, supported by initiatives like the Just Energy Transition Partnership (JETP) for coal-dependent regions. In Asia, decreasing costs and the increasing use of clean energy have led countries such as Indonesia, Malaysia, the Philippines, and Vietnam to commit to phasing out coal, with a target of complete elimination by 2050. Global Example The Komati Project in South Africa is a showcase of the transition from coal to renewable energy. It integrates 150 MW of solar power, 70 MW of wind power, and 150 MW of battery storage at the repurposed Komati power plant. This project converts existing generators into synchronous condensers for grid stabilization and supports displaced workers through retraining initiatives, backed by a USD 497 million financing package from the World Bank and other international partners in 2022. In Spain, a company closed its 355 MW coal power station in 2020 and invested over €100 million to install four wind farms, totaling a capacity of 130 MW, along with workforce retraining programs. In the U.S., a company backed by Bill Gates is developing a Natrium sodium-cooled fast reactor near the retiring Naughton coal plant in Wyoming, which is expected to be operational by 2030. This project includes a 345 MWe nuclear reactor and a molten salt storage system, with a total investment of about USD 4 billion. Image courtesy of Carnegie.

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The U.S. Department of the Interior has announced emergency procedures to expedite the #permittingprocess for domestic #energy projects on federal lands. The new measures reduces approval timelines from years to 28 days. Projects involving #fossilfuels, #uranium, #geothermalenergy, #criticalminerals, #biofuels, and kinetic #hydropower are included in this expedited process. While the move has been praised for its potential to streamline energy development, it has also raised concerns among environmental groups regarding the potential impact on environmental oversight and public participation. Full announcement here: https://lnkd.in/eq42zx_M #EnergyPolicy #EnergyInfrastructure #PermittingReform #EnergyIndependence

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Verified Methane Reductions Delivered 92,956 mt CO₂e — Certified Under ACR959 As methane mitigation gains global urgency, transparent measurement and verified reductions are quickly becoming essential to the energy transition. Earlier this year, Zefiro completed the first public sale of carbon offsets from our ACR959 project — delivering certified reductions to Mercuria Energy America and two additional strategic buyers. These credits represent more than 92,956 metric tons of CO₂-equivalent reductions, backed by third-party verification and rigorous protocols. The market response reinforces something we’ve long believed: credible methane reduction is one of the highest-impact, most cost-effective climate solutions available today. We remain committed to scaling a model that brings environmental integrity, operational excellence, and financial durability together — and there is much more ahead. #CarbonMarkets #CarbonOffsets #MethaneMitigation #MRV #EnergyTransition #ClimateInnovation #ACR959 #Sustainability #NetZero #Zefiro

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Mendell Helium #MDH: Two New Helium wells and an AIM listing Mendell Helium plc CEO Nick Tulloch talks to StockBox about the company's two new #helium wells in #Kansas and its forthcoming AIM listing. Please use the link below: https://lnkd.in/e-_8ipSK

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PowerBank Advances 2.8 MW Day Hollow Solar Project in New York, With Capacity to Power 374 Homes PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) proudly announces that its 2.8 MW Day Hollow ground-mount solar project in upstate New York has secured site control, enabling progression to the interconnection study phase. #powerbank #SUUN #solarpower #solarproject #renewableenergy #communitysolar #NewYork https://lnkd.in/g6nGN-px

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U.S. bank capital regulations, natural gas turbine backlogs, solar+storage, China’s rare earths exports, the YUCs and MEGAs and more — in the latest Eye on the Market, Michael Cembalest answers clients’ most pressing questions: https://bit.ly/4lYFCgm

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The discussion about electric vehicles, energy storage and EV infrastructure on day 2 of the BNEF SF Summit comes at a critical time for the U.S. EV sector, which has struggled since the U.S. federal government ended incentives for EVs last year. In contrast, low-priced EVs, mainly from China, are enjoying buoyant sales throughout Europe, South America and Asia, so the global EV sector looks bright, even if the U.S. market is likely to be lackluster through at least 2028. Topics discussed: · Delivering affordable EVs for the U.S. market · Winning strategies in a changing global auto market · Battery market outlook: Opportunities in a changing landscape · EV charging lessons for the U.S. · U.S. electric vehicle adoption: Renaissance or reversal? · Driverless vehicles: How to reach the inflection point Key takeaways: · To remain a leader in the automotive sector, especially EVs and energy storage, the U.S. needs to develop a cohesive multi-decade industrial policy for capital and people that will improve its industrial manufacturing capabilities and workforce training · Despite its global leadership in software, the U.S. will struggle to compete with China in the global automotive sector, especially as the Chinese are making rapid advancements in software to complement its global dominance in manufacturing, and will become a domestic player only · U.S. energy storage market is growing rapidly due to increasing demand from data centers and backup power. New opportunities like drones will be an additional boost · As key materials used in batteries become harder to find, battery recycling is increasing; nevertheless, customers are more focused on costs and technical capabilities · To increase sales of EVs, U.S. automakers are partnering with manufacturers to decrease battery cost, switching to ones containing less nickel and cobalt; to improve battery performance (enhancing fast charging and extending driving range); and localizing the supply chain, by working with governments to invest in workforce development · EV charging in E.U. is highly fragmented, so consolidation is likely. Fast chargers are replacing slow ones, and charging stations are getting bigger. The number of new chargers in Germany now outpaces EV sales. In contrast, U.S. has only a few large players, with Tesla being the dominant player one with 55% market share in U.S. · Stable regulation and policies will be key for autonomous vehicle adoption. Insurance is potential bottleneck although insurance products being developed for AVs · Robotaxi use will double in 2026 to 18,000 vehicles globally · New financing models for Robotaxis will be essential for driving product adoption in the same way that leasing and debt warehousing drove residential and commercial solar adoption #EVs; #AVs; #energystorage Bloomberg BloombergNEF EcoTech Capital Cy Obert Jeffrey Lipton Albert Cheung Demian Flowers Jon Baker Paul Benjamin https://lnkd.in/gVtrGfaQ

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Recent news from Nexus Uranium (CSE: NEXU) (OTCQB: GIDMF) where we provided an update on recent uranium market developments which positively impact the underlying fundamentals for uranium exploration, development and production. More details below.

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PowerBank Announces Safe Harbor of 15 Distributed Solar and Energy Storage Projects in New York State - US$168 Million Construction Value of Projects - US$65 Million Estimated Value of Potential Tax Credits - Projects to Power Equivalent of 7,500 Homes - Community Solar and Energy Storage Projects Remain Eligible for 30% Investment Tax Credit and Potential Bonus Adders #PowerBank #SUUN #Solar #SolarPower #SolarEnergy #EnergyStorage #CommunitySolar #TaxCredit #GreenPower #GreenEnergy https://lnkd.in/g2-dJKnn

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𝗠𝗔𝗞𝗘 𝗬𝗢𝗨 𝗧𝗛𝗜𝗡𝗞 𝗨𝗦 𝗱𝗲𝗺𝗼𝗴𝗿𝗮𝗽𝗵𝗶𝗰𝘀 𝗮𝗻𝗱 𝗵𝗲𝗮𝗹𝘁𝗵𝗰𝗮𝗿𝗲 𝗰𝗼𝘀𝘁𝘀 𝘄𝗶𝗹𝗹 𝘂𝗻𝗱𝗲𝗿𝗺𝗶𝗻𝗲 𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆 Market Commentary for the Week Ended September 26, 2025   On September 30, the US Government runs out of spending authority and we are bracing for a likely government shutdown. The House Republicans passed a continuing resolution or “CR” for normal operations to proceed and then adjourned. The Senate’s agreement would require a supermajority of 60 votes. There are currently only 53 seats in Republican hands and a quick compromise appears unlikely.   Congress has yet to pass any full-year appropriations bills, so a CR will only “kick the can down the road” as this stop-gap measure can’t address deficits. Despite all the hype about DOGE, the Government is on pace to see an unsustainable 6% increase in overall spending. 𝗧𝘄𝗼 𝗸𝗲𝘆 𝗱𝗿𝗶𝘃𝗲𝗿𝘀 𝗼𝗳 𝗱𝗲𝗳𝗶𝗰𝗶𝘁𝘀 𝗮𝗿𝗲 𝗵𝗲𝗮𝗹𝘁𝗵 𝗰𝗮𝗿𝗲 𝗰𝗼𝘀𝘁𝘀 𝗮𝗻𝗱 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗱𝗲𝗺𝗼𝗴𝗿𝗮𝗽𝗵𝗶𝗰𝘀, both largely taboo topics for all politicians. We are experiencing a "Healthcare Paradox" where costs as a percentage of GDP increase while life expentancy stagnates. The Centers for Medicare and Medicaid Services (CMMS) estimates health spending will increase by 7.1% in 2025 and a further 5.6% next year—much higher than GDP growth and inflation. While an increasing number of older Americans are working longer, this trend is not offsetting the major demographic shift of the Baby Boomers entering retirement age. The ratio of “covered workers per Social Security beneficiary” has declined dramatically:   §    1940: There were 42 workers for every retiree. §    Today: The ratio is fewer than 3-to-1. §    By 2040: The SSA projects the ratio will fall to just 2.3-to-1.   An older and retiring population calls for growth in the numbers of younger Americans to support the economy and in turn our national security.  This requires aggressive immigration and improved support of working families to improve affordability and support higher birth rates. But, to accomplish these goals will require new thinking from Washington – something that seems in short supply.   The big surprise this week was higher than expected economic growth and consumer spending. Second-quarter GDP growth was revised upward to 3.8% annualized, blowing out forecasts averaging 3.3%.   Ten-year treasury yields rose. Corporate spreads widened. This higher cost of capital disproportionately hurts smaller companies. Overall, the stock market sputtered a bit: The Dow was off 0.1% on the week (+8.7% YTD), the S&P 500 was down 0.3% (+13.0% YTD), the NASDAQ 100 was down 0.5% (+16.6% YTD) and the Russell 2000 was down 0.6% (+9.1% YTD). Growth stocks within the S&P 500 trailed their value counterparts by 1.4%.

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Commercial Solar & Storage Capacity Jumps U.S. clean energy capacity has surged past 320 GW—with 1.6 GW of new storage added in Q1 alone. This growth is driven by a booming pipeline of solar, wind, and battery projects, highlighting momentum even amid policy uncertainty https://lnkd.in/ey7YaiD2

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The US has officially withdrawn from the Just Energy Transition Partnerships, stepping back from its commitment to help developing nations transition from coal to clean energy. South Africa, Indonesia, and Vietnam must now move forward without US financial support. Is this a setback? Yes. But is it the end of the road? No. Germany and the UK have already reaffirmed their commitment, and private investment is expected to play a bigger role. South Africa, for example, has laid the groundwork for a booming renewable energy market. But funding gaps remain, and this withdrawal sends a worrying signal about climate accountability from one of the world’s biggest polluters. The question now is: will other nations and private investors step up where the US has stepped back? #EnergyTransition #ClimateFinance #Sustainability #GlobalImpact #RenewableEnergy

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