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Omitted: the free-text notes of the internal check passes and of rating reconciliations, and the location of the internal card review; references to local evidence files and to internal method decisions are replaced by plain descriptions.","roster":{"members":[{"entityId":"hitachi-energy","slot":"importance","since":"2026-10-22"},{"entityId":"siemens-energy","slot":"importance","since":"2026-10-22"},{"entityId":"ge-vernova","slot":"importance","since":"2026-10-22"},{"entityId":"china-electrical-equipment","slot":"importance","since":"2026-10-22"},{"entityId":"state-grid","slot":"importance","since":"2026-10-22"},{"entityId":"quanta-services","slot":"importance","since":"2026-10-22"},{"entityId":"hyosung-heavy-industries","slot":"importance","since":"2026-10-22"},{"entityId":"prysmian","slot":"importance","since":"2026-10-22"},{"entityId":"hd-hyundai-electric","slot":"importance","since":"2026-10-22"},{"entityId":"tbea","slot":"importance","since":"2026-10-22"}],"pending":{},"lastRun":"2026-10-22","resultsDate":"2026-10-22"},"card":{"schema":"5lc-index-card/1","key":"energy-grid","layer":"energy","sublayer":"grid","version":1,"scope":"Equipment and construction for the high-voltage utility network up to the data-centre site: substations, towers and poles, overhead conductors and underground cables, including the site substation whether built for a utility or a data-centre developer. Medium-voltage switchgear, transformers and cables on the campus after the site substation, and power distribution inside buildings, are Infrastructure · Power and cooling. Owning and operating networks is Utilities; local distribution lines serving homes and businesses are left out.","outputMeasure":"High-voltage lines, substations and their construction that connect data centres to the grid, up to the site; equipment on the campus is Infrastructure · Power and cooling. The US mix of transmission spending stands in for the world.","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","hardToReplace":"Large power transformers and high-voltage breakers come from a few qualified makers; transformers take up to four years to procure and cables two to three. New lines take years to permit.","functions":[{"id":"substations","name":"Substations: transformers, switchgear and protection","why":"45% of US utilities' 2025 transmission equipment and construction spending (FERC filings).","weight":{"low":0.3156,"central":0.4508,"high":0.586},"weightSource":{"url":"https://data.ferc.gov/ferc-form-no.-1-annual-report-of-major-electric-utilities/form-1-electric-plant-in-service/","title":"Form 1 Electric Plant in Service (FERC Form No. 1, page 204)","publisher":"U.S. Federal Energy Regulatory Commission","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T1","locator":"Schedule 204, transmission plant additions by account, report year 2025, 211 respondents, summed by 5LayerCake: 352 structures $2.18bn, 353 station equipment $12.48bn, 354 towers $1.76bn, 355 poles $8.92bn, 356 overhead conductors $5.87bn, 357-358 underground $1.31bn (in-scope total $32.52bn); figures read from Catalyst Cooperative's PUDL copy of the filings (14 Oct 2026); page shows no date"},"shareData":"Company revenue from the function's equipment and installation, as a share of world spending on it"},{"id":"line-structures","name":"Towers, poles and line construction","why":"33% of that spending.","weight":{"low":0.2299,"central":0.3284,"high":0.4269},"weightSource":{"url":"https://data.ferc.gov/ferc-form-no.-1-annual-report-of-major-electric-utilities/form-1-electric-plant-in-service/","title":"Form 1 Electric Plant in Service (FERC Form No. 1, page 204)","publisher":"U.S. Federal Energy Regulatory Commission","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T1","locator":"Schedule 204, transmission plant additions by account, report year 2025, 211 respondents, summed by 5LayerCake: 352 structures $2.18bn, 353 station equipment $12.48bn, 354 towers $1.76bn, 355 poles $8.92bn, 356 overhead conductors $5.87bn, 357-358 underground $1.31bn (in-scope total $32.52bn); figures read from Catalyst Cooperative's PUDL copy of the filings (14 Oct 2026); page shows no date"},"shareData":"Company revenue from the function's equipment and installation, as a share of world spending on it"},{"id":"overhead-conductors","name":"Overhead conductors","why":"18% of that spending.","weight":{"low":0.1264,"central":0.1805,"high":0.2347},"weightSource":{"url":"https://data.ferc.gov/ferc-form-no.-1-annual-report-of-major-electric-utilities/form-1-electric-plant-in-service/","title":"Form 1 Electric Plant in Service (FERC Form No. 1, page 204)","publisher":"U.S. Federal Energy Regulatory Commission","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T1","locator":"Schedule 204, transmission plant additions by account, report year 2025, 211 respondents, summed by 5LayerCake: 352 structures $2.18bn, 353 station equipment $12.48bn, 354 towers $1.76bn, 355 poles $8.92bn, 356 overhead conductors $5.87bn, 357-358 underground $1.31bn (in-scope total $32.52bn); figures read from Catalyst Cooperative's PUDL copy of the filings (14 Oct 2026); page shows no date"},"shareData":"Company revenue from the function's equipment and installation, as a share of world spending on it"},{"id":"underground-cables","name":"Underground and submarine cables","why":"4% of that spending; more where lines are buried.","weight":{"low":0.0282,"central":0.0403,"high":0.0524},"weightSource":{"url":"https://data.ferc.gov/ferc-form-no.-1-annual-report-of-major-electric-utilities/form-1-electric-plant-in-service/","title":"Form 1 Electric Plant in Service (FERC Form No. 1, page 204)","publisher":"U.S. Federal Energy Regulatory Commission","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T1","locator":"Schedule 204, transmission plant additions by account, report year 2025, 211 respondents, summed by 5LayerCake: 352 structures $2.18bn, 353 station equipment $12.48bn, 354 towers $1.76bn, 355 poles $8.92bn, 356 overhead conductors $5.87bn, 357-358 underground $1.31bn (in-scope total $32.52bn); figures read from Catalyst Cooperative's PUDL copy of the filings (14 Oct 2026); 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Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"participates":false,"evidence":{"url":"https://www.hitachienergy.com/about-us/company-profile","title":"Company profile","publisher":"Hitachi Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Grid Automation, Grid Integration, High Voltage Products, Service, Transformers (company profile). No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.hitachienergy.com/about-us/company-profile","title":"Company profile","publisher":"Hitachi Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Grid Automation, Grid Integration, High Voltage Products, Service, Transformers (company profile). No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.hitachienergy.com/about-us/company-profile","title":"Company profile","publisher":"Hitachi Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Grid Automation, Grid Integration, High Voltage Products, Service, Transformers (company profile). No underground or submarine power cable activity is listed or implied there."}}},"priorShares":{"substations":{"low":13.474,"central":13.474,"high":13.474,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/04/260427/2025_Anpre.pdf","title":"Outline of Consolidated Financial Results for the Year Ended March 31, 2026 [Fiscal 2025]","publisher":"Hitachi, Ltd.","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T5","locator":"p.25: Hitachi Energy revenue 19.8 BUSD (YoY +4.1 BUSD / +26%); p.16: order backlog 57.9 bn USD (+33% vs end-FY2024)"},"note":"Hitachi says Hitachi Energy revenue rose $4.1bn (+26%) to $19.8bn in FY2025, so FY2024 (April 2024 to March 2025) was $15.7bn (Hitachi Fiscal 2025 results outline, p.25). Same in-scope fraction as the current share. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Hitachi Energy revenue FY2024: $15,700m x 60% = $9,420m; total $9.42bn. Share = 9.42 / 69.9 (substations pool 2024, $69.9bn) = 13.47%. Fraction 60%: transmission transformers, HVDC and FACTS, high-voltage switchgear and substation automation; excludes distribution and traction transformers, lifecycle services and enterprise software (Hitachi lists Grid Automation, Grid Integration, High Voltage Products, Transformers and Service as its business lines, https://www.hitachienergy.com/about-us/company-profile; it publishes no revenue split by line). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":19800000000,"central":19800000000,"high":19800000000,"unit":"USD","basis":"Hitachi Energy revenue, fiscal year (April to March), US dollars","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/04/260427/2025_Anpre.pdf","title":"Outline of Consolidated Financial Results for the Year Ended March 31, 2026 [Fiscal 2025]","publisher":"Hitachi, Ltd.","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"p.25: Hitachi Energy revenue 19.8 BUSD (YoY +4.1 BUSD / +26%); p.16: order backlog 57.9 bn USD (+33% vs end-FY2024)"},"note":"Hitachi says revenue was 19.8 BUSD."},"prior":{"low":15700000000,"central":15700000000,"high":15700000000,"unit":"USD","basis":"Hitachi Energy revenue, fiscal year (April to March), US dollars","period":"FY2024 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/04/260427/2025_Anpre.pdf","title":"Outline of Consolidated Financial Results for the Year Ended March 31, 2026 [Fiscal 2025]","publisher":"Hitachi, Ltd.","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"p.25: Hitachi Energy revenue 19.8 BUSD (YoY +4.1 BUSD / +26%); p.16: order backlog 57.9 bn USD (+33% vs end-FY2024)"},"note":"Derived from the same page: 19.8 BUSD less the stated YoY increase of 4.1 BUSD (+26%, nominal basis) = 15.7 BUSD."}},"committedExpansion":{"low":2.924,"central":2.924,"high":2.924,"unit":"ratio","basis":"Hitachi Energy order backlog at end of fiscal year / Hitachi Energy fiscal-year revenue","period":"Backlog at 31 March 2026","periodEnd":"2026-03-31","source":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/04/260427/2025_Anpre.pdf","title":"Outline of Consolidated Financial Results for the Year Ended March 31, 2026 [Fiscal 2025]","publisher":"Hitachi, Ltd.","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"p.25: Hitachi Energy revenue 19.8 BUSD (YoY +4.1 BUSD / +26%); p.16: order backlog 57.9 bn USD (+33% vs end-FY2024)"},"note":"Hitachi says Hitachi Energy order backlog at the end of FY2025 was 57.9 bn USD (9.2 tn yen, +33% in dollars on end-FY2024; p.16); 57.9 / 19.8 (FY2025 revenue, p.25) = 2.92. The backlog covers all Hitachi Energy lines, including services, as does the revenue."},"baselineRevenueUsd":{"low":19800000000,"central":19800000000,"high":19800000000,"unit":"USD","basis":"Hitachi Energy revenue, fiscal year (April to March), US dollars","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/04/260427/2025_Anpre.pdf","title":"Outline of Consolidated Financial Results for the Year Ended March 31, 2026 [Fiscal 2025]","publisher":"Hitachi, Ltd.","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"p.25: Hitachi Energy revenue 19.8 BUSD (YoY +4.1 BUSD / +26%); p.16: order backlog 57.9 bn USD (+33% vs end-FY2024)"},"note":"Segment (unit) revenue as the company states it; not the Hitachi group total."},"screening":{"substations":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"225469000904a80ebbb34608336d29aa32700c961069c021d21da59092c5fc96"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"225469000904a80ebbb34608336d29aa32700c961069c021d21da59092c5fc96"}}},"siemens-energy":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"siemens-energy","name":"Siemens Energy (Grid Technologies)","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":12.383,"central":12.383,"high":12.383,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025 (FY2025 less Q1 FY2025 plus Q1 FY2026)","periodEnd":"2025-12-31","source":{"url":"https://assets.siemens-energy.com/dam/cefb2e68-55c7-4d86-a913-b3950053facc/Earnings-Release-Q4-FY25-pdf_Original%20file.pdf","title":"Earnings Release Q4 FY 2025 (July 1 to September 30, 2025)","publisher":"Siemens Energy AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T5","locator":"p.14 segment table: Grid Technologies revenue FY2025 EUR 11,305m, FY2024 EUR 9,280m; used with the Q1 FY2026 and Q1 FY2025 releases"},"note":"Siemens Energy reports Grid Technologies revenue of EUR 11,305m in FY2025 (October 2024 to September 2025) and EUR 9,280m in FY2024 (Q4 FY2025 earnings release, p.14), and EUR 3,054m in Q1 FY2026 against EUR 2,480m in Q1 FY2025 (Q1 FY2026 release, p.3, https://assets.siemens-energy.com/dam/f8b7f2d2-e4f2-4fe5-8295-b3ee005765a4/2026-02-11_Earnings-Release-Q1-FY26-pdf_Original%20file.pdf). Calendar 2025 = FY2025 - Q1 FY2025 + Q1 FY2026 = 11,305 - 2,480 + 3,054 = EUR 11,879m, which avoids the staleness of a September year-end. The company describes Grid Technologies as high-voltage transmission technologies, solutions and services, with Products, Grid Solutions, Services and Digital Grid (Annual Report 2025, p.10, https://assets.siemens-energy.com/dam/32b27e9a-af91-4915-8b51-b3af012d0d98/A-Siemens_Energy_Annual_Report_2025-pdf_Original%20file.pdf). In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Grid Technologies revenue, calendar 2025: EUR 11,879m x 75% = EUR 8,909m / 0.8871 = $10,043m; total $10.04bn. Share = 10.04 / 81.1 (substations pool 2025, $81.1bn) = 12.38%. Exchange rates: EUR 0.8871 per USD (1.1272 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 75%: products and grid solutions (transformers, switchgear, HVDC and AC transmission solutions); excludes services and digital grid software, assumed about a quarter of segment revenue (the company does not publish the split). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"participates":false,"evidence":{"url":"https://assets.siemens-energy.com/dam/026eab51-c5ff-450d-9e58-b33100475ccd/ER_E_final-pdf_Original%20file.pdf","title":"Earnings Release Q3 FY 2025","publisher":"Siemens Energy AG","publishedDate":"2025-08-06","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Grid Technologies segment (transmission solutions and products, grid software, services); no cable, conductor or line-construction business reported. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://assets.siemens-energy.com/dam/026eab51-c5ff-450d-9e58-b33100475ccd/ER_E_final-pdf_Original%20file.pdf","title":"Earnings Release Q3 FY 2025","publisher":"Siemens Energy AG","publishedDate":"2025-08-06","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Grid Technologies segment (transmission solutions and products, grid software, services); no cable, conductor or line-construction business reported. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://assets.siemens-energy.com/dam/026eab51-c5ff-450d-9e58-b33100475ccd/ER_E_final-pdf_Original%20file.pdf","title":"Earnings Release Q3 FY 2025","publisher":"Siemens Energy AG","publishedDate":"2025-08-06","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Grid Technologies segment (transmission solutions and products, grid software, services); no cable, conductor or line-construction business reported. No underground or submarine power cable activity is listed or implied there."}}},"priorShares":{"substations":{"low":11.232,"central":11.232,"high":11.232,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024 (FY2024 less Q1 FY2024 plus Q1 FY2025)","periodEnd":"2024-12-31","source":{"url":"https://assets.siemens-energy.com/dam/cefb2e68-55c7-4d86-a913-b3950053facc/Earnings-Release-Q4-FY25-pdf_Original%20file.pdf","title":"Earnings Release Q4 FY 2025 (July 1 to September 30, 2025)","publisher":"Siemens Energy AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T5","locator":"p.14 segment table: Grid Technologies revenue FY2025 EUR 11,305m, FY2024 EUR 9,280m; used with the Q1 FY2026 and Q1 FY2025 releases"},"note":"Calendar 2024 = FY2024 - Q1 FY2024 + Q1 FY2025 = 9,280 - 2,082 + 2,480 = EUR 9,678m, from the Q4 FY2025 release (p.14, FY2024 EUR 9,280m), the Q1 FY2025 release (p.3, Q1 FY2024 EUR 2,082m and Q1 FY2025 EUR 2,480m, https://assets.siemens-energy.com/dam/a90e9048-69be-4ae7-95b5-b2820050888b/Earnings_Release_Q1_FY_2025-pdf_Original%20file.pdf). Same in-scope fraction as the current share. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Grid Technologies revenue, calendar 2024: EUR 9,678m x 75% = EUR 7,258m / 0.9244 = $7,852m; total $7.85bn. Share = 7.85 / 69.9 (substations pool 2024, $69.9bn) = 11.23%. Exchange rates: EUR 0.9244 per USD (1.0818 USD per EUR), 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 75%: products and grid solutions (transformers, switchgear, HVDC and AC transmission solutions); excludes services and digital grid software, assumed about a quarter of segment revenue (the company does not publish the split). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":11879000000,"central":11879000000,"high":11879000000,"unit":"EUR","basis":"Siemens Energy Grid Technologies revenue, calendar year, euros","period":"CY2025 (FY2025 less Q1 FY2025 plus Q1 FY2026)","periodEnd":"2025-12-31","source":{"url":"https://assets.siemens-energy.com/dam/cefb2e68-55c7-4d86-a913-b3950053facc/Earnings-Release-Q4-FY25-pdf_Original%20file.pdf","title":"Earnings Release Q4 FY 2025 (July 1 to September 30, 2025)","publisher":"Siemens Energy AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T2","locator":"p.14 segment table: Grid Technologies revenue FY2025 EUR 11,305m, FY2024 EUR 9,280m; used with the Q1 FY2026 and Q1 FY2025 releases"},"note":"11,305 - 2,480 + 3,054 = 11,879 (EUR m); Q4 FY2025 release p.14 and Q1 FY2026 release p.3."},"prior":{"low":9678000000,"central":9678000000,"high":9678000000,"unit":"EUR","basis":"Siemens Energy Grid Technologies revenue, calendar year, euros","period":"CY2024 (FY2024 less Q1 FY2024 plus Q1 FY2025)","periodEnd":"2024-12-31","source":{"url":"https://assets.siemens-energy.com/dam/cefb2e68-55c7-4d86-a913-b3950053facc/Earnings-Release-Q4-FY25-pdf_Original%20file.pdf","title":"Earnings Release Q4 FY 2025 (July 1 to September 30, 2025)","publisher":"Siemens Energy AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T2","locator":"p.14 segment table: Grid Technologies revenue FY2025 EUR 11,305m, FY2024 EUR 9,280m; used with the Q1 FY2026 and Q1 FY2025 releases"},"note":"9,280 - 2,082 + 2,480 = 9,678 (EUR m); Q4 FY2025 release p.14 and Q1 FY2025 release p.3."}},"committedExpansion":{"low":3.788,"central":3.788,"high":3.788,"unit":"ratio","basis":"Grid Technologies order backlog at 31 December 2025 / Grid Technologies calendar-2025 revenue","period":"Backlog at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://assets.siemens-energy.com/dam/f8b7f2d2-e4f2-4fe5-8295-b3ee005765a4/2026-02-11_Earnings-Release-Q1-FY26-pdf_Original%20file.pdf","title":"Earnings Release Q1 FY 2026 (October 1 to December 31, 2025)","publisher":"Siemens Energy AG","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T2","locator":"p.3: Grid Technologies Q1 revenue EUR 3,054m (Q1 FY2025 EUR 2,480m); order backlog rose to EUR 45bn"},"note":"The company says Grid Technologies order backlog rose to EUR 45bn at 31 December 2025 (Q1 FY2026 release, p.3); 45,000 / 11,879 (calendar-2025 revenue, above) = 3.79. The later backlog of about EUR 51bn at 30 June 2026 is not used, to keep the date aligned with the revenue."},"baselineRevenueUsd":{"low":13390008800,"central":13390008800,"high":13390008800,"unit":"USD","basis":"Grid Technologies revenue, calendar year, US dollars","period":"CY2025 (FY2025 less Q1 FY2025 plus Q1 FY2026)","periodEnd":"2025-12-31","source":{"url":"https://assets.siemens-energy.com/dam/cefb2e68-55c7-4d86-a913-b3950053facc/Earnings-Release-Q4-FY25-pdf_Original%20file.pdf","title":"Earnings Release Q4 FY 2025 (July 1 to September 30, 2025)","publisher":"Siemens Energy AG","publishedDate":"2025-11-13","accessedDate":"2026-10-22","tier":"T2","locator":"p.14 segment table: Grid Technologies revenue FY2025 EUR 11,305m, FY2024 EUR 9,280m; used with the Q1 FY2026 and Q1 FY2025 releases"},"note":"Segment revenue EUR 11,879m x 1.1272 USD per EUR (2025 average, ECB) = $13.39bn; segment revenue, not the Siemens Energy group total."},"screening":{"substations":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"80e693f14515a79906ff0ea9077623ac97df84b005ac9fd758da378bf17ceab8"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"80e693f14515a79906ff0ea9077623ac97df84b005ac9fd758da378bf17ceab8"}}},"ge-vernova":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"ge-vernova","name":"GE Vernova (Electrification, incl. Prolec GE)","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":8.01,"central":8.01,"high":8.01,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025 (Prolec GE on its company forecast)","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","title":"GE Vernova Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"GE Vernova Inc. (U.S. SEC filing)","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Item 7, Electrification: segment revenues Grid Solutions $6,620m (2024 $4,957m), Power Conversion & Storage $2,049m ($1,676m), Electrification Software $973m ($917m); total $9,642m ($7,550m); RPO table total $34,667m"},"note":"GE Vernova's 10-K shows Electrification segment revenue of $9,642m in 2025, of which Grid Solutions (switchgear, HVDC, AC substation solutions, transformers and grid automation) was $6,620m (Item 7). Prolec GE, the transformer joint venture GE Vernova bought out on 2 February 2026 and which the register credits to GE Vernova, is added from the company's own forecast of about $3.0bn of 2025 revenue (Prolec GE acquisition presentation, 21 Oct 2025, p.4 and p.7, https://www.gevernova.com/sites/default/files/presentation-prolec-ge-acquisition.pdf); it was not consolidated in 2025, and its product lines are power (medium to high voltage), renewables and industrial, and distribution transformers. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Grid Solutions revenue 2025: $6,620m x 80% = $5,296m; Prolec GE expected 2025 revenue: $3,000m x 40% = $1,200m; total $6.50bn. Share = 6.50 / 81.1 (substations pool 2025, $81.1bn) = 8.01%. Fractions: Grid Solutions 80% (equipment and substation solutions; excludes grid services, assumed about a fifth); Prolec GE 40% (power and substation transformers; excludes distribution, renewable and industrial units). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"participates":false,"evidence":{"url":"https://www.gevernova.com/sites/default/files/gev_webcast_pressrelease_01282026.pdf","title":"GE Vernova Reports Fourth Quarter and Full Year 2025 Financial Results","publisher":"GE Vernova Inc.","publishedDate":"2026-01-28","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Electrification segment (Grid Solutions, Power Conversion & Storage, software); Power and Wind segments; no cable, conductor or line-construction business. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.gevernova.com/sites/default/files/gev_webcast_pressrelease_01282026.pdf","title":"GE Vernova Reports Fourth Quarter and Full Year 2025 Financial Results","publisher":"GE Vernova Inc.","publishedDate":"2026-01-28","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Electrification segment (Grid Solutions, Power Conversion & Storage, software); Power and Wind segments; no cable, conductor or line-construction business. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.gevernova.com/sites/default/files/gev_webcast_pressrelease_01282026.pdf","title":"GE Vernova Reports Fourth Quarter and Full Year 2025 Financial Results","publisher":"GE Vernova Inc.","publishedDate":"2026-01-28","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Electrification segment (Grid Solutions, Power Conversion & Storage, software); Power and Wind segments; no cable, conductor or line-construction business. No underground or submarine power cable activity is listed or implied there."}}},"priorShares":{"substations":{"low":7.219,"central":7.219,"high":7.219,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024 (Prolec GE estimated)","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","title":"GE Vernova Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"GE Vernova Inc. (U.S. SEC filing)","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Item 7, Electrification: segment revenues Grid Solutions $6,620m (2024 $4,957m), Power Conversion & Storage $2,049m ($1,676m), Electrification Software $973m ($917m); total $9,642m ($7,550m); RPO table total $34,667m"},"note":"GE Vernova's 10-K shows Grid Solutions revenue of $4,957m in 2024. Prolec GE published no 2024 revenue; it is estimated at $2.70bn = $3.0bn / 1.11, using the company's own statement of low double-digit revenue growth (the presentation shows $3.0bn for 2025, $3.4bn for 2026). Equity income from Prolec GE was $105m in 2024 and $180m in 2025 (10-K, equity method note) but is net income, not revenue, and is not used. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Grid Solutions revenue 2024: $4,957m x 80% = $3,966m; Prolec GE 2024 revenue (estimate): $2,703m x 40% = $1,081m; total $5.05bn. Share = 5.05 / 69.9 (substations pool 2024, $69.9bn) = 7.22%. Fractions: Grid Solutions 80% (equipment and substation solutions; excludes grid services, assumed about a fifth); Prolec GE 40% (power and substation transformers; excludes distribution, renewable and industrial units). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":6620000000,"central":6620000000,"high":6620000000,"unit":"USD","basis":"GE Vernova Grid Solutions revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","title":"GE Vernova Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"GE Vernova Inc. (U.S. SEC filing)","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, Electrification: segment revenues Grid Solutions $6,620m (2024 $4,957m), Power Conversion & Storage $2,049m ($1,676m), Electrification Software $973m ($917m); total $9,642m ($7,550m); RPO table total $34,667m"},"note":"Grid Solutions revenue $6,620m in 2025 (10-K, Item 7 Electrification table); excludes Prolec GE, which was not consolidated."},"prior":{"low":4957000000,"central":4957000000,"high":4957000000,"unit":"USD","basis":"GE Vernova Grid Solutions revenue, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","title":"GE Vernova Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"GE Vernova Inc. (U.S. SEC filing)","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, Electrification: segment revenues Grid Solutions $6,620m (2024 $4,957m), Power Conversion & Storage $2,049m ($1,676m), Electrification Software $973m ($917m); total $9,642m ($7,550m); RPO table total $34,667m"},"note":"Grid Solutions revenue $4,957m in 2024, same table."}},"committedExpansion":{"low":3.595,"central":3.595,"high":3.595,"unit":"ratio","basis":"Electrification remaining performance obligations at 31 December 2025 / Electrification segment revenue 2025","period":"RPO at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","title":"GE Vernova Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"GE Vernova Inc. (U.S. SEC filing)","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, Electrification: segment revenues Grid Solutions $6,620m (2024 $4,957m), Power Conversion & Storage $2,049m ($1,676m), Electrification Software $973m ($917m); total $9,642m ($7,550m); RPO table total $34,667m"},"note":"10-K Item 7: Electrification RPO $34,667m (equipment $30,508m, services $4,159m) at 31 December 2025; 34,667 / 9,642 (2025 segment revenue) = 3.60. Whole-segment figures, as the company gives no Grid Solutions backlog. Prolec GE adds about $4bn of equipment backlog (company figure for 2Q 2025, acquisition presentation p.7) and about $3bn of revenue; including both the ratio would be about 3.06."},"baselineRevenueUsd":{"low":9642000000,"central":9642000000,"high":9642000000,"unit":"USD","basis":"Electrification segment revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","title":"GE Vernova Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"GE Vernova Inc. (U.S. SEC filing)","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, Electrification: segment revenues Grid Solutions $6,620m (2024 $4,957m), Power Conversion & Storage $2,049m ($1,676m), Electrification Software $973m ($917m); total $9,642m ($7,550m); RPO table total $34,667m"},"note":"Reported segment revenue (Grid Solutions, Power Conversion & Storage, Electrification Software); Prolec GE not included because it was not consolidated in 2025."},"screening":{"substations":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"20878ece99e2b5815f49f27d4b2a1b9b5fcfba127eeb74520b7e13bf3a04f154"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"20878ece99e2b5815f49f27d4b2a1b9b5fcfba127eeb74520b7e13bf3a04f154"}}},"china-electrical-equipment":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"china-electrical-equipment","name":"China Electrical Equipment Group (XD, Xuji, Pinggao)","kind":"private","commercialActivityVerified":true,"shares":{"substations":{"low":6.649,"central":6.649,"high":6.649,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","title":"中国西电电气股份有限公司2025年年度报告 (China XD Electric Co., Ltd. 2025 Annual Report)","publisher":"China XD Electric Co., Ltd. (601179.SH), filed on cninfo.com.cn","publishedDate":"2026-04-11","accessedDate":"2026-10-22","tier":"T5","locator":"p.14: switchgear RMB 8,701.2m (+2.32%), transformers RMB 10,079.3m (+9.34%), power electronics RMB 3,972.4m (+15.46%); parent China Electrical Equipment Group (p.5)"},"note":"No 2025 group figure for China Electrical Equipment Group was found, so its listed members' product revenues are summed. Listed members of China Electrical Equipment Group (a SASAC-controlled central enterprise formed in September 2021 from China XD, XJ, Pinggao and Shandong Electrical Equipment; group 2024 revenue RMB 103.94bn, rating report p.5, https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2025-11-05/244140_20251105_O8CW.pdf): China XD (2025 annual report p.14, https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF); Pinggao high-voltage segment RMB 7,747.1m, +0.64% (annual report p.17, https://static.cninfo.com.cn/finalpage/2026-04-11/1225093676.PDF); XJ Electric DC transmission RMB 1,018.2m (2024: 1,443.7m) and smart substation and distribution systems RMB 4,106.6m (2024: 4,711.3m) (annual report p.19, https://static.cninfo.com.cn/finalpage/2026-04-11/1225096177.PDF); Baobian transformers RMB 5,645.0m, +21.44% (annual report p.10, https://static.cninfo.com.cn/finalpage/2026-04-11/1225094301.PDF). Prior-year values for China XD, Pinggao and Baobian are the 2025 figures divided by one plus the stated growth. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): China XD switchgear: CNY 8,701m x 75% = CNY 6,526m / 7.1882 = $908m; China XD transformers: CNY 10,079m x 75% = CNY 7,559m / 7.1882 = $1,052m; China XD power electronics (converter valves, capacitors): CNY 3,972m x 40% = CNY 1,589m / 7.1882 = $221m; Pinggao high-voltage segment: CNY 7,747m x 100% = CNY 7,747m / 7.1882 = $1,078m; XJ DC transmission systems: CNY 1,018m x 100% = CNY 1,018m / 7.1882 = $142m; XJ smart substation and distribution systems: CNY 4,107m x 50% = CNY 2,053m / 7.1882 = $286m; Baobian transformers: CNY 5,645m x 80% = CNY 4,516m / 7.1882 = $628m; allowance for unlisted members (Shandong Electrical Equipment and others): 25% of the listed total: $1,078m; total $5.39bn. Share = 5.39 / 81.1 (substations pool 2025, $81.1bn) = 6.65%. Exchange rates: CNY 7.1882 per USD, 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fractions: China XD switchgear and transformers 75% and power electronics 40% (transmission-level equipment; the rest is distribution and industrial); Pinggao high-voltage segment 100%; XJ DC 100% and smart substation and distribution 50%; Baobian 80%. The unlisted members are about 46% of group revenue (group RMB 103.9bn in 2024 less the four listed members' RMB 56.5bn) and are not disclosed, so a 25% allowance is added. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"low":0.264,"central":0.529,"high":1.057,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2025-11-05/244140_20251105_O8CW.pdf","title":"China Electrical Equipment Group 2025 technology-innovation corporate bond (first tranche) credit rating report","publisher":"China Chengxin International Credit Rating (CCXI)","publishedDate":"2025-11-05","accessedDate":"2026-10-23","tier":"T5","locator":"p.5: group formed in September 2021 from China XD, XJ, Pinggao and Shandong Electrical Equipment; group 2024 revenue RMB 103.94bn; p.8, Table 2: Shandong Electrical Equipment (山东电工电气) makes transformers, reactors, steel towers and wire and cable"},"note":"Shandong Electrical Equipment Group (山东电工电气), an unlisted member of China Electrical Equipment Group, makes transformers, reactors, steel towers and wire and cable (rating report p.8, Table 2) and publishes no revenue. Its revenue is derived from the group total: group 2024 revenue RMB 103.94bn (rating report p.5) less the four listed members' RMB 56.5bn (see the substations note) and less the RMB 7.5bn allowance already counted for unlisted substation equipment leaves RMB 40.0bn of other unlisted revenue (Xuji, Pinggao and China XD parent-level businesses, energy storage, wire and cable, towers and transformers); Shandong Electrical Equipment is taken as 45% of it (judgment, range 30% to 60%) = RMB 18.0bn in 2024, and RMB 18.7bn in 2025 after the 4.05% growth of the listed members' transmission-related lines (no 2025 group figure exists). In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Shandong Electrical Equipment revenue (2025): CNY 18,714m x 12% in scope = CNY 2,246m / 7.1882 = $312m; total $0.312bn. Share = 0.312 / 59.1 (line-structures pool 2025, $59.1bn) = 0.529%. Range: low 0.264% to high 1.057% (no document gives the product mix). Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 12% (judgment; range 6% to 24%): steel towers. Pool: the line-structures pool, as for other tower makers. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.32,"central":0.641,"high":1.282,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2025-11-05/244140_20251105_O8CW.pdf","title":"China Electrical Equipment Group 2025 technology-innovation corporate bond (first tranche) credit rating report","publisher":"China Chengxin International Credit Rating (CCXI)","publishedDate":"2025-11-05","accessedDate":"2026-10-23","tier":"T5","locator":"p.5: group formed in September 2021 from China XD, XJ, Pinggao and Shandong Electrical Equipment; group 2024 revenue RMB 103.94bn; p.8, Table 2: Shandong Electrical Equipment (山东电工电气) makes transformers, reactors, steel towers and wire and cable"},"note":"Shandong Electrical Equipment Group (山东电工电气), an unlisted member of China Electrical Equipment Group, makes transformers, reactors, steel towers and wire and cable (rating report p.8, Table 2) and publishes no revenue. Its revenue is derived from the group total: group 2024 revenue RMB 103.94bn (rating report p.5) less the four listed members' RMB 56.5bn (see the substations note) and less the RMB 7.5bn allowance already counted for unlisted substation equipment leaves RMB 40.0bn of other unlisted revenue (Xuji, Pinggao and China XD parent-level businesses, energy storage, wire and cable, towers and transformers); Shandong Electrical Equipment is taken as 45% of it (judgment, range 30% to 60%) = RMB 18.0bn in 2024, and RMB 18.7bn in 2025 after the 4.05% growth of the listed members' transmission-related lines (no 2025 group figure exists). In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Shandong Electrical Equipment revenue (2025): CNY 18,714m x 8% in scope = CNY 1,497m / 7.1882 = $208m; total $0.208bn. Share = 0.208 / 32.5 (overhead-conductors pool 2025, $32.5bn) = 0.641%. Range: low 0.320% to high 1.282% (no document gives the product mix). Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 8% (judgment; range 4% to 16%): overhead conductors within its wire and cable. Pool: the overhead-conductors pool. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.325,"central":0.651,"high":1.302,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2025-11-05/244140_20251105_O8CW.pdf","title":"China Electrical Equipment Group 2025 technology-innovation corporate bond (first tranche) credit rating report","publisher":"China Chengxin International Credit Rating (CCXI)","publishedDate":"2025-11-05","accessedDate":"2026-10-23","tier":"T5","locator":"p.5: group formed in September 2021 from China XD, XJ, Pinggao and Shandong Electrical Equipment; group 2024 revenue RMB 103.94bn; p.8, Table 2: Shandong Electrical Equipment (山东电工电气) makes transformers, reactors, steel towers and wire and cable"},"note":"Shandong Electrical Equipment Group (山东电工电气), an unlisted member of China Electrical Equipment Group, makes transformers, reactors, steel towers and wire and cable (rating report p.8, Table 2) and publishes no revenue. Its revenue is derived from the group total: group 2024 revenue RMB 103.94bn (rating report p.5) less the four listed members' RMB 56.5bn (see the substations note) and less the RMB 7.5bn allowance already counted for unlisted substation equipment leaves RMB 40.0bn of other unlisted revenue (Xuji, Pinggao and China XD parent-level businesses, energy storage, wire and cable, towers and transformers); Shandong Electrical Equipment is taken as 45% of it (judgment, range 30% to 60%) = RMB 18.0bn in 2024, and RMB 18.7bn in 2025 after the 4.05% growth of the listed members' transmission-related lines (no 2025 group figure exists). In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Shandong Electrical Equipment revenue (2025): CNY 18,714m x 5% in scope = CNY 936m / 7.1882 = $130m; total $0.130bn. Share = 0.130 / 20.0 (underground-cables pool 2025, $20.0bn) = 0.651%. Range: low 0.325% to high 1.302% (no document gives the product mix). Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 5% (judgment; range 2.5% to 10%): high-voltage power cable within its wire and cable. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"priorShares":{"substations":{"low":7.424,"central":7.424,"high":7.424,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","title":"中国西电电气股份有限公司2025年年度报告 (China XD Electric Co., Ltd. 2025 Annual Report)","publisher":"China XD Electric Co., Ltd. (601179.SH), filed on cninfo.com.cn","publishedDate":"2026-04-11","accessedDate":"2026-10-22","tier":"T5","locator":"p.14: switchgear RMB 8,701.2m (+2.32%), transformers RMB 10,079.3m (+9.34%), power electronics RMB 3,972.4m (+15.46%); parent China Electrical Equipment Group (p.5)"},"note":"Same perimeter, prior year. Listed members of China Electrical Equipment Group (a SASAC-controlled central enterprise formed in September 2021 from China XD, XJ, Pinggao and Shandong Electrical Equipment; group 2024 revenue RMB 103.94bn, rating report p.5, https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2025-11-05/244140_20251105_O8CW.pdf): China XD (2025 annual report p.14, https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF); Pinggao high-voltage segment RMB 7,747.1m, +0.64% (annual report p.17, https://static.cninfo.com.cn/finalpage/2026-04-11/1225093676.PDF); XJ Electric DC transmission RMB 1,018.2m (2024: 1,443.7m) and smart substation and distribution systems RMB 4,106.6m (2024: 4,711.3m) (annual report p.19, https://static.cninfo.com.cn/finalpage/2026-04-11/1225096177.PDF); Baobian transformers RMB 5,645.0m, +21.44% (annual report p.10, https://static.cninfo.com.cn/finalpage/2026-04-11/1225094301.PDF). Prior-year values for China XD, Pinggao and Baobian are the 2025 figures divided by one plus the stated growth. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): China XD switchgear: CNY 8,504m x 75% = CNY 6,378m / 7.1965 = $886m; China XD transformers: CNY 9,218m x 75% = CNY 6,914m / 7.1965 = $961m; China XD power electronics: CNY 3,440m x 40% = CNY 1,376m / 7.1965 = $191m; Pinggao high-voltage segment: CNY 7,698m x 100% = CNY 7,698m / 7.1965 = $1,070m; XJ DC transmission systems: CNY 1,444m x 100% = CNY 1,444m / 7.1965 = $201m; XJ smart substation and distribution systems: CNY 4,711m x 50% = CNY 2,356m / 7.1965 = $327m; Baobian transformers: CNY 4,648m x 80% = CNY 3,719m / 7.1965 = $517m; allowance for unlisted members (Shandong Electrical Equipment and others): 25% of the listed total: $1,038m; total $5.19bn. Share = 5.19 / 69.9 (substations pool 2024, $69.9bn) = 7.42%. Exchange rates: CNY 7.1965 per USD, 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fractions: China XD switchgear and transformers 75% and power electronics 40% (transmission-level equipment; the rest is distribution and industrial); Pinggao high-voltage segment 100%; XJ DC 100% and smart substation and distribution 50%; Baobian 80%. The unlisted members are about 46% of group revenue (group RMB 103.9bn in 2024 less the four listed members' RMB 56.5bn) and are not disclosed, so a 25% allowance is added. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"low":0.294,"central":0.589,"high":1.177,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2025-11-05/244140_20251105_O8CW.pdf","title":"China Electrical Equipment Group 2025 technology-innovation corporate bond (first tranche) credit rating report","publisher":"China Chengxin International Credit Rating (CCXI)","publishedDate":"2025-11-05","accessedDate":"2026-10-23","tier":"T5","locator":"p.5: group formed in September 2021 from China XD, XJ, Pinggao and Shandong Electrical Equipment; group 2024 revenue RMB 103.94bn; p.8, Table 2: Shandong Electrical Equipment (山东电工电气) makes transformers, reactors, steel towers and wire and cable"},"note":"Shandong Electrical Equipment Group (山东电工电气), an unlisted member of China Electrical Equipment Group, makes transformers, reactors, steel towers and wire and cable (rating report p.8, Table 2) and publishes no revenue. Its revenue is derived from the group total: group 2024 revenue RMB 103.94bn (rating report p.5) less the four listed members' RMB 56.5bn (see the substations note) and less the RMB 7.5bn allowance already counted for unlisted substation equipment leaves RMB 40.0bn of other unlisted revenue (Xuji, Pinggao and China XD parent-level businesses, energy storage, wire and cable, towers and transformers); Shandong Electrical Equipment is taken as 45% of it (judgment, range 30% to 60%) = RMB 18.0bn in 2024, and RMB 18.7bn in 2025 after the 4.05% growth of the listed members' transmission-related lines (no 2025 group figure exists). In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Shandong Electrical Equipment revenue (2024): CNY 17,986m x 12% in scope = CNY 2,158m / 7.1965 = $300m; total $0.300bn. Share = 0.300 / 50.9 (line-structures pool 2024, $50.9bn) = 0.589%. Range: low 0.294% to high 1.177% (no document gives the product mix). Exchange rates: CNY 7.1965 per USD, CY2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 12% (judgment; range 6% to 24%): steel towers. Pool: the line-structures pool, as for other tower makers. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.357,"central":0.714,"high":1.427,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2025-11-05/244140_20251105_O8CW.pdf","title":"China Electrical Equipment Group 2025 technology-innovation corporate bond (first tranche) credit rating report","publisher":"China Chengxin International Credit Rating (CCXI)","publishedDate":"2025-11-05","accessedDate":"2026-10-23","tier":"T5","locator":"p.5: group formed in September 2021 from China XD, XJ, Pinggao and Shandong Electrical Equipment; group 2024 revenue RMB 103.94bn; p.8, Table 2: Shandong Electrical Equipment (山东电工电气) makes transformers, reactors, steel towers and wire and cable"},"note":"Shandong Electrical Equipment Group (山东电工电气), an unlisted member of China Electrical Equipment Group, makes transformers, reactors, steel towers and wire and cable (rating report p.8, Table 2) and publishes no revenue. Its revenue is derived from the group total: group 2024 revenue RMB 103.94bn (rating report p.5) less the four listed members' RMB 56.5bn (see the substations note) and less the RMB 7.5bn allowance already counted for unlisted substation equipment leaves RMB 40.0bn of other unlisted revenue (Xuji, Pinggao and China XD parent-level businesses, energy storage, wire and cable, towers and transformers); Shandong Electrical Equipment is taken as 45% of it (judgment, range 30% to 60%) = RMB 18.0bn in 2024, and RMB 18.7bn in 2025 after the 4.05% growth of the listed members' transmission-related lines (no 2025 group figure exists). In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Shandong Electrical Equipment revenue (2024): CNY 17,986m x 8% in scope = CNY 1,439m / 7.1965 = $200m; total $0.200bn. Share = 0.200 / 28.0 (overhead-conductors pool 2024, $28.0bn) = 0.714%. Range: low 0.357% to high 1.427% (no document gives the product mix). Exchange rates: CNY 7.1965 per USD, CY2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 8% (judgment; range 4% to 16%): overhead conductors within its wire and cable. Pool: the overhead-conductors pool. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.362,"central":0.725,"high":1.45,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2025-11-05/244140_20251105_O8CW.pdf","title":"China Electrical Equipment Group 2025 technology-innovation corporate bond (first tranche) credit rating report","publisher":"China Chengxin International Credit Rating (CCXI)","publishedDate":"2025-11-05","accessedDate":"2026-10-23","tier":"T5","locator":"p.5: group formed in September 2021 from China XD, XJ, Pinggao and Shandong Electrical Equipment; group 2024 revenue RMB 103.94bn; p.8, Table 2: Shandong Electrical Equipment (山东电工电气) makes transformers, reactors, steel towers and wire and cable"},"note":"Shandong Electrical Equipment Group (山东电工电气), an unlisted member of China Electrical Equipment Group, makes transformers, reactors, steel towers and wire and cable (rating report p.8, Table 2) and publishes no revenue. Its revenue is derived from the group total: group 2024 revenue RMB 103.94bn (rating report p.5) less the four listed members' RMB 56.5bn (see the substations note) and less the RMB 7.5bn allowance already counted for unlisted substation equipment leaves RMB 40.0bn of other unlisted revenue (Xuji, Pinggao and China XD parent-level businesses, energy storage, wire and cable, towers and transformers); Shandong Electrical Equipment is taken as 45% of it (judgment, range 30% to 60%) = RMB 18.0bn in 2024, and RMB 18.7bn in 2025 after the 4.05% growth of the listed members' transmission-related lines (no 2025 group figure exists). In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Shandong Electrical Equipment revenue (2024): CNY 17,986m x 5% in scope = CNY 899m / 7.1965 = $125m; total $0.125bn. Share = 0.125 / 17.2 (underground-cables pool 2024, $17.2bn) = 0.725%. Range: low 0.362% to high 1.450% (no document gives the product mix). Exchange rates: CNY 7.1965 per USD, CY2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 5% (judgment; range 2.5% to 10%): high-voltage power cable within its wire and cable. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"activityGrowth":{"current":{"low":41269630000,"central":41269630000,"high":41269630000,"unit":"CNY","basis":"Revenue of the transmission-related product lines of China Electrical Equipment Group's four listed members (China XD switchgear, transformers and power electronics; Pinggao high-voltage; XJ DC and smart substation; Baobian transformers), calendar year, yuan","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","title":"中国西电电气股份有限公司2025年年度报告 (China XD Electric Co., Ltd. 2025 Annual Report)","publisher":"China XD Electric Co., Ltd. (601179.SH), filed on cninfo.com.cn","publishedDate":"2026-04-11","accessedDate":"2026-10-22","tier":"T1","locator":"p.14: switchgear RMB 8,701.2m (+2.32%), transformers RMB 10,079.3m (+9.34%), power electronics RMB 3,972.4m (+15.46%); parent China Electrical Equipment Group (p.5)"},"note":"Sum of the lines named in the basis, 2025 annual reports of the four members (see the share note for pages and links)."},"prior":{"low":39663835881,"central":39663835881,"high":39663835881,"unit":"CNY","basis":"Revenue of the transmission-related product lines of China Electrical Equipment Group's four listed members (China XD switchgear, transformers and power electronics; Pinggao high-voltage; XJ DC and smart substation; Baobian transformers), calendar year, yuan","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","title":"中国西电电气股份有限公司2025年年度报告 (China XD Electric Co., Ltd. 2025 Annual Report)","publisher":"China XD Electric Co., Ltd. (601179.SH), filed on cninfo.com.cn","publishedDate":"2026-04-11","accessedDate":"2026-10-22","tier":"T1","locator":"p.14: switchgear RMB 8,701.2m (+2.32%), transformers RMB 10,079.3m (+9.34%), power electronics RMB 3,972.4m (+15.46%); parent China Electrical Equipment Group (p.5)"},"note":"Same lines in 2024: XJ values are stated in its 2025 report; the others are the 2025 values divided by one plus the stated growth."}},"baselineRevenueUsd":{"low":14442830610,"central":14442830610,"high":14442830610,"unit":"USD","basis":"China Electrical Equipment Group consolidated revenue, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2025-11-05/244140_20251105_O8CW.pdf","title":"China Electrical Equipment Group 2025 technology-innovation corporate bond (first tranche) credit rating report","publisher":"China Chengxin International Credit Rating (CCXI)","publishedDate":"2025-11-05","accessedDate":"2026-10-22","tier":"T4","locator":"p.5: 2024 total operating revenue RMB 103.938bn"},"note":"RMB 103.938bn (the report prints 1,039.38 in units of 100 million yuan) / 7.1965 (2024 average, ECB) = $14.4bn; the rating agency relays company-provided figures. The 2025 group figure is not published yet."},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3},"line-structures":{"levelLow":1,"levelHigh":2.3},"overhead-conductors":{"levelLow":1,"levelHigh":1.7},"underground-cables":{"levelLow":1.5,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3bf21a3fba8d550c2a265e3847232cb0e118f2fdfb45ade9efc0925499b5c1dd"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3bf21a3fba8d550c2a265e3847232cb0e118f2fdfb45ade9efc0925499b5c1dd"}}},"state-grid":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"state-grid","name":"State Grid Corporation of China (NARI, in-house construction)","kind":"private","commercialActivityVerified":true,"shares":{"substations":{"low":3.489,"central":3.489,"high":3.489,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","title":"国电南瑞科技股份有限公司2025年年度报告 (NARI Technology Co., Ltd. 2025 Annual Report)","publisher":"NARI Technology Co., Ltd. (600406.SH), filed on cninfo.com.cn","publishedDate":"2026-04-30","accessedDate":"2026-10-23","tier":"T5","locator":"p.27: grid-intelligence (电网智能) revenue RMB 33,422.2m, +15.73%; p.28: backlog RMB 52.03bn; p.9: ultimate controller State Grid Corporation of China"},"note":"NARI Technology, the listed equipment arm of State Grid (annual report p.9 names State Grid as ultimate controller), reports 2025 revenue of RMB 66.2bn, of which grid intelligence (grid dispatch and automation, relay protection, substation monitoring, DC and flexible-AC transmission, smart meters) was RMB 33,422.2m, +15.73% (p.27); XJ Electric and Pinggao moved to China Electrical Equipment Group in 2021 and are counted there. State Grid's own transmission and substation construction companies publish no revenue, so the in-house construction part is derived from State Grid's fixed-asset investment: over RMB 650bn in 2025 (China Daily, 14 January 2026, https://global.chinadaily.com.cn/a/202601/14/WS6966f6f1a310d6866eb339f0_2.html) and about RMB 600bn in 2024 (GMK Center citing CCTV, https://gmk.center/en/news/chinas-state-grid-operator-plans-89-billion-in-investments-for-2025/). In-scope estimate for substations (5LayerCake judgments, not company disclosures): NARI grid-intelligence revenue: CNY 33,422m x 30% in scope = CNY 10,027m / 7.1882 = $1,395m; In-house construction: investment RMB 650bn x 45% x 47% substations x 25% in-house: CNY 650,000m x 5.2875% in scope x 30% own value-add = CNY 10,311m / 7.1882 = $1,434m; total $2.829bn. Share = 2.829 / 81.1 (substations pool 2025, $81.1bn) = 3.489%. Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 30% of NARI grid intelligence: protection, substation monitoring, DC and FACTS equipment; it leaves out dispatch software, smart meters, distribution and charging. In-house construction (judgments): 45% of investment is transmission-level lines and substations (the rest is distribution, digital and other); that splits 47% substations and 53% lines (the card's FERC mix); 25% of the construction work is done by State Grid's own construction companies (the rest goes to outside contractors such as PowerChina and CEEC; range 15% to 40%). Own value-add (a recorded method decision): only the in-house arms' own engineering and construction is counted, 30% of substation cost and 53% of line cost, because equipment and materials are bought from makers counted in this sublayer. Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":3.12,"central":3.12,"high":3.12,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","title":"国电南瑞科技股份有限公司2025年年度报告 (NARI Technology Co., Ltd. 2025 Annual Report)","publisher":"NARI Technology Co., Ltd. (600406.SH), filed on cninfo.com.cn","publishedDate":"2026-04-30","accessedDate":"2026-10-23","tier":"T5","locator":"p.27: grid-intelligence (电网智能) revenue RMB 33,422.2m, +15.73%; p.28: backlog RMB 52.03bn; p.9: ultimate controller State Grid Corporation of China"},"note":"NARI Technology, the listed equipment arm of State Grid (annual report p.9 names State Grid as ultimate controller), reports 2025 revenue of RMB 66.2bn, of which grid intelligence (grid dispatch and automation, relay protection, substation monitoring, DC and flexible-AC transmission, smart meters) was RMB 33,422.2m, +15.73% (p.27); XJ Electric and Pinggao moved to China Electrical Equipment Group in 2021 and are counted there. State Grid's own transmission and substation construction companies publish no revenue, so the in-house construction part is derived from State Grid's fixed-asset investment: over RMB 650bn in 2025 (China Daily, 14 January 2026, https://global.chinadaily.com.cn/a/202601/14/WS6966f6f1a310d6866eb339f0_2.html) and about RMB 600bn in 2024 (GMK Center citing CCTV, https://gmk.center/en/news/chinas-state-grid-operator-plans-89-billion-in-investments-for-2025/). In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): In-house construction: investment RMB 650bn x 45% x 53% lines x 25% in-house: CNY 650,000m x 5.9625% in scope x 53% own value-add = CNY 20,541m / 7.1882 = $2,858m; total $2.858bn. Share = 2.858 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 3.120%. Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). In-house construction (judgments): 45% of investment is transmission-level lines and substations (the rest is distribution, digital and other); that splits 47% substations and 53% lines (the card's FERC mix); 25% of the construction work is done by State Grid's own construction companies (the rest goes to outside contractors such as PowerChina and CEEC; range 15% to 40%). Own value-add (a recorded method decision): only the in-house arms' own engineering and construction is counted, 30% of substation cost and 53% of line cost, because equipment and materials are bought from makers counted in this sublayer. Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":3.12,"central":3.12,"high":3.12,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","title":"国电南瑞科技股份有限公司2025年年度报告 (NARI Technology Co., Ltd. 2025 Annual Report)","publisher":"NARI Technology Co., Ltd. (600406.SH), filed on cninfo.com.cn","publishedDate":"2026-04-30","accessedDate":"2026-10-23","tier":"T5","locator":"p.27: grid-intelligence (电网智能) revenue RMB 33,422.2m, +15.73%; p.28: backlog RMB 52.03bn; p.9: ultimate controller State Grid Corporation of China"},"note":"NARI Technology, the listed equipment arm of State Grid (annual report p.9 names State Grid as ultimate controller), reports 2025 revenue of RMB 66.2bn, of which grid intelligence (grid dispatch and automation, relay protection, substation monitoring, DC and flexible-AC transmission, smart meters) was RMB 33,422.2m, +15.73% (p.27); XJ Electric and Pinggao moved to China Electrical Equipment Group in 2021 and are counted there. State Grid's own transmission and substation construction companies publish no revenue, so the in-house construction part is derived from State Grid's fixed-asset investment: over RMB 650bn in 2025 (China Daily, 14 January 2026, https://global.chinadaily.com.cn/a/202601/14/WS6966f6f1a310d6866eb339f0_2.html) and about RMB 600bn in 2024 (GMK Center citing CCTV, https://gmk.center/en/news/chinas-state-grid-operator-plans-89-billion-in-investments-for-2025/). In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): In-house construction: investment RMB 650bn x 45% x 53% lines x 25% in-house: CNY 650,000m x 5.9625% in scope x 53% own value-add = CNY 20,541m / 7.1882 = $2,858m; total $2.858bn. Share = 2.858 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 3.120%. Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). The same in-house line work, credited equally to both line functions. In-house construction (judgments): 45% of investment is transmission-level lines and substations (the rest is distribution, digital and other); that splits 47% substations and 53% lines (the card's FERC mix); 25% of the construction work is done by State Grid's own construction companies (the rest goes to outside contractors such as PowerChina and CEEC; range 15% to 40%). Own value-add (a recorded method decision): only the in-house arms' own engineering and construction is counted, 30% of substation cost and 53% of line cost, because equipment and materials are bought from makers counted in this sublayer. Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.176,"central":0.534,"high":1.068,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://global.chinadaily.com.cn/a/202601/14/WS6966f6f1a310d6866eb339f0_2.html","title":"China sure-footed in carbon peak goals","publisher":"China Daily","publishedDate":"2026-01-14","accessedDate":"2026-10-23","tier":"T5","locator":"State Grid Corporation of China said its fixed-asset investment rose to a record high of over 650 billion yuan in 2025; more than 2.85 trillion yuan during the 14th Five-Year Plan"},"note":"State Grid's own transmission, substation and cable construction companies publish no revenue, so the in-house underground-cable work is derived from State Grid's fixed-asset investment: over RMB 650bn in 2025 (China Daily, 14 January 2026, https://global.chinadaily.com.cn/a/202601/14/WS6966f6f1a310d6866eb339f0_2.html) and about RMB 600bn in 2024 (GMK Center citing CCTV, https://gmk.center/en/news/chinas-state-grid-operator-plans-89-billion-in-investments-for-2025/). In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): In-house construction: investment RMB 650bn x 45% x 3% underground x 25% in-house: CNY 650,000m x 0.3375% in scope x 35% own value-add = CNY 768m / 7.1882 = $107m; total $0.107bn. Share = 0.107 / 20.0 (underground-cables pool 2025, $20.0bn) = 0.534%. Range: low 0.176% to high 1.068% (no document sizes the activity). Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 3% of transmission-level investment (judgment; low and high ends are 0.33 and 2 times the central estimate) is high-voltage underground and cable-tunnel work, 25% of it done in-house, with a 35% own value-add because the cable is bought from makers counted in this function. The China Daily item neither lists nor excludes it, so a small non-zero range is carried instead of zero. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"priorShares":{"substations":{"low":3.614,"central":3.614,"high":3.614,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","title":"国电南瑞科技股份有限公司2025年年度报告 (NARI Technology Co., Ltd. 2025 Annual Report)","publisher":"NARI Technology Co., Ltd. (600406.SH), filed on cninfo.com.cn","publishedDate":"2026-04-30","accessedDate":"2026-10-23","tier":"T5","locator":"p.27: grid-intelligence (电网智能) revenue RMB 33,422.2m, +15.73%; p.28: backlog RMB 52.03bn; p.9: ultimate controller State Grid Corporation of China"},"note":"NARI Technology, the listed equipment arm of State Grid (annual report p.9 names State Grid as ultimate controller), reports 2025 revenue of RMB 66.2bn, of which grid intelligence (grid dispatch and automation, relay protection, substation monitoring, DC and flexible-AC transmission, smart meters) was RMB 33,422.2m, +15.73% (p.27); XJ Electric and Pinggao moved to China Electrical Equipment Group in 2021 and are counted there. State Grid's own transmission and substation construction companies publish no revenue, so the in-house construction part is derived from State Grid's fixed-asset investment: over RMB 650bn in 2025 (China Daily, 14 January 2026, https://global.chinadaily.com.cn/a/202601/14/WS6966f6f1a310d6866eb339f0_2.html) and about RMB 600bn in 2024 (GMK Center citing CCTV, https://gmk.center/en/news/chinas-state-grid-operator-plans-89-billion-in-investments-for-2025/). In-scope estimate for substations (5LayerCake judgments, not company disclosures): NARI grid-intelligence revenue 2024 (2025 less the stated 15.73% growth): CNY 28,879m x 30% in scope = CNY 8,664m / 7.1965 = $1,204m; In-house construction: investment RMB 600bn x 45% x 47% substations x 25% in-house: CNY 600,000m x 5.2875% in scope x 30% own value-add = CNY 9,518m / 7.1965 = $1,323m; total $2.526bn. Share = 2.526 / 69.9 (substations pool 2024, $69.9bn) = 3.614%. Exchange rates: CNY 7.1965 per USD, CY2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 30% of NARI grid intelligence: protection, substation monitoring, DC and FACTS equipment; it leaves out dispatch software, smart meters, distribution and charging. In-house construction (judgments): 45% of investment is transmission-level lines and substations (the rest is distribution, digital and other); that splits 47% substations and 53% lines (the card's FERC mix); 25% of the construction work is done by State Grid's own construction companies (the rest goes to outside contractors such as PowerChina and CEEC; range 15% to 40%). Own value-add (a recorded method decision): only the in-house arms' own engineering and construction is counted, 30% of substation cost and 53% of line cost, because equipment and materials are bought from makers counted in this sublayer. Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"line-structures":{"low":3.337,"central":3.337,"high":3.337,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","title":"国电南瑞科技股份有限公司2025年年度报告 (NARI Technology Co., Ltd. 2025 Annual Report)","publisher":"NARI Technology Co., Ltd. (600406.SH), filed on cninfo.com.cn","publishedDate":"2026-04-30","accessedDate":"2026-10-23","tier":"T5","locator":"p.27: grid-intelligence (电网智能) revenue RMB 33,422.2m, +15.73%; p.28: backlog RMB 52.03bn; p.9: ultimate controller State Grid Corporation of China"},"note":"NARI Technology, the listed equipment arm of State Grid (annual report p.9 names State Grid as ultimate controller), reports 2025 revenue of RMB 66.2bn, of which grid intelligence (grid dispatch and automation, relay protection, substation monitoring, DC and flexible-AC transmission, smart meters) was RMB 33,422.2m, +15.73% (p.27); XJ Electric and Pinggao moved to China Electrical Equipment Group in 2021 and are counted there. State Grid's own transmission and substation construction companies publish no revenue, so the in-house construction part is derived from State Grid's fixed-asset investment: over RMB 650bn in 2025 (China Daily, 14 January 2026, https://global.chinadaily.com.cn/a/202601/14/WS6966f6f1a310d6866eb339f0_2.html) and about RMB 600bn in 2024 (GMK Center citing CCTV, https://gmk.center/en/news/chinas-state-grid-operator-plans-89-billion-in-investments-for-2025/). In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): In-house construction: investment RMB 600bn x 45% x 53% lines x 25% in-house: CNY 600,000m x 5.9625% in scope x 53% own value-add = CNY 18,961m / 7.1965 = $2,635m; total $2.635bn. Share = 2.635 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 3.337%. Exchange rates: CNY 7.1965 per USD, CY2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). In-house construction (judgments): 45% of investment is transmission-level lines and substations (the rest is distribution, digital and other); that splits 47% substations and 53% lines (the card's FERC mix); 25% of the construction work is done by State Grid's own construction companies (the rest goes to outside contractors such as PowerChina and CEEC; range 15% to 40%). Own value-add (a recorded method decision): only the in-house arms' own engineering and construction is counted, 30% of substation cost and 53% of line cost, because equipment and materials are bought from makers counted in this sublayer. Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":3.337,"central":3.337,"high":3.337,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","title":"国电南瑞科技股份有限公司2025年年度报告 (NARI Technology Co., Ltd. 2025 Annual Report)","publisher":"NARI Technology Co., Ltd. (600406.SH), filed on cninfo.com.cn","publishedDate":"2026-04-30","accessedDate":"2026-10-23","tier":"T5","locator":"p.27: grid-intelligence (电网智能) revenue RMB 33,422.2m, +15.73%; p.28: backlog RMB 52.03bn; p.9: ultimate controller State Grid Corporation of China"},"note":"NARI Technology, the listed equipment arm of State Grid (annual report p.9 names State Grid as ultimate controller), reports 2025 revenue of RMB 66.2bn, of which grid intelligence (grid dispatch and automation, relay protection, substation monitoring, DC and flexible-AC transmission, smart meters) was RMB 33,422.2m, +15.73% (p.27); XJ Electric and Pinggao moved to China Electrical Equipment Group in 2021 and are counted there. State Grid's own transmission and substation construction companies publish no revenue, so the in-house construction part is derived from State Grid's fixed-asset investment: over RMB 650bn in 2025 (China Daily, 14 January 2026, https://global.chinadaily.com.cn/a/202601/14/WS6966f6f1a310d6866eb339f0_2.html) and about RMB 600bn in 2024 (GMK Center citing CCTV, https://gmk.center/en/news/chinas-state-grid-operator-plans-89-billion-in-investments-for-2025/). In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): In-house construction: investment RMB 600bn x 45% x 53% lines x 25% in-house: CNY 600,000m x 5.9625% in scope x 53% own value-add = CNY 18,961m / 7.1965 = $2,635m; total $2.635bn. Share = 2.635 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 3.337%. Exchange rates: CNY 7.1965 per USD, CY2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). The same in-house line work, credited equally to both line functions. In-house construction (judgments): 45% of investment is transmission-level lines and substations (the rest is distribution, digital and other); that splits 47% substations and 53% lines (the card's FERC mix); 25% of the construction work is done by State Grid's own construction companies (the rest goes to outside contractors such as PowerChina and CEEC; range 15% to 40%). Own value-add (a recorded method decision): only the in-house arms' own engineering and construction is counted, 30% of substation cost and 53% of line cost, because equipment and materials are bought from makers counted in this sublayer. Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.189,"central":0.571,"high":1.142,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://global.chinadaily.com.cn/a/202601/14/WS6966f6f1a310d6866eb339f0_2.html","title":"China sure-footed in carbon peak goals","publisher":"China Daily","publishedDate":"2026-01-14","accessedDate":"2026-10-23","tier":"T5","locator":"State Grid Corporation of China said its fixed-asset investment rose to a record high of over 650 billion yuan in 2025; more than 2.85 trillion yuan during the 14th Five-Year Plan"},"note":"State Grid's own transmission, substation and cable construction companies publish no revenue, so the in-house underground-cable work is derived from State Grid's fixed-asset investment: over RMB 650bn in 2025 (China Daily, 14 January 2026, https://global.chinadaily.com.cn/a/202601/14/WS6966f6f1a310d6866eb339f0_2.html) and about RMB 600bn in 2024 (GMK Center citing CCTV, https://gmk.center/en/news/chinas-state-grid-operator-plans-89-billion-in-investments-for-2025/). In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): In-house construction: investment RMB 600bn x 45% x 3% underground x 25% in-house: CNY 600,000m x 0.3375% in scope x 35% own value-add = CNY 709m / 7.1965 = $98m; total $98.5m. Share = 98.5m / 17,241m (underground-cables pool 2024, $17.2bn) = 0.571%. Range: low 0.189% to high 1.142% (no document sizes the activity). Exchange rates: CNY 7.1965 per USD, CY2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 3% of transmission-level investment (judgment; low and high ends are 0.33 and 2 times the central estimate) is high-voltage underground and cable-tunnel work, 25% of it done in-house, with a 35% own value-add because the cable is bought from makers counted in this function. The China Daily item neither lists nor excludes it, so a small non-zero range is carried instead of zero. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"activityGrowth":{"current":{"low":33422155000,"central":33422155000,"high":33422155000,"unit":"CNY","basis":"NARI Technology grid-intelligence segment revenue, calendar year, yuan","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","title":"国电南瑞科技股份有限公司2025年年度报告 (NARI Technology Co., Ltd. 2025 Annual Report)","publisher":"NARI Technology Co., Ltd. (600406.SH), filed on cninfo.com.cn","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T1","locator":"p.27: grid-intelligence (电网智能) revenue RMB 33,422.2m, +15.73%; p.28: backlog RMB 52.03bn; p.9: ultimate controller State Grid Corporation of China"},"note":"RMB 33,422,155,368.42 (annual report p.27), +15.73%."},"prior":{"low":28879421930,"central":28879421930,"high":28879421930,"unit":"CNY","basis":"NARI Technology grid-intelligence segment revenue, calendar year, yuan","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","title":"国电南瑞科技股份有限公司2025年年度报告 (NARI Technology Co., Ltd. 2025 Annual Report)","publisher":"NARI Technology Co., Ltd. (600406.SH), filed on cninfo.com.cn","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T1","locator":"p.27: grid-intelligence (电网智能) revenue RMB 33,422.2m, +15.73%; p.28: backlog RMB 52.03bn; p.9: ultimate controller State Grid Corporation of China"},"note":"Derived: 33,422.2 / 1.1573 from the company-stated +15.73%; the company restated 2024 for a same-control merger (annual report p.27)."}},"committedExpansion":{"low":0.786,"central":0.786,"high":0.786,"unit":"ratio","basis":"NARI Technology contracted backlog at end-2025 / NARI Technology 2025 revenue","period":"Backlog at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","title":"国电南瑞科技股份有限公司2025年年度报告 (NARI Technology Co., Ltd. 2025 Annual Report)","publisher":"NARI Technology Co., Ltd. (600406.SH), filed on cninfo.com.cn","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T1","locator":"p.27: grid-intelligence (电网智能) revenue RMB 33,422.2m, +15.73%; p.28: backlog RMB 52.03bn; p.9: ultimate controller State Grid Corporation of China"},"note":"The company says backlog (signed contracts not yet recognised as revenue) was RMB 52.031bn at the end of 2025 (annual report p.28); 2025 revenue RMB 66.229bn (annual report p.27). 52,031 / 66,229 = 0.79. Whole-company figures; the company gives no grid-intelligence backlog."},"baselineRevenueUsd":{"low":9213535387,"central":9213535387,"high":9213535387,"unit":"USD","basis":"NARI Technology total revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","title":"国电南瑞科技股份有限公司2025年年度报告 (NARI Technology Co., Ltd. 2025 Annual Report)","publisher":"NARI Technology Co., Ltd. (600406.SH), filed on cninfo.com.cn","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T1","locator":"p.27: grid-intelligence (电网智能) revenue RMB 33,422.2m, +15.73%; p.28: backlog RMB 52.03bn; p.9: ultimate controller State Grid Corporation of China"},"note":"RMB 66.2bn / 7.1882 (2025 average, ECB) = $9.2bn. Only the listed equipment arm; State Grid's own revenue is not a measure of this sublayer."},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2},"underground-cables":{"levelLow":1,"levelHigh":1.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1127951ada062d2afb7713c2b482018f364b086dfed2eabed95209ab7f781baa"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1127951ada062d2afb7713c2b482018f364b086dfed2eabed95209ab7f781baa"}}},"quanta-services":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"quanta-services","name":"Quanta Services","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":2.17,"central":2.17,"high":2.17,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","title":"Quanta Services, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Quanta Services, Inc. (U.S. SEC filing; local copy .cache/sec/quanta-services)","publishedDate":"2026-02-19","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Electric revenues $23,001,468 thousand (2024 $19,012,379 thousand); Electric remaining performance obligations $21,638,080 thousand at 31 December 2025"},"note":"Quanta's 10-K shows Electric segment revenue of $23,001.5m in 2025 and $19,012.4m in 2024 (recast); the segment spans transmission, substation, distribution, renewable-generation and large-load (data-centre) electrical work, including overhead and underground transmission and distribution infrastructure and power-transformer and circuit-breaker manufacturing. The 10-K gives no revenue split by voltage level, so the in-scope fractions are judgments. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Electric segment revenue 2025: $23,001.5m x 9% in scope x 85% own value-add = $1,760m; total $1.760bn. Share = 1.760 / 81.1 (substations pool 2025, $81.1bn) = 2.170%. Own value-add (a recorded method decision): the 10-K (Item 1, Project Materials) says customers are typically responsible for supplying most or all of the materials Quanta installs, while Quanta must procure materials under some contracts, mainly EPC, and EPC is growing; so the value-add is taken as 85% of Electric revenue in the in-scope lines of work (the rest being equipment and materials bought from makers counted elsewhere in this sublayer, judged at 0-40% across contracts). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. Fraction 9% of the Electric segment: substation construction and interconnection plus transformer and breaker manufacturing. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":3.629,"central":3.629,"high":3.629,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","title":"Quanta Services, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Quanta Services, Inc. (U.S. SEC filing; local copy .cache/sec/quanta-services)","publishedDate":"2026-02-19","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Electric revenues $23,001,468 thousand (2024 $19,012,379 thousand); Electric remaining performance obligations $21,638,080 thousand at 31 December 2025"},"note":"Quanta's 10-K shows Electric segment revenue of $23,001.5m in 2025 and $19,012.4m in 2024 (recast); the segment spans transmission, substation, distribution, renewable-generation and large-load (data-centre) electrical work, including overhead and underground transmission and distribution infrastructure and power-transformer and circuit-breaker manufacturing. The 10-K gives no revenue split by voltage level, so the in-scope fractions are judgments. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Electric segment revenue 2025: $23,001.5m x 17% in scope x 85% own value-add = $3,324m; total $3.324bn. Share = 3.324 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 3.629%. Own value-add (a recorded method decision): the 10-K (Item 1, Project Materials) says customers are typically responsible for supplying most or all of the materials Quanta installs, while Quanta must procure materials under some contracts, mainly EPC, and EPC is growing; so the value-add is taken as 85% of Electric revenue in the in-scope lines of work (the rest being equipment and materials bought from makers counted elsewhere in this sublayer, judged at 0-40% across contracts). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. Fraction 17% of the Electric segment: high-voltage transmission-line construction. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":3.629,"central":3.629,"high":3.629,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","title":"Quanta Services, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Quanta Services, Inc. (U.S. SEC filing; local copy .cache/sec/quanta-services)","publishedDate":"2026-02-19","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Electric revenues $23,001,468 thousand (2024 $19,012,379 thousand); Electric remaining performance obligations $21,638,080 thousand at 31 December 2025"},"note":"Quanta's 10-K shows Electric segment revenue of $23,001.5m in 2025 and $19,012.4m in 2024 (recast); the segment spans transmission, substation, distribution, renewable-generation and large-load (data-centre) electrical work, including overhead and underground transmission and distribution infrastructure and power-transformer and circuit-breaker manufacturing. The 10-K gives no revenue split by voltage level, so the in-scope fractions are judgments. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Electric segment revenue 2025: $23,001.5m x 17% in scope x 85% own value-add = $3,324m; total $3.324bn. Share = 3.324 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 3.629%. Own value-add (a recorded method decision): the 10-K (Item 1, Project Materials) says customers are typically responsible for supplying most or all of the materials Quanta installs, while Quanta must procure materials under some contracts, mainly EPC, and EPC is growing; so the value-add is taken as 85% of Electric revenue in the in-scope lines of work (the rest being equipment and materials bought from makers counted elsewhere in this sublayer, judged at 0-40% across contracts). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. Fraction 17% of the Electric segment: high-voltage transmission-line construction. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.0978,"central":0.489,"high":1.955,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","title":"Quanta Services, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Quanta Services, Inc. (U.S. SEC filing; local copy .cache/sec/quanta-services)","publishedDate":"2026-02-19","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Electric revenues $23,001,468 thousand (2024 $19,012,379 thousand); Electric remaining performance obligations $21,638,080 thousand at 31 December 2025"},"note":"Quanta's 10-K shows Electric segment revenue of $23,001.5m in 2025 and $19,012.4m in 2024 (recast); the segment spans transmission, substation, distribution, renewable-generation and large-load (data-centre) electrical work, including overhead and underground transmission and distribution infrastructure and power-transformer and circuit-breaker manufacturing. The 10-K gives no revenue split by voltage level, so the in-scope fractions are judgments. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Electric segment revenue 2025: $23,001.5m x 0.5% in scope x 85% own value-add = $98m; total $97.8m. Share = 97.8m / 20,000m (underground-cables pool 2025, $20.0bn) = 0.489%. Range: low 0.0978% to high 1.955% (participation is real but unsized: 0.1% to 2% of Electric revenue as high-voltage underground work). Own value-add (a recorded method decision): the 10-K (Item 1, Project Materials) says customers are typically responsible for supplying most or all of the materials Quanta installs, while Quanta must procure materials under some contracts, mainly EPC, and EPC is growing; so the value-add is taken as 85% of Electric revenue in the in-scope lines of work (the rest being equipment and materials bought from makers counted elsewhere in this sublayer, judged at 0-40% across contracts).  Fraction 0.5% of the Electric segment (range 0.1% to 2%): high-voltage underground transmission cable installation; the 10-K says Quanta acquired Electric businesses that design, construct and repair overhead and underground transmission and distribution infrastructure (Item 1 and Note 1), but most underground work is local distribution and gas, which the card leaves out. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"priorShares":{"substations":{"low":2.08,"central":2.08,"high":2.08,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","title":"Quanta Services, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Quanta Services, Inc. (U.S. SEC filing; local copy .cache/sec/quanta-services)","publishedDate":"2026-02-19","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Electric revenues $23,001,468 thousand (2024 $19,012,379 thousand); Electric remaining performance obligations $21,638,080 thousand at 31 December 2025"},"note":"Quanta's 10-K shows Electric segment revenue of $23,001.5m in 2025 and $19,012.4m in 2024 (recast); the segment spans transmission, substation, distribution, renewable-generation and large-load (data-centre) electrical work, including overhead and underground transmission and distribution infrastructure and power-transformer and circuit-breaker manufacturing. The 10-K gives no revenue split by voltage level, so the in-scope fractions are judgments. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Electric segment revenue 2024 (recast): $19,012.4m x 9% in scope x 85% own value-add = $1,454m; total $1.454bn. Share = 1.454 / 69.9 (substations pool 2024, $69.9bn) = 2.080%. Own value-add (a recorded method decision): the 10-K (Item 1, Project Materials) says customers are typically responsible for supplying most or all of the materials Quanta installs, while Quanta must procure materials under some contracts, mainly EPC, and EPC is growing; so the value-add is taken as 85% of Electric revenue in the in-scope lines of work (the rest being equipment and materials bought from makers counted elsewhere in this sublayer, judged at 0-40% across contracts). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. Fraction 9% of the Electric segment: substation construction and interconnection plus transformer and breaker manufacturing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"line-structures":{"low":3.479,"central":3.479,"high":3.479,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","title":"Quanta Services, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Quanta Services, Inc. (U.S. SEC filing; local copy .cache/sec/quanta-services)","publishedDate":"2026-02-19","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Electric revenues $23,001,468 thousand (2024 $19,012,379 thousand); Electric remaining performance obligations $21,638,080 thousand at 31 December 2025"},"note":"Quanta's 10-K shows Electric segment revenue of $23,001.5m in 2025 and $19,012.4m in 2024 (recast); the segment spans transmission, substation, distribution, renewable-generation and large-load (data-centre) electrical work, including overhead and underground transmission and distribution infrastructure and power-transformer and circuit-breaker manufacturing. The 10-K gives no revenue split by voltage level, so the in-scope fractions are judgments. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Electric segment revenue 2024 (recast): $19,012.4m x 17% in scope x 85% own value-add = $2,747m; total $2.747bn. Share = 2.747 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 3.479%. Own value-add (a recorded method decision): the 10-K (Item 1, Project Materials) says customers are typically responsible for supplying most or all of the materials Quanta installs, while Quanta must procure materials under some contracts, mainly EPC, and EPC is growing; so the value-add is taken as 85% of Electric revenue in the in-scope lines of work (the rest being equipment and materials bought from makers counted elsewhere in this sublayer, judged at 0-40% across contracts). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. Fraction 17% of the Electric segment: high-voltage transmission-line construction. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":3.479,"central":3.479,"high":3.479,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","title":"Quanta Services, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Quanta Services, Inc. (U.S. SEC filing; local copy .cache/sec/quanta-services)","publishedDate":"2026-02-19","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Electric revenues $23,001,468 thousand (2024 $19,012,379 thousand); Electric remaining performance obligations $21,638,080 thousand at 31 December 2025"},"note":"Quanta's 10-K shows Electric segment revenue of $23,001.5m in 2025 and $19,012.4m in 2024 (recast); the segment spans transmission, substation, distribution, renewable-generation and large-load (data-centre) electrical work, including overhead and underground transmission and distribution infrastructure and power-transformer and circuit-breaker manufacturing. The 10-K gives no revenue split by voltage level, so the in-scope fractions are judgments. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Electric segment revenue 2024 (recast): $19,012.4m x 17% in scope x 85% own value-add = $2,747m; total $2.747bn. Share = 2.747 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 3.479%. Own value-add (a recorded method decision): the 10-K (Item 1, Project Materials) says customers are typically responsible for supplying most or all of the materials Quanta installs, while Quanta must procure materials under some contracts, mainly EPC, and EPC is growing; so the value-add is taken as 85% of Electric revenue in the in-scope lines of work (the rest being equipment and materials bought from makers counted elsewhere in this sublayer, judged at 0-40% across contracts). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. Fraction 17% of the Electric segment: high-voltage transmission-line construction. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.0937,"central":0.469,"high":1.875,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","title":"Quanta Services, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Quanta Services, Inc. (U.S. SEC filing; local copy .cache/sec/quanta-services)","publishedDate":"2026-02-19","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Electric revenues $23,001,468 thousand (2024 $19,012,379 thousand); Electric remaining performance obligations $21,638,080 thousand at 31 December 2025"},"note":"Quanta's 10-K shows Electric segment revenue of $23,001.5m in 2025 and $19,012.4m in 2024 (recast); the segment spans transmission, substation, distribution, renewable-generation and large-load (data-centre) electrical work, including overhead and underground transmission and distribution infrastructure and power-transformer and circuit-breaker manufacturing. The 10-K gives no revenue split by voltage level, so the in-scope fractions are judgments. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Electric segment revenue 2024 (recast): $19,012.4m x 0.5% in scope x 85% own value-add = $81m; total $80.8m. Share = 80.8m / 17,241m (underground-cables pool 2024, $17.2bn) = 0.469%. Range: low 0.0937% to high 1.875% (participation is real but unsized: 0.1% to 2% of Electric revenue as high-voltage underground work). Own value-add (a recorded method decision): the 10-K (Item 1, Project Materials) says customers are typically responsible for supplying most or all of the materials Quanta installs, while Quanta must procure materials under some contracts, mainly EPC, and EPC is growing; so the value-add is taken as 85% of Electric revenue in the in-scope lines of work (the rest being equipment and materials bought from makers counted elsewhere in this sublayer, judged at 0-40% across contracts).  Fraction 0.5% of the Electric segment (range 0.1% to 2%): high-voltage underground transmission cable installation; the 10-K says Quanta acquired Electric businesses that design, construct and repair overhead and underground transmission and distribution infrastructure (Item 1 and Note 1), but most underground work is local distribution and gas, which the card leaves out. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"activityGrowth":{"current":{"low":23001468000,"central":23001468000,"high":23001468000,"unit":"USD","basis":"Quanta Services Electric segment revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","title":"Quanta Services, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Quanta Services, Inc. (U.S. SEC filing; local copy .cache/sec/quanta-services)","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, segment results: Electric revenues $23,001,468 thousand (2024 $19,012,379 thousand); Electric remaining performance obligations $21,638,080 thousand at 31 December 2025"},"note":"10-K Item 7: +21.0%."},"prior":{"low":19012379000,"central":19012379000,"high":19012379000,"unit":"USD","basis":"Quanta Services Electric segment revenue, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","title":"Quanta Services, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Quanta Services, Inc. (U.S. SEC filing; local copy .cache/sec/quanta-services)","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, segment results: Electric revenues $23,001,468 thousand (2024 $19,012,379 thousand); Electric remaining performance obligations $21,638,080 thousand at 31 December 2025"},"note":"10-K Item 7, recast for the 2025 segment structure."}},"committedExpansion":{"low":0.941,"central":0.941,"high":0.941,"unit":"ratio","basis":"Electric segment remaining performance obligations at 31 December 2025 / Electric segment revenue 2025","period":"RPO at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","title":"Quanta Services, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Quanta Services, Inc. (U.S. SEC filing; local copy .cache/sec/quanta-services)","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, segment results: Electric revenues $23,001,468 thousand (2024 $19,012,379 thousand); Electric remaining performance obligations $21,638,080 thousand at 31 December 2025"},"note":"10-K Item 7: Electric remaining performance obligations $21,638,080 thousand; 21,638 / 23,001 = 0.94. Contractual obligations only; the 10-K backlog of $36,167m (1.57 times revenue) also counts estimated master-service-agreement orders and is not used."},"baselineRevenueUsd":{"low":23001468000,"central":23001468000,"high":23001468000,"unit":"USD","basis":"Quanta Services Electric segment revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","title":"Quanta Services, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Quanta Services, Inc. (U.S. SEC filing; local copy .cache/sec/quanta-services)","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, segment results: Electric revenues $23,001,468 thousand (2024 $19,012,379 thousand); Electric remaining performance obligations $21,638,080 thousand at 31 December 2025"},"note":"Segment revenue, not the group total of $28.5bn."},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2},"underground-cables":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a38d41bae0d3ad025e78460cbbab1efc72e2c8f2d4ff6abdf458add7c1b1261f"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a38d41bae0d3ad025e78460cbbab1efc72e2c8f2d4ff6abdf458add7c1b1261f"}}},"hyosung-heavy-industries":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"hyosung-heavy-industries","name":"Hyosung Heavy Industries","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":2.877,"central":2.877,"high":2.877,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.hyosungheavyindustries.com/download/5553","title":"4th Quarter 2025 Financial Results","publisher":"Hyosung Heavy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Appendix 2 (p.8): Heavy Industries sales by quarter 2025 KRW 730.8bn, 1,061.1bn, 1,143.7bn, 1,212.7bn (total 4,148.3bn) and 2024 582.2bn, 744.5bn, 711.0bn, 1,062.6bn (total 3,100.3bn); p.6: Power Systems order backlog KRW 11.9tn (4Q24 9.2tn)"},"note":"Hyosung Heavy Industries reports Heavy Industries division sales of KRW 4,148.3bn in 2025 (sum of four quarters) against KRW 3,100.3bn in 2024 (Appendix 2, p.8). The division is the power-systems business (power transformers including 765 kV, circuit breakers and GIS, HVDC, FACTS and ESS) plus industrial rotating machinery; the company's Construction division is separate. The slide is unaudited, as the company states on p.1. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Heavy Industries division sales: KRW 4,148,300m x 80% = KRW 3,318,640m / 1422.1110 = $2,334m; total $2.33bn. Share = 2.33 / 81.1 (substations pool 2025, $81.1bn) = 2.88%. Exchange rates: KRW 1,422.1 per USD, 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 80%: transformers, breakers, GIS and HVDC; excludes rotating machinery. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"participates":false,"evidence":{"url":"https://www.hyosungheavyindustries.com/download/5553","title":"4th Quarter 2025 Financial Results","publisher":"Hyosung Heavy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Heavy Industries (Power Systems, industrial machinery) and Construction divisions. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.hyosungheavyindustries.com/download/5553","title":"4th Quarter 2025 Financial Results","publisher":"Hyosung Heavy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Heavy Industries (Power Systems, industrial machinery) and Construction divisions. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.hyosungheavyindustries.com/download/5553","title":"4th Quarter 2025 Financial Results","publisher":"Hyosung Heavy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Heavy Industries (Power Systems, industrial machinery) and Construction divisions. No underground or submarine power cable activity is listed or implied there."}}},"priorShares":{"substations":{"low":2.601,"central":2.601,"high":2.601,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.hyosungheavyindustries.com/download/5553","title":"4th Quarter 2025 Financial Results","publisher":"Hyosung Heavy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Appendix 2 (p.8): Heavy Industries sales by quarter 2025 KRW 730.8bn, 1,061.1bn, 1,143.7bn, 1,212.7bn (total 4,148.3bn) and 2024 582.2bn, 744.5bn, 711.0bn, 1,062.6bn (total 3,100.3bn); p.6: Power Systems order backlog KRW 11.9tn (4Q24 9.2tn)"},"note":"Hyosung Heavy Industries reports Heavy Industries division sales of KRW 4,148.3bn in 2025 (sum of four quarters) against KRW 3,100.3bn in 2024 (Appendix 2, p.8). The division is the power-systems business (power transformers including 765 kV, circuit breakers and GIS, HVDC, FACTS and ESS) plus industrial rotating machinery; the company's Construction division is separate. The slide is unaudited, as the company states on p.1. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Heavy Industries division sales 2024: KRW 3,100,300m x 80% = KRW 2,480,240m / 1363.7539 = $1,819m; total $1.82bn. Share = 1.82 / 69.9 (substations pool 2024, $69.9bn) = 2.60%. Exchange rates: KRW 1,363.8 per USD, 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 80%: transformers, breakers, GIS and HVDC; excludes rotating machinery. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":4148300000000,"central":4148300000000,"high":4148300000000,"unit":"KRW","basis":"Hyosung Heavy Industries division sales, calendar year, won","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.hyosungheavyindustries.com/download/5553","title":"4th Quarter 2025 Financial Results","publisher":"Hyosung Heavy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Appendix 2 (p.8): Heavy Industries sales by quarter 2025 KRW 730.8bn, 1,061.1bn, 1,143.7bn, 1,212.7bn (total 4,148.3bn) and 2024 582.2bn, 744.5bn, 711.0bn, 1,062.6bn (total 3,100.3bn); p.6: Power Systems order backlog KRW 11.9tn (4Q24 9.2tn)"},"note":"Sum of the four 2025 quarters, Appendix 2, p.8."},"prior":{"low":3100300000000,"central":3100300000000,"high":3100300000000,"unit":"KRW","basis":"Hyosung Heavy Industries division sales, calendar year, won","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.hyosungheavyindustries.com/download/5553","title":"4th Quarter 2025 Financial Results","publisher":"Hyosung Heavy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Appendix 2 (p.8): Heavy Industries sales by quarter 2025 KRW 730.8bn, 1,061.1bn, 1,143.7bn, 1,212.7bn (total 4,148.3bn) and 2024 582.2bn, 744.5bn, 711.0bn, 1,062.6bn (total 3,100.3bn); p.6: Power Systems order backlog KRW 11.9tn (4Q24 9.2tn)"},"note":"Sum of the four 2024 quarters, Appendix 2, p.8."}},"committedExpansion":{"low":2.869,"central":2.869,"high":2.869,"unit":"ratio","basis":"Power Systems order backlog at end-2025 / Heavy Industries division sales 2025","period":"Backlog at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.hyosungheavyindustries.com/download/5553","title":"4th Quarter 2025 Financial Results","publisher":"Hyosung Heavy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Appendix 2 (p.8): Heavy Industries sales by quarter 2025 KRW 730.8bn, 1,061.1bn, 1,143.7bn, 1,212.7bn (total 4,148.3bn) and 2024 582.2bn, 744.5bn, 711.0bn, 1,062.6bn (total 3,100.3bn); p.6: Power Systems order backlog KRW 11.9tn (4Q24 9.2tn)"},"note":"The company says Power Systems order backlog was KRW 11.9tn at 4Q25 (KRW 9.2tn at 4Q24) (p.6); 11,900 / 4,148.3 = 2.87. The division sales include some industrial machinery that the backlog may not, so the ratio may be slightly high."},"baselineRevenueUsd":{"low":2917001567,"central":2917001567,"high":2917001567,"unit":"USD","basis":"Hyosung Heavy Industries division sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.hyosungheavyindustries.com/download/5553","title":"4th Quarter 2025 Financial Results","publisher":"Hyosung Heavy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Appendix 2 (p.8): Heavy Industries sales by quarter 2025 KRW 730.8bn, 1,061.1bn, 1,143.7bn, 1,212.7bn (total 4,148.3bn) and 2024 582.2bn, 744.5bn, 711.0bn, 1,062.6bn (total 3,100.3bn); p.6: Power Systems order backlog KRW 11.9tn (4Q24 9.2tn)"},"note":"KRW 4,148.3bn / 1,422.1 (2025 average, ECB) = $2.92bn; division sales, not the company total of KRW 5,968.5bn (which includes Construction)."},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"98293ac4649b7d379fca308f45dd4538c7d548121c3d09d2389682e8ac3950c2"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"98293ac4649b7d379fca308f45dd4538c7d548121c3d09d2389682e8ac3950c2"}}},"prysmian":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"prysmian","name":"Prysmian (incl. General Cable, Encore Wire)","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"participates":false,"evidence":{"url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PR_Prysmian_FY25_26022026.pdf","title":"Press release: Q4 and FY25 integrated results","publisher":"Prysmian S.p.A.","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Transmission, Power Grid, Electrification, Digital Solutions. No substation equipment or construction activity is listed or implied there."}},"line-structures":{"participates":false,"evidence":{"url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PR_Prysmian_FY25_26022026.pdf","title":"Press release: Q4 and FY25 integrated results","publisher":"Prysmian S.p.A.","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Transmission, Power Grid, Electrification, Digital Solutions. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"low":2.644,"central":2.644,"high":2.644,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PR_Prysmian_FY25_26022026.pdf","title":"Press release: Q4 and FY25 integrated results","publisher":"Prysmian S.p.A.","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"p.4 business overview FY25: Transmission revenues EUR 3,262m (FY24 EUR 2,481m), Power Grid EUR 3,811m (EUR 3,544m); Transmission backlog about EUR 17bn"},"note":"Prysmian says Transmission revenue was EUR 3,262m in FY2025 (EUR 2,481m in FY2024) and Power Grid EUR 3,811m (EUR 3,544m), at current metal prices, and that the Power Grid segment includes the Overhead Transmission Line business (press release p.4). General Cable and Encore Wire are credited to Prysmian. In-scope estimate for overhead-conductors (5LayerCake assumptions, not company disclosures): Power Grid revenue: EUR 3,811m x 20% = EUR 762m / 0.8871 = $859m; total $0.86bn. Share = 0.86 / 32.5 (overhead-conductors pool 2025, $32.5bn) = 2.64%. Exchange rates: EUR 0.8871 per USD (1.1272 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 20% of Power Grid: overhead transmission-line conductors; the rest is power-distribution cable, accessories and services. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"underground-cables":{"low":16.546,"central":16.546,"high":16.546,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PR_Prysmian_FY25_26022026.pdf","title":"Press release: Q4 and FY25 integrated results","publisher":"Prysmian S.p.A.","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"p.4 business overview FY25: Transmission revenues EUR 3,262m (FY24 EUR 2,481m), Power Grid EUR 3,811m (EUR 3,544m); Transmission backlog about EUR 17bn"},"note":"Prysmian says Transmission revenue was EUR 3,262m in FY2025 (EUR 2,481m in FY2024) and Power Grid EUR 3,811m (EUR 3,544m), at current metal prices, and that the Power Grid segment includes the Overhead Transmission Line business (press release p.4). General Cable and Encore Wire are credited to Prysmian. In-scope estimate for underground-cables (5LayerCake assumptions, not company disclosures): Transmission revenue: EUR 3,262m x 90% = EUR 2,936m / 0.8871 = $3,309m; total $3.31bn. Share = 3.31 / 20.0 (underground-cables pool 2025, $20.0bn) = 16.55%. Exchange rates: EUR 0.8871 per USD (1.1272 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 90% of Transmission: high-voltage underground and submarine power cable systems; excludes umbilicals and other products. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"priorShares":{"overhead-conductors":{"low":2.737,"central":2.737,"high":2.737,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PR_Prysmian_FY25_26022026.pdf","title":"Press release: Q4 and FY25 integrated results","publisher":"Prysmian S.p.A.","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"p.4 business overview FY25: Transmission revenues EUR 3,262m (FY24 EUR 2,481m), Power Grid EUR 3,811m (EUR 3,544m); Transmission backlog about EUR 17bn"},"note":"Prysmian says Transmission revenue was EUR 3,262m in FY2025 (EUR 2,481m in FY2024) and Power Grid EUR 3,811m (EUR 3,544m), at current metal prices, and that the Power Grid segment includes the Overhead Transmission Line business (press release p.4). General Cable and Encore Wire are credited to Prysmian. In-scope estimate for overhead-conductors (5LayerCake assumptions, not company disclosures): Power Grid revenue 2024: EUR 3,544m x 20% = EUR 709m / 0.9244 = $767m; total $0.77bn. Share = 0.77 / 28.0 (overhead-conductors pool 2024, $28.0bn) = 2.74%. Exchange rates: EUR 0.9244 per USD (1.0818 USD per EUR), 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 20% of Power Grid: overhead transmission-line conductors; the rest is power-distribution cable, accessories and services. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"underground-cables":{"low":14.01,"central":14.01,"high":14.01,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PR_Prysmian_FY25_26022026.pdf","title":"Press release: Q4 and FY25 integrated results","publisher":"Prysmian S.p.A.","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"p.4 business overview FY25: Transmission revenues EUR 3,262m (FY24 EUR 2,481m), Power Grid EUR 3,811m (EUR 3,544m); Transmission backlog about EUR 17bn"},"note":"Prysmian says Transmission revenue was EUR 3,262m in FY2025 (EUR 2,481m in FY2024) and Power Grid EUR 3,811m (EUR 3,544m), at current metal prices, and that the Power Grid segment includes the Overhead Transmission Line business (press release p.4). General Cable and Encore Wire are credited to Prysmian. In-scope estimate for underground-cables (5LayerCake assumptions, not company disclosures): Transmission revenue 2024: EUR 2,481m x 90% = EUR 2,233m / 0.9244 = $2,416m; total $2.42bn. Share = 2.42 / 17.2 (underground-cables pool 2024, $17.2bn) = 14.01%. Exchange rates: EUR 0.9244 per USD (1.0818 USD per EUR), 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 90% of Transmission: high-voltage underground and submarine power cable systems; excludes umbilicals and other products. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":3262000000,"central":3262000000,"high":3262000000,"unit":"EUR","basis":"Prysmian Transmission segment revenue at current metal prices, calendar year, euros","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PR_Prysmian_FY25_26022026.pdf","title":"Press release: Q4 and FY25 integrated results","publisher":"Prysmian S.p.A.","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T2","locator":"p.4 business overview FY25: Transmission revenues EUR 3,262m (FY24 EUR 2,481m), Power Grid EUR 3,811m (EUR 3,544m); Transmission backlog about EUR 17bn"},"note":"Press release p.4; organic growth stated at 28.7%."},"prior":{"low":2481000000,"central":2481000000,"high":2481000000,"unit":"EUR","basis":"Prysmian Transmission segment revenue at current metal prices, calendar year, euros","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PR_Prysmian_FY25_26022026.pdf","title":"Press release: Q4 and FY25 integrated results","publisher":"Prysmian S.p.A.","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T2","locator":"p.4 business overview FY25: Transmission revenues EUR 3,262m (FY24 EUR 2,481m), Power Grid EUR 3,811m (EUR 3,544m); Transmission backlog about EUR 17bn"},"note":"Press release p.4, FY24 column."}},"committedExpansion":{"low":5.212,"central":5.212,"high":5.212,"unit":"ratio","basis":"Prysmian Transmission backlog (about EUR 17bn) / Transmission revenue 2025","period":"Backlog at the 2025 results (26 February 2026)","periodEnd":"2025-12-31","source":{"url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PR_Prysmian_FY25_26022026.pdf","title":"Press release: Q4 and FY25 integrated results","publisher":"Prysmian S.p.A.","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T2","locator":"p.4 business overview FY25: Transmission revenues EUR 3,262m (FY24 EUR 2,481m), Power Grid EUR 3,811m (EUR 3,544m); Transmission backlog about EUR 17bn"},"note":"The company says the Transmission backlog stood at approximately EUR 17bn, including the EGL4 project announced in February 2026, and that orders of about EUR 2bn are not yet in the backlog (p.4); 17,000 / 3,262 = 5.21. The backlog therefore includes one post-year-end award."},"baselineRevenueUsd":{"low":7972773160,"central":7972773160,"high":7972773160,"unit":"USD","basis":"Prysmian Transmission and Power Grid segment revenue at current metal prices, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PR_Prysmian_FY25_26022026.pdf","title":"Press release: Q4 and FY25 integrated results","publisher":"Prysmian S.p.A.","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T2","locator":"p.4 business overview FY25: Transmission revenues EUR 3,262m (FY24 EUR 2,481m), Power Grid EUR 3,811m (EUR 3,544m); Transmission backlog about EUR 17bn"},"note":"EUR (3,262 + 3,811)m = EUR 7,073m / 0.8871 (2025 average, ECB) = $7.97bn; the two segments that hold this sublayer's activity, not the group total of EUR 19,650m."},"screening":{"overhead-conductors":{"levelLow":1,"levelHigh":1.7},"underground-cables":{"levelLow":2.5,"levelHigh":4.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"35309de2f4cc8113676277b3243961f27281cbe406e8c5fa6b50bc626ffd69d7"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"35309de2f4cc8113676277b3243961f27281cbe406e8c5fa6b50bc626ffd69d7"}}},"hd-hyundai-electric":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"hd-hyundai-electric","name":"HD Hyundai Electric","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":2.653,"central":2.653,"high":2.653,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://transformer-technology.com/hd-hyundai-electric-posts-record-profit-as-ai-driven-power-demand-boosts-margins/","title":"HD Hyundai Electric posts record profit as AI-driven power demand boosts margins","publisher":"Transformer Technology","publishedDate":"2026-02-06","accessedDate":"2026-10-22","tier":"T5","locator":"2025 revenue KRW 4.08 trillion (+22.8%) led by ultra-high-voltage transformers; orders $4.27bn; backlog $6.73bn"},"note":"Transformer Technology reports HD Hyundai Electric 2025 revenue of KRW 4.08 trillion, up 22.8%, led by ultra-high-voltage transformers, with orders of $4.27bn and an order backlog of $6.73bn; the article is press coverage of the company's results (T3). 2024 revenue is KRW 3,322bn, the 2025 value divided by 1.228. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Revenue 2025: KRW 4,080,000m x 75% = KRW 3,060,000m / 1422.1110 = $2,152m; total $2.15bn. Share = 2.15 / 81.1 (substations pool 2025, $81.1bn) = 2.65%. Exchange rates: KRW 1,422.1 per USD, 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 75%: power transformers and switchgear for transmission; excludes marine, rotating machines and distribution equipment. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"participates":false,"evidence":{"url":"https://transformer-technology.com/hd-hyundai-electric-posts-record-profit-as-ai-driven-power-demand-boosts-margins/","title":"HD Hyundai Electric posts record profit as AI-driven power demand boosts margins","publisher":"Transformer Technology","publishedDate":"2026-02-06","accessedDate":"2026-10-22","tier":"T3","locator":"Business lines in this source: Power transformers, switchgear, rotating machines, marine electrical equipment. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://transformer-technology.com/hd-hyundai-electric-posts-record-profit-as-ai-driven-power-demand-boosts-margins/","title":"HD Hyundai Electric posts record profit as AI-driven power demand boosts margins","publisher":"Transformer Technology","publishedDate":"2026-02-06","accessedDate":"2026-10-22","tier":"T3","locator":"Business lines in this source: Power transformers, switchgear, rotating machines, marine electrical equipment. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://transformer-technology.com/hd-hyundai-electric-posts-record-profit-as-ai-driven-power-demand-boosts-margins/","title":"HD Hyundai Electric posts record profit as AI-driven power demand boosts margins","publisher":"Transformer Technology","publishedDate":"2026-02-06","accessedDate":"2026-10-22","tier":"T3","locator":"Business lines in this source: Power transformers, switchgear, rotating machines, marine electrical equipment. No underground or submarine power cable activity is listed or implied there."}}},"priorShares":{"substations":{"low":2.614,"central":2.614,"high":2.614,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://transformer-technology.com/hd-hyundai-electric-posts-record-profit-as-ai-driven-power-demand-boosts-margins/","title":"HD Hyundai Electric posts record profit as AI-driven power demand boosts margins","publisher":"Transformer Technology","publishedDate":"2026-02-06","accessedDate":"2026-10-22","tier":"T5","locator":"2025 revenue KRW 4.08 trillion (+22.8%) led by ultra-high-voltage transformers; orders $4.27bn; backlog $6.73bn"},"note":"Transformer Technology reports HD Hyundai Electric 2025 revenue of KRW 4.08 trillion, up 22.8%, led by ultra-high-voltage transformers, with orders of $4.27bn and an order backlog of $6.73bn; the article is press coverage of the company's results (T3). 2024 revenue is KRW 3,322bn, the 2025 value divided by 1.228. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Revenue 2024: KRW 3,322,476m x 75% = KRW 2,491,857m / 1363.7539 = $1,827m; total $1.83bn. Share = 1.83 / 69.9 (substations pool 2024, $69.9bn) = 2.61%. Exchange rates: KRW 1,363.8 per USD, 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 75%: power transformers and switchgear for transmission; excludes marine, rotating machines and distribution equipment. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":4080000000000,"central":4080000000000,"high":4080000000000,"unit":"KRW","basis":"HD Hyundai Electric revenue, calendar year, won","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://transformer-technology.com/hd-hyundai-electric-posts-record-profit-as-ai-driven-power-demand-boosts-margins/","title":"HD Hyundai Electric posts record profit as AI-driven power demand boosts margins","publisher":"Transformer Technology","publishedDate":"2026-02-06","accessedDate":"2026-10-22","tier":"T3","locator":"2025 revenue KRW 4.08 trillion (+22.8%) led by ultra-high-voltage transformers; orders $4.27bn; backlog $6.73bn"},"note":"KRW 4.08 trillion as reported."},"prior":{"low":3322475570033,"central":3322475570033,"high":3322475570033,"unit":"KRW","basis":"HD Hyundai Electric revenue, calendar year, won","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://transformer-technology.com/hd-hyundai-electric-posts-record-profit-as-ai-driven-power-demand-boosts-margins/","title":"HD Hyundai Electric posts record profit as AI-driven power demand boosts margins","publisher":"Transformer Technology","publishedDate":"2026-02-06","accessedDate":"2026-10-22","tier":"T3","locator":"2025 revenue KRW 4.08 trillion (+22.8%) led by ultra-high-voltage transformers; orders $4.27bn; backlog $6.73bn"},"note":"Derived: 4.08 trillion / 1.228 from the reported +22.8%."}},"committedExpansion":{"low":2.346,"central":2.346,"high":2.346,"unit":"ratio","basis":"HD Hyundai Electric order backlog at end-2025 (US dollars) / 2025 revenue (US dollars)","period":"Backlog at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://transformer-technology.com/hd-hyundai-electric-posts-record-profit-as-ai-driven-power-demand-boosts-margins/","title":"HD Hyundai Electric posts record profit as AI-driven power demand boosts margins","publisher":"Transformer Technology","publishedDate":"2026-02-06","accessedDate":"2026-10-22","tier":"T3","locator":"2025 revenue KRW 4.08 trillion (+22.8%) led by ultra-high-voltage transformers; orders $4.27bn; backlog $6.73bn"},"note":"The article gives backlog of $6.73bn \"equivalent to more than three years of production\"; 2025 revenue KRW 4,080bn / 1,422.1 = $2.87bn; 6.73 / 2.87 = 2.35."},"baselineRevenueUsd":{"low":2868974373,"central":2868974373,"high":2868974373,"unit":"USD","basis":"HD Hyundai Electric revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://transformer-technology.com/hd-hyundai-electric-posts-record-profit-as-ai-driven-power-demand-boosts-margins/","title":"HD Hyundai Electric posts record profit as AI-driven power demand boosts margins","publisher":"Transformer Technology","publishedDate":"2026-02-06","accessedDate":"2026-10-22","tier":"T3","locator":"2025 revenue KRW 4.08 trillion (+22.8%) led by ultra-high-voltage transformers; orders $4.27bn; backlog $6.73bn"},"note":"KRW 4,080bn / 1,422.1 (2025 average, ECB) = $2.87bn."},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1c6de057218443a304a9fa2fe6b5eba79ca70b59732172049a386cf415dd5d4d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1c6de057218443a304a9fa2fe6b5eba79ca70b59732172049a386cf415dd5d4d"}}},"tbea":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"tbea","name":"TBEA","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":3.05,"central":3.05,"high":3.05,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","title":"特变电工股份有限公司2025年年度报告 (TBEA Co., Ltd. 2025 Annual Report)","publisher":"TBEA Co., Ltd. (600089.SH), filed on cninfo.com.cn","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T5","locator":"p.32: electrical equipment RMB 26,759.6m (+19.66%), wire and cable RMB 15,568.9m (-0.78%), transmission-and-transformation turnkey engineering RMB 4,924.9m (-0.93%)"},"note":"TBEA's 2025 annual report (p.32) shows revenue by product: electrical equipment (transformers, reactors, switchgear, bushings, instrument transformers, secondary equipment) RMB 26,759.7 m, wire and cable RMB 15,568.9 m and transmission-and-transformation turnkey engineering RMB 4,924.9 m; total revenue RMB 97.2bn. The 2026 tracking rating report by China Chengxin International (p.9, https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2026-06-15/243069_20260615_DRKY.pdf) lists the same three lines (T4, company-supplied) and puts 2024 turnkey engineering at RMB 4,931m against RMB 4,971 m implied by the annual report's stated -0.93%; the 0.8% gap is immaterial. Prior-year values are the 2025 values divided by one plus the stated change (+19.66%, -0.78%, -0.93%). In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Electrical equipment: CNY 26,760m x 60% = CNY 16,056m / 7.1882 = $2,234m; Turnkey engineering (substation part): CNY 4,925m x 35% = CNY 1,724m / 7.1882 = $240m; total $2.47bn. Share = 2.47 / 81.1 (substations pool 2025, $81.1bn) = 3.05%. Exchange rates: CNY 7.1882 per USD, 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fractions: electrical equipment 60% for substations (transformers, reactors, switchgear and secondary equipment at transmission level; excludes distribution transformers and low-voltage products); turnkey engineering 35% substations and 35% transmission lines (the rest is power-station contracting). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"low":0.262,"central":0.262,"high":0.262,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","title":"特变电工股份有限公司2025年年度报告 (TBEA Co., Ltd. 2025 Annual Report)","publisher":"TBEA Co., Ltd. (600089.SH), filed on cninfo.com.cn","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T5","locator":"p.32: electrical equipment RMB 26,759.6m (+19.66%), wire and cable RMB 15,568.9m (-0.78%), transmission-and-transformation turnkey engineering RMB 4,924.9m (-0.93%)"},"note":"TBEA's 2025 annual report (p.32) shows revenue by product: electrical equipment (transformers, reactors, switchgear, bushings, instrument transformers, secondary equipment) RMB 26,759.7 m, wire and cable RMB 15,568.9 m and transmission-and-transformation turnkey engineering RMB 4,924.9 m; total revenue RMB 97.2bn. The 2026 tracking rating report by China Chengxin International (p.9, https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2026-06-15/243069_20260615_DRKY.pdf) lists the same three lines (T4, company-supplied) and puts 2024 turnkey engineering at RMB 4,931m against RMB 4,971 m implied by the annual report's stated -0.93%; the 0.8% gap is immaterial. Prior-year values are the 2025 values divided by one plus the stated change (+19.66%, -0.78%, -0.93%). In-scope estimate for line-structures (5LayerCake assumptions, not company disclosures): Turnkey engineering (transmission-line part): CNY 4,925m x 35% = CNY 1,724m / 7.1882 = $240m; total $0.24bn. Share = 0.24 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.26%. Exchange rates: CNY 7.1882 per USD, 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"overhead-conductors":{"low":1.666,"central":1.666,"high":1.666,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","title":"特变电工股份有限公司2025年年度报告 (TBEA Co., Ltd. 2025 Annual Report)","publisher":"TBEA Co., Ltd. (600089.SH), filed on cninfo.com.cn","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T5","locator":"p.32: electrical equipment RMB 26,759.6m (+19.66%), wire and cable RMB 15,568.9m (-0.78%), transmission-and-transformation turnkey engineering RMB 4,924.9m (-0.93%)"},"note":"TBEA's 2025 annual report (p.32) shows revenue by product: electrical equipment (transformers, reactors, switchgear, bushings, instrument transformers, secondary equipment) RMB 26,759.7 m, wire and cable RMB 15,568.9 m and transmission-and-transformation turnkey engineering RMB 4,924.9 m; total revenue RMB 97.2bn. The 2026 tracking rating report by China Chengxin International (p.9, https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2026-06-15/243069_20260615_DRKY.pdf) lists the same three lines (T4, company-supplied) and puts 2024 turnkey engineering at RMB 4,931m against RMB 4,971 m implied by the annual report's stated -0.93%; the 0.8% gap is immaterial. Prior-year values are the 2025 values divided by one plus the stated change (+19.66%, -0.78%, -0.93%). In-scope estimate for overhead-conductors (5LayerCake assumptions, not company disclosures): Wire and cable (bare overhead conductor part): CNY 15,569m x 25% = CNY 3,892m / 7.1882 = $541m; total $0.54bn. Share = 0.54 / 32.5 (overhead-conductors pool 2025, $32.5bn) = 1.67%. Exchange rates: CNY 7.1882 per USD, 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 25% of wire and cable: bare overhead conductors (TBEA sold 168,300 tonnes of bare wire in 2025 against 677,700 km of cable, rating report p.10); cables at 750 kV and below, mostly low and medium voltage, are the rest. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"underground-cables":{"low":0.433,"central":0.433,"high":0.433,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","title":"特变电工股份有限公司2025年年度报告 (TBEA Co., Ltd. 2025 Annual Report)","publisher":"TBEA Co., Ltd. (600089.SH), filed on cninfo.com.cn","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T5","locator":"p.32: electrical equipment RMB 26,759.6m (+19.66%), wire and cable RMB 15,568.9m (-0.78%), transmission-and-transformation turnkey engineering RMB 4,924.9m (-0.93%)"},"note":"TBEA's 2025 annual report (p.32) shows revenue by product: electrical equipment (transformers, reactors, switchgear, bushings, instrument transformers, secondary equipment) RMB 26,759.7 m, wire and cable RMB 15,568.9 m and transmission-and-transformation turnkey engineering RMB 4,924.9 m; total revenue RMB 97.2bn. The 2026 tracking rating report by China Chengxin International (p.9, https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2026-06-15/243069_20260615_DRKY.pdf) lists the same three lines (T4, company-supplied) and puts 2024 turnkey engineering at RMB 4,931m against RMB 4,971 m implied by the annual report's stated -0.93%; the 0.8% gap is immaterial. Prior-year values are the 2025 values divided by one plus the stated change (+19.66%, -0.78%, -0.93%). In-scope estimate for underground-cables (5LayerCake assumptions, not company disclosures): Wire and cable (high-voltage part): CNY 15,569m x 4% = CNY 623m / 7.1882 = $87m; total $0.09bn. Share = 0.09 / 20.0 (underground-cables pool 2025, $20.0bn) = 0.43%. Exchange rates: CNY 7.1882 per USD, 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 4% of wire and cable: cable at 110 kV and above (the company lists cables up to 750 kV, with an integrated +/-535 kV DC cable system in the annual report); the bulk of its cable is low and medium voltage. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"priorShares":{"substations":{"low":3.013,"central":3.013,"high":3.013,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","title":"特变电工股份有限公司2025年年度报告 (TBEA Co., Ltd. 2025 Annual Report)","publisher":"TBEA Co., Ltd. (600089.SH), filed on cninfo.com.cn","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T5","locator":"p.32: electrical equipment RMB 26,759.6m (+19.66%), wire and cable RMB 15,568.9m (-0.78%), transmission-and-transformation turnkey engineering RMB 4,924.9m (-0.93%)"},"note":"TBEA's 2025 annual report (p.32) shows revenue by product: electrical equipment (transformers, reactors, switchgear, bushings, instrument transformers, secondary equipment) RMB 26,759.7 m, wire and cable RMB 15,568.9 m and transmission-and-transformation turnkey engineering RMB 4,924.9 m; total revenue RMB 97.2bn. The 2026 tracking rating report by China Chengxin International (p.9, https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2026-06-15/243069_20260615_DRKY.pdf) lists the same three lines (T4, company-supplied) and puts 2024 turnkey engineering at RMB 4,931m against RMB 4,971 m implied by the annual report's stated -0.93%; the 0.8% gap is immaterial. Prior-year values are the 2025 values divided by one plus the stated change (+19.66%, -0.78%, -0.93%). In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Electrical equipment 2024: CNY 22,363m x 60% = CNY 13,418m / 7.1965 = $1,864m; Turnkey engineering 2024 (substation part): CNY 4,971m x 35% = CNY 1,740m / 7.1965 = $242m; total $2.11bn. Share = 2.11 / 69.9 (substations pool 2024, $69.9bn) = 3.01%. Exchange rates: CNY 7.1965 per USD, 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fractions: electrical equipment 60% for substations (transformers, reactors, switchgear and secondary equipment at transmission level; excludes distribution transformers and low-voltage products); turnkey engineering 35% substations and 35% transmission lines (the rest is power-station contracting). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"low":0.306,"central":0.306,"high":0.306,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","title":"特变电工股份有限公司2025年年度报告 (TBEA Co., Ltd. 2025 Annual Report)","publisher":"TBEA Co., Ltd. (600089.SH), filed on cninfo.com.cn","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T5","locator":"p.32: electrical equipment RMB 26,759.6m (+19.66%), wire and cable RMB 15,568.9m (-0.78%), transmission-and-transformation turnkey engineering RMB 4,924.9m (-0.93%)"},"note":"TBEA's 2025 annual report (p.32) shows revenue by product: electrical equipment (transformers, reactors, switchgear, bushings, instrument transformers, secondary equipment) RMB 26,759.7 m, wire and cable RMB 15,568.9 m and transmission-and-transformation turnkey engineering RMB 4,924.9 m; total revenue RMB 97.2bn. The 2026 tracking rating report by China Chengxin International (p.9, https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2026-06-15/243069_20260615_DRKY.pdf) lists the same three lines (T4, company-supplied) and puts 2024 turnkey engineering at RMB 4,931m against RMB 4,971 m implied by the annual report's stated -0.93%; the 0.8% gap is immaterial. Prior-year values are the 2025 values divided by one plus the stated change (+19.66%, -0.78%, -0.93%). In-scope estimate for line-structures (5LayerCake assumptions, not company disclosures): Turnkey engineering 2024 (transmission-line part): CNY 4,971m x 35% = CNY 1,740m / 7.1965 = $242m; total $0.24bn. Share = 0.24 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 0.31%. Exchange rates: CNY 7.1965 per USD, 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"overhead-conductors":{"low":1.946,"central":1.946,"high":1.946,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","title":"特变电工股份有限公司2025年年度报告 (TBEA Co., Ltd. 2025 Annual Report)","publisher":"TBEA Co., Ltd. (600089.SH), filed on cninfo.com.cn","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T5","locator":"p.32: electrical equipment RMB 26,759.6m (+19.66%), wire and cable RMB 15,568.9m (-0.78%), transmission-and-transformation turnkey engineering RMB 4,924.9m (-0.93%)"},"note":"TBEA's 2025 annual report (p.32) shows revenue by product: electrical equipment (transformers, reactors, switchgear, bushings, instrument transformers, secondary equipment) RMB 26,759.7 m, wire and cable RMB 15,568.9 m and transmission-and-transformation turnkey engineering RMB 4,924.9 m; total revenue RMB 97.2bn. The 2026 tracking rating report by China Chengxin International (p.9, https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2026-06-15/243069_20260615_DRKY.pdf) lists the same three lines (T4, company-supplied) and puts 2024 turnkey engineering at RMB 4,931m against RMB 4,971 m implied by the annual report's stated -0.93%; the 0.8% gap is immaterial. Prior-year values are the 2025 values divided by one plus the stated change (+19.66%, -0.78%, -0.93%). In-scope estimate for overhead-conductors (5LayerCake assumptions, not company disclosures): Wire and cable 2024 (bare overhead conductor part): CNY 15,691m x 25% = CNY 3,923m / 7.1965 = $545m; total $0.55bn. Share = 0.55 / 28.0 (overhead-conductors pool 2024, $28.0bn) = 1.95%. Exchange rates: CNY 7.1965 per USD, 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 25% of wire and cable: bare overhead conductors (TBEA sold 168,300 tonnes of bare wire in 2025 against 677,700 km of cable, rating report p.10); cables at 750 kV and below, mostly low and medium voltage, are the rest. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"underground-cables":{"low":0.506,"central":0.506,"high":0.506,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","title":"特变电工股份有限公司2025年年度报告 (TBEA Co., Ltd. 2025 Annual Report)","publisher":"TBEA Co., Ltd. (600089.SH), filed on cninfo.com.cn","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T5","locator":"p.32: electrical equipment RMB 26,759.6m (+19.66%), wire and cable RMB 15,568.9m (-0.78%), transmission-and-transformation turnkey engineering RMB 4,924.9m (-0.93%)"},"note":"TBEA's 2025 annual report (p.32) shows revenue by product: electrical equipment (transformers, reactors, switchgear, bushings, instrument transformers, secondary equipment) RMB 26,759.7 m, wire and cable RMB 15,568.9 m and transmission-and-transformation turnkey engineering RMB 4,924.9 m; total revenue RMB 97.2bn. The 2026 tracking rating report by China Chengxin International (p.9, https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2026-06-15/243069_20260615_DRKY.pdf) lists the same three lines (T4, company-supplied) and puts 2024 turnkey engineering at RMB 4,931m against RMB 4,971 m implied by the annual report's stated -0.93%; the 0.8% gap is immaterial. Prior-year values are the 2025 values divided by one plus the stated change (+19.66%, -0.78%, -0.93%). In-scope estimate for underground-cables (5LayerCake assumptions, not company disclosures): Wire and cable 2024 (high-voltage part): CNY 15,691m x 4% = CNY 628m / 7.1965 = $87m; total $0.09bn. Share = 0.09 / 17.2 (underground-cables pool 2024, $17.2bn) = 0.51%. Exchange rates: CNY 7.1965 per USD, 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 4% of wire and cable: cable at 110 kV and above (the company lists cables up to 750 kV, with an integrated +/-535 kV DC cable system in the annual report); the bulk of its cable is low and medium voltage. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":47253470000,"central":47253470000,"high":47253470000,"unit":"CNY","basis":"TBEA transmission-and-transformation business revenue (electrical equipment, wire and cable, turnkey engineering), calendar year, yuan","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","title":"特变电工股份有限公司2025年年度报告 (TBEA Co., Ltd. 2025 Annual Report)","publisher":"TBEA Co., Ltd. (600089.SH), filed on cninfo.com.cn","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T1","locator":"p.32: electrical equipment RMB 26,759.6m (+19.66%), wire and cable RMB 15,568.9m (-0.78%), transmission-and-transformation turnkey engineering RMB 4,924.9m (-0.93%)"},"note":"RMB 26,759.6m + 15,568.9m + 4,924.9m (annual report p.32)."},"prior":{"low":43025514140,"central":43025514140,"high":43025514140,"unit":"CNY","basis":"TBEA transmission-and-transformation business revenue (electrical equipment, wire and cable, turnkey engineering), calendar year, yuan","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","title":"特变电工股份有限公司2025年年度报告 (TBEA Co., Ltd. 2025 Annual Report)","publisher":"TBEA Co., Ltd. (600089.SH), filed on cninfo.com.cn","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T1","locator":"p.32: electrical equipment RMB 26,759.6m (+19.66%), wire and cable RMB 15,568.9m (-0.78%), transmission-and-transformation turnkey engineering RMB 4,924.9m (-0.93%)"},"note":"The 2025 values divided by one plus the stated changes (+19.66%, -0.78%, -0.93%), annual report p.32."}},"baselineRevenueUsd":{"low":6573729303,"central":6573729303,"high":6573729303,"unit":"USD","basis":"TBEA transmission-and-transformation business revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","title":"特变电工股份有限公司2025年年度报告 (TBEA Co., Ltd. 2025 Annual Report)","publisher":"TBEA Co., Ltd. (600089.SH), filed on cninfo.com.cn","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T1","locator":"p.32: electrical equipment RMB 26,759.6m (+19.66%), wire and cable RMB 15,568.9m (-0.78%), transmission-and-transformation turnkey engineering RMB 4,924.9m (-0.93%)"},"note":"RMB 47,253.5m / 7.1882 (2025 average, ECB) = $6.57bn; the transmission business of the group (group revenue RMB 97.2bn includes polysilicon, coal, power and gold)."},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":1.7},"underground-cables":{"levelLow":2,"levelHigh":3.8}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"799ca56566aceea81dce1999ad0e1f04c5ea4368b60e63f6165d1b01d93c7f9a"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"799ca56566aceea81dce1999ad0e1f04c5ea4368b60e63f6165d1b01d93c7f9a"}}},"mitsubishi-electric":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"mitsubishi-electric","name":"Mitsubishi Electric","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":1.742,"central":1.742,"high":1.742,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.mitsubishielectric.com/en/pr/2026/pdf/0428_co2.pdf","title":"Consolidated Financial Results Briefing for Fiscal 2026 (year ended March 2026)","publisher":"Mitsubishi Electric Corporation","publishedDate":"2026-04-28","accessedDate":"2026-10-22","tier":"T5","locator":"p.21: Energy Systems revenue 473.3 bn yen (+77.1) against 396.1 bn yen; p.10: revenue increase mainly in power transmission and distribution worldwide"},"note":"Mitsubishi Electric reports Energy Systems revenue of 473.3bn yen in the year to March 2026, against 396.1bn yen the year before (briefing p.21), with the increase mainly in the power transmission and distribution business worldwide (p.10). The segment also covers power generation systems and nuclear, which the company does not separate. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Energy Systems revenue: JPY 473,300m x 45% = JPY 212,985m / 150.7421 = $1,413m; total $1.41bn. Share = 1.41 / 81.1 (substations pool 2025, $81.1bn) = 1.74%. Exchange rates: JPY 150.74 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 45%: transformers, gas-insulated switchgear, substation and HVDC equipment; excludes generation systems and nuclear. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"participates":false,"evidence":{"url":"https://www.mitsubishielectric.com/en/pr/2026/pdf/0428_co2.pdf","title":"Consolidated Financial Results Briefing for Fiscal 2026 (year ended March 2026)","publisher":"Mitsubishi Electric Corporation","publishedDate":"2026-04-28","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Energy Systems segment (power generation, power transmission and distribution). No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.mitsubishielectric.com/en/pr/2026/pdf/0428_co2.pdf","title":"Consolidated Financial Results Briefing for Fiscal 2026 (year ended March 2026)","publisher":"Mitsubishi Electric Corporation","publishedDate":"2026-04-28","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Energy Systems segment (power generation, power transmission and distribution). No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.mitsubishielectric.com/en/pr/2026/pdf/0428_co2.pdf","title":"Consolidated Financial Results Briefing for Fiscal 2026 (year ended March 2026)","publisher":"Mitsubishi Electric Corporation","publishedDate":"2026-04-28","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Energy Systems segment (power generation, power transmission and distribution). No underground or submarine power cable activity is listed or implied there."}}},"priorShares":{"substations":{"low":1.673,"central":1.673,"high":1.673,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.mitsubishielectric.com/en/pr/2026/pdf/0428_co2.pdf","title":"Consolidated Financial Results Briefing for Fiscal 2026 (year ended March 2026)","publisher":"Mitsubishi Electric Corporation","publishedDate":"2026-04-28","accessedDate":"2026-10-22","tier":"T5","locator":"p.21: Energy Systems revenue 473.3 bn yen (+77.1) against 396.1 bn yen; p.10: revenue increase mainly in power transmission and distribution worldwide"},"note":"Mitsubishi Electric reports Energy Systems revenue of 473.3bn yen in the year to March 2026, against 396.1bn yen the year before (briefing p.21), with the increase mainly in the power transmission and distribution business worldwide (p.10). The segment also covers power generation systems and nuclear, which the company does not separate. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Energy Systems revenue FY2024: JPY 396,100m x 45% = JPY 178,245m / 152.4311 = $1,169m; total $1.17bn. Share = 1.17 / 69.9 (substations pool 2024, $69.9bn) = 1.67%. Exchange rates: JPY 152.43 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 45%: transformers, gas-insulated switchgear, substation and HVDC equipment; excludes generation systems and nuclear. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":473300000000,"central":473300000000,"high":473300000000,"unit":"JPY","basis":"Mitsubishi Electric Energy Systems segment revenue, fiscal year (April to March), yen","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.mitsubishielectric.com/en/pr/2026/pdf/0428_co2.pdf","title":"Consolidated Financial Results Briefing for Fiscal 2026 (year ended March 2026)","publisher":"Mitsubishi Electric Corporation","publishedDate":"2026-04-28","accessedDate":"2026-10-22","tier":"T2","locator":"p.21: Energy Systems revenue 473.3 bn yen (+77.1) against 396.1 bn yen; p.10: revenue increase mainly in power transmission and distribution worldwide"},"note":"Briefing p.21."},"prior":{"low":396100000000,"central":396100000000,"high":396100000000,"unit":"JPY","basis":"Mitsubishi Electric Energy Systems segment revenue, fiscal year (April to March), yen","period":"FY2024 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.mitsubishielectric.com/en/pr/2026/pdf/0428_co2.pdf","title":"Consolidated Financial Results Briefing for Fiscal 2026 (year ended March 2026)","publisher":"Mitsubishi Electric Corporation","publishedDate":"2026-04-28","accessedDate":"2026-10-22","tier":"T2","locator":"p.21: Energy Systems revenue 473.3 bn yen (+77.1) against 396.1 bn yen; p.10: revenue increase mainly in power transmission and distribution worldwide"},"note":"Briefing p.21."}},"baselineRevenueUsd":{"low":3139799154,"central":3139799154,"high":3139799154,"unit":"USD","basis":"Mitsubishi Electric Energy Systems segment revenue, fiscal year (April to March), US dollars","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.mitsubishielectric.com/en/pr/2026/pdf/0428_co2.pdf","title":"Consolidated Financial Results Briefing for Fiscal 2026 (year ended March 2026)","publisher":"Mitsubishi Electric Corporation","publishedDate":"2026-04-28","accessedDate":"2026-10-22","tier":"T2","locator":"p.21: Energy Systems revenue 473.3 bn yen (+77.1) against 396.1 bn yen; p.10: revenue increase mainly in power transmission and distribution worldwide"},"note":"JPY 473.3bn / 150.74 (April 2025 to March 2026 average, ECB) = $3.14bn; segment revenue, not the group total."},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b8c535374248ce04b6553f5297cf948b3286edb3be571e23fced0a26d1320176"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b8c535374248ce04b6553f5297cf948b3286edb3be571e23fced0a26d1320176"}}},"nkt":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"nkt","name":"NKT","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"participates":false,"evidence":{"url":"https://investors.nkt.com/company-announcements/2026/nkt-as-h1-2026-interim-report-solid-financial-and-operational-execution/","title":"NKT A/S H1 2026 Interim Report: Solid financial and operational execution","publisher":"NKT A/S","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Transmission (high-voltage), Power Solutions, Industrial & Building. No substation equipment or construction activity is listed or implied there."}},"line-structures":{"participates":false,"evidence":{"url":"https://investors.nkt.com/company-announcements/2026/nkt-as-h1-2026-interim-report-solid-financial-and-operational-execution/","title":"NKT A/S H1 2026 Interim Report: Solid financial and operational execution","publisher":"NKT A/S","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Transmission (high-voltage), Power Solutions, Industrial & Building. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://investors.nkt.com/company-announcements/2026/nkt-as-h1-2026-interim-report-solid-financial-and-operational-execution/","title":"NKT A/S H1 2026 Interim Report: Solid financial and operational execution","publisher":"NKT A/S","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Transmission (high-voltage), Power Solutions, Industrial & Building. No overhead conductor activity is listed or implied there."}},"underground-cables":{"low":10.344,"central":10.344,"high":10.344,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.nkt.com/files/AGM/2026/en/nkt-annual-report-2025.pdf","title":"NKT A/S Annual Report 2025","publisher":"NKT A/S","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"p.124-125 (note 2.1): Solutions revenue EUR 1,932m in 2025 and EUR 1,838m in 2024 (market metal prices, before intersegment sales); p.33: high-voltage order backlog EUR 10.2bn"},"note":"NKT's 2025 annual report (note 2.1) shows Solutions, its high-voltage cable business (two high-voltage factories in Karlskrona and Cologne, one cable-laying vessel), with revenue of EUR 1,932m in 2025 and EUR 1,838m in 2024 at market metal prices; at standard metal prices the figures are EUR 1,706m and EUR 1,598m. The company renamed Solutions 'Transmission' from 1 January 2026. In-scope estimate for underground-cables (5LayerCake assumptions, not company disclosures): Solutions revenue (market metal prices): EUR 1,932m x 95% = EUR 1,835m / 0.8871 = $2,069m; total $2.07bn. Share = 2.07 / 20.0 (underground-cables pool 2025, $20.0bn) = 10.34%. Exchange rates: EUR 0.8871 per USD (1.1272 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 95%: high-voltage land and submarine cable systems including installation; excludes a small amount of service-type work. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"priorShares":{"underground-cables":{"low":10.956,"central":10.956,"high":10.956,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://investors.nkt.com/files/AGM/2026/en/nkt-annual-report-2025.pdf","title":"NKT A/S Annual Report 2025","publisher":"NKT A/S","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"p.124-125 (note 2.1): Solutions revenue EUR 1,932m in 2025 and EUR 1,838m in 2024 (market metal prices, before intersegment sales); p.33: high-voltage order backlog EUR 10.2bn"},"note":"NKT's 2025 annual report (note 2.1) shows Solutions, its high-voltage cable business (two high-voltage factories in Karlskrona and Cologne, one cable-laying vessel), with revenue of EUR 1,932m in 2025 and EUR 1,838m in 2024 at market metal prices; at standard metal prices the figures are EUR 1,706m and EUR 1,598m. The company renamed Solutions 'Transmission' from 1 January 2026. In-scope estimate for underground-cables (5LayerCake assumptions, not company disclosures): Solutions revenue 2024: EUR 1,838m x 95% = EUR 1,746m / 0.9244 = $1,889m; total $1.89bn. Share = 1.89 / 17.2 (underground-cables pool 2024, $17.2bn) = 10.96%. Exchange rates: EUR 0.9244 per USD (1.0818 USD per EUR), 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 95%: high-voltage land and submarine cable systems including installation; excludes a small amount of service-type work. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":1932000000,"central":1932000000,"high":1932000000,"unit":"EUR","basis":"NKT Solutions (high-voltage cable) revenue at market metal prices, calendar year, euros","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.nkt.com/files/AGM/2026/en/nkt-annual-report-2025.pdf","title":"NKT A/S Annual Report 2025","publisher":"NKT A/S","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T1","locator":"p.124-125 (note 2.1): Solutions revenue EUR 1,932m in 2025 and EUR 1,838m in 2024 (market metal prices, before intersegment sales); p.33: high-voltage order backlog EUR 10.2bn"},"note":"Note 2.1, 2025 column (revenue before intersegment sales of EUR 17m)."},"prior":{"low":1838000000,"central":1838000000,"high":1838000000,"unit":"EUR","basis":"NKT Solutions (high-voltage cable) revenue at market metal prices, calendar year, euros","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://investors.nkt.com/files/AGM/2026/en/nkt-annual-report-2025.pdf","title":"NKT A/S Annual Report 2025","publisher":"NKT A/S","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T1","locator":"p.124-125 (note 2.1): Solutions revenue EUR 1,932m in 2025 and EUR 1,838m in 2024 (market metal prices, before intersegment sales); p.33: high-voltage order backlog EUR 10.2bn"},"note":"Note 2.1, 2024 column (intersegment sales EUR -16m)."}},"committedExpansion":{"low":5.28,"central":5.28,"high":5.28,"unit":"ratio","basis":"NKT high-voltage order backlog (market metal prices) at end-2025 / Solutions revenue 2025 (market metal prices)","period":"Backlog at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://investors.nkt.com/files/AGM/2026/en/nkt-annual-report-2025.pdf","title":"NKT A/S Annual Report 2025","publisher":"NKT A/S","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T1","locator":"p.124-125 (note 2.1): Solutions revenue EUR 1,932m in 2025 and EUR 1,838m in 2024 (market metal prices, before intersegment sales); p.33: high-voltage order backlog EUR 10.2bn"},"note":"The company says the high-voltage order backlog stood at EUR 10.2bn at the end of 2025 (EUR 8.9bn at standard metal prices; EUR 10.6bn at end-2024) and that booking commitments were above EUR 3.5bn (p.33); 10,200 / 1,932 = 5.28. The same ratio at standard metal prices is 8,900 / 1,706 = 5.22."},"baselineRevenueUsd":{"low":2177774317,"central":2177774317,"high":2177774317,"unit":"USD","basis":"NKT Solutions (high-voltage cable) revenue at market metal prices, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.nkt.com/files/AGM/2026/en/nkt-annual-report-2025.pdf","title":"NKT A/S Annual Report 2025","publisher":"NKT A/S","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T1","locator":"p.124-125 (note 2.1): Solutions revenue EUR 1,932m in 2025 and EUR 1,838m in 2024 (market metal prices, before intersegment sales); p.33: high-voltage order backlog EUR 10.2bn"},"note":"EUR 1,932m / 0.8871 (2025 average, ECB) = $2.18bn; the high-voltage business, not the group total of EUR 3,565m."},"screening":{"underground-cables":{"levelLow":2.5,"levelHigh":4.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"600eee4d077bb0a417ce1bb9e9e311b8fc7fc1b29e8f09df647e296cb6996e4a"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"600eee4d077bb0a417ce1bb9e9e311b8fc7fc1b29e8f09df647e296cb6996e4a"}}},"ls-corp":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"ls-corp","name":"LS Corp (group: LS Electric, LS Cable)","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":1.076,"central":1.076,"high":1.076,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.lsholdings.com/en/ir/investment","title":"Investment (IR)","publisher":"LS Corp.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"End of FY2025 table (million KRW): LS Electric sales 4,965,799; LS Cable & System 7,588,160"},"note":"LS Corp's IR page gives 2025 sales (million KRW): LS Electric 4,965,799 and LS Cable & System 7,588,160 (the page shows no date). LS Electric and LS Cable & System are credited to LS Corp (register). LS Cable's total includes building and magnet wire made by its US subsidiary and a Vietnamese unit. The Korea Times (30 March 2026) reports LS Cable & System 2025 sales up 12.2% and led by extra-high-voltage and submarine cable. No 2024 LS Electric figure was found in an opened source, so prior shares are not given and the share-change component is unavailable. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): LS Electric sales: KRW 4,965,799m x 25% = KRW 1,241,450m / 1422.1110 = $873m; total $0.87bn. Share = 0.87 / 81.1 (substations pool 2025, $81.1bn) = 1.08%. Exchange rates: KRW 1,422.1 per USD, 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 25% of LS Electric: high-voltage power systems and transmission-level substation equipment; the rest is low and medium-voltage, automation and distribution. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"participates":false,"evidence":{"url":"https://www.lsholdings.com/en/ir/investment","title":"Investment (IR)","publisher":"LS Corp.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: LS Electric, LS Cable & System, LS MnM (IR table of group companies). No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"low":0.0813,"central":0.246,"high":0.658,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.lsholdings.com/en/ir/investment","title":"Investment (IR)","publisher":"LS Corp.","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"End of FY2025 table (million KRW): LS Electric sales 4,965,799; LS Cable & System 7,588,160"},"note":"LS Corp's IR page gives 2025 sales (million KRW): LS Electric 4,965,799 and LS Cable & System 7,588,160 (the page shows no date). LS Electric and LS Cable & System are credited to LS Corp (register). LS Cable's total includes building and magnet wire made by its US subsidiary and a Vietnamese unit. The Korea Times (30 March 2026) reports LS Cable & System 2025 sales up 12.2% and led by extra-high-voltage and submarine cable. No 2024 LS Electric figure was found in an opened source, so prior shares are not given and the share-change component is unavailable. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): LS Cable & System sales: KRW 7,588,160m x 1.5% in scope = KRW 113,822m / 1,422.1110 = $80m; total $80.0m. Share = 80.0m / 32,500m (overhead-conductors pool 2025, $32.5bn) = 0.246%. Range: low 0.0813% to high 0.658% (fraction 0.5% to 4%). Exchange rates: KRW 1,422.1110 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 1.5% (judgment; range 0.5% to 4%): overhead aluminium conductors. LS Cable's sales are dominated by power cable (including extra-high-voltage and submarine), building wire and magnet wire; no opened source gives an overhead-conductor line, so the share is a small judged part of its sales rather than a disclosed figure. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":6.403,"central":6.403,"high":6.403,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.lsholdings.com/en/ir/investment","title":"Investment (IR)","publisher":"LS Corp.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"End of FY2025 table (million KRW): LS Electric sales 4,965,799; LS Cable & System 7,588,160"},"note":"LS Corp's IR page gives 2025 sales (million KRW): LS Electric 4,965,799 and LS Cable & System 7,588,160 (the page shows no date). LS Electric and LS Cable & System are credited to LS Corp (register). LS Cable's total includes building and magnet wire made by its US subsidiary and a Vietnamese unit. The Korea Times (30 March 2026) reports LS Cable & System 2025 sales up 12.2% and led by extra-high-voltage and submarine cable. No 2024 LS Electric figure was found in an opened source, so prior shares are not given and the share-change component is unavailable. In-scope estimate for underground-cables (5LayerCake assumptions, not company disclosures): LS Cable & System sales: KRW 7,588,160m x 24% = KRW 1,821,158m / 1422.1110 = $1,281m; total $1.28bn. Share = 1.28 / 20.0 (underground-cables pool 2025, $20.0bn) = 6.40%. Exchange rates: KRW 1,422.1 per USD, 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 24% of LS Cable: high-voltage, extra-high-voltage and submarine power cable (the company reports HVDC and subsea demand as the growth driver); the rest is building, magnet and communication wire. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":7588160000000,"central":7588160000000,"high":7588160000000,"unit":"KRW","basis":"LS Cable & System consolidated sales, calendar year, won","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.lsholdings.com/en/ir/investment","title":"Investment (IR)","publisher":"LS Corp.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"End of FY2025 table (million KRW): LS Electric sales 4,965,799; LS Cable & System 7,588,160"},"note":"LS Corp IR table, end of FY2025."},"prior":{"low":6763065953654,"central":6763065953654,"high":6763065953654,"unit":"KRW","basis":"LS Cable & System consolidated sales, calendar year, won","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.koreatimes.co.kr/amp/business/companies/20260330/ls-cable-achieves-record-2025-earnings-as-global-power-demand-surges","title":"LS Cable achieves record 2025 earnings as global power demand surges","publisher":"The Korea Times","publishedDate":"2026-03-30","accessedDate":"2026-10-22","tier":"T3","locator":"LS Cable & System 2025 sales KRW 7.58 trillion, +12.2%; operating profit KRW 279.8bn; order backlog about KRW 7.63 trillion at end-December 2025, +22%"},"note":"Derived: 7,588.2bn / 1.122 from the Korea Times report of +12.2%."}},"committedExpansion":{"low":1.006,"central":1.006,"high":1.006,"unit":"ratio","basis":"LS Cable & System order backlog at end-2025 / LS Cable & System 2025 sales","period":"Backlog at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.koreatimes.co.kr/amp/business/companies/20260330/ls-cable-achieves-record-2025-earnings-as-global-power-demand-surges","title":"LS Cable achieves record 2025 earnings as global power demand surges","publisher":"The Korea Times","publishedDate":"2026-03-30","accessedDate":"2026-10-22","tier":"T3","locator":"LS Cable & System 2025 sales KRW 7.58 trillion, +12.2%; operating profit KRW 279.8bn; order backlog about KRW 7.63 trillion at end-December 2025, +22%"},"note":"The Korea Times reports a backlog of about KRW 7.63 trillion at the end of December 2025 (+22%), the largest on record; 7,630 / 7,588.2 = 1.01. Whole-company figures."},"baselineRevenueUsd":{"low":8827692807,"central":8827692807,"high":8827692807,"unit":"USD","basis":"LS Electric plus LS Cable & System sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.lsholdings.com/en/ir/investment","title":"Investment (IR)","publisher":"LS Corp.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"End of FY2025 table (million KRW): LS Electric sales 4,965,799; LS Cable & System 7,588,160"},"note":"KRW (4,965.8 + 7,588.2)bn / 1,422.1 (2025 average, ECB) = $8.83bn; the two operating units credited to LS Corp, not the holding company total."},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3},"overhead-conductors":{"levelLow":1,"levelHigh":1.7},"underground-cables":{"levelLow":2.5,"levelHigh":4.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b9b314d4c6711e93e447ca28e42c33cb98450082aac335723f2d3e7ac56df2ee"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b9b314d4c6711e93e447ca28e42c33cb98450082aac335723f2d3e7ac56df2ee"}}},"nexans":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"nexans","name":"Nexans","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"participates":false,"evidence":{"url":"https://www.nexans.com/app/uploads/2026/02/2026-02-19-pr-nexans-full-year-2025-earnings.pdf","title":"2025 full-year results press release","publisher":"Nexans","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: PWR-Transmission, PWR-Grid, PWR-Connect. No substation equipment or construction activity is listed or implied there."}},"line-structures":{"participates":false,"evidence":{"url":"https://www.nexans.com/app/uploads/2026/02/2026-02-19-pr-nexans-full-year-2025-earnings.pdf","title":"2025 full-year results press release","publisher":"Nexans","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: PWR-Transmission, PWR-Grid, PWR-Connect. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"low":0.686,"central":0.686,"high":0.686,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nexans.com/app/uploads/2026/02/2026-02-19-pr-nexans-full-year-2025-earnings.pdf","title":"2025 full-year results press release","publisher":"Nexans","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T5","locator":"p.5: standard sales PWR-Transmission EUR 1,657.0m (2024 EUR 1,287.2m), PWR-Grid EUR 1,319.0m (EUR 1,280.6m); adjusted PWR-Transmission backlog EUR 7.7bn (EUR 7.4bn at end-2024)"},"note":"Nexans reports 2025 standard sales (at constant metal prices) of EUR 1,657.0m in PWR-Transmission (EUR 1,287.2m in 2024) and EUR 1,319.0m in PWR-Grid (EUR 1,280.6m) (press release p.5). Standard sales are used for both years; at current metal prices PWR-Transmission was EUR 1,691m in 2025 (p.18), 2% higher. In-scope estimate for overhead-conductors (5LayerCake assumptions, not company disclosures): PWR-Grid standard sales: EUR 1,319m x 15% = EUR 198m / 0.8871 = $223m; total $0.22bn. Share = 0.22 / 32.5 (overhead-conductors pool 2025, $32.5bn) = 0.69%. Exchange rates: EUR 0.8871 per USD (1.1272 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 15% of PWR-Grid: overhead conductors; the rest is distribution cable, accessories and services. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"underground-cables":{"low":7.938,"central":7.938,"high":7.938,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nexans.com/app/uploads/2026/02/2026-02-19-pr-nexans-full-year-2025-earnings.pdf","title":"2025 full-year results press release","publisher":"Nexans","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T5","locator":"p.5: standard sales PWR-Transmission EUR 1,657.0m (2024 EUR 1,287.2m), PWR-Grid EUR 1,319.0m (EUR 1,280.6m); adjusted PWR-Transmission backlog EUR 7.7bn (EUR 7.4bn at end-2024)"},"note":"Nexans reports 2025 standard sales (at constant metal prices) of EUR 1,657.0m in PWR-Transmission (EUR 1,287.2m in 2024) and EUR 1,319.0m in PWR-Grid (EUR 1,280.6m) (press release p.5). Standard sales are used for both years; at current metal prices PWR-Transmission was EUR 1,691m in 2025 (p.18), 2% higher. In-scope estimate for underground-cables (5LayerCake assumptions, not company disclosures): PWR-Transmission standard sales: EUR 1,657m x 85% = EUR 1,408m / 0.8871 = $1,588m; total $1.59bn. Share = 1.59 / 20.0 (underground-cables pool 2025, $20.0bn) = 7.94%. Exchange rates: EUR 0.8871 per USD (1.1272 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 85% of PWR-Transmission: high-voltage land and submarine cable systems and installation. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"priorShares":{"overhead-conductors":{"low":0.742,"central":0.742,"high":0.742,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.nexans.com/app/uploads/2026/02/2026-02-19-pr-nexans-full-year-2025-earnings.pdf","title":"2025 full-year results press release","publisher":"Nexans","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T5","locator":"p.5: standard sales PWR-Transmission EUR 1,657.0m (2024 EUR 1,287.2m), PWR-Grid EUR 1,319.0m (EUR 1,280.6m); adjusted PWR-Transmission backlog EUR 7.7bn (EUR 7.4bn at end-2024)"},"note":"Nexans reports 2025 standard sales (at constant metal prices) of EUR 1,657.0m in PWR-Transmission (EUR 1,287.2m in 2024) and EUR 1,319.0m in PWR-Grid (EUR 1,280.6m) (press release p.5). Standard sales are used for both years; at current metal prices PWR-Transmission was EUR 1,691m in 2025 (p.18), 2% higher. In-scope estimate for overhead-conductors (5LayerCake assumptions, not company disclosures): PWR-Grid standard sales 2024: EUR 1,281m x 15% = EUR 192m / 0.9244 = $208m; total $0.21bn. Share = 0.21 / 28.0 (overhead-conductors pool 2024, $28.0bn) = 0.74%. Exchange rates: EUR 0.9244 per USD (1.0818 USD per EUR), 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 15% of PWR-Grid: overhead conductors; the rest is distribution cable, accessories and services. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"underground-cables":{"low":6.865,"central":6.865,"high":6.865,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.nexans.com/app/uploads/2026/02/2026-02-19-pr-nexans-full-year-2025-earnings.pdf","title":"2025 full-year results press release","publisher":"Nexans","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T5","locator":"p.5: standard sales PWR-Transmission EUR 1,657.0m (2024 EUR 1,287.2m), PWR-Grid EUR 1,319.0m (EUR 1,280.6m); adjusted PWR-Transmission backlog EUR 7.7bn (EUR 7.4bn at end-2024)"},"note":"Nexans reports 2025 standard sales (at constant metal prices) of EUR 1,657.0m in PWR-Transmission (EUR 1,287.2m in 2024) and EUR 1,319.0m in PWR-Grid (EUR 1,280.6m) (press release p.5). Standard sales are used for both years; at current metal prices PWR-Transmission was EUR 1,691m in 2025 (p.18), 2% higher. In-scope estimate for underground-cables (5LayerCake assumptions, not company disclosures): PWR-Transmission standard sales 2024: EUR 1,287m x 85% = EUR 1,094m / 0.9244 = $1,184m; total $1.18bn. Share = 1.18 / 17.2 (underground-cables pool 2024, $17.2bn) = 6.87%. Exchange rates: EUR 0.9244 per USD (1.0818 USD per EUR), 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 85% of PWR-Transmission: high-voltage land and submarine cable systems and installation. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":1657000000,"central":1657000000,"high":1657000000,"unit":"EUR","basis":"Nexans PWR-Transmission standard sales (constant metal prices), calendar year, euros","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nexans.com/app/uploads/2026/02/2026-02-19-pr-nexans-full-year-2025-earnings.pdf","title":"2025 full-year results press release","publisher":"Nexans","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T2","locator":"p.5: standard sales PWR-Transmission EUR 1,657.0m (2024 EUR 1,287.2m), PWR-Grid EUR 1,319.0m (EUR 1,280.6m); adjusted PWR-Transmission backlog EUR 7.7bn (EUR 7.4bn at end-2024)"},"note":"Press release p.5; organic growth stated at +29.8%."},"prior":{"low":1287200000,"central":1287200000,"high":1287200000,"unit":"EUR","basis":"Nexans PWR-Transmission standard sales (constant metal prices), calendar year, euros","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.nexans.com/app/uploads/2026/02/2026-02-19-pr-nexans-full-year-2025-earnings.pdf","title":"2025 full-year results press release","publisher":"Nexans","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T2","locator":"p.5: standard sales PWR-Transmission EUR 1,657.0m (2024 EUR 1,287.2m), PWR-Grid EUR 1,319.0m (EUR 1,280.6m); adjusted PWR-Transmission backlog EUR 7.7bn (EUR 7.4bn at end-2024)"},"note":"Press release p.5."}},"committedExpansion":{"low":4.647,"central":4.647,"high":4.647,"unit":"ratio","basis":"Nexans adjusted PWR-Transmission backlog at end-2025 / PWR-Transmission standard sales 2025","period":"Backlog at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.nexans.com/app/uploads/2026/02/2026-02-19-pr-nexans-full-year-2025-earnings.pdf","title":"2025 full-year results press release","publisher":"Nexans","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T2","locator":"p.5: standard sales PWR-Transmission EUR 1,657.0m (2024 EUR 1,287.2m), PWR-Grid EUR 1,319.0m (EUR 1,280.6m); adjusted PWR-Transmission backlog EUR 7.7bn (EUR 7.4bn at end-2024)"},"note":"The company says the adjusted backlog reached EUR 7.7bn at 31 December 2025 (EUR 7.4bn a year earlier), including EUR 1.2bn for the Great Sea Interconnector, mostly subsea (p.5); 7,700 / 1,657.0 = 4.65."},"baselineRevenueUsd":{"low":3354584041,"central":3354584041,"high":3354584041,"unit":"USD","basis":"Nexans PWR-Transmission plus PWR-Grid standard sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nexans.com/app/uploads/2026/02/2026-02-19-pr-nexans-full-year-2025-earnings.pdf","title":"2025 full-year results press release","publisher":"Nexans","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T2","locator":"p.5: standard sales PWR-Transmission EUR 1,657.0m (2024 EUR 1,287.2m), PWR-Grid EUR 1,319.0m (EUR 1,280.6m); adjusted PWR-Transmission backlog EUR 7.7bn (EUR 7.4bn at end-2024)"},"note":"EUR (1,657.0 + 1,319.0)m / 0.8871 (2025 average, ECB) = $3.35bn; the two segments that hold this sublayer's activity, not the group total of EUR 6,098m."},"screening":{"overhead-conductors":{"levelLow":1,"levelHigh":1.7},"underground-cables":{"levelLow":2.5,"levelHigh":4.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1e5f92772e4ef817cb2f49fe0552298a283a41b31b12e2e0ddf1f647dee3eb00"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1e5f92772e4ef817cb2f49fe0552298a283a41b31b12e2e0ddf1f647dee3eb00"}}},"virginia-transformer":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"virginia-transformer","name":"Virginia Transformer Corp","kind":"private","commercialActivityVerified":true,"shares":{"substations":{"low":1.11,"central":1.11,"high":1.11,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://transformer-technology.com/article-hub/virginia-transformer-company-spotlight/","title":"Virginia Transformer: company spotlight","publisher":"Transformer Technology","publishedDate":"2025-12","accessedDate":"2026-10-22","tier":"T5","locator":"More than 5,400 employees after tripling in three years; six North American factories; 500 kVA to 500 MVA; company calls itself the largest power transformer manufacturer in North America"},"note":"Transformer Technology (December 2025 issue) reports Virginia Transformer has more than 5,400 employees after tripling its workforce in three years, six North American factories and a 500 kVA to 500 MVA range; revenue is not disclosed (private company). At about $250k of revenue per employee (5LayerCake assumption, between Prolec GE's roughly $300k and a smaller assembler's) revenue is about $1.35bn, and about two thirds is taken as power and substation transformers. No prior-year figure exists, so there are no Rising inputs. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Virginia Transformer: two thirds of an estimated $1.35bn revenue (power and substation transformers; excludes small distribution units): $900m; total $0.90bn. Share = 0.90 / 81.1 (substations pool 2025, $81.1bn) = 1.11%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"participates":false,"evidence":{"url":"https://transformer-technology.com/article-hub/virginia-transformer-company-spotlight/","title":"Virginia Transformer company spotlight","publisher":"Transformer Technology","publishedDate":"2025-12","accessedDate":"2026-10-22","tier":"T3","locator":"Business lines in this source: power transformers 500 kVA to 500 MVA. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://transformer-technology.com/article-hub/virginia-transformer-company-spotlight/","title":"Virginia Transformer company spotlight","publisher":"Transformer Technology","publishedDate":"2025-12","accessedDate":"2026-10-22","tier":"T3","locator":"Business lines in this source: power transformers 500 kVA to 500 MVA. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://transformer-technology.com/article-hub/virginia-transformer-company-spotlight/","title":"Virginia Transformer company spotlight","publisher":"Transformer Technology","publishedDate":"2025-12","accessedDate":"2026-10-22","tier":"T3","locator":"Business lines in this source: power transformers 500 kVA to 500 MVA. No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"703584d6b884a61f69d72b58129751142551f148106689c08b15c47325a1fa95"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"703584d6b884a61f69d72b58129751142551f148106689c08b15c47325a1fa95"}}},"toshiba":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"toshiba","name":"Toshiba (Toshiba Energy Systems & Solutions)","kind":"private","commercialActivityVerified":true,"shares":{"substations":{"low":0.7,"central":1.05,"high":1.575,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://transformer-technology.com/toshiba-commits-370-million-to-expand-power-equipment-production-transformer-technology-news/","title":"Toshiba Commits $370 Million to Expand Power Equipment Production","publisher":"Transformer Technology","publishedDate":"2025-10-20","accessedDate":"2026-10-23","tier":"T5","locator":"Toshiba Energy Systems & Solutions investing JPY 55 billion to expand T&D production capacity in Japan and India by FY2027; aims to more than double combined T&D equipment production capacity by FY2030 compared with FY2024"},"note":"Toshiba's results (FY2025, 15 May 2026) and Integrated Report 2025 give no revenue for the Transmission and Distribution business; Toshiba has been privately held since its delisting on 20 December 2023 (Toshiba IR site), so it is recorded as private. Transformer Technology (20 October 2025) reports that Toshiba Energy Systems & Solutions is investing JPY 55bn in total (the JPY 20bn announced in 2024 plus a further JPY 35bn) to expand T&D equipment capacity in Japan and India by FY2027 and aims to more than double combined T&D production capacity by FY2030 compared with FY2024. Revenue is estimated from that: at a capital intensity of 0.30 yen of capex per yen of annual revenue capacity added (judgment, range 0.20 to 0.45), JPY 55bn adds about JPY 183,333m of annual revenue capacity; since it roughly doubles FY2024 capacity, FY2024-25 revenue is taken as about the same amount, JPY 183bn. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Estimated T&D equipment revenue (JPY 55,000m / 0.30): JPY 183,333m x 70% in scope = JPY 128,333m / 150.7421 = $851m; total $0.851bn. Share = 0.851 / 81.1 (substations pool 2025, $81.1bn) = 1.050%. Range: low 0.700% to high 1.575% (capital intensity 0.45 to 0.20). Exchange rates: JPY 150.7421 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 70% (judgment): transmission-level transformers, switchgear and HVDC components; the rest is distribution equipment. The low and high ends use capital intensities of 0.45 and 0.20. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"participates":false,"evidence":{"url":"https://www.global.toshiba/content/dam/toshiba/ww/ir/corporate/finance/pdf/tpr2025q4e.pdf","title":"FY2025 Consolidated Business Results","publisher":"Toshiba Corporation","publishedDate":"2026-05-15","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Energy Systems & Solutions (power generation, transmission and distribution). No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.global.toshiba/content/dam/toshiba/ww/ir/corporate/finance/pdf/tpr2025q4e.pdf","title":"FY2025 Consolidated Business Results","publisher":"Toshiba Corporation","publishedDate":"2026-05-15","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Energy Systems & Solutions (power generation, transmission and distribution). No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.global.toshiba/content/dam/toshiba/ww/ir/corporate/finance/pdf/tpr2025q4e.pdf","title":"FY2025 Consolidated Business Results","publisher":"Toshiba Corporation","publishedDate":"2026-05-15","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Energy Systems & Solutions (power generation, transmission and distribution). No underground or submarine power cable activity is listed or implied there."}}},"baselineRevenueUsd":{"low":810803359,"central":1216205039,"high":1824307558,"unit":"USD","basis":"Toshiba transmission and distribution equipment revenue (estimated), fiscal year (April to March), US dollars","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://transformer-technology.com/toshiba-commits-370-million-to-expand-power-equipment-production-transformer-technology-news/","title":"Toshiba Commits $370 Million to Expand Power Equipment Production","publisher":"Transformer Technology","publishedDate":"2025-10-20","accessedDate":"2026-10-23","tier":"T5","locator":"JPY 55 billion capacity investment; capacity to more than double by FY2030"},"note":"Estimated, not disclosed: JPY 183bn (JPY 55bn / 0.30) / 150.74 (April 2025 to March 2026 average, ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period); low and high use capital intensities of 0.45 and 0.20."},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"36a77f7330a9aad5802c5c2e775215d37bae43052870f80d6e22c2a68f639e74"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"36a77f7330a9aad5802c5c2e775215d37bae43052870f80d6e22c2a68f639e74"}}},"powerchina":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"powerchina","name":"Power Construction Corporation of China (PowerChina)","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.591,"central":0.591,"high":0.591,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","title":"中国电力建设股份有限公司2025年年度报告 (Power Construction Corporation of China 2025 Annual Report)","publisher":"Power Construction Corporation of China (601669.SH), filed on cninfo.com.cn","publishedDate":"2026-04-24","accessedDate":"2026-10-23","tier":"T5","locator":"p.15: won several UHV AC and DC projects including the Tibet-Guangdong DC line; p.19: group revenue RMB 645.6bn, new contracts RMB 1,333.3bn"},"note":"PowerChina's 2025 annual report says it won several ultra-high-voltage AC and DC grid projects, including the Tibet-Guangdong DC project (p.15), and reports group revenue of RMB 645.6bn and new contracts of RMB 1,333.3bn, of which energy and power RMB 841.6bn (63.12%) (p.15, p.19). It gives no revenue for grid construction, which sits inside energy and power together with hydro, wind, solar, thermal and nuclear. Energy and power revenue is proxied by its 63.12% share of new contracts: RMB 645.6bn x 63.12% = RMB 407.5bn; transmission lines and substations are taken as 6% of that (judgment, range 3% to 10%) = RMB 24.5bn, split 47% substations and 53% lines. No prior-year figure was found, so there are no Rising inputs. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Energy and power revenue proxy (RMB 645.6bn x 63.12%): CNY 407,503m x 2.82% in scope x 30% own value-add = CNY 3,447m / 7.1882 = $480m; total $0.480bn. Share = 0.480 / 81.1 (substations pool 2025, $81.1bn) = 0.591%. Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Own value-add 30% (a recorded method decision): PowerChina buys the substation equipment (from makers such as those in the CEEG group) for its EPC contracts. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":1.043,"central":1.043,"high":1.043,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","title":"中国电力建设股份有限公司2025年年度报告 (Power Construction Corporation of China 2025 Annual Report)","publisher":"Power Construction Corporation of China (601669.SH), filed on cninfo.com.cn","publishedDate":"2026-04-24","accessedDate":"2026-10-23","tier":"T5","locator":"p.15: won several UHV AC and DC projects including the Tibet-Guangdong DC line; p.19: group revenue RMB 645.6bn, new contracts RMB 1,333.3bn"},"note":"PowerChina's 2025 annual report says it won several ultra-high-voltage AC and DC grid projects, including the Tibet-Guangdong DC project (p.15), and reports group revenue of RMB 645.6bn and new contracts of RMB 1,333.3bn, of which energy and power RMB 841.6bn (63.12%) (p.15, p.19). It gives no revenue for grid construction, which sits inside energy and power together with hydro, wind, solar, thermal and nuclear. Energy and power revenue is proxied by its 63.12% share of new contracts: RMB 645.6bn x 63.12% = RMB 407.5bn; transmission lines and substations are taken as 6% of that (judgment, range 3% to 10%) = RMB 24.5bn, split 47% substations and 53% lines. No prior-year figure was found, so there are no Rising inputs. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Energy and power revenue proxy (RMB 645.6bn x 63.12%): CNY 407,503m x 3.18% in scope x 53% own value-add = CNY 6,868m / 7.1882 = $955m; total $0.955bn. Share = 0.955 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 1.043%. Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Own value-add 53% (a recorded method decision): engineering and construction only; towers and conductors are bought from makers counted here. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":1.043,"central":1.043,"high":1.043,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","title":"中国电力建设股份有限公司2025年年度报告 (Power Construction Corporation of China 2025 Annual Report)","publisher":"Power Construction Corporation of China (601669.SH), filed on cninfo.com.cn","publishedDate":"2026-04-24","accessedDate":"2026-10-23","tier":"T5","locator":"p.15: won several UHV AC and DC projects including the Tibet-Guangdong DC line; p.19: group revenue RMB 645.6bn, new contracts RMB 1,333.3bn"},"note":"PowerChina's 2025 annual report says it won several ultra-high-voltage AC and DC grid projects, including the Tibet-Guangdong DC project (p.15), and reports group revenue of RMB 645.6bn and new contracts of RMB 1,333.3bn, of which energy and power RMB 841.6bn (63.12%) (p.15, p.19). It gives no revenue for grid construction, which sits inside energy and power together with hydro, wind, solar, thermal and nuclear. Energy and power revenue is proxied by its 63.12% share of new contracts: RMB 645.6bn x 63.12% = RMB 407.5bn; transmission lines and substations are taken as 6% of that (judgment, range 3% to 10%) = RMB 24.5bn, split 47% substations and 53% lines. No prior-year figure was found, so there are no Rising inputs. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Energy and power revenue proxy (RMB 645.6bn x 63.12%): CNY 407,503m x 3.18% in scope x 53% own value-add = CNY 6,868m / 7.1882 = $955m; total $0.955bn. Share = 0.955 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 1.043%. Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). The same line work, credited equally to both line functions, with a 53% own value-add. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"participates":false,"evidence":{"url":"https://www.powerchina.cn/","title":"PowerChina (home page)","publisher":"Power Construction Corporation of China","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: hydropower, water, new energy, grid networks. No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"443d523b517c40e99ad24126bf84d5a0313d38f7554838fcf7642f455e170ad9"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"443d523b517c40e99ad24126bf84d5a0313d38f7554838fcf7642f455e170ad9"}}},"vinci":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"vinci","name":"VINCI (Omexom, Cobra IS)","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.6,"central":0.6,"high":0.6,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.vinci.com/sites/default/files/medias/document/file/2026/02/Presentation%20VINCI%20-%20FY%202025.pdf","title":"VINCI 2025 full year results presentation","publisher":"VINCI","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"p.87: VINCI Energies energy infrastructure EUR 6.0bn: Transmission EUR 1.3bn, Substation EUR 1.2bn, Distribution EUR 2.1bn, Territories EUR 0.6bn, Power EUR 0.8bn; Infrastructure EUR 6.8bn (+6%); p.12: Cobra IS revenue EUR 8,004m (+13%)"},"note":"VINCI says VINCI Energies' energy infrastructure business was EUR 6.0bn in 2025, of which Transmission EUR 1.3bn and Substation EUR 1.2bn (results presentation p.87), within an Infrastructure division of EUR 6.8bn, up 6%; Cobra IS revenue was EUR 8,004m, up 13% (p.12). The 2024 split by line is not published, so 2024 Omexom lines are the 2025 values divided by 1.06 (the Infrastructure division's growth) and Cobra IS is divided by 1.13. Cobra IS also builds high-voltage lines, substations and HVDC platforms; its grid share is not disclosed and is assumed at 3% of revenue for each function. In-scope estimate for substations (5LayerCake judgments, not company disclosures): VINCI Energies Substation line: EUR 1,200m x 100% in scope x 30% own value-add = EUR 360m / 0.8871 = $406m; Cobra IS revenue: EUR 8,004m x 3% in scope x 30% own value-add = EUR 72m / 0.8871 = $81m; total $0.487bn. Share = 0.487 / 81.1 (substations pool 2025, $81.1bn) = 0.600%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Substations: VINCI Energies' reported Substation line plus 3% of Cobra IS revenue (judgment). Own value-add (a recorded method decision): turnkey EPC work with bought-in equipment and materials: 30% for substations and 53% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":1.004,"central":1.004,"high":1.004,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.vinci.com/sites/default/files/medias/document/file/2026/02/Presentation%20VINCI%20-%20FY%202025.pdf","title":"VINCI 2025 full year results presentation","publisher":"VINCI","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"p.87: VINCI Energies energy infrastructure EUR 6.0bn: Transmission EUR 1.3bn, Substation EUR 1.2bn, Distribution EUR 2.1bn, Territories EUR 0.6bn, Power EUR 0.8bn; Infrastructure EUR 6.8bn (+6%); p.12: Cobra IS revenue EUR 8,004m (+13%)"},"note":"VINCI says VINCI Energies' energy infrastructure business was EUR 6.0bn in 2025, of which Transmission EUR 1.3bn and Substation EUR 1.2bn (results presentation p.87), within an Infrastructure division of EUR 6.8bn, up 6%; Cobra IS revenue was EUR 8,004m, up 13% (p.12). The 2024 split by line is not published, so 2024 Omexom lines are the 2025 values divided by 1.06 (the Infrastructure division's growth) and Cobra IS is divided by 1.13. Cobra IS also builds high-voltage lines, substations and HVDC platforms; its grid share is not disclosed and is assumed at 3% of revenue for each function. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): VINCI Energies Transmission line: EUR 1,300m x 100% in scope x 53% own value-add = EUR 689m / 0.8871 = $777m; Cobra IS revenue: EUR 8,004m x 3% in scope x 53% own value-add = EUR 127m / 0.8871 = $143m; total $0.920bn. Share = 0.920 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 1.004%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Line structures and overhead conductors: VINCI Energies' reported Transmission line plus 3% of Cobra IS revenue (judgment), credited equally to both line functions. Own value-add (a recorded method decision): turnkey EPC work with bought-in equipment and materials: 30% for substations and 53% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":1.004,"central":1.004,"high":1.004,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.vinci.com/sites/default/files/medias/document/file/2026/02/Presentation%20VINCI%20-%20FY%202025.pdf","title":"VINCI 2025 full year results presentation","publisher":"VINCI","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"p.87: VINCI Energies energy infrastructure EUR 6.0bn: Transmission EUR 1.3bn, Substation EUR 1.2bn, Distribution EUR 2.1bn, Territories EUR 0.6bn, Power EUR 0.8bn; Infrastructure EUR 6.8bn (+6%); p.12: Cobra IS revenue EUR 8,004m (+13%)"},"note":"VINCI says VINCI Energies' energy infrastructure business was EUR 6.0bn in 2025, of which Transmission EUR 1.3bn and Substation EUR 1.2bn (results presentation p.87), within an Infrastructure division of EUR 6.8bn, up 6%; Cobra IS revenue was EUR 8,004m, up 13% (p.12). The 2024 split by line is not published, so 2024 Omexom lines are the 2025 values divided by 1.06 (the Infrastructure division's growth) and Cobra IS is divided by 1.13. Cobra IS also builds high-voltage lines, substations and HVDC platforms; its grid share is not disclosed and is assumed at 3% of revenue for each function. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): VINCI Energies Transmission line: EUR 1,300m x 100% in scope x 53% own value-add = EUR 689m / 0.8871 = $777m; Cobra IS revenue: EUR 8,004m x 3% in scope x 53% own value-add = EUR 127m / 0.8871 = $143m; total $0.920bn. Share = 0.920 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 1.004%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Line structures and overhead conductors: VINCI Energies' reported Transmission line plus 3% of Cobra IS revenue (judgment), credited equally to both line functions. Own value-add (a recorded method decision): turnkey EPC work with bought-in equipment and materials: 30% for substations and 53% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"participates":false,"evidence":{"url":"https://www.vinci.com/sites/default/files/medias/communiques/file/2026-10/further-growth-in-revenue-and-order-intake.pdf","title":"Further growth in revenue and order intake (nine-month 2026 revenue)","publisher":"VINCI","publishedDate":"2026-10-22","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Energy Solutions (VINCI Energies, Cobra IS), Concessions, Construction. No underground or submarine power cable activity is listed or implied there."}}},"priorShares":{"substations":{"low":0.624,"central":0.624,"high":0.624,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.vinci.com/sites/default/files/medias/document/file/2026/02/Presentation%20VINCI%20-%20FY%202025.pdf","title":"VINCI 2025 full year results presentation","publisher":"VINCI","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"p.87: VINCI Energies energy infrastructure EUR 6.0bn: Transmission EUR 1.3bn, Substation EUR 1.2bn, Distribution EUR 2.1bn, Territories EUR 0.6bn, Power EUR 0.8bn; Infrastructure EUR 6.8bn (+6%); p.12: Cobra IS revenue EUR 8,004m (+13%)"},"note":"VINCI says VINCI Energies' energy infrastructure business was EUR 6.0bn in 2025, of which Transmission EUR 1.3bn and Substation EUR 1.2bn (results presentation p.87), within an Infrastructure division of EUR 6.8bn, up 6%; Cobra IS revenue was EUR 8,004m, up 13% (p.12). The 2024 split by line is not published, so 2024 Omexom lines are the 2025 values divided by 1.06 (the Infrastructure division's growth) and Cobra IS is divided by 1.13. Cobra IS also builds high-voltage lines, substations and HVDC platforms; its grid share is not disclosed and is assumed at 3% of revenue for each function. In-scope estimate for substations (5LayerCake judgments, not company disclosures): VINCI Energies Substation line: EUR 1,132m x 100% in scope x 30% own value-add = EUR 340m / 0.9244 = $367m; Cobra IS revenue: EUR 7,083m x 3% in scope x 30% own value-add = EUR 64m / 0.9244 = $69m; total $0.436bn. Share = 0.436 / 69.9 (substations pool 2024, $69.9bn) = 0.624%. Exchange rates: EUR 0.9244 per USD (1.127 USD per EUR), 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Substations: VINCI Energies' reported Substation line plus 3% of Cobra IS revenue (judgment). Own value-add (a recorded method decision): turnkey EPC work with bought-in equipment and materials: 30% for substations and 53% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"line-structures":{"low":1.045,"central":1.045,"high":1.045,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.vinci.com/sites/default/files/medias/document/file/2026/02/Presentation%20VINCI%20-%20FY%202025.pdf","title":"VINCI 2025 full year results presentation","publisher":"VINCI","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"p.87: VINCI Energies energy infrastructure EUR 6.0bn: Transmission EUR 1.3bn, Substation EUR 1.2bn, Distribution EUR 2.1bn, Territories EUR 0.6bn, Power EUR 0.8bn; Infrastructure EUR 6.8bn (+6%); p.12: Cobra IS revenue EUR 8,004m (+13%)"},"note":"VINCI says VINCI Energies' energy infrastructure business was EUR 6.0bn in 2025, of which Transmission EUR 1.3bn and Substation EUR 1.2bn (results presentation p.87), within an Infrastructure division of EUR 6.8bn, up 6%; Cobra IS revenue was EUR 8,004m, up 13% (p.12). The 2024 split by line is not published, so 2024 Omexom lines are the 2025 values divided by 1.06 (the Infrastructure division's growth) and Cobra IS is divided by 1.13. Cobra IS also builds high-voltage lines, substations and HVDC platforms; its grid share is not disclosed and is assumed at 3% of revenue for each function. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): VINCI Energies Transmission line: EUR 1,226m x 100% in scope x 53% own value-add = EUR 650m / 0.9244 = $703m; Cobra IS revenue: EUR 7,083m x 3% in scope x 53% own value-add = EUR 113m / 0.9244 = $122m; total $0.825bn. Share = 0.825 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 1.045%. Exchange rates: EUR 0.9244 per USD (1.127 USD per EUR), 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Line structures and overhead conductors: VINCI Energies' reported Transmission line plus 3% of Cobra IS revenue (judgment), credited equally to both line functions. Own value-add (a recorded method decision): turnkey EPC work with bought-in equipment and materials: 30% for substations and 53% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":1.045,"central":1.045,"high":1.045,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.vinci.com/sites/default/files/medias/document/file/2026/02/Presentation%20VINCI%20-%20FY%202025.pdf","title":"VINCI 2025 full year results presentation","publisher":"VINCI","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"p.87: VINCI Energies energy infrastructure EUR 6.0bn: Transmission EUR 1.3bn, Substation EUR 1.2bn, Distribution EUR 2.1bn, Territories EUR 0.6bn, Power EUR 0.8bn; Infrastructure EUR 6.8bn (+6%); p.12: Cobra IS revenue EUR 8,004m (+13%)"},"note":"VINCI says VINCI Energies' energy infrastructure business was EUR 6.0bn in 2025, of which Transmission EUR 1.3bn and Substation EUR 1.2bn (results presentation p.87), within an Infrastructure division of EUR 6.8bn, up 6%; Cobra IS revenue was EUR 8,004m, up 13% (p.12). The 2024 split by line is not published, so 2024 Omexom lines are the 2025 values divided by 1.06 (the Infrastructure division's growth) and Cobra IS is divided by 1.13. Cobra IS also builds high-voltage lines, substations and HVDC platforms; its grid share is not disclosed and is assumed at 3% of revenue for each function. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): VINCI Energies Transmission line: EUR 1,226m x 100% in scope x 53% own value-add = EUR 650m / 0.9244 = $703m; Cobra IS revenue: EUR 7,083m x 3% in scope x 53% own value-add = EUR 113m / 0.9244 = $122m; total $0.825bn. Share = 0.825 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 1.045%. Exchange rates: EUR 0.9244 per USD (1.127 USD per EUR), 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Line structures and overhead conductors: VINCI Energies' reported Transmission line plus 3% of Cobra IS revenue (judgment), credited equally to both line functions. Own value-add (a recorded method decision): turnkey EPC work with bought-in equipment and materials: 30% for substations and 53% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"activityGrowth":{"current":{"low":6800000000,"central":6800000000,"high":6800000000,"unit":"EUR","basis":"VINCI Energies Infrastructure division revenue, calendar year, euros","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.vinci.com/sites/default/files/medias/document/file/2026/02/Presentation%20VINCI%20-%20FY%202025.pdf","title":"VINCI 2025 full year results presentation","publisher":"VINCI","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T2","locator":"p.87: VINCI Energies energy infrastructure EUR 6.0bn: Transmission EUR 1.3bn, Substation EUR 1.2bn, Distribution EUR 2.1bn, Territories EUR 0.6bn, Power EUR 0.8bn; Infrastructure EUR 6.8bn (+6%); p.12: Cobra IS revenue EUR 8,004m (+13%)"},"note":"Presentation p.87: EUR 6.8bn, +6%."},"prior":{"low":6415094340,"central":6415094340,"high":6415094340,"unit":"EUR","basis":"VINCI Energies Infrastructure division revenue, calendar year, euros","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.vinci.com/sites/default/files/medias/document/file/2026/02/Presentation%20VINCI%20-%20FY%202025.pdf","title":"VINCI 2025 full year results presentation","publisher":"VINCI","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T2","locator":"p.87: VINCI Energies energy infrastructure EUR 6.0bn: Transmission EUR 1.3bn, Substation EUR 1.2bn, Distribution EUR 2.1bn, Territories EUR 0.6bn, Power EUR 0.8bn; Infrastructure EUR 6.8bn (+6%); p.12: Cobra IS revenue EUR 8,004m (+13%)"},"note":"Derived: 6.8bn / 1.06 from the company-stated +6% (p.87). Rounded figures (EUR 6.8bn) put the derived 2024 value within EUR 0.07bn."}},"baselineRevenueUsd":{"low":6763274277,"central":6763274277,"high":6763274277,"unit":"USD","basis":"VINCI Energies energy infrastructure revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.vinci.com/sites/default/files/medias/document/file/2026/02/Presentation%20VINCI%20-%20FY%202025.pdf","title":"VINCI 2025 full year results presentation","publisher":"VINCI","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T2","locator":"p.87: VINCI Energies energy infrastructure EUR 6.0bn: Transmission EUR 1.3bn, Substation EUR 1.2bn, Distribution EUR 2.1bn, Territories EUR 0.6bn, Power EUR 0.8bn; Infrastructure EUR 6.8bn (+6%); p.12: Cobra IS revenue EUR 8,004m (+13%)"},"note":"EUR 6.0bn / 0.8871 (2025 average, ECB) = $6.76bn; the energy-infrastructure business of VINCI Energies (Omexom), not the VINCI group total."},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"33f6a3b43dcd06367ba47996b198cbfc26fb8173b08642a0c0a4c351440f6532"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"33f6a3b43dcd06367ba47996b198cbfc26fb8173b08642a0c0a4c351440f6532"}}},"sieyuan-electric":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"sieyuan-electric","name":"Sieyuan Electric","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":2.065,"central":2.065,"high":2.065,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-18/1225117829.PDF","title":"思源电气股份有限公司2025年年度报告全文 (Sieyuan Electric Co., Ltd. 2025 Annual Report)","publisher":"Sieyuan Electric Co., Ltd. (002028.SZ), filed on cninfo.com.cn","publishedDate":"2026-04-18","accessedDate":"2026-10-22","tier":"T5","locator":"p.17: revenue RMB 21,539.0m (2024 RMB 15,458.1m); switchgear 8,935.2m, transformers 4,633.4m, protection and automation 2,542.2m, power electronics 1,525.4m; p.15: new orders RMB 28.89bn (+34.64%)"},"note":"Sieyuan's 2025 annual report (p.17) shows revenue of RMB 21,539.0m (2024: RMB 15,458.1m), of which switchgear RMB 8,935.2m (2024 RMB 6,910.3m), transformers RMB 4,633.4m (RMB 3,348.4m), protection and automation RMB 2,542.2m (RMB 2,444.0m), power electronics RMB 1,525.4m (+49.49%, so RMB 1,020.4m in 2024) and EPC RMB 2,332.3m, with new orders of RMB 28.89bn (p.15). In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Switchgear: CNY 8,935m x 70% = CNY 6,255m / 7.1882 = $870m; Transformers: CNY 4,633m x 70% = CNY 3,243m / 7.1882 = $451m; Protection and automation: CNY 2,542m x 70% = CNY 1,780m / 7.1882 = $248m; Power electronics: CNY 1,525m x 50% = CNY 763m / 7.1882 = $106m; total $1.68bn. Share = 1.68 / 81.1 (substations pool 2025, $81.1bn) = 2.07%. Exchange rates: CNY 7.1882 per USD, 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fractions: switchgear, transformers and protection 70% (110 kV and above equipment for transmission substations; the rest is medium-voltage and industrial); power electronics 50% (SVG and FACTS); EPC and storage excluded. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"participates":false,"evidence":{"url":"https://www.energytrend.com/print/50780","title":"Sieyuan Electric 2025 preliminary results","publisher":"EnergyTrend","publishedDate":"2026-01","accessedDate":"2026-10-22","tier":"T3","locator":"Business lines in this source: transformers, switchgear, circuit breakers, instrument transformers, storage. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.energytrend.com/print/50780","title":"Sieyuan Electric 2025 preliminary results","publisher":"EnergyTrend","publishedDate":"2026-01","accessedDate":"2026-10-22","tier":"T3","locator":"Business lines in this source: transformers, switchgear, circuit breakers, instrument transformers, storage. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.energytrend.com/print/50780","title":"Sieyuan Electric 2025 preliminary results","publisher":"EnergyTrend","publishedDate":"2026-01","accessedDate":"2026-10-22","tier":"T3","locator":"Business lines in this source: transformers, switchgear, circuit breakers, instrument transformers, storage. No underground or submarine power cable activity is listed or implied there."}}},"priorShares":{"substations":{"low":1.869,"central":1.869,"high":1.869,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-18/1225117829.PDF","title":"思源电气股份有限公司2025年年度报告全文 (Sieyuan Electric Co., Ltd. 2025 Annual Report)","publisher":"Sieyuan Electric Co., Ltd. (002028.SZ), filed on cninfo.com.cn","publishedDate":"2026-04-18","accessedDate":"2026-10-22","tier":"T5","locator":"p.17: revenue RMB 21,539.0m (2024 RMB 15,458.1m); switchgear 8,935.2m, transformers 4,633.4m, protection and automation 2,542.2m, power electronics 1,525.4m; p.15: new orders RMB 28.89bn (+34.64%)"},"note":"Sieyuan's 2025 annual report (p.17) shows revenue of RMB 21,539.0m (2024: RMB 15,458.1m), of which switchgear RMB 8,935.2m (2024 RMB 6,910.3m), transformers RMB 4,633.4m (RMB 3,348.4m), protection and automation RMB 2,542.2m (RMB 2,444.0m), power electronics RMB 1,525.4m (+49.49%, so RMB 1,020.4m in 2024) and EPC RMB 2,332.3m, with new orders of RMB 28.89bn (p.15). In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Switchgear 2024: CNY 6,910m x 70% = CNY 4,837m / 7.1965 = $672m; Transformers 2024: CNY 3,348m x 70% = CNY 2,344m / 7.1965 = $326m; Protection and automation 2024: CNY 2,444m x 70% = CNY 1,711m / 7.1965 = $238m; Power electronics 2024: CNY 1,020m x 50% = CNY 510m / 7.1965 = $71m; total $1.31bn. Share = 1.31 / 69.9 (substations pool 2024, $69.9bn) = 1.87%. Exchange rates: CNY 7.1965 per USD, 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fractions: switchgear, transformers and protection 70% (110 kV and above equipment for transmission substations; the rest is medium-voltage and industrial); power electronics 50% (SVG and FACTS); EPC and storage excluded. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":21539031000,"central":21539031000,"high":21539031000,"unit":"CNY","basis":"Sieyuan Electric total operating revenue, calendar year, yuan","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-18/1225117829.PDF","title":"思源电气股份有限公司2025年年度报告全文 (Sieyuan Electric Co., Ltd. 2025 Annual Report)","publisher":"Sieyuan Electric Co., Ltd. (002028.SZ), filed on cninfo.com.cn","publishedDate":"2026-04-18","accessedDate":"2026-10-22","tier":"T1","locator":"p.17: revenue RMB 21,539.0m (2024 RMB 15,458.1m); switchgear 8,935.2m, transformers 4,633.4m, protection and automation 2,542.2m, power electronics 1,525.4m; p.15: new orders RMB 28.89bn (+34.64%)"},"note":"RMB 21,539,031,405.33 (+39.34%), annual report p.17."},"prior":{"low":15458069000,"central":15458069000,"high":15458069000,"unit":"CNY","basis":"Sieyuan Electric total operating revenue, calendar year, yuan","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-18/1225117829.PDF","title":"思源电气股份有限公司2025年年度报告全文 (Sieyuan Electric Co., Ltd. 2025 Annual Report)","publisher":"Sieyuan Electric Co., Ltd. (002028.SZ), filed on cninfo.com.cn","publishedDate":"2026-04-18","accessedDate":"2026-10-22","tier":"T1","locator":"p.17: revenue RMB 21,539.0m (2024 RMB 15,458.1m); switchgear 8,935.2m, transformers 4,633.4m, protection and automation 2,542.2m, power electronics 1,525.4m; p.15: new orders RMB 28.89bn (+34.64%)"},"note":"RMB 15,458,068,522.40, annual report p.17."}},"baselineRevenueUsd":{"low":2996430934,"central":2996430934,"high":2996430934,"unit":"USD","basis":"Sieyuan Electric total operating revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-18/1225117829.PDF","title":"思源电气股份有限公司2025年年度报告全文 (Sieyuan Electric Co., Ltd. 2025 Annual Report)","publisher":"Sieyuan Electric Co., Ltd. (002028.SZ), filed on cninfo.com.cn","publishedDate":"2026-04-18","accessedDate":"2026-10-22","tier":"T1","locator":"p.17: revenue RMB 21,539.0m (2024 RMB 15,458.1m); switchgear 8,935.2m, transformers 4,633.4m, protection and automation 2,542.2m, power electronics 1,525.4m; p.15: new orders RMB 28.89bn (+34.64%)"},"note":"RMB 21,539m / 7.1882 (2025 average, ECB) = $3.00bn; company total (the company is a single power-equipment business)."},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"5353ac59d8a3b5a65558f10d62408519417741f187c2ef4ebd97b889a3971a32"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"5353ac59d8a3b5a65558f10d62408519417741f187c2ef4ebd97b889a3971a32"}}},"sumitomo-electric":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"sumitomo-electric","name":"Sumitomo Electric Industries","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.874,"central":0.874,"high":0.874,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://sumitomoelectric.com/sites/default/files/2026-05/download_documents/fb2025_allv_0.pdf","title":"Fact Book FY2025 Result","publisher":"Sumitomo Electric Industries, Ltd.","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T5","locator":"p.4: Electric Power Cables (transmission and distribution wires, cables, equipment and installation) JPY 338.5bn in FY2025 and 308.7bn in FY2024; Nissin Electric JPY 174.1bn and 154.8bn"},"note":"Sumitomo Electric's fact book (p.4) shows Electric Power Cables (transmission and distribution wires, cables, equipment and installation) sales of JPY 338.5bn in FY2025 (April 2025 to March 2026) against JPY 308.7bn in FY2024, and Nissin Electric (its listed switchgear and power-equipment subsidiary) at JPY 174.1bn against JPY 154.8bn. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Electric Power Cables: JPY 338,500m x 11% = JPY 37,235m / 150.7421 = $247m; Nissin Electric: JPY 174,100m x 40% = JPY 69,640m / 150.7421 = $462m; total $0.71bn. Share = 0.71 / 81.1 (substations pool 2025, $81.1bn) = 0.87%. Exchange rates: JPY 150.74 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fractions: 11% of Electric Power Cables (cable accessories and T&D equipment used in substations) and 40% of Nissin Electric (high-voltage switchgear and substation equipment). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"participates":false,"evidence":{"url":"https://sumitomoelectric.com/sites/default/files/2026-05/download_documents/fb2025_allv_0.pdf","title":"Fact Book FY2025 Result","publisher":"Sumitomo Electric Industries, Ltd.","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Environment and Energy, Automotive, Information and Communications, Electronics, Industrial Materials. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"low":0.484,"central":0.484,"high":0.484,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://sumitomoelectric.com/sites/default/files/2026-05/download_documents/fb2025_allv_0.pdf","title":"Fact Book FY2025 Result","publisher":"Sumitomo Electric Industries, Ltd.","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T5","locator":"p.4: Electric Power Cables (transmission and distribution wires, cables, equipment and installation) JPY 338.5bn in FY2025 and 308.7bn in FY2024; Nissin Electric JPY 174.1bn and 154.8bn"},"note":"Sumitomo Electric's fact book (p.4) shows Electric Power Cables (transmission and distribution wires, cables, equipment and installation) sales of JPY 338.5bn in FY2025 (April 2025 to March 2026) against JPY 308.7bn in FY2024, and Nissin Electric (its listed switchgear and power-equipment subsidiary) at JPY 174.1bn against JPY 154.8bn. In-scope estimate for overhead-conductors (5LayerCake assumptions, not company disclosures): Electric Power Cables: JPY 338,500m x 7% = JPY 23,695m / 150.7421 = $157m; total $0.16bn. Share = 0.16 / 32.5 (overhead-conductors pool 2025, $32.5bn) = 0.48%. Exchange rates: JPY 150.74 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 7% of Electric Power Cables: overhead conductors. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"underground-cables":{"low":4.491,"central":4.491,"high":4.491,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://sumitomoelectric.com/sites/default/files/2026-05/download_documents/fb2025_allv_0.pdf","title":"Fact Book FY2025 Result","publisher":"Sumitomo Electric Industries, Ltd.","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T5","locator":"p.4: Electric Power Cables (transmission and distribution wires, cables, equipment and installation) JPY 338.5bn in FY2025 and 308.7bn in FY2024; Nissin Electric JPY 174.1bn and 154.8bn"},"note":"Sumitomo Electric's fact book (p.4) shows Electric Power Cables (transmission and distribution wires, cables, equipment and installation) sales of JPY 338.5bn in FY2025 (April 2025 to March 2026) against JPY 308.7bn in FY2024, and Nissin Electric (its listed switchgear and power-equipment subsidiary) at JPY 174.1bn against JPY 154.8bn. In-scope estimate for underground-cables (5LayerCake assumptions, not company disclosures): Electric Power Cables: JPY 338,500m x 40% = JPY 135,400m / 150.7421 = $898m; total $0.90bn. Share = 0.90 / 20.0 (underground-cables pool 2025, $20.0bn) = 4.49%. Exchange rates: JPY 150.74 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 40% of Electric Power Cables: high-voltage and DC underground and submarine cable plus installation. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"priorShares":{"substations":{"low":0.9,"central":0.9,"high":0.9,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://sumitomoelectric.com/sites/default/files/2026-05/download_documents/fb2025_allv_0.pdf","title":"Fact Book FY2025 Result","publisher":"Sumitomo Electric Industries, Ltd.","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T5","locator":"p.4: Electric Power Cables (transmission and distribution wires, cables, equipment and installation) JPY 338.5bn in FY2025 and 308.7bn in FY2024; Nissin Electric JPY 174.1bn and 154.8bn"},"note":"Sumitomo Electric's fact book (p.4) shows Electric Power Cables (transmission and distribution wires, cables, equipment and installation) sales of JPY 338.5bn in FY2025 (April 2025 to March 2026) against JPY 308.7bn in FY2024, and Nissin Electric (its listed switchgear and power-equipment subsidiary) at JPY 174.1bn against JPY 154.8bn. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Electric Power Cables FY2024: JPY 308,700m x 11% = JPY 33,957m / 152.4311 = $223m; Nissin Electric FY2024: JPY 154,800m x 40% = JPY 61,920m / 152.4311 = $406m; total $0.63bn. Share = 0.63 / 69.9 (substations pool 2024, $69.9bn) = 0.90%. Exchange rates: JPY 152.43 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fractions: 11% of Electric Power Cables (cable accessories and T&D equipment used in substations) and 40% of Nissin Electric (high-voltage switchgear and substation equipment). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"overhead-conductors":{"low":0.506,"central":0.506,"high":0.506,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://sumitomoelectric.com/sites/default/files/2026-05/download_documents/fb2025_allv_0.pdf","title":"Fact Book FY2025 Result","publisher":"Sumitomo Electric Industries, Ltd.","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T5","locator":"p.4: Electric Power Cables (transmission and distribution wires, cables, equipment and installation) JPY 338.5bn in FY2025 and 308.7bn in FY2024; Nissin Electric JPY 174.1bn and 154.8bn"},"note":"Sumitomo Electric's fact book (p.4) shows Electric Power Cables (transmission and distribution wires, cables, equipment and installation) sales of JPY 338.5bn in FY2025 (April 2025 to March 2026) against JPY 308.7bn in FY2024, and Nissin Electric (its listed switchgear and power-equipment subsidiary) at JPY 174.1bn against JPY 154.8bn. In-scope estimate for overhead-conductors (5LayerCake assumptions, not company disclosures): Electric Power Cables FY2024: JPY 308,700m x 7% = JPY 21,609m / 152.4311 = $142m; total $0.14bn. Share = 0.14 / 28.0 (overhead-conductors pool 2024, $28.0bn) = 0.51%. Exchange rates: JPY 152.43 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 7% of Electric Power Cables: overhead conductors. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"underground-cables":{"low":4.698,"central":4.698,"high":4.698,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://sumitomoelectric.com/sites/default/files/2026-05/download_documents/fb2025_allv_0.pdf","title":"Fact Book FY2025 Result","publisher":"Sumitomo Electric Industries, Ltd.","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T5","locator":"p.4: Electric Power Cables (transmission and distribution wires, cables, equipment and installation) JPY 338.5bn in FY2025 and 308.7bn in FY2024; Nissin Electric JPY 174.1bn and 154.8bn"},"note":"Sumitomo Electric's fact book (p.4) shows Electric Power Cables (transmission and distribution wires, cables, equipment and installation) sales of JPY 338.5bn in FY2025 (April 2025 to March 2026) against JPY 308.7bn in FY2024, and Nissin Electric (its listed switchgear and power-equipment subsidiary) at JPY 174.1bn against JPY 154.8bn. In-scope estimate for underground-cables (5LayerCake assumptions, not company disclosures): Electric Power Cables FY2024: JPY 308,700m x 40% = JPY 123,480m / 152.4311 = $810m; total $0.81bn. Share = 0.81 / 17.2 (underground-cables pool 2024, $17.2bn) = 4.70%. Exchange rates: JPY 152.43 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 40% of Electric Power Cables: high-voltage and DC underground and submarine cable plus installation. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":338500000000,"central":338500000000,"high":338500000000,"unit":"JPY","basis":"Sumitomo Electric Electric Power Cables segment-line sales, fiscal year (April to March), yen","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://sumitomoelectric.com/sites/default/files/2026-05/download_documents/fb2025_allv_0.pdf","title":"Fact Book FY2025 Result","publisher":"Sumitomo Electric Industries, Ltd.","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T2","locator":"p.4: Electric Power Cables (transmission and distribution wires, cables, equipment and installation) JPY 338.5bn in FY2025 and 308.7bn in FY2024; Nissin Electric JPY 174.1bn and 154.8bn"},"note":"Fact book p.4."},"prior":{"low":308700000000,"central":308700000000,"high":308700000000,"unit":"JPY","basis":"Sumitomo Electric Electric Power Cables segment-line sales, fiscal year (April to March), yen","period":"FY2024 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://sumitomoelectric.com/sites/default/files/2026-05/download_documents/fb2025_allv_0.pdf","title":"Fact Book FY2025 Result","publisher":"Sumitomo Electric Industries, Ltd.","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T2","locator":"p.4: Electric Power Cables (transmission and distribution wires, cables, equipment and installation) JPY 338.5bn in FY2025 and 308.7bn in FY2024; Nissin Electric JPY 174.1bn and 154.8bn"},"note":"Fact book p.4."}},"baselineRevenueUsd":{"low":3400509288,"central":3400509288,"high":3400509288,"unit":"USD","basis":"Sumitomo Electric Electric Power Cables plus Nissin Electric sales, fiscal year (April to March), US dollars","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://sumitomoelectric.com/sites/default/files/2026-05/download_documents/fb2025_allv_0.pdf","title":"Fact Book FY2025 Result","publisher":"Sumitomo Electric Industries, Ltd.","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T2","locator":"p.4: Electric Power Cables (transmission and distribution wires, cables, equipment and installation) JPY 338.5bn in FY2025 and 308.7bn in FY2024; Nissin Electric JPY 174.1bn and 154.8bn"},"note":"JPY (338.5 + 174.1)bn / 150.74 (April 2025 to March 2026 average, ECB) = $3.40bn; the two product lines that hold this sublayer's activity, not the group total of JPY 5,110bn."},"screening":{"substations":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":1.7},"underground-cables":{"levelLow":2.5,"levelHigh":4.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"7cc2f8b266fac5de456b7f720f90ebba1971536f29a9fa2c9689b1ee10bdec49"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"7cc2f8b266fac5de456b7f720f90ebba1971536f29a9fa2c9689b1ee10bdec49"}}},"mastec":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"mastec","name":"MasTec","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.35,"central":0.35,"high":0.35,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","title":"MasTec, Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"MasTec, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Power Delivery revenue $4,176.1m in 2025 and $3,612.7m in 2024 (recast), +15.6%"},"note":"MasTec's 10-K shows Power Delivery revenue of $4,176.1m in 2025 and $3,612.7m in 2024 (recast for the 2025 segment structure); Item 1 describes the segment as engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, distribution network systems, substations and grid modernisation, and its emergency restoration work includes grid hardening and power line undergrounding. The 10-K gives no split by voltage level, so the in-scope fractions are judgments. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Power Delivery revenue 2025: $4,176.1m x 8% in scope x 85% own value-add = $284m; total $0.284bn. Share = 0.284 / 81.1 (substations pool 2025, $81.1bn) = 0.350%. Own value-add (a recorded method decision): the 10-K (Item 1, Suppliers, Materials and Working Capital) says that under many contracts customers provide the necessary materials and supplies, and that under certain other projects MasTec purchases them on the customer's behalf; the value-add is taken as 85% of in-scope revenue (the rest being materials bought from makers counted elsewhere in this sublayer). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. Fraction 8% of Power Delivery: substations and switchyards. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":1.008,"central":1.008,"high":1.008,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","title":"MasTec, Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"MasTec, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Power Delivery revenue $4,176.1m in 2025 and $3,612.7m in 2024 (recast), +15.6%"},"note":"MasTec's 10-K shows Power Delivery revenue of $4,176.1m in 2025 and $3,612.7m in 2024 (recast for the 2025 segment structure); Item 1 describes the segment as engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, distribution network systems, substations and grid modernisation, and its emergency restoration work includes grid hardening and power line undergrounding. The 10-K gives no split by voltage level, so the in-scope fractions are judgments. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Power Delivery revenue 2025: $4,176.1m x 26% in scope x 85% own value-add = $923m; total $0.923bn. Share = 0.923 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 1.008%. Own value-add (a recorded method decision): the 10-K (Item 1, Suppliers, Materials and Working Capital) says that under many contracts customers provide the necessary materials and supplies, and that under certain other projects MasTec purchases them on the customer's behalf; the value-add is taken as 85% of in-scope revenue (the rest being materials bought from makers counted elsewhere in this sublayer). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing.  Fraction 26% of Power Delivery: high-voltage transmission lines. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":1.008,"central":1.008,"high":1.008,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","title":"MasTec, Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"MasTec, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Power Delivery revenue $4,176.1m in 2025 and $3,612.7m in 2024 (recast), +15.6%"},"note":"MasTec's 10-K shows Power Delivery revenue of $4,176.1m in 2025 and $3,612.7m in 2024 (recast for the 2025 segment structure); Item 1 describes the segment as engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, distribution network systems, substations and grid modernisation, and its emergency restoration work includes grid hardening and power line undergrounding. The 10-K gives no split by voltage level, so the in-scope fractions are judgments. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Power Delivery revenue 2025: $4,176.1m x 26% in scope x 85% own value-add = $923m; total $0.923bn. Share = 0.923 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 1.008%. Own value-add (a recorded method decision): the 10-K (Item 1, Suppliers, Materials and Working Capital) says that under many contracts customers provide the necessary materials and supplies, and that under certain other projects MasTec purchases them on the customer's behalf; the value-add is taken as 85% of in-scope revenue (the rest being materials bought from makers counted elsewhere in this sublayer). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing.  Fraction 26% of Power Delivery: high-voltage transmission lines. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.0177,"central":0.133,"high":0.444,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","title":"MasTec, Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"MasTec, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Power Delivery revenue $4,176.1m in 2025 and $3,612.7m in 2024 (recast), +15.6%"},"note":"MasTec's 10-K shows Power Delivery revenue of $4,176.1m in 2025 and $3,612.7m in 2024 (recast for the 2025 segment structure); Item 1 describes the segment as engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, distribution network systems, substations and grid modernisation, and its emergency restoration work includes grid hardening and power line undergrounding. The 10-K gives no split by voltage level, so the in-scope fractions are judgments. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Power Delivery revenue 2025: $4,176.1m x 0.75% in scope x 85% own value-add = $27m; total $26.6m. Share = 26.6m / 20,000m (underground-cables pool 2025, $20.0bn) = 0.133%. Range: low 0.0177% to high 0.444% (0.1% to 2.5% of Power Delivery revenue as high-voltage underground work). Own value-add (a recorded method decision): the 10-K (Item 1, Suppliers, Materials and Working Capital) says that under many contracts customers provide the necessary materials and supplies, and that under certain other projects MasTec purchases them on the customer's behalf; the value-add is taken as 85% of in-scope revenue (the rest being materials bought from makers counted elsewhere in this sublayer).  Fraction 0.75% of Power Delivery (range 0.1% to 2.5%): high-voltage underground cable installation; the 10-K names power line undergrounding in grid hardening but that is mostly distribution, which the card leaves out; it names no high-voltage cable manufacturing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"priorShares":{"substations":{"low":0.351,"central":0.351,"high":0.351,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","title":"MasTec, Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"MasTec, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Power Delivery revenue $4,176.1m in 2025 and $3,612.7m in 2024 (recast), +15.6%"},"note":"MasTec's 10-K shows Power Delivery revenue of $4,176.1m in 2025 and $3,612.7m in 2024 (recast for the 2025 segment structure); Item 1 describes the segment as engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, distribution network systems, substations and grid modernisation, and its emergency restoration work includes grid hardening and power line undergrounding. The 10-K gives no split by voltage level, so the in-scope fractions are judgments. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Power Delivery revenue 2024 (recast): $3,612.7m x 8% in scope x 85% own value-add = $246m; total $0.246bn. Share = 0.246 / 69.9 (substations pool 2024, $69.9bn) = 0.351%. Own value-add (a recorded method decision): the 10-K (Item 1, Suppliers, Materials and Working Capital) says that under many contracts customers provide the necessary materials and supplies, and that under certain other projects MasTec purchases them on the customer's behalf; the value-add is taken as 85% of in-scope revenue (the rest being materials bought from makers counted elsewhere in this sublayer). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. Fraction 8% of Power Delivery: substations and switchyards. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"line-structures":{"low":1.011,"central":1.011,"high":1.011,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","title":"MasTec, Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"MasTec, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Power Delivery revenue $4,176.1m in 2025 and $3,612.7m in 2024 (recast), +15.6%"},"note":"MasTec's 10-K shows Power Delivery revenue of $4,176.1m in 2025 and $3,612.7m in 2024 (recast for the 2025 segment structure); Item 1 describes the segment as engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, distribution network systems, substations and grid modernisation, and its emergency restoration work includes grid hardening and power line undergrounding. The 10-K gives no split by voltage level, so the in-scope fractions are judgments. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Power Delivery revenue 2024 (recast): $3,612.7m x 26% in scope x 85% own value-add = $798m; total $0.798bn. Share = 0.798 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 1.011%. Own value-add (a recorded method decision): the 10-K (Item 1, Suppliers, Materials and Working Capital) says that under many contracts customers provide the necessary materials and supplies, and that under certain other projects MasTec purchases them on the customer's behalf; the value-add is taken as 85% of in-scope revenue (the rest being materials bought from makers counted elsewhere in this sublayer). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing.  Fraction 26% of Power Delivery: high-voltage transmission lines. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":1.011,"central":1.011,"high":1.011,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","title":"MasTec, Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"MasTec, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Power Delivery revenue $4,176.1m in 2025 and $3,612.7m in 2024 (recast), +15.6%"},"note":"MasTec's 10-K shows Power Delivery revenue of $4,176.1m in 2025 and $3,612.7m in 2024 (recast for the 2025 segment structure); Item 1 describes the segment as engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, distribution network systems, substations and grid modernisation, and its emergency restoration work includes grid hardening and power line undergrounding. The 10-K gives no split by voltage level, so the in-scope fractions are judgments. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Power Delivery revenue 2024 (recast): $3,612.7m x 26% in scope x 85% own value-add = $798m; total $0.798bn. Share = 0.798 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 1.011%. Own value-add (a recorded method decision): the 10-K (Item 1, Suppliers, Materials and Working Capital) says that under many contracts customers provide the necessary materials and supplies, and that under certain other projects MasTec purchases them on the customer's behalf; the value-add is taken as 85% of in-scope revenue (the rest being materials bought from makers counted elsewhere in this sublayer). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing.  Fraction 26% of Power Delivery: high-voltage transmission lines. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.0178,"central":0.134,"high":0.445,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","title":"MasTec, Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"MasTec, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, segment results: Power Delivery revenue $4,176.1m in 2025 and $3,612.7m in 2024 (recast), +15.6%"},"note":"MasTec's 10-K shows Power Delivery revenue of $4,176.1m in 2025 and $3,612.7m in 2024 (recast for the 2025 segment structure); Item 1 describes the segment as engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, distribution network systems, substations and grid modernisation, and its emergency restoration work includes grid hardening and power line undergrounding. The 10-K gives no split by voltage level, so the in-scope fractions are judgments. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Power Delivery revenue 2024 (recast): $3,612.7m x 0.75% in scope x 85% own value-add = $23m; total $23.0m. Share = 23.0m / 17,241m (underground-cables pool 2024, $17.2bn) = 0.134%. Range: low 0.0178% to high 0.445% (0.1% to 2.5% of Power Delivery revenue as high-voltage underground work). Own value-add (a recorded method decision): the 10-K (Item 1, Suppliers, Materials and Working Capital) says that under many contracts customers provide the necessary materials and supplies, and that under certain other projects MasTec purchases them on the customer's behalf; the value-add is taken as 85% of in-scope revenue (the rest being materials bought from makers counted elsewhere in this sublayer).  Fraction 0.75% of Power Delivery (range 0.1% to 2.5%): high-voltage underground cable installation; the 10-K names power line undergrounding in grid hardening but that is mostly distribution, which the card leaves out; it names no high-voltage cable manufacturing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"activityGrowth":{"current":{"low":4176100000,"central":4176100000,"high":4176100000,"unit":"USD","basis":"MasTec Power Delivery segment revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","title":"MasTec, Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"MasTec, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, segment results: Power Delivery revenue $4,176.1m in 2025 and $3,612.7m in 2024 (recast), +15.6%"},"note":"10-K Item 7 segment results."},"prior":{"low":3612700000,"central":3612700000,"high":3612700000,"unit":"USD","basis":"MasTec Power Delivery segment revenue, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","title":"MasTec, Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"MasTec, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, segment results: Power Delivery revenue $4,176.1m in 2025 and $3,612.7m in 2024 (recast), +15.6%"},"note":"10-K Item 7, recast."}},"baselineRevenueUsd":{"low":4176100000,"central":4176100000,"high":4176100000,"unit":"USD","basis":"MasTec Power Delivery segment revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","title":"MasTec, Inc. Form 10-K for the fiscal year ended December 31, 2025","publisher":"MasTec, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, segment results: Power Delivery revenue $4,176.1m in 2025 and $3,612.7m in 2024 (recast), +15.6%"},"note":"Segment revenue, not the group total of $14.3bn."},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2},"underground-cables":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a8673288541eb56b25f476b3d62b15461c117da7c370b116f31c697c70e961fe"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a8673288541eb56b25f476b3d62b15461c117da7c370b116f31c697c70e961fe"}}},"kec-international":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"kec-international","name":"KEC International","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.133,"central":0.133,"high":0.133,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.kecrpg.com/public/media/annualReportMedia/KEC_Annual_Report_2025-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"KEC International Limited","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"p.14 and p.33: T&D revenue up 24% to Rs 15,883 crore in FY26; T&D order book about Rs 23,000 crore on 31 March 2026, 63% of the unexecuted order book"},"note":"KEC says T&D revenue rose 24% to Rs 15,883 crore in FY2025-26 (April 2025 to March 2026), making T&D its largest business, and that the T&D order book was about Rs 23,000 crore on 31 March 2026 (annual report p.14 and p.33). FY2024-25 T&D is Rs 12,809 crore (15,883 / 1.24). KEC describes T&D as transmission lines up to 1,200 kV, substations, HVDC, STATCOM, underground cabling and in-house towers, poles and hardware (p.5, p.13-14); the lattice towers are designed, fabricated and tested at its own plants in India, the UAE, Brazil and Mexico (p.14); the report also lists Gas Insulated Substations up to 765 kV and underground cabling up to 220 kV (p.62), and a separate Cables business (HT and EHV cables, p.7) with revenue of Rs 2,217 crore, +23% (p.47). In-scope estimate for substations (5LayerCake judgments, not company disclosures): T&D revenue: INR 158,830m x 20% in scope x 30% own value-add = INR 9,530m / 88.3848 = $108m; total $0.108bn. Share = 0.108 / 81.1 (substations pool 2025, $81.1bn) = 0.133%. Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 20% of T&D: substations, HVDC and STATCOM (judgment). Own value-add 30% (a recorded method decision): KEC buys the transformers, switchgear and converter equipment for turnkey substations. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":1.033,"central":1.033,"high":1.033,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.kecrpg.com/public/media/annualReportMedia/KEC_Annual_Report_2025-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"KEC International Limited","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"p.14 and p.33: T&D revenue up 24% to Rs 15,883 crore in FY26; T&D order book about Rs 23,000 crore on 31 March 2026, 63% of the unexecuted order book"},"note":"KEC says T&D revenue rose 24% to Rs 15,883 crore in FY2025-26 (April 2025 to March 2026), making T&D its largest business, and that the T&D order book was about Rs 23,000 crore on 31 March 2026 (annual report p.14 and p.33). FY2024-25 T&D is Rs 12,809 crore (15,883 / 1.24). KEC describes T&D as transmission lines up to 1,200 kV, substations, HVDC, STATCOM, underground cabling and in-house towers, poles and hardware (p.5, p.13-14); the lattice towers are designed, fabricated and tested at its own plants in India, the UAE, Brazil and Mexico (p.14); the report also lists Gas Insulated Substations up to 765 kV and underground cabling up to 220 kV (p.62), and a separate Cables business (HT and EHV cables, p.7) with revenue of Rs 2,217 crore, +23% (p.47). In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): T&D revenue: INR 158,830m x 65% in scope x 81% own value-add = INR 83,624m / 88.3848 = $946m; total $0.946bn. Share = 0.946 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 1.033%. Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 65% of T&D: transmission lines and towers (judgment). Own value-add 81% (a recorded method decision): 53% for engineering and construction plus 28% for the structures, because KEC fabricates its own towers; it buys the conductors. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":1.033,"central":1.033,"high":1.033,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.kecrpg.com/public/media/annualReportMedia/KEC_Annual_Report_2025-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"KEC International Limited","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"p.14 and p.33: T&D revenue up 24% to Rs 15,883 crore in FY26; T&D order book about Rs 23,000 crore on 31 March 2026, 63% of the unexecuted order book"},"note":"KEC says T&D revenue rose 24% to Rs 15,883 crore in FY2025-26 (April 2025 to March 2026), making T&D its largest business, and that the T&D order book was about Rs 23,000 crore on 31 March 2026 (annual report p.14 and p.33). FY2024-25 T&D is Rs 12,809 crore (15,883 / 1.24). KEC describes T&D as transmission lines up to 1,200 kV, substations, HVDC, STATCOM, underground cabling and in-house towers, poles and hardware (p.5, p.13-14); the lattice towers are designed, fabricated and tested at its own plants in India, the UAE, Brazil and Mexico (p.14); the report also lists Gas Insulated Substations up to 765 kV and underground cabling up to 220 kV (p.62), and a separate Cables business (HT and EHV cables, p.7) with revenue of Rs 2,217 crore, +23% (p.47). In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): T&D revenue: INR 158,830m x 65% in scope x 81% own value-add = INR 83,624m / 88.3848 = $946m; total $0.946bn. Share = 0.946 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 1.033%. Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 65% of T&D: transmission lines and towers (judgment), the same line work credited to both line functions. Own value-add 81% as for line structures. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.0612,"central":0.22,"high":0.549,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.kecrpg.com/public/media/annualReportMedia/KEC_Annual_Report_2025-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"KEC International Limited","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"p.14 and p.33: T&D revenue up 24% to Rs 15,883 crore in FY26; T&D order book about Rs 23,000 crore on 31 March 2026, 63% of the unexecuted order book"},"note":"KEC says T&D revenue rose 24% to Rs 15,883 crore in FY2025-26 (April 2025 to March 2026), making T&D its largest business, and that the T&D order book was about Rs 23,000 crore on 31 March 2026 (annual report p.14 and p.33). FY2024-25 T&D is Rs 12,809 crore (15,883 / 1.24). KEC describes T&D as transmission lines up to 1,200 kV, substations, HVDC, STATCOM, underground cabling and in-house towers, poles and hardware (p.5, p.13-14); the lattice towers are designed, fabricated and tested at its own plants in India, the UAE, Brazil and Mexico (p.14); the report also lists Gas Insulated Substations up to 765 kV and underground cabling up to 220 kV (p.62), and a separate Cables business (HT and EHV cables, p.7) with revenue of Rs 2,217 crore, +23% (p.47). In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): T&D underground cabling (EPC): INR 158,830m x 3% in scope x 35% own value-add = INR 1,668m / 88.3848 = $19m; Cables business revenue: INR 22,170m x 10% in scope = INR 2,217m / 88.3848 = $25m; total $44.0m. Share = 44.0m / 20,000m (underground-cables pool 2025, $20.0bn) = 0.220%. Range: low 0.0612% to high 0.549% (low 25-30% and high 250% of the central parts, because the annual report gives no revenue for either). Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fractions (judgments): 3% of T&D revenue is high-voltage underground cabling EPC, with a 35% own value-add because the cable is bought from makers counted in this function; 10% of the Cables business is HT and EHV power cable (the rest is low-voltage cable and conductors), with a 100% own value-add because KEC makes it. The annual report (p.5, p.14, p.62) says KEC offers underground cabling up to 220 kV, so participation is real but unsized. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"priorShares":{"substations":{"low":0.13,"central":0.13,"high":0.13,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024-25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.kecrpg.com/public/media/annualReportMedia/KEC_Annual_Report_2025-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"KEC International Limited","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"p.14 and p.33: T&D revenue up 24% to Rs 15,883 crore in FY26; T&D order book about Rs 23,000 crore on 31 March 2026, 63% of the unexecuted order book"},"note":"KEC says T&D revenue rose 24% to Rs 15,883 crore in FY2025-26 (April 2025 to March 2026), making T&D its largest business, and that the T&D order book was about Rs 23,000 crore on 31 March 2026 (annual report p.14 and p.33). FY2024-25 T&D is Rs 12,809 crore (15,883 / 1.24). KEC describes T&D as transmission lines up to 1,200 kV, substations, HVDC, STATCOM, underground cabling and in-house towers, poles and hardware (p.5, p.13-14); the lattice towers are designed, fabricated and tested at its own plants in India, the UAE, Brazil and Mexico (p.14); the report also lists Gas Insulated Substations up to 765 kV and underground cabling up to 220 kV (p.62), and a separate Cables business (HT and EHV cables, p.7) with revenue of Rs 2,217 crore, +23% (p.47). In-scope estimate for substations (5LayerCake judgments, not company disclosures): T&D revenue: INR 128,089m x 20% in scope x 30% own value-add = INR 7,685m / 84.5661 = $91m; total $90.9m. Share = 90.9m / 69,914m (substations pool 2024, $69.9bn) = 0.130%. Exchange rates: INR 84.5661 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 20% of T&D: substations, HVDC and STATCOM (judgment). Own value-add 30% (a recorded method decision): KEC buys the transformers, switchgear and converter equipment for turnkey substations. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"line-structures":{"low":1.01,"central":1.01,"high":1.01,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024-25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.kecrpg.com/public/media/annualReportMedia/KEC_Annual_Report_2025-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"KEC International Limited","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"p.14 and p.33: T&D revenue up 24% to Rs 15,883 crore in FY26; T&D order book about Rs 23,000 crore on 31 March 2026, 63% of the unexecuted order book"},"note":"KEC says T&D revenue rose 24% to Rs 15,883 crore in FY2025-26 (April 2025 to March 2026), making T&D its largest business, and that the T&D order book was about Rs 23,000 crore on 31 March 2026 (annual report p.14 and p.33). FY2024-25 T&D is Rs 12,809 crore (15,883 / 1.24). KEC describes T&D as transmission lines up to 1,200 kV, substations, HVDC, STATCOM, underground cabling and in-house towers, poles and hardware (p.5, p.13-14); the lattice towers are designed, fabricated and tested at its own plants in India, the UAE, Brazil and Mexico (p.14); the report also lists Gas Insulated Substations up to 765 kV and underground cabling up to 220 kV (p.62), and a separate Cables business (HT and EHV cables, p.7) with revenue of Rs 2,217 crore, +23% (p.47). In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): T&D revenue: INR 128,089m x 65% in scope x 81% own value-add = INR 67,439m / 84.5661 = $797m; total $0.797bn. Share = 0.797 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 1.010%. Exchange rates: INR 84.5661 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 65% of T&D: transmission lines and towers (judgment). Own value-add 81% (a recorded method decision): 53% for engineering and construction plus 28% for the structures, because KEC fabricates its own towers; it buys the conductors. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":1.01,"central":1.01,"high":1.01,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024-25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.kecrpg.com/public/media/annualReportMedia/KEC_Annual_Report_2025-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"KEC International Limited","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"p.14 and p.33: T&D revenue up 24% to Rs 15,883 crore in FY26; T&D order book about Rs 23,000 crore on 31 March 2026, 63% of the unexecuted order book"},"note":"KEC says T&D revenue rose 24% to Rs 15,883 crore in FY2025-26 (April 2025 to March 2026), making T&D its largest business, and that the T&D order book was about Rs 23,000 crore on 31 March 2026 (annual report p.14 and p.33). FY2024-25 T&D is Rs 12,809 crore (15,883 / 1.24). KEC describes T&D as transmission lines up to 1,200 kV, substations, HVDC, STATCOM, underground cabling and in-house towers, poles and hardware (p.5, p.13-14); the lattice towers are designed, fabricated and tested at its own plants in India, the UAE, Brazil and Mexico (p.14); the report also lists Gas Insulated Substations up to 765 kV and underground cabling up to 220 kV (p.62), and a separate Cables business (HT and EHV cables, p.7) with revenue of Rs 2,217 crore, +23% (p.47). In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): T&D revenue: INR 128,089m x 65% in scope x 81% own value-add = INR 67,439m / 84.5661 = $797m; total $0.797bn. Share = 0.797 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 1.010%. Exchange rates: INR 84.5661 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 65% of T&D: transmission lines and towers (judgment), the same line work credited to both line functions. Own value-add 81% as for line structures. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.0601,"central":0.216,"high":0.54,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024-25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.kecrpg.com/public/media/annualReportMedia/KEC_Annual_Report_2025-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"KEC International Limited","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"p.14 and p.33: T&D revenue up 24% to Rs 15,883 crore in FY26; T&D order book about Rs 23,000 crore on 31 March 2026, 63% of the unexecuted order book"},"note":"KEC says T&D revenue rose 24% to Rs 15,883 crore in FY2025-26 (April 2025 to March 2026), making T&D its largest business, and that the T&D order book was about Rs 23,000 crore on 31 March 2026 (annual report p.14 and p.33). FY2024-25 T&D is Rs 12,809 crore (15,883 / 1.24). KEC describes T&D as transmission lines up to 1,200 kV, substations, HVDC, STATCOM, underground cabling and in-house towers, poles and hardware (p.5, p.13-14); the lattice towers are designed, fabricated and tested at its own plants in India, the UAE, Brazil and Mexico (p.14); the report also lists Gas Insulated Substations up to 765 kV and underground cabling up to 220 kV (p.62), and a separate Cables business (HT and EHV cables, p.7) with revenue of Rs 2,217 crore, +23% (p.47). In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): T&D underground cabling (EPC): INR 128,089m x 3% in scope x 35% own value-add = INR 1,345m / 84.5661 = $16m; Cables business revenue: INR 18,024m x 10% in scope = INR 1,802m / 84.5661 = $21m; total $37.2m. Share = 37.2m / 17,241m (underground-cables pool 2024, $17.2bn) = 0.216%. Range: low 0.0601% to high 0.540% (low 25-30% and high 250% of the central parts, because the annual report gives no revenue for either). Exchange rates: INR 84.5661 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fractions (judgments): 3% of T&D revenue is high-voltage underground cabling EPC, with a 35% own value-add because the cable is bought from makers counted in this function; 10% of the Cables business is HT and EHV power cable (the rest is low-voltage cable and conductors), with a 100% own value-add because KEC makes it. The annual report (p.5, p.14, p.62) says KEC offers underground cabling up to 220 kV, so participation is real but unsized. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"activityGrowth":{"current":{"low":158830000000,"central":158830000000,"high":158830000000,"unit":"INR","basis":"KEC International Transmission & Distribution revenue, fiscal year (April to March), Indian rupees","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.kecrpg.com/public/media/annualReportMedia/KEC_Annual_Report_2025-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"KEC International Limited","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"p.14 and p.33: T&D revenue up 24% to Rs 15,883 crore in FY26; T&D order book about Rs 23,000 crore on 31 March 2026, 63% of the unexecuted order book"},"note":"Rs 15,883 crore (annual report p.33)."},"prior":{"low":128088709677,"central":128088709677,"high":128088709677,"unit":"INR","basis":"KEC International Transmission & Distribution revenue, fiscal year (April to March), Indian rupees","period":"FY2024-25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.kecrpg.com/public/media/annualReportMedia/KEC_Annual_Report_2025-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"KEC International Limited","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"p.14 and p.33: T&D revenue up 24% to Rs 15,883 crore in FY26; T&D order book about Rs 23,000 crore on 31 March 2026, 63% of the unexecuted order book"},"note":"Derived from the company-stated +24%."}},"committedExpansion":{"low":1.448,"central":1.448,"high":1.448,"unit":"ratio","basis":"KEC T&D order book at 31 March 2026 / T&D revenue FY2025-26","period":"Order book at 31 March 2026","periodEnd":"2026-03-31","source":{"url":"https://www.kecrpg.com/public/media/annualReportMedia/KEC_Annual_Report_2025-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"KEC International Limited","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"p.14 and p.33: T&D revenue up 24% to Rs 15,883 crore in FY26; T&D order book about Rs 23,000 crore on 31 March 2026, 63% of the unexecuted order book"},"note":"The company says the T&D order book was about Rs 23,000 crore, or 63% of the unexecuted order book (p.33); 23,000 / 15,883 = 1.45."},"baselineRevenueUsd":{"low":1797029278,"central":1797029278,"high":1797029278,"unit":"USD","basis":"KEC International Transmission & Distribution revenue, fiscal year (April to March), US dollars","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.kecrpg.com/public/media/annualReportMedia/KEC_Annual_Report_2025-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"KEC International Limited","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"p.14 and p.33: T&D revenue up 24% to Rs 15,883 crore in FY26; T&D order book about Rs 23,000 crore on 31 March 2026, 63% of the unexecuted order book"},"note":"Rs 15,883 crore / 88.38 (April 2025 to March 2026 average, ECB) = $1.80bn; T&D business, not the group total of Rs 23,506 crore."},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2},"underground-cables":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"fa057ff3b5a883602db2e6edd8d6b6c1ac151ded5aff275f46c41893dfdd7190"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"fa057ff3b5a883602db2e6edd8d6b6c1ac151ded5aff275f46c41893dfdd7190"}}},"zhongtian-technology":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"zhongtian-technology","name":"Zhongtian Technology (ZTT)","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"participates":false,"evidence":{"url":"https://www.ztt.cn/","title":"ZTT Zhongtian Technology (home page)","publisher":"Jiangsu Zhongtian Technology Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: power transmission and distribution products, submarine cables, optical fibre. No substation equipment or construction activity is listed or implied there."}},"line-structures":{"participates":false,"evidence":{"url":"https://www.ztt.cn/","title":"ZTT Zhongtian Technology (home page)","publisher":"Jiangsu Zhongtian Technology Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: power transmission and distribution products, submarine cables, optical fibre. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"low":2.383,"central":2.383,"high":2.383,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","title":"江苏中天科技股份有限公司2025年年度报告 (Jiangsu Zhongtian Technology Co., Ltd. 2025 Annual Report)","publisher":"Jiangsu Zhongtian Technology Co., Ltd. (600522.SH), filed on cninfo.com.cn","publishedDate":"2026-04-25","accessedDate":"2026-10-22","tier":"T5","locator":"p.41: grid construction (电网建设) revenue RMB 22,263.8m (+12.53%), marine series (海洋系列) RMB 6,348.8m (+74.25%), new energy RMB 5,697.2m; p.11: energy-network backlog about RMB 30.8bn at 31 March 2026"},"note":"ZTT's 2025 annual report (p.41) shows grid construction revenue of RMB 22,263.8m (+12.53%; overhead and OPGW conductors, power cable, transmission-line fittings, distribution equipment and grid EPC) and marine series revenue of RMB 6,348.8m (+74.25%; submarine power and optical cables, EHV AC and DC submarine cable), so 2024 was RMB 19,785m and RMB 3,643m. The company says its energy-network backlog was about RMB 30.8bn on 31 March 2026: marine about RMB 12.1bn, grid construction about RMB 16.2bn, new energy about RMB 2.5bn (p.11). In-scope estimate for overhead-conductors (5LayerCake assumptions, not company disclosures): Grid construction revenue: CNY 22,264m x 25% = CNY 5,566m / 7.1882 = $774m; total $0.77bn. Share = 0.77 / 32.5 (overhead-conductors pool 2025, $32.5bn) = 2.38%. Exchange rates: CNY 7.1882 per USD, 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 25% of grid construction: overhead conductors and OPGW; the rest is power cable, fittings, distribution equipment and EPC. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"underground-cables":{"low":3.533,"central":3.533,"high":3.533,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","title":"江苏中天科技股份有限公司2025年年度报告 (Jiangsu Zhongtian Technology Co., Ltd. 2025 Annual Report)","publisher":"Jiangsu Zhongtian Technology Co., Ltd. (600522.SH), filed on cninfo.com.cn","publishedDate":"2026-04-25","accessedDate":"2026-10-22","tier":"T5","locator":"p.41: grid construction (电网建设) revenue RMB 22,263.8m (+12.53%), marine series (海洋系列) RMB 6,348.8m (+74.25%), new energy RMB 5,697.2m; p.11: energy-network backlog about RMB 30.8bn at 31 March 2026"},"note":"ZTT's 2025 annual report (p.41) shows grid construction revenue of RMB 22,263.8m (+12.53%; overhead and OPGW conductors, power cable, transmission-line fittings, distribution equipment and grid EPC) and marine series revenue of RMB 6,348.8m (+74.25%; submarine power and optical cables, EHV AC and DC submarine cable), so 2024 was RMB 19,785m and RMB 3,643m. The company says its energy-network backlog was about RMB 30.8bn on 31 March 2026: marine about RMB 12.1bn, grid construction about RMB 16.2bn, new energy about RMB 2.5bn (p.11). In-scope estimate for underground-cables (5LayerCake assumptions, not company disclosures): Marine series revenue: CNY 6,349m x 80% = CNY 5,079m / 7.1882 = $707m; total $0.71bn. Share = 0.71 / 20.0 (underground-cables pool 2025, $20.0bn) = 3.53%. Exchange rates: CNY 7.1882 per USD, 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 80% of marine series: submarine power cable (extra-high-voltage AC and DC and dynamic cable); the rest is optical and ocean-observation products. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"priorShares":{"overhead-conductors":{"low":2.453,"central":2.453,"high":2.453,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","title":"江苏中天科技股份有限公司2025年年度报告 (Jiangsu Zhongtian Technology Co., Ltd. 2025 Annual Report)","publisher":"Jiangsu Zhongtian Technology Co., Ltd. (600522.SH), filed on cninfo.com.cn","publishedDate":"2026-04-25","accessedDate":"2026-10-22","tier":"T5","locator":"p.41: grid construction (电网建设) revenue RMB 22,263.8m (+12.53%), marine series (海洋系列) RMB 6,348.8m (+74.25%), new energy RMB 5,697.2m; p.11: energy-network backlog about RMB 30.8bn at 31 March 2026"},"note":"ZTT's 2025 annual report (p.41) shows grid construction revenue of RMB 22,263.8m (+12.53%; overhead and OPGW conductors, power cable, transmission-line fittings, distribution equipment and grid EPC) and marine series revenue of RMB 6,348.8m (+74.25%; submarine power and optical cables, EHV AC and DC submarine cable), so 2024 was RMB 19,785m and RMB 3,643m. The company says its energy-network backlog was about RMB 30.8bn on 31 March 2026: marine about RMB 12.1bn, grid construction about RMB 16.2bn, new energy about RMB 2.5bn (p.11). In-scope estimate for overhead-conductors (5LayerCake assumptions, not company disclosures): Grid construction revenue 2024: CNY 19,785m x 25% = CNY 4,946m / 7.1965 = $687m; total $0.69bn. Share = 0.69 / 28.0 (overhead-conductors pool 2024, $28.0bn) = 2.45%. Exchange rates: CNY 7.1965 per USD, 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 25% of grid construction: overhead conductors and OPGW; the rest is power cable, fittings, distribution equipment and EPC. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"underground-cables":{"low":2.349,"central":2.349,"high":2.349,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","title":"江苏中天科技股份有限公司2025年年度报告 (Jiangsu Zhongtian Technology Co., Ltd. 2025 Annual Report)","publisher":"Jiangsu Zhongtian Technology Co., Ltd. (600522.SH), filed on cninfo.com.cn","publishedDate":"2026-04-25","accessedDate":"2026-10-22","tier":"T5","locator":"p.41: grid construction (电网建设) revenue RMB 22,263.8m (+12.53%), marine series (海洋系列) RMB 6,348.8m (+74.25%), new energy RMB 5,697.2m; p.11: energy-network backlog about RMB 30.8bn at 31 March 2026"},"note":"ZTT's 2025 annual report (p.41) shows grid construction revenue of RMB 22,263.8m (+12.53%; overhead and OPGW conductors, power cable, transmission-line fittings, distribution equipment and grid EPC) and marine series revenue of RMB 6,348.8m (+74.25%; submarine power and optical cables, EHV AC and DC submarine cable), so 2024 was RMB 19,785m and RMB 3,643m. The company says its energy-network backlog was about RMB 30.8bn on 31 March 2026: marine about RMB 12.1bn, grid construction about RMB 16.2bn, new energy about RMB 2.5bn (p.11). In-scope estimate for underground-cables (5LayerCake assumptions, not company disclosures): Marine series revenue 2024: CNY 3,643m x 80% = CNY 2,915m / 7.1965 = $405m; total $0.41bn. Share = 0.41 / 17.2 (underground-cables pool 2024, $17.2bn) = 2.35%. Exchange rates: CNY 7.1965 per USD, 2024 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 80% of marine series: submarine power cable (extra-high-voltage AC and DC and dynamic cable); the rest is optical and ocean-observation products. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":28612600000,"central":28612600000,"high":28612600000,"unit":"CNY","basis":"Zhongtian Technology grid construction plus marine series revenue, calendar year, yuan","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","title":"江苏中天科技股份有限公司2025年年度报告 (Jiangsu Zhongtian Technology Co., Ltd. 2025 Annual Report)","publisher":"Jiangsu Zhongtian Technology Co., Ltd. (600522.SH), filed on cninfo.com.cn","publishedDate":"2026-04-25","accessedDate":"2026-10-22","tier":"T1","locator":"p.41: grid construction (电网建设) revenue RMB 22,263.8m (+12.53%), marine series (海洋系列) RMB 6,348.8m (+74.25%), new energy RMB 5,697.2m; p.11: energy-network backlog about RMB 30.8bn at 31 March 2026"},"note":"RMB 22,263.8m + 6,348.8m (annual report p.41)."},"prior":{"low":23428272371,"central":23428272371,"high":23428272371,"unit":"CNY","basis":"Zhongtian Technology grid construction plus marine series revenue, calendar year, yuan","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","title":"江苏中天科技股份有限公司2025年年度报告 (Jiangsu Zhongtian Technology Co., Ltd. 2025 Annual Report)","publisher":"Jiangsu Zhongtian Technology Co., Ltd. (600522.SH), filed on cninfo.com.cn","publishedDate":"2026-04-25","accessedDate":"2026-10-22","tier":"T1","locator":"p.41: grid construction (电网建设) revenue RMB 22,263.8m (+12.53%), marine series (海洋系列) RMB 6,348.8m (+74.25%), new energy RMB 5,697.2m; p.11: energy-network backlog about RMB 30.8bn at 31 March 2026"},"note":"The 2025 values divided by one plus the stated +12.53% and +74.25% (annual report p.41)."}},"committedExpansion":{"low":0.898,"central":0.898,"high":0.898,"unit":"ratio","basis":"ZTT energy-network backlog at 31 March 2026 / energy-network revenue 2025 (grid construction, marine series, new energy)","period":"Backlog at 31 March 2026","periodEnd":"2026-03-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","title":"江苏中天科技股份有限公司2025年年度报告 (Jiangsu Zhongtian Technology Co., Ltd. 2025 Annual Report)","publisher":"Jiangsu Zhongtian Technology Co., Ltd. (600522.SH), filed on cninfo.com.cn","publishedDate":"2026-04-25","accessedDate":"2026-10-22","tier":"T1","locator":"p.41: grid construction (电网建设) revenue RMB 22,263.8m (+12.53%), marine series (海洋系列) RMB 6,348.8m (+74.25%), new energy RMB 5,697.2m; p.11: energy-network backlog about RMB 30.8bn at 31 March 2026"},"note":"The company says the energy-network backlog was about RMB 30.8bn on 31 March 2026 (p.11); 2025 revenue of the same three lines is RMB 34,310m (p.41); 30,800 / 34,310 = 0.90. The backlog date is three months after the revenue year end."},"baselineRevenueUsd":{"low":3980479890,"central":3980479890,"high":3980479890,"unit":"USD","basis":"Zhongtian Technology grid construction plus marine series revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","title":"江苏中天科技股份有限公司2025年年度报告 (Jiangsu Zhongtian Technology Co., Ltd. 2025 Annual Report)","publisher":"Jiangsu Zhongtian Technology Co., Ltd. (600522.SH), filed on cninfo.com.cn","publishedDate":"2026-04-25","accessedDate":"2026-10-22","tier":"T1","locator":"p.41: grid construction (电网建设) revenue RMB 22,263.8m (+12.53%), marine series (海洋系列) RMB 6,348.8m (+74.25%), new energy RMB 5,697.2m; p.11: energy-network backlog about RMB 30.8bn at 31 March 2026"},"note":"RMB 28,612.6m / 7.1882 (2025 average, ECB) = $3.98bn; the two lines that hold this sublayer's activity, not the group total of RMB 52.5bn."},"screening":{"overhead-conductors":{"levelLow":1,"levelHigh":1.7},"underground-cables":{"levelLow":2,"levelHigh":3.8}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c761cfc77cd112354f77af7a9313375154dcf79fa678166449320e147eb63e5d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c761cfc77cd112354f77af7a9313375154dcf79fa678166449320e147eb63e5d"}}},"valmont":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"valmont","name":"Valmont Industries","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.0279,"central":0.0932,"high":0.233,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025 (to 2025-12-27)","periodEnd":"2025-12-27","source":{"url":"https://www.sec.gov/Archives/edgar/data/102729/000010272926000007/vmi-20251227x10k.htm","title":"Valmont Industries, Inc. Form 10-K for fiscal 2025 (year ended December 27, 2025)","publisher":"Valmont Industries, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, Infrastructure segment table: Utility net sales $1,511,053 thousand in fiscal 2025 (2024: $1,368,333 thousand, +10.4%); Item 1A: steel has accounted for approximately 50% of net sales on average for the Utility product line, and 'we manufacture large electrical transmission structures'"},"note":"Valmont's fiscal 2025 10-K (year ended December 27, 2025) shows Utility net sales of $1,511.1m (2024: $1,368.3m, +10.4%) in the Infrastructure segment; Item 1A says steel has accounted for approximately 50% of net sales on average for the Utility product line and that Valmont manufactures large electrical transmission structures. The 10-K gives no split of Utility sales by voltage or structure type, so the in-scope fractions are judgments. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Utility net sales: $1,511.1m x 5% in scope = $76m; total $75.6m. Share = 75.6m / 81,100m (substations pool 2025, $81.1bn) = 0.0932%. Range: low 0.0279% to high 0.233% (the 10-K gives no revenue for substation structures). Fraction 5% (judgment; low and high ends are 0.3 and 2.5 times the central estimate): substation structures within Utility. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":1.151,"central":1.151,"high":1.151,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025 (to 2025-12-27)","periodEnd":"2025-12-27","source":{"url":"https://www.sec.gov/Archives/edgar/data/102729/000010272926000007/vmi-20251227x10k.htm","title":"Valmont Industries, Inc. Form 10-K for fiscal 2025 (year ended December 27, 2025)","publisher":"Valmont Industries, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, Infrastructure segment table: Utility net sales $1,511,053 thousand in fiscal 2025 (2024: $1,368,333 thousand, +10.4%); Item 1A: steel has accounted for approximately 50% of net sales on average for the Utility product line, and 'we manufacture large electrical transmission structures'"},"note":"Valmont's fiscal 2025 10-K (year ended December 27, 2025) shows Utility net sales of $1,511.1m (2024: $1,368.3m, +10.4%) in the Infrastructure segment; Item 1A says steel has accounted for approximately 50% of net sales on average for the Utility product line and that Valmont manufactures large electrical transmission structures. The 10-K gives no split of Utility sales by voltage or structure type, so the in-scope fractions are judgments. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Utility net sales: $1,511.1m x 45% in scope = $680m; total $0.680bn. Share = 0.680 / 59.1 (line-structures pool 2025, $59.1bn) = 1.151%. Fraction 45% (judgment): transmission-class and substation-class steel, concrete and composite structures; the rest is distribution poles and hardware. Pool: the line-structures pool ($59.1bn), as for other structure makers. Steel is about half of sales and is passed through in price, as in the pool. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.valmont.com/","title":"Valmont Industries (home page)","publisher":"Valmont Industries, Inc.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Infrastructure (Utility, Lighting, Transportation) and Agriculture. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.valmont.com/","title":"Valmont Industries (home page)","publisher":"Valmont Industries, Inc.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Infrastructure (Utility, Lighting, Transportation) and Agriculture. No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d2d233c5cf822403fb31894d64e317daf14f5a53bb7bc36282fff34470e1c68d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d2d233c5cf822403fb31894d64e317daf14f5a53bb7bc36282fff34470e1c68d"}}},"apar-industries":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"apar-industries","name":"APAR Industries","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.000532,"central":0.00213,"high":0.00851,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://apar.com/wp-content/uploads/2026/08/apar-ir-25-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"APAR Industries Limited","publishedDate":"2026-08","accessedDate":"2026-10-23","tier":"T5","locator":"p.25: 'end-to-end turnkey solutions spanning HTLS reconductoring, OPGW and telecom integration, MVCC deployment, and substation augmentation'; p.55: Turnkey T&D Solutions listed under the Conductor business; p.88: Conductors revenue Rs 12,712 crore"},"note":"APAR's Integrated Annual Report 2025-26 shows Conductors division revenue of Rs 12,712 crore (FY2025-26, +32.7%, 241,788 MT; p.8, p.25, p.88) and Cable Solutions revenue of Rs 6,220 crore (p.88). The Conductor business lines (p.55) are conventional and aluminium-alloy conductors, high-performance (HTLS, AL59) conductors, railway conductors, OPGW and OPPC, CTC/PICC/LKC conductors for transformers, aluminium and copper rods, wires and busbars, speciality alloy rods and wires, and turnkey T&D solutions; the Cable business lines include power cables (LV, MV and HV). Sales include metal cost, as in the pool. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Conductors division revenue (turnkey T&D solutions): INR 127,120m x 0.4% in scope x 30% own value-add = INR 153m / 88.3848 = $1.7m; total $1.7m. Share = 1.7m / 81,100m (substations pool 2025, $81.1bn) = 0.00213%. Range: low 0.000532% to high 0.00851% (the report names the activity but gives no revenue for it). Exchange rates: INR 88.3848 per USD, FY2025-26 (April 2025 to March 2026) average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 0.4% of Conductors revenue (judgment; range 0.1% to 1.6%): the substation-augmentation part of APAR's turnkey T&D solutions, which p.25 names but does not size. Own value-add 30% (a recorded method decision) because equipment is bought in. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.0025,"central":0.00999,"high":0.0399,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://apar.com/wp-content/uploads/2026/08/apar-ir-25-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"APAR Industries Limited","publishedDate":"2026-08","accessedDate":"2026-10-23","tier":"T5","locator":"p.25: 'end-to-end turnkey solutions spanning HTLS reconductoring, OPGW and telecom integration, MVCC deployment, and substation augmentation'; p.55: Turnkey T&D Solutions listed under the Conductor business; p.88: Conductors revenue Rs 12,712 crore"},"note":"APAR's Integrated Annual Report 2025-26 shows Conductors division revenue of Rs 12,712 crore (FY2025-26, +32.7%, 241,788 MT; p.8, p.25, p.88) and Cable Solutions revenue of Rs 6,220 crore (p.88). The Conductor business lines (p.55) are conventional and aluminium-alloy conductors, high-performance (HTLS, AL59) conductors, railway conductors, OPGW and OPPC, CTC/PICC/LKC conductors for transformers, aluminium and copper rods, wires and busbars, speciality alloy rods and wires, and turnkey T&D solutions; the Cable business lines include power cables (LV, MV and HV). Sales include metal cost, as in the pool. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Conductors division revenue (turnkey reconductoring): INR 127,120m x 1.2% in scope x 53% own value-add = INR 808m / 88.3848 = $9.1m; total $9.1m. Share = 9.1m / 91,600m (combined overhead-line pool 2025, $91.6bn) = 0.00999%. Range: low 0.00250% to high 0.0399% (the report names the activity but gives no revenue for it). Exchange rates: INR 88.3848 per USD, FY2025-26 (April 2025 to March 2026) average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 1.2% of Conductors revenue (judgment; range 0.3% to 4.8%): HTLS reconductoring and line work under the turnkey T&D solutions (p.25, p.28 lists 131 ckm of 220 kV and 44 ckm of 66 kV reconductoring executed); the conductors APAR supplies are already in its own conductor share, so only the installation value-add of 53% is counted here (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":3.319,"central":3.319,"high":3.319,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://apar.com/wp-content/uploads/2026/08/apar-ir-25-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"APAR Industries Limited","publishedDate":"2026-08","accessedDate":"2026-10-23","tier":"T5","locator":"p.8, p.25 and p.88: Conductors division revenue Rs 12,712 crore in FY2025-26 (+32.7%), 241,788 MT; premium conductors 45.8%; p.88: Cable Solutions revenue Rs 6,220 crore; p.55: Conductor business lines; p.25: turnkey solutions including HTLS reconductoring and substation augmentation"},"note":"APAR's Integrated Annual Report 2025-26 shows Conductors division revenue of Rs 12,712 crore (FY2025-26, +32.7%, 241,788 MT; p.8, p.25, p.88) and Cable Solutions revenue of Rs 6,220 crore (p.88). The Conductor business lines (p.55) are conventional and aluminium-alloy conductors, high-performance (HTLS, AL59) conductors, railway conductors, OPGW and OPPC, CTC/PICC/LKC conductors for transformers, aluminium and copper rods, wires and busbars, speciality alloy rods and wires, and turnkey T&D solutions; the Cable business lines include power cables (LV, MV and HV). Sales include metal cost, as in the pool. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Conductors division revenue: INR 127,120m x 75% in scope = INR 95,340m / 88.3848 = $1,079m; total $1.079bn. Share = 1.079 / 32.5 (overhead-conductors pool 2025, $32.5bn) = 3.319%. Exchange rates: INR 88.3848 per USD, FY2025-26 (April 2025 to March 2026) average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 75% (judgment, range 60% to 90%): aluminium and alloy overhead T&D conductors including HTLS and AL59; it leaves out copper CTC and PICC transformer conductors, copper rods, busbars and railway contact wires, and part of OPGW. The report states the Rs 12,712 crore itself (p.88), which is 27% above the 'at least Rs 10,000 crore' floor used at screening. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.0176,"central":0.0704,"high":0.211,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://apar.com/wp-content/uploads/2026/08/apar-ir-25-26.pdf","title":"Integrated Annual Report 2025-26","publisher":"APAR Industries Limited","publishedDate":"2026-08","accessedDate":"2026-10-23","tier":"T5","locator":"p.88: Cable Solutions revenue Rs 6,220 crore (+25.8%); p.55: Cable business lines include Power Cables (LV, MV & HV); p.18: Power Cables listed"},"note":"APAR's Integrated Annual Report 2025-26 shows Conductors division revenue of Rs 12,712 crore (FY2025-26, +32.7%, 241,788 MT; p.8, p.25, p.88) and Cable Solutions revenue of Rs 6,220 crore (p.88). The Conductor business lines (p.55) are conventional and aluminium-alloy conductors, high-performance (HTLS, AL59) conductors, railway conductors, OPGW and OPPC, CTC/PICC/LKC conductors for transformers, aluminium and copper rods, wires and busbars, speciality alloy rods and wires, and turnkey T&D solutions; the Cable business lines include power cables (LV, MV and HV). Sales include metal cost, as in the pool. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Cable Solutions revenue: INR 62,200m x 2% in scope = INR 1,244m / 88.3848 = $14m; total $14.1m. Share = 14.1m / 20,000m (underground-cables pool 2025, $20.0bn) = 0.0704%. Range: low 0.0176% to high 0.211% (the report lists HV power cable but gives no revenue for it). Exchange rates: INR 88.3848 per USD, FY2025-26 (April 2025 to March 2026) average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 2% of Cable Solutions revenue (judgment; range 0.5% to 6%): the high-voltage (HV) part of power cables; most of the Rs 6,220 crore is house wire, elastomeric, solar, control, telecom and harness cable. The report (p.55, p.18) lists 'Power Cables (LV, MV & HV)'. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"overhead-conductors":{"levelLow":1,"levelHigh":2.7},"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"underground-cables":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"2225f24d8eb2ae095861a017c0ee357cac2a5be830206156545c90ad3149823d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"2225f24d8eb2ae095861a017c0ee357cac2a5be830206156545c90ad3149823d"}}},"kiewit":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"kiewit","name":"Peter Kiewit Sons'","kind":"private","commercialActivityVerified":true,"shares":{"substations":{"low":0.249,"central":0.249,"high":0.249,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.constructiondive.com/news/top-commercial-contractors-revenue-2026-enr/820930/","title":"ENR's 2026 Top 400 Commercial Contractors (Construction Dive report)","publisher":"Construction Dive","publishedDate":"2026-05-22","accessedDate":"2026-10-22","tier":"T5","locator":"Kiewit No. 4, 2025 revenue $15.3 billion; the 2025 list (Construction Dive, 29 May 2025, https://www.constructiondive.com/news/top-commercial-contractors-2025-revenue-enr/749244/) shows $14 billion for 2024"},"note":"Construction Dive, reporting ENR's Top 400 lists, gives Kiewit revenue of $15.3 billion for 2025 (No. 4, 22 May 2026) and $14 billion for 2024 (No. 3, 29 May 2025); the ENR basis differs from the $16.8bn Kiewit quotes for 2024 on its own site, so ENR figures are used for both years. Kiewit says its power delivery work covers distribution, substations and switchyards, and transmission (https://www.kiewit.com/about-us/); it publishes no segment revenue, so the fractions are judgments. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Kiewit revenue 2025: $15,300.0m x 3.3% in scope x 40% own value-add = $202m; total $0.202bn. Share = 0.202 / 81.1 (substations pool 2025, $81.1bn) = 0.249%. Fraction 3.3% of revenue: substations and switchyards (judgment). Own value-add (a recorded method decision) is a blend of owner-furnished-materials work (value-add near 100%) and turnkey EPC with bought-in equipment (30% for substations and 53% for lines, below): 40% for substations and 70% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.76,"central":0.76,"high":0.76,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.constructiondive.com/news/top-commercial-contractors-revenue-2026-enr/820930/","title":"ENR's 2026 Top 400 Commercial Contractors (Construction Dive report)","publisher":"Construction Dive","publishedDate":"2026-05-22","accessedDate":"2026-10-22","tier":"T5","locator":"Kiewit No. 4, 2025 revenue $15.3 billion; the 2025 list (Construction Dive, 29 May 2025, https://www.constructiondive.com/news/top-commercial-contractors-2025-revenue-enr/749244/) shows $14 billion for 2024"},"note":"Construction Dive, reporting ENR's Top 400 lists, gives Kiewit revenue of $15.3 billion for 2025 (No. 4, 22 May 2026) and $14 billion for 2024 (No. 3, 29 May 2025); the ENR basis differs from the $16.8bn Kiewit quotes for 2024 on its own site, so ENR figures are used for both years. Kiewit says its power delivery work covers distribution, substations and switchyards, and transmission (https://www.kiewit.com/about-us/); it publishes no segment revenue, so the fractions are judgments. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Kiewit revenue 2025: $15,300.0m x 6.5% in scope x 70% own value-add = $696m; total $0.696bn. Share = 0.696 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.760%. Fraction 6.5% of revenue: transmission lines (judgment). Own value-add (a recorded method decision) is a blend of owner-furnished-materials work (value-add near 100%) and turnkey EPC with bought-in equipment (30% for substations and 53% for lines, below): 40% for substations and 70% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.76,"central":0.76,"high":0.76,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.constructiondive.com/news/top-commercial-contractors-revenue-2026-enr/820930/","title":"ENR's 2026 Top 400 Commercial Contractors (Construction Dive report)","publisher":"Construction Dive","publishedDate":"2026-05-22","accessedDate":"2026-10-22","tier":"T5","locator":"Kiewit No. 4, 2025 revenue $15.3 billion; the 2025 list (Construction Dive, 29 May 2025, https://www.constructiondive.com/news/top-commercial-contractors-2025-revenue-enr/749244/) shows $14 billion for 2024"},"note":"Construction Dive, reporting ENR's Top 400 lists, gives Kiewit revenue of $15.3 billion for 2025 (No. 4, 22 May 2026) and $14 billion for 2024 (No. 3, 29 May 2025); the ENR basis differs from the $16.8bn Kiewit quotes for 2024 on its own site, so ENR figures are used for both years. Kiewit says its power delivery work covers distribution, substations and switchyards, and transmission (https://www.kiewit.com/about-us/); it publishes no segment revenue, so the fractions are judgments. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Kiewit revenue 2025: $15,300.0m x 6.5% in scope x 70% own value-add = $696m; total $0.696bn. Share = 0.696 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.760%. Fraction 6.5% of revenue: the same line work, credited equally to both line functions. Own value-add (a recorded method decision) is a blend of owner-furnished-materials work (value-add near 100%) and turnkey EPC with bought-in equipment (30% for substations and 53% for lines, below): 40% for substations and 70% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"participates":false,"evidence":{"url":"https://www.kiewit.com/about-us/","title":"About Kiewit","publisher":"Kiewit","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Power Delivery and other construction markets. No underground or submarine power cable activity is listed or implied there."}}},"priorShares":{"substations":{"low":0.264,"central":0.264,"high":0.264,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.constructiondive.com/news/top-commercial-contractors-revenue-2026-enr/820930/","title":"ENR's 2026 Top 400 Commercial Contractors (Construction Dive report)","publisher":"Construction Dive","publishedDate":"2026-05-22","accessedDate":"2026-10-22","tier":"T5","locator":"Kiewit No. 4, 2025 revenue $15.3 billion; the 2025 list (Construction Dive, 29 May 2025, https://www.constructiondive.com/news/top-commercial-contractors-2025-revenue-enr/749244/) shows $14 billion for 2024"},"note":"Construction Dive, reporting ENR's Top 400 lists, gives Kiewit revenue of $15.3 billion for 2025 (No. 4, 22 May 2026) and $14 billion for 2024 (No. 3, 29 May 2025); the ENR basis differs from the $16.8bn Kiewit quotes for 2024 on its own site, so ENR figures are used for both years. Kiewit says its power delivery work covers distribution, substations and switchyards, and transmission (https://www.kiewit.com/about-us/); it publishes no segment revenue, so the fractions are judgments. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Kiewit revenue 2024: $14,000.0m x 3.3% in scope x 40% own value-add = $185m; total $0.185bn. Share = 0.185 / 69.9 (substations pool 2024, $69.9bn) = 0.264%. Fraction 3.3% of revenue: substations and switchyards (judgment). Own value-add (a recorded method decision) is a blend of owner-furnished-materials work (value-add near 100%) and turnkey EPC with bought-in equipment (30% for substations and 53% for lines, below): 40% for substations and 70% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"line-structures":{"low":0.807,"central":0.807,"high":0.807,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.constructiondive.com/news/top-commercial-contractors-revenue-2026-enr/820930/","title":"ENR's 2026 Top 400 Commercial Contractors (Construction Dive report)","publisher":"Construction Dive","publishedDate":"2026-05-22","accessedDate":"2026-10-22","tier":"T5","locator":"Kiewit No. 4, 2025 revenue $15.3 billion; the 2025 list (Construction Dive, 29 May 2025, https://www.constructiondive.com/news/top-commercial-contractors-2025-revenue-enr/749244/) shows $14 billion for 2024"},"note":"Construction Dive, reporting ENR's Top 400 lists, gives Kiewit revenue of $15.3 billion for 2025 (No. 4, 22 May 2026) and $14 billion for 2024 (No. 3, 29 May 2025); the ENR basis differs from the $16.8bn Kiewit quotes for 2024 on its own site, so ENR figures are used for both years. Kiewit says its power delivery work covers distribution, substations and switchyards, and transmission (https://www.kiewit.com/about-us/); it publishes no segment revenue, so the fractions are judgments. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Kiewit revenue 2024: $14,000.0m x 6.5% in scope x 70% own value-add = $637m; total $0.637bn. Share = 0.637 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 0.807%. Fraction 6.5% of revenue: transmission lines (judgment). Own value-add (a recorded method decision) is a blend of owner-furnished-materials work (value-add near 100%) and turnkey EPC with bought-in equipment (30% for substations and 53% for lines, below): 40% for substations and 70% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.807,"central":0.807,"high":0.807,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.constructiondive.com/news/top-commercial-contractors-revenue-2026-enr/820930/","title":"ENR's 2026 Top 400 Commercial Contractors (Construction Dive report)","publisher":"Construction Dive","publishedDate":"2026-05-22","accessedDate":"2026-10-22","tier":"T5","locator":"Kiewit No. 4, 2025 revenue $15.3 billion; the 2025 list (Construction Dive, 29 May 2025, https://www.constructiondive.com/news/top-commercial-contractors-2025-revenue-enr/749244/) shows $14 billion for 2024"},"note":"Construction Dive, reporting ENR's Top 400 lists, gives Kiewit revenue of $15.3 billion for 2025 (No. 4, 22 May 2026) and $14 billion for 2024 (No. 3, 29 May 2025); the ENR basis differs from the $16.8bn Kiewit quotes for 2024 on its own site, so ENR figures are used for both years. Kiewit says its power delivery work covers distribution, substations and switchyards, and transmission (https://www.kiewit.com/about-us/); it publishes no segment revenue, so the fractions are judgments. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Kiewit revenue 2024: $14,000.0m x 6.5% in scope x 70% own value-add = $637m; total $0.637bn. Share = 0.637 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 0.807%. Fraction 6.5% of revenue: the same line work, credited equally to both line functions. Own value-add (a recorded method decision) is a blend of owner-furnished-materials work (value-add near 100%) and turnkey EPC with bought-in equipment (30% for substations and 53% for lines, below): 40% for substations and 70% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"activityGrowth":{"current":{"low":15300000000,"central":15300000000,"high":15300000000,"unit":"USD","basis":"Kiewit total revenue as ranked by ENR, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.constructiondive.com/news/top-commercial-contractors-revenue-2026-enr/820930/","title":"ENR's 2026 Top 400 Commercial Contractors (Construction Dive report)","publisher":"Construction Dive","publishedDate":"2026-05-22","accessedDate":"2026-10-22","tier":"T3","locator":"Kiewit No. 4, 2025 revenue $15.3 billion; the 2025 list (Construction Dive, 29 May 2025, https://www.constructiondive.com/news/top-commercial-contractors-2025-revenue-enr/749244/) shows $14 billion for 2024"},"note":"ENR 2026 Top 400, as reported by Construction Dive (22 May 2026)."},"prior":{"low":14000000000,"central":14000000000,"high":14000000000,"unit":"USD","basis":"Kiewit total revenue as ranked by ENR, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.constructiondive.com/news/top-commercial-contractors-2025-revenue-enr/749244/","title":"ENR's 2025 Top 400 Commercial Contractors (Construction Dive report)","publisher":"Construction Dive","publishedDate":"2025-05-29","accessedDate":"2026-10-22","tier":"T3","locator":"Kiewit No. 3, 2024 revenue $14 billion"},"note":"ENR 2025 Top 400, as reported by Construction Dive (29 May 2025)."}},"baselineRevenueUsd":{"low":15300000000,"central":15300000000,"high":15300000000,"unit":"USD","basis":"Kiewit total revenue as ranked by ENR, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.constructiondive.com/news/top-commercial-contractors-revenue-2026-enr/820930/","title":"ENR's 2026 Top 400 Commercial Contractors (Construction Dive report)","publisher":"Construction Dive","publishedDate":"2026-05-22","accessedDate":"2026-10-22","tier":"T3","locator":"Kiewit No. 4, 2025 revenue $15.3 billion; the 2025 list (Construction Dive, 29 May 2025, https://www.constructiondive.com/news/top-commercial-contractors-2025-revenue-enr/749244/) shows $14 billion for 2024"},"note":"Whole-company revenue; Kiewit is privately held and publishes no segment revenue."},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c217878b36dac0cc25664b4af80fcd643ee33aac6c82e587b3e0c2e12eac9a27"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c217878b36dac0cc25664b4af80fcd643ee33aac6c82e587b3e0c2e12eac9a27"}}},"abb":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"abb","name":"ABB (Electrification)","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":1.11,"central":1.11,"high":1.11,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://library.e.abb.com/public/b32991481e8b4418a5c5261c5ff25440/ABB%20Financial%20Report%202025.pdf","title":"ABB Financial Report 2025","publisher":"ABB Ltd","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Electrification business area: about 53,400 employees and $17.4 billion of revenues in 2025; utilities solutions mainly for distribution utilities and renewables"},"note":"ABB's Financial Report 2025 says the Electrification business area had about 53,400 employees and generated $17.4bn of revenues in 2025, mostly low- and medium-voltage distribution and building products; its utilities solutions are mainly for distribution utilities and renewables. ABB sold its Power Grids business to Hitachi in 2020. In-scope estimate for substations: $0.90bn (5% of $17.4bn: medium-voltage and modular substation equipment for site and utility substations; excludes distribution substations and building products). Share = 0.90 / 81.1 (substations pool $81.1bn) = 1.11%. This is a 5LayerCake derivation (T5); the in-scope fractions are assumptions, not company disclosures, and it is a screening estimate to be replaced in full research. Pool derivation (5LayerCake, T5): world transmission investment in 2025 is about $180bn = IEA's $140bn for 2023 (+10% that year; https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf) grown about 12% (2024) and 16% (2025) on BNEF's transmission growth path (16% a year 2024-27; https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/), times the card's FERC mix: substations 45.1% = $81.1bn, line structures 32.8% = $59.1bn, overhead conductors 18.1% = $32.5bn."},"line-structures":{"participates":false,"evidence":{"url":"https://library.e.abb.com/public/b32991481e8b4418a5c5261c5ff25440/ABB%20Financial%20Report%202025.pdf","title":"ABB Financial Report 2025","publisher":"ABB Ltd","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Business lines in this source: Electrification business area: electrical distribution and management technologies. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://library.e.abb.com/public/b32991481e8b4418a5c5261c5ff25440/ABB%20Financial%20Report%202025.pdf","title":"ABB Financial Report 2025","publisher":"ABB Ltd","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Business lines in this source: Electrification business area: electrical distribution and management technologies. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://library.e.abb.com/public/b32991481e8b4418a5c5261c5ff25440/ABB%20Financial%20Report%202025.pdf","title":"ABB Financial Report 2025","publisher":"ABB Ltd","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Business lines in this source: Electrification business area: electrical distribution and management technologies. No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c9331561a94580cf0e66417018d06bc3d5f701e083f43a4dd39185b347896435"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c9331561a94580cf0e66417018d06bc3d5f701e083f43a4dd39185b347896435"}},"baselineRevenueUsd":{"low":17400000000,"central":17400000000,"high":17400000000,"unit":"USD","basis":"ABB Electrification business area revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://library.e.abb.com/public/b32991481e8b4418a5c5261c5ff25440/ABB%20Financial%20Report%202025.pdf","title":"ABB Financial Report 2025","publisher":"ABB Ltd","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Electrification business area: $17.4 billion of revenues in 2025 (financial report, already cited for the share)"},"note":"Business area, not the ABB group total."}},"sel":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"sel","name":"Schweitzer Engineering Laboratories","kind":"private","commercialActivityVerified":true,"shares":{"substations":{"low":1.11,"central":1.11,"high":1.11,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.selinc.com/company/about/","title":"About SEL","publisher":"Schweitzer Engineering Laboratories","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"9,000+ employees; products in 170+ countries; inventor of the microprocessor-based digital protective relay; five US manufacturing centers"},"note":"SEL says it has 9,000+ employees and sells products in 170+ countries; revenue is not stated. At roughly $180k per employee (assumption) revenue is about $1.6bn. In-scope estimate for substations: $0.90bn (about 55% of an estimated $1.6bn: protection relays and control for transmission and substation use). Share = 0.90 / 81.1 (substations pool $81.1bn) = 1.11%. This is a 5LayerCake derivation (T5); the in-scope fractions are assumptions, not company disclosures, and it is a screening estimate to be replaced in full research. Pool derivation (5LayerCake, T5): world transmission investment in 2025 is about $180bn = IEA's $140bn for 2023 (+10% that year; https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf) grown about 12% (2024) and 16% (2025) on BNEF's transmission growth path (16% a year 2024-27; https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/), times the card's FERC mix: substations 45.1% = $81.1bn, line structures 32.8% = $59.1bn, overhead conductors 18.1% = $32.5bn."},"line-structures":{"participates":false,"evidence":{"url":"https://www.selinc.com/company/about/","title":"About SEL","publisher":"Schweitzer Engineering Laboratories","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: protection relays, automation and engineering services. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.selinc.com/company/about/","title":"About SEL","publisher":"Schweitzer Engineering Laboratories","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: protection relays, automation and engineering services. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.selinc.com/company/about/","title":"About SEL","publisher":"Schweitzer Engineering Laboratories","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: protection relays, automation and engineering services. No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1.5,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"41fd8ae5b555f2be534696d5c923e001098ddb1a301f5cc9f6efd2d5f645a41e"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"41fd8ae5b555f2be534696d5c923e001098ddb1a301f5cc9f6efd2d5f645a41e"}}},"china-energy-engineering":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"china-energy-engineering","name":"China Energy Engineering (CEEC)","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.282,"central":0.282,"high":0.282,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","title":"中国能源建设股份有限公司2025年年度报告 (China Energy Engineering Corporation 2025 Annual Report)","publisher":"China Energy Engineering Corporation (601868.SH), filed on cninfo.com.cn","publishedDate":"2026-03-28","accessedDate":"2026-10-23","tier":"T5","locator":"p.10: built UHV multi-terminal hybrid DC and high-altitude transmission and substation projects; p.22: group revenue RMB 452.9bn; grid survey and design market share above 90%"},"note":"CEEC's 2025 annual report says it built ultra-high-voltage multi-terminal hybrid DC and high-altitude transmission and substation projects (p.10) and holds more than 90% of China's grid survey and design; group revenue was RMB 452.9bn, with engineering construction RMB 389.0bn (p.22). It gives no grid-construction revenue, so transmission lines and substations are taken as 3% of engineering construction revenue (judgment, range 1.5% to 5%; grid is a small part beside power-plant, new-energy and civil work) = RMB 11.7bn, split 47% substations and 53% lines. No prior-year figure exists, so there are no Rising inputs. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Engineering construction revenue (RMB 389.0bn): CNY 389,000m x 1.41% in scope x 30% own value-add = CNY 1,645m / 7.1882 = $229m; total $0.229bn. Share = 0.229 / 81.1 (substations pool 2025, $81.1bn) = 0.282%. Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Own value-add 30% (a recorded method decision): equipment for its EPC substations is bought from makers counted here (its survey and design work is its own value-add and sits inside that 30% and the 53% below). Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.498,"central":0.498,"high":0.498,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","title":"中国能源建设股份有限公司2025年年度报告 (China Energy Engineering Corporation 2025 Annual Report)","publisher":"China Energy Engineering Corporation (601868.SH), filed on cninfo.com.cn","publishedDate":"2026-03-28","accessedDate":"2026-10-23","tier":"T5","locator":"p.10: built UHV multi-terminal hybrid DC and high-altitude transmission and substation projects; p.22: group revenue RMB 452.9bn; grid survey and design market share above 90%"},"note":"CEEC's 2025 annual report says it built ultra-high-voltage multi-terminal hybrid DC and high-altitude transmission and substation projects (p.10) and holds more than 90% of China's grid survey and design; group revenue was RMB 452.9bn, with engineering construction RMB 389.0bn (p.22). It gives no grid-construction revenue, so transmission lines and substations are taken as 3% of engineering construction revenue (judgment, range 1.5% to 5%; grid is a small part beside power-plant, new-energy and civil work) = RMB 11.7bn, split 47% substations and 53% lines. No prior-year figure exists, so there are no Rising inputs. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Engineering construction revenue (RMB 389.0bn): CNY 389,000m x 1.59% in scope x 53% own value-add = CNY 3,278m / 7.1882 = $456m; total $0.456bn. Share = 0.456 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.498%. Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Own value-add 53% (a recorded method decision): engineering and construction only. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.498,"central":0.498,"high":0.498,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","title":"中国能源建设股份有限公司2025年年度报告 (China Energy Engineering Corporation 2025 Annual Report)","publisher":"China Energy Engineering Corporation (601868.SH), filed on cninfo.com.cn","publishedDate":"2026-03-28","accessedDate":"2026-10-23","tier":"T5","locator":"p.10: built UHV multi-terminal hybrid DC and high-altitude transmission and substation projects; p.22: group revenue RMB 452.9bn; grid survey and design market share above 90%"},"note":"CEEC's 2025 annual report says it built ultra-high-voltage multi-terminal hybrid DC and high-altitude transmission and substation projects (p.10) and holds more than 90% of China's grid survey and design; group revenue was RMB 452.9bn, with engineering construction RMB 389.0bn (p.22). It gives no grid-construction revenue, so transmission lines and substations are taken as 3% of engineering construction revenue (judgment, range 1.5% to 5%; grid is a small part beside power-plant, new-energy and civil work) = RMB 11.7bn, split 47% substations and 53% lines. No prior-year figure exists, so there are no Rising inputs. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Engineering construction revenue (RMB 389.0bn): CNY 389,000m x 1.59% in scope x 53% own value-add = CNY 3,278m / 7.1882 = $456m; total $0.456bn. Share = 0.456 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.498%. Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). The same line work, credited equally to both line functions, with a 53% own value-add. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.0284,"central":0.142,"high":0.568,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","title":"中国能源建设股份有限公司2025年年度报告 (China Energy Engineering Corporation 2025 Annual Report)","publisher":"China Energy Engineering Corporation (601868.SH), filed on cninfo.com.cn","publishedDate":"2026-03-28","accessedDate":"2026-10-23","tier":"T5","locator":"p.10: built UHV multi-terminal hybrid DC and high-altitude transmission and substation projects; p.22: group revenue RMB 452.9bn; grid survey and design market share above 90%"},"note":"CEEC's 2025 annual report says it built ultra-high-voltage multi-terminal hybrid DC and high-altitude transmission and substation projects (p.10) and holds more than 90% of China's grid survey and design; group revenue was RMB 452.9bn, with engineering construction RMB 389.0bn (p.22). It gives no grid-construction revenue, so transmission lines and substations are taken as 3% of engineering construction revenue (judgment, range 1.5% to 5%; grid is a small part beside power-plant, new-energy and civil work) = RMB 11.7bn, split 47% substations and 53% lines. No prior-year figure exists, so there are no Rising inputs. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Engineering construction revenue (RMB 389.0bn): CNY 389,000m x 0.15% in scope x 35% own value-add = CNY 204m / 7.1882 = $28m; total $28.4m. Share = 28.4m / 20,000m (underground-cables pool 2025, $20.0bn) = 0.142%. Range: low 0.0284% to high 0.568% (no document sizes the activity). Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 0.15% of engineering construction revenue (judgment; low and high ends are 0.2 and 4 times the central estimate): high-voltage cable and cable-tunnel work in city grids, with a 35% own value-add. The annual report neither lists nor excludes it, so a small non-zero range is carried instead of zero. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2},"underground-cables":{"levelLow":1,"levelHigh":1.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"baa989594af1ef956f094951c5feb90a19306d0f2bbce95059e8dc2756bcd252"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"baa989594af1ef956f094951c5feb90a19306d0f2bbce95059e8dc2756bcd252"}}},"hellenic-cables":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"hellenic-cables","name":"Hellenic Cables (Cenergy Holdings)","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"participates":false,"evidence":{"url":"https://www.athexgroup.gr/sites/default/files/hermes_3/2026-03/en/ab90082c-b0cc-4f0e-9008-2cb0cc5f0e2c/1384_1157_2026_English_2.pdf","title":"Cenergy Holdings: financial results for the year ended 31 December 2025 (press release)","publisher":"Cenergy Holdings S.A. (regulated information, Athens Exchange)","publishedDate":"2026-03-04","accessedDate":"2026-10-23","tier":"T2","locator":"Cables segment: submarine export and inter-array cables and onshore cables (p.4, p.7); the release mentions no substation equipment or construction activity"}},"line-structures":{"participates":false,"evidence":{"url":"https://www.athexgroup.gr/sites/default/files/hermes_3/2026-03/en/ab90082c-b0cc-4f0e-9008-2cb0cc5f0e2c/1384_1157_2026_English_2.pdf","title":"Cenergy Holdings: financial results for the year ended 31 December 2025 (press release)","publisher":"Cenergy Holdings S.A. (regulated information, Athens Exchange)","publishedDate":"2026-03-04","accessedDate":"2026-10-23","tier":"T2","locator":"Cables segment: submarine export and inter-array cables and onshore cables (p.4, p.7); the release mentions no tower, pole or line-construction activity"}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.athexgroup.gr/sites/default/files/hermes_3/2026-03/en/ab90082c-b0cc-4f0e-9008-2cb0cc5f0e2c/1384_1157_2026_English_2.pdf","title":"Cenergy Holdings: financial results for the year ended 31 December 2025 (press release)","publisher":"Cenergy Holdings S.A. (regulated information, Athens Exchange)","publishedDate":"2026-03-04","accessedDate":"2026-10-23","tier":"T2","locator":"Cables segment: submarine export and inter-array cables and onshore cables (p.4, p.7); the release mentions no overhead conductor activity"}},"underground-cables":{"low":4.951,"central":4.951,"high":4.951,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.athexgroup.gr/sites/default/files/hermes_3/2026-03/en/ab90082c-b0cc-4f0e-9008-2cb0cc5f0e2c/1384_1157_2026_English_2.pdf","title":"Cenergy Holdings: financial results for the year ended 31 December 2025 (press release)","publisher":"Cenergy Holdings S.A. (regulated information, Athens Exchange)","publishedDate":"2026-03-04","accessedDate":"2026-10-23","tier":"T5","locator":"p.4 and p.6: Cables segment revenue EUR 1,463,994 thousand in FY2025 (FY2024: EUR 1,223,535 thousand), +20%; segment backlog about EUR 2.9 billion; p.7: submarine export cable contracts (275 kV, 225 kV HVAC) and 66 kV inter-array cables"},"note":"Cenergy Holdings' FY2025 results release (4 March 2026) shows Cables segment revenue (Hellenic Cables and its sister cable companies) of EUR 1,464.0m in 2025 (2024: EUR 1,223.5m, +20%), driven by submarine and onshore projects, with a segment backlog of about EUR 2.9bn and contracts for 275 kV and 225 kV HVAC export cables and 66 kV inter-array cables (p.4, p.6, p.7). IEA's chart puts Hellenic Cables at 2% of the top-ten cable makers' 2023 revenue (against 25% for Prysmian). The release gives no split of the segment by voltage, so the in-scope fraction is a judgment. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Cables segment revenue: EUR 1,464m x 60% in scope = EUR 878m / 0.8871 = $990m; total $0.990bn. Share = 0.990 / 20.0 (underground-cables pool 2025, $20.0bn) = 4.951%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 60% (judgment): high-voltage land and submarine project cables; the rest is medium- and low-voltage energy cables and telecom cables for building and industrial customers. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."}},"screening":{"underground-cables":{"levelLow":2,"levelHigh":3.8}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"6552ee52326bb6efc7d2c1388d72cc81464ac914ec6a04e06b89678b68c5625f"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"6552ee52326bb6efc7d2c1388d72cc81464ac914ec6a04e06b89678b68c5625f"}}},"myr-group":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"myr-group","name":"MYR Group","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.42,"central":0.42,"high":0.42,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/700923/000070092326000006/myrg-20260225x8kxexx991.htm","title":"MYR Group Inc. Announces Fourth-Quarter and Full-Year 2025 Results (Exhibit 99.1)","publisher":"MYR Group Inc. (U.S. SEC filing)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"T&D segment revenue $2,002.4m in 2025 and $1,880.5m in 2024; T&D backlog $1.02 billion at 31 December 2025"},"note":"MYR's results release shows Transmission & Distribution segment revenue of $2,002.4m in 2025 and $1,880.5m in 2024; the segment provides services on electric transmission, distribution networks and substation facilities, plus clean-energy projects and EV charging. T&D backlog was $1.02bn at 31 December 2025. The release gives no split by voltage level, so the fractions are judgments. MYR's FY2025 10-K (https://www.sec.gov/Archives/edgar/data/700923/000070092326000007/myrg-20251231.htm, Item 1) says its T&D services include design, engineering, procurement, construction, upgrade and maintenance on high-voltage transmission lines and lower-voltage underground and overhead distribution systems, and that in many cases T&D customers are responsible for supplying materials. In-scope estimate for substations (5LayerCake judgments, not company disclosures): T&D revenue 2025: $2,002.4m x 20% in scope x 85% own value-add = $340m; total $0.340bn. Share = 0.340 / 81.1 (substations pool 2025, $81.1bn) = 0.420%. Fraction 20% of T&D: substation construction (judgment). Own value-add 85% (a recorded method decision): in US utility work customers typically supply most or all of the materials (Quanta 10-K Item 1, Project Materials; MasTec 10-K Item 1, Suppliers, Materials and Working Capital; Primoris 10-K Item 1, Contract Provisions and Subcontracting; MYR 10-K Item 1, Materials: 'in many cases, our T&D customers are responsible for supplying materials on projects'), while some EPC contracts have the contractor procure them; the rest of revenue is materials bought from makers counted here. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.743,"central":0.743,"high":0.743,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/700923/000070092326000006/myrg-20260225x8kxexx991.htm","title":"MYR Group Inc. Announces Fourth-Quarter and Full-Year 2025 Results (Exhibit 99.1)","publisher":"MYR Group Inc. (U.S. SEC filing)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"T&D segment revenue $2,002.4m in 2025 and $1,880.5m in 2024; T&D backlog $1.02 billion at 31 December 2025"},"note":"MYR's results release shows Transmission & Distribution segment revenue of $2,002.4m in 2025 and $1,880.5m in 2024; the segment provides services on electric transmission, distribution networks and substation facilities, plus clean-energy projects and EV charging. T&D backlog was $1.02bn at 31 December 2025. The release gives no split by voltage level, so the fractions are judgments. MYR's FY2025 10-K (https://www.sec.gov/Archives/edgar/data/700923/000070092326000007/myrg-20251231.htm, Item 1) says its T&D services include design, engineering, procurement, construction, upgrade and maintenance on high-voltage transmission lines and lower-voltage underground and overhead distribution systems, and that in many cases T&D customers are responsible for supplying materials. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): T&D revenue 2025: $2,002.4m x 40% in scope x 85% own value-add = $681m; total $0.681bn. Share = 0.681 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.743%. Fraction 40% of T&D: transmission lines (judgment); the rest is distribution and clean-energy work. Own value-add 85% (a recorded method decision): in US utility work customers typically supply most or all of the materials (Quanta 10-K Item 1, Project Materials; MasTec 10-K Item 1, Suppliers, Materials and Working Capital; Primoris 10-K Item 1, Contract Provisions and Subcontracting; MYR 10-K Item 1, Materials: 'in many cases, our T&D customers are responsible for supplying materials on projects'), while some EPC contracts have the contractor procure them; the rest of revenue is materials bought from makers counted here. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.743,"central":0.743,"high":0.743,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/700923/000070092326000006/myrg-20260225x8kxexx991.htm","title":"MYR Group Inc. Announces Fourth-Quarter and Full-Year 2025 Results (Exhibit 99.1)","publisher":"MYR Group Inc. (U.S. SEC filing)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"T&D segment revenue $2,002.4m in 2025 and $1,880.5m in 2024; T&D backlog $1.02 billion at 31 December 2025"},"note":"MYR's results release shows Transmission & Distribution segment revenue of $2,002.4m in 2025 and $1,880.5m in 2024; the segment provides services on electric transmission, distribution networks and substation facilities, plus clean-energy projects and EV charging. T&D backlog was $1.02bn at 31 December 2025. The release gives no split by voltage level, so the fractions are judgments. MYR's FY2025 10-K (https://www.sec.gov/Archives/edgar/data/700923/000070092326000007/myrg-20251231.htm, Item 1) says its T&D services include design, engineering, procurement, construction, upgrade and maintenance on high-voltage transmission lines and lower-voltage underground and overhead distribution systems, and that in many cases T&D customers are responsible for supplying materials. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): T&D revenue 2025: $2,002.4m x 40% in scope x 85% own value-add = $681m; total $0.681bn. Share = 0.681 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.743%. Fraction 40% of T&D: the same line work, credited equally to both line functions. Own value-add 85% (a recorded method decision): in US utility work customers typically supply most or all of the materials (Quanta 10-K Item 1, Project Materials; MasTec 10-K Item 1, Suppliers, Materials and Working Capital; Primoris 10-K Item 1, Contract Provisions and Subcontracting; MYR 10-K Item 1, Materials: 'in many cases, our T&D customers are responsible for supplying materials on projects'), while some EPC contracts have the contractor procure them; the rest of revenue is materials bought from makers counted here. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"participates":false,"evidence":{"url":"https://myrgroup.com/news/myr-group-ranked-in-the-top-10-on-enrs-top-600-specialty-contractors-and-top-50-electrical-firms-lists/","title":"MYR Group ranked in the top 10 on ENR's Top 600 Specialty Contractors and Top 50 Electrical Firms lists","publisher":"MYR Group Inc.","publishedDate":"2025-10-29","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Transmission & Distribution and Commercial & Industrial segments. No underground or submarine power cable activity is listed or implied there."}}},"priorShares":{"substations":{"low":0.457,"central":0.457,"high":0.457,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/700923/000070092326000006/myrg-20260225x8kxexx991.htm","title":"MYR Group Inc. Announces Fourth-Quarter and Full-Year 2025 Results (Exhibit 99.1)","publisher":"MYR Group Inc. (U.S. SEC filing)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"T&D segment revenue $2,002.4m in 2025 and $1,880.5m in 2024; T&D backlog $1.02 billion at 31 December 2025"},"note":"MYR's results release shows Transmission & Distribution segment revenue of $2,002.4m in 2025 and $1,880.5m in 2024; the segment provides services on electric transmission, distribution networks and substation facilities, plus clean-energy projects and EV charging. T&D backlog was $1.02bn at 31 December 2025. The release gives no split by voltage level, so the fractions are judgments. MYR's FY2025 10-K (https://www.sec.gov/Archives/edgar/data/700923/000070092326000007/myrg-20251231.htm, Item 1) says its T&D services include design, engineering, procurement, construction, upgrade and maintenance on high-voltage transmission lines and lower-voltage underground and overhead distribution systems, and that in many cases T&D customers are responsible for supplying materials. In-scope estimate for substations (5LayerCake judgments, not company disclosures): T&D revenue 2024: $1,880.5m x 20% in scope x 85% own value-add = $320m; total $0.320bn. Share = 0.320 / 69.9 (substations pool 2024, $69.9bn) = 0.457%. Fraction 20% of T&D: substation construction (judgment). Own value-add 85% (a recorded method decision): in US utility work customers typically supply most or all of the materials (Quanta 10-K Item 1, Project Materials; MasTec 10-K Item 1, Suppliers, Materials and Working Capital; Primoris 10-K Item 1, Contract Provisions and Subcontracting; MYR 10-K Item 1, Materials: 'in many cases, our T&D customers are responsible for supplying materials on projects'), while some EPC contracts have the contractor procure them; the rest of revenue is materials bought from makers counted here. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"line-structures":{"low":0.81,"central":0.81,"high":0.81,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/700923/000070092326000006/myrg-20260225x8kxexx991.htm","title":"MYR Group Inc. Announces Fourth-Quarter and Full-Year 2025 Results (Exhibit 99.1)","publisher":"MYR Group Inc. (U.S. SEC filing)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"T&D segment revenue $2,002.4m in 2025 and $1,880.5m in 2024; T&D backlog $1.02 billion at 31 December 2025"},"note":"MYR's results release shows Transmission & Distribution segment revenue of $2,002.4m in 2025 and $1,880.5m in 2024; the segment provides services on electric transmission, distribution networks and substation facilities, plus clean-energy projects and EV charging. T&D backlog was $1.02bn at 31 December 2025. The release gives no split by voltage level, so the fractions are judgments. MYR's FY2025 10-K (https://www.sec.gov/Archives/edgar/data/700923/000070092326000007/myrg-20251231.htm, Item 1) says its T&D services include design, engineering, procurement, construction, upgrade and maintenance on high-voltage transmission lines and lower-voltage underground and overhead distribution systems, and that in many cases T&D customers are responsible for supplying materials. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): T&D revenue 2024: $1,880.5m x 40% in scope x 85% own value-add = $639m; total $0.639bn. Share = 0.639 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 0.810%. Fraction 40% of T&D: transmission lines (judgment); the rest is distribution and clean-energy work. Own value-add 85% (a recorded method decision): in US utility work customers typically supply most or all of the materials (Quanta 10-K Item 1, Project Materials; MasTec 10-K Item 1, Suppliers, Materials and Working Capital; Primoris 10-K Item 1, Contract Provisions and Subcontracting; MYR 10-K Item 1, Materials: 'in many cases, our T&D customers are responsible for supplying materials on projects'), while some EPC contracts have the contractor procure them; the rest of revenue is materials bought from makers counted here. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.81,"central":0.81,"high":0.81,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/700923/000070092326000006/myrg-20260225x8kxexx991.htm","title":"MYR Group Inc. Announces Fourth-Quarter and Full-Year 2025 Results (Exhibit 99.1)","publisher":"MYR Group Inc. (U.S. SEC filing)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"T&D segment revenue $2,002.4m in 2025 and $1,880.5m in 2024; T&D backlog $1.02 billion at 31 December 2025"},"note":"MYR's results release shows Transmission & Distribution segment revenue of $2,002.4m in 2025 and $1,880.5m in 2024; the segment provides services on electric transmission, distribution networks and substation facilities, plus clean-energy projects and EV charging. T&D backlog was $1.02bn at 31 December 2025. The release gives no split by voltage level, so the fractions are judgments. MYR's FY2025 10-K (https://www.sec.gov/Archives/edgar/data/700923/000070092326000007/myrg-20251231.htm, Item 1) says its T&D services include design, engineering, procurement, construction, upgrade and maintenance on high-voltage transmission lines and lower-voltage underground and overhead distribution systems, and that in many cases T&D customers are responsible for supplying materials. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): T&D revenue 2024: $1,880.5m x 40% in scope x 85% own value-add = $639m; total $0.639bn. Share = 0.639 / 79.0 (combined overhead-line pool 2024, $79.0bn) = 0.810%. Fraction 40% of T&D: the same line work, credited equally to both line functions. Own value-add 85% (a recorded method decision): in US utility work customers typically supply most or all of the materials (Quanta 10-K Item 1, Project Materials; MasTec 10-K Item 1, Suppliers, Materials and Working Capital; Primoris 10-K Item 1, Contract Provisions and Subcontracting; MYR 10-K Item 1, Materials: 'in many cases, our T&D customers are responsible for supplying materials on projects'), while some EPC contracts have the contractor procure them; the rest of revenue is materials bought from makers counted here. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"activityGrowth":{"current":{"low":2002440000,"central":2002440000,"high":2002440000,"unit":"USD","basis":"MYR Group Transmission & Distribution segment revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/700923/000070092326000006/myrg-20260225x8kxexx991.htm","title":"MYR Group Inc. Announces Fourth-Quarter and Full-Year 2025 Results (Exhibit 99.1)","publisher":"MYR Group Inc. (U.S. SEC filing)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"T&D segment revenue $2,002.4m in 2025 and $1,880.5m in 2024; T&D backlog $1.02 billion at 31 December 2025"},"note":"Results release, T&D segment table."},"prior":{"low":1880501000,"central":1880501000,"high":1880501000,"unit":"USD","basis":"MYR Group Transmission & Distribution segment revenue, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/700923/000070092326000006/myrg-20260225x8kxexx991.htm","title":"MYR Group Inc. Announces Fourth-Quarter and Full-Year 2025 Results (Exhibit 99.1)","publisher":"MYR Group Inc. (U.S. SEC filing)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"T&D segment revenue $2,002.4m in 2025 and $1,880.5m in 2024; T&D backlog $1.02 billion at 31 December 2025"},"note":"Results release, T&D segment table."}},"committedExpansion":{"low":0.509,"central":0.509,"high":0.509,"unit":"ratio","basis":"MYR T&D backlog at 31 December 2025 / T&D revenue 2025","period":"Backlog at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/700923/000070092326000006/myrg-20260225x8kxexx991.htm","title":"MYR Group Inc. Announces Fourth-Quarter and Full-Year 2025 Results (Exhibit 99.1)","publisher":"MYR Group Inc. (U.S. SEC filing)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"T&D segment revenue $2,002.4m in 2025 and $1,880.5m in 2024; T&D backlog $1.02 billion at 31 December 2025"},"note":"The company says T&D backlog was $1.02bn at 31 December 2025; 1,020 / 2,002.4 = 0.51. Backlog includes distribution and master-service work."},"baselineRevenueUsd":{"low":2002440000,"central":2002440000,"high":2002440000,"unit":"USD","basis":"MYR Group Transmission & Distribution segment revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/700923/000070092326000006/myrg-20260225x8kxexx991.htm","title":"MYR Group Inc. Announces Fourth-Quarter and Full-Year 2025 Results (Exhibit 99.1)","publisher":"MYR Group Inc. (U.S. SEC filing)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"T&D segment revenue $2,002.4m in 2025 and $1,880.5m in 2024; T&D backlog $1.02 billion at 31 December 2025"},"note":"Segment revenue, not the group total of $3.66bn."},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d4aa88d45d0598889ce4a9743a7d99747a64ce51637815162da03aae63c4825d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d4aa88d45d0598889ce4a9743a7d99747a64ce51637815162da03aae63c4825d"}}},"larsen-toubro":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"larsen-toubro","name":"Larsen & Toubro (Power Transmission & Distribution)","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.272,"central":0.272,"high":0.272,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://investors.larsentoubro.com/pdf/2026/Infrastructure%20Projects%20Segment.pdf","title":"Infrastructure Projects Segment (Larsen & Toubro integrated report 2025-26 segment review)","publisher":"Larsen & Toubro Limited","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"p.2: Infrastructure Projects segment revenue Rs 135,345 crore in FY2025-26 (+3.1% from Rs 131,315 crore), 44% international; p.20-23: Power Transmission & Distribution vertical: EHV air- and gas-insulated substations up to 1,200 kV and EHV cable systems, overhead transmission lines with tower fabrication capacity of over 1.1 lakh tonnes a year, distribution; projects completed in FY26 include 765 kV lines and GIS substations"},"note":"L&T's FY2025-26 segment review shows Infrastructure Projects revenue of Rs 135,345 crore (+3.1%) and describes the Power Transmission & Distribution (PT&D) vertical: turnkey EHV air- and gas-insulated substations up to 1,200 kV, FACTS and EHV cable systems; EPC for overhead transmission lines supported by tower fabrication units of over 1.1 lakh tonnes a year; and distribution (p.20). It gives no PT&D revenue, so PT&D is taken as 12% of segment revenue (judgment, range 8% to 18%) = Rs 16,241 crore, of the same order as KEC's T&D revenue of Rs 15,883 crore. Of PT&D, 40% is taken as EHV substations, 40% as transmission lines and 5% as EHV cable systems; the rest is distribution and digital energy solutions, which the card leaves out. In-scope estimate for substations (5LayerCake judgments, not company disclosures): PT&D revenue (12% of Rs 135,345 crore): INR 162,414m x 40% in scope x 30% own value-add = INR 19,490m / 88.3848 = $221m; total $0.221bn. Share = 0.221 / 81.1 (substations pool 2025, $81.1bn) = 0.272%. Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Own value-add 30% (a recorded method decision): L&T buys the transformers, switchgear and GIS for turnkey substations. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.65,"central":0.65,"high":0.65,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://investors.larsentoubro.com/pdf/2026/Infrastructure%20Projects%20Segment.pdf","title":"Infrastructure Projects Segment (Larsen & Toubro integrated report 2025-26 segment review)","publisher":"Larsen & Toubro Limited","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"p.2: Infrastructure Projects segment revenue Rs 135,345 crore in FY2025-26 (+3.1% from Rs 131,315 crore), 44% international; p.20-23: Power Transmission & Distribution vertical: EHV air- and gas-insulated substations up to 1,200 kV and EHV cable systems, overhead transmission lines with tower fabrication capacity of over 1.1 lakh tonnes a year, distribution; projects completed in FY26 include 765 kV lines and GIS substations"},"note":"L&T's FY2025-26 segment review shows Infrastructure Projects revenue of Rs 135,345 crore (+3.1%) and describes the Power Transmission & Distribution (PT&D) vertical: turnkey EHV air- and gas-insulated substations up to 1,200 kV, FACTS and EHV cable systems; EPC for overhead transmission lines supported by tower fabrication units of over 1.1 lakh tonnes a year; and distribution (p.20). It gives no PT&D revenue, so PT&D is taken as 12% of segment revenue (judgment, range 8% to 18%) = Rs 16,241 crore, of the same order as KEC's T&D revenue of Rs 15,883 crore. Of PT&D, 40% is taken as EHV substations, 40% as transmission lines and 5% as EHV cable systems; the rest is distribution and digital energy solutions, which the card leaves out. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): PT&D revenue (12% of Rs 135,345 crore): INR 162,414m x 40% in scope x 81% own value-add = INR 52,622m / 88.3848 = $595m; total $0.595bn. Share = 0.595 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.650%. Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Own value-add 81% (a recorded method decision): 53% engineering and construction plus 28% for the towers, which L&T fabricates itself (p.20); it buys the conductors. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.65,"central":0.65,"high":0.65,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://investors.larsentoubro.com/pdf/2026/Infrastructure%20Projects%20Segment.pdf","title":"Infrastructure Projects Segment (Larsen & Toubro integrated report 2025-26 segment review)","publisher":"Larsen & Toubro Limited","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"p.2: Infrastructure Projects segment revenue Rs 135,345 crore in FY2025-26 (+3.1% from Rs 131,315 crore), 44% international; p.20-23: Power Transmission & Distribution vertical: EHV air- and gas-insulated substations up to 1,200 kV and EHV cable systems, overhead transmission lines with tower fabrication capacity of over 1.1 lakh tonnes a year, distribution; projects completed in FY26 include 765 kV lines and GIS substations"},"note":"L&T's FY2025-26 segment review shows Infrastructure Projects revenue of Rs 135,345 crore (+3.1%) and describes the Power Transmission & Distribution (PT&D) vertical: turnkey EHV air- and gas-insulated substations up to 1,200 kV, FACTS and EHV cable systems; EPC for overhead transmission lines supported by tower fabrication units of over 1.1 lakh tonnes a year; and distribution (p.20). It gives no PT&D revenue, so PT&D is taken as 12% of segment revenue (judgment, range 8% to 18%) = Rs 16,241 crore, of the same order as KEC's T&D revenue of Rs 15,883 crore. Of PT&D, 40% is taken as EHV substations, 40% as transmission lines and 5% as EHV cable systems; the rest is distribution and digital energy solutions, which the card leaves out. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): PT&D revenue (12% of Rs 135,345 crore): INR 162,414m x 40% in scope x 81% own value-add = INR 52,622m / 88.3848 = $595m; total $0.595bn. Share = 0.595 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.650%. Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). The same line work, credited equally to both line functions, with the same 81% own value-add. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.0643,"central":0.161,"high":0.322,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://investors.larsentoubro.com/pdf/2026/Infrastructure%20Projects%20Segment.pdf","title":"Infrastructure Projects Segment (Larsen & Toubro integrated report 2025-26 segment review)","publisher":"Larsen & Toubro Limited","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"p.2: Infrastructure Projects segment revenue Rs 135,345 crore in FY2025-26 (+3.1% from Rs 131,315 crore), 44% international; p.20-23: Power Transmission & Distribution vertical: EHV air- and gas-insulated substations up to 1,200 kV and EHV cable systems, overhead transmission lines with tower fabrication capacity of over 1.1 lakh tonnes a year, distribution; projects completed in FY26 include 765 kV lines and GIS substations"},"note":"L&T's FY2025-26 segment review shows Infrastructure Projects revenue of Rs 135,345 crore (+3.1%) and describes the Power Transmission & Distribution (PT&D) vertical: turnkey EHV air- and gas-insulated substations up to 1,200 kV, FACTS and EHV cable systems; EPC for overhead transmission lines supported by tower fabrication units of over 1.1 lakh tonnes a year; and distribution (p.20). It gives no PT&D revenue, so PT&D is taken as 12% of segment revenue (judgment, range 8% to 18%) = Rs 16,241 crore, of the same order as KEC's T&D revenue of Rs 15,883 crore. Of PT&D, 40% is taken as EHV substations, 40% as transmission lines and 5% as EHV cable systems; the rest is distribution and digital energy solutions, which the card leaves out. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): PT&D revenue (12% of Rs 135,345 crore): INR 162,414m x 5% in scope x 35% own value-add = INR 2,842m / 88.3848 = $32m; total $32.2m. Share = 32.2m / 20,000m (underground-cables pool 2025, $20.0bn) = 0.161%. Range: low 0.0643% to high 0.322% (the report names the activity but gives no revenue for it). Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 5% of PT&D (judgment; low and high ends are 0.4 and 2 times the central estimate): EHV cable systems, named in the substation scope (p.20), with a 35% own value-add because the cable comes from makers counted in this function. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2},"underground-cables":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b68dab1ca48d571ca8c195fcd3d59b63ec6c0b6d312659ef85282997b902163a"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b68dab1ca48d571ca8c195fcd3d59b63ec6c0b6d312659ef85282997b902163a"}}},"southwire":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"southwire","name":"Southwire","kind":"private","commercialActivityVerified":true,"shares":{"substations":{"participates":false,"evidence":{"url":"https://www.southwire.com/about-us","title":"About Southwire","publisher":"Southwire Company","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: wire and cable for building, utility and industrial. No substation equipment or construction activity is listed or implied there."}},"line-structures":{"participates":false,"evidence":{"url":"https://www.southwire.com/about-us","title":"About Southwire","publisher":"Southwire Company","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: wire and cable for building, utility and industrial. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"low":2.154,"central":2.154,"high":2.154,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.prnewswire.com/news-releases/southwire-ceo-rich-stinson-announces-retirement-upcoming-executive-changes-302585485.html","title":"Southwire CEO Rich Stinson Announces Retirement, Upcoming Executive Changes","publisher":"Southwire Company, LLC (PR Newswire release)","publishedDate":"2025-10-15","accessedDate":"2026-10-23","tier":"T5","locator":"About Southwire: 'The $10B organization is made up of more than 9,000 team members'"},"note":"Southwire's own news release of 15 October 2025 describes it as a '$10B organization' of more than 9,000 team members (an approximate company figure; Southwire is private and publishes no accounts). Its website (https://www.southwire.com/about-us) lists, under Utility, Bare Aluminum Overhead Transmission & Distribution, Overhead Covered Conductor, High Voltage Underground (69 kV and up), Substation and Utility Services categories; most of its sales are building wire. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Revenue (company says $10B): $10,000.0m x 7% in scope = $700m; total $0.700bn. Share = 0.700 / 32.5 (overhead-conductors pool 2025, $32.5bn) = 2.154%. Fraction 7% (judgment): bare aluminium overhead transmission and distribution conductor (Southwire is a leading US maker); local distribution conductor is in the pool only in part. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"underground-cables":{"low":0.4,"central":0.4,"high":0.4,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.prnewswire.com/news-releases/southwire-ceo-rich-stinson-announces-retirement-upcoming-executive-changes-302585485.html","title":"Southwire CEO Rich Stinson Announces Retirement, Upcoming Executive Changes","publisher":"Southwire Company, LLC (PR Newswire release)","publishedDate":"2025-10-15","accessedDate":"2026-10-23","tier":"T5","locator":"About Southwire: 'The $10B organization is made up of more than 9,000 team members'"},"note":"Southwire's own news release of 15 October 2025 describes it as a '$10B organization' of more than 9,000 team members (an approximate company figure; Southwire is private and publishes no accounts). Its website (https://www.southwire.com/about-us) lists, under Utility, Bare Aluminum Overhead Transmission & Distribution, Overhead Covered Conductor, High Voltage Underground (69 kV and up), Substation and Utility Services categories; most of its sales are building wire. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Revenue (company says $10B): $10,000.0m x 0.8% in scope = $80m; total $80.0m. Share = 80.0m / 20,000m (underground-cables pool 2025, $20.0bn) = 0.400%. Fraction 0.8% (judgment): 69 kV and up underground cable. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"overhead-conductors":{"levelLow":1,"levelHigh":1.7},"underground-cables":{"levelLow":1.5,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"2d37352a13add7a1721ccb07eaa8052c1236bf3d68b0a31697b981c82ca42d50"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"2d37352a13add7a1721ccb07eaa8052c1236bf3d68b0a31697b981c82ca42d50"}}},"hengtong":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"hengtong","name":"Hengtong Group","kind":"private","commercialActivityVerified":true,"shares":{"substations":{"participates":false,"evidence":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225195764.PDF","title":"江苏亨通光电股份有限公司2025年年度报告 (Jiangsu Hengtong Optic-Electric Co., Ltd. 2025 Annual Report)","publisher":"江苏亨通光电股份有限公司 (Jiangsu Hengtong Optic-Electric Co., Ltd., 600487, listed arm of Hengtong Group)","publishedDate":"2026-04-25","accessedDate":"2026-10-23","tier":"T1","locator":"p.53: revenue lines are optical communications, smart grid, marine energy and communications, industrial and new-energy intelligence and copper conductors; the report mentions no substation equipment or construction activity"}},"line-structures":{"participates":false,"evidence":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225195764.PDF","title":"江苏亨通光电股份有限公司2025年年度报告 (Jiangsu Hengtong Optic-Electric Co., Ltd. 2025 Annual Report)","publisher":"江苏亨通光电股份有限公司 (Jiangsu Hengtong Optic-Electric Co., Ltd., 600487, listed arm of Hengtong Group)","publishedDate":"2026-04-25","accessedDate":"2026-10-23","tier":"T1","locator":"p.53: revenue lines are optical communications, smart grid, marine energy and communications, industrial and new-energy intelligence and copper conductors; the report mentions no tower, pole or line-construction activity"}},"overhead-conductors":{"low":0.425,"central":0.849,"high":1.613,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225195764.PDF","title":"江苏亨通光电股份有限公司2025年年度报告 (Jiangsu Hengtong Optic-Electric Co., Ltd. 2025 Annual Report)","publisher":"江苏亨通光电股份有限公司 (Jiangsu Hengtong Optic-Electric Co., Ltd., 600487, listed arm of Hengtong Group)","publishedDate":"2026-04-25","accessedDate":"2026-10-23","tier":"T5","locator":"p.53, main business by product: smart grid RMB 24,796.1m (+11.77%), marine energy and communications RMB 5,736.7m, copper conductors RMB 20,084.2m, optical communications RMB 5,608.8m, industrial and new-energy intelligence RMB 7,307.8m; total revenue RMB 66.86bn (p.13)"},"note":"Hengtong Group is private; its listed arm, Hengtong Optic-Electric (600487), is taken as the measure of the group's cable and conductor business. Its 2025 annual report (p.53) gives revenue by product: smart grid (power cables, special conductors) RMB 24,796.1m, marine energy and communications RMB 5,736.7m (offshore-wind and other submarine power cable, plus submarine telecom cable), copper conductors RMB 20,084.2m (copper rod and wire for cable, not overhead conductor), optical communications RMB 5,608.8m and industrial and new-energy intelligence RMB 7,307.8m; p.23 and p.43 describe Hengtong Special Conductors (亨通特导) winning overhead-conductor orders in Europe and starting a UHV conductor project in Sichuan, and high-voltage cable up to 500 kV. The report gives no split of the smart-grid or marine lines by product, so the in-scope fractions are judgments. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Smart grid revenue: CNY 24,796m x 8% in scope = CNY 1,984m / 7.1882 = $276m; total $0.276bn. Share = 0.276 / 32.5 (overhead-conductors pool 2025, $32.5bn) = 0.849%. Range: low 0.425% to high 1.613% (fraction 4% to 15%). Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 8% (judgment; range 4% to 15%): overhead special and aluminium-alloy conductors (Hengtong Special Conductors); the rest is power cable and other special wire. Pool: the overhead-conductors pool. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"underground-cables":{"low":2.04,"central":3.602,"high":5.404,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225195764.PDF","title":"江苏亨通光电股份有限公司2025年年度报告 (Jiangsu Hengtong Optic-Electric Co., Ltd. 2025 Annual Report)","publisher":"江苏亨通光电股份有限公司 (Jiangsu Hengtong Optic-Electric Co., Ltd., 600487, listed arm of Hengtong Group)","publishedDate":"2026-04-25","accessedDate":"2026-10-23","tier":"T5","locator":"p.53, main business by product: smart grid RMB 24,796.1m (+11.77%), marine energy and communications RMB 5,736.7m, copper conductors RMB 20,084.2m, optical communications RMB 5,608.8m, industrial and new-energy intelligence RMB 7,307.8m; total revenue RMB 66.86bn (p.13)"},"note":"Hengtong Group is private; its listed arm, Hengtong Optic-Electric (600487), is taken as the measure of the group's cable and conductor business. Its 2025 annual report (p.53) gives revenue by product: smart grid (power cables, special conductors) RMB 24,796.1m, marine energy and communications RMB 5,736.7m (offshore-wind and other submarine power cable, plus submarine telecom cable), copper conductors RMB 20,084.2m (copper rod and wire for cable, not overhead conductor), optical communications RMB 5,608.8m and industrial and new-energy intelligence RMB 7,307.8m; p.23 and p.43 describe Hengtong Special Conductors (亨通特导) winning overhead-conductor orders in Europe and starting a UHV conductor project in Sichuan, and high-voltage cable up to 500 kV. The report gives no split of the smart-grid or marine lines by product, so the in-scope fractions are judgments. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Smart grid revenue: CNY 24,796m x 7% in scope = CNY 1,736m / 7.1882 = $241m; Marine energy and communications revenue: CNY 5,737m x 60% in scope = CNY 3,442m / 7.1882 = $479m; total $0.720bn. Share = 0.720 / 20.0 (underground-cables pool 2025, $20.0bn) = 3.602%. Range: low 2.040% to high 5.404% (fractions 3.5% to 12% and 36% to 84%). Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fractions (judgments): 7% of smart grid is high-voltage (110 kV and up) land cable; 60% of marine energy and communications is submarine power cable (the rest is submarine telecom cable and umbilicals). Pool: the underground-cables pool. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"overhead-conductors":{"levelLow":1,"levelHigh":1.7},"underground-cables":{"levelLow":2,"levelHigh":3.8}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"ae6aff1adf86ab139ad9be9b11a0df951951062ee5b90fc4b9603b53daf73361"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"ae6aff1adf86ab139ad9be9b11a0df951951062ee5b90fc4b9603b53daf73361"}}},"pike-electric":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"pike-electric","name":"Pike Electric","kind":"private","commercialActivityVerified":false,"shares":{"substations":{"low":0.419,"central":0.419,"high":0.419,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.pike.com/","title":"Pike Corporation (home page)","publisher":"Pike Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"12,000+ employees nationwide; Transmission & Substations capability; self-performs transmission, substations and medium-voltage interconnection"},"note":"Pike says it has 12,000+ employees and a Transmission & Substations capability (pike.com); revenue is not stated. At roughly $200k per employee (judgment) revenue is about $2.4bn. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Estimated revenue (12,000 employees x $200k): $2,400.0m x 16.6667% in scope x 85% own value-add = $340m; total $0.340bn. Share = 0.340 / 81.1 (substations pool 2025, $81.1bn) = 0.419%. Fraction 16.7% of revenue (judgment): substations. Own value-add 85% (a recorded method decision): in US utility work customers typically supply most or all of the materials (Quanta 10-K Item 1, Project Materials; MasTec 10-K Item 1, Suppliers, Materials and Working Capital; Primoris 10-K Item 1, Contract Provisions and Subcontracting; MYR 10-K Item 1, Materials: 'in many cases, our T&D customers are responsible for supplying materials on projects'), while some EPC contracts have the contractor procure them; the rest of revenue is materials bought from makers counted here. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.557,"central":0.557,"high":0.557,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.pike.com/","title":"Pike Corporation (home page)","publisher":"Pike Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"12,000+ employees nationwide; Transmission & Substations capability; self-performs transmission, substations and medium-voltage interconnection"},"note":"Pike says it has 12,000+ employees and a Transmission & Substations capability (pike.com); revenue is not stated. At roughly $200k per employee (judgment) revenue is about $2.4bn. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Estimated revenue (12,000 employees x $200k): $2,400.0m x 25% in scope x 85% own value-add = $510m; total $0.510bn. Share = 0.510 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.557%. Fraction 25% of revenue (judgment): transmission lines. Own value-add 85% (a recorded method decision): in US utility work customers typically supply most or all of the materials (Quanta 10-K Item 1, Project Materials; MasTec 10-K Item 1, Suppliers, Materials and Working Capital; Primoris 10-K Item 1, Contract Provisions and Subcontracting; MYR 10-K Item 1, Materials: 'in many cases, our T&D customers are responsible for supplying materials on projects'), while some EPC contracts have the contractor procure them; the rest of revenue is materials bought from makers counted here. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.557,"central":0.557,"high":0.557,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.pike.com/","title":"Pike Corporation (home page)","publisher":"Pike Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"12,000+ employees nationwide; Transmission & Substations capability; self-performs transmission, substations and medium-voltage interconnection"},"note":"Pike says it has 12,000+ employees and a Transmission & Substations capability (pike.com); revenue is not stated. At roughly $200k per employee (judgment) revenue is about $2.4bn. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Estimated revenue (12,000 employees x $200k): $2,400.0m x 25% in scope x 85% own value-add = $510m; total $0.510bn. Share = 0.510 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.557%. Fraction 25% of revenue (judgment): the same line work, credited equally to both line functions. Own value-add 85% (a recorded method decision): in US utility work customers typically supply most or all of the materials (Quanta 10-K Item 1, Project Materials; MasTec 10-K Item 1, Suppliers, Materials and Working Capital; Primoris 10-K Item 1, Contract Provisions and Subcontracting; MYR 10-K Item 1, Materials: 'in many cases, our T&D customers are responsible for supplying materials on projects'), while some EPC contracts have the contractor procure them; the rest of revenue is materials bought from makers counted here. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"participates":false,"evidence":{"url":"https://www.pike.com/","title":"Pike Corporation (home page)","publisher":"Pike Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Transmission & Substations, distribution, storm response, renewables. No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"0fa6342f548ae9098acaa1ea8c736d7cba316c4d052a45ff413d38e46ef51e34"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"0fa6342f548ae9098acaa1ea8c736d7cba316c4d052a45ff413d38e46ef51e34"}}},"kalpataru-projects":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"kalpataru-projects","name":"Kalpataru Projects International","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.105,"central":0.105,"high":0.105,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.bseindia.com/xml-data/corpfiling/AttachHis/ebb2a415-981e-4a00-835c-ef95028c4bd5.pdf","title":"Kalpataru Projects International Limited: Investors'/Analyst Presentation on financial results for the quarter and year ended 31st March, 2026","publisher":"Kalpataru Projects International Limited (filing with BSE and NSE, 14 May 2026)","publishedDate":"2026-05-14","accessedDate":"2026-10-23","tier":"T5","locator":"p.6: business-vertical table: T&D revenue FY26 Rs 12,501 crore (5-year CAGR 18%), order book Rs 28,572 crore at 31 March 2026; consolidated revenue Rs 27,143 crore; p.18: Power T&D offerings include transmission lines, substation, transmission tower manufacturing, design, engineering and tower testing, underground cabling EPC; in-house tower manufacturing capacity 2,40,000 MTPA"},"note":"Kalpataru's own investor presentation, filed with the exchanges on 14 May 2026 for the year ended 31 March 2026, gives T&D revenue of Rs 12,501 crore in FY2025-26 (consolidated revenue Rs 27,143 crore) and a T&D order book of Rs 28,572 crore (p.6). Its Power T&D offerings (p.18) are transmission lines, substations, transmission tower manufacturing (in-house capacity of 2,40,000 tonnes a year), design, engineering and tower testing, and underground cabling EPC. The presentation gives no split of T&D by voltage or activity, so the in-scope fractions are judgments, set as for KEC, the peer with the same mix. In-scope estimate for substations (5LayerCake judgments, not company disclosures): T&D revenue (Rs 12,501 crore): INR 125,010m x 20% in scope x 30% own value-add = INR 7,501m / 88.3848 = $85m; total $84.9m. Share = 84.9m / 81,100m (substations pool 2025, $81.1bn) = 0.105%. Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 20% of T&D: substations (judgment, as for KEC). Own value-add 30% (a recorded method decision): equipment for turnkey substations is bought in. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.813,"central":0.813,"high":0.813,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.bseindia.com/xml-data/corpfiling/AttachHis/ebb2a415-981e-4a00-835c-ef95028c4bd5.pdf","title":"Kalpataru Projects International Limited: Investors'/Analyst Presentation on financial results for the quarter and year ended 31st March, 2026","publisher":"Kalpataru Projects International Limited (filing with BSE and NSE, 14 May 2026)","publishedDate":"2026-05-14","accessedDate":"2026-10-23","tier":"T5","locator":"p.6: business-vertical table: T&D revenue FY26 Rs 12,501 crore (5-year CAGR 18%), order book Rs 28,572 crore at 31 March 2026; consolidated revenue Rs 27,143 crore; p.18: Power T&D offerings include transmission lines, substation, transmission tower manufacturing, design, engineering and tower testing, underground cabling EPC; in-house tower manufacturing capacity 2,40,000 MTPA"},"note":"Kalpataru's own investor presentation, filed with the exchanges on 14 May 2026 for the year ended 31 March 2026, gives T&D revenue of Rs 12,501 crore in FY2025-26 (consolidated revenue Rs 27,143 crore) and a T&D order book of Rs 28,572 crore (p.6). Its Power T&D offerings (p.18) are transmission lines, substations, transmission tower manufacturing (in-house capacity of 2,40,000 tonnes a year), design, engineering and tower testing, and underground cabling EPC. The presentation gives no split of T&D by voltage or activity, so the in-scope fractions are judgments, set as for KEC, the peer with the same mix. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): T&D revenue (Rs 12,501 crore): INR 125,010m x 65% in scope x 81% own value-add = INR 65,818m / 88.3848 = $745m; total $0.745bn. Share = 0.745 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.813%. Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 65% of T&D: transmission lines (judgment, as for KEC). Own value-add 81% (a recorded method decision): 53% engineering and construction plus 28% for the towers, which Kalpataru fabricates itself (p.18); it buys the conductors. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.813,"central":0.813,"high":0.813,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.bseindia.com/xml-data/corpfiling/AttachHis/ebb2a415-981e-4a00-835c-ef95028c4bd5.pdf","title":"Kalpataru Projects International Limited: Investors'/Analyst Presentation on financial results for the quarter and year ended 31st March, 2026","publisher":"Kalpataru Projects International Limited (filing with BSE and NSE, 14 May 2026)","publishedDate":"2026-05-14","accessedDate":"2026-10-23","tier":"T5","locator":"p.6: business-vertical table: T&D revenue FY26 Rs 12,501 crore (5-year CAGR 18%), order book Rs 28,572 crore at 31 March 2026; consolidated revenue Rs 27,143 crore; p.18: Power T&D offerings include transmission lines, substation, transmission tower manufacturing, design, engineering and tower testing, underground cabling EPC; in-house tower manufacturing capacity 2,40,000 MTPA"},"note":"Kalpataru's own investor presentation, filed with the exchanges on 14 May 2026 for the year ended 31 March 2026, gives T&D revenue of Rs 12,501 crore in FY2025-26 (consolidated revenue Rs 27,143 crore) and a T&D order book of Rs 28,572 crore (p.6). Its Power T&D offerings (p.18) are transmission lines, substations, transmission tower manufacturing (in-house capacity of 2,40,000 tonnes a year), design, engineering and tower testing, and underground cabling EPC. The presentation gives no split of T&D by voltage or activity, so the in-scope fractions are judgments, set as for KEC, the peer with the same mix. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): T&D revenue (Rs 12,501 crore): INR 125,010m x 65% in scope x 81% own value-add = INR 65,818m / 88.3848 = $745m; total $0.745bn. Share = 0.745 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.813%. Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 65% of T&D: the same line work, credited equally to both line functions. Own value-add 81% as for line structures. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.0124,"central":0.0495,"high":0.149,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.bseindia.com/xml-data/corpfiling/AttachHis/ebb2a415-981e-4a00-835c-ef95028c4bd5.pdf","title":"Kalpataru Projects International Limited: Investors'/Analyst Presentation on financial results for the quarter and year ended 31st March, 2026","publisher":"Kalpataru Projects International Limited (filing with BSE and NSE, 14 May 2026)","publishedDate":"2026-05-14","accessedDate":"2026-10-23","tier":"T5","locator":"p.6: business-vertical table: T&D revenue FY26 Rs 12,501 crore (5-year CAGR 18%), order book Rs 28,572 crore at 31 March 2026; consolidated revenue Rs 27,143 crore; p.18: Power T&D offerings include transmission lines, substation, transmission tower manufacturing, design, engineering and tower testing, underground cabling EPC; in-house tower manufacturing capacity 2,40,000 MTPA"},"note":"Kalpataru's own investor presentation, filed with the exchanges on 14 May 2026 for the year ended 31 March 2026, gives T&D revenue of Rs 12,501 crore in FY2025-26 (consolidated revenue Rs 27,143 crore) and a T&D order book of Rs 28,572 crore (p.6). Its Power T&D offerings (p.18) are transmission lines, substations, transmission tower manufacturing (in-house capacity of 2,40,000 tonnes a year), design, engineering and tower testing, and underground cabling EPC. The presentation gives no split of T&D by voltage or activity, so the in-scope fractions are judgments, set as for KEC, the peer with the same mix. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): T&D revenue (Rs 12,501 crore): INR 125,010m x 2% in scope x 35% own value-add = INR 875m / 88.3848 = $9.9m; total $9.9m. Share = 9.9m / 20,000m (underground-cables pool 2025, $20.0bn) = 0.0495%. Range: low 0.0124% to high 0.149% (the presentation names the activity but gives no revenue for it). Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 2% of T&D (judgment; low and high ends are 0.25 and 3 times the central estimate): high-voltage underground cabling EPC, listed on p.18 but not sized, with a 35% own value-add because the cable is bought from makers counted in this function. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2},"underground-cables":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9d7fd343253bb85114d5c61c9387a905830966abc8c9762f6272374f973ad76b"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9d7fd343253bb85114d5c61c9387a905830966abc8c9762f6272374f973ad76b"}}},"eaton":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"eaton","name":"Eaton","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.986,"central":0.986,"high":0.986,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1551182/000155118226000007/etn-20251231.htm","title":"Form 10-K for the year ended December 31, 2025","publisher":"Eaton Corporation plc (SEC filing; local copy .cache/sec)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Business description: products for data center, utility, industrial and other markets; Electrical Americas and Electrical Global segments; 49% stake in Jiangsu Ryan (sub-transmission transformers)"},"note":"Eaton's 10-K reports Electrical Americas $13,276m and Electrical Global $6,815m for 2025 ($20.09bn together); products serve data-centre, utility, industrial and commercial markets, and Eaton holds 49% of Jiangsu Ryan (sub-transmission transformers). In-scope estimate for substations: $0.80bn (4% of $20.1bn: utility and site-substation transformers, switchgear and modular substations; excludes in-building power and distribution). Share = 0.80 / 81.1 (substations pool $81.1bn) = 0.99%. This is a 5LayerCake derivation (T5); the in-scope fractions are assumptions, not company disclosures, and it is a screening estimate to be replaced in full research. Pool derivation (5LayerCake, T5): world transmission investment in 2025 is about $180bn = IEA's $140bn for 2023 (+10% that year; https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf) grown about 12% (2024) and 16% (2025) on BNEF's transmission growth path (16% a year 2024-27; https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/), times the card's FERC mix: substations 45.1% = $81.1bn, line structures 32.8% = $59.1bn, overhead conductors 18.1% = $32.5bn."},"line-structures":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1551182/000155118226000007/etn-20251231.htm","title":"Form 10-K for the year ended December 31, 2025","publisher":"Eaton Corporation plc (SEC filing; local copy .cache/sec)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Business lines in this source: Electrical Americas, Electrical Global, Aerospace, Vehicle, eMobility segments. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1551182/000155118226000007/etn-20251231.htm","title":"Form 10-K for the year ended December 31, 2025","publisher":"Eaton Corporation plc (SEC filing; local copy .cache/sec)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Business lines in this source: Electrical Americas, Electrical Global, Aerospace, Vehicle, eMobility segments. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1551182/000155118226000007/etn-20251231.htm","title":"Form 10-K for the year ended December 31, 2025","publisher":"Eaton Corporation plc (SEC filing; local copy .cache/sec)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Business lines in this source: Electrical Americas, Electrical Global, Aerospace, Vehicle, eMobility segments. No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"f7f0e690430352c92c4a18923b75c9476c8712c743f5e54779493a22c4094560"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"f7f0e690430352c92c4a18923b75c9476c8712c743f5e54779493a22c4094560"}},"baselineRevenueUsd":{"low":20091000000,"central":20091000000,"high":20091000000,"unit":"USD","basis":"Eaton Electrical Americas plus Electrical Global segment revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1551182/000155118226000007/etn-20251231.htm","title":"Form 10-K for the year ended December 31, 2025","publisher":"Eaton Corporation plc (SEC filing; local copy .cache/sec)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Electrical Americas $13,276m and Electrical Global $6,815m (segment table in the 10-K, already cited for the share)."},"note":"Two electrical segments, not the Eaton group total."}},"hubbell":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"hubbell","name":"Hubbell (Utility Solutions)","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.543,"central":0.543,"high":0.543,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/48898/000162828026004800/exhibit991_02032026.htm","title":"Hubbell Incorporated fourth quarter and full year 2025 results (Exhibit 99.1)","publisher":"Hubbell Incorporated (U.S. SEC filing)","publishedDate":"2026-02-03","accessedDate":"2026-10-23","tier":"T5","locator":"Full-year 2025 net sales $5,844.6m; Utility Solutions segment net sales $3,672.3m (2024 $3,600.7m, +2%)"},"note":"Hubbell's 3 February 2026 earnings release (filed with the SEC) shows Utility Solutions net sales of $3,672.3m in 2025 (2024: $3,600.7m) and consolidated net sales of $5,844.6m. The 10-K (Item 1) lists the segment's transmission and distribution components as arresters, insulators, connectors and switches, and gives no split by voltage. The in-scope fractions are judgments: high-voltage (transmission and substation) products are a minority of a mainly distribution-level portfolio. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Utility Solutions net sales: $3,672.3m x 12% in scope = $441m; total $0.441bn. Share = 0.441 / 81.1 (substations pool 2025, $81.1bn) = 0.543%. Fraction 12% (judgment): substation arresters, connectors, bushing-type products, switches and DMC Power substation products at transmission voltages. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.59,"central":0.59,"high":0.59,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/48898/000162828026004800/exhibit991_02032026.htm","title":"Hubbell Incorporated fourth quarter and full year 2025 results (Exhibit 99.1)","publisher":"Hubbell Incorporated (U.S. SEC filing)","publishedDate":"2026-02-03","accessedDate":"2026-10-23","tier":"T5","locator":"Full-year 2025 net sales $5,844.6m; Utility Solutions segment net sales $3,672.3m (2024 $3,600.7m, +2%)"},"note":"Hubbell's 3 February 2026 earnings release (filed with the SEC) shows Utility Solutions net sales of $3,672.3m in 2025 (2024: $3,600.7m) and consolidated net sales of $5,844.6m. The 10-K (Item 1) lists the segment's transmission and distribution components as arresters, insulators, connectors and switches, and gives no split by voltage. The in-scope fractions are judgments: high-voltage (transmission and substation) products are a minority of a mainly distribution-level portfolio. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Utility Solutions net sales: $3,672.3m x 9.5% in scope = $349m; total $0.349bn. Share = 0.349 / 59.1 (line-structures pool 2025, $59.1bn) = 0.590%. Fraction 9.5% (judgment): transmission line hardware, insulators and fittings. Pool: the line-structures pool ($59.1bn). This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/48898/000162828026007500/hubb-20251231.htm","title":"HUBBELL INC Form 10-K for the year ended December 31, 2025","publisher":"Hubbell Incorporated (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T1","locator":"Item 1, Utility Solutions: transmission and distribution components such as arresters, insulators and connectors, and switches; the section does not mention conductors or power cable (Utility Solutions is 63% of consolidated revenues in 2025)"}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/48898/000162828026007500/hubb-20251231.htm","title":"HUBBELL INC Form 10-K for the year ended December 31, 2025","publisher":"Hubbell Incorporated (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T1","locator":"Item 1, Utility Solutions: transmission and distribution components such as arresters, insulators and connectors, and switches; the section does not mention conductors or power cable (Utility Solutions is 63% of consolidated revenues in 2025)"}}},"baselineRevenueUsd":{"low":3672300000,"central":3672300000,"high":3672300000,"unit":"USD","basis":"Hubbell Utility Solutions segment net sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/48898/000162828026004800/exhibit991_02032026.htm","title":"Hubbell Incorporated fourth quarter and full year 2025 results (Exhibit 99.1)","publisher":"Hubbell Incorporated (U.S. SEC filing)","publishedDate":"2026-02-03","accessedDate":"2026-10-23","tier":"T2","locator":"Utility Solutions segment net sales $3,672.3m"},"note":"Segment net sales as published ($3,672.3m), not the group total of $5,844.6m."},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"86118b9525634f9df77808c0ecd210580bb652666d3d741732aad5524498fcdd"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"86118b9525634f9df77808c0ecd210580bb652666d3d741732aad5524498fcdd"}}},"siemens-smart-infrastructure":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"siemens-smart-infrastructure","name":"Siemens Smart Infrastructure","kind":"unit","parentId":"siemens","commercialActivityVerified":true,"shares":{"substations":{"low":0.959,"central":0.959,"high":0.959,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025 (October 2024 to September 2025)","periodEnd":"2025-09-30","source":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:3948cdd4-35e0-4c1d-8412-9aed4097b3d0/HQCOPR202511117277EN.pdf","title":"Earnings Release Q4 FY 2025","publisher":"Siemens AG","publishedDate":"2025-11","accessedDate":"2026-10-22","tier":"T5","locator":"Segment table: Smart Infrastructure revenue EUR 22,989m in FY2025 (EUR 21,368m prior year)"},"note":"Siemens reports Smart Infrastructure revenue of EUR 22,989m in FY2025 (October 2024 to September 2025), mostly buildings technology and distribution electrification. The in-scope fraction is a judgment: medium-voltage switchgear and protection used in transmission-level and site substations; HV transmission equipment sits in Siemens Energy; distribution and building power are excluded. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Smart Infrastructure revenue FY2025: EUR 22,989m x 3% in scope = EUR 690m / 0.8871 = $777m; total $0.777bn. Share = 0.777 / 81.1 (substations pool 2025, $81.1bn) = 0.959%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 3% of segment revenue (judgment). The euro is converted at the 2025 ECB average (1.127 USD per EUR), not the 1.16 used at screening. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"participates":false,"evidence":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:3948cdd4-35e0-4c1d-8412-9aed4097b3d0/HQCOPR202511117277EN.pdf","title":"Earnings Release Q4 FY 2025","publisher":"Siemens AG","publishedDate":"2025-11","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Smart Infrastructure segment (building technology, electrical products, grid software); no cable, conductor or line-construction business. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:3948cdd4-35e0-4c1d-8412-9aed4097b3d0/HQCOPR202511117277EN.pdf","title":"Earnings Release Q4 FY 2025","publisher":"Siemens AG","publishedDate":"2025-11","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Smart Infrastructure segment (building technology, electrical products, grid software); no cable, conductor or line-construction business. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:3948cdd4-35e0-4c1d-8412-9aed4097b3d0/HQCOPR202511117277EN.pdf","title":"Earnings Release Q4 FY 2025","publisher":"Siemens AG","publishedDate":"2025-11","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Smart Infrastructure segment (building technology, electrical products, grid software); no cable, conductor or line-construction business. No underground or submarine power cable activity is listed or implied there."}}},"baselineRevenueUsd":{"low":25913485391,"central":25913485391,"high":25913485391,"unit":"USD","basis":"Siemens Smart Infrastructure revenue, fiscal year (October to September), US dollars","period":"FY2025 (October 2024 to September 2025)","periodEnd":"2025-09-30","source":{"url":"https://assets.new.siemens.com/siemens/assets/api/uuid:3948cdd4-35e0-4c1d-8412-9aed4097b3d0/HQCOPR202511117277EN.pdf","title":"Earnings Release Q4 FY 2025","publisher":"Siemens AG","publishedDate":"2025-11","accessedDate":"2026-10-22","tier":"T2","locator":"Segment table: Smart Infrastructure revenue EUR 22,989m in FY2025 (already cited for the share)"},"note":"EUR 22,989m / 0.8871 (2025 average, ECB reference rates; 1.127 USD per EUR) = $25.9bn; segment, not the Siemens group total."},"screening":{"substations":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b096abe8fcc533dddbbd8358da7f87175025266944ab4f83c7668475be0d23f1"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b096abe8fcc533dddbbd8358da7f87175025266944ab4f83c7668475be0d23f1"}}},"elsewedy-electric":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"elsewedy-electric","name":"Elsewedy Electric","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.493,"central":0.493,"high":0.493,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.elsewedyelectric.com/","title":"Elsewedy Electric (home page)","publisher":"Elsewedy Electric","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"About 18,000 employees; business lines: Wires, Cables and Accessories; Electrical Products (power transformers); Engineering & Construction; overhead transmission lines with OPGW"},"note":"Elsewedy's site shows about 18,000 employees and business lines for cables (low to extra-high voltage and overhead lines with OPGW), power transformers and engineering and construction; revenue is not stated. At roughly $200k per employee (assumption) revenue is about $3.6bn. In-scope estimate for substations: $0.40bn (about 11% of an estimated $3.6bn: power transformers and switchgear). Share = 0.40 / 81.1 (substations pool $81.1bn) = 0.49%. This is a 5LayerCake derivation (T5); the in-scope fractions are assumptions, not company disclosures, and it is a screening estimate to be replaced in full research. Pool derivation (5LayerCake, T5): world transmission investment in 2025 is about $180bn = IEA's $140bn for 2023 (+10% that year; https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf) grown about 12% (2024) and 16% (2025) on BNEF's transmission growth path (16% a year 2024-27; https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/), times the card's FERC mix: substations 45.1% = $81.1bn, line structures 32.8% = $59.1bn, overhead conductors 18.1% = $32.5bn."},"line-structures":{"low":0.328,"central":0.328,"high":0.328,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.elsewedyelectric.com/","title":"Elsewedy Electric (home page)","publisher":"Elsewedy Electric","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"About 18,000 employees; business lines: Wires, Cables and Accessories; Electrical Products (power transformers); Engineering & Construction; overhead transmission lines with OPGW"},"note":"Elsewedy's site shows about 18,000 employees and business lines for cables (low to extra-high voltage and overhead lines with OPGW), power transformers and engineering and construction; revenue is not stated. At roughly $200k per employee (assumption) revenue is about $3.6bn. In-scope estimate for line-structures: $0.30bn (estimated $0.3bn of transmission-line EPC). Share = 0.30 / 91.6 (combined overhead-line pool $91.6bn) = 0.33%. This is a 5LayerCake derivation (T5); the in-scope fractions are assumptions, not company disclosures, and it is a screening estimate to be replaced in full research. Pool derivation: as in the first share note of this file. Line contractors: transmission-line revenue is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and the same share is given to both functions, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed (so the share may be overstated)."},"overhead-conductors":{"low":0.328,"central":0.328,"high":0.328,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.elsewedyelectric.com/","title":"Elsewedy Electric (home page)","publisher":"Elsewedy Electric","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"About 18,000 employees; business lines: Wires, Cables and Accessories; Electrical Products (power transformers); Engineering & Construction; overhead transmission lines with OPGW"},"note":"Elsewedy's site shows about 18,000 employees and business lines for cables (low to extra-high voltage and overhead lines with OPGW), power transformers and engineering and construction; revenue is not stated. At roughly $200k per employee (assumption) revenue is about $3.6bn. In-scope estimate for overhead-conductors: $0.30bn (estimated $0.3bn of transmission-line EPC). Share = 0.30 / 91.6 (combined overhead-line pool $91.6bn) = 0.33%. This is a 5LayerCake derivation (T5); the in-scope fractions are assumptions, not company disclosures, and it is a screening estimate to be replaced in full research. Pool derivation: as in the first share note of this file. Line contractors: transmission-line revenue is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and the same share is given to both functions, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed (so the share may be overstated)."},"underground-cables":{"low":0.75,"central":0.75,"high":0.75,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.elsewedyelectric.com/","title":"Elsewedy Electric (home page)","publisher":"Elsewedy Electric","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"About 18,000 employees; business lines: Wires, Cables and Accessories; Electrical Products (power transformers); Engineering & Construction; overhead transmission lines with OPGW"},"note":"Elsewedy's site shows about 18,000 employees and business lines for cables (low to extra-high voltage and overhead lines with OPGW), power transformers and engineering and construction; revenue is not stated. At roughly $200k per employee (assumption) revenue is about $3.6bn. In-scope estimate for underground-cables: $0.15bn (estimated $0.15bn of high-voltage cables). Share = 0.15 / 20.0 (underground-cables pool $20.0bn) = 0.75%. This is a 5LayerCake derivation (T5); the in-scope fractions are assumptions, not company disclosures, and it is a screening estimate to be replaced in full research. Pool derivation: as in the first share note of this file. Underground and submarine cables use a $20bn pool instead of the card mix's $7.3bn, because the disclosed transmission-cable revenue of Prysmian (EUR 3.26bn) and Nexans (EUR 1.66bn) alone is about $5.7bn and more makers (NKT, LS, Sumitomo, Chinese producers) sit on top."}},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":1.7},"underground-cables":{"levelLow":2,"levelHigh":3.8}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c9e8a2ef02fe186dc119351dad4e0707a9d1c2a40f10e0636120501fe0440e05"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c9e8a2ef02fe186dc119351dad4e0707a9d1c2a40f10e0636120501fe0440e05"}}},"taihan":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"taihan","name":"Taihan Cable & Solution","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.00189,"central":0.00946,"high":0.0284,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.taihan.com/resources/files/Annual%20Report%202025.pdf","title":"Taihan Cable & Solution 2025 Annual Report","publisher":"Taihan Cable & Solution Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"p.3 and p.4: consolidated revenue KRW 3.636 trillion in 2025 (+10.5%), operating profit KRW 128.6 billion, order backlog KRW 3.6632 trillion; p.3: business areas power cables, renewable energy, communication cables, base metal"},"note":"Taihan's 2025 Annual Report (undated) shows consolidated revenue of KRW 3.636tn in 2025 (+10.5%) and a record order backlog of KRW 3.6632tn (p.3-4). Its business areas are power cables, renewable-energy (submarine) cables, communication cables and base metal; it is extending from EHV cable into HPFF, submarine, medium- and low-voltage cable and overhead lines (p.13), is building 640 kV-class HVDC submarine cable capacity (p.4), and runs a 110/220 kV substation collective project for TenneT Germany and a 400 kV turnkey project in Bahrain (p.14). The report gives no revenue by product, so the in-scope fractions are judgments. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Consolidated revenue: KRW 3,636,000m x 1% in scope x 30% own value-add = KRW 10,908m / 1,422.1110 = $7.7m; total $7.7m. Share = 7.7m / 81,100m (substations pool 2025, $81.1bn) = 0.00946%. Range: low 0.00189% to high 0.0284% (the report names the projects but gives no revenue for them). Exchange rates: KRW 1,422.1110 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 1% (judgment; low and high ends are 0.2 and 3 times the central estimate): the substation-side works inside its turnkey cable-and-substation projects (TenneT 110/220 kV substation project, p.14). Own value-add 30% (a recorded method decision): equipment is bought in. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"participates":false,"evidence":{"url":"https://www.taihan.com/resources/files/Annual%20Report%202025.pdf","title":"Taihan Cable & Solution 2025 Annual Report","publisher":"Taihan Cable & Solution Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T2","locator":"p.3: business areas power cables, renewable energy, communication cables, base metal; products and services: design, manufacturing and installation of power and communication cable systems; no tower, pole or line-construction activity is listed"}},"overhead-conductors":{"low":0.0236,"central":0.0787,"high":0.236,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.taihan.com/resources/files/Annual%20Report%202025.pdf","title":"Taihan Cable & Solution 2025 Annual Report","publisher":"Taihan Cable & Solution Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"p.3 and p.4: consolidated revenue KRW 3.636 trillion in 2025 (+10.5%), operating profit KRW 128.6 billion, order backlog KRW 3.6632 trillion; p.3: business areas power cables, renewable energy, communication cables, base metal"},"note":"Taihan's 2025 Annual Report (undated) shows consolidated revenue of KRW 3.636tn in 2025 (+10.5%) and a record order backlog of KRW 3.6632tn (p.3-4). Its business areas are power cables, renewable-energy (submarine) cables, communication cables and base metal; it is extending from EHV cable into HPFF, submarine, medium- and low-voltage cable and overhead lines (p.13), is building 640 kV-class HVDC submarine cable capacity (p.4), and runs a 110/220 kV substation collective project for TenneT Germany and a 400 kV turnkey project in Bahrain (p.14). The report gives no revenue by product, so the in-scope fractions are judgments. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Consolidated revenue: KRW 3,636,000m x 1% in scope = KRW 36,360m / 1,422.1110 = $26m; total $25.6m. Share = 25.6m / 32,500m (overhead-conductors pool 2025, $32.5bn) = 0.0787%. Range: low 0.0236% to high 0.236% (the report names the line but gives no revenue for it). Exchange rates: KRW 1,422.1110 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 1% (judgment; range 0.3% to 3%): overhead lines, which the report (p.13, p.16) calls a growing line and expanding into North America and Central Asia. Pool: the overhead-conductors pool. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":3.835,"central":3.835,"high":3.835,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.taihan.com/resources/files/Annual%20Report%202025.pdf","title":"Taihan Cable & Solution 2025 Annual Report","publisher":"Taihan Cable & Solution Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"p.3 and p.4: consolidated revenue KRW 3.636 trillion in 2025 (+10.5%), operating profit KRW 128.6 billion, order backlog KRW 3.6632 trillion; p.3: business areas power cables, renewable energy, communication cables, base metal"},"note":"Taihan's 2025 Annual Report (undated) shows consolidated revenue of KRW 3.636tn in 2025 (+10.5%) and a record order backlog of KRW 3.6632tn (p.3-4). Its business areas are power cables, renewable-energy (submarine) cables, communication cables and base metal; it is extending from EHV cable into HPFF, submarine, medium- and low-voltage cable and overhead lines (p.13), is building 640 kV-class HVDC submarine cable capacity (p.4), and runs a 110/220 kV substation collective project for TenneT Germany and a 400 kV turnkey project in Bahrain (p.14). The report gives no revenue by product, so the in-scope fractions are judgments. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Consolidated revenue: KRW 3,636,000m x 30% in scope = KRW 1,090,800m / 1,422.1110 = $767m; total $0.767bn. Share = 0.767 / 20.0 (underground-cables pool 2025, $20.0bn) = 3.835%. Exchange rates: KRW 1,422.1110 per USD, 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 30% (judgment; the T5 band covers 12% to 48%): extra-high-voltage land and submarine power cable; the rest is medium- and low-voltage power cable, communication cable and base metal (copper rod). This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"overhead-conductors":{"levelLow":1,"levelHigh":1.7},"underground-cables":{"levelLow":2,"levelHigh":3.8},"substations":{"levelLow":1,"levelHigh":1.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"0b7355991f17d8e66999f73f6e720ad0509ad44a96f814c1213fa53e36fac5fb"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"0b7355991f17d8e66999f73f6e720ad0509ad44a96f814c1213fa53e36fac5fb"}}},"weg":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"weg","name":"WEG","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.9,"central":0.9,"high":0.9,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://api.mziq.com/mzfilemanager/v2/d/50c1bd3e-8ac6-42d9-884f-b9d69f690602/c1d96543-d95f-fcf2-814e-b73b56249566?origin=2","title":"WEG S.A. Financial statements December 31, 2025 and 2024","publisher":"WEG S.A.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Note 30 segment information: consolidated revenue R$40,804,110 thousand; Energy segment (generators, transformers, substations) described; management report on T&D deliveries (large transformers and substations)"},"note":"WEG's 2025 financial statements show consolidated revenue of R$40.8bn (= $7.3bn at 5.59); the Energy segment (generators, turbines, transformers, substations) and management report cite strong deliveries of large transformers and substations in T&D, with US and Mexico capacity being added. In-scope estimate for substations: $0.73bn (10% of $7.3bn: large transformers and substations (T&D); excludes motors, drives, generators, paints and appliances). Share = 0.73 / 81.1 (substations pool $81.1bn) = 0.90%. This is a 5LayerCake derivation (T5); the in-scope fractions are assumptions, not company disclosures, and it is a screening estimate to be replaced in full research. Pool derivation (5LayerCake, T5): world transmission investment in 2025 is about $180bn = IEA's $140bn for 2023 (+10% that year; https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf) grown about 12% (2024) and 16% (2025) on BNEF's transmission growth path (16% a year 2024-27; https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/), times the card's FERC mix: substations 45.1% = $81.1bn, line structures 32.8% = $59.1bn, overhead conductors 18.1% = $32.5bn."},"line-structures":{"participates":false,"evidence":{"url":"https://api.mziq.com/mzfilemanager/v2/d/50c1bd3e-8ac6-42d9-884f-b9d69f690602/c1d96543-d95f-fcf2-814e-b73b56249566?origin=2","title":"WEG S.A. Financial statements December 31, 2025 and 2024","publisher":"WEG S.A.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Business lines in this source: Industry and Energy segments (motors, drives, generators, transformers, substations). No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://api.mziq.com/mzfilemanager/v2/d/50c1bd3e-8ac6-42d9-884f-b9d69f690602/c1d96543-d95f-fcf2-814e-b73b56249566?origin=2","title":"WEG S.A. Financial statements December 31, 2025 and 2024","publisher":"WEG S.A.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Business lines in this source: Industry and Energy segments (motors, drives, generators, transformers, substations). No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://api.mziq.com/mzfilemanager/v2/d/50c1bd3e-8ac6-42d9-884f-b9d69f690602/c1d96543-d95f-fcf2-814e-b73b56249566?origin=2","title":"WEG S.A. Financial statements December 31, 2025 and 2024","publisher":"WEG S.A.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Business lines in this source: Industry and Energy segments (motors, drives, generators, transformers, substations). No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"0b5dc43a8e7beeceebdfbd3726d496fe2aa98d63eaeac3bb83a079955bbd1486"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"0b5dc43a8e7beeceebdfbd3726d496fe2aa98d63eaeac3bb83a079955bbd1486"}}},"sgb-smit":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"sgb-smit","name":"SGB-SMIT Group","kind":"private","commercialActivityVerified":true,"shares":{"substations":{"low":0.801,"central":0.801,"high":0.801,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sgb-smit.com/","title":"SGB-SMIT Group (home page)","publisher":"SGB-SMIT Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"About 3,800 employees; 15 sites in 8 countries; large and medium power transformers"},"note":"The SGB-SMIT site shows about 3,800 employees, 15 sites in 8 countries and large and medium power transformers; revenue is not stated. At roughly $250k per employee (assumption) revenue is about $0.95bn. In-scope estimate for substations: $0.65bn (70% of an estimated $0.95bn: large and medium power transformers). Share = 0.65 / 81.1 (substations pool $81.1bn) = 0.80%. This is a 5LayerCake derivation (T5); the in-scope fractions are assumptions, not company disclosures, and it is a screening estimate to be replaced in full research. Pool derivation (5LayerCake, T5): world transmission investment in 2025 is about $180bn = IEA's $140bn for 2023 (+10% that year; https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf) grown about 12% (2024) and 16% (2025) on BNEF's transmission growth path (16% a year 2024-27; https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/), times the card's FERC mix: substations 45.1% = $81.1bn, line structures 32.8% = $59.1bn, overhead conductors 18.1% = $32.5bn."},"line-structures":{"participates":false,"evidence":{"url":"https://www.sgb-smit.com/","title":"SGB-SMIT Group (home page)","publisher":"SGB-SMIT Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: power transformers, distribution transformers. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.sgb-smit.com/","title":"SGB-SMIT Group (home page)","publisher":"SGB-SMIT Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: power transformers, distribution transformers. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.sgb-smit.com/","title":"SGB-SMIT Group (home page)","publisher":"SGB-SMIT Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: power transformers, distribution transformers. No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d2c31da44de0d6c192d4ce5522240b2ad36cae0936a8fdd20350e255a700321d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d2c31da44de0d6c192d4ce5522240b2ad36cae0936a8fdd20350e255a700321d"}}},"burns-mcdonnell":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"burns-mcdonnell","name":"Burns & McDonnell","kind":"private","commercialActivityVerified":false,"shares":{"substations":{"low":0.313,"central":0.313,"high":0.313,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.burnsmcd.com/hubfs/BMcD_Web_Assets/Insights%20and%20News/News/2026-04/RELEASE-Burns-McDonnell-Maintains-Top-10-Position-on-ENRs-Top-500-Design-Firms-List-11733941943.pdf","title":"Burns & McDonnell Maintains Top 10 Position on ENR's Top 500 Design Firms List as Infrastructure Demand Continues to Accelerate","publisher":"Burns & McDonnell","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"In 2025, the 100% employee-owned engineering and construction firm reported $8.6 billion in revenue; No. 1 in Power for the 11th consecutive year; 'integrated solutions bringing power, transmission, site development and construction together'"},"note":"Burns & McDonnell's release for ENR's 2026 Top 500 Design Firms list (undated) says the 100% employee-owned engineering and construction firm reported $8.6bn of revenue in 2025 and ranks No. 1 in Power, and describes integrated power, transmission, site development and construction work. ENR's Midwest Top Design Firms 2026 table (https://www.enr.com/Midwest/Toplists/2026-Top-Design-Firms) shows 59% of its Midwest revenue as Power. No opened source gives transmission revenue, so transmission and substation work is taken as 25% of the power share (judgment, range 15% to 35%): $8.6bn x 59% x 25% = $1,269m. The Midwest sector mix is applied to the whole firm, which is a limit. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Transmission and substation revenue ($8.6bn x 59% x 25%): $1,268.5m x 50% in scope x 40% own value-add = $254m; total $0.254bn. Share = 0.254 / 81.1 (substations pool 2025, $81.1bn) = 0.313%. Fraction 50% of transmission-level work: substation design and EPC (judgment). Own value-add (a recorded method decision) is a blend of design and construction-management work (100% value-add) and turnkey EPC with bought-in equipment (30% for substations, 53% for lines), taken as 40% for substations and 60% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.415,"central":0.415,"high":0.415,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.burnsmcd.com/hubfs/BMcD_Web_Assets/Insights%20and%20News/News/2026-04/RELEASE-Burns-McDonnell-Maintains-Top-10-Position-on-ENRs-Top-500-Design-Firms-List-11733941943.pdf","title":"Burns & McDonnell Maintains Top 10 Position on ENR's Top 500 Design Firms List as Infrastructure Demand Continues to Accelerate","publisher":"Burns & McDonnell","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"In 2025, the 100% employee-owned engineering and construction firm reported $8.6 billion in revenue; No. 1 in Power for the 11th consecutive year; 'integrated solutions bringing power, transmission, site development and construction together'"},"note":"Burns & McDonnell's release for ENR's 2026 Top 500 Design Firms list (undated) says the 100% employee-owned engineering and construction firm reported $8.6bn of revenue in 2025 and ranks No. 1 in Power, and describes integrated power, transmission, site development and construction work. ENR's Midwest Top Design Firms 2026 table (https://www.enr.com/Midwest/Toplists/2026-Top-Design-Firms) shows 59% of its Midwest revenue as Power. No opened source gives transmission revenue, so transmission and substation work is taken as 25% of the power share (judgment, range 15% to 35%): $8.6bn x 59% x 25% = $1,269m. The Midwest sector mix is applied to the whole firm, which is a limit. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Transmission and substation revenue ($8.6bn x 59% x 25%): $1,268.5m x 50% in scope x 60% own value-add = $381m; total $0.381bn. Share = 0.381 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.415%. Fraction 50% of transmission-level work: transmission-line design and design-build (judgment). Own value-add (a recorded method decision) is a blend of design and construction-management work (100% value-add) and turnkey EPC with bought-in equipment (30% for substations, 53% for lines), taken as 40% for substations and 60% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.415,"central":0.415,"high":0.415,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.burnsmcd.com/hubfs/BMcD_Web_Assets/Insights%20and%20News/News/2026-04/RELEASE-Burns-McDonnell-Maintains-Top-10-Position-on-ENRs-Top-500-Design-Firms-List-11733941943.pdf","title":"Burns & McDonnell Maintains Top 10 Position on ENR's Top 500 Design Firms List as Infrastructure Demand Continues to Accelerate","publisher":"Burns & McDonnell","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"In 2025, the 100% employee-owned engineering and construction firm reported $8.6 billion in revenue; No. 1 in Power for the 11th consecutive year; 'integrated solutions bringing power, transmission, site development and construction together'"},"note":"Burns & McDonnell's release for ENR's 2026 Top 500 Design Firms list (undated) says the 100% employee-owned engineering and construction firm reported $8.6bn of revenue in 2025 and ranks No. 1 in Power, and describes integrated power, transmission, site development and construction work. ENR's Midwest Top Design Firms 2026 table (https://www.enr.com/Midwest/Toplists/2026-Top-Design-Firms) shows 59% of its Midwest revenue as Power. No opened source gives transmission revenue, so transmission and substation work is taken as 25% of the power share (judgment, range 15% to 35%): $8.6bn x 59% x 25% = $1,269m. The Midwest sector mix is applied to the whole firm, which is a limit. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Transmission and substation revenue ($8.6bn x 59% x 25%): $1,268.5m x 50% in scope x 60% own value-add = $381m; total $0.381bn. Share = 0.381 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.415%. Fraction 50% of transmission-level work: the same line work, credited equally to both line functions. Own value-add (a recorded method decision) is a blend of design and construction-management work (100% value-add) and turnkey EPC with bought-in equipment (30% for substations, 53% for lines), taken as 40% for substations and 60% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.019,"central":0.0951,"high":0.381,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.burnsmcd.com/hubfs/BMcD_Web_Assets/Insights%20and%20News/News/2026-04/RELEASE-Burns-McDonnell-Maintains-Top-10-Position-on-ENRs-Top-500-Design-Firms-List-11733941943.pdf","title":"Burns & McDonnell Maintains Top 10 Position on ENR's Top 500 Design Firms List as Infrastructure Demand Continues to Accelerate","publisher":"Burns & McDonnell","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"In 2025, the 100% employee-owned engineering and construction firm reported $8.6 billion in revenue; No. 1 in Power for the 11th consecutive year; 'integrated solutions bringing power, transmission, site development and construction together'"},"note":"Burns & McDonnell's release for ENR's 2026 Top 500 Design Firms list (undated) says the 100% employee-owned engineering and construction firm reported $8.6bn of revenue in 2025 and ranks No. 1 in Power, and describes integrated power, transmission, site development and construction work. ENR's Midwest Top Design Firms 2026 table (https://www.enr.com/Midwest/Toplists/2026-Top-Design-Firms) shows 59% of its Midwest revenue as Power. No opened source gives transmission revenue, so transmission and substation work is taken as 25% of the power share (judgment, range 15% to 35%): $8.6bn x 59% x 25% = $1,269m. The Midwest sector mix is applied to the whole firm, which is a limit. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Transmission and substation revenue ($8.6bn x 59% x 25%): $1,268.5m x 3% in scope x 50% own value-add = $19m; total $19.0m. Share = 19.0m / 20,000m (underground-cables pool 2025, $20.0bn) = 0.0951%. Range: low 0.0190% to high 0.381% (no document sizes the activity). Fraction 3% of transmission-level work (judgment; low and high ends are 0.2 and 4 times the central estimate): underground transmission design and installation oversight. No opened source documents or excludes this work, so a small non-zero range is carried instead of zero. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2},"underground-cables":{"levelLow":1,"levelHigh":1.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8f086f64c557b588ad46910dacb779c471feb3c2bf559efca98cc4363f2b5ce1"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8f086f64c557b588ad46910dacb779c471feb3c2bf559efca98cc4363f2b5ce1"}}},"schneider-electric":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"schneider-electric","name":"Schneider Electric","kind":"public","commercialActivityVerified":false,"shares":{"substations":{"low":0.182,"central":0.553,"high":1.105,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.se.com/ww/en/assets/564/document/528237/release-fy-results-2025.pdf","title":"Schneider Electric 2025 Full Year Financial results","publisher":"Schneider Electric SE","publishedDate":"2026-02-26","accessedDate":"2026-10-23","tier":"T5","locator":"FY 2025 revenues EUR 40,152 million; Energy Management EUR 33,130 million (+10.3% organic); Infrastructure end-market, Power & Grid (P&G) segment demand strong and growing"},"note":"Schneider's full-year 2025 results release (26 February 2026) shows Energy Management revenue of EUR 33,130m (group EUR 40,152m) and notes strong demand in its Power & Grid (P&G) segment within the Infrastructure end-market, but gives no P&G revenue. Schneider's grid business is mostly distribution and medium-voltage equipment, which the card leaves out; only primary-substation and transmission-interface equipment (protection, medium-voltage switchgear at the site substation boundary, transformers) is in scope. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Energy Management revenue x 8% Power & Grid share: EUR 2,650m x 15% in scope = EUR 398m / 0.8871 = $448m; total $0.448bn. Share = 0.448 / 81.1 (substations pool 2025, $81.1bn) = 0.553%. Range: low 0.182% to high 1.105% (no document gives the P&G revenue or its voltage mix). Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fractions (judgments): 8% of Energy Management is Power & Grid (utilities and grid operators); 15% of that is transmission-level or primary-substation equipment in the card's scope (low and high ends are 0.33 and 2 times the central estimate). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"participates":false,"evidence":{"url":"https://www.se.com/ww/en/about-us/investor-relations/","title":"Investor Relations","publisher":"Schneider Electric","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Energy management and automation (investor page lists results only). No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.se.com/ww/en/about-us/investor-relations/","title":"Investor Relations","publisher":"Schneider Electric","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Energy management and automation (investor page lists results only). No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.se.com/ww/en/about-us/investor-relations/","title":"Investor Relations","publisher":"Schneider Electric","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Energy management and automation (investor page lists results only). No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"239b33b0ff26bb67d522cdb5a4d78555bcc3c0e6fd06dd1f24934a938c1eacb8"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"239b33b0ff26bb67d522cdb5a4d78555bcc3c0e6fd06dd1f24934a938c1eacb8"}}},"koncar":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"koncar","name":"Končar","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.636,"central":0.636,"high":0.636,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://koncar.hr/en/news/record-year-for-koncar","title":"Record year for KONČAR: revenue surpasses EUR 1.3 billion, profit exceeds EUR 220 million","publisher":"KONČAR - Elektroindustrija d.d.","publishedDate":"2026-02-26","accessedDate":"2026-10-23","tier":"T5","locator":"According to the unaudited financial statements for 2025, the KONČAR Group generated consolidated sales revenue of EUR 1,319.6 million (+25.2%); exports 68% of revenue. Q1 2026 presentation p.3 and p.18: Power transmission and distribution segment more than 77% of sales income"},"note":"KONČAR's news release of 26 February 2026 gives 2025 group sales revenue of EUR 1,319.6m (+25.2%; audited results give the same order of size at EUR 1.32bn), and its Q1 2026 presentation (p.3, p.18) says the Power transmission and distribution segment is about 77% of sales income (given for Q1 2026 and taken here as the 2025 share too): power transformers, distribution and special transformers, instrument transformers and transmission lines. The group's entities include Dalekovod (75.16% owned; transmission lines and towers), KONČAR - Instrument Transformers (61.97%), KONČAR - Distribution and Special Transformers (52.73%), KONČAR - Power Transformers (a 49.0% holding), KONČAR - Switchgear and KONČAR - Metal Structures (100%) (Q1 2026 presentation p.4 chart). The only Siemens Energy tie the presentation shows is a 40% stake in the 60%-owned transformer-tank company (p.4, p.12), which makes tanks, not whole transformers; the presentation does not say how the 49.0%-held power-transformer company is consolidated or who holds the rest, so a possible overlap with another maker counted here is not ruled out. In-scope estimate for substations (5LayerCake judgments, not company disclosures): T&D segment revenue (77% of EUR 1,319.6m): EUR 1,016m x 45% in scope = EUR 457m / 0.8871 = $515m; total $0.515bn. Share = 0.515 / 81.1 (substations pool 2025, $81.1bn) = 0.636%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 45% (judgment): power transformers, instrument transformers and high-voltage switchgear; the rest is distribution and special transformers and transmission-line work. The release gives no split of the segment. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.122,"central":0.122,"high":0.122,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://koncar.hr/en/news/record-year-for-koncar","title":"Record year for KONČAR: revenue surpasses EUR 1.3 billion, profit exceeds EUR 220 million","publisher":"KONČAR - Elektroindustrija d.d.","publishedDate":"2026-02-26","accessedDate":"2026-10-23","tier":"T5","locator":"According to the unaudited financial statements for 2025, the KONČAR Group generated consolidated sales revenue of EUR 1,319.6 million (+25.2%); exports 68% of revenue. Q1 2026 presentation p.3 and p.18: Power transmission and distribution segment more than 77% of sales income"},"note":"KONČAR's news release of 26 February 2026 gives 2025 group sales revenue of EUR 1,319.6m (+25.2%; audited results give the same order of size at EUR 1.32bn), and its Q1 2026 presentation (p.3, p.18) says the Power transmission and distribution segment is about 77% of sales income (given for Q1 2026 and taken here as the 2025 share too): power transformers, distribution and special transformers, instrument transformers and transmission lines. The group's entities include Dalekovod (75.16% owned; transmission lines and towers), KONČAR - Instrument Transformers (61.97%), KONČAR - Distribution and Special Transformers (52.73%), KONČAR - Power Transformers (a 49.0% holding), KONČAR - Switchgear and KONČAR - Metal Structures (100%) (Q1 2026 presentation p.4 chart). The only Siemens Energy tie the presentation shows is a 40% stake in the 60%-owned transformer-tank company (p.4, p.12), which makes tanks, not whole transformers; the presentation does not say how the 49.0%-held power-transformer company is consolidated or who holds the rest, so a possible overlap with another maker counted here is not ruled out. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): T&D segment revenue (77% of EUR 1,319.6m): EUR 1,016m x 12% in scope x 81% own value-add = EUR 99m / 0.8871 = $111m; total $0.111bn. Share = 0.111 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.122%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 12% (judgment): transmission lines and towers (Dalekovod and Metal Structures). Own value-add 81% (a recorded method decision): 53% engineering and erection plus 28% for the towers, which the group fabricates; it buys the conductors. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.122,"central":0.122,"high":0.122,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://koncar.hr/en/news/record-year-for-koncar","title":"Record year for KONČAR: revenue surpasses EUR 1.3 billion, profit exceeds EUR 220 million","publisher":"KONČAR - Elektroindustrija d.d.","publishedDate":"2026-02-26","accessedDate":"2026-10-23","tier":"T5","locator":"According to the unaudited financial statements for 2025, the KONČAR Group generated consolidated sales revenue of EUR 1,319.6 million (+25.2%); exports 68% of revenue. Q1 2026 presentation p.3 and p.18: Power transmission and distribution segment more than 77% of sales income"},"note":"KONČAR's news release of 26 February 2026 gives 2025 group sales revenue of EUR 1,319.6m (+25.2%; audited results give the same order of size at EUR 1.32bn), and its Q1 2026 presentation (p.3, p.18) says the Power transmission and distribution segment is about 77% of sales income (given for Q1 2026 and taken here as the 2025 share too): power transformers, distribution and special transformers, instrument transformers and transmission lines. The group's entities include Dalekovod (75.16% owned; transmission lines and towers), KONČAR - Instrument Transformers (61.97%), KONČAR - Distribution and Special Transformers (52.73%), KONČAR - Power Transformers (a 49.0% holding), KONČAR - Switchgear and KONČAR - Metal Structures (100%) (Q1 2026 presentation p.4 chart). The only Siemens Energy tie the presentation shows is a 40% stake in the 60%-owned transformer-tank company (p.4, p.12), which makes tanks, not whole transformers; the presentation does not say how the 49.0%-held power-transformer company is consolidated or who holds the rest, so a possible overlap with another maker counted here is not ruled out. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): T&D segment revenue (77% of EUR 1,319.6m): EUR 1,016m x 12% in scope x 81% own value-add = EUR 99m / 0.8871 = $111m; total $0.111bn. Share = 0.111 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.122%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 12% (judgment): the same line work, credited equally to both line functions. Own value-add 81% as for line structures. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"participates":false,"evidence":{"url":"https://www.koncar.hr/sites/default/files/dokumenti/prezentacije/2026-06/KONC%CC%8CAR_Q1%202026_CEE_0.pdf","title":"KONČAR Group Q1 2026 results presentation (CEE)","publisher":"KONČAR - Elektroindustrija d.d.","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T2","locator":"p.3: power transmission and distribution products are power, distribution and special and instrument transformers and transmission lines; p.4: group entities; no underground or submarine power cable activity is listed"}}},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":1.7}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"2f5701d01665d675a3b927b144a6d9c3837dfd158723b02d1d995bf319cb6c4b"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"2f5701d01665d675a3b927b144a6d9c3837dfd158723b02d1d995bf319cb6c4b"}}},"chint":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"chint","name":"Chint Group","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.74,"central":0.74,"high":0.74,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.chintglobal.com/global/en/about-us/news-center/news/chint-q1-report-of-2025-and-annual-report-of-2024.html","title":"CHINT Q1 Report of 2025 & Annual Report of 2024","publisher":"CHINT Group","publishedDate":"2025-05-07","accessedDate":"2026-10-22","tier":"T5","locator":"2024 revenue USD 8.94 billion (+12.70%); two areas: Smart Electrical and Green Energy"},"note":"CHINT reports 2024 revenue of USD 8.94bn (+12.7%) across Smart Electrical and Green Energy; this is mostly low-voltage and distribution products plus solar. Latest year found is 2024, so the engine treats it as stale. In-scope estimate for substations: $0.60bn (about 7% of $8.94bn: transformers and switchgear at sub-transmission/site level; most revenue is low-voltage, distribution and solar). Share = 0.60 / 81.1 (substations pool $81.1bn) = 0.74%. This is a 5LayerCake derivation (T5); the in-scope fractions are assumptions, not company disclosures, and it is a screening estimate to be replaced in full research. Pool derivation (5LayerCake, T5): world transmission investment in 2025 is about $180bn = IEA's $140bn for 2023 (+10% that year; https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf) grown about 12% (2024) and 16% (2025) on BNEF's transmission growth path (16% a year 2024-27; https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/), times the card's FERC mix: substations 45.1% = $81.1bn, line structures 32.8% = $59.1bn, overhead conductors 18.1% = $32.5bn."},"line-structures":{"participates":false,"evidence":{"url":"https://www.chintglobal.com/global/en/about-us/news-center/news/chint-q1-report-of-2025-and-annual-report-of-2024.html","title":"CHINT Q1 Report of 2025 & Annual Report of 2024","publisher":"CHINT Group","publishedDate":"2025-05-07","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Smart Electrical and Green Energy. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.chintglobal.com/global/en/about-us/news-center/news/chint-q1-report-of-2025-and-annual-report-of-2024.html","title":"CHINT Q1 Report of 2025 & Annual Report of 2024","publisher":"CHINT Group","publishedDate":"2025-05-07","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Smart Electrical and Green Energy. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.chintglobal.com/global/en/about-us/news-center/news/chint-q1-report-of-2025-and-annual-report-of-2024.html","title":"CHINT Q1 Report of 2025 & Annual Report of 2024","publisher":"CHINT Group","publishedDate":"2025-05-07","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Smart Electrical and Green Energy. No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"077f0ed349cfe045e7056cda9339f840da8608b27d9b56c48202dae61cdb2bff"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"077f0ed349cfe045e7056cda9339f840da8608b27d9b56c48202dae61cdb2bff"}},"baselineRevenueUsd":{"low":8940000000,"central":8940000000,"high":8940000000,"unit":"USD","basis":"CHINT Group total revenue, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.chintglobal.com/global/en/about-us/news-center/news/chint-q1-report-of-2025-and-annual-report-of-2024.html","title":"CHINT Q1 Report of 2025 & Annual Report of 2024","publisher":"CHINT Group","publishedDate":"2025-05-07","accessedDate":"2026-10-22","tier":"T2","locator":"2024 revenue USD 8.94 billion (+12.70%) (company news item, already cited for the share)"},"note":"Latest year found is 2024; whole group."}},"orient-cable":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"orient-cable","name":"Ningbo Orient Wires & Cables","kind":"public","commercialActivityVerified":false,"shares":{"substations":{"participates":false,"evidence":{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047125.PDF","title":"东方电缆2025年年度报告 (Ningbo Orient Wires & Cables 2025 Annual Report)","publisher":"宁波东方电缆股份有限公司 (Ningbo Orient Wires & Cables Co., Ltd.)","publishedDate":"2026-03-28","accessedDate":"2026-10-23","tier":"T1","locator":"p.9: three business blocks (land cable systems, submarine cable systems, deep-sea technology) and a product list of cables and conductors; p.20: revenue lines are power engineering and equipment cable, submarine and high-voltage cable, and marine equipment and engineering O&M; no substation equipment or construction activity is listed"}},"line-structures":{"participates":false,"evidence":{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047125.PDF","title":"东方电缆2025年年度报告 (Ningbo Orient Wires & Cables 2025 Annual Report)","publisher":"宁波东方电缆股份有限公司 (Ningbo Orient Wires & Cables Co., Ltd.)","publishedDate":"2026-03-28","accessedDate":"2026-10-23","tier":"T1","locator":"p.9: three business blocks (land cable systems, submarine cable systems, deep-sea technology) and a product list of cables and conductors; p.20: revenue lines are power engineering and equipment cable, submarine and high-voltage cable, and marine equipment and engineering O&M; no tower, pole or line-construction activity is listed"}},"overhead-conductors":{"low":0.02,"central":0.0607,"high":0.2,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047125.PDF","title":"东方电缆2025年年度报告 (Ningbo Orient Wires & Cables 2025 Annual Report)","publisher":"宁波东方电缆股份有限公司 (Ningbo Orient Wires & Cables Co., Ltd.)","publishedDate":"2026-03-28","accessedDate":"2026-10-23","tier":"T5","locator":"p.20: revenue RMB 10.843bn; submarine cable and high-voltage cable revenue RMB 5.363bn (+65.60%); power engineering and equipment cable RMB 4.729bn (+7.29%); p.9: AC and DC submarine and land cable systems up to 500 kV AC and +/-535 kV DC"},"note":"Ningbo Orient's 2025 annual report (p.20) shows revenue of RMB 10.843bn, of which submarine cable and high-voltage cable RMB 5.363bn (+65.60%) and power engineering and equipment cable RMB 4.729bn (+7.29%); p.9 says it can develop and make AC submarine and land cables up to 500 kV and DC cables up to +/-535 kV, and lists overhead conductors (架空导线) among a long product list. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Power engineering and equipment cable revenue: CNY 4,729m x 3% in scope = CNY 142m / 7.1882 = $20m; total $19.7m. Share = 19.7m / 32,500m (overhead-conductors pool 2025, $32.5bn) = 0.0607%. Range: low 0.0200% to high 0.200% (the report lists the product but gives no revenue for it). Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 3% (judgment; range 1% to 10%): overhead conductors, which p.9 lists as one product among many. Pool: the overhead-conductors pool ($32.5bn). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"underground-cables":{"low":3.357,"central":3.357,"high":3.357,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047125.PDF","title":"东方电缆2025年年度报告 (Ningbo Orient Wires & Cables 2025 Annual Report)","publisher":"宁波东方电缆股份有限公司 (Ningbo Orient Wires & Cables Co., Ltd.)","publishedDate":"2026-03-28","accessedDate":"2026-10-23","tier":"T5","locator":"p.20: revenue RMB 10.843bn; submarine cable and high-voltage cable revenue RMB 5.363bn (+65.60%); power engineering and equipment cable RMB 4.729bn (+7.29%); p.9: AC and DC submarine and land cable systems up to 500 kV AC and +/-535 kV DC"},"note":"Ningbo Orient's 2025 annual report (p.20) shows revenue of RMB 10.843bn, of which submarine cable and high-voltage cable RMB 5.363bn (+65.60%) and power engineering and equipment cable RMB 4.729bn (+7.29%); p.9 says it can develop and make AC submarine and land cables up to 500 kV and DC cables up to +/-535 kV, and lists overhead conductors (架空导线) among a long product list. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Submarine and high-voltage cable revenue: CNY 5,363m x 90% in scope = CNY 4,827m / 7.1882 = $671m; total $0.671bn. Share = 0.671 / 20.0 (underground-cables pool 2025, $20.0bn) = 3.357%. Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 90% (judgment): high-voltage land and submarine power cable (inter-array and lower-voltage submarine cable, accessories and some non-power items make up the rest). This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"underground-cables":{"levelLow":2,"levelHigh":3.8},"overhead-conductors":{"levelLow":1,"levelHigh":1.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3afebad8f7bd31b92ca6c472bc0205f94892f1fcd5a5cf53ac96282b3a768e53"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3afebad8f7bd31b92ca6c472bc0205f94892f1fcd5a5cf53ac96282b3a768e53"}}},"jiangsu-huapeng":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"jiangsu-huapeng","name":"Jiangsu Huapeng Transformer","kind":"private","commercialActivityVerified":true,"shares":{"substations":{"low":0.343,"central":0.686,"high":1.029,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.yzwb.net/news/yw/202608/t20260828_386995.html","title":"江苏：产业集群协同发力 算力基建全球“爆单” (Jiangsu: industrial clusters push together, computing-infrastructure orders surge worldwide)","publisher":"Yangtze Evening News (荔枝新闻中心)","publishedDate":"2026-08-28","accessedDate":"2026-10-23","tier":"T5","locator":"Chairman Qian Hongjin of Jiangsu Huapeng (the article writes 华朋 and 华鹏) says revenue passed RMB 10bn (100个亿) last year and should pass RMB 11bn this year; first-half 2026 orders over RMB 6.2bn, direct export orders over RMB 3.3bn (+48%); large transformers shipped to the US, UK, Australia and the UAE"},"note":"The Yangtze Evening News (28 August 2026) quotes the chairman of Jiangsu Huapeng Transformer (the article writes the name both 华朋 and 华鹏; its 14 October 2026 report names 江苏华鹏变压器有限公司 of Liyang, Changzhou, as investing RMB 3bn in new transformer and energy-storage lines and says its HVDC converter transformers are in short supply, so they are taken to be the same company) saying revenue passed RMB 10bn last year (2025) and should pass RMB 11bn this year, with first-half 2026 orders above RMB 6.2bn, 70% from abroad, and large transformers shipping to the US, UK, Australia and the UAE. A company statement reported by the press is T2 for the revenue figure; the article gives no product or voltage split, so the in-scope fraction is a judgment. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Revenue 2025 (company: more than RMB 10bn): CNY 10,000m x 40% in scope = CNY 4,000m / 7.1882 = $556m; total $0.556bn. Share = 0.556 / 81.1 (substations pool 2025, $81.1bn) = 0.686%. Range: low 0.343% to high 1.029% (fraction 20% to 60%). Exchange rates: CNY 7.1882 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 40% (judgment; range 20% to 60%): large power transformers at 66 kV and up, including grid-connection transformers for data centres; the rest is special-purpose, dry-type and distribution transformers. The figure is a floor ('more than'), so the share may be low. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"participates":false,"evidence":{"url":"https://www.yzwb.net/news/yw/202608/t20260828_386995.html","title":"江苏：产业集群协同发力 算力基建全球“爆单” (Jiangsu: industrial clusters push together, computing-infrastructure orders surge worldwide)","publisher":"Yangtze Evening News (荔枝新闻中心)","publishedDate":"2026-08-28","accessedDate":"2026-10-23","tier":"T3","locator":"Business lines in this source: large power transformers for export and energy-storage systems (the 14 October 2026 report adds HVDC converter transformers and a RMB 3bn transformer and storage investment); the article mentions no tower, pole or line-construction activity"}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.yzwb.net/news/yw/202608/t20260828_386995.html","title":"江苏：产业集群协同发力 算力基建全球“爆单” (Jiangsu: industrial clusters push together, computing-infrastructure orders surge worldwide)","publisher":"Yangtze Evening News (荔枝新闻中心)","publishedDate":"2026-08-28","accessedDate":"2026-10-23","tier":"T3","locator":"Business lines in this source: large power transformers for export and energy-storage systems (the 14 October 2026 report adds HVDC converter transformers and a RMB 3bn transformer and storage investment); the article mentions no overhead conductor activity"}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.yzwb.net/news/yw/202608/t20260828_386995.html","title":"江苏：产业集群协同发力 算力基建全球“爆单” (Jiangsu: industrial clusters push together, computing-infrastructure orders surge worldwide)","publisher":"Yangtze Evening News (荔枝新闻中心)","publishedDate":"2026-08-28","accessedDate":"2026-10-23","tier":"T3","locator":"Business lines in this source: large power transformers for export and energy-storage systems (the 14 October 2026 report adds HVDC converter transformers and a RMB 3bn transformer and storage investment); the article mentions no underground or submarine power cable activity"}}},"baselineRevenueUsd":{"low":1391163295,"central":1391163295,"high":1391163295,"unit":"USD","basis":"Jiangsu Huapeng Transformer revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.yzwb.net/news/yw/202608/t20260828_386995.html","title":"江苏：产业集群协同发力 算力基建全球“爆单” (Jiangsu: industrial clusters push together, computing-infrastructure orders surge worldwide)","publisher":"Yangtze Evening News (荔枝新闻中心)","publishedDate":"2026-08-28","accessedDate":"2026-10-23","tier":"T2","locator":"chairman: revenue passed RMB 10bn last year"},"note":"RMB 10,000m / 7.1882 (2025 average, ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period) = $1,391m; a floor ('passed RMB 10bn')."},"screening":{"substations":{"levelLow":1.5,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a96d83791be56c621d5a5b2a034dc7201bbf1ea1c50c6361cdfb2e1d63c40a1f"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a96d83791be56c621d5a5b2a034dc7201bbf1ea1c50c6361cdfb2e1d63c40a1f"}}},"sterlite-electric":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"sterlite-electric","name":"Sterlite Electric","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.0000855,"central":0.000427,"high":0.00171,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024-25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://files.sterliteelectric.com/files/investors/shareholder-information/ipo/sterlite-electric-regulatory-filing-draft-red-herring-prospectus-fy-2025-26.pdf","title":"Sterlite Electric Limited: Draft Red Herring Prospectus dated September 29, 2025","publisher":"Sterlite Electric Limited (regulatory filing)","publishedDate":"2025-09-29","accessedDate":"2026-10-23","tier":"T5","locator":"p.249: 'We offer EHV complete cable solutions, including cable laying and substation development'; p.260: power cables from 3.3/6.6 kV to 220 kV; p.335: the construction of power transmission systems was demerged to Sterlite Grid 5 Limited effective 26 September 2024; p.71: power cables revenue Rs 8,420.42m"},"note":"Sterlite Electric's Draft Red Herring Prospectus (dated 29 September 2025; p.71) shows revenue from operations (continuing operations) of Rs 49,557.60m in the year ended 31 March 2025, of which overhead conductors 63.94% (Rs 31,685m), OPGW about 3.0%, power cables Rs 8,420.42m (3.3 kV to 220 kV, p.260) and master system integration (MSI) services Rs 8,620.41m (uprating and upgrading transmission corridors from 66 kV to 400 kV, p.257); p.249 says it offers EHV complete cable solutions including cable laying and substation development; the construction of transmission systems was demerged to Sterlite Grid 5 effective 26 September 2024 (p.335). The period ends 31 March 2025, so the 2024 pools are used (as for KEC's prior year); the DRHP's fiscal 2026 figures were not available in an opened primary source. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Power cables revenue: INR 8,420m x 1% in scope x 30% own value-add = INR 25m / 84.5661 = $0.3m; total $0.3m. Share = 0.3m / 69,914m (substations pool 2024, $69.9bn) = 0.000427%. Range: low 0.0000855% to high 0.00171% (the DRHP names the activity but gives no revenue for it). Exchange rates: INR 84.5661 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 1% of power cable revenue (judgment; low and high ends are 0.2 and 4 times the central estimate): the substation-development part of its EHV complete cable solutions, which p.249 names but does not size; the standalone construction of transmission systems was demerged on 26 September 2024 (p.335). Own value-add 30% (a recorded method decision): equipment is bought in. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.00855,"central":0.0342,"high":0.137,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024-25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://files.sterliteelectric.com/files/investors/shareholder-information/ipo/sterlite-electric-regulatory-filing-draft-red-herring-prospectus-fy-2025-26.pdf","title":"Sterlite Electric Limited: Draft Red Herring Prospectus dated September 29, 2025","publisher":"Sterlite Electric Limited (regulatory filing)","publishedDate":"2025-09-29","accessedDate":"2026-10-23","tier":"T5","locator":"p.71 (risk factor 3): overhead conductors 63.94% of revenue from operations (continuing operations) in fiscal 2025; revenue by product, year ended 31 March 2025: overhead conductors and OPGW Rs 33,186.06m, power cables Rs 8,420.42m, MSI services Rs 8,620.41m, revenue from operations Rs 49,557.60m"},"note":"Sterlite Electric's Draft Red Herring Prospectus (dated 29 September 2025; p.71) shows revenue from operations (continuing operations) of Rs 49,557.60m in the year ended 31 March 2025, of which overhead conductors 63.94% (Rs 31,685m), OPGW about 3.0%, power cables Rs 8,420.42m (3.3 kV to 220 kV, p.260) and master system integration (MSI) services Rs 8,620.41m (uprating and upgrading transmission corridors from 66 kV to 400 kV, p.257); p.249 says it offers EHV complete cable solutions including cable laying and substation development; the construction of transmission systems was demerged to Sterlite Grid 5 effective 26 September 2024 (p.335). The period ends 31 March 2025, so the 2024 pools are used (as for KEC's prior year); the DRHP's fiscal 2026 figures were not available in an opened primary source. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): MSI services revenue: INR 8,620m x 50% in scope x 53% own value-add = INR 2,284m / 84.5661 = $27m; total $27.0m. Share = 27.0m / 78,966m (combined overhead-line pool 2024, $79.0bn) = 0.0342%. Range: low 0.00855% to high 0.137% (the DRHP names the work but gives no revenue for it). Exchange rates: INR 84.5661 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 50% of MSI (judgment; low and high ends are 0.25 and 4 times the central estimate): conductor replacement and corridor uprating work on transmission lines (the rest is fibre and OPGW installation). Own value-add 53% (a recorded method decision): installation only; the conductors are Sterlite's own and already in its conductor share. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":1.204,"central":1.204,"high":1.204,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024-25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://files.sterliteelectric.com/files/investors/shareholder-information/ipo/sterlite-electric-regulatory-filing-draft-red-herring-prospectus-fy-2025-26.pdf","title":"Sterlite Electric Limited: Draft Red Herring Prospectus dated September 29, 2025","publisher":"Sterlite Electric Limited (regulatory filing)","publishedDate":"2025-09-29","accessedDate":"2026-10-23","tier":"T5","locator":"p.71 (risk factor 3): overhead conductors 63.94% of revenue from operations (continuing operations) in fiscal 2025; revenue by product, year ended 31 March 2025: overhead conductors and OPGW Rs 33,186.06m, power cables Rs 8,420.42m, MSI services Rs 8,620.41m, revenue from operations Rs 49,557.60m"},"note":"Sterlite Electric's Draft Red Herring Prospectus (dated 29 September 2025; p.71) shows revenue from operations (continuing operations) of Rs 49,557.60m in the year ended 31 March 2025, of which overhead conductors 63.94% (Rs 31,685m), OPGW about 3.0%, power cables Rs 8,420.42m (3.3 kV to 220 kV, p.260) and master system integration (MSI) services Rs 8,620.41m (uprating and upgrading transmission corridors from 66 kV to 400 kV, p.257); p.249 says it offers EHV complete cable solutions including cable laying and substation development; the construction of transmission systems was demerged to Sterlite Grid 5 effective 26 September 2024 (p.335). The period ends 31 March 2025, so the 2024 pools are used (as for KEC's prior year); the DRHP's fiscal 2026 figures were not available in an opened primary source. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Revenue from operations x 63.94% overhead conductors: INR 31,687m x 90% in scope = INR 28,518m / 84.5661 = $337m; total $0.337bn. Share = 0.337 / 28.0 (overhead-conductors pool 2024, $28.0bn) = 1.204%. Exchange rates: INR 84.5661 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 90% (judgment): transmission-class overhead conductors; the rest is distribution-level and covered conductors. Pool: the overhead-conductors pool (2024). This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.0866,"central":0.144,"high":0.289,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024-25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://files.sterliteelectric.com/files/investors/shareholder-information/ipo/sterlite-electric-regulatory-filing-draft-red-herring-prospectus-fy-2025-26.pdf","title":"Sterlite Electric Limited: Draft Red Herring Prospectus dated September 29, 2025","publisher":"Sterlite Electric Limited (regulatory filing)","publishedDate":"2025-09-29","accessedDate":"2026-10-23","tier":"T5","locator":"p.71 (risk factor 3): overhead conductors 63.94% of revenue from operations (continuing operations) in fiscal 2025; revenue by product, year ended 31 March 2025: overhead conductors and OPGW Rs 33,186.06m, power cables Rs 8,420.42m, MSI services Rs 8,620.41m, revenue from operations Rs 49,557.60m"},"note":"Sterlite Electric's Draft Red Herring Prospectus (dated 29 September 2025; p.71) shows revenue from operations (continuing operations) of Rs 49,557.60m in the year ended 31 March 2025, of which overhead conductors 63.94% (Rs 31,685m), OPGW about 3.0%, power cables Rs 8,420.42m (3.3 kV to 220 kV, p.260) and master system integration (MSI) services Rs 8,620.41m (uprating and upgrading transmission corridors from 66 kV to 400 kV, p.257); p.249 says it offers EHV complete cable solutions including cable laying and substation development; the construction of transmission systems was demerged to Sterlite Grid 5 effective 26 September 2024 (p.335). The period ends 31 March 2025, so the 2024 pools are used (as for KEC's prior year); the DRHP's fiscal 2026 figures were not available in an opened primary source. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Power cables revenue: INR 8,420m x 25% in scope = INR 2,105m / 84.5661 = $25m; total $24.9m. Share = 24.9m / 17,241m (underground-cables pool 2024, $17.2bn) = 0.144%. Range: low 0.0866% to high 0.289% (fraction 15% to 50%). Exchange rates: INR 84.5661 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 25% (judgment; range 15% to 50%): high-voltage and extra-high-voltage cable (66 kV and up; the DRHP lists a line for 10-400 kV AC and 525 kV DC cable); the rest is medium-voltage and solar cable. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"overhead-conductors":{"levelLow":1,"levelHigh":2},"substations":{"levelLow":1,"levelHigh":1.5},"line-structures":{"levelLow":1,"levelHigh":1.5},"underground-cables":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"ad7e12653be250622bfccb127153632a87462b05db1096e3929597089d271674"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"ad7e12653be250622bfccb127153632a87462b05db1096e3929597089d271674"}}},"furukawa-electric":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"furukawa-electric","name":"Furukawa Electric","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"participates":false,"evidence":{"url":"https://www.furukawaelectric.com/en/ir/achievements/segment/","title":"Segment Information","publisher":"Furukawa Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Energy Infrastructure, Electronics & Automotive Systems. No substation equipment or construction activity is listed or implied there."}},"line-structures":{"participates":false,"evidence":{"url":"https://www.furukawaelectric.com/en/ir/achievements/segment/","title":"Segment Information","publisher":"Furukawa Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Energy Infrastructure, Electronics & Automotive Systems. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"low":0.308,"central":0.308,"high":0.308,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.furukawaelectric.com/en/ir/achievements/segment/","title":"Segment Information","publisher":"Furukawa Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Year ended March 2026: Energy Infrastructure (restated, includes power cable) 138.8 bn yen; total net sales 1,307.6 bn yen"},"note":"Furukawa Electric's segment page shows Energy Infrastructure (restated, includes power cable) sales of 138.8bn yen (= $0.92bn at 151 yen) out of 1,307.6bn yen. In-scope estimate for overhead-conductors: $0.10bn (about 10% of $0.92bn: overhead conductors). Share = 0.10 / 32.5 (overhead-conductors pool $32.5bn) = 0.31%. This is a 5LayerCake derivation (T5); the in-scope fractions are assumptions, not company disclosures, and it is a screening estimate to be replaced in full research. Pool derivation (5LayerCake, T5): world transmission investment in 2025 is about $180bn = IEA's $140bn for 2023 (+10% that year; https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf) grown about 12% (2024) and 16% (2025) on BNEF's transmission growth path (16% a year 2024-27; https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/), times the card's FERC mix: substations 45.1% = $81.1bn, line structures 32.8% = $59.1bn, overhead conductors 18.1% = $32.5bn."},"underground-cables":{"low":2.25,"central":2.25,"high":2.25,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.furukawaelectric.com/en/ir/achievements/segment/","title":"Segment Information","publisher":"Furukawa Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Year ended March 2026: Energy Infrastructure (restated, includes power cable) 138.8 bn yen; total net sales 1,307.6 bn yen"},"note":"Furukawa Electric's segment page shows Energy Infrastructure (restated, includes power cable) sales of 138.8bn yen (= $0.92bn at 151 yen) out of 1,307.6bn yen. In-scope estimate for underground-cables: $0.45bn (about 50% of $0.92bn: high-voltage power cable and accessories). Share = 0.45 / 20.0 (underground-cables pool $20.0bn) = 2.25%. This is a 5LayerCake derivation (T5); the in-scope fractions are assumptions, not company disclosures, and it is a screening estimate to be replaced in full research. Pool derivation: as in the first share note of this file. Underground and submarine cables use a $20bn pool instead of the card mix's $7.3bn, because the disclosed transmission-cable revenue of Prysmian (EUR 3.26bn) and Nexans (EUR 1.66bn) alone is about $5.7bn and more makers (NKT, LS, Sumitomo, Chinese producers) sit on top."}},"screening":{"overhead-conductors":{"levelLow":1,"levelHigh":1.7},"underground-cables":{"levelLow":2,"levelHigh":3.8}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"e545f0dac6f37351b7df36b608332295d34719f15c70d4d785c81f274b40281f"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"e545f0dac6f37351b7df36b608332295d34719f15c70d4d785c81f274b40281f"}},"baselineRevenueUsd":{"low":920777778,"central":920777778,"high":920777778,"unit":"USD","basis":"Furukawa Electric Energy Infrastructure segment sales (restated, includes power cable), fiscal year (April to March), US dollars","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.furukawaelectric.com/en/ir/achievements/segment/","title":"Segment Information","publisher":"Furukawa Electric Co., Ltd.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Year ended March 2026: Energy Infrastructure (restated, includes power cable) 138.8 bn yen (segment page, already cited for the share)"},"note":"JPY 138.8bn / 150.74 (April 2025 to March 2026 average, ECB reference rates) = $0.92bn; segment, not the group total of JPY 1,307.6bn."}},"trench-group":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"trench-group","name":"Trench Group","kind":"private","commercialActivityVerified":false,"shares":{"substations":{"low":0.615,"central":0.615,"high":0.615,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.triton-partners.com/news/triton-to-acquire-siemens-energy-trench-business","title":"Triton to acquire Siemens Energy Trench business","publisher":"Triton Partners (news release)","publishedDate":"2023-10-12","accessedDate":"2026-10-23","tier":"T5","locator":"Trench specializes in high-voltage grid components including bushings, instrument transformers and coil products, sold under the brands HSP and Trench; 2.400 employees and nine factory locations"},"note":"Triton's news release (12 October 2023, on buying Trench from Siemens Energy) says Trench makes high-voltage grid components (bushings, instrument transformers and coil products, under the HSP and Trench brands) with 2,400 employees and nine factories, and gives no revenue (terms were not disclosed). Revenue is estimated from headcount: 2,400 employees x $377.7k revenue per employee (Arcosa Engineered Structures, 10-K FY2025: $1,189.9m and 3,150 employees; https://www.sec.gov/Archives/edgar/data/1739445/000173944526000029/aca-20251231.htm, the only per-employee revenue figure opened) = $907m. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Estimated revenue (2,400 employees x revenue per employee): $906.6m x 55% in scope = $499m; total $0.499bn. Share = 0.499 / 81.1 (substations pool 2025, $81.1bn) = 0.615%. Fraction 55% (judgment): bushings are largely sold into transformers and reactors built by manufacturers already counted in this sublayer (taken as 45% of sales), so only the part sold directly into substations (instrument transformers, reactors, bushings for site spares and retrofits) is counted. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"participates":false,"evidence":{"url":"https://www.trench-group.com/","title":"Trench Group (home page)","publisher":"Trench Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: bushings, instrument transformers, coils and reactors, asset services. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.trench-group.com/","title":"Trench Group (home page)","publisher":"Trench Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: bushings, instrument transformers, coils and reactors, asset services. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.trench-group.com/","title":"Trench Group (home page)","publisher":"Trench Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: bushings, instrument transformers, coils and reactors, asset services. No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"21ed06f7824b8443291761603da33dd3e07c950a27a74d819502819e52bb79b7"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"21ed06f7824b8443291761603da33dd3e07c950a27a74d819502819e52bb79b7"}}},"meidensha":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"meidensha","name":"Meidensha","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.577,"central":0.577,"high":0.577,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://finance-frontend-pc-dist.west.edge.storage-yahoo.jp/disclosure/20260514/20260513530452.pdf","title":"Meidensha Corporation: FY Ended March 31, 2026 Supplementary information (14 May 2026)","publisher":"Meidensha Corporation (disclosure copy hosted by Yahoo Japan; IR page https://www.meidensha.com/ir/)","publishedDate":"2026-05-14","accessedDate":"2026-10-22","tier":"T5","locator":"p.4: Power Infrastructure net sales JPY 100,844m in FY2025 (JPY 86,437m in FY2024); p.3: segment orders JPY 116,114m"},"note":"Meidensha's supplementary information shows Power Infrastructure net sales of JPY 100,844m in the year to March 2026 and JPY 86,437m the year before (p.4); orders were JPY 116,114m (p.3). The segment covers transformers, switchgear and protection and control for utilities, plus renewable-energy and storage equipment. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Power Infrastructure net sales: JPY 100,844m x 70% = JPY 70,591m / 150.7421 = $468m; total $0.47bn. Share = 0.47 / 81.1 (substations pool 2025, $81.1bn) = 0.58%. Exchange rates: JPY 150.74 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 70%: transmission-level transformers, switchgear and substation systems; excludes distribution, generators and storage. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."},"line-structures":{"participates":false,"evidence":{"url":"https://www.meidensha.com/ir/ir_03/","title":"IR: Key Financial Data","publisher":"Meidensha Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Power Infrastructures and other business groups (names only). No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.meidensha.com/ir/ir_03/","title":"IR: Key Financial Data","publisher":"Meidensha Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Power Infrastructures and other business groups (names only). No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.meidensha.com/ir/ir_03/","title":"IR: Key Financial Data","publisher":"Meidensha Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Power Infrastructures and other business groups (names only). No underground or submarine power cable activity is listed or implied there."}}},"priorShares":{"substations":{"low":0.568,"central":0.568,"high":0.568,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://finance-frontend-pc-dist.west.edge.storage-yahoo.jp/disclosure/20260514/20260513530452.pdf","title":"Meidensha Corporation: FY Ended March 31, 2026 Supplementary information (14 May 2026)","publisher":"Meidensha Corporation (disclosure copy hosted by Yahoo Japan; IR page https://www.meidensha.com/ir/)","publishedDate":"2026-05-14","accessedDate":"2026-10-22","tier":"T5","locator":"p.4: Power Infrastructure net sales JPY 100,844m in FY2025 (JPY 86,437m in FY2024); p.3: segment orders JPY 116,114m"},"note":"Meidensha's supplementary information shows Power Infrastructure net sales of JPY 100,844m in the year to March 2026 and JPY 86,437m the year before (p.4); orders were JPY 116,114m (p.3). The segment covers transformers, switchgear and protection and control for utilities, plus renewable-energy and storage equipment. In-scope estimate for substations (5LayerCake assumptions, not company disclosures): Power Infrastructure net sales FY2024: JPY 86,437m x 70% = JPY 60,506m / 152.4311 = $397m; total $0.40bn. Share = 0.40 / 69.9 (substations pool 2024, $69.9bn) = 0.57%. Exchange rates: JPY 152.43 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 70%: transmission-level transformers, switchgear and substation systems; excludes distribution, generators and storage. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that. Line contractors' revenue is treated as one share of the combined overhead-line pool and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing; materials bought from others are not removed, so contractor shares may be overstated."}},"activityGrowth":{"current":{"low":100844000000,"central":100844000000,"high":100844000000,"unit":"JPY","basis":"Meidensha Power Infrastructure segment net sales, fiscal year (April to March), yen","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://finance-frontend-pc-dist.west.edge.storage-yahoo.jp/disclosure/20260514/20260513530452.pdf","title":"Meidensha Corporation: FY Ended March 31, 2026 Supplementary information (14 May 2026)","publisher":"Meidensha Corporation (disclosure copy hosted by Yahoo Japan; IR page https://www.meidensha.com/ir/)","publishedDate":"2026-05-14","accessedDate":"2026-10-22","tier":"T2","locator":"p.4: Power Infrastructure net sales JPY 100,844m in FY2025 (JPY 86,437m in FY2024); p.3: segment orders JPY 116,114m"},"note":"Supplementary information p.4."},"prior":{"low":86437000000,"central":86437000000,"high":86437000000,"unit":"JPY","basis":"Meidensha Power Infrastructure segment net sales, fiscal year (April to March), yen","period":"FY2024 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://finance-frontend-pc-dist.west.edge.storage-yahoo.jp/disclosure/20260514/20260513530452.pdf","title":"Meidensha Corporation: FY Ended March 31, 2026 Supplementary information (14 May 2026)","publisher":"Meidensha Corporation (disclosure copy hosted by Yahoo Japan; IR page https://www.meidensha.com/ir/)","publishedDate":"2026-05-14","accessedDate":"2026-10-22","tier":"T2","locator":"p.4: Power Infrastructure net sales JPY 100,844m in FY2025 (JPY 86,437m in FY2024); p.3: segment orders JPY 116,114m"},"note":"Supplementary information p.4."}},"baselineRevenueUsd":{"low":668983532,"central":668983532,"high":668983532,"unit":"USD","basis":"Meidensha Power Infrastructure segment net sales, fiscal year (April to March), US dollars","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://finance-frontend-pc-dist.west.edge.storage-yahoo.jp/disclosure/20260514/20260513530452.pdf","title":"Meidensha Corporation: FY Ended March 31, 2026 Supplementary information (14 May 2026)","publisher":"Meidensha Corporation (disclosure copy hosted by Yahoo Japan; IR page https://www.meidensha.com/ir/)","publishedDate":"2026-05-14","accessedDate":"2026-10-22","tier":"T2","locator":"p.4: Power Infrastructure net sales JPY 100,844m in FY2025 (JPY 86,437m in FY2024); p.3: segment orders JPY 116,114m"},"note":"JPY 100.8bn / 150.74 (April 2025 to March 2026 average, ECB) = $0.67bn; segment sales, not the group total of JPY 326.2bn."},"screening":{"substations":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"7be268918f5e2e758ae93394869f87e79d01f1f1d224150f4d432e9af4a784c9"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"7be268918f5e2e758ae93394869f87e79d01f1f1d224150f4d432e9af4a784c9"}}},"sabre-industries":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"sabre-industries","name":"Sabre Industries","kind":"private","commercialActivityVerified":false,"shares":{"substations":{"low":0.0894,"central":0.0894,"high":0.0894,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kohlberg.com/?p=677","title":"TJC Announces Agreement to Acquire Sabre Industries, Inc. in Partnership with Management","publisher":"Kohlberg & Company (news release)","publishedDate":"2019-03-18","accessedDate":"2026-10-23","tier":"T5","locator":"approximately 2,400 employees and five purpose-built manufacturing facilities; engineered structures for electrical transmission and wireless communication end markets"},"note":"Sabre's owner's news release (Kohlberg, 18 March 2019) says the company has approximately 2,400 employees and five manufacturing facilities making engineered structures for electrical transmission and wireless communication; it publishes no revenue (a privsource.com deal entry repeats the 2,400 employees, and TPG agreed in 2026 to buy a majority stake on undisclosed terms). Revenue is therefore estimated from headcount: 2,400 employees x $377.7k revenue per Engineered Structures employee at Arcosa, a steel-structure maker of the same kind (Arcosa 10-K FY2025: revenue $1,189.9m and 3,150 employees in that segment; https://www.sec.gov/Archives/edgar/data/1739445/000173944526000029/aca-20251231.htm) = $907m. The headcount is from 2019, so the estimate may be low; the T5 band covers it. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Estimated revenue (2,400 employees x Arcosa revenue per employee): $906.6m x 8% in scope = $73m; total $72.5m. Share = 72.5m / 81,100m (substations pool 2025, $81.1bn) = 0.0894%. Fraction 8% (judgment): substation structures (the Sabre site lists Substation Structures). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.614,"central":0.614,"high":0.614,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kohlberg.com/?p=677","title":"TJC Announces Agreement to Acquire Sabre Industries, Inc. in Partnership with Management","publisher":"Kohlberg & Company (news release)","publishedDate":"2019-03-18","accessedDate":"2026-10-23","tier":"T5","locator":"approximately 2,400 employees and five purpose-built manufacturing facilities; engineered structures for electrical transmission and wireless communication end markets"},"note":"Sabre's owner's news release (Kohlberg, 18 March 2019) says the company has approximately 2,400 employees and five manufacturing facilities making engineered structures for electrical transmission and wireless communication; it publishes no revenue (a privsource.com deal entry repeats the 2,400 employees, and TPG agreed in 2026 to buy a majority stake on undisclosed terms). Revenue is therefore estimated from headcount: 2,400 employees x $377.7k revenue per Engineered Structures employee at Arcosa, a steel-structure maker of the same kind (Arcosa 10-K FY2025: revenue $1,189.9m and 3,150 employees in that segment; https://www.sec.gov/Archives/edgar/data/1739445/000173944526000029/aca-20251231.htm) = $907m. The headcount is from 2019, so the estimate may be low; the T5 band covers it. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Estimated revenue (2,400 employees x Arcosa revenue per employee): $906.6m x 40% in scope = $363m; total $0.363bn. Share = 0.363 / 59.1 (line-structures pool 2025, $59.1bn) = 0.614%. Fraction 40% (judgment): transmission and utility structures; the rest is wireless and telecom structures, enclosures and services. Pool: the line-structures pool ($59.1bn), as for other structure makers. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.sabreindustries.com/","title":"Sabre Industries (home page)","publisher":"Sabre Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: utility transmission and substation structures, telecom structures. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.sabreindustries.com/","title":"Sabre Industries (home page)","publisher":"Sabre Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: utility transmission and substation structures, telecom structures. No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"5f0cbecb450b8c86cef324e7b7ffec8ca925dd4ab1f76b7e2729a4e746fc5513"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"5f0cbecb450b8c86cef324e7b7ffec8ca925dd4ab1f76b7e2729a4e746fc5513"}}},"balfour-beatty":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"balfour-beatty","name":"Balfour Beatty","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.12,"central":0.12,"high":0.12,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.balfourbeatty.com/media/h5kfn0a5/2025-full-year-results-announcement.pdf","title":"2025 Full Year Results Announcement","publisher":"Balfour Beatty plc","publishedDate":"2026-03-11","accessedDate":"2026-10-23","tier":"T5","locator":"Support Services revenue GBP 1,427m (2024 GBP 1,210m) on higher power transmission and distribution volumes; Group revenue GBP 10,767m; market-leading UK power transmission and distribution capability (overhead lines)"},"note":"Balfour Beatty's 2025 results show Support Services revenue of GBP 1,427m (2024: GBP 1,210m), driven by power transmission and distribution volumes, against group revenue of GBP 10,767m (p.1, p.16-17); p.17 names 'overhead lines, underground cabling and substations' as the core disciplines of its UK power business, says it holds two places on National Grid's HVDC framework for converter-station civil works and the associated onshore underground cabling works, and describes its offering as including design, steel fabrication, panel manufacturing and transmission and distribution construction; p.18 reports installation of all underground cables on the North Wessex Downs scheme and the onshore HVDC cable installation for Prysmian's Eastern Green Link 2. The results give no split of Support Services by voltage level or activity, so the in-scope fractions are judgments. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Support Services revenue: GBP 1,427m x 13% in scope x 40% own value-add = GBP 74m / 0.7594 = $98m; total $97.7m. Share = 97.7m / 81,100m (substations pool 2025, $81.1bn) = 0.120%. Exchange rates: GBP 0.7594 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 13% of Support Services: substations (judgment). Own value-add (a recorded method decision) is a blend of two supply regimes because the results do not say who buys the materials: owner-furnished materials (value-add near 100%) and contractor-procured materials (30% for substations and 53% for lines, below). It is taken as 40% for substations (mostly turnkey), 70% for lines and 90% for underground cable installation (cable supplied by the makers). Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.302,"central":0.302,"high":0.302,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.balfourbeatty.com/media/h5kfn0a5/2025-full-year-results-announcement.pdf","title":"2025 Full Year Results Announcement","publisher":"Balfour Beatty plc","publishedDate":"2026-03-11","accessedDate":"2026-10-23","tier":"T5","locator":"Support Services revenue GBP 1,427m (2024 GBP 1,210m) on higher power transmission and distribution volumes; Group revenue GBP 10,767m; market-leading UK power transmission and distribution capability (overhead lines)"},"note":"Balfour Beatty's 2025 results show Support Services revenue of GBP 1,427m (2024: GBP 1,210m), driven by power transmission and distribution volumes, against group revenue of GBP 10,767m (p.1, p.16-17); p.17 names 'overhead lines, underground cabling and substations' as the core disciplines of its UK power business, says it holds two places on National Grid's HVDC framework for converter-station civil works and the associated onshore underground cabling works, and describes its offering as including design, steel fabrication, panel manufacturing and transmission and distribution construction; p.18 reports installation of all underground cables on the North Wessex Downs scheme and the onshore HVDC cable installation for Prysmian's Eastern Green Link 2. The results give no split of Support Services by voltage level or activity, so the in-scope fractions are judgments. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Support Services revenue: GBP 1,427m x 21% in scope x 70% own value-add = GBP 210m / 0.7594 = $276m; total $0.276bn. Share = 0.276 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.302%. Exchange rates: GBP 0.7594 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 21% of Support Services: transmission overhead lines (judgment). Own value-add (a recorded method decision) is a blend of two supply regimes because the results do not say who buys the materials: owner-furnished materials (value-add near 100%) and contractor-procured materials (30% for substations and 53% for lines, below). It is taken as 40% for substations (mostly turnkey), 70% for lines and 90% for underground cable installation (cable supplied by the makers). Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.302,"central":0.302,"high":0.302,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.balfourbeatty.com/media/h5kfn0a5/2025-full-year-results-announcement.pdf","title":"2025 Full Year Results Announcement","publisher":"Balfour Beatty plc","publishedDate":"2026-03-11","accessedDate":"2026-10-23","tier":"T5","locator":"Support Services revenue GBP 1,427m (2024 GBP 1,210m) on higher power transmission and distribution volumes; Group revenue GBP 10,767m; market-leading UK power transmission and distribution capability (overhead lines)"},"note":"Balfour Beatty's 2025 results show Support Services revenue of GBP 1,427m (2024: GBP 1,210m), driven by power transmission and distribution volumes, against group revenue of GBP 10,767m (p.1, p.16-17); p.17 names 'overhead lines, underground cabling and substations' as the core disciplines of its UK power business, says it holds two places on National Grid's HVDC framework for converter-station civil works and the associated onshore underground cabling works, and describes its offering as including design, steel fabrication, panel manufacturing and transmission and distribution construction; p.18 reports installation of all underground cables on the North Wessex Downs scheme and the onshore HVDC cable installation for Prysmian's Eastern Green Link 2. The results give no split of Support Services by voltage level or activity, so the in-scope fractions are judgments. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Support Services revenue: GBP 1,427m x 21% in scope x 70% own value-add = GBP 210m / 0.7594 = $276m; total $0.276bn. Share = 0.276 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.302%. Exchange rates: GBP 0.7594 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 21% of Support Services: transmission overhead lines (judgment), credited equally to both line functions. Own value-add (a recorded method decision) is a blend of two supply regimes because the results do not say who buys the materials: owner-furnished materials (value-add near 100%) and contractor-procured materials (30% for substations and 53% for lines, below). It is taken as 40% for substations (mostly turnkey), 70% for lines and 90% for underground cable installation (cable supplied by the makers). Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.167,"central":0.507,"high":1.015,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.balfourbeatty.com/media/h5kfn0a5/2025-full-year-results-announcement.pdf","title":"2025 Full Year Results Announcement","publisher":"Balfour Beatty plc","publishedDate":"2026-03-11","accessedDate":"2026-10-23","tier":"T5","locator":"p.17: 'overhead lines, underground cabling and substations' as core disciplines and National Grid HVDC framework for onshore underground cabling works; p.18: underground cable installation on the North Wessex Downs scheme and onshore HVDC cable installation for Eastern Green Link 2; p.16-17: Support Services revenue GBP 1,427m"},"note":"Balfour Beatty's 2025 results show Support Services revenue of GBP 1,427m (2024: GBP 1,210m), driven by power transmission and distribution volumes, against group revenue of GBP 10,767m (p.1, p.16-17); p.17 names 'overhead lines, underground cabling and substations' as the core disciplines of its UK power business, says it holds two places on National Grid's HVDC framework for converter-station civil works and the associated onshore underground cabling works, and describes its offering as including design, steel fabrication, panel manufacturing and transmission and distribution construction; p.18 reports installation of all underground cables on the North Wessex Downs scheme and the onshore HVDC cable installation for Prysmian's Eastern Green Link 2. The results give no split of Support Services by voltage level or activity, so the in-scope fractions are judgments. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Support Services revenue: GBP 1,427m x 6% in scope x 90% own value-add = GBP 77m / 0.7594 = $101m; total $0.101bn. Share = 0.101 / 20.0 (underground-cables pool 2025, $20.0bn) = 0.507%. Range: low 0.167% to high 1.015% (the results name the work but give no revenue for it). Exchange rates: GBP 0.7594 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 6% of Support Services (range 2% to 12%): installation of high-voltage underground cable and HVDC cable (judgment); Balfour installs cable that the makers (for example Prysmian) supply. Own value-add (a recorded method decision) is a blend of two supply regimes because the results do not say who buys the materials: owner-furnished materials (value-add near 100%) and contractor-procured materials (30% for substations and 53% for lines, below). It is taken as 40% for substations (mostly turnkey), 70% for lines and 90% for underground cable installation (cable supplied by the makers). Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"baselineRevenueUsd":{"low":1879094469,"central":1879094469,"high":1879094469,"unit":"USD","basis":"Balfour Beatty Support Services revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.balfourbeatty.com/media/h5kfn0a5/2025-full-year-results-announcement.pdf","title":"2025 Full Year Results Announcement","publisher":"Balfour Beatty plc","publishedDate":"2026-03-11","accessedDate":"2026-10-22","tier":"T2","locator":"Support Services revenue GBP 1,427m (results announcement, already cited for the share)"},"note":"GBP 1,427m / 0.7594 (2025 average, ECB reference rates) = $1.88bn; the segment that holds the power transmission and distribution work, not the group total."},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2},"underground-cables":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"eba83a16fbbdfd8862d20f0b26adfa3fe1affff281c845047db56f0a9d8a24b0"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"eba83a16fbbdfd8862d20f0b26adfa3fe1affff281c845047db56f0a9d8a24b0"}}},"skipper":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"skipper","name":"Skipper","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.00209,"central":0.00837,"high":0.0335,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.skipperlimited.com/","title":"Skipper Limited (home page)","publisher":"Skipper Limited","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"Infrastructure: Transmission EPC, Substation EPC, Telecom EPC; revenue mix 79% Engineering Products, 12% Infrastructure Projects, 9% Polymer; revenue 55,528.2 million (FY26)"},"note":"Skipper's site shows revenue of 55,528.2 million for FY26 (rupees assumed; an Indian company) with a mix of 79% Engineering Products (transmission towers, monopoles, hardware and other structures; 375K tonnes of annual capacity), 12% Infrastructure Projects (Transmission EPC, Substation EPC and Telecom EPC) and 9% Polymer. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Infrastructure Projects revenue (12% of 55,528.2), substation EPC: INR 6,663m x 30% in scope x 30% own value-add = INR 600m / 88.3848 = $6.8m; total $6.8m. Share = 6.8m / 81,100m (substations pool 2025, $81.1bn) = 0.00837%. Range: low 0.00209% to high 0.0335% (the page names the activity but gives no revenue for it). Exchange rates: INR 88.3848 per USD, FY2025-26 (April 2025 to March 2026) average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 30% of Infrastructure Projects (judgment; low and high ends are 0.25 and 4 times the central estimate): substation EPC. The page lists Substation EPC. Own value-add 30% (a recorded method decision) because equipment is bought in. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.622,"central":0.622,"high":0.622,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.skipperlimited.com/","title":"Skipper Limited (home page)","publisher":"Skipper Limited","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T5","locator":"Revenue 55,528.2 million (FY26; 46,244.8 million FY25), currency not shown (rupees); revenue mix 79% Engineering Products, 12% Infrastructure Projects, 9% Polymer; 375K MTPA engineering capacity; Infrastructure: Transmission EPC, Substation EPC, Telecom EPC"},"note":"Skipper's site shows revenue of 55,528.2 million for FY26 (rupees assumed; an Indian company) with a mix of 79% Engineering Products (transmission towers, monopoles, hardware and other structures; 375K tonnes of annual capacity), 12% Infrastructure Projects (Transmission EPC, Substation EPC and Telecom EPC) and 9% Polymer. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Engineering Products revenue (79% of 55,528.2): INR 43,867m x 70% in scope = INR 30,707m / 88.3848 = $347m; Infrastructure Projects revenue (12% of 55,528.2), line EPC: INR 6,663m x 50% in scope x 53% own value-add = INR 1,766m / 88.3848 = $20m; total $0.367bn. Share = 0.367 / 59.1 (line-structures pool 2025, $59.1bn) = 0.622%. Exchange rates: INR 88.3848 per USD, FY2025-26 (April 2025 to March 2026) average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fractions (judgments): 70% of Engineering Products is transmission-class towers and monopoles (the rest is distribution and telecom poles, railway-electrification and solar structures, hardware); 50% of Infrastructure Projects is transmission-line EPC, with only the engineering and erection value-add of 53% counted because the towers come from Skipper's own plant and are already in the first part (a recorded method decision). Pool: the line-structures pool ($59.1bn), as for other tower makers. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.skipperlimited.com/","title":"Skipper Limited (home page)","publisher":"Skipper Limited","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T2","locator":"Business lines in this source: engineering (towers, monopoles, EPC) and polymer pipes. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.skipperlimited.com/","title":"Skipper Limited (home page)","publisher":"Skipper Limited","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T2","locator":"Business lines in this source: engineering (towers, monopoles, EPC) and polymer pipes. No underground or submarine power cable activity is listed or implied there."}}},"screening":{"line-structures":{"levelLow":1,"levelHigh":2.3},"substations":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9cd9ec600c5ba22f7e535ba005eba47bae01f57593c3fd2646a0d1064be2c482"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9cd9ec600c5ba22f7e535ba005eba47bae01f57593c3fd2646a0d1064be2c482"}}},"arcosa":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"arcosa","name":"Arcosa (utility structures)","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.0247,"central":0.0823,"high":0.206,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1739445/000173944526000029/aca-20251231.htm","title":"Arcosa, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Arcosa, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, Segment Discussion: Engineered Structures revenues 2025 $1,189.9m (2024 $1,047.3m), of which utility and related structures $834.7m (2024 $768.1m) and wind towers $355.2m; Item 1, Utility Structures: engineered steel utility structures, including tapered steel and sub-station structures, for electricity transmission and distribution, and pre-stressed concrete poles"},"note":"Arcosa's FY2025 10-K shows Engineered Structures revenue of $1,189.9m, of which utility and related structures $834.7m (2024: $768.1m) and wind towers $355.2m (Item 7, Segment Discussion). Utility structures are engineered steel structures, including tapered steel and sub-station structures, for electricity transmission and distribution, plus pre-stressed concrete poles (Item 1). The 10-K gives no split of utility revenue by voltage or structure type, so the in-scope fractions are judgments. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Utility and related structures revenue: $834.7m x 8% in scope = $67m; total $66.8m. Share = 66.8m / 81,100m (substations pool 2025, $81.1bn) = 0.0823%. Range: low 0.0247% to high 0.206% (the 10-K names the product but gives no revenue for it). Fraction 8% (judgment; low and high ends are 0.3 and 2.5 times the central estimate): substation structures. Item 1 says Arcosa makes sub-station structures. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.494,"central":0.494,"high":0.494,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1739445/000173944526000029/aca-20251231.htm","title":"Arcosa, Inc. Form 10-K for the year ended December 31, 2025","publisher":"Arcosa, Inc. (U.S. SEC filing)","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T5","locator":"Item 7, Segment Discussion: Engineered Structures revenues 2025 $1,189.9m (2024 $1,047.3m), of which utility and related structures $834.7m (2024 $768.1m) and wind towers $355.2m; Item 1, Utility Structures: engineered steel utility structures, including tapered steel and sub-station structures, for electricity transmission and distribution, and pre-stressed concrete poles"},"note":"Arcosa's FY2025 10-K shows Engineered Structures revenue of $1,189.9m, of which utility and related structures $834.7m (2024: $768.1m) and wind towers $355.2m (Item 7, Segment Discussion). Utility structures are engineered steel structures, including tapered steel and sub-station structures, for electricity transmission and distribution, plus pre-stressed concrete poles (Item 1). The 10-K gives no split of utility revenue by voltage or structure type, so the in-scope fractions are judgments. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Utility and related structures revenue: $834.7m x 35% in scope = $292m; total $0.292bn. Share = 0.292 / 59.1 (line-structures pool 2025, $59.1bn) = 0.494%. Fraction 35% (judgment): transmission-class steel and concrete structures; the rest is distribution poles and the 'related' lighting, traffic and telecom structures. Pool: the line-structures pool ($59.1bn), as for other structure makers. Steel is passed through in price, as it is in the pool (the 10-K Raw Materials text refers to price-escalation provisions). This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.arcosa.com/engineered-structures/","title":"Engineered Structures","publisher":"Arcosa, Inc.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: utility structures (engineered structures segment). No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.arcosa.com/engineered-structures/","title":"Engineered Structures","publisher":"Arcosa, Inc.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: utility structures (engineered structures segment). No underground or submarine power cable activity is listed or implied there."}}},"screening":{"line-structures":{"levelLow":1,"levelHigh":2.3},"substations":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9a8d048f016c18448815b637fca004d323ffb9a53a0a39f05a27c17069adce18"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9a8d048f016c18448815b637fca004d323ffb9a53a0a39f05a27c17069adce18"}}},"spie":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"spie","name":"SPIE","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.0981,"central":0.0981,"high":0.0981,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.spie.com/sites/www.spie.com/files/2026-03/SPIE%20-%20Press%20release%20FY%202025%20results_0.pdf","title":"Press release: FY 2025 results","publisher":"SPIE","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"FY2025 revenue EUR 10,379.9 million; Energy is one of four markets; energy transmission offered as a solution"},"note":"SPIE's FY2025 results release reports revenue of EUR 10,379.9m and lists energy transmission among its solutions; most of its revenue is building and industrial technical services (multi-technical services, installation and maintenance). The release gives no revenue for transmission or substation work, so the fractions are judgments. In-scope estimate for substations (5LayerCake judgments, not company disclosures): SPIE revenue 2025: EUR 10,380m x 1.7% in scope x 40% own value-add = EUR 71m / 0.8871 = $80m; total $79.6m. Share = 79.6m / 81,100m (substations pool 2025, $81.1bn) = 0.0981%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 1.7% of revenue (judgment): substation work. Own value-add (a recorded method decision) is a blend of owner-furnished-materials work (value-add near 100%) and turnkey EPC with bought-in equipment (30% for substations and 53% for lines, below): 40% for substations and 70% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.224,"central":0.224,"high":0.224,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.spie.com/sites/www.spie.com/files/2026-03/SPIE%20-%20Press%20release%20FY%202025%20results_0.pdf","title":"Press release: FY 2025 results","publisher":"SPIE","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"FY2025 revenue EUR 10,379.9 million; Energy is one of four markets; energy transmission offered as a solution"},"note":"SPIE's FY2025 results release reports revenue of EUR 10,379.9m and lists energy transmission among its solutions; most of its revenue is building and industrial technical services (multi-technical services, installation and maintenance). The release gives no revenue for transmission or substation work, so the fractions are judgments. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): SPIE revenue 2025: EUR 10,380m x 2.5% in scope x 70% own value-add = EUR 182m / 0.8871 = $205m; total $0.205bn. Share = 0.205 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.224%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 2.5% of revenue (judgment): transmission-line work. Own value-add (a recorded method decision) is a blend of owner-furnished-materials work (value-add near 100%) and turnkey EPC with bought-in equipment (30% for substations and 53% for lines, below): 40% for substations and 70% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.224,"central":0.224,"high":0.224,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.spie.com/sites/www.spie.com/files/2026-03/SPIE%20-%20Press%20release%20FY%202025%20results_0.pdf","title":"Press release: FY 2025 results","publisher":"SPIE","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"FY2025 revenue EUR 10,379.9 million; Energy is one of four markets; energy transmission offered as a solution"},"note":"SPIE's FY2025 results release reports revenue of EUR 10,379.9m and lists energy transmission among its solutions; most of its revenue is building and industrial technical services (multi-technical services, installation and maintenance). The release gives no revenue for transmission or substation work, so the fractions are judgments. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): SPIE revenue 2025: EUR 10,380m x 2.5% in scope x 70% own value-add = EUR 182m / 0.8871 = $205m; total $0.205bn. Share = 0.205 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.224%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 2.5% of revenue (judgment): the same line work, credited equally to both line functions. Own value-add (a recorded method decision) is a blend of owner-furnished-materials work (value-add near 100%) and turnkey EPC with bought-in equipment (30% for substations and 53% for lines, below): 40% for substations and 70% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"participates":false,"evidence":{"url":"https://www.spie.com/sites/www.spie.com/files/2026-03/SPIE%20-%20Press%20release%20FY%202025%20results_0.pdf","title":"Press release: FY 2025 results","publisher":"SPIE","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: Energy, Industry services, Smart city, E-fficient buildings. No underground or submarine power cable activity is listed or implied there."}}},"baselineRevenueUsd":{"low":11700351778,"central":11700351778,"high":11700351778,"unit":"USD","basis":"SPIE total revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.spie.com/sites/www.spie.com/files/2026-03/SPIE%20-%20Press%20release%20FY%202025%20results_0.pdf","title":"Press release: FY 2025 results","publisher":"SPIE","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T2","locator":"FY2025 revenue EUR 10,379.9 million (press release, already cited for the share)"},"note":"EUR 10,379.9m / 0.8871 (2025 average, ECB reference rates) = $11.70bn; whole company."},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"e4d4ce84fe9abb38c7ea9b7da0a093f36e887f99525e212eeaee1765089874fa"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"e4d4ce84fe9abb38c7ea9b7da0a093f36e887f99525e212eeaee1765089874fa"}}},"primoris":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"primoris","name":"Primoris Services (Power Delivery)","kind":"public","commercialActivityVerified":false,"shares":{"substations":{"low":0.125,"central":0.125,"high":0.125,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1361538/000136153826000007/prim-20260217xex99.htm","title":"Primoris Services Corporation reports fourth quarter and full year 2025 results (Exhibit 99.1)","publisher":"Primoris Services Corporation (U.S. SEC filing)","publishedDate":"2026-02-23","accessedDate":"2026-10-23","tier":"T5","locator":"Full-year 2025 revenue: Utilities segment $2,691.7m (2024 $2,439.0m), Energy segment $5,018.6m, total $7,574.9m; Utilities growth from gas operations, power delivery and communications"},"note":"Primoris's 23 February 2026 results release shows Utilities segment revenue of $2,691.7m in 2025 (2024: $2,439.0m), driven by gas operations, power delivery and communications; its 10-K Item 1 describes the segment as construction and maintenance of natural gas and electric utility distribution and transmission systems and communications systems, and says significant materials are typically supplied by the customer (Contract Provisions and Subcontracting) while Primoris uses suppliers for some materials and equipment. Neither document splits Utilities revenue by service or voltage, so the fractions are judgments. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Utilities revenue x 35% power delivery x 30% transmission-level: $2,691.7m x 4.2% in scope x 90% own value-add = $102m; total $0.102bn. Share = 0.102 / 81.1 (substations pool 2025, $81.1bn) = 0.125%. Fractions (judgments): 35% of Utilities is power delivery (the rest gas and communications); 30% of power delivery is transmission-level (69 kV and up) lines and substations; 40% of that is substation work. Own value-add 90% (a recorded method decision): customers typically supply the significant materials (10-K Item 1), so most revenue is labour and installation. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.167,"central":0.167,"high":0.167,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1361538/000136153826000007/prim-20260217xex99.htm","title":"Primoris Services Corporation reports fourth quarter and full year 2025 results (Exhibit 99.1)","publisher":"Primoris Services Corporation (U.S. SEC filing)","publishedDate":"2026-02-23","accessedDate":"2026-10-23","tier":"T5","locator":"Full-year 2025 revenue: Utilities segment $2,691.7m (2024 $2,439.0m), Energy segment $5,018.6m, total $7,574.9m; Utilities growth from gas operations, power delivery and communications"},"note":"Primoris's 23 February 2026 results release shows Utilities segment revenue of $2,691.7m in 2025 (2024: $2,439.0m), driven by gas operations, power delivery and communications; its 10-K Item 1 describes the segment as construction and maintenance of natural gas and electric utility distribution and transmission systems and communications systems, and says significant materials are typically supplied by the customer (Contract Provisions and Subcontracting) while Primoris uses suppliers for some materials and equipment. Neither document splits Utilities revenue by service or voltage, so the fractions are judgments. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Utilities revenue x 35% power delivery x 30% transmission-level: $2,691.7m x 6.3% in scope x 90% own value-add = $153m; total $0.153bn. Share = 0.153 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.167%. Fractions (judgments): as for substations, with 60% of the transmission-level work being overhead-line construction. Own value-add 90% (a recorded method decision): customers typically supply the significant materials (10-K Item 1), so most revenue is labour and installation. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.167,"central":0.167,"high":0.167,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1361538/000136153826000007/prim-20260217xex99.htm","title":"Primoris Services Corporation reports fourth quarter and full year 2025 results (Exhibit 99.1)","publisher":"Primoris Services Corporation (U.S. SEC filing)","publishedDate":"2026-02-23","accessedDate":"2026-10-23","tier":"T5","locator":"Full-year 2025 revenue: Utilities segment $2,691.7m (2024 $2,439.0m), Energy segment $5,018.6m, total $7,574.9m; Utilities growth from gas operations, power delivery and communications"},"note":"Primoris's 23 February 2026 results release shows Utilities segment revenue of $2,691.7m in 2025 (2024: $2,439.0m), driven by gas operations, power delivery and communications; its 10-K Item 1 describes the segment as construction and maintenance of natural gas and electric utility distribution and transmission systems and communications systems, and says significant materials are typically supplied by the customer (Contract Provisions and Subcontracting) while Primoris uses suppliers for some materials and equipment. Neither document splits Utilities revenue by service or voltage, so the fractions are judgments. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Utilities revenue x 35% power delivery x 30% transmission-level: $2,691.7m x 6.3% in scope x 90% own value-add = $153m; total $0.153bn. Share = 0.153 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.167%. Fractions (judgments): as for line structures; the same line work is credited to both line functions. Own value-add 90% (a recorded method decision): customers typically supply the significant materials (10-K Item 1), so most revenue is labour and installation. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.0254,"central":0.127,"high":0.509,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1361538/000136153826000007/prim-20260217xex99.htm","title":"Primoris Services Corporation reports fourth quarter and full year 2025 results (Exhibit 99.1)","publisher":"Primoris Services Corporation (U.S. SEC filing)","publishedDate":"2026-02-23","accessedDate":"2026-10-23","tier":"T5","locator":"Full-year 2025 revenue: Utilities segment $2,691.7m (2024 $2,439.0m), Energy segment $5,018.6m, total $7,574.9m; Utilities growth from gas operations, power delivery and communications"},"note":"Primoris's 23 February 2026 results release shows Utilities segment revenue of $2,691.7m in 2025 (2024: $2,439.0m), driven by gas operations, power delivery and communications; its 10-K Item 1 describes the segment as construction and maintenance of natural gas and electric utility distribution and transmission systems and communications systems, and says significant materials are typically supplied by the customer (Contract Provisions and Subcontracting) while Primoris uses suppliers for some materials and equipment. Neither document splits Utilities revenue by service or voltage, so the fractions are judgments. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Utilities revenue x 35% power delivery x 3% high-voltage underground: $2,691.7m x 1.05% in scope x 90% own value-add = $25m; total $25.4m. Share = 25.4m / 20,000m (underground-cables pool 2025, $20.0bn) = 0.127%. Range: low 0.0254% to high 0.509% (no document sizes the activity). Fractions (judgments; low and high ends are 0.2 and 4 times the central estimate): 3% of power delivery is high-voltage underground cable installation. The 10-K refers to the company's pipeline, underground utility and infrastructure services, so participation is likely but unsized. Own value-add 90% (a recorded method decision): customers typically supply the significant materials (10-K Item 1), so most revenue is labour and installation. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2},"underground-cables":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"6ef0a51cc2c41b02ad4460a25dd0cdf187a64c706bb90835d4b7a2f66bd60880"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"6ef0a51cc2c41b02ad4460a25dd0cdf187a64c706bb90835d4b7a2f66bd60880"}}},"cg-power":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"cg-power","name":"CG Power and Industrial Solutions","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.216,"central":0.323,"high":0.429,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.murugappa.com/uploads/Press_Release_CG_Power_Q4_FY_2025_26_188d756928.pdf","title":"CG delivers a record FY26 performance (press release, Mumbai, 6 May 2026)","publisher":"CG Power and Industrial Solutions Limited (press release hosted by Murugappa Group)","publishedDate":"2026-05-06","accessedDate":"2026-10-23","tier":"T5","locator":"p.3, Power Systems FY26 Performance: aggregate sales Rs 5,138 crore (+46%; FY25 Rs 3,510 crore); order backlog Rs 12,644 crore at 31 March 2026; p.4: Rs 641 crore 765 kV transformer package from PGCIL"},"note":"CG Power's press release of 6 May 2026 says Power Systems sales were Rs 5,138 crore in FY2025-26 (+46%; FY2024-25 Rs 3,510 crore), with a backlog of Rs 12,644 crore, and records a Rs 641 crore 765 kV transformer package from PGCIL and a Rs 244 crore EHV order for instrument transformers, circuit breakers and arresters (p.3-4). Power Systems makes transformers, reactors and switchgear (circuit breakers, instrument transformers, bushings); it gives no voltage split, so the in-scope fraction is a judgment. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Power Systems sales: INR 51,380m x 45% in scope = INR 23,121m / 88.3848 = $262m; total $0.262bn. Share = 0.262 / 81.1 (substations pool 2025, $81.1bn) = 0.323%. Range: low 0.216% to high 0.429% (fraction 30% to 60%). Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 45% (judgment; range 30% to 60%): transformers, reactors and switchgear at transmission voltages (66 kV and up); the rest is distribution transformers and medium-voltage switchgear. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"participates":false,"evidence":{"url":"https://www.murugappa.com/uploads/Press_Release_CG_Power_Q4_FY_2025_26_188d756928.pdf","title":"CG delivers a record FY26 performance (press release, Mumbai, 6 May 2026)","publisher":"CG Power and Industrial Solutions Limited (press release hosted by Murugappa Group)","publishedDate":"2026-05-06","accessedDate":"2026-10-23","tier":"T2","locator":"Business lines in this source: Industrial Systems (motors, drives, railways) and Power Systems (transformers, switchgear, EHV instrument transformers and circuit breakers, GIS); the release mentions no tower, pole or line-construction activity"}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.murugappa.com/uploads/Press_Release_CG_Power_Q4_FY_2025_26_188d756928.pdf","title":"CG delivers a record FY26 performance (press release, Mumbai, 6 May 2026)","publisher":"CG Power and Industrial Solutions Limited (press release hosted by Murugappa Group)","publishedDate":"2026-05-06","accessedDate":"2026-10-23","tier":"T2","locator":"Business lines in this source: Industrial Systems (motors, drives, railways) and Power Systems (transformers, switchgear, EHV instrument transformers and circuit breakers, GIS); the release mentions no overhead conductor activity"}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.murugappa.com/uploads/Press_Release_CG_Power_Q4_FY_2025_26_188d756928.pdf","title":"CG delivers a record FY26 performance (press release, Mumbai, 6 May 2026)","publisher":"CG Power and Industrial Solutions Limited (press release hosted by Murugappa Group)","publishedDate":"2026-05-06","accessedDate":"2026-10-23","tier":"T2","locator":"Business lines in this source: Industrial Systems (motors, drives, railways) and Power Systems (transformers, switchgear, EHV instrument transformers and circuit breakers, GIS); the release mentions no underground or submarine power cable activity"}}},"screening":{"substations":{"levelLow":1.5,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"614c85bc20559a5e16d688910935f8907e0a7f4c10b90a2da8a3aed66971cf15"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"614c85bc20559a5e16d688910935f8907e0a7f4c10b90a2da8a3aed66971cf15"}}},"elecnor":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"elecnor","name":"Elecnor","kind":"public","commercialActivityVerified":true,"shares":{"substations":{"low":0.0915,"central":0.0915,"high":0.0915,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.elecnor.com/","title":"Elecnor (home page)","publisher":"Elecnor","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"2025 sales EUR 4,387 million; infrastructure, energy and services; electricity sector"},"note":"Elecnor's site reports 2025 sales of EUR 4,387m across infrastructure, energy and services; it gives no revenue for transmission or substation work, so the fractions are judgments. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Elecnor sales 2025: EUR 4,387m x 5% in scope x 30% own value-add = EUR 66m / 0.8871 = $74m; total $74.2m. Share = 74.2m / 81,100m (substations pool 2025, $81.1bn) = 0.0915%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 5% of sales (judgment): substations. Own value-add (a recorded method decision): turnkey EPC work with bought-in equipment and materials: 30% for substations and 53% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.2,"central":0.2,"high":0.2,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.elecnor.com/","title":"Elecnor (home page)","publisher":"Elecnor","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"2025 sales EUR 4,387 million; infrastructure, energy and services; electricity sector"},"note":"Elecnor's site reports 2025 sales of EUR 4,387m across infrastructure, energy and services; it gives no revenue for transmission or substation work, so the fractions are judgments. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Elecnor sales 2025: EUR 4,387m x 7% in scope x 53% own value-add = EUR 163m / 0.8871 = $183m; total $0.183bn. Share = 0.183 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.200%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 7% of sales (judgment): transmission lines. Own value-add (a recorded method decision): turnkey EPC work with bought-in equipment and materials: 30% for substations and 53% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.2,"central":0.2,"high":0.2,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.elecnor.com/","title":"Elecnor (home page)","publisher":"Elecnor","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"2025 sales EUR 4,387 million; infrastructure, energy and services; electricity sector"},"note":"Elecnor's site reports 2025 sales of EUR 4,387m across infrastructure, energy and services; it gives no revenue for transmission or substation work, so the fractions are judgments. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Elecnor sales 2025: EUR 4,387m x 7% in scope x 53% own value-add = EUR 163m / 0.8871 = $183m; total $0.183bn. Share = 0.183 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.200%. Exchange rates: EUR 0.8871 per USD (1.127 USD per EUR), 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 7% of sales (judgment): the same line work, credited equally to both line functions. Own value-add (a recorded method decision): turnkey EPC work with bought-in equipment and materials: 30% for substations and 53% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"participates":false,"evidence":{"url":"https://www.elecnor.com/","title":"Elecnor (home page)","publisher":"Elecnor","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: infrastructure, energy and services. No underground or submarine power cable activity is listed or implied there."}}},"baselineRevenueUsd":{"low":4945080709,"central":4945080709,"high":4945080709,"unit":"USD","basis":"Elecnor total sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.elecnor.com/","title":"Elecnor (home page)","publisher":"Elecnor","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"2025 sales EUR 4,387 million (home page, already cited for the share)"},"note":"EUR 4,387m / 0.8871 (2025 average, ECB reference rates) = $4.95bn; whole company."},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"637f8ca5defc616ff26cea2bae1298b61af90c207354464b26bc6351e40a989c"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"637f8ca5defc616ff26cea2bae1298b61af90c207354464b26bc6351e40a989c"}}},"linxon":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"linxon","name":"Linxon","kind":"private","commercialActivityVerified":true,"shares":{"substations":{"low":0.185,"central":0.231,"high":0.346,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.newswire.ca/news-releases/atkinsrealis-reports-fourth-quarter-and-full-year-2025-results-introduces-2026-outlook-800344430.html","title":"AtkinsRéalis Reports Fourth Quarter and Full Year 2025 Results; Introduces 2026 Outlook","publisher":"AtkinsRéalis Group Inc. (Canada NewsWire)","publishedDate":"2026-02-27","accessedDate":"2026-10-23","tier":"T5","locator":"Linxon revenue totaled $970.2 million in 2025, an increase of 16.1% (Canadian dollars); Linxon Segment Adjusted EBIT $55.6 million"},"note":"AtkinsRéalis, which reports Linxon as a segment, says in its full-year 2025 results release (27 February 2026) that Linxon revenue was CAD 970.2m in 2025 (+16.1%; amounts in Canadian dollars). Linxon sells turnkey substation projects (EPC); the transformers, switchgear and other equipment come from equipment makers, including Hitachi Energy (the register links Linxon to Hitachi Energy), whose own revenue is counted in this sublayer. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Linxon revenue (CAD): CAD 970m x 90% in scope x 30% own value-add = CAD 262m / 1.3983 = $187m; total $0.187bn. Share = 0.187 / 81.1 (substations pool 2025, $81.1bn) = 0.231%. Range: low 0.185% to high 0.346% (value-add 24% to 45% of contract value). Exchange rates: CAD 1.3983 per USD, CY2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 90% (judgment): substation EPC (the rest is other grid-connection work). Own value-add 30% (a recorded method decision): equipment is bought in, so only engineering, installation and labour are counted. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"participates":false,"evidence":{"url":"https://www.linxon.com/","title":"Linxon (home page)","publisher":"Linxon","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: substation EPC. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.linxon.com/","title":"Linxon (home page)","publisher":"Linxon","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: substation EPC. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.linxon.com/","title":"Linxon (home page)","publisher":"Linxon","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: substation EPC. No underground or submarine power cable activity is listed or implied there."}}},"baselineRevenueUsd":{"low":693843394,"central":693843394,"high":693843394,"unit":"USD","basis":"Linxon revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.newswire.ca/news-releases/atkinsrealis-reports-fourth-quarter-and-full-year-2025-results-introduces-2026-outlook-800344430.html","title":"AtkinsRéalis Reports Fourth Quarter and Full Year 2025 Results; Introduces 2026 Outlook","publisher":"AtkinsRéalis Group Inc. (Canada NewsWire)","publishedDate":"2026-02-27","accessedDate":"2026-10-23","tier":"T2","locator":"Linxon revenue totaled $970.2 million (Canadian dollars)"},"note":"CAD 970.2m / 1.3983 (2025 average, ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period) = $694m; the substation EPC business as reported by AtkinsRéalis."},"screening":{"substations":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3db8f4bbe6d453eb10ecb7e1c83fe377da83a852e7ed1d62a6fbeee6417f1a2d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3db8f4bbe6d453eb10ecb7e1c83fe377da83a852e7ed1d62a6fbeee6417f1a2d"}}},"black-veatch":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"black-veatch","name":"Black & Veatch","kind":"private","commercialActivityVerified":true,"shares":{"substations":{"low":0.0888,"central":0.0888,"high":0.0888,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.enr.com/articles/63047-black-and-veatch-plans-134b-headquarters-and-mixed-use-district-in-kansas","title":"Black & Veatch Plans $1.34B Headquarters and Mixed-Use District in Kansas","publisher":"Engineering News-Record","publishedDate":"2026-05-22","accessedDate":"2026-10-23","tier":"T5","locator":"Black & Veatch is a 100% employee-owned company. Its annual revenue was approximately $5 billion in 2025; ranked 14 on the ENR Top 500 Design Firms"},"note":"Engineering News-Record (22 May 2026) says Black & Veatch's annual revenue was approximately $5bn in 2025. Black & Veatch's own awards page (https://www.bv.com/awards-rankings) lists ENR 2026 rankings, based on its 2025 revenue, of No. 5 in Transmission lines & aqueducts and No. 9 in Transmission & distribution (Top 500 design firms sector rankings), and No. 5 in Transmission, Distribution, EV Charging (Top 400 contractors); that shows revenue in this sublayer but not its size. Its about-us page lists Power Delivery as a service area. Power delivery is taken as 8% of revenue (judgment, range 4% to 12%) = $400m, of which transmission-level work is the part in scope. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Power delivery revenue (8% of $5bn): $400.0m x 45% in scope x 40% own value-add = $72m; total $72.0m. Share = 72.0m / 81,100m (substations pool 2025, $81.1bn) = 0.0888%. Fraction 45% of power delivery: substation design and EPC (judgment). Own value-add (a recorded method decision) is a blend of design and construction-management work (100% value-add) and turnkey EPC with bought-in equipment (30% for substations, 53% for lines), taken as 40% for substations and 60% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.144,"central":0.144,"high":0.144,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.enr.com/articles/63047-black-and-veatch-plans-134b-headquarters-and-mixed-use-district-in-kansas","title":"Black & Veatch Plans $1.34B Headquarters and Mixed-Use District in Kansas","publisher":"Engineering News-Record","publishedDate":"2026-05-22","accessedDate":"2026-10-23","tier":"T5","locator":"Black & Veatch is a 100% employee-owned company. Its annual revenue was approximately $5 billion in 2025; ranked 14 on the ENR Top 500 Design Firms"},"note":"Engineering News-Record (22 May 2026) says Black & Veatch's annual revenue was approximately $5bn in 2025. Black & Veatch's own awards page (https://www.bv.com/awards-rankings) lists ENR 2026 rankings, based on its 2025 revenue, of No. 5 in Transmission lines & aqueducts and No. 9 in Transmission & distribution (Top 500 design firms sector rankings), and No. 5 in Transmission, Distribution, EV Charging (Top 400 contractors); that shows revenue in this sublayer but not its size. Its about-us page lists Power Delivery as a service area. Power delivery is taken as 8% of revenue (judgment, range 4% to 12%) = $400m, of which transmission-level work is the part in scope. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Power delivery revenue (8% of $5bn): $400.0m x 55% in scope x 60% own value-add = $132m; total $0.132bn. Share = 0.132 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.144%. Fraction 55% of power delivery: transmission-line design and design-build (judgment). Own value-add (a recorded method decision) is a blend of design and construction-management work (100% value-add) and turnkey EPC with bought-in equipment (30% for substations, 53% for lines), taken as 40% for substations and 60% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.144,"central":0.144,"high":0.144,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.enr.com/articles/63047-black-and-veatch-plans-134b-headquarters-and-mixed-use-district-in-kansas","title":"Black & Veatch Plans $1.34B Headquarters and Mixed-Use District in Kansas","publisher":"Engineering News-Record","publishedDate":"2026-05-22","accessedDate":"2026-10-23","tier":"T5","locator":"Black & Veatch is a 100% employee-owned company. Its annual revenue was approximately $5 billion in 2025; ranked 14 on the ENR Top 500 Design Firms"},"note":"Engineering News-Record (22 May 2026) says Black & Veatch's annual revenue was approximately $5bn in 2025. Black & Veatch's own awards page (https://www.bv.com/awards-rankings) lists ENR 2026 rankings, based on its 2025 revenue, of No. 5 in Transmission lines & aqueducts and No. 9 in Transmission & distribution (Top 500 design firms sector rankings), and No. 5 in Transmission, Distribution, EV Charging (Top 400 contractors); that shows revenue in this sublayer but not its size. Its about-us page lists Power Delivery as a service area. Power delivery is taken as 8% of revenue (judgment, range 4% to 12%) = $400m, of which transmission-level work is the part in scope. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Power delivery revenue (8% of $5bn): $400.0m x 55% in scope x 60% own value-add = $132m; total $0.132bn. Share = 0.132 / 91.6 (combined overhead-line pool 2025, $91.6bn) = 0.144%. Fraction 55% of power delivery: the same line work, credited equally to both line functions. Own value-add (a recorded method decision) is a blend of design and construction-management work (100% value-add) and turnkey EPC with bought-in equipment (30% for substations, 53% for lines), taken as 40% for substations and 60% for lines. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.006,"central":0.03,"high":0.12,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.enr.com/articles/63047-black-and-veatch-plans-134b-headquarters-and-mixed-use-district-in-kansas","title":"Black & Veatch Plans $1.34B Headquarters and Mixed-Use District in Kansas","publisher":"Engineering News-Record","publishedDate":"2026-05-22","accessedDate":"2026-10-23","tier":"T5","locator":"Black & Veatch is a 100% employee-owned company. Its annual revenue was approximately $5 billion in 2025; ranked 14 on the ENR Top 500 Design Firms"},"note":"Engineering News-Record (22 May 2026) says Black & Veatch's annual revenue was approximately $5bn in 2025. Black & Veatch's own awards page (https://www.bv.com/awards-rankings) lists ENR 2026 rankings, based on its 2025 revenue, of No. 5 in Transmission lines & aqueducts and No. 9 in Transmission & distribution (Top 500 design firms sector rankings), and No. 5 in Transmission, Distribution, EV Charging (Top 400 contractors); that shows revenue in this sublayer but not its size. Its about-us page lists Power Delivery as a service area. Power delivery is taken as 8% of revenue (judgment, range 4% to 12%) = $400m, of which transmission-level work is the part in scope. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Power delivery revenue (8% of $5bn): $400.0m x 3% in scope x 50% own value-add = $6.0m; total $6.0m. Share = 6.0m / 20,000m (underground-cables pool 2025, $20.0bn) = 0.0300%. Range: low 0.00600% to high 0.120% (no document sizes the activity). Fraction 3% of power delivery (judgment; low and high ends are 0.2 and 4 times the central estimate): underground transmission design and installation oversight. No opened source documents or excludes this work, so a small non-zero range is carried instead of zero. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2},"underground-cables":{"levelLow":1,"levelHigh":1.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"6b1b177137181362b3f5bcc840718c2dbc15cc55ef86ebe31a4e17e0498aef0f"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"6b1b177137181362b3f5bcc840718c2dbc15cc55ef86ebe31a4e17e0498aef0f"}}},"bhel":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"bhel","name":"Bharat Heavy Electricals (BHEL)","kind":"public","commercialActivityVerified":false,"shares":{"substations":{"low":0.105,"central":0.21,"high":0.358,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://themachinemaker.com/news/bharat-heavy-electricals-reports-strong-q4-and-fy26-performance/","title":"Bharat Heavy Electricals reports strong Q4 and FY26 performance","publisher":"The Machine Maker (MM Desk)","publishedDate":"2026-05-05","accessedDate":"2026-10-23","tier":"T5","locator":"Revenue from operations Rs 33,782.18 crore (FY25 Rs 28,339.48 crore); power segment Rs 25,406.71 crore; industry segment Rs 8,375.47 crore in FY26, up 13% from Rs 7,402.23 crore"},"note":"BHEL's FY2025-26 results (reported by The Machine Maker, 5 May 2026) show revenue from operations of Rs 33,782.18 crore, of which the power segment Rs 25,406.71 crore and the industry segment Rs 8,375.47 crore (FY2024-25: Rs 7,402.23 crore). The industry segment is where BHEL's transmission business sits (HVDC, substations, transformers) alongside transportation, defence and process-industry equipment, but no opened source gives the transmission revenue; T&D India reports that PGCIL selected a BHEL and Hitachi Energy India consortium for an HVDC system (value undisclosed). BHEL's own website (bhel.com) failed with a certificate error and was not retried, so no BHEL product list or annual report was opened. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Industry segment revenue: INR 83,755m x 18% in scope = INR 15,076m / 88.3848 = $171m; total $0.171bn. Share = 0.171 / 81.1 (substations pool 2025, $81.1bn) = 0.210%. Range: low 0.105% to high 0.358% (fraction 9% to 30%). Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 18% (judgment; range 9% to 30%): transmission equipment and turnkey substation and HVDC work inside the industry segment; BHEL makes most of the equipment itself, so no value-add reduction is applied. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.000548,"central":0.00274,"high":0.0164,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://themachinemaker.com/news/bharat-heavy-electricals-reports-strong-q4-and-fy26-performance/","title":"Bharat Heavy Electricals reports strong Q4 and FY26 performance","publisher":"The Machine Maker (MM Desk)","publishedDate":"2026-05-05","accessedDate":"2026-10-23","tier":"T5","locator":"Revenue from operations Rs 33,782.18 crore (FY25 Rs 28,339.48 crore); power segment Rs 25,406.71 crore; industry segment Rs 8,375.47 crore in FY26, up 13% from Rs 7,402.23 crore"},"note":"BHEL's FY2025-26 results (reported by The Machine Maker, 5 May 2026) show revenue from operations of Rs 33,782.18 crore, of which the power segment Rs 25,406.71 crore and the industry segment Rs 8,375.47 crore (FY2024-25: Rs 7,402.23 crore). The industry segment is where BHEL's transmission business sits (HVDC, substations, transformers) alongside transportation, defence and process-industry equipment, but no opened source gives the transmission revenue; T&D India reports that PGCIL selected a BHEL and Hitachi Energy India consortium for an HVDC system (value undisclosed). BHEL's own website (bhel.com) failed with a certificate error and was not retried, so no BHEL product list or annual report was opened. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): Industry segment revenue: INR 83,755m x 0.5% in scope x 53% own value-add = INR 222m / 88.3848 = $2.5m; total $2.5m. Share = 2.5m / 91,600m (combined overhead-line pool 2025, $91.6bn) = 0.00274%. Range: low 0.000548% to high 0.0164% (no document sizes the activity). Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). BHEL's participation in line construction, conductors or cable is not documented in any opened source (see above), so a small non-zero range is carried instead of zero. Fraction 0.5% of the industry segment (range 0.1% to 3%): line EPC, with a 53% own value-add. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.000548,"central":0.00274,"high":0.0164,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://themachinemaker.com/news/bharat-heavy-electricals-reports-strong-q4-and-fy26-performance/","title":"Bharat Heavy Electricals reports strong Q4 and FY26 performance","publisher":"The Machine Maker (MM Desk)","publishedDate":"2026-05-05","accessedDate":"2026-10-23","tier":"T5","locator":"Revenue from operations Rs 33,782.18 crore (FY25 Rs 28,339.48 crore); power segment Rs 25,406.71 crore; industry segment Rs 8,375.47 crore in FY26, up 13% from Rs 7,402.23 crore"},"note":"BHEL's FY2025-26 results (reported by The Machine Maker, 5 May 2026) show revenue from operations of Rs 33,782.18 crore, of which the power segment Rs 25,406.71 crore and the industry segment Rs 8,375.47 crore (FY2024-25: Rs 7,402.23 crore). The industry segment is where BHEL's transmission business sits (HVDC, substations, transformers) alongside transportation, defence and process-industry equipment, but no opened source gives the transmission revenue; T&D India reports that PGCIL selected a BHEL and Hitachi Energy India consortium for an HVDC system (value undisclosed). BHEL's own website (bhel.com) failed with a certificate error and was not retried, so no BHEL product list or annual report was opened. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): Industry segment revenue: INR 83,755m x 0.5% in scope x 53% own value-add = INR 222m / 88.3848 = $2.5m; total $2.5m. Share = 2.5m / 91,600m (combined overhead-line pool 2025, $91.6bn) = 0.00274%. Range: low 0.000548% to high 0.0164% (no document sizes the activity). Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). BHEL's participation in line construction, conductors or cable is not documented in any opened source (see above), so a small non-zero range is carried instead of zero. Fraction 0.5% of the industry segment (range 0.1% to 3%): the same line EPC, credited equally to both line functions. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.000995,"central":0.00497,"high":0.0298,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025-26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://themachinemaker.com/news/bharat-heavy-electricals-reports-strong-q4-and-fy26-performance/","title":"Bharat Heavy Electricals reports strong Q4 and FY26 performance","publisher":"The Machine Maker (MM Desk)","publishedDate":"2026-05-05","accessedDate":"2026-10-23","tier":"T5","locator":"Revenue from operations Rs 33,782.18 crore (FY25 Rs 28,339.48 crore); power segment Rs 25,406.71 crore; industry segment Rs 8,375.47 crore in FY26, up 13% from Rs 7,402.23 crore"},"note":"BHEL's FY2025-26 results (reported by The Machine Maker, 5 May 2026) show revenue from operations of Rs 33,782.18 crore, of which the power segment Rs 25,406.71 crore and the industry segment Rs 8,375.47 crore (FY2024-25: Rs 7,402.23 crore). The industry segment is where BHEL's transmission business sits (HVDC, substations, transformers) alongside transportation, defence and process-industry equipment, but no opened source gives the transmission revenue; T&D India reports that PGCIL selected a BHEL and Hitachi Energy India consortium for an HVDC system (value undisclosed). BHEL's own website (bhel.com) failed with a certificate error and was not retried, so no BHEL product list or annual report was opened. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): Industry segment revenue: INR 83,755m x 0.3% in scope x 35% own value-add = INR 88m / 88.3848 = $1.0m; total $1.0m. Share = 1.0m / 20,000m (underground-cables pool 2025, $20.0bn) = 0.00497%. Range: low 0.000995% to high 0.0298% (no document sizes the activity). Exchange rates: INR 88.3848 per USD, April 2025 to March 2026 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). BHEL's participation in line construction, conductors or cable is not documented in any opened source (see above), so a small non-zero range is carried instead of zero. Fraction 0.3% of the industry segment (range 0.06% to 1.8%): high-voltage cable laying inside substation and HVDC packages, with a 35% own value-add. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"substations":{"levelLow":1.5,"levelHigh":3},"line-structures":{"levelLow":1,"levelHigh":1.5},"overhead-conductors":{"levelLow":1,"levelHigh":1.5},"underground-cables":{"levelLow":1,"levelHigh":1.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"047f418959406d2e91ba3160bc60795d88922810b90a3273b1a7c9f331bfad6d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"047f418959406d2e91ba3160bc60795d88922810b90a3273b1a7c9f331bfad6d"}}},"tata-projects":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"tata-projects","name":"Tata Projects","kind":"private","commercialActivityVerified":false,"shares":{"substations":{"low":0.0465,"central":0.0465,"high":0.0465,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024-25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.businesstoday.in/amp/latest/corporate/story/our-new-portfolio-is-profitable-tata-projects-ceo-vinayak-pai-502156-2025-11-14","title":"'Our new portfolio is profitable': Tata Projects CEO Vinayak Pai","publisher":"Business Today","publishedDate":"2025-11-14","accessedDate":"2026-10-23","tier":"T5","locator":"In FY25, Tata Projects clocked a revenue of Rs 17,470.59 crore; revenue Rs 8,000 crore in the first half of FY2025-26; order book Rs 40,000 crore as of September 2025; government projects 45% of revenue"},"note":"Business Today (14 November 2025) reports Tata Projects' FY2024-25 revenue as Rs 17,470.59 crore (Outlook Business, 21 May 2025, gives the same figure and a net loss of Rs 696.57 crore), first-half FY2025-26 revenue of about Rs 8,000 crore and an order book of Rs 40,000 crore. Neither article gives the share of power transmission and distribution; Tata Projects is a diversified EPC group (buildings, water, urban infrastructure, railways, power T&D), so T&D is taken as 15% of revenue (judgment, range 8% to 25%). Tata Projects' own site (tataprojects.com) shows only 'Top Ten Construction Company Group in India' and no revenue or business-line figures. In-scope estimate for substations (5LayerCake judgments, not company disclosures): T&D revenue (15% of Rs 17,470.59 crore): INR 26,206m x 35% in scope x 30% own value-add = INR 2,752m / 84.5661 = $33m; total $32.5m. Share = 32.5m / 69,914m (substations pool 2024, $69.9bn) = 0.0465%. Exchange rates: INR 84.5661 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 35% of T&D: substations (judgment). Own value-add 30% (a recorded method decision): equipment for turnkey substations is bought in. Only the contractor's own value-add is counted, so equipment and materials bought from makers already counted in this sublayer are not counted twice (a recorded method decision). Value-add basis (AEP, 'Transmission Facts', Q4, https://WeCanFigureThisOut.org/ENERGY/Web_notes/Electricity/Generic_Power_Plant_and_Grid_Supporting_Files/American%20Electric%20Power%20Corp%20-%20Transmission%20Facts.pdf): a typical 765 kV station costs 70% materials (of which 50% transformers, 20% circuit breakers, 30% other) and 30% labor, so a turnkey substation contractor's own value-add is taken as 30%. A typical 765 kV lattice-tower line costs siting 3%, right-of-way 10%, engineering and management 5%, materials 41% (60% structures, 30% conductors, 10% other) and construction 41%; leaving out siting and right-of-way, own engineering and construction are (5+41)/87 = 53% of the installed cost, and structures are 41 x 60% / 87 = 28%, so a line contractor that also fabricates its own towers has a value-add of 53% + 28% = 81%. The period ends 31 March 2025, so the 2024 pools are used (as for KEC's prior year). This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"low":0.0832,"central":0.0832,"high":0.0832,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024-25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.businesstoday.in/amp/latest/corporate/story/our-new-portfolio-is-profitable-tata-projects-ceo-vinayak-pai-502156-2025-11-14","title":"'Our new portfolio is profitable': Tata Projects CEO Vinayak Pai","publisher":"Business Today","publishedDate":"2025-11-14","accessedDate":"2026-10-23","tier":"T5","locator":"In FY25, Tata Projects clocked a revenue of Rs 17,470.59 crore; revenue Rs 8,000 crore in the first half of FY2025-26; order book Rs 40,000 crore as of September 2025; government projects 45% of revenue"},"note":"Business Today (14 November 2025) reports Tata Projects' FY2024-25 revenue as Rs 17,470.59 crore (Outlook Business, 21 May 2025, gives the same figure and a net loss of Rs 696.57 crore), first-half FY2025-26 revenue of about Rs 8,000 crore and an order book of Rs 40,000 crore. Neither article gives the share of power transmission and distribution; Tata Projects is a diversified EPC group (buildings, water, urban infrastructure, railways, power T&D), so T&D is taken as 15% of revenue (judgment, range 8% to 25%). Tata Projects' own site (tataprojects.com) shows only 'Top Ten Construction Company Group in India' and no revenue or business-line figures. In-scope estimate for line-structures (5LayerCake judgments, not company disclosures): T&D revenue (15% of Rs 17,470.59 crore): INR 26,206m x 40% in scope x 53% own value-add = INR 5,556m / 84.5661 = $66m; total $65.7m. Share = 65.7m / 78,966m (combined overhead-line pool 2024, $79.0bn) = 0.0832%. Exchange rates: INR 84.5661 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 40% of T&D: transmission lines (judgment). Own value-add 53% (a recorded method decision): engineering and construction only. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"overhead-conductors":{"low":0.0832,"central":0.0832,"high":0.0832,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024-25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.businesstoday.in/amp/latest/corporate/story/our-new-portfolio-is-profitable-tata-projects-ceo-vinayak-pai-502156-2025-11-14","title":"'Our new portfolio is profitable': Tata Projects CEO Vinayak Pai","publisher":"Business Today","publishedDate":"2025-11-14","accessedDate":"2026-10-23","tier":"T5","locator":"In FY25, Tata Projects clocked a revenue of Rs 17,470.59 crore; revenue Rs 8,000 crore in the first half of FY2025-26; order book Rs 40,000 crore as of September 2025; government projects 45% of revenue"},"note":"Business Today (14 November 2025) reports Tata Projects' FY2024-25 revenue as Rs 17,470.59 crore (Outlook Business, 21 May 2025, gives the same figure and a net loss of Rs 696.57 crore), first-half FY2025-26 revenue of about Rs 8,000 crore and an order book of Rs 40,000 crore. Neither article gives the share of power transmission and distribution; Tata Projects is a diversified EPC group (buildings, water, urban infrastructure, railways, power T&D), so T&D is taken as 15% of revenue (judgment, range 8% to 25%). Tata Projects' own site (tataprojects.com) shows only 'Top Ten Construction Company Group in India' and no revenue or business-line figures. In-scope estimate for overhead-conductors (5LayerCake judgments, not company disclosures): T&D revenue (15% of Rs 17,470.59 crore): INR 26,206m x 40% in scope x 53% own value-add = INR 5,556m / 84.5661 = $66m; total $65.7m. Share = 65.7m / 78,966m (combined overhead-line pool 2024, $79.0bn) = 0.0832%. Exchange rates: INR 84.5661 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 40% of T&D: the same line work, credited equally to both line functions, with a 53% own value-add. Line work (erection, stringing and the structures that go with it) is treated as one share of the combined overhead-line pool ($59.1bn structures + $32.5bn conductors = $91.6bn) and credited equally to line structures and overhead conductors, because FERC accounts 355-356 include erection and stringing. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."},"underground-cables":{"low":0.00252,"central":0.0126,"high":0.0503,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2024-25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.businesstoday.in/amp/latest/corporate/story/our-new-portfolio-is-profitable-tata-projects-ceo-vinayak-pai-502156-2025-11-14","title":"'Our new portfolio is profitable': Tata Projects CEO Vinayak Pai","publisher":"Business Today","publishedDate":"2025-11-14","accessedDate":"2026-10-23","tier":"T5","locator":"In FY25, Tata Projects clocked a revenue of Rs 17,470.59 crore; revenue Rs 8,000 crore in the first half of FY2025-26; order book Rs 40,000 crore as of September 2025; government projects 45% of revenue"},"note":"Business Today (14 November 2025) reports Tata Projects' FY2024-25 revenue as Rs 17,470.59 crore (Outlook Business, 21 May 2025, gives the same figure and a net loss of Rs 696.57 crore), first-half FY2025-26 revenue of about Rs 8,000 crore and an order book of Rs 40,000 crore. Neither article gives the share of power transmission and distribution; Tata Projects is a diversified EPC group (buildings, water, urban infrastructure, railways, power T&D), so T&D is taken as 15% of revenue (judgment, range 8% to 25%). Tata Projects' own site (tataprojects.com) shows only 'Top Ten Construction Company Group in India' and no revenue or business-line figures. In-scope estimate for underground-cables (5LayerCake judgments, not company disclosures): T&D revenue (15% of Rs 17,470.59 crore): INR 26,206m x 2% in scope x 35% own value-add = INR 183m / 84.5661 = $2.2m; total $2.2m. Share = 2.2m / 17,241m (underground-cables pool 2024, $17.2bn) = 0.0126%. Range: low 0.00252% to high 0.0503% (no document sizes the activity). Exchange rates: INR 84.5661 per USD, April 2024 to March 2025 average (ECB euro reference rates, monthly averages (https://data-api.ecb.europa.eu/service/data/EXR/M.USD.EUR.SP00.A and the matching series for each currency), crossed through the euro and averaged over the period). Fraction 2% of T&D (judgment; low and high ends are 0.2 and 4 times the central estimate): high-voltage underground cabling EPC, with a 35% own value-add. No opened source documents or excludes this work, so a small non-zero range is carried instead of zero. This is a 5LayerCake derivation (T5). Pool derivation: as in the first share note of this file."}},"screening":{"substations":{"levelLow":1,"levelHigh":2},"line-structures":{"levelLow":1,"levelHigh":2},"overhead-conductors":{"levelLow":1,"levelHigh":2},"underground-cables":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"0d08b18b956430f2ae6fe72099f79106afc820b21fd8fd6d484adff8a1a2c2d0"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"0d08b18b956430f2ae6fe72099f79106afc820b21fd8fd6d484adff8a1a2c2d0"}}},"powell-industries":{"schema":"5lc-index-inputs/1","key":"energy-grid","entityId":"powell-industries","name":"Powell Industries","kind":"public","commercialActivityVerified":false,"shares":{"substations":{"low":0.017,"central":0.0851,"high":0.204,"unit":"percent","basis":"Share of 2025 spending on the function, equipment and installation (US dollars)","period":"FY2025 (to 2025-09-30)","periodEnd":"2025-09-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/80420/000008042025000152/powl-20250930.htm","title":"POWELL INDUSTRIES INC Form 10-K for the fiscal year ended September 30, 2025","publisher":"Powell Industries, Inc. (U.S. SEC filing)","publishedDate":"2025","accessedDate":"2026-10-23","tier":"T5","locator":"Consolidated Statements of Operations: revenues $1,104,318 thousand in fiscal 2025 ($1,012,356 thousand in fiscal 2024); Item 1, Markets: electric utility 25% of revenue (19% in 2024); Item 1: application voltages from 480 volts to 38,000 volts, with a focus on electrical distribution substations"},"note":"Powell's fiscal 2025 10-K shows revenues of $1,104.3m (to 30 September 2025) with the electric utility market at 25% of revenue (Item 1, Markets). Item 1 says its products (power control room substations, switchgear, bus duct, e-houses) are designed for voltages from 480 V to 38 kV and that its utility focus is electrical distribution substations; the card leaves out distribution substations and medium-voltage equipment after the site substation, so only a small part of its utility sales is in scope. In-scope estimate for substations (5LayerCake judgments, not company disclosures): Revenues x 25% electric-utility market share: $276.1m x 25% in scope = $69m; total $69.0m. Share = 69.0m / 81,100m (substations pool 2025, $81.1bn) = 0.0851%. Range: low 0.0170% to high 0.204% (the 10-K gives no voltage split of its utility sales). Fraction 25% of electric-utility sales (judgment; low and high ends are 0.2 and 2.4 times the central estimate): equipment for transmission-interconnection and large-load site substations; the rest is distribution substations and medium-voltage gear after the site substation, which the card excludes. This is a 5LayerCake derivation (T5). Pools (5LayerCake derivation, T5): world transmission investment is taken as about $180bn in 2025 (IEA, Building the Future Transmission Grid: USD 140bn in 2023, https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf, grown about 12% in 2024 and 16% in 2025 on BloombergNEF's 16%-a-year path, https://about.bnef.com/insights/clean-energy/global-grid-investment-could-top-470-billion-for-the-first-time-in-2025-bloombergnef/) and $155.2bn in 2024 (180 / 1.16), times the card's FERC mix: substations 45.1% = $81.1bn (2024: $69.9bn), line structures 32.8% = $59.1bn and overhead conductors 18.1% = $32.5bn (combined overhead-line pool $91.6bn; 2024: $79.0bn). Underground and submarine cables use $20.0bn (2024: $17.2bn), not the card mix's $7.3bn, because the largest makers' sales alone would exceed that."},"line-structures":{"participates":false,"evidence":{"url":"https://www.powellind.com/","title":"Powell Industries (home page)","publisher":"Powell Industries, Inc.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: switchgear and power control rooms. No tower, pole or line-construction activity is listed or implied there."}},"overhead-conductors":{"participates":false,"evidence":{"url":"https://www.powellind.com/","title":"Powell Industries (home page)","publisher":"Powell Industries, Inc.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: switchgear and power control rooms. No overhead conductor activity is listed or implied there."}},"underground-cables":{"participates":false,"evidence":{"url":"https://www.powellind.com/","title":"Powell Industries (home page)","publisher":"Powell Industries, Inc.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Business lines in this source: switchgear and power control rooms. No underground or submarine power cable activity is listed or implied there."}}},"screening":{"substations":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"cdf722c760783512c787f84a5dc599f415356186dea2717c38c0f9c75d39c409"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"cdf722c760783512c787f84a5dc599f415356186dea2717c38c0f9c75d39c409"}}}},"ratings":{"hitachi-energy":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"hitachi-energy","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":3,"evidence":[{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/press/articles/2025/06/0611/20250611_02_energy_en.pdf","date":"2025-06-11","support":"The company says it is #1 by market share in transformers, high-voltage products and HVDC (p.3, internal estimates). Date: full."},{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova lists Hitachi Energy, Siemens Energy and four others as key grid competitors (Item 1); few match Hitachi's full range incl. HVDC. Date: full."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.woodmac.com/news/opinion/supply-shortages-and-an-inflexible-market-give-rise-to-high-power-transformer-lead-times/","date":"2024-04-02","support":"Large substation and generator step-up transformers have lead times of 80 to 210 weeks. Date: full."},{"url":"https://assets.siemens-energy.com/dam/d8d5d849-a7a9-4b19-a969-b39b004f6c26/251120_CMD-2025_Grid_Technologies_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Siemens Energy says its HVDC backlog reaches 5-7 years and substations 2-3 years (slide 6): rivals cannot take volume quickly. Date: month only."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://assets.siemens-energy.com/dam/d8d5d849-a7a9-4b19-a969-b39b004f6c26/251120_CMD-2025_Grid_Technologies_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Slide 7 (company assessment): power transformer demand exceeds all makers' capacity in Europe and North America through FY30. Date: month only."},{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/press/articles/2025/06/0611/20250611_02_energy_en.pdf","date":"2025-06-11","support":"The company says it installed 1 in 4 HV switchgear worldwide and has the industry's largest backlog, $43bn (pp.3, 9). Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"hitachi-energy","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":3,"evidence":[{"url":"https://assets.siemens-energy.com/dam/d8d5d849-a7a9-4b19-a969-b39b004f6c26/251120_CMD-2025_Grid_Technologies_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Siemens Energy capital markets day deck (slide 3): the company says it holds about 20% of power transformers and about 30% of HVDC in global installations, with a EUR 42bn Grid Technologies backlog. Month-only date. Read for Hitachi Energy: Siemens Energy is the one other supplier at this HVDC and large-transformer scale, with GE Vernova third (rater judgement)."},{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova 10-K for FY2025 (filing date as recorded in the inputs file): names Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric and ABB as Electrification rivals; says customer lead times rose because demand outstrips supply. Hitachi Energy and Siemens Energy head GE Vernova's list of rivals."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): buyers now compete for limited production slots and in many cases only one supplier is available; orders are negotiated years ahead. Month-only date."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA survey (executive summary): about four years to secure a large power transformer and two to three years for cables; DC cable waits exceed five years. Date is the month only, from the report's colophon. Replacing Hitachi Energy volume means re-ordering into these queues."},{"url":"https://www.energy.gov/sites/default/files/2024-10/EXEC-2022-001242%20-%20Large%20Power%20Transformer%20Resilience%20Report%207-10-24.pdf","date":"2024-07","support":"DOE report to Congress (sections III.1, III.3): 36-month large-transformer lead times are commonly quoted, up to 60 months; procurement includes prequalifying manufacturers; a new factory takes 1-3 years; only 18% of 2019 units were made domestically. Month-only date (cover says July 2024)."},{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/04/260427/2025_Anpre.pdf","date":"2026-04-27","support":"Hitachi FY2025 results deck (slide 8; release date from the URL path): Hitachi Energy revenue $19.8bn, order backlog $57.9bn (about 2.9 years of revenue), and $2.6bn of capacity spending in FY23-25. Hitachi's own backlog is about 2.9 years of revenue."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/04/260427/2025_Anpre.pdf","date":"2026-04-27","support":"Hitachi FY2025 results deck (slide 8; release date from the URL path): Hitachi Energy revenue $19.8bn, order backlog $57.9bn (about 2.9 years of revenue), and $2.6bn of capacity spending in FY23-25. Hitachi Energy is the largest supplier here ($19.8bn revenue)."},{"url":"https://www.woodmac.com/press-releases/power-transformers-and-distribution-transformers-will-face-supply-deficits-of-30-and-10-in-2025/","date":"2025-08-14","support":"Wood Mackenzie press release (14 Aug 2025): US power-transformer supply deficit of about 30% in 2025, imports about 80% of supply, and $1.8bn of OEM capacity expansions announced since 2023 with more spending still needed."},{"url":"https://assets.siemens-energy.com/dam/d8d5d849-a7a9-4b19-a969-b39b004f6c26/251120_CMD-2025_Grid_Technologies_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Siemens Energy capital markets day deck (slide 7): the company says the power-transformer market stays tight despite about EUR 600m of recent investment (~20% more capacity) and plans roughly double capacity and ~EUR 2bn more by FY28. Month-only date. The nearest alternative, Siemens Energy, reported EUR 11.3bn of Grid Technologies revenue in FY25 (slide 12) and says the market stays tight."}]}}}}},"siemens-energy":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"siemens-energy","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":3,"evidence":[{"url":"https://assets.siemens-energy.com/dam/d8d5d849-a7a9-4b19-a969-b39b004f6c26/251120_CMD-2025_Grid_Technologies_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"The company claims #1 positions in transformers and HVDC (slide 8, FY24 positions). Date: month only."},{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova names Hitachi Energy and Siemens Energy first among its key grid competitors (Item 1). Date: full."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://assets.siemens-energy.com/dam/d8d5d849-a7a9-4b19-a969-b39b004f6c26/251120_CMD-2025_Grid_Technologies_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"The company's HVDC and offshore backlog reach is 5-7 years and substations 2-3 years (slide 6). Date: month only."},{"url":"https://oversight.gov/sites/default/files/documents/reports/2026-09/2026-17608.pdf","date":"2026-09-21","support":"TVA's 500 kV transformer lead time rose from 1 year to over 5 years, 2020-2024 (p.1). Date: full."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://assets.siemens-energy.com/dam/d8d5d849-a7a9-4b19-a969-b39b004f6c26/251120_CMD-2025_Grid_Technologies_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"The company says it has ~20% of all power transformers and ~30% of all HVDCs installed globally (slide 3). Date: month only."},{"url":"https://assets.siemens-energy.com/dam/d8d5d849-a7a9-4b19-a969-b39b004f6c26/251120_CMD-2025_Grid_Technologies_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Slide 7 shows a market/capacity gap for power transformers in Europe and North America (~40% marked) narrowing only by FY30. Date: month only."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"siemens-energy","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":3,"evidence":[{"url":"https://assets.siemens-energy.com/dam/d8d5d849-a7a9-4b19-a969-b39b004f6c26/251120_CMD-2025_Grid_Technologies_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Siemens Energy capital markets day deck (slide 3): the company says it holds about 20% of power transformers and about 30% of HVDC in global installations, with a EUR 42bn Grid Technologies backlog. Month-only date."},{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova 10-K for FY2025 (filing date as recorded in the inputs file): names Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric and ABB as Electrification rivals; says customer lead times rose because demand outstrips supply. Siemens Energy and Hitachi Energy are the first two rivals GE Vernova names; with GE Vernova they are the three suppliers at HVDC scale (rater judgement)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA survey (executive summary): about four years to secure a large power transformer and two to three years for cables; DC cable waits exceed five years. Date is the month only, from the report's colophon."},{"url":"https://www.energy.gov/sites/default/files/2024-10/EXEC-2022-001242%20-%20Large%20Power%20Transformer%20Resilience%20Report%207-10-24.pdf","date":"2024-07","support":"DOE report to Congress (sections III.1, III.3): 36-month large-transformer lead times are commonly quoted, up to 60 months; procurement includes prequalifying manufacturers; a new factory takes 1-3 years; only 18% of 2019 units were made domestically. Month-only date (cover says July 2024)."},{"url":"https://assets.siemens-energy.com/dam/d8d5d849-a7a9-4b19-a969-b39b004f6c26/251120_CMD-2025_Grid_Technologies_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Siemens Energy capital markets day deck (slide 7): the company says the power-transformer market stays tight despite about EUR 600m of recent investment (~20% more capacity) and plans roughly double capacity and ~EUR 2bn more by FY28. Month-only date. Siemens Energy's own plan to double capacity shows how slowly added supply arrives."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.woodmac.com/press-releases/power-transformers-and-distribution-transformers-will-face-supply-deficits-of-30-and-10-in-2025/","date":"2025-08-14","support":"Wood Mackenzie press release (14 Aug 2025): US power-transformer supply deficit of about 30% in 2025, imports about 80% of supply, and $1.8bn of OEM capacity expansions announced since 2023 with more spending still needed."},{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/press/files/2026/04/260427/2025_Anpre.pdf","date":"2026-04-27","support":"Hitachi FY2025 results deck (slide 8; release date from the URL path): Hitachi Energy revenue $19.8bn, order backlog $57.9bn (about 2.9 years of revenue), and $2.6bn of capacity spending in FY23-25. The largest alternative, Hitachi Energy, already carries a backlog of about 2.9 years of revenue."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, pp.27-28): HD Hyundai Electric and Hyosung together held over $10bn of backlog at Q3 2024, Koncar $2bn, Hitachi Energy over $30bn; order books are full. Month-only date."}]}}}}},"ge-vernova":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"ge-vernova","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"Key Electrification competitors named: Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric, ABB (Item 1). Date: full."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.woodmac.com/news/opinion/supply-shortages-and-an-inflexible-market-give-rise-to-high-power-transformer-lead-times/","date":"2024-04-02","support":"Large substation transformers have lead times of 80 to 210 weeks; US domestic supply meets only ~20% of demand. Date: full."},{"url":"https://oversight.gov/sites/default/files/documents/reports/2026-09/2026-17608.pdf","date":"2026-09-21","support":"TVA's 161 kV breaker lead time rose to about 4 years and 500 kV transformers to over 5 years (p.1). Date: full."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"Prolec GE makes transformers across most ratings at seven sites, five in the US (Item 7, Prolec GE). Date: full."},{"url":"https://www.woodmac.com/press-releases/power-transformers-and-distribution-transformers-will-face-supply-deficits-of-30-and-10-in-2025/","date":"2025-08-14","support":"Wood Mackenzie expects a 30% US power transformer supply deficit in 2025, with imports ~80% of supply. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"ge-vernova","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova 10-K for FY2025 (filing date as recorded in the inputs file): names Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric and ABB as Electrification rivals; says customer lead times rose because demand outstrips supply."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): buyers now compete for limited production slots and in many cases only one supplier is available; orders are negotiated years ahead. Month-only date."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA survey (executive summary): about four years to secure a large power transformer and two to three years for cables; DC cable waits exceed five years. Date is the month only, from the report's colophon."},{"url":"https://www.foley.com/insights/publications/2026/09/the-grids-bottleneck-isnt-just-money-its-materials/","date":"2026-09-03","support":"Foley & Lardner (3 Sep 2026): Wood Mackenzie's Q2 2025 survey puts power transformers at 128 weeks and generator step-up units at 144 weeks; Terrapin project data show 52-80 weeks for medium-voltage switchgear. Re-sourcing GE Vernova's transformers would face these 128-144 week queues."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.woodmac.com/press-releases/power-transformers-and-distribution-transformers-will-face-supply-deficits-of-30-and-10-in-2025/","date":"2025-08-14","support":"Wood Mackenzie press release (14 Aug 2025): US power-transformer supply deficit of about 30% in 2025, imports about 80% of supply, and $1.8bn of OEM capacity expansions announced since 2023 with more spending still needed."},{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova 10-K for FY2025 (filing date as recorded in the inputs file): names Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric and ABB as Electrification rivals; says customer lead times rose because demand outstrips supply. GE Vernova itself reports that lead times rose because demand outstrips supply, so alternatives cannot absorb its roughly 8% share quickly."}]}}}}},"china-electrical-equipment":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"china-electrical-equipment","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","date":"2026-04-11","support":"China XD says it has China's most complete HV, EHV and UHV AC/DC equipment range (PDF p.11). Date: full."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA is a top-three transformer maker by output and builds UHV DC converter transformers (PDF pp.26-27). Date: full."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://english.henan.gov.cn/2026/03-20/3336127.html","date":"2026-03-20","support":"Chinese lead times are far shorter than Western 18-24 months; UHV equipment still needs qualification and slots (judged 1-2 years). Date: full."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","date":"2026-04-11","support":"China XD says it ranks first in new UHV projects and State Grid batch tenders (PDF p.12). Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"china-electrical-equipment","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","date":"2026-04-11","support":"China XD Electric 2025 annual report (p.12, p.26; date from the cninfo path): the company says it ranks first in UHV new projects and State Grid batch tenders, and flags intensifying competition from new entrants."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA 2025 annual report (p.18, p.27; date from the cninfo path): names China Electrical Equipment Group, ABB and Siemens as transformer rivals and four Chinese cable makers as cable rivals; says its transformer and reactor output, over 500m kVA, ranks top three in China. TBEA names the group as its main transformer rival, so TBEA is a qualified alternative."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","date":"2026-04-11","support":"China XD Electric 2025 annual report (p.12, p.26; date from the cninfo path): the company says it ranks first in UHV new projects and State Grid batch tenders, and flags intensifying competition from new entrants. First-time UHV commissioning success for three years running (p.12) is the record a replacement would need."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","date":"2026-04-30","support":"NARI Technology 2025 annual report (p.17, p.40; date from the cninfo path): the company says it leads in grid dispatch automation, relay protection and flexible transmission, and that China's equipment market is diversified, with the high end stable and the low end in overcapacity."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA 2025 annual report (p.18, p.27; date from the cninfo path): names China Electrical Equipment Group, ABB and Siemens as transformer rivals and four Chinese cable makers as cable rivals; says its transformer and reactor output, over 500m kVA, ranks top three in China."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","date":"2026-04-30","support":"NARI Technology 2025 annual report (p.17, p.40; date from the cninfo path): the company says it leads in grid dispatch automation, relay protection and flexible transmission, and that China's equipment market is diversified, with the high end stable and the low end in overcapacity. High-end competition is stable, so the best alternative is close."}]}}}}},"state-grid":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"state-grid","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","date":"2026-04-30","support":"NARI says its market share leads in dispatch automation, relay protection and flexible transmission (PDF p.17). Date: full."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","date":"2026-04-11","support":"China XD supplies a full range of HV to UHV substation equipment (PDF p.11), an alternative for equipment. Date: full."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","date":"2026-04-30","support":"NARI's lead is in core protection and dispatch systems (PDF p.17); re-standardising these is judged to take 1-2 years. Evidence is thin. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"China Energy Engineering holds over 90% of grid survey and design and a large order book (PDF p.22): construction alternatives exist. Date: full."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"PowerChina won several UHV AC and DC projects (PDF p.15). Date: full."}]}},"line-structures":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"PowerChina, another state contractor, won several UHV AC and DC projects incl. the Tibet-Guangdong DC line (PDF p.15). Date: full."},{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"China Energy Engineering, another state contractor, holds over 90% of China's grid survey and design market (PDF p.22). Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"Other state contractors already win UHV line projects (PDF p.15), so work can be reassigned within months. Evidence is thin. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"China Energy Engineering reports an order book of nearly RMB 3 trillion, ~65% energy and power (PDF p.22): a large alternative contractor. Date: full."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"PowerChina keeps strengthening its grid business in key regions (PDF p.15), a large alternative contractor. Date: full."}]}},"overhead-conductors":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"PowerChina, another state contractor, won several UHV AC and DC projects incl. the Tibet-Guangdong DC line (PDF p.15). Date: full."},{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"China Energy Engineering, another state contractor, holds over 90% of China's grid survey and design market (PDF p.22). Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"Other state contractors already win UHV line projects (PDF p.15), so stringing work can be reassigned within months. Evidence is thin. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"China Energy Engineering reports an order book of nearly RMB 3 trillion, ~65% energy and power (PDF p.22): a large alternative contractor. Date: full."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"PowerChina keeps strengthening its grid business in key regions (PDF p.15), a large alternative contractor. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"state-grid","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","date":"2026-04-30","support":"NARI Technology 2025 annual report (p.17, p.40; date from the cninfo path): the company says it leads in grid dispatch automation, relay protection and flexible transmission, and that China's equipment market is diversified, with the high end stable and the low end in overcapacity. NARI, State Grid's listed arm, is one of several relay and automation suppliers in a market it calls diversified (p.40)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","date":"2026-04-30","support":"NARI Technology 2025 annual report (p.17, p.40; date from the cninfo path): the company says it leads in grid dispatch automation, relay protection and flexible transmission, and that China's equipment market is diversified, with the high end stable and the low end in overcapacity. NARI says it leads in dispatch automation, relay protection and flexible transmission (p.17); replacing these means re-testing protection schemes grid-wide (rater judgement)."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","date":"2026-04-11","support":"China XD Electric 2025 annual report (p.12, p.26; date from the cninfo path): the company says it ranks first in UHV new projects and State Grid batch tenders, and flags intensifying competition from new entrants."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","date":"2026-04-30","support":"NARI Technology 2025 annual report (p.17, p.40; date from the cninfo path): the company says it leads in grid dispatch automation, relay protection and flexible transmission, and that China's equipment market is diversified, with the high end stable and the low end in overcapacity."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","date":"2026-04-11","support":"China XD Electric 2025 annual report (p.12, p.26; date from the cninfo path): the company says it ranks first in UHV new projects and State Grid batch tenders, and flags intensifying competition from new entrants."}]}},"line-structures":{"alternatives":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. State Grid builds much of its network through in-house construction companies; outside contractors such as PowerChina exist but no source on their grid capacity was opened."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. China's 1.5-year line build time shows a deep, fast construction base."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. Replacement capacity would have to come from other central contractors; evidence on their scale is thin."}]}},"overhead-conductors":{"alternatives":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. Conductor stringing sits inside State Grid's line construction; same market as its line work, with thin evidence on outside capacity."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. China builds EHV lines in about 1.5 years, so crews can be mobilised quickly."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. Replacement capacity would have to come from other central contractors; evidence on their scale is thin."}]}}}}},"quanta-services":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"quanta-services","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta says its markets are highly competitive with relatively few barriers to entry in some (Item 1). Date: full."},{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"MasTec's Power Delivery segment serves utilities and data centres (Item 1), a direct competitor. Date: year only."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"Competitors include large national and small local firms, and some customers use in-house crews (Item 1, Competition). Date: year only."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta's substation role includes power transformer and circuit breaker manufacturing (Item 7); its ~2.6% substation share is small. Date: full."}]}},"line-structures":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta says its markets are highly competitive with relatively few barriers to entry in some (Item 1). Date: full."},{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"MasTec competes with large national firms and small local contractors (Item 1, Competition). Date: year only."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta says demand for craft labour may outpace supply; it has ~55,700 hourly employees (Item 1, Human Capital). Date: full."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta had ~69,500 employees and Electric segment revenue of about $23.0bn in 2025 (Items 1 and 7). Date: full."},{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"MasTec's Power Delivery 18-month backlog was $5,579m at end-2025, far smaller than Quanta's electric work. Date: year only."}]}},"overhead-conductors":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta says its markets are highly competitive with relatively few barriers to entry in some (Item 1). Date: full."},{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"MasTec competes with large national firms and small local contractors (Item 1, Competition). Date: year only."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta says demand for craft labour may outpace supply; it has ~55,700 hourly employees (Item 1, Human Capital). Date: full."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta had ~69,500 employees and Electric segment revenue of about $23.0bn in 2025 (Items 1 and 7). Date: full."},{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"MasTec's Power Delivery 18-month backlog was $5,579m at end-2025, far smaller than Quanta's electric work. Date: year only."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"quanta-services","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. As the largest US contractor few rivals match its high-voltage substation capacity, but Quanta still calls its markets highly competitive."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Contractor substitution is limited by labour, not qualification: months to a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (equipment section, filing date as recorded in the inputs file): the company says it runs a fleet of about 80,000 owned and leased units, and has invested in making its own power transformers and breakers. Several rivals are large companies with significant resources, per Quanta."}]}},"line-structures":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Rivals include other large US contractors, but fewer match Quanta's high-voltage scale."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Quanta ties competition to labour capacity, so moving about 4% of the world's line work needs crews that are scarce."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (executive summary): about 8 million people work on grids worldwide and the workforce must grow by 1.5 million by 2030; skilled-labour shortages are flagged. Month-only date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (equipment section, filing date as recorded in the inputs file): the company says it runs a fleet of about 80,000 owned and leased units, and has invested in making its own power transformers and breakers. Next-largest US contractors are far smaller (rater judgement), so scale rather than skill is the gap."}]}},"overhead-conductors":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Conductor stringing is part of line construction; same competitive field as Quanta's line work."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Crew availability sets the pace."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (executive summary): about 8 million people work on grids worldwide and the workforce must grow by 1.5 million by 2030; skilled-labour shortages are flagged. Month-only date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (equipment section, filing date as recorded in the inputs file): the company says it runs a fleet of about 80,000 owned and leased units, and has invested in making its own power transformers and breakers. Scale of Quanta's fleet and crews is not matched by one rival (rater judgement)."}]}}}}},"hyosung-heavy-industries":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"hyosung-heavy-industries","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":3,"evidence":[{"url":"https://en.fnnews.com/news/202602100849521941","date":"2026-02-10","support":"Hyosung \"now supplies nearly half of all 765kV ultra-high-voltage transformers\" in the US. Date: full."},{"url":"https://transformer-technology.com/hd-hyundai-electric-wins-765kv-transformer-contract-in-the-u-s/","date":"2026-01-07","support":"HD Hyundai Electric has also won US 765 kV transformer contracts, one of few other qualified suppliers. Date: full."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://oversight.gov/sites/default/files/documents/reports/2026-09/2026-17608.pdf","date":"2026-09-21","support":"TVA's 500 kV transformer lead time rose from 1 year to over 5 years, 2020-2024 (p.1). Date: full."},{"url":"https://www.woodmac.com/news/opinion/supply-shortages-and-an-inflexible-market-give-rise-to-high-power-transformer-lead-times/","date":"2024-04-02","support":"Large substation transformers have lead times of 80 to 210 weeks. Date: full."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://en.fnnews.com/news/202602100849521941","date":"2026-02-10","support":"Memphis is called \"the only production base in the United States capable of\" 765 kV units. Date: full."},{"url":"https://www.woodmac.com/press-releases/power-transformers-and-distribution-transformers-will-face-supply-deficits-of-30-and-10-in-2025/","date":"2025-08-14","support":"Wood Mackenzie expects a 30% US power transformer supply deficit in 2025; imports ~80% of supply. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"hyosung-heavy-industries","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, pp.27-28): HD Hyundai Electric and Hyosung together held over $10bn of backlog at Q3 2024, Koncar $2bn, Hitachi Energy over $30bn; order books are full. Month-only date. HD Hyundai Electric, Koncar and Hitachi Energy are named in the same context as Hyosung, so several alternatives exist."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.22): transformer capacity expansions by Hitachi ($1.5bn), HD Hyundai Electric (~$270m, +30%), Schneider ($140m), Toshiba (+50% in India) and Siemens Energy (first US plant, $150m). Month-only date."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA survey (executive summary): about four years to secure a large power transformer and two to three years for cables; DC cable waits exceed five years. Date is the month only, from the report's colophon."},{"url":"https://www.energy.gov/sites/default/files/2024-10/EXEC-2022-001242%20-%20Large%20Power%20Transformer%20Resilience%20Report%207-10-24.pdf","date":"2024-07","support":"DOE report to Congress (sections III.1, III.3): 36-month large-transformer lead times are commonly quoted, up to 60 months; procurement includes prequalifying manufacturers; a new factory takes 1-3 years; only 18% of 2019 units were made domestically. Month-only date (cover says July 2024)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.woodmac.com/press-releases/power-transformers-and-distribution-transformers-will-face-supply-deficits-of-30-and-10-in-2025/","date":"2025-08-14","support":"Wood Mackenzie press release (14 Aug 2025): US power-transformer supply deficit of about 30% in 2025, imports about 80% of supply, and $1.8bn of OEM capacity expansions announced since 2023 with more spending still needed."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, pp.27-28): HD Hyundai Electric and Hyosung together held over $10bn of backlog at Q3 2024, Koncar $2bn, Hitachi Energy over $30bn; order books are full. Month-only date. Hyosung and HD Hyundai alone hold over $10bn of backlog; no near-term slack at peers."}]}}}}},"prysmian":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"prysmian","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"underground-cables":{"alternatives":{"level":3,"evidence":[{"url":"https://tdworld.com/digital-innovations/hvdc/article/21265781/tennet-awards-contracts-worth-603-billion-for-installation-of-525-kv-hvdc-cable-systems","date":"2023-05-11","support":"TenneT's 2023 525 kV HVDC awards went to NKT, Nexans and an LS Cable consortium: three alternatives at that voltage. Date: full."},{"url":"https://wirenet.org/industry-news/ls-c-seeks-land-lease-for-key-u-k-project/","date":"2024-07-05","support":"Only a few companies worldwide have commercialised 525 kV HVDC cables. Date: full."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://tdworld.com/grid-innovations/transmission/news/55271204/iea-report-rising-component-prices-and-supply-chain-pressures-obstruct-development-of-transmission-grid-infrastructure","date":"2025-02-27","support":"Cable procurement takes 2-3 years; DC cable lead times extend beyond five years. Date: full."},{"url":"https://www.emarketstorage.it/sites/default/files/comunicati/2026-02/20260226_177865.pdf","date":"2026-02-26","support":"Transmission backlog is over EUR 17bn against Q4 2025 transmission revenue of EUR 899m (slide 7). Date: full."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.emarketstorage.it/sites/default/files/comunicati/2026-02/20260226_177865.pdf","date":"2026-02-26","support":"Prysmian's EUR 17bn+ transmission backlog, plus ~EUR 2bn awarded, is the largest disclosed among cable makers (slide 7). Date: full."},{"url":"https://www.nexans.com/app/uploads/2026/02/2026-02-19-presentation-nexans-full-year-2025-earnings.pdf","date":"2026-02-19","support":"Nexans reports 'good visibility until 2028' and full use of new capacity (p.13): rivals are booked. Date: full."}]}},"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA notes rising competition for Apar's conductors from domestic and foreign players (rating rationale, p.2). Date: full."},{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Prysmian sells ACSR made to the common ASTM B232 standard; conductors are standardised across makers. Undated page."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Standard ASTM conductor specifications let utilities buy equivalent conductor from another approved maker. Undated page."},{"url":"https://www.foley.com/insights/publications/2026/09/the-grids-bottleneck-isnt-just-money-its-materials/","date":"2026-09-03","support":"Conductor is listed among equipment that has become a scheduling constraint; no multi-year conductor lead time is given. Evidence on conductor lead times is thin. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA describes Apar as among the leading global aluminium and alloy conductor makers, one of several at scale (p.1). Date: full."},{"url":"https://www.tndindia.com/apar-industries-order-inflow-of-conductor-business-up-16-per-cent/","date":"2024-02-02","support":"Apar exported 48% of its conductor order book, showing makers ship conductors across markets (Dec 2023). Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"prysmian","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"overhead-conductors":{"alternatives":{"level":2,"evidence":[{"url":"https://www.tdworld.com/digital-innovations/hvdc/article/21265013/invenergy-transmission-prysmian-announce-long-term-supply-agreement-and-manufacturing-facility-expansion","date":"2023-05-01","support":"T&D World (1 May 2023): Prysmian to supply up to 12,500 miles of advanced overhead conductor through 2029 and double US capacity for its E3X conductors with a $22.5m plant expansion. Advanced (E3X) conductor supply is narrower, but standard ACSR/AAAC has many makers."},{"url":"https://www.renewableenergyworld.com/power-grid/grid-conductor-manufacturer-opening-second-plant-in-south-carolina/","date":"2025-03-11","support":"Renewable Energy World (11 Mar 2025): TS Conductor is building a second US plant ($134m, three phases) for advanced conductors, previously made under contract in China."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.oversight.gov/reports/procurement-long-lead-transmission-materials","date":"2026-09-21","support":"TVA Inspector General report (21 Sep 2026): lead times for some power circuit breakers and transformers, switch houses, conductors and poles have increased substantially (no weeks given). Conductor lead times are said to be longer, with no figure given; plain conductor lines are re-toolable (rater judgement)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.tdworld.com/digital-innovations/hvdc/article/21265013/invenergy-transmission-prysmian-announce-long-term-supply-agreement-and-manufacturing-facility-expansion","date":"2023-05-01","support":"T&D World (1 May 2023): Prysmian to supply up to 12,500 miles of advanced overhead conductor through 2029 and double US capacity for its E3X conductors with a $22.5m plant expansion. US advanced-conductor capacity is being doubled by a $22.5m plant addition, a small step."},{"url":"https://www.renewableenergyworld.com/power-grid/grid-conductor-manufacturer-opening-second-plant-in-south-carolina/","date":"2025-03-11","support":"Renewable Energy World (11 Mar 2025): TS Conductor is building a second US plant ($134m, three phases) for advanced conductors, previously made under contract in China."}]}},"underground-cables":{"alternatives":{"level":3,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): NKT, Prysmian and Nexans make about two-thirds of the global HVDC cable market and have capacity slots booked until 2030. Month-only date. Only NKT and Nexans match Prysmian at 525 kV and submarine scale."},{"url":"https://www.jicable.org/TOUT_JICABLE_FIRST_PAGE/2023/2023-E1-1_page1.pdf","date":"2023-06","support":"Jicable'23 paper by TenneT and EP-ICS (abstract; month-only date from the conference, 18-22 June 2023): TenneT ran a 525 kV DC extruded-cable prequalification with eight suppliers and says multiple suppliers passed before the first 2 GW awards. Eight suppliers entered 525 kV prequalification and multiple passed (the number is not stated)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.27): cable lead times are two to three years; leading makers in advanced economies had committed production capacity through 2029. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.32): DC cable waiting lists exceed five years and only about 60 vessels worldwide can lay submarine cables. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20): building a cable factory takes about three to four years and needs skilled labour. Month-only date."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.emarketstorage.it/sites/default/files/comunicati/2026-02/20260226_177865.pdf","date":"2026-02-26","support":"Prysmian FY2025 results deck (slide 7): Transmission backlog above EUR 17bn including EGL4, with about EUR 2bn more awarded and not yet in backlog; Transmission revenue EUR 3,262m in 2025, +28.7% organic."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): NKT, Prysmian and Nexans make about two-thirds of the global HVDC cable market and have capacity slots booked until 2030. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20 chart): top-ten cable makers by 2023 whole-company revenue are Prysmian 25%, Nexans 12%, Furukawa 12%, Hengtong 10%, Sumitomo 10%, ZTT 9%, Fujikura 9%, LS Cable 7%, NKT 4%, Hellenic 2%. Month-only date. Prysmian is a quarter of top-ten revenue; the next largest, Nexans and Furukawa, are about half its size."}]}}}}},"hd-hyundai-electric":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"hd-hyundai-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://en.fnnews.com/news/202602100849521941","date":"2026-02-10","support":"Hyosung supplies nearly half of US 765 kV transformers and has a US 765 kV plant: a direct alternative. Date: full."},{"url":"https://assets.siemens-energy.com/dam/d8d5d849-a7a9-4b19-a969-b39b004f6c26/251120_CMD-2025_Grid_Technologies_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Siemens Energy says it supplied ~20% of power transformers installed globally (slide 3), another qualified maker. Date: month only."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.woodmac.com/news/opinion/supply-shortages-and-an-inflexible-market-give-rise-to-high-power-transformer-lead-times/","date":"2024-04-02","support":"Large substation transformers have lead times of 80 to 210 weeks. Date: full."},{"url":"https://oversight.gov/sites/default/files/documents/reports/2026-09/2026-17608.pdf","date":"2026-09-21","support":"TVA's 500 kV transformer lead time rose from 1 year to over 5 years, 2020-2024 (p.1). Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://transformer-technology.com/hd-hyundai-electric-wins-765kv-transformer-contract-in-the-u-s/","date":"2026-01-07","support":"HD Hyundai won US 765 kV transformer orders (USD 67.9m; earlier KRW 277.8bn in Texas), showing rivals also qualify at 765 kV. Date: full."},{"url":"https://www.woodmac.com/press-releases/power-transformers-and-distribution-transformers-will-face-supply-deficits-of-30-and-10-in-2025/","date":"2025-08-14","support":"Wood Mackenzie expects a 30% US power transformer supply deficit in 2025, so lost volume is not absorbed at once. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"hd-hyundai-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, pp.27-28): HD Hyundai Electric and Hyosung together held over $10bn of backlog at Q3 2024, Koncar $2bn, Hitachi Energy over $30bn; order books are full. Month-only date. Hyosung, Koncar and Hitachi Energy are named alongside HD Hyundai with full order books, so several alternatives exist."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.22): transformer capacity expansions by Hitachi ($1.5bn), HD Hyundai Electric (~$270m, +30%), Schneider ($140m), Toshiba (+50% in India) and Siemens Energy (first US plant, $150m). Month-only date."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://transformer-technology.com/hd-hyundai-electric-posts-record-profit-as-ai-driven-power-demand-boosts-margins/","date":"2026-02-06","support":"Transformer Technology (6 Feb 2026, press coverage of results): HD Hyundai Electric 2025 orders $4.27bn and backlog $6.73bn, more than three years of production per the article."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA survey (executive summary): about four years to secure a large power transformer and two to three years for cables; DC cable waits exceed five years. Date is the month only, from the report's colophon."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.woodmac.com/press-releases/power-transformers-and-distribution-transformers-will-face-supply-deficits-of-30-and-10-in-2025/","date":"2025-08-14","support":"Wood Mackenzie press release (14 Aug 2025): US power-transformer supply deficit of about 30% in 2025, imports about 80% of supply, and $1.8bn of OEM capacity expansions announced since 2023 with more spending still needed."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, pp.27-28): HD Hyundai Electric and Hyosung together held over $10bn of backlog at Q3 2024, Koncar $2bn, Hitachi Energy over $30bn; order books are full. Month-only date. The other large makers' books are also full."}]}}}}},"tbea":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"tbea","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA says its transformer and reactor output exceeds 500 million kVA, top three in the industry (PDF p.27). Date: full."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","date":"2026-04-11","support":"China XD says it ranks first in new UHV projects and State Grid batch tenders (PDF p.12). Date: full."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://english.henan.gov.cn/2026/03-20/3336127.html","date":"2026-03-20","support":"Chinese delivery is far shorter than 18-24 months, but TBEA's top-three volume would take 1-2 years to place with peers. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://english.henan.gov.cn/2026/03-20/3336127.html","date":"2026-03-20","support":"China is said to hold ~60% of global transformer production capacity. Date: full."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","date":"2026-04-11","support":"China XD has the most complete HV to UHV AC/DC product range in China (PDF p.11), a peer at comparable capability. Date: full."}]}},"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA notes rising competition for Apar's conductors from domestic and foreign players (rating rationale, p.2). Date: full."},{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Prysmian sells ACSR made to the common ASTM B232 standard; conductors are standardised across makers. Undated page."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Standard ASTM conductor specifications let utilities buy equivalent conductor from another approved maker. Undated page."},{"url":"https://www.foley.com/insights/publications/2026/09/the-grids-bottleneck-isnt-just-money-its-materials/","date":"2026-09-03","support":"Conductor is listed among equipment that has become a scheduling constraint; no multi-year conductor lead time is given. Evidence on conductor lead times is thin. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA describes Apar as among the leading global aluminium and alloy conductor makers, one of several at scale (p.1). Date: full."},{"url":"https://www.tndindia.com/apar-industries-order-inflow-of-conductor-business-up-16-per-cent/","date":"2024-02-02","support":"Apar exported 48% of its conductor order book, showing makers ship conductors across markets (Dec 2023). Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"tbea","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA 2025 annual report (p.18, p.27; date from the cninfo path): names China Electrical Equipment Group, ABB and Siemens as transformer rivals and four Chinese cable makers as cable rivals; says its transformer and reactor output, over 500m kVA, ranks top three in China."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","date":"2026-04-11","support":"China XD Electric 2025 annual report (p.12, p.26; date from the cninfo path): the company says it ranks first in UHV new projects and State Grid batch tenders, and flags intensifying competition from new entrants. China XD is the strongest alternative in UHV-class equipment."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA 2025 annual report (p.18, p.27; date from the cninfo path): names China Electrical Equipment Group, ABB and Siemens as transformer rivals and four Chinese cable makers as cable rivals; says its transformer and reactor output, over 500m kVA, ranks top three in China. TBEA says it supplied first main equipment for national UHV demonstration projects, a track record a replacement would need."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","date":"2026-04-11","support":"China XD Electric 2025 annual report (p.12, p.26; date from the cninfo path): the company says it ranks first in UHV new projects and State Grid batch tenders, and flags intensifying competition from new entrants. China XD cites three straight years of first-time UHV commissioning, the kind of record State Grid weighs."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","date":"2026-04-30","support":"NARI Technology 2025 annual report (p.17, p.40; date from the cninfo path): the company says it leads in grid dispatch automation, relay protection and flexible transmission, and that China's equipment market is diversified, with the high end stable and the low end in overcapacity. Mid- and low-end equipment is in overcapacity, so only UHV-class volume is hard to replace."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA 2025 annual report (p.18, p.27; date from the cninfo path): names China Electrical Equipment Group, ABB and Siemens as transformer rivals and four Chinese cable makers as cable rivals; says its transformer and reactor output, over 500m kVA, ranks top three in China."}]}},"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA 2025 annual report (p.18, p.27; date from the cninfo path): names China Electrical Equipment Group, ABB and Siemens as transformer rivals and four Chinese cable makers as cable rivals; says its transformer and reactor output, over 500m kVA, ranks top three in China. Four named Chinese cable makers compete with TBEA in wire and cable; many more make plain overhead conductor."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.oversight.gov/reports/procurement-long-lead-transmission-materials","date":"2026-09-21","support":"TVA Inspector General report (21 Sep 2026): lead times for some power circuit breakers and transformers, switch houses, conductors and poles have increased substantially (no weeks given). Conductor lead times are described as longer but no figure is given; plain conductor is made on re-toolable lines (rater judgement)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA 2025 annual report (p.18, p.27; date from the cninfo path): names China Electrical Equipment Group, ABB and Siemens as transformer rivals and four Chinese cable makers as cable rivals; says its transformer and reactor output, over 500m kVA, ranks top three in China. TBEA's wire and cable rivals are large domestic groups, so the best alternative is close in capability."}]}}}}},"mitsubishi-electric":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"mitsubishi-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"Mitsubishi Electric is one of six key grid equipment competitors GE Vernova names (Item 1). Date: full."},{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/press/articles/2025/06/0611/20250611_02_energy_en.pdf","date":"2025-06-11","support":"Hitachi says it installed 1 in 4 high-voltage switchgear worldwide (p.3): HV switchgear supply is shared among several makers. Date: full."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://oversight.gov/sites/default/files/documents/reports/2026-09/2026-17608.pdf","date":"2026-09-21","support":"TVA's 161 kV circuit breaker lead time rose from under 1 year to about 4 years, 2020-2024 (p.1). Date: full."},{"url":"https://www.pa.gov/governor/newsroom/2024-press-releases/-6-7-million-to-support-mitsubishi-electric-power-products","date":"2024-10-28","support":"Mitsubishi's new $86m US factory for gas-insulated and vacuum breakers was only announced in 2024. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.pa.gov/governor/newsroom/2024-press-releases/-6-7-million-to-support-mitsubishi-electric-power-products","date":"2024-10-28","support":"Pennsylvania says the investment responds to increasing demand for T&D grid products: supply is tight but peers make equivalent gear. Date: full."},{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova cites demand exceeding available capacity for grid products (Item 1), so gaps are real but Mitsubishi's ~1.7% share is small. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"mitsubishi-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova 10-K for FY2025 (filing date as recorded in the inputs file): names Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric and ABB as Electrification rivals; says customer lead times rose because demand outstrips supply. Mitsubishi Electric is one of six named rivals, so alternatives to it are several."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.22): transformer capacity expansions by Hitachi ($1.5bn), HD Hyundai Electric (~$270m, +30%), Schneider ($140m), Toshiba (+50% in India) and Siemens Energy (first US plant, $150m). Month-only date."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA survey (executive summary): about four years to secure a large power transformer and two to three years for cables; DC cable waits exceed five years. Date is the month only, from the report's colophon."},{"url":"https://www.mitsubishielectric.com/en/pr/2026/pdf/0428_co2.pdf","date":"2026-04-28","support":"Mitsubishi Electric FY2025 results deck (p.10; release date from the URL path): Energy Systems revenue 473.3bn yen (+77.1bn) driven by power transmission and distribution worldwide, on renewables and data-centre demand. Mitsubishi's own T&D growth shows its order book is also filling."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.mitsubishielectric.com/en/pr/2026/pdf/0428_co2.pdf","date":"2026-04-28","support":"Mitsubishi Electric FY2025 results deck (p.10; release date from the URL path): Energy Systems revenue 473.3bn yen (+77.1bn) driven by power transmission and distribution worldwide, on renewables and data-centre demand."},{"url":"https://www.woodmac.com/press-releases/power-transformers-and-distribution-transformers-will-face-supply-deficits-of-30-and-10-in-2025/","date":"2025-08-14","support":"Wood Mackenzie press release (14 Aug 2025): US power-transformer supply deficit of about 30% in 2025, imports about 80% of supply, and $1.8bn of OEM capacity expansions announced since 2023 with more spending still needed. Mitsubishi's share is small (about 1.7% of the function in the inputs), so the shortfall from losing it is small against total supply."}]}}}}},"nkt":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"nkt","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"underground-cables":{"alternatives":{"level":3,"evidence":[{"url":"https://tdworld.com/digital-innovations/hvdc/article/21265781/tennet-awards-contracts-worth-603-billion-for-installation-of-525-kv-hvdc-cable-systems","date":"2023-05-11","support":"TenneT's 525 kV awards went to NKT, Nexans and an LS Cable consortium; alternatives at this voltage are few. Date: full."},{"url":"https://wirenet.org/industry-news/ls-c-seeks-land-lease-for-key-u-k-project/","date":"2024-07-05","support":"Only a few companies worldwide have commercialised 525 kV HVDC cables. Date: full."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://investors.nkt.com/files/Public/23044/4312489/nkt-annual-report-2025--announcement.pdf","date":"2026-02-25","support":"High-voltage order backlog EUR 10.2bn at end-2025 plus booking commitments over EUR 3.5bn (p.2). Date: full."},{"url":"https://tdworld.com/grid-innovations/transmission/news/55271204/iea-report-rising-component-prices-and-supply-chain-pressures-obstruct-development-of-transmission-grid-infrastructure","date":"2025-02-27","support":"Cable procurement takes 2-3 years; DC cables over five years. Date: full."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://investors.nkt.com/files/Public/23044/4312489/nkt-annual-report-2025--announcement.pdf","date":"2026-02-25","support":"The company says its high-voltage capabilities are industry leading, with a EUR 10.2bn backlog (p.2). Date: full."},{"url":"https://www.emarketstorage.it/sites/default/files/comunicati/2026-02/20260226_177865.pdf","date":"2026-02-26","support":"Prysmian's transmission backlog exceeds EUR 17bn (slide 7): the main alternative is also booked. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"nkt","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"underground-cables":{"alternatives":{"level":3,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): NKT, Prysmian and Nexans make about two-thirds of the global HVDC cable market and have capacity slots booked until 2030. Month-only date."},{"url":"https://www.jicable.org/TOUT_JICABLE_FIRST_PAGE/2023/2023-E1-1_page1.pdf","date":"2023-06","support":"Jicable'23 paper by TenneT and EP-ICS (abstract; month-only date from the conference, 18-22 June 2023): TenneT ran a 525 kV DC extruded-cable prequalification with eight suppliers and says multiple suppliers passed before the first 2 GW awards."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.27): cable lead times are two to three years; leading makers in advanced economies had committed production capacity through 2029. Month-only date."},{"url":"https://investors.nkt.com/files/AGM/2026/en/nkt-annual-report-2025.pdf","date":"2026-02-25","support":"NKT annual report 2025 (pp.29, 34): the new Karlskrona factory, Cologne expansion and new cable-laying vessel are expected in 2027; the company says new competitors, some building European factories, are intensifying competition. NKT's own new capacity is not due until 2027, so there is no quick ramp."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://investors.nkt.com/files/AGM/2026/en/nkt-annual-report-2025.pdf","date":"2026-02-25","support":"NKT annual report 2025 (pp.29, 34): the new Karlskrona factory, Cologne expansion and new cable-laying vessel are expected in 2027; the company says new competitors, some building European factories, are intensifying competition."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): NKT, Prysmian and Nexans make about two-thirds of the global HVDC cable market and have capacity slots booked until 2030. Month-only date."}]}}}}},"ls-corp":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"ls-corp","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova names six large grid equipment competitors (Item 1); LS Electric competes among many such makers. Date: full."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.gep.com/blog/mind/switchgear-market-price-supply-challenges","date":"2025-01-07","support":"MV switchgear lead times were 26-32 weeks in early 2025. Date: full."},{"url":"https://www.woodmac.com/news/opinion/supply-shortages-and-an-inflexible-market-give-rise-to-high-power-transformer-lead-times/","date":"2024-04-02","support":"Power transformers take 80 to 210 weeks, so a mixed switchgear and transformer volume takes 1-2 years to move. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"Several larger grid equipment makers exist (Item 1) to absorb LS Electric's ~1% substation share. Date: full."}]}},"underground-cables":{"alternatives":{"level":3,"evidence":[{"url":"https://wirenet.org/industry-news/ls-c-seeks-land-lease-for-key-u-k-project/","date":"2024-07-05","support":"\"Only a few companies worldwide have commercialized cables at this voltage\" (525 kV HVDC). Date: full."},{"url":"https://tdworld.com/digital-innovations/hvdc/article/21265781/tennet-awards-contracts-worth-603-billion-for-installation-of-525-kv-hvdc-cable-systems","date":"2023-05-11","support":"TenneT's 525 kV awards went to NKT, Nexans and a Jan De Nul-LS Cable-Denys consortium. Date: full."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://tdworld.com/grid-innovations/transmission/news/55271204/iea-report-rising-component-prices-and-supply-chain-pressures-obstruct-development-of-transmission-grid-infrastructure","date":"2025-02-27","support":"Cable procurement takes 2-3 years; DC cable lead times extend beyond five years. Date: full."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://wirenet.org/industry-news/ls-c-seeks-land-lease-for-key-u-k-project/","date":"2024-07-05","support":"The TenneT deal was described as the largest single order ever won by a cable maker. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"ls-corp","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova 10-K for FY2025 (filing date as recorded in the inputs file): names Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric and ABB as Electrification rivals; says customer lead times rose because demand outstrips supply. LS Electric's medium-voltage and substation equipment competes with the six named rivals plus other Korean and Chinese makers."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.foley.com/insights/publications/2026/09/the-grids-bottleneck-isnt-just-money-its-materials/","date":"2026-09-03","support":"Foley & Lardner (3 Sep 2026): Wood Mackenzie's Q2 2025 survey puts power transformers at 128 weeks and generator step-up units at 144 weeks; Terrapin project data show 52-80 weeks for medium-voltage switchgear. Medium-voltage switchgear takes 52-80 weeks to procure."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.22): transformer capacity expansions by Hitachi ($1.5bn), HD Hyundai Electric (~$270m, +30%), Schneider ($140m), Toshiba (+50% in India) and Siemens Energy (first US plant, $150m). Month-only date. A Korean peer, HD Hyundai Electric, is adding about 30% capacity."}]}},"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jicable.org/TOUT_JICABLE_FIRST_PAGE/2023/2023-E1-1_page1.pdf","date":"2023-06","support":"Jicable'23 paper by TenneT and EP-ICS (abstract; month-only date from the conference, 18-22 June 2023): TenneT ran a 525 kV DC extruded-cable prequalification with eight suppliers and says multiple suppliers passed before the first 2 GW awards. LS Cable is one of the Asian makers in the field of qualified 525 kV suppliers."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20 chart): top-ten cable makers by 2023 whole-company revenue are Prysmian 25%, Nexans 12%, Furukawa 12%, Hengtong 10%, Sumitomo 10%, ZTT 9%, Fujikura 9%, LS Cable 7%, NKT 4%, Hellenic 2%. Month-only date. LS Cable is 7% of top-ten revenue; the IEA (p.21) says it plans a US submarine-cable plant for 2027."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.27): cable lead times are two to three years; leading makers in advanced economies had committed production capacity through 2029. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.32): DC cable waiting lists exceed five years and only about 60 vessels worldwide can lay submarine cables. Month-only date."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): NKT, Prysmian and Nexans make about two-thirds of the global HVDC cable market and have capacity slots booked until 2030. Month-only date."},{"url":"https://www.emarketstorage.it/sites/default/files/comunicati/2026-02/20260226_177865.pdf","date":"2026-02-26","support":"Prysmian FY2025 results deck (slide 7): Transmission backlog above EUR 17bn including EGL4, with about EUR 2bn more awarded and not yet in backlog; Transmission revenue EUR 3,262m in 2025, +28.7% organic. The European makers that could take LS volume are booked on multi-year backlogs."}]}}}}},"nexans":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"nexans","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"underground-cables":{"alternatives":{"level":3,"evidence":[{"url":"https://tdworld.com/digital-innovations/hvdc/article/21265781/tennet-awards-contracts-worth-603-billion-for-installation-of-525-kv-hvdc-cable-systems","date":"2023-05-11","support":"TenneT's 525 kV awards also went to NKT and an LS Cable consortium; Prysmian won earlier Dutch links. Date: full."},{"url":"https://wirenet.org/industry-news/ls-c-seeks-land-lease-for-key-u-k-project/","date":"2024-07-05","support":"Only a few companies worldwide have commercialised 525 kV HVDC cables. Date: full."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.nexans.com/app/uploads/2026/02/2026-02-19-presentation-nexans-full-year-2025-earnings.pdf","date":"2026-02-19","support":"Adjusted backlog EUR 7.7bn gives 'good visibility until 2028' (p.13). Date: full."},{"url":"https://tdworld.com/grid-innovations/transmission/news/55271204/iea-report-rising-component-prices-and-supply-chain-pressures-obstruct-development-of-transmission-grid-infrastructure","date":"2025-02-27","support":"Cable procurement takes 2-3 years; DC cables over five years. Date: full."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.nexans.com/app/uploads/2026/02/2026-02-19-presentation-nexans-full-year-2025-earnings.pdf","date":"2026-02-19","support":"Nexans cites full utilisation of new Halden capacity in 2025 (p.13); its ~8% share would be hard for booked rivals to absorb. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"nexans","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"underground-cables":{"alternatives":{"level":3,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): NKT, Prysmian and Nexans make about two-thirds of the global HVDC cable market and have capacity slots booked until 2030. Month-only date."},{"url":"https://www.jicable.org/TOUT_JICABLE_FIRST_PAGE/2023/2023-E1-1_page1.pdf","date":"2023-06","support":"Jicable'23 paper by TenneT and EP-ICS (abstract; month-only date from the conference, 18-22 June 2023): TenneT ran a 525 kV DC extruded-cable prequalification with eight suppliers and says multiple suppliers passed before the first 2 GW awards."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.27): cable lead times are two to three years; leading makers in advanced economies had committed production capacity through 2029. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20): building a cable factory takes about three to four years and needs skilled labour. Month-only date."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): NKT, Prysmian and Nexans make about two-thirds of the global HVDC cable market and have capacity slots booked until 2030. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20 chart): top-ten cable makers by 2023 whole-company revenue are Prysmian 25%, Nexans 12%, Furukawa 12%, Hengtong 10%, Sumitomo 10%, ZTT 9%, Fujikura 9%, LS Cable 7%, NKT 4%, Hellenic 2%. Month-only date. Nexans is 12% of top-ten revenue (whole company); the nearest high-voltage peers are Prysmian and NKT."}]}}}}},"virginia-transformer":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"virginia-transformer","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://www.woodmac.com/news/opinion/supply-shortages-and-an-inflexible-market-give-rise-to-high-power-transformer-lead-times/","date":"2024-04-02","support":"Wood Mackenzie names Virginia Transformer and WEG among makers opening new plants: several suppliers serve the US. Date: full."},{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"Prolec GE produces transformers across most ratings at five US sites (Item 7). Date: full."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.woodmac.com/news/opinion/supply-shortages-and-an-inflexible-market-give-rise-to-high-power-transformer-lead-times/","date":"2024-04-02","support":"Large substation transformers have lead times of 80 to 210 weeks; average 120 weeks in 2024. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.woodmac.com/press-releases/power-transformers-and-distribution-transformers-will-face-supply-deficits-of-30-and-10-in-2025/","date":"2025-08-14","support":"Wood Mackenzie expects a 30% US power transformer supply deficit in 2025, with imports ~80% of supply. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"virginia-transformer","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://www.woodmac.com/press-releases/power-transformers-and-distribution-transformers-will-face-supply-deficits-of-30-and-10-in-2025/","date":"2025-08-14","support":"Wood Mackenzie press release (14 Aug 2025): US power-transformer supply deficit of about 30% in 2025, imports about 80% of supply, and $1.8bn of OEM capacity expansions announced since 2023 with more spending still needed. Imports are about 80% of US power-transformer supply, so many foreign makers also serve Virginia Transformer's US customers."},{"url":"https://www.energy.gov/sites/default/files/2024-10/EXEC-2022-001242%20-%20Large%20Power%20Transformer%20Resilience%20Report%207-10-24.pdf","date":"2024-07","support":"DOE report to Congress (sections III.1, III.3): 36-month large-transformer lead times are commonly quoted, up to 60 months; procurement includes prequalifying manufacturers; a new factory takes 1-3 years; only 18% of 2019 units were made domestically. Month-only date (cover says July 2024). Only 18% of 2019 US large-transformer units were made domestically."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.foley.com/insights/publications/2026/09/the-grids-bottleneck-isnt-just-money-its-materials/","date":"2026-09-03","support":"Foley & Lardner (3 Sep 2026): Wood Mackenzie's Q2 2025 survey puts power transformers at 128 weeks and generator step-up units at 144 weeks; Terrapin project data show 52-80 weeks for medium-voltage switchgear."},{"url":"https://www.energy.gov/sites/default/files/2024-10/EXEC-2022-001242%20-%20Large%20Power%20Transformer%20Resilience%20Report%207-10-24.pdf","date":"2024-07","support":"DOE report to Congress (sections III.1, III.3): 36-month large-transformer lead times are commonly quoted, up to 60 months; procurement includes prequalifying manufacturers; a new factory takes 1-3 years; only 18% of 2019 units were made domestically. Month-only date (cover says July 2024)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.woodmac.com/press-releases/power-transformers-and-distribution-transformers-will-face-supply-deficits-of-30-and-10-in-2025/","date":"2025-08-14","support":"Wood Mackenzie press release (14 Aug 2025): US power-transformer supply deficit of about 30% in 2025, imports about 80% of supply, and $1.8bn of OEM capacity expansions announced since 2023 with more spending still needed. Virginia Transformer is a small supplier (about 1.1% of the function in the inputs), so the shortfall from losing it is small."}]}}}}},"toshiba":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"toshiba","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/press/articles/2025/06/0611/20250611_02_energy_en.pdf","date":"2025-06-11","support":"Hitachi Energy claims #1 in transformers and HV products (p.3), one of several larger suppliers than Toshiba. Date: full."},{"url":"https://assets.siemens-energy.com/dam/d8d5d849-a7a9-4b19-a969-b39b004f6c26/251120_CMD-2025_Grid_Technologies_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Siemens Energy says it supplied ~20% of power transformers installed globally (slide 3). Date: month only."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.woodmac.com/news/opinion/supply-shortages-and-an-inflexible-market-give-rise-to-high-power-transformer-lead-times/","date":"2024-04-02","support":"Large substation transformers have lead times of 80 to 210 weeks. Date: full."},{"url":"https://transformer-technology.com/toshiba-commits-370-million-to-expand-power-equipment-production-transformer-technology-news/","date":"2025-10-20","support":"Toshiba plans to more than double T&D equipment capacity only by FY2030: new capacity takes years. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://transformer-technology.com/toshiba-commits-370-million-to-expand-power-equipment-production-transformer-technology-news/","date":"2025-10-20","support":"Toshiba itself is expanding T&D capacity to meet accelerating demand (vice president quoted); its ~1.5% share is small. Date: full."},{"url":"https://assets.siemens-energy.com/dam/d8d5d849-a7a9-4b19-a969-b39b004f6c26/251120_CMD-2025_Grid_Technologies_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Slide 7 shows transformer demand above industry capacity in Europe and North America, so peers absorb volume only slowly. Date: month only."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"toshiba","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.22): transformer capacity expansions by Hitachi ($1.5bn), HD Hyundai Electric (~$270m, +30%), Schneider ($140m), Toshiba (+50% in India) and Siemens Energy (first US plant, $150m). Month-only date. Toshiba is one of several makers expanding capacity, alongside Hitachi, HD Hyundai, Schneider and Siemens Energy."},{"url":"https://www.global.toshiba/content/dam/toshiba/ww/ir/corporate/finance/pdf/tpr2025q4e.pdf","date":"2026-05-15","support":"Toshiba FY2025 results (pp.3-4; release date as recorded in the inputs file): Energy businesses including transmission and distribution performed strongly and order backlog is the highest since FY2018."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA survey (executive summary): about four years to secure a large power transformer and two to three years for cables; DC cable waits exceed five years. Date is the month only, from the report's colophon."},{"url":"https://www.global.toshiba/content/dam/toshiba/ww/ir/corporate/finance/pdf/tpr2025q4e.pdf","date":"2026-05-15","support":"Toshiba FY2025 results (pp.3-4; release date as recorded in the inputs file): Energy businesses including transmission and distribution performed strongly and order backlog is the highest since FY2018. Toshiba's own backlog is the highest since FY2018, so its customers' units are already queued."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.global.toshiba/content/dam/toshiba/ww/ir/corporate/finance/pdf/tpr2025q4e.pdf","date":"2026-05-15","support":"Toshiba FY2025 results (pp.3-4; release date as recorded in the inputs file): Energy businesses including transmission and distribution performed strongly and order backlog is the highest since FY2018."},{"url":"https://www.woodmac.com/press-releases/power-transformers-and-distribution-transformers-will-face-supply-deficits-of-30-and-10-in-2025/","date":"2025-08-14","support":"Wood Mackenzie press release (14 Aug 2025): US power-transformer supply deficit of about 30% in 2025, imports about 80% of supply, and $1.8bn of OEM capacity expansions announced since 2023 with more spending still needed. Toshiba's share is small (about 1.5% of the function in the inputs), so the shortfall from losing it is small against total supply."}]}}}}},"powerchina":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"powerchina","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"China Energy Engineering, another state contractor, holds over 90% of China's grid survey and design market (PDF p.22). Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"Another state contractor with grid EPC and design capability is already active (PDF p.22), so work can be reassigned within months. Evidence is thin. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"China Energy Engineering reports an order book of nearly RMB 3 trillion, ~65% energy and power (PDF p.22): a large alternative contractor. Date: full."}]}},"line-structures":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"China Energy Engineering, another state contractor, holds over 90% of China's grid survey and design market (PDF p.22). Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"Another state contractor with grid EPC and design capability is already active (PDF p.22), so work can be reassigned within months. Evidence is thin. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"China Energy Engineering reports an order book of nearly RMB 3 trillion, ~65% energy and power (PDF p.22): a large alternative contractor. Date: full."}]}},"overhead-conductors":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"China Energy Engineering, another state contractor, holds over 90% of China's grid survey and design market (PDF p.22). Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"Another state contractor with grid EPC and design capability is already active (PDF p.22), so work can be reassigned within months. Evidence is thin. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"China Energy Engineering reports an order book of nearly RMB 3 trillion, ~65% energy and power (PDF p.22): a large alternative contractor. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"powerchina","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. China builds EHV lines in about 1.5 years; many central contractors compete. No PowerChina-specific source was opened."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]}},"line-structures":{"alternatives":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. A large, fast Chinese contractor base; no PowerChina-specific source was opened."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]}},"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. Conductor stringing is part of line construction in a large, fast contractor base."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]}}}}},"vinci":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"vinci","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://electricalreview.co.uk/2025/08/01/national-grid-unveils-8-billion-partnership-to-fast-track-substation-upgrades/","date":"2025-08-01","support":"National Grid's substation framework has five regional partners (incl. Omexom/Taylor Woodrow) plus Linxon and Burns & McDonnell. Date: full."},{"url":"https://www.constructionenquirer.com/2026/06/23/five-firms-win-1-2bn-of-overhead-power-line-work/","date":"2026-06-23","support":"Five firms, including the OTW joint venture, share National Grid's initial £1.2bn overhead line work. Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://electricalreview.co.uk/2025/08/01/national-grid-unveils-8-billion-partnership-to-fast-track-substation-upgrades/","date":"2025-08-01","support":"National partners take work outside the regional bundles, so work can be reallocated within the framework. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.constructionenquirer.com/2026/06/23/five-firms-win-1-2bn-of-overhead-power-line-work/","date":"2026-06-23","support":"Balfour Beatty, M Group, Morgan Sindall and Murphy hold the same overhead line framework as VINCI's joint venture. Date: full."}]}},"line-structures":{"alternatives":{"level":2,"evidence":[{"url":"https://electricalreview.co.uk/2025/08/01/national-grid-unveils-8-billion-partnership-to-fast-track-substation-upgrades/","date":"2025-08-01","support":"National Grid's substation framework has five regional partners (incl. Omexom/Taylor Woodrow) plus Linxon and Burns & McDonnell. Date: full."},{"url":"https://www.constructionenquirer.com/2026/06/23/five-firms-win-1-2bn-of-overhead-power-line-work/","date":"2026-06-23","support":"Five firms, including the OTW joint venture, share National Grid's initial £1.2bn overhead line work. Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://electricalreview.co.uk/2025/08/01/national-grid-unveils-8-billion-partnership-to-fast-track-substation-upgrades/","date":"2025-08-01","support":"National partners take work outside the regional bundles, so work can be reallocated within the framework. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.constructionenquirer.com/2026/06/23/five-firms-win-1-2bn-of-overhead-power-line-work/","date":"2026-06-23","support":"Balfour Beatty, M Group, Morgan Sindall and Murphy hold the same overhead line framework as VINCI's joint venture. Date: full."}]}},"overhead-conductors":{"alternatives":{"level":2,"evidence":[{"url":"https://electricalreview.co.uk/2025/08/01/national-grid-unveils-8-billion-partnership-to-fast-track-substation-upgrades/","date":"2025-08-01","support":"National Grid's substation framework has five regional partners (incl. Omexom/Taylor Woodrow) plus Linxon and Burns & McDonnell. Date: full."},{"url":"https://www.constructionenquirer.com/2026/06/23/five-firms-win-1-2bn-of-overhead-power-line-work/","date":"2026-06-23","support":"Five firms, including the OTW joint venture, share National Grid's initial £1.2bn overhead line work. Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://electricalreview.co.uk/2025/08/01/national-grid-unveils-8-billion-partnership-to-fast-track-substation-upgrades/","date":"2025-08-01","support":"National partners take work outside the regional bundles, so work can be reallocated within the framework. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.constructionenquirer.com/2026/06/23/five-firms-win-1-2bn-of-overhead-power-line-work/","date":"2026-06-23","support":"Balfour Beatty, M Group, Morgan Sindall and Murphy hold the same overhead line framework as VINCI's joint venture. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"vinci","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Substation EPC is contested with few barriers (US evidence applied by analogy); VINCI's own deck was not opened."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (executive summary): about 8 million people work on grids worldwide and the workforce must grow by 1.5 million by 2030; skilled-labour shortages are flagged. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity."}]}},"line-structures":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Line construction is contested with few barriers (US evidence applied by analogy)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (executive summary): about 8 million people work on grids worldwide and the workforce must grow by 1.5 million by 2030; skilled-labour shortages are flagged. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity."}]}},"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Conductor stringing is part of line construction in a contested field."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (executive summary): about 8 million people work on grids worldwide and the workforce must grow by 1.5 million by 2030; skilled-labour shortages are flagged. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity."}]}}}}},"sieyuan-electric":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"sieyuan-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://english.henan.gov.cn/2026/03-20/3336127.html","date":"2026-03-20","support":"China's transformer supply chain is said to hold roughly 60% of global production capacity. Date: full."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-11/1225094842.PDF","date":"2026-04-11","support":"China XD says it ranks first in State Grid batch tenders (PDF p.12): several larger domestic rivals exist. Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://english.henan.gov.cn/2026/03-20/3336127.html","date":"2026-03-20","support":"Chinese makers' delivery times are described as far shorter than the 18-24 months of Western makers. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://english.henan.gov.cn/2026/03-20/3336127.html","date":"2026-03-20","support":"China's very large transformer capacity (~60% of the world) can absorb Sieyuan's ~2% share. Date: full."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA reports transformer and reactor output above 500 million kVA, top three in the industry (PDF p.27). Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"sieyuan-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","date":"2026-04-30","support":"NARI Technology 2025 annual report (p.17, p.40; date from the cninfo path): the company says it leads in grid dispatch automation, relay protection and flexible transmission, and that China's equipment market is diversified, with the high end stable and the low end in overcapacity. With China's mid- and low-end equipment market in overcapacity and price wars, Sieyuan's switchgear, transformer and protection volume can be taken by many domestic makers. Sieyuan's own report was not opened."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","date":"2026-04-30","support":"NARI Technology 2025 annual report (p.17, p.40; date from the cninfo path): the company says it leads in grid dispatch automation, relay protection and flexible transmission, and that China's equipment market is diversified, with the high end stable and the low end in overcapacity. Overcapacity at the low end means domestic makers can take volume within months (rater judgement; no qualification-time source found)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-30/1225257886.PDF","date":"2026-04-30","support":"NARI Technology 2025 annual report (p.17, p.40; date from the cninfo path): the company says it leads in grid dispatch automation, relay protection and flexible transmission, and that China's equipment market is diversified, with the high end stable and the low end in overcapacity. The best alternatives are domestic groups of similar capability."}]}}}}},"sumitomo-electric":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"sumitomo-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"underground-cables":{"alternatives":{"level":3,"evidence":[{"url":"https://www.tndindia.com/sumitomo-electric-named-preferred-bidder-for-525kv-hvdc-sea-link-in-uk/","date":"2025-07-16","support":"Sumitomo was preferred bidder for the 525 kV Sea Link HVDC cable, one of few suppliers at that voltage. Date: full."},{"url":"https://wirenet.org/industry-news/ls-c-seeks-land-lease-for-key-u-k-project/","date":"2024-07-05","support":"Only a few companies worldwide have commercialised 525 kV HVDC cables. Date: full."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.marinetechnologynews.com/news/sumitomo-shetland-644482","date":"2025-01-22","support":"SSEN signed a capacity reservation for a 525 kV link supplied from Sumitomo's Nigg factory, then under construction. Date: full."},{"url":"https://tdworld.com/grid-innovations/transmission/news/55271204/iea-report-rising-component-prices-and-supply-chain-pressures-obstruct-development-of-transmission-grid-infrastructure","date":"2025-02-27","support":"Cable procurement takes 2-3 years; DC cables over five years. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.tndindia.com/sumitomo-electric-named-preferred-bidder-for-525kv-hvdc-sea-link-in-uk/","date":"2025-07-16","support":"Sumitomo's UK HVDC work (Nemo Link, Greenlink, Sea Link) overlaps suppliers like NKT and Prysmian; its ~4.5% share is a small gap. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"sumitomo-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jicable.org/TOUT_JICABLE_FIRST_PAGE/2023/2023-E1-1_page1.pdf","date":"2023-06","support":"Jicable'23 paper by TenneT and EP-ICS (abstract; month-only date from the conference, 18-22 June 2023): TenneT ran a 525 kV DC extruded-cable prequalification with eight suppliers and says multiple suppliers passed before the first 2 GW awards. Sumitomo is one of the Asian makers in the field of qualified suppliers."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20 chart): top-ten cable makers by 2023 whole-company revenue are Prysmian 25%, Nexans 12%, Furukawa 12%, Hengtong 10%, Sumitomo 10%, ZTT 9%, Fujikura 9%, LS Cable 7%, NKT 4%, Hellenic 2%. Month-only date."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.27): cable lead times are two to three years; leading makers in advanced economies had committed production capacity through 2029. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.32): DC cable waiting lists exceed five years and only about 60 vessels worldwide can lay submarine cables. Month-only date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): NKT, Prysmian and Nexans make about two-thirds of the global HVDC cable market and have capacity slots booked until 2030. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20 chart): top-ten cable makers by 2023 whole-company revenue are Prysmian 25%, Nexans 12%, Furukawa 12%, Hengtong 10%, Sumitomo 10%, ZTT 9%, Fujikura 9%, LS Cable 7%, NKT 4%, Hellenic 2%. Month-only date. Sumitomo's share is small against the European leaders."}]}}}}},"mastec":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"mastec","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"line-structures":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"MasTec says its competitors are large national firms and small local independents, and some customers use in-house crews (Item 1, Competition). Date: year only."},{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta says its markets are highly competitive with relatively few barriers to entry in some (Item 1, Competition). Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"Utilities can reassign line work to other contractors or in-house personnel (Item 1, Competition); re-contracting is judged to take months. Date: year only."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"MasTec reports labour shortages and wage inflation; Power Delivery 18-month backlog $5,579m (MD&A): a small gap if lost. Date: year only."}]}},"overhead-conductors":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"MasTec says its competitors are large national firms and small local independents, and some customers use in-house crews (Item 1, Competition). Date: year only."},{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta says its markets are highly competitive with relatively few barriers to entry in some (Item 1, Competition). Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"Utilities can reassign line work to other contractors or in-house personnel (Item 1, Competition); re-contracting is judged to take months. Date: year only."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"MasTec reports labour shortages and wage inflation; Power Delivery 18-month backlog $5,579m (MD&A): a small gap if lost. Date: year only."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"mastec","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"line-structures":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. US evidence on the contractor market applies by analogy; MasTec's own 10-K was not opened."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Substitution is limited by labour supply, giving months to a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Several rivals are large companies with significant resources."}]}},"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Conductor stringing is part of line construction in a competitive field."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Substitution is limited by labour supply, giving months to a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Several rivals are large companies with significant resources."}]}}}}},"kec-international":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"kec-international","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"line-structures":{"alternatives":{"level":2,"evidence":[{"url":"https://powerline.net.in/2025/01/08/lt-secures-orders-for-ptd-projects-in-india-and-abroad/","date":"2025-01-08","support":"L&T's PT&D vertical also wins EHV transmission orders in India and the Middle East. Date: full."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"Chinese state contractors such as PowerChina also build UHV transmission (PDF p.15). Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.tndindia.com/kec-international-reports-unexecuted-order-book-of-over-rs-40000-crore/","date":"2026-05-29","support":"KEC expects a T&D tender pipeline above Rs 70,000 crore: work is let by competitive tender, judged months to re-award. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.tndindia.com/kec-international-reports-unexecuted-order-book-of-over-rs-40000-crore/","date":"2026-05-29","support":"KEC's tower capacity is over 4.8 lakh tonnes a year after a 15% expansion: sizeable but replaceable. Date: full."}]}},"overhead-conductors":{"alternatives":{"level":2,"evidence":[{"url":"https://powerline.net.in/2025/01/08/lt-secures-orders-for-ptd-projects-in-india-and-abroad/","date":"2025-01-08","support":"L&T's PT&D vertical also wins EHV transmission orders in India and the Middle East. Date: full."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"Chinese state contractors such as PowerChina also build UHV transmission (PDF p.15). Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.tndindia.com/kec-international-reports-unexecuted-order-book-of-over-rs-40000-crore/","date":"2026-05-29","support":"KEC expects a T&D tender pipeline above Rs 70,000 crore: work is let by competitive tender, judged months to re-award. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.tndindia.com/kec-international-reports-unexecuted-order-book-of-over-rs-40000-crore/","date":"2026-05-29","support":"KEC's T&D unexecuted order book was Rs 25,200 crore in May 2026: sizeable but other EPCs operate at scale. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"kec-international","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"line-structures":{"alternatives":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. India builds EHV lines in about 3 years, showing a deep contractor base; KEC's own report was not opened."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (executive summary): about 8 million people work on grids worldwide and the workforce must grow by 1.5 million by 2030; skilled-labour shortages are flagged. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]}},"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. Conductor stringing is part of line construction; India has a deep contractor base."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (executive summary): about 8 million people work on grids worldwide and the workforce must grow by 1.5 million by 2030; skilled-labour shortages are flagged. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]}}}}},"zhongtian-technology":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"zhongtian-technology","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","date":"2026-04-25","support":"ZTT notes domestic submarine cable makers (plural) made technical breakthroughs and won overseas orders (PDF p.13). Date: full."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://tdworld.com/grid-innovations/transmission/news/55271204/iea-report-rising-component-prices-and-supply-chain-pressures-obstruct-development-of-transmission-grid-infrastructure","date":"2025-02-27","support":"Cable procurement takes 2-3 years globally; Chinese peers' capacity is judged to shorten this to 1-2 years. Evidence is thin. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","date":"2026-04-25","support":"ZTT reports a ±525 kV DC submarine cable system of 3.3 GW (PDF p.25); peers hold similar capability. Date: full."}]}},"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA notes rising competition for Apar's conductors from domestic and foreign players (rating rationale, p.2). Date: full."},{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Prysmian sells ACSR made to the common ASTM B232 standard; conductors are standardised across makers. Undated page."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Standard ASTM conductor specifications let utilities buy equivalent conductor from another approved maker. Undated page."},{"url":"https://www.foley.com/insights/publications/2026/09/the-grids-bottleneck-isnt-just-money-its-materials/","date":"2026-09-03","support":"Conductor is listed among equipment that has become a scheduling constraint; no multi-year conductor lead time is given. Evidence on conductor lead times is thin. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA describes Apar as among the leading global aluminium and alloy conductor makers, one of several at scale (p.1). Date: full."},{"url":"https://www.tndindia.com/apar-industries-order-inflow-of-conductor-business-up-16-per-cent/","date":"2024-02-02","support":"Apar exported 48% of its conductor order book, showing makers ship conductors across markets (Dec 2023). Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"zhongtian-technology","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA 2025 annual report (p.18, p.27; date from the cninfo path): names China Electrical Equipment Group, ABB and Siemens as transformer rivals and four Chinese cable makers as cable rivals; says its transformer and reactor output, over 500m kVA, ranks top three in China. Four named Chinese cable makers plus other groups make overhead conductor."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.oversight.gov/reports/procurement-long-lead-transmission-materials","date":"2026-09-21","support":"TVA Inspector General report (21 Sep 2026): lead times for some power circuit breakers and transformers, switch houses, conductors and poles have increased substantially (no weeks given)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA 2025 annual report (p.18, p.27; date from the cninfo path): names China Electrical Equipment Group, ABB and Siemens as transformer rivals and four Chinese cable makers as cable rivals; says its transformer and reactor output, over 500m kVA, ranks top three in China."}]}},"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","date":"2026-04-25","support":"Zhongtian Technology 2025 annual report (pp.13, 25; date from the cninfo path): Chinese submarine-cable makers have made technical breakthroughs and won more overseas orders; ZTT developed a +/-525 kV XLPE DC submarine cable system (3.3 GW). ZTT is one of the Chinese makers with 525 kV submarine capability."},{"url":"https://www.jicable.org/TOUT_JICABLE_FIRST_PAGE/2023/2023-E1-1_page1.pdf","date":"2023-06","support":"Jicable'23 paper by TenneT and EP-ICS (abstract; month-only date from the conference, 18-22 June 2023): TenneT ran a 525 kV DC extruded-cable prequalification with eight suppliers and says multiple suppliers passed before the first 2 GW awards."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): Chinese cable makers mainly serve domestic demand, which has let China avoid the bottlenecks of Europe and the US. Month-only date. Chinese output mainly serves China's domestic demand, where other domestic makers can substitute."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.27): cable lead times are two to three years; leading makers in advanced economies had committed production capacity through 2029. Month-only date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","date":"2026-04-25","support":"Zhongtian Technology 2025 annual report (pp.13, 25; date from the cninfo path): Chinese submarine-cable makers have made technical breakthroughs and won more overseas orders; ZTT developed a +/-525 kV XLPE DC submarine cable system (3.3 GW)."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): Chinese cable makers mainly serve domestic demand, which has let China avoid the bottlenecks of Europe and the US. Month-only date."}]}}}}},"valmont":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"valmont","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"line-structures":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/102729/000010272926000007/vmi-20251227x10k.htm","date":"2026","support":"Infrastructure sales are often decided by competitive bidding, usually to the lowest qualified bidder (Item 1). Date: year only."},{"url":"https://us.skipperlimited.com/capabilities/standard-class-poles","date":"undated","support":"Skipper says it ranks among the top 10 utility structure makers globally and serves North America. Undated page."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://us.skipperlimited.com/capabilities/standard-class-poles","date":"undated","support":"Skipper (company claim) quotes pole lead times of 17-28 weeks after order. Undated page."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/102729/000010272926000007/vmi-20251227x10k.htm","date":"2026","support":"Backlog rose to $1,653.7m and Valmont is investing to increase flexible production capacity (Items 1 and 7): supply is tight. Date: year only."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"valmont","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"line-structures":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/102729/000010272926000007/vmi-20251227x10k.htm","date":"2026","support":"Valmont 10-K for FY2025 (year only; filing day not confirmed): says its infrastructure markets have numerous players, work is mostly competitively bid, utility work has long production lead times, and it is adding flexible production capacity."},{"url":"https://www.sec.gov/Archives/edgar/data/1739445/000173944526000029/aca-20251231.htm","date":"2026","support":"Arcosa 10-K for FY2025 (year only; filing day not confirmed): utility structures backlog $434.9m, mostly recognised in 2026; it competes with domestic and foreign makers and is converting an idled wind-tower plant to utility structures from H2 2026."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.oversight.gov/reports/procurement-long-lead-transmission-materials","date":"2026-09-21","support":"TVA Inspector General report (21 Sep 2026): lead times for some power circuit breakers and transformers, switch houses, conductors and poles have increased substantially (no weeks given). Pole lead times have 'increased substantially' per TVA's inspector general."},{"url":"https://www.sec.gov/Archives/edgar/data/102729/000010272926000007/vmi-20251227x10k.htm","date":"2026","support":"Valmont 10-K for FY2025 (year only; filing day not confirmed): says its infrastructure markets have numerous players, work is mostly competitively bid, utility work has long production lead times, and it is adding flexible production capacity. Valmont says utility work has long production lead times."},{"url":"https://www.sec.gov/Archives/edgar/data/1739445/000173944526000029/aca-20251231.htm","date":"2026","support":"Arcosa 10-K for FY2025 (year only; filing day not confirmed): utility structures backlog $434.9m, mostly recognised in 2026; it competes with domestic and foreign makers and is converting an idled wind-tower plant to utility structures from H2 2026. Arcosa's utility backlog runs about a year and its new plant starts only in H2 2026."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1739445/000173944526000029/aca-20251231.htm","date":"2026","support":"Arcosa 10-K for FY2025 (year only; filing day not confirmed): utility structures backlog $434.9m, mostly recognised in 2026; it competes with domestic and foreign makers and is converting an idled wind-tower plant to utility structures from H2 2026."},{"url":"https://www.sec.gov/Archives/edgar/data/102729/000010272926000007/vmi-20251227x10k.htm","date":"2026","support":"Valmont 10-K for FY2025 (year only; filing day not confirmed): says its infrastructure markets have numerous players, work is mostly competitively bid, utility work has long production lead times, and it is adding flexible production capacity."}]}}}}},"apar-industries":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"apar-industries","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA notes rising competition for Apar's conductors from domestic and foreign players (rating rationale, p.2). Date: full."},{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Prysmian sells ACSR made to the common ASTM B232 standard; conductors are standardised across makers. Undated page."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Standard ASTM conductor specifications let utilities buy equivalent conductor from another approved maker. Undated page."},{"url":"https://www.foley.com/insights/publications/2026/09/the-grids-bottleneck-isnt-just-money-its-materials/","date":"2026-09-03","support":"Conductor is listed among equipment that has become a scheduling constraint; no multi-year conductor lead time is given. Evidence on conductor lead times is thin. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA describes Apar as among the leading global aluminium and alloy conductor makers, one of several at scale (p.1). Date: full."},{"url":"https://www.tndindia.com/apar-industries-order-inflow-of-conductor-business-up-16-per-cent/","date":"2024-02-02","support":"Apar exported 48% of its conductor order book, showing makers ship conductors across markets (Dec 2023). Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"apar-industries","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"overhead-conductors":{"alternatives":{"level":2,"evidence":[{"url":"https://www.tdworld.com/digital-innovations/hvdc/article/21265013/invenergy-transmission-prysmian-announce-long-term-supply-agreement-and-manufacturing-facility-expansion","date":"2023-05-01","support":"T&D World (1 May 2023): Prysmian to supply up to 12,500 miles of advanced overhead conductor through 2029 and double US capacity for its E3X conductors with a $22.5m plant expansion. APAR's premium (HTLS) line has fewer makers worldwide; its standard conductor has many. APAR's own report was not opened."},{"url":"https://www.renewableenergyworld.com/power-grid/grid-conductor-manufacturer-opening-second-plant-in-south-carolina/","date":"2025-03-11","support":"Renewable Energy World (11 Mar 2025): TS Conductor is building a second US plant ($134m, three phases) for advanced conductors, previously made under contract in China."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.oversight.gov/reports/procurement-long-lead-transmission-materials","date":"2026-09-21","support":"TVA Inspector General report (21 Sep 2026): lead times for some power circuit breakers and transformers, switch houses, conductors and poles have increased substantially (no weeks given)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.renewableenergyworld.com/power-grid/grid-conductor-manufacturer-opening-second-plant-in-south-carolina/","date":"2025-03-11","support":"Renewable Energy World (11 Mar 2025): TS Conductor is building a second US plant ($134m, three phases) for advanced conductors, previously made under contract in China. New advanced-conductor plants are being added in the US."}]}}}}},"kiewit":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"kiewit","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"line-structures":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"MasTec says its competitors are large national firms and small local independents, and some customers use in-house crews (Item 1, Competition). Date: year only."},{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta says its markets are highly competitive with relatively few barriers to entry in some (Item 1, Competition). Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"Utilities can reassign line work to other contractors or in-house personnel (Item 1, Competition); re-contracting is judged to take months. Date: year only."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.constructiondive.com/news/top-commercial-contractors-revenue-2026-enr/820930/","date":"2026-05-22","support":"Kiewit is No. 4 on ENR's 2026 commercial list with $15.3bn revenue, beside MasTec at $14.3bn: peers of similar scale. Date: full."},{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta says craft labour demand may outpace supply (Item 1), so lost crews are a small gap. Date: full."}]}},"overhead-conductors":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"MasTec says its competitors are large national firms and small local independents, and some customers use in-house crews (Item 1, Competition). Date: year only."},{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta says its markets are highly competitive with relatively few barriers to entry in some (Item 1, Competition). Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/15615/000001561526000020/mtz-20251231.htm","date":"2026","support":"Utilities can reassign line work to other contractors or in-house personnel (Item 1, Competition); re-contracting is judged to take months. Date: year only."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.constructiondive.com/news/top-commercial-contractors-revenue-2026-enr/820930/","date":"2026-05-22","support":"Kiewit is No. 4 on ENR's 2026 commercial list with $15.3bn revenue, beside MasTec at $14.3bn: peers of similar scale. Date: full."},{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta says craft labour demand may outpace supply (Item 1), so lost crews are a small gap. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"kiewit","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"line-structures":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. US evidence on the contractor market applies by analogy; Kiewit's own filing was not opened."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Substitution is limited by labour supply, giving months to a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Several rivals are large companies with significant resources."}]}},"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Conductor stringing is part of line construction in a competitive field."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Substitution is limited by labour supply, giving months to a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Several rivals are large companies with significant resources."}]}}}}},"abb":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"abb","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova names six key grid competitors including ABB, Schneider Electric, Siemens and Mitsubishi Electric (Item 1). Date: full."},{"url":"https://www.gep.com/blog/mind/switchgear-market-price-supply-challenges","date":"2025-01-07","support":"Schneider Electric, ABB and Vertiv are named among MV switchgear makers investing in products and capacity. Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.gep.com/blog/mind/switchgear-market-price-supply-challenges","date":"2025-01-07","support":"MV switchgear lead times improved to 26-32 weeks, versus 12-16 weeks before COVID. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.gep.com/blog/mind/switchgear-market-price-supply-challenges","date":"2025-01-07","support":"Schneider is investing $140m in US MV switchgear capacity and Vertiv aims to double capacity: peers can absorb ABB's ~1% share. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"abb","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova 10-K for FY2025 (filing date as recorded in the inputs file): names Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric and ABB as Electrification rivals; says customer lead times rose because demand outstrips supply. GE Vernova names Hitachi Energy, Siemens Energy, Siemens, Schneider and Mitsubishi as rivals alongside ABB, so five or more peers sell comparable medium-voltage and site-substation equipment."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.foley.com/insights/publications/2026/09/the-grids-bottleneck-isnt-just-money-its-materials/","date":"2026-09-03","support":"Foley & Lardner (3 Sep 2026): Wood Mackenzie's Q2 2025 survey puts power transformers at 128 weeks and generator step-up units at 144 weeks; Terrapin project data show 52-80 weeks for medium-voltage switchgear. Medium-voltage switchgear alone takes 52-80 weeks, so re-sourcing ABB's volume takes over a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.22): transformer capacity expansions by Hitachi ($1.5bn), HD Hyundai Electric (~$270m, +30%), Schneider ($140m), Toshiba (+50% in India) and Siemens Energy (first US plant, $150m). Month-only date. Schneider, Toshiba and Hitachi are adding capacity; ABB's slice is about 1% of the function."},{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova 10-K for FY2025 (filing date as recorded in the inputs file): names Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric and ABB as Electrification rivals; says customer lead times rose because demand outstrips supply."}]}}}}},"sel":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"sel","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://selinc.com/company/news/126347","date":"2019-06-12","support":"In the Newton-Evans survey SEL was rated above 14 major competitors, including ABB, Siemens and GE (company release). Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://selinc.com/api/download/2388","date":"2007-06-28","support":"SEL notes the common practice of using different manufacturers' relays for redundant protection (p.2): second vendors are often already qualified. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://selinc.com/company/news/126347","date":"2019-06-12","support":"SEL is described as North America's favourite relay maker (company release), but competitors offer comparable relays. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"sel","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova 10-K for FY2025 (filing date as recorded in the inputs file): names Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric and ABB as Electrification rivals; says customer lead times rose because demand outstrips supply. Protection relays are sold by GE Vernova itself and by named rivals Hitachi Energy, Siemens, Schneider and Mitsubishi (rater knowledge). No relay-specific competitor source was found, so this rests on the named-rival list."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.oversight.gov/reports/procurement-long-lead-transmission-materials","date":"2026-09-21","support":"TVA Inspector General report (21 Sep 2026): lead times for some power circuit breakers and transformers, switch houses, conductors and poles have increased substantially (no weeks given). TVA's long-lead list names breakers, transformers, switch houses, conductors and poles, not relays, so relay re-sourcing is shorter than heavy equipment (inference, no relay lead-time source found)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova 10-K for FY2025 (filing date as recorded in the inputs file): names Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric and ABB as Electrification rivals; says customer lead times rose because demand outstrips supply. The named rivals are large groups with relay lines of comparable capability."}]}}}}},"china-energy-engineering":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"china-energy-engineering","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"PowerChina, another state contractor, won several UHV AC and DC projects incl. the Tibet-Guangdong DC line (PDF p.15). Date: full."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"The company says it holds over 90% of China's grid survey and design market (PDF p.22): moving design-led work is judged to take 1-2 years. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"PowerChina keeps strengthening its grid business in key regions (PDF p.15), a large alternative contractor. Date: full."}]}},"line-structures":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"PowerChina, another state contractor, won several UHV AC and DC projects incl. the Tibet-Guangdong DC line (PDF p.15). Date: full."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"The company says it holds over 90% of China's grid survey and design market (PDF p.22): moving design-led work is judged to take 1-2 years. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"PowerChina keeps strengthening its grid business in key regions (PDF p.15), a large alternative contractor. Date: full."}]}},"overhead-conductors":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"PowerChina, another state contractor, won several UHV AC and DC projects incl. the Tibet-Guangdong DC line (PDF p.15). Date: full."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-03-28/1225047990.PDF","date":"2026-03-28","support":"The company says it holds over 90% of China's grid survey and design market (PDF p.22): moving design-led work is judged to take 1-2 years. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-24/1225174689.PDF","date":"2026-04-24","support":"PowerChina keeps strengthening its grid business in key regions (PDF p.15), a large alternative contractor. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"china-energy-engineering","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. China builds EHV lines in about 1.5 years; many central contractors compete. No China Energy Engineering-specific source was opened."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]}},"line-structures":{"alternatives":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. A large, fast Chinese contractor base; no company-specific source was opened."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]}},"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date. Conductor stringing is part of line construction in a large, fast contractor base."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]}}}}},"hellenic-cables":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"hellenic-cables","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://tdworld.com/digital-innovations/hvdc/article/21265781/tennet-awards-contracts-worth-603-billion-for-installation-of-525-kv-hvdc-cable-systems","date":"2023-05-11","support":"Large export cable contracts are also won by NKT, Nexans and LS Cable. Date: full."},{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/03/04/Connect_20260304cenergy-holdings-fy-2025-resultsfr-final.pdf","date":"2026-03-04","support":"Hellenic Cables supplies export, inter-array and 220 kV land cables (FY2025 release, p.8), markets several makers serve. Date: full."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/03/04/Connect_20260304cenergy-holdings-fy-2025-resultsfr-final.pdf","date":"2026-03-04","support":"Cables segment backlog EUR 2.88bn against ~EUR 950m of 2025 project revenue, about three years (p.8). Date: full."},{"url":"https://tdworld.com/grid-innovations/transmission/news/55271204/iea-report-rising-component-prices-and-supply-chain-pressures-obstruct-development-of-transmission-grid-infrastructure","date":"2025-02-27","support":"Cable procurement takes 2-3 years. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/03/04/Connect_20260304cenergy-holdings-fy-2025-resultsfr-final.pdf","date":"2026-03-04","support":"New Corinth offshore capacity came online during 2025 (p.8); its ~4% share is a small gap for larger peers. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"hellenic-cables","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20 chart): top-ten cable makers by 2023 whole-company revenue are Prysmian 25%, Nexans 12%, Furukawa 12%, Hengtong 10%, Sumitomo 10%, ZTT 9%, Fujikura 9%, LS Cable 7%, NKT 4%, Hellenic 2%. Month-only date. Hellenic Cables is 2% of top-ten revenue, a small mid-tier supplier; the IEA (p.21) notes tax credits for a Maryland plant."},{"url":"https://www.jicable.org/TOUT_JICABLE_FIRST_PAGE/2023/2023-E1-1_page1.pdf","date":"2023-06","support":"Jicable'23 paper by TenneT and EP-ICS (abstract; month-only date from the conference, 18-22 June 2023): TenneT ran a 525 kV DC extruded-cable prequalification with eight suppliers and says multiple suppliers passed before the first 2 GW awards."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.27): cable lead times are two to three years; leading makers in advanced economies had committed production capacity through 2029. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20): building a cable factory takes about three to four years and needs skilled labour. Month-only date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): NKT, Prysmian and Nexans make about two-thirds of the global HVDC cable market and have capacity slots booked until 2030. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20 chart): top-ten cable makers by 2023 whole-company revenue are Prysmian 25%, Nexans 12%, Furukawa 12%, Hengtong 10%, Sumitomo 10%, ZTT 9%, Fujikura 9%, LS Cable 7%, NKT 4%, Hellenic 2%. Month-only date."}]}}}}},"myr-group":{},"larsen-toubro":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"larsen-toubro","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":2,"evidence":[{"url":"https://www.tndindia.com/kec-international-reports-unexecuted-order-book-of-over-rs-40000-crore/","date":"2026-05-29","support":"KEC runs a Rs 25,200 crore T&D order book (May 2026), a comparable Indian T&D contractor. Date: full."},{"url":"https://powerline.net.in/2025/01/08/lt-secures-orders-for-ptd-projects-in-india-and-abroad/","date":"2025-01-08","support":"L&T's PT&D vertical wins 380-400 kV substations in Saudi Arabia, Kuwait and Dubai against other EPC bidders. Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://powerline.net.in/2025/01/08/lt-secures-orders-for-ptd-projects-in-india-and-abroad/","date":"2025-01-08","support":"Substation EPC is awarded project by project, so re-tendering is judged to take months. Evidence is thin. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.tndindia.com/kec-international-reports-unexecuted-order-book-of-over-rs-40000-crore/","date":"2026-05-29","support":"Other large Indian EPCs operate at scale (KEC tower capacity 4.8 lakh t/yr), covering L&T's ~1% substation share. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"larsen-toubro","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Substation EPC is competitive with few barriers (US evidence applied by analogy); IEA says India builds EHV lines in about 3 years."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.28): an extra-high-voltage line takes about 8 years to develop in Europe and the US, 3 in India and 1.5 in China, so China and India have a large, fast construction base. Month-only date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (executive summary): about 8 million people work on grids worldwide and the workforce must grow by 1.5 million by 2030; skilled-labour shortages are flagged. Month-only date. Labour, not qualification, sets the pace of contractor substitution."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Other large EPC groups can take comparable work."}]}}}}},"southwire":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"southwire","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA notes rising competition for Apar's conductors from domestic and foreign players (rating rationale, p.2). Date: full."},{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Prysmian sells ACSR made to the common ASTM B232 standard; conductors are standardised across makers. Undated page."},{"url":"https://www.southwire.com/about-us","date":"undated","support":"Southwire calls itself one of the leading makers of T&D wire and cable, not the only one. Undated page."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Standard ASTM conductor specifications let utilities buy equivalent conductor from another approved maker. Undated page."},{"url":"https://www.foley.com/insights/publications/2026/09/the-grids-bottleneck-isnt-just-money-its-materials/","date":"2026-09-03","support":"Conductor is listed among equipment that has become a scheduling constraint; no multi-year conductor lead time is given. Evidence on conductor lead times is thin. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA describes Apar as among the leading global aluminium and alloy conductor makers, one of several at scale (p.1). Date: full."},{"url":"https://www.tndindia.com/apar-industries-order-inflow-of-conductor-business-up-16-per-cent/","date":"2024-02-02","support":"Apar exported 48% of its conductor order book, showing makers ship conductors across markets (Dec 2023). Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"southwire","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://www.tdworld.com/digital-innovations/hvdc/article/21265013/invenergy-transmission-prysmian-announce-long-term-supply-agreement-and-manufacturing-facility-expansion","date":"2023-05-01","support":"T&D World (1 May 2023): Prysmian to supply up to 12,500 miles of advanced overhead conductor through 2029 and double US capacity for its E3X conductors with a $22.5m plant expansion. US advanced-conductor capacity is being added by Prysmian and TS Conductor; Southwire's own competitors were not sourced."},{"url":"https://www.renewableenergyworld.com/power-grid/grid-conductor-manufacturer-opening-second-plant-in-south-carolina/","date":"2025-03-11","support":"Renewable Energy World (11 Mar 2025): TS Conductor is building a second US plant ($134m, three phases) for advanced conductors, previously made under contract in China."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.oversight.gov/reports/procurement-long-lead-transmission-materials","date":"2026-09-21","support":"TVA Inspector General report (21 Sep 2026): lead times for some power circuit breakers and transformers, switch houses, conductors and poles have increased substantially (no weeks given). Conductor lead times are said to be longer, with no figure given (rater judgement on the size)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.renewableenergyworld.com/power-grid/grid-conductor-manufacturer-opening-second-plant-in-south-carolina/","date":"2025-03-11","support":"Renewable Energy World (11 Mar 2025): TS Conductor is building a second US plant ($134m, three phases) for advanced conductors, previously made under contract in China."}]}}}}},"hengtong":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"hengtong","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","date":"2026-04-25","support":"ZTT, a domestic peer, reports a ±525 kV DC submarine cable system (PDF p.25). Date: full."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://tdworld.com/grid-innovations/transmission/news/55271204/iea-report-rising-component-prices-and-supply-chain-pressures-obstruct-development-of-transmission-grid-infrastructure","date":"2025-02-27","support":"Cable procurement takes 2-3 years globally; Chinese peers' capacity is judged to shorten this to 1-2 years. Evidence is thin. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","date":"2026-04-25","support":"Domestic peers have HVDC submarine capability (PDF pp.13, 25), enough to cover Hengtong's ~2% share. Date: full."}]}},"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA notes rising competition for Apar's conductors from domestic and foreign players (rating rationale, p.2). Date: full."},{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Prysmian sells ACSR made to the common ASTM B232 standard; conductors are standardised across makers. Undated page."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Standard ASTM conductor specifications let utilities buy equivalent conductor from another approved maker. Undated page."},{"url":"https://www.foley.com/insights/publications/2026/09/the-grids-bottleneck-isnt-just-money-its-materials/","date":"2026-09-03","support":"Conductor is listed among equipment that has become a scheduling constraint; no multi-year conductor lead time is given. Evidence on conductor lead times is thin. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA describes Apar as among the leading global aluminium and alloy conductor makers, one of several at scale (p.1). Date: full."},{"url":"https://www.tndindia.com/apar-industries-order-inflow-of-conductor-business-up-16-per-cent/","date":"2024-02-02","support":"Apar exported 48% of its conductor order book, showing makers ship conductors across markets (Dec 2023). Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"hengtong","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA 2025 annual report (p.18, p.27; date from the cninfo path): names China Electrical Equipment Group, ABB and Siemens as transformer rivals and four Chinese cable makers as cable rivals; says its transformer and reactor output, over 500m kVA, ranks top three in China. Four named Chinese cable makers plus other groups make overhead conductor. Hengtong's own report was not opened."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.oversight.gov/reports/procurement-long-lead-transmission-materials","date":"2026-09-21","support":"TVA Inspector General report (21 Sep 2026): lead times for some power circuit breakers and transformers, switch houses, conductors and poles have increased substantially (no weeks given)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-16/1225105816.PDF","date":"2026-04-16","support":"TBEA 2025 annual report (p.18, p.27; date from the cninfo path): names China Electrical Equipment Group, ABB and Siemens as transformer rivals and four Chinese cable makers as cable rivals; says its transformer and reactor output, over 500m kVA, ranks top three in China."}]}},"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","date":"2026-04-25","support":"Zhongtian Technology 2025 annual report (pp.13, 25; date from the cninfo path): Chinese submarine-cable makers have made technical breakthroughs and won more overseas orders; ZTT developed a +/-525 kV XLPE DC submarine cable system (3.3 GW). Chinese peers such as ZTT have comparable 525 kV submarine capability."},{"url":"https://www.jicable.org/TOUT_JICABLE_FIRST_PAGE/2023/2023-E1-1_page1.pdf","date":"2023-06","support":"Jicable'23 paper by TenneT and EP-ICS (abstract; month-only date from the conference, 18-22 June 2023): TenneT ran a 525 kV DC extruded-cable prequalification with eight suppliers and says multiple suppliers passed before the first 2 GW awards."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): Chinese cable makers mainly serve domestic demand, which has let China avoid the bottlenecks of Europe and the US. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.27): cable lead times are two to three years; leading makers in advanced economies had committed production capacity through 2029. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): Chinese cable makers mainly serve domestic demand, which has let China avoid the bottlenecks of Europe and the US. Month-only date. China has multiple domestic makers of comparable capability."}]}}}}},"pike-electric":{},"kalpataru-projects":{},"eaton":{},"hubbell":{},"siemens-smart-infrastructure":{},"elsewedy-electric":{},"taihan":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"taihan","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://view.asiae.co.kr/en/article/2026033109283388024","date":"2026-04-01","support":"Taihan faces direct competition from LS Cable for Korean HVDC work. Date: full."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://tdworld.com/grid-innovations/transmission/news/55271204/iea-report-rising-component-prices-and-supply-chain-pressures-obstruct-development-of-transmission-grid-infrastructure","date":"2025-02-27","support":"Cable procurement takes 2-3 years; Taihan's land HV cables are judged replaceable in 1-2 years. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://view.asiae.co.kr/en/article/2026033109283388024","date":"2026-04-01","support":"Taihan has no 525 kV submarine export experience and smaller lay vessels (Meritz analyst), so rivals already lead its segments. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"taihan","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jicable.org/TOUT_JICABLE_FIRST_PAGE/2023/2023-E1-1_page1.pdf","date":"2023-06","support":"Jicable'23 paper by TenneT and EP-ICS (abstract; month-only date from the conference, 18-22 June 2023): TenneT ran a 525 kV DC extruded-cable prequalification with eight suppliers and says multiple suppliers passed before the first 2 GW awards. No Taihan-specific source was opened; the field of qualified 525 kV and HVAC suppliers is several makers."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20 chart): top-ten cable makers by 2023 whole-company revenue are Prysmian 25%, Nexans 12%, Furukawa 12%, Hengtong 10%, Sumitomo 10%, ZTT 9%, Fujikura 9%, LS Cable 7%, NKT 4%, Hellenic 2%. Month-only date."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.27): cable lead times are two to three years; leading makers in advanced economies had committed production capacity through 2029. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.32): DC cable waiting lists exceed five years and only about 60 vessels worldwide can lay submarine cables. Month-only date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): NKT, Prysmian and Nexans make about two-thirds of the global HVDC cable market and have capacity slots booked until 2030. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20 chart): top-ten cable makers by 2023 whole-company revenue are Prysmian 25%, Nexans 12%, Furukawa 12%, Hengtong 10%, Sumitomo 10%, ZTT 9%, Fujikura 9%, LS Cable 7%, NKT 4%, Hellenic 2%. Month-only date."}]}}}}},"weg":{},"sgb-smit":{},"burns-mcdonnell":{},"schneider-electric":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"schneider-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova names six key grid competitors including Schneider Electric, ABB, Siemens and Mitsubishi Electric (Item 1). Date: full."},{"url":"https://www.gep.com/blog/mind/switchgear-market-price-supply-challenges","date":"2025-01-07","support":"ABB, Schneider Electric and Vertiv are named among MV switchgear makers investing in products and capacity. Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.gep.com/blog/mind/switchgear-market-price-supply-challenges","date":"2025-01-07","support":"MV switchgear lead times improved to 26-32 weeks, versus 12-16 weeks before COVID. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.gep.com/blog/mind/switchgear-market-price-supply-challenges","date":"2025-01-07","support":"ABB introduced new GIS gas technology and Vertiv aims to double capacity: comparable MV makers exist for Schneider's ~1% share. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"schneider-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","date":"2026-01-29","support":"GE Vernova 10-K for FY2025 (filing date as recorded in the inputs file): names Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric and ABB as Electrification rivals; says customer lead times rose because demand outstrips supply. Schneider is itself a named GE Vernova rival; at least five other makers sell comparable medium-voltage equipment."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.foley.com/insights/publications/2026/09/the-grids-bottleneck-isnt-just-money-its-materials/","date":"2026-09-03","support":"Foley & Lardner (3 Sep 2026): Wood Mackenzie's Q2 2025 survey puts power transformers at 128 weeks and generator step-up units at 144 weeks; Terrapin project data show 52-80 weeks for medium-voltage switchgear."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.22): transformer capacity expansions by Hitachi ($1.5bn), HD Hyundai Electric (~$270m, +30%), Schneider ($140m), Toshiba (+50% in India) and Siemens Energy (first US plant, $150m). Month-only date. Schneider committed $140m for US capacity with about 750 hires; its slice is about 1% of the function."}]}}}}},"koncar":{},"chint":{},"orient-cable":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"orient-cable","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","date":"2026-04-25","support":"ZTT, a domestic peer, reports a ±525 kV DC submarine cable system (PDF p.25). Date: full."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://tdworld.com/grid-innovations/transmission/news/55271204/iea-report-rising-component-prices-and-supply-chain-pressures-obstruct-development-of-transmission-grid-infrastructure","date":"2025-02-27","support":"Cable procurement takes 2-3 years globally; Chinese peers are judged able to take volume in 1-2 years. Evidence is thin. Date: full."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","date":"2026-04-25","support":"A peer offers comparable HVDC submarine capability (PDF p.25); Orient's ~2.5% share is a small gap. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"orient-cable","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jicable.org/TOUT_JICABLE_FIRST_PAGE/2023/2023-E1-1_page1.pdf","date":"2023-06","support":"Jicable'23 paper by TenneT and EP-ICS (abstract; month-only date from the conference, 18-22 June 2023): TenneT ran a 525 kV DC extruded-cable prequalification with eight suppliers and says multiple suppliers passed before the first 2 GW awards. No Orient-specific source was opened; Chinese peers such as ZTT show 525 kV submarine capability."},{"url":"https://static.cninfo.com.cn/finalpage/2026-04-25/1225177318.PDF","date":"2026-04-25","support":"Zhongtian Technology 2025 annual report (pp.13, 25; date from the cninfo path): Chinese submarine-cable makers have made technical breakthroughs and won more overseas orders; ZTT developed a +/-525 kV XLPE DC submarine cable system (3.3 GW)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): Chinese cable makers mainly serve domestic demand, which has let China avoid the bottlenecks of Europe and the US. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.27): cable lead times are two to three years; leading makers in advanced economies had committed production capacity through 2029. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): Chinese cable makers mainly serve domestic demand, which has let China avoid the bottlenecks of Europe and the US. Month-only date. China has multiple domestic makers of comparable capability."}]}}}}},"jiangsu-huapeng":{},"sterlite-electric":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"sterlite-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA notes rising competition for Apar's conductors from domestic and foreign players (rating rationale, p.2). Date: full."},{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Prysmian sells ACSR made to the common ASTM B232 standard; conductors are standardised across makers. Undated page."},{"url":"https://www.sterliteelectric.com/","date":"undated","support":"Sterlite says about 20% of India's grid runs on its conductors, leaving most supply to others. Undated page."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://na.prysmian.com/node/786","date":"undated","support":"Standard ASTM conductor specifications let utilities buy equivalent conductor from another approved maker. Undated page."},{"url":"https://www.foley.com/insights/publications/2026/09/the-grids-bottleneck-isnt-just-money-its-materials/","date":"2026-09-03","support":"Conductor is listed among equipment that has become a scheduling constraint; no multi-year conductor lead time is given. Evidence on conductor lead times is thin. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/118717","date":"2023-03-22","support":"ICRA describes Apar as among the leading global aluminium and alloy conductor makers, one of several at scale (p.1). Date: full."},{"url":"https://www.tndindia.com/apar-industries-order-inflow-of-conductor-business-up-16-per-cent/","date":"2024-02-02","support":"Apar exported 48% of its conductor order book, showing makers ship conductors across markets (Dec 2023). Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"sterlite-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"overhead-conductors":{"alternatives":{"level":1,"evidence":[{"url":"https://www.tdworld.com/digital-innovations/hvdc/article/21265013/invenergy-transmission-prysmian-announce-long-term-supply-agreement-and-manufacturing-facility-expansion","date":"2023-05-01","support":"T&D World (1 May 2023): Prysmian to supply up to 12,500 miles of advanced overhead conductor through 2029 and double US capacity for its E3X conductors with a $22.5m plant expansion. Many makers supply standard conductor; Sterlite's own competitors were not sourced."},{"url":"https://www.renewableenergyworld.com/power-grid/grid-conductor-manufacturer-opening-second-plant-in-south-carolina/","date":"2025-03-11","support":"Renewable Energy World (11 Mar 2025): TS Conductor is building a second US plant ($134m, three phases) for advanced conductors, previously made under contract in China."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.oversight.gov/reports/procurement-long-lead-transmission-materials","date":"2026-09-21","support":"TVA Inspector General report (21 Sep 2026): lead times for some power circuit breakers and transformers, switch houses, conductors and poles have increased substantially (no weeks given)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.renewableenergyworld.com/power-grid/grid-conductor-manufacturer-opening-second-plant-in-south-carolina/","date":"2025-03-11","support":"Renewable Energy World (11 Mar 2025): TS Conductor is building a second US plant ($134m, three phases) for advanced conductors, previously made under contract in China."}]}}}}},"furukawa-electric":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"furukawa-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://www.tndindia.com/sumitomo-electric-named-preferred-bidder-for-525kv-hvdc-sea-link-in-uk/","date":"2025-07-16","support":"Sumitomo Electric, another Japanese maker, has HVDC cable projects since the 1970s. Date: full."},{"url":"https://newswitch.jp/index.php/p/47203","date":"2025-10-10","support":"Furukawa's own 500 kV HVDC line starts only in 2030, so its current AC business faces several peers. Date: full."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://tdworld.com/grid-innovations/transmission/news/55271204/iea-report-rising-component-prices-and-supply-chain-pressures-obstruct-development-of-transmission-grid-infrastructure","date":"2025-02-27","support":"Cable procurement takes 2-3 years; Furukawa's AC volumes are judged movable in 1-2 years. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://newswitch.jp/index.php/p/47203","date":"2025-10-10","support":"Furukawa plans 200 km/yr of 500 kV HVDC capacity from 2030; today its ~2% share is covered by peers. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"furukawa-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"underground-cables":{"alternatives":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20 chart): top-ten cable makers by 2023 whole-company revenue are Prysmian 25%, Nexans 12%, Furukawa 12%, Hengtong 10%, Sumitomo 10%, ZTT 9%, Fujikura 9%, LS Cable 7%, NKT 4%, Hellenic 2%. Month-only date. Furukawa is 12% of top-ten revenue across all its businesses; high-voltage cable is only part of it."},{"url":"https://www.jicable.org/TOUT_JICABLE_FIRST_PAGE/2023/2023-E1-1_page1.pdf","date":"2023-06","support":"Jicable'23 paper by TenneT and EP-ICS (abstract; month-only date from the conference, 18-22 June 2023): TenneT ran a 525 kV DC extruded-cable prequalification with eight suppliers and says multiple suppliers passed before the first 2 GW awards."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.27): cable lead times are two to three years; leading makers in advanced economies had committed production capacity through 2029. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20): building a cable factory takes about three to four years and needs skilled labour. Month-only date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.31): NKT, Prysmian and Nexans make about two-thirds of the global HVDC cable market and have capacity slots booked until 2030. Month-only date."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (ch.2, p.20 chart): top-ten cable makers by 2023 whole-company revenue are Prysmian 25%, Nexans 12%, Furukawa 12%, Hengtong 10%, Sumitomo 10%, ZTT 9%, Fujikura 9%, LS Cable 7%, NKT 4%, Hellenic 2%. Month-only date."}]}}}}},"trench-group":{},"meidensha":{},"sabre-industries":{},"balfour-beatty":{},"skipper":{},"arcosa":{},"spie":{},"primoris":{},"cg-power":{},"elecnor":{},"linxon":{"a":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"linxon","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://electricalreview.co.uk/2025/08/01/national-grid-unveils-8-billion-partnership-to-fast-track-substation-upgrades/","date":"2025-08-01","support":"Linxon is one of seven partners (five regional, two national) on National Grid's £8bn substation framework. Date: full."},{"url":"https://prnewswire.co.uk/news-releases/linxon-secures-position-on-national-grid-epc-substations-framework-856338014.html","date":"2021-03-23","support":"Linxon holds one framework contractor position on National Grid's EPC substations framework (2021-2026). Date: full."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://electricalreview.co.uk/2025/08/01/national-grid-unveils-8-billion-partnership-to-fast-track-substation-upgrades/","date":"2025-08-01","support":"National partners take work outside the regional bundles, so substation packages can move between partners. Date: full."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://electricalreview.co.uk/2025/08/01/national-grid-unveils-8-billion-partnership-to-fast-track-substation-upgrades/","date":"2025-08-01","support":"Burns & McDonnell is the other national partner and five regional partners deliver the same substation scope. Date: full."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-grid","entityId":"linxon","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substations":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Substation engineering and construction is a contested market with few entry barriers; Linxon's own page was not opened."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Contractor work is limited by labour more than qualification, so re-sourcing takes months."},{"url":"https://iea.blob.core.windows.net/assets/6fbf940a-d4e8-4156-b8e0-07c2f793c094/BuildingtheFutureTransmissionGrid.pdf","date":"2025-02","support":"IEA (executive summary): about 8 million people work on grids worldwide and the workforce must grow by 1.5 million by 2030; skilled-labour shortages are flagged. Month-only date."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm","date":"2026-02-19","support":"Quanta 10-K for FY2025 (Item 1, filing date as recorded in the inputs file): the company calls its markets highly competitive with relatively few barriers to entry in some, and says competition may ease as labour supplies approach capacity. Quanta notes several rivals are large companies with significant resources."}]}}}}},"black-veatch":{},"bhel":{},"tata-projects":{},"powell-industries":{}},"validation":[]}