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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":"state-grid","slot":"importance","since":"2026-10-22"},{"entityId":"dominion","slot":"importance","since":"2026-10-22"},{"entityId":"berkshire-hathaway-energy","slot":"importance","since":"2026-10-22"},{"entityId":"aep","slot":"importance","since":"2026-10-22"},{"entityId":"esb","slot":"importance","since":"2026-10-22"},{"entityId":"china-southern-power-grid","slot":"importance","since":"2026-10-22"},{"entityId":"sempra","slot":"importance","since":"2026-10-22"},{"entityId":"southern","slot":"importance","since":"2026-10-22"},{"entityId":"tepco","slot":"importance","since":"2026-10-22"},{"entityId":"edf","slot":"importance","since":"2026-10-22"}],"pending":{},"lastRun":"2026-10-22","resultsDate":"2026-10-22"},"card":{"schema":"5lc-index-card/1","key":"energy-utilities","layer":"energy","sublayer":"utilities","version":1,"scope":"Companies that own the transmission or distribution network a data centre connects to, credited with the operating data-centre load connected to their wires, including the network side of integrated utilities; system operators that own no wires, such as PJM, ERCOT or CAISO, are not scored. 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CPFL, Jemena, CGE)","kind":"private","commercialActivityVerified":true,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.caixinglobal.com/2020-06-28/state-grid-boosts-south-america-presence-with-223-billion-purchase-in-chile-101572663.html","title":"State Grid boosts South America presence with $2.23 billion purchase in Chile","publisher":"Caixin Global","publishedDate":"2020-06-28","accessedDate":"2026-10-22","tier":"T3","locator":"Lists State Grid's overseas holdings (Brazil, Chile, Portugal's REN 25%, Italy's CDPReti 35%, Greece's ADMIE 24%, Australia, Philippines); the United States is not among them (absence in a list of holdings, not an explicit statement)"}},"china":{"low":75,"central":83,"high":89,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"CY2025 (derived from electricity use)","periodEnd":"2025-12-31","source":{"url":"https://www.huxiu.com/article/4863025.html","title":"算力用电，年均新增或超1000亿度","publisher":"虎嗅网 (republishing Cailianshe)","publishedDate":"2026-05-30","accessedDate":"2026-10-22","tier":"T5","locator":"National Energy Administration: computing centres used about 170 billion kWh in 2025, 1.6% of national electricity use"},"note":"T5 derivation (5LayerCake), full-inputs pass. Electricity use is used as a proxy for connected MW (off basis). Share = State Grid's part of China's data-centre electricity use, taken as the remainder after the other grid operators: 100% less China Southern Power Grid (about 11%, see its file) less Inner Mongolia Power Group (about 4%, see its file) less about 2% for load outside the three grid companies' meters (behind-the-meter and small local grids; a 5LayerCake judgement) = 83%. Low 75%: China Southern at its 15% electricity proxy, Inner Mongolia at 5% and 5% unassigned (the screening value). High 89%: China Southern at 8.1% and Inner Mongolia at 2.9% with nothing unassigned. China total: the National Energy Administration says computing centres used about 170 billion kWh in 2025, 1.6% of national electricity use (Cailianshe via Huxiu, 2026-05-30). State Grid covers 26 provinces and 88% of China's territory (Lianhe Ratings, 2025-06-27), including Beijing (about 2,150 MW) and Shanghai (about 1,290 MW) in the C&W 2025 chart, so current data-centre customers are in its territory.","offBasis":true},"europe":{"participates":false,"evidence":{"url":"https://www.caixinglobal.com/2020-06-28/state-grid-boosts-south-america-presence-with-223-billion-purchase-in-chile-101572663.html","title":"State Grid boosts South America presence with $2.23 billion purchase in Chile","publisher":"Caixin Global","publishedDate":"2020-06-28","accessedDate":"2026-10-22","tier":"T3","locator":"Lists State Grid's European holdings as minority stakes only: Portugal's REN 25%, Italy's CDPReti 35% and Greece's ADMIE 24%. Under the register's one-economic-group rule a minority stake is not credited with the operator's connections"}},"rest-of-world":{"low":2.14,"central":2.14,"high":2.14,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 300: CPFL (Brazil), CGE (Chile), Jemena (Australia): 300 MW (CPFL about 120 MW, CGE about 80 MW, Jemena about 100 MW; minority stakes in REN, CDP Reti and ADMIE are not credited). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. No company disclosure of connected data-centre MW for this region was opened in this pass, so the T5 width applies in full. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"china":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d697f9be2976f985a20b75b27109891a0314d88f3499682d451e9414ace7d988"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d697f9be2976f985a20b75b27109891a0314d88f3499682d451e9414ace7d988"}}},"dominion":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"dominion","name":"Dominion Energy","kind":"public","commercialActivityVerified":true,"shares":{"united-states":{"low":17.15,"central":20.27,"high":24.78,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://www.pjm.com/-/media/DotCom/committees-groups/subcommittees/las/2026/20260929/20260929-item-5ai---dominion_energy.pdf","title":"Dominion Energy LSE 20-Year Data Center Forecast","publisher":"Dominion Energy (presentation to the PJM Load Analysis Subcommittee)","publishedDate":"2026-09-29","accessedDate":"2026-10-22","tier":"T5","locator":"slide 3, chart 'Historical Data Center Demand' (billing demand 4,237 MW in 2025 and 3,636 MW in 2024) and slide 2 (data-centre billing peak load of 4.8 GW as of August 2026)"},"note":"T5 derivation (5LayerCake), full-inputs pass. Dominion's own measured load, converted to capacity. Dominion told the PJM Load Analysis Subcommittee on 2026-09-29 that its data-centre billing demand was 4,237 MW in 2025 and 3,636 MW in 2024 (slide 3; the 2013-2026 series read from the chart text is 462, 532, 636, 753, 931, 1,113, 1,421, 1,808, 2,302, 2,767, 3,183, 3,636, 4,237, 4,838 MW, and slide 2 gives 4.8 GW as of August 2026). Billing demand is load, while the region total is installed capacity, so load is divided by an assumed load-to-capacity ratio of 0.55, an assumption of 5LayerCake with a range of 0.45 to 0.65 (anchor: Dominion says its data centres mature at a 63% utilisation of contract capacity, slide 5, and fleets still ramping run lower): 4,237 / (0.55 x 38,000) = 20.3%; low 4,237 / (0.65 x 38,000) = 17.2%; high 4,237 / (0.45 x 38,000) = 24.8%. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (JLL, p.5); JLL counts operating capacity, which includes load supplied behind the meter. Other observation, from the screening pass (T5, inside the range): JLL market capacity of N. Virginia 6,315 MW x 85% plus S. Virginia 2,000 MW x 50% = 6,368 MW = 16.8%, where Dominion serves most of both markets and NOVEC, Rappahannock EC and municipal systems the rest. Data centres were 28% of Virginia Power's 2025 electricity sales and 26% in 2024 (Form 10-K, read from the local SEC copy). The load figures are the company's own statements (T2); the conversion into a share is 5LayerCake's (T5)."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm","title":"Dominion Energy, Inc. and Virginia Electric and Power Company, Form 10-K for fiscal year 2025","publisher":"Dominion Energy","publishedDate":"2026-02-23","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business, segment descriptions (Virginia, North Carolina, South Carolina); read from the local SEC copy"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm","title":"Dominion Energy, Inc. and Virginia Electric and Power Company, Form 10-K for fiscal year 2025","publisher":"Dominion Energy","publishedDate":"2026-02-23","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business, segment descriptions (Virginia, North Carolina, South Carolina); read from the local SEC copy"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4f98ea6d35957767a2d42dc4047d8fb035f0d4c36ca739b599754fd297631778"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4f98ea6d35957767a2d42dc4047d8fb035f0d4c36ca739b599754fd297631778"}},"activityGrowth":{"current":{"low":4237,"central":4237,"high":4237,"unit":"MW","basis":"Data-centre billing demand, calendar-year annual figure, MW (Dominion Energy Virginia territory)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.pjm.com/-/media/DotCom/committees-groups/subcommittees/las/2026/20260929/20260929-item-5ai---dominion_energy.pdf","title":"Dominion Energy LSE 20-Year Data Center Forecast","publisher":"Dominion Energy (presentation to the PJM Load Analysis Subcommittee)","publishedDate":"2026-09-29","accessedDate":"2026-10-22","tier":"T2","locator":"slide 3, chart 'Historical Data Center Demand', billing demand for 2025"},"note":"Read from the chart's data labels; the series ends at 4,838 MW for 2026, which slide 2 describes as the billing peak as of August 2026."},"prior":{"low":3636,"central":3636,"high":3636,"unit":"MW","basis":"Data-centre billing demand, calendar-year annual figure, MW (Dominion Energy Virginia territory)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.pjm.com/-/media/DotCom/committees-groups/subcommittees/las/2026/20260929/20260929-item-5ai---dominion_energy.pdf","title":"Dominion Energy LSE 20-Year Data Center Forecast","publisher":"Dominion Energy (presentation to the PJM Load Analysis Subcommittee)","publishedDate":"2026-09-29","accessedDate":"2026-10-22","tier":"T2","locator":"slide 3, chart 'Historical Data Center Demand', billing demand for 2024"}}},"committedExpansion":{"low":1.93,"central":1.93,"high":1.93,"unit":"ratio","basis":"Construction Letters of Authorization (firm, MW, July 2026) ÷ data-centre billing demand (MW, August 2026)","period":"July 2026 contracts","periodEnd":"2026-07-31","source":{"url":"https://www.pjm.com/-/media/DotCom/committees-groups/subcommittees/las/2026/20260929/20260929-item-5ai---dominion_energy.pdf","title":"Dominion Energy LSE 20-Year Data Center Forecast","publisher":"Dominion Energy (presentation to the PJM Load Analysis Subcommittee)","publishedDate":"2026-09-29","accessedDate":"2026-10-22","tier":"T2","locator":"slide 6 (9,356 MW of CLOA, firm) and slide 2 (4.8 GW billing peak as of August 2026)"},"note":"The company says 9,356 MW of Construction Letters of Authorization (firm) were executed as of July 2026; 9,356 / 4,838 = 1.93. Electric Service Agreements (11,997 MW, firm) are not counted because they also cover sites already energised, and Engineering Letters of Authorization (32,473 MW) are not firm."},"baselineRevenueUsd":{"low":16506000000,"central":16506000000,"high":16506000000,"unit":"USD","basis":"Total operating revenues, calendar year, US dollars (consolidated group, not only data-centre wires)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm","title":"Dominion Energy, Inc. and Virginia Electric and Power Company, Form 10-K for fiscal year 2025","publisher":"Dominion Energy","publishedDate":"2026-02-23","accessedDate":"2026-10-22","tier":"T1","locator":"Consolidated statements of income, operating revenue $16,506 million for 2025; read from the local SEC copy"}}},"berkshire-hathaway-energy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"berkshire-hathaway-energy","name":"Berkshire Hathaway Energy (MidAmerican, PacifiCorp, NV Energy, Northern Powergrid, AltaLink)","kind":"unit","parentId":"berkshire-hathaway","commercialActivityVerified":true,"shares":{"united-states":{"low":7.11,"central":10.05,"high":14.04,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://www.industrialinfo.com/news/article/berkshire-hathaway-energy-utilities-see-modest-gain-in-capex-spending--355213","title":"Berkshire Hathaway Energy Utilities See Modest Gain in Capex Spending","publisher":"Industrial Info Resources","publishedDate":"2026-03-23","accessedDate":"2026-10-22","tier":"T5","locator":"BHE's chief financial officer at the EEI financial conference (November 2025): 'In 2024, data center peak load reached nearly 1,800 MWs across our utilities', about 7% of total system peak load; 'could reach 4,000-5,000 MWs by 2030'"},"note":"T5 derivation (5LayerCake), full-inputs pass. BHE's chief financial officer Chuck Chang told the Edison Electric Institute financial conference in November 2025 that data-centre peak load 'reached nearly 1,800 MWs across our utilities' in 2024 (about 7% of total system peak), that the utilities 'have contracted over 9,000 megawatts' of data-centre load and that peak load could reach 4,000-5,000 MW by 2030 (reported by Industrial Info Resources, 2026-03-23; company statements, T2). 2025 is not reported, so the end-2025 load is an assumption of 5LayerCake, with these anchors. The CFO's 1,800 MW for 2024 and his 4,000-5,000 MW for 2030 (midpoint 4,500 MW) imply a smooth compound growth of (4,500 / 1,800)^(1/6) - 1 = 16.5% a year, and 1,800 x 1.165 = 2,097, taken as about 2,100 MW at end-2025. Range 1,800 to 2,400 MW: the low end is no growth since 2024 (his 'nearly 1,800' is a floor for load that was still rising); the high end is a one-year rise of about 33% (2,400 / 1,800), twice the smooth rate, a judgement allowance because he also says over 9,000 MW is contracted, so early growth could run faster than the smooth path. The 2024 figure is peak load, while the card basis is connected capacity. Load is converted to capacity at an assumed load-to-capacity ratio of 0.55, a second assumption of 5LayerCake with a range of 0.45 to 0.65 (anchor: Dominion says its data centres mature at a 63% utilisation of contract capacity, slide 5 of its PJM Load Analysis Subcommittee deck of 29 Sep 2026, https://www.pjm.com/-/media/DotCom/committees-groups/subcommittees/las/2026/20260929/20260929-item-5ai---dominion_energy.pdf; a fleet still ramping runs lower). The results: central 2,100 / (0.55 x 38,000) = 10.05%; high 2,400 / (0.45 x 38,000) = 14.04%; the low end 7.11% is the screening derivation on JLL market capacity (Des Moines 1,101 MW x 90%, Omaha 1,378 MW x 40%, Las Vegas/Reno 560 MW x 95%, Salt Lake City 401 MW x 85%, Pacific Northwest 4,120 MW x 7% = 2,703 MW), which sits just below the load-based low end 7.29% (1,800 / (0.65 x 38,000)). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW less about 1 GW in Canada (JLL, p.5). The article quotes the CFO as saying only 'across our utilities' and does not assign the 1,800 MW to named subsidiaries; it names MidAmerican, PacifiCorp, NV Energy and Northern Powergrid among BHE's businesses and does not mention AltaLink. Treating the 1,800 MW as the load of the three US utilities (MidAmerican, PacifiCorp, NV Energy) is therefore a third assumption of 5LayerCake; if the figure also includes Northern Powergrid load, the US central is overstated, which the range (down to 7.11%) partly covers. The Northern Powergrid (UK) and AltaLink (Canada) allowances under Europe and rest of world are separate judgements and do not come from the CFO's figure."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":0.86,"central":0.86,"high":0.86,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 90: UK: Northern Powergrid (Yorkshire, North East): 90 MW (5LayerCake allowance). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. No company disclosure of connected data-centre MW for this region was opened in this pass, so the T5 width applies in full. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"low":0.29,"central":0.29,"high":0.29,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 40: Alberta: AltaLink: 40 MW (5LayerCake allowance). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. No company disclosure of connected data-centre MW for this region was opened in this pass, so the T5 width applies in full. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"ad4382d72f4408153d49e5dfacbe48120a5c4f36a1b4097b8e39a3a4726ced6a"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"ad4382d72f4408153d49e5dfacbe48120a5c4f36a1b4097b8e39a3a4726ced6a"}}},"aep":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"aep","name":"American Electric Power (incl. AEP Ohio, AEP Texas)","kind":"public","commercialActivityVerified":true,"shares":{"united-states":{"low":7.35,"central":9.86,"high":13.85,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://spectrumnews1.com/oh/columbus/news/2025/09/05/data-center-tariff-ohio","title":"How are data centers impacting Ohio's energy infrastructure?","publisher":"Spectrum News 1 Ohio","publishedDate":"2025-09-10","accessedDate":"2026-10-22","tier":"T5","locator":"AEP Ohio statement: 'Central Ohio data centers used approximately 1,500 megawatts of energy in July' (2025); 'approximately 847 megawatts' in December 2024; 'about 600 megawatts' in April 2024"},"note":"T5 derivation (5LayerCake), full-inputs pass. AEP Ohio told Spectrum News 1 that Central Ohio data centres used about 600 MW in April 2024, about 847 MW in December 2024 and about 1,500 MW in July 2025 (article of 2025-09-10). End-2025 Ohio load is extrapolated: the July 2025 level with no further growth is 1,500 MW, the straight line from December 2024 to July 2025 (about 93 MW a month) gives 1,966 MW, and the midpoint 1,733 MW is used. Load is converted to capacity at an assumed load-to-capacity ratio of 0.55, an assumption of 5LayerCake with a range of 0.45 to 0.65 (anchor: Dominion says its data centres mature at a 63% utilisation of contract capacity, slide 5 of its PJM Load Analysis Subcommittee deck of 29 Sep 2026, https://www.pjm.com/-/media/DotCom/committees-groups/subcommittees/las/2026/20260929/20260929-item-5ai---dominion_energy.pdf): Ohio central 1,733 / (0.55 x 38,000) = 8.29%, low 1,500 / (0.65 x 38,000) = 6.07%, high 1,966 / (0.45 x 38,000) = 11.50%. Other AEP states are added from the screening derivation on JLL market capacity: N. Indiana 1,162 MW x 35% (Indiana Michigan Power) = 407 MW, W. Texas 200 MW x 40% (AEP Texas) = 80 MW, and 170 MW for Oklahoma, Louisiana, Arkansas, Virginia, West Virginia and Kentucky (5LayerCake allowance, scaled by 0.64 to 109 MW so that all US allowances fit the JLL unlisted-market pool of 3,744 MW; see the other US notes): 596 MW = 1.57% (low 487 MW without the allowance = 1.28%; high 1.5 times = 2.35%). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW less about 1 GW in Canada (JLL, p.5). Other observation: the screening derivation, Columbus 3,541 MW x 85% plus the same other-state items with the unscaled allowance = 3,667 MW = 9.65%, inside the range. AEP's September 2026 submission to PJM says its data-processing demand (data centres and crypto) grew about 13 times since 2022 and 93% a year since 2023 (slide 5; chart values not readable in the text), which supports a fast-growing level but does not give one."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/4904/000000490426000013/aep-20251231.htm","title":"American Electric Power, Form 10-K for fiscal year 2025","publisher":"American Electric Power","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: eastern and western service territories (APCo, I&M, KPCo, OPCo, AEP Texas, PSO, SWEPCo); read from the local SEC copy"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/4904/000000490426000013/aep-20251231.htm","title":"American Electric Power, Form 10-K for fiscal year 2025","publisher":"American Electric Power","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: eastern and western service territories (APCo, I&M, KPCo, OPCo, AEP Texas, PSO, SWEPCo); read from the local SEC copy"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4027d7c8fdc378431538b6a39095eed62e92ad2cdf40200026a0a6a23354c051"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4027d7c8fdc378431538b6a39095eed62e92ad2cdf40200026a0a6a23354c051"}},"activityGrowth":{"current":{"low":1500,"central":1500,"high":1500,"unit":"MW","basis":"Central Ohio data-centre electricity use, monthly average MW (AEP Ohio statement)","period":"July 2025","periodEnd":"2025-07-31","source":{"url":"https://spectrumnews1.com/oh/columbus/news/2025/09/05/data-center-tariff-ohio","title":"How are data centers impacting Ohio's energy infrastructure?","publisher":"Spectrum News 1 Ohio","publishedDate":"2025-09-10","accessedDate":"2026-10-22","tier":"T2","locator":"AEP Ohio media relations: 'approximately 1,500 megawatts of energy in July'"}},"prior":{"low":600,"central":600,"high":600,"unit":"MW","basis":"Central Ohio data-centre electricity use, monthly average MW (AEP Ohio statement)","period":"April 2024","periodEnd":"2024-04-30","source":{"url":"https://spectrumnews1.com/oh/columbus/news/2025/09/05/data-center-tariff-ohio","title":"How are data centers impacting Ohio's energy infrastructure?","publisher":"Spectrum News 1 Ohio","publishedDate":"2025-09-10","accessedDate":"2026-10-22","tier":"T2","locator":"AEP Ohio media relations: 'In April 2024, they used about 600 megawatts'"},"note":"The two dates are 15 months apart, the longest gap the method allows, so the 150% rise overstates a 12-month rate. Central Ohio only; AEP's other states are not disclosed."}},"committedExpansion":{"low":9.88,"central":9.88,"high":9.88,"unit":"ratio","basis":"AEP Ohio signed ESA/LOA additions to 2031-ultimate (MW, September 2026) ÷ estimated AEP Ohio data-centre load at end-2025 (MW)","period":"2026 PJM submission","periodEnd":"2026-09-29","source":{"url":"https://www.pjm.com/-/media/DotCom/committees-groups/subcommittees/las/2026/20260929/20260929-item-5f---aep.pdf","title":"AEP 2026 Load Forecast Adjustments","publisher":"American Electric Power (presentation to the PJM Load Analysis Subcommittee)","publishedDate":"2026-09-29","accessedDate":"2026-10-22","tier":"T5","locator":"slide 6, 'Forecast Adjustment Summary': AEP Ohio cumulative additions, 'Ultimate' column, 17,116 MW; slide 3: 97% of projects through 2031 backed by take-or-pay ESAs and 3% by LOAs"},"note":"17,116 MW of cumulative additions at AEP Ohio (company submission; 'existing and planned large load', signed ESA or LOA only, includes a small industrial and crypto part) ÷ 1,733 MW estimated Ohio data-centre load at end-2025 = 9.88. The denominator is the 5LayerCake extrapolation described under the Ohio share, so the tier is T5. AEP-wide figures (69 GW of contracted load growth through 2030 in the Q2 2026 release) are not used because AEP-wide data-centre load is not disclosed."},"baselineRevenueUsd":{"low":21876000000,"central":21876000000,"high":21876000000,"unit":"USD","basis":"Total operating revenues, calendar year, US dollars (consolidated group, not only data-centre wires)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/4904/000000490426000013/aep-20251231.htm","title":"American Electric Power, Form 10-K for fiscal year 2025","publisher":"American Electric Power","publishedDate":"2026-02-12","accessedDate":"2026-10-22","tier":"T1","locator":"Consolidated statements of income, total revenues $21,876 million for 2025; read from the local SEC copy"}}},"esb":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"esb","name":"ESB (ESB Networks)","kind":"private","commercialActivityVerified":true,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.esbnetworks.ie/who-we-are","title":"ESB Networks - Who we are","publisher":"ESB Networks","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Ireland's electricity network'; customer and emergency lines for Ireland"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":10.33,"central":12.4,"high":18.52,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), full-inputs pass. Share = company MW / region MW. Company MW 1,302: Dublin 1,085 MW (end-2024, C&W chart) x 1.099 growth x 100% (ESB Networks owns all of Ireland's wires) = 1,192 MW, plus 110 MW for the rest of Ireland (Cork and others; 5LayerCake allowance). The growth factor replaces the screening pass's assumed 1.05 with the 9.9% rise in Ireland's data-centre metered electricity use in 2025 (7,663 GWh against 6,973 GWh; Central Statistics Office, from ESB Networks meter data, share of metered electricity 23%). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate). Range: low 10.3% is Dublin at end-2024 with no growth and no rest of Ireland (1,085 MW); high 18.5% converts the CSO's 2025 average load (7,663 GWh / 8,760 h = 875 MW, all metered data centres including enterprise sites that the C&W chart does not cover) to capacity at a load-to-capacity ratio of 0.45: 875 / (0.45 x 10,500). The C&W-based value stays central because the denominator is also C&W-based."},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.esbnetworks.ie/who-we-are","title":"ESB Networks - Who we are","publisher":"ESB Networks","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Ireland's electricity network'; customer and emergency lines for Ireland"}}},"screening":{"europe":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b5acb1bdc4f0d9e0da834cdb2fe017daae4560849c4085b8e9e95b8fa946da7b"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b5acb1bdc4f0d9e0da834cdb2fe017daae4560849c4085b8e9e95b8fa946da7b"}},"activityGrowth":{"current":{"low":7663,"central":7663,"high":7663,"unit":"GWh","basis":"Data-centre metered electricity consumption, calendar year, GWh (CSO, from ESB Networks meter data)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.cso.ie/en/releasesandpublications/ep/p-dcmec/datacentresmeteredelectricityconsumption2025/keyfindings/","title":"Data Centres Metered Electricity Consumption 2025: Key Findings","publisher":"Central Statistics Office (Ireland)","publishedDate":"2026-07-07","accessedDate":"2026-10-22","tier":"T1","locator":"Key findings: data centres 7,663 GWh in 2025 (the page header gives the release date as 07 July 2025 and the statistician's comment as 07 July 2026; the Irish Times reported it on 2026-07-07)"}},"prior":{"low":6973,"central":6973,"high":6973,"unit":"GWh","basis":"Data-centre metered electricity consumption, calendar year, GWh (CSO, from ESB Networks meter data)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.cso.ie/en/releasesandpublications/ep/p-dcmec/datacentresmeteredelectricityconsumption2025/keyfindings/","title":"Data Centres Metered Electricity Consumption 2025: Key Findings","publisher":"Central Statistics Office (Ireland)","publishedDate":"2026-07-07","accessedDate":"2026-10-22","tier":"T1","locator":"Key findings: data centres 6,973 GWh in 2024"}}}},"china-southern-power-grid":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"china-southern-power-grid","name":"China Southern Power Grid","kind":"private","commercialActivityVerified":true,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://static.cninfo.com.cn/finalpage/2026-07-17/1225430827.PDF","title":"中国南方电网有限责任公司 2026年度跟踪评级报告 (China Southern Power Grid, 2026 follow-up credit rating report)","publisher":"CCXI (中诚信国际)","publishedDate":"2026-07-17","accessedDate":"2026-10-22","tier":"T4","locator":"Business section: supply area covers Guangdong, Hainan, Guangxi, Yunnan and Guizhou; connected to neighbouring Southeast Asian grids (not owned by CSG)"}},"china":{"low":8.1,"central":11.3,"high":14.8,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"CY2025 (derived from electricity use)","periodEnd":"2025-12-31","source":{"url":"https://www.yicai.com/news/103206498.html","title":"南方电网电力负荷连续四天创新高，季节性规律被打破","publisher":"第一财经 (Yicai)","publishedDate":"2026-05-29","accessedDate":"2026-10-22","tier":"T5","locator":"'今年1-4月，...其中307家数据中心用电量38.05亿千瓦时，同比增长18.48%' (Guangdong, January-April 2026)"},"offBasis":true,"note":"T5 derivation (5LayerCake), full-inputs pass. Electricity use is used as a proxy for connected MW (off basis). China total: the National Energy Administration says computing centres used about 170 billion kWh in 2025, 1.6% of national electricity use (reported by Cailianshe, republished by Huxiu, 2026-05-30). Guangdong, the largest of China Southern Power Grid's five provinces: 307 monitored data centres used 3.805 billion kWh in January-April 2026, up 18.48% on the year (Yicai, 2026-05-29), so 3.212 billion kWh in January-April 2025; times 3 for a year = 9.6 billion kWh, 5.7% of 170 billion kWh. The other four provinces (Guangxi, Yunnan, Guizhou, Hainan) have no data-centre total in the sources opened (Guangxi Power Grid says its 36 monitored data centres grew 19.2%, with no level). Central 11.3% takes Guangdong as half of the area's data-centre use (a 5LayerCake judgement; Guizhou hosts a national computing hub): 5.7 / 0.5. Low 8.1%: Guangdong as 70% of the area (5.7 / 0.7). High 14.8%: China Southern Power Grid's own 2024 electricity sales as a share of China's 2024 electricity use, 14,545 hundred-million kWh = 1.4545 trillion kWh (CCXI, 2026-07-17) / 9.85 trillion kWh (Lianhe Ratings State Grid report, 2025-06-27) = 14.8%. The C&W 2025 chart shows Guangzhou at about 290 MW against Beijing plus Shanghai at about 3,440 MW, in line with a low double-digit share. Current data-centre customers: Yicai's 307 Guangdong data centres."},"europe":{"participates":false,"evidence":{"url":"https://static.cninfo.com.cn/finalpage/2026-07-17/1225430827.PDF","title":"中国南方电网有限责任公司 2026年度跟踪评级报告 (China Southern Power Grid, 2026 follow-up credit rating report)","publisher":"CCXI (中诚信国际)","publishedDate":"2026-07-17","accessedDate":"2026-10-22","tier":"T4","locator":"Business section: supply area covers Guangdong, Hainan, Guangxi, Yunnan and Guizhou; connected to neighbouring Southeast Asian grids (not owned by CSG)"}},"rest-of-world":{"low":0,"central":0.04,"high":0.29,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://www.lowyinstitute.org/publications/trapped-debt-china-s-role-laos-economic-crisis","title":"Trapped in debt: China's role in Laos' economic crisis","publisher":"Lowy Institute","publishedDate":"2025-04-13","accessedDate":"2026-10-23","tier":"T5","locator":"Text on the Lao power grid (authors Keith Barney, Roland Rajah, Mariza Cooray): China Southern Power Grid signed an agreement to buy a 90% stake in the national grid operator Électricité du Laos Transmission Company (EDL-T), through a 25-year lease valued at $625 million"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. China Southern Power Grid agreed to buy a 90% stake in Électricité du Laos Transmission Company (EDL-T) under a 25-year lease valued at $625 million (Lowy Institute, 2025-04-13, opened 2026-10-23; a think-tank analysis, so the stake is a reported fact, not a company filing). Radio Free Asia, published on voanews.com on 2021-03-18 (opened 2026-10-23, https://www.voanews.com/a/east-asia-pacific_laos-grants-25-year-concession-chinese-company-manage-power-grid/6203453.html), says the shareholding agreement gave China Southern a majority and that EDL-T controls the high-voltage network above 230 kV while Électricité du Laos keeps lines below 230 kV. Laos has no data-centre market in the C&W 2025 chart (every market outside the chart is below about 280 MW) or in any other source opened, so the allowance of 5 MW (range 0-40 MW) of a 14,000 MW region = 0.036% is an upper-bound assumption and not a measurement. CCXI's 2026 report describes the rest of the company's overseas business as cross-border interconnection (14 lines of 110 kV or more) and electricity trade. 5LayerCake estimate of 14,000 MW (range 11,000-18,000) built from C&W's 2025 APAC operational capacity of 12.2 GW less mainland-China markets, plus Middle East, Africa, Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets."}},"screening":{"china":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4a82fe84da335e33e7ebbd59bcbc7669fb8c125af84908dd76937fc8de65bcff"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4a82fe84da335e33e7ebbd59bcbc7669fb8c125af84908dd76937fc8de65bcff"}},"activityGrowth":{"current":{"low":3805000000,"central":3805000000,"high":3805000000,"unit":"kWh","basis":"Guangdong data-centre electricity use, January-April, kWh (307 monitored data centres)","period":"January-April 2026","periodEnd":"2026-04-30","source":{"url":"https://www.yicai.com/news/103206498.html","title":"南方电网电力负荷连续四天创新高，季节性规律被打破","publisher":"第一财经 (Yicai)","publishedDate":"2026-05-29","accessedDate":"2026-10-22","tier":"T3","locator":"'307家数据中心用电量38.05亿千瓦时，同比增长18.48%'"},"note":"Guangdong only (about half of the area's data-centre use by the judgement above); the other four provinces are not disclosed."},"prior":{"low":3211700000,"central":3211700000,"high":3211700000,"unit":"kWh","basis":"Guangdong data-centre electricity use, January-April, kWh (307 monitored data centres)","period":"January-April 2025 (derived)","periodEnd":"2025-04-30","source":{"url":"https://www.yicai.com/news/103206498.html","title":"南方电网电力负荷连续四天创新高，季节性规律被打破","publisher":"第一财经 (Yicai)","publishedDate":"2026-05-29","accessedDate":"2026-10-22","tier":"T5","locator":"'同比增长18.48%'"},"note":"Derived: 3.805 billion kWh / 1.1848 = 3.2117 billion kWh."}}},"sempra":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"sempra","name":"Sempra (Oncor 80.25%, SDG&E)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":4.98,"central":4.98,"high":4.98,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 1,946: Dallas-Fort Worth 2,423 MW x 70% (Oncor serves most of DFW; Garland, Denton and co-operatives the rest (credited to Sempra, which owns 80.25% of Oncor)); W. Texas 200 MW x 50% (Oncor serves part of the Permian/Abilene area); other Oncor territory and SDG&E: 150 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Searched in this pass for a company disclosure of connected data-centre MW at Oncor or SDG&E: none found. Search results (not opened, so not cited as sources) show Oncor reporting only its interconnection queue (over 600 requests, about 210 GW from data centres, at 30 September 2025) and about 9 GW of signed interconnection agreements, which are not connected load. The territory fractions and the allowance remain 5LayerCake judgements. Oncor (80.25% owned by Sempra, ring-fenced) is credited in full to Sempra under the register's one-economic-group rule; an ownership-weighted credit would be 80.25% of the Oncor part. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 150 MW (of 1946 MW) become 96 MW and the share falls from 5.12% to 4.98%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.sdge.com/more-information/our-company/about-us","title":"About Us | San Diego Gas & Electric","publisher":"San Diego Gas & Electric (Sempra)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"SDG&E 'serving 3.7 million people across a 4,100-square-mile area' of San Diego and Southern Orange counties; Sempra's other utility, Oncor, 'Miles of power lines across Texas' (https://www.oncor.com/content/oncorwww/us/en/home/about-us.html, also opened)"}},"rest-of-world":{"low":0,"central":0.07,"high":0.43,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because sempra.com refused access in the screening pass and was not retried; the allowance stands for Mexican network assets through Sempra Infrastructure. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 10 MW (range 0-60 MW) of a 14,000 MW region = 0.071%, which is an assumption and not a measurement. Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4c092818c0957922bcd2cd367f0e9e9e8d1b2f79857d2a5c3331c8662834f7a5"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4c092818c0957922bcd2cd367f0e9e9e8d1b2f79857d2a5c3331c8662834f7a5"}}},"southern":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"southern","name":"Southern Company (Georgia Power, Alabama Power, Mississippi Power)","kind":"public","commercialActivityVerified":true,"shares":{"united-states":{"low":3.13,"central":4.72,"high":7.02,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://www.utilitydive.com/news/southern-co-contracted-large-load-data-centers/826919/","title":"Southern Co. contracted large load rises to 17 GW","publisher":"Utility Dive","publishedDate":"2026-08-04","accessedDate":"2026-10-22","tier":"T5","locator":"'The company has more than 1.2 GW of data center load on its system'; 'data center electricity usage was up 55% year-over-year in the second quarter' (Q2 2026 results)"},"note":"T5 derivation (5LayerCake), full-inputs pass. Southern says it has more than 1.2 GW of data-centre load on its system at Q2 2026 (June 2026), with data-centre electricity use up 55% on the year (Utility Dive, 2026-08-04; company statement, T2). If load grew as usage did, the load a year earlier was 1,200 / 1.55 = 774 MW; end-2025 is taken as the midpoint of the two, 987 MW (low 774 MW, high 1,200 MW). Load is converted to capacity at an assumed load-to-capacity ratio of 0.55, an assumption of 5LayerCake with a range of 0.45 to 0.65 (anchor: Dominion says its data centres mature at a 63% utilisation of contract capacity, Dominion's PJM Load Analysis Subcommittee deck of 29 Sep 2026, slide 5, https://www.pjm.com/-/media/DotCom/committees-groups/subcommittees/las/2026/20260929/20260929-item-5ai---dominion_energy.pdf; a fleet still ramping runs lower): central 987 / (0.55 x 38,000) = 4.72%, low 774 / (0.65 x 38,000) = 3.13%, high 1,200 / (0.45 x 38,000) = 7.02%. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW less about 1 GW in Canada (JLL, p.5). Other observation, from the screening pass (T5, inside the range): Atlanta 2,070 MW x 80% plus 150 MW for Alabama and Mississippi = 1,806 MW = 4.75%. The company's 2025 Form 10-K (local SEC copy) says commercial sales rose in 2025 on additional sales from new and existing data centres at Georgia Power and that, since 2023, the traditional electric operating companies have contracted about nine GW of load with new data centres and other large-load customers; it names no customers. The load figure covers Georgia Power, Alabama Power and Mississippi Power together."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/92122/000009212226000006/so-20251231.htm","title":"The Southern Company, Form 10-K for fiscal year 2025","publisher":"Southern Company","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: traditional electric operating companies in Alabama, Georgia and Mississippi; read from the local SEC copy"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/92122/000009212226000006/so-20251231.htm","title":"The Southern Company, Form 10-K for fiscal year 2025","publisher":"Southern Company","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: traditional electric operating companies in Alabama, Georgia and Mississippi; read from the local SEC copy"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a6209cdd38c3acd8cd22d50cb5ebd9effc4167dbe6d79f8aeeb76650ba862324"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a6209cdd38c3acd8cd22d50cb5ebd9effc4167dbe6d79f8aeeb76650ba862324"}},"activityGrowth":{"current":{"low":1200,"central":1200,"high":1200,"unit":"MW","basis":"System-wide data-centre load, MW (Southern Company's traditional electric operating companies)","period":"Q2 2026","periodEnd":"2026-06-30","source":{"url":"https://www.utilitydive.com/news/southern-co-contracted-large-load-data-centers/826919/","title":"Southern Co. contracted large load rises to 17 GW","publisher":"Utility Dive","publishedDate":"2026-08-04","accessedDate":"2026-10-22","tier":"T2","locator":"'The company has more than 1.2 GW of data center load on its system'"},"note":"'More than 1.2 GW' is used as 1,200 MW."},"prior":{"low":774,"central":774,"high":774,"unit":"MW","basis":"System-wide data-centre load, MW (Southern Company's traditional electric operating companies)","period":"Q2 2025 (derived)","periodEnd":"2025-06-30","source":{"url":"https://www.utilitydive.com/news/southern-co-contracted-large-load-data-centers/826919/","title":"Southern Co. contracted large load rises to 17 GW","publisher":"Utility Dive","publishedDate":"2026-08-04","accessedDate":"2026-10-22","tier":"T5","locator":"'data center electricity usage was up 55% year-over-year in the second quarter'"},"note":"Derived: 1,200 MW / 1.55 = 774 MW, assuming load grew as electricity use did."}},"committedExpansion":{"low":13.17,"central":14.17,"high":14.17,"unit":"ratio","basis":"Total contracted large load at Q2 2026 (MW) ÷ data-centre load on the system (MW, Q2 2026)","period":"Contracts at Q2 2026","periodEnd":"2026-06-30","source":{"url":"https://www.utilitydive.com/news/southern-co-contracted-large-load-data-centers/826919/","title":"Southern Co. contracted large load rises to 17 GW","publisher":"Utility Dive","publishedDate":"2026-08-04","accessedDate":"2026-10-22","tier":"T2","locator":"'bringing its total contracted large load to 17 GW across its territory' (Q2 2026 results)"},"note":"17,000 MW / 1,200 MW = 14.17. The article does not say whether the 17 GW includes the load already connected; if it does, (17,000 - 1,200) / 1,200 = 13.17 (low end). Large load includes some non-data-centre customers. The article gives no delivery date for the 17 GW, so no timing is claimed; the ratio is contracted load now, not load by a target year."},"baselineRevenueUsd":{"low":29553000000,"central":29553000000,"high":29553000000,"unit":"USD","basis":"Total operating revenues, calendar year, US dollars (consolidated group, not only data-centre wires)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/92122/000009212226000006/so-20251231.htm","title":"The Southern Company, Form 10-K for fiscal year 2025","publisher":"Southern Company","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"Consolidated statements of income, total operating revenues $29,553 million for 2025 (includes natural gas revenues of $5,044 million); read from the local SEC copy"}}},"tepco":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"tepco","name":"TEPCO (TEPCO Power Grid)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.cigre.org/userfiles/files/Community/NC/2018_National-power-system_Japan.pdf","title":"The Electric Power System: Japan","publisher":"CIGRE (Japanese national committee presentation)","publishedDate":"2018","accessedDate":"2026-10-22","tier":"T3","locator":"p.8, 'Ten Japanese T&DSOs': TEPCO's network area is the Tokyo area (39,500 km2, 247.1 TWh of annual area sales, 31% of Japan's load); p.2: ten operators in total (thin: shows the Japanese network role only; data FY2015-2016)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.cigre.org/userfiles/files/Community/NC/2018_National-power-system_Japan.pdf","title":"The Electric Power System: Japan","publisher":"CIGRE (Japanese national committee presentation)","publishedDate":"2018","accessedDate":"2026-10-22","tier":"T3","locator":"p.8, 'Ten Japanese T&DSOs': TEPCO's network area is the Tokyo area (39,500 km2, 247.1 TWh of annual area sales, 31% of Japan's load); p.2: ten operators in total (thin: shows the Japanese network role only; data FY2015-2016)"}},"rest-of-world":{"low":8.36,"central":8.36,"high":8.36,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 1,170: Tokyo 1,100 MW (end-2024) x 1.12 growth x 95% (TEPCO Power Grid serves Tokyo, Chiba and Saitama). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Cross-check from a search result (not opened): TEPCO Power Grid had 15 GW of transmission-line connection applications at the end of FY2025, which are requests and not connected load. The 95% share of Tokyo is a 5LayerCake judgement (TEPCO Power Grid serves Tokyo, Chiba and Saitama)."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"0e570015b92936218d28f105cad40f4abaefb2daab1b8aa8f87db07225e58e73"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"0e570015b92936218d28f105cad40f4abaefb2daab1b8aa8f87db07225e58e73"}}},"edf":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"edf","name":"EDF (Enedis, RTE)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0,"central":0.01,"high":0.11,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because edf.fr refused access in the screening pass and was not retried; the RTE regional report opened in this pass covers France only; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 38,000 MW region = 0.013%, which is an assumption and not a measurement. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":5.6,"central":7.81,"high":14.29,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 820: France: Paris, Marseille, Lyon: 820 MW (Enedis serves nearly all of France; RTE connects a few sites directly (both credited to EDF); Paris 515 MW end-2024 x 1.15 = 592, plus about 250 MW elsewhere). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Cross-checks opened in this pass: RTE's regional report says that at the end of 2025 six data centres in Île-de-France were connected to the transmission network, with 640 MW connected, 8 GW in connection and 7 GW under study (RTE, Bilan électrique 2025 en Île-de-France). RTE is 50.1% EDF-owned and credited to EDF. 640 MW of connected power at an assumed power usage effectiveness of 1.3 is about 490 MW of IT load, in line with the C&W Paris figure used here, so Enedis-connected sites and other French markets come on top. ECOinfos reports (citing the French regulator CRE) that France's data centres use about 10 TWh a year, about 1.14 GW on average, which includes enterprise sites that the C&W chart does not cover; the high end of the range spans it (1.14 GW / 0.8 = 1,430 MW, rounded up to 1,500 MW = 14.3%). The low end 5.6% is 590 MW: 490 MW of RTE-connected IT load plus 100 MW elsewhere. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"low":0,"central":0.07,"high":0.29,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because edf.fr refused access in the screening pass and was not retried; the RTE regional report opened in this pass covers France only; the allowance stands for island networks in the French overseas territories. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 10 MW (range 0-40 MW) of a 14,000 MW region = 0.071%, which is an assumption and not a measurement. Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8f07f16027a0edbc31aa03a84f7b57e43946f2330337e0eca987e0880a7fb07f"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8f07f16027a0edbc31aa03a84f7b57e43946f2330337e0eca987e0880a7fb07f"}}},"singapore-power":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"singapore-power","name":"SP Group (Singapore Power)","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.spgroup.com.sg/","title":"SP Group","publisher":"SP Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"owns and operates transmission and distribution networks in Singapore; holds a stake in Jemena (Australia)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.spgroup.com.sg/","title":"SP Group","publisher":"SP Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"owns and operates transmission and distribution networks in Singapore; holds a stake in Jemena (Australia)"}},"rest-of-world":{"low":7.66,"central":7.66,"high":7.66,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 1,072: Singapore 993 MW (end-2024) x 1.08 growth x 100% (SP PowerGrid owns Singapore's wires). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Searched in this pass for a company disclosure of connected data-centre MW: none found (search results, not opened, give only a third-party estimate of about 1,650 MW live in Singapore). The whole Singapore market is credited because SP PowerGrid owns the island's network (a 5LayerCake judgement from the screening pass)."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a637cbc9718adfdf56dfe14b3c49d9fd4d16615b008becb931275fdedb4a9a47"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a637cbc9718adfdf56dfe14b3c49d9fd4d16615b008becb931275fdedb4a9a47"}}},"alliander":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"alliander","name":"Alliander (Liander)","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.alliander.com/en/about-us","title":"This is Alliander","publisher":"Alliander","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'one of the Netherlands' largest energy network companies'; Liander distributes electricity and gas in the Netherlands"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":7.43,"central":7.43,"high":7.43,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 780: Netherlands: Liander (Amsterdam, Haarlemmermeer, Zaanstad, Almere, North Holland): 780 MW (Amsterdam 735 MW end-2024 x 1.15 = 845 mostly Liander, plus Middenmeer). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Searched in this pass for a company disclosure of connected data-centre MW at Liander: none found (search results, not opened, say only that the Haarlemmermeer data centres needed reserve grid capacity and that the queue for large connections of all kinds is about 10,000 MW). The 780 MW figure remains a 5LayerCake judgement from the C&W chart."},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.alliander.com/en/about-us","title":"This is Alliander","publisher":"Alliander","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'one of the Netherlands' largest energy network companies'; Liander distributes electricity and gas in the Netherlands"}}},"screening":{"europe":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"10c27a19e032e1e6a31e68e84a391cd9c0ed21d2f92d104b573a8a9ffedd1f2e"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"10c27a19e032e1e6a31e68e84a391cd9c0ed21d2f92d104b573a8a9ffedd1f2e"}}},"exelon":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"exelon","name":"Exelon (ComEd, PECO, BGE, Pepco)","kind":"public","commercialActivityVerified":true,"shares":{"united-states":{"low":3.07,"central":3.07,"high":3.07,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 1,240: Chicago 1,223 MW x 85% (ComEd serves northern Illinois); PECO, BGE, Pepco, Delmarva, Atlantic City Electric (markets JLL does not list): 200 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Cross-check opened in this pass: Exelon's Q3 2025 and Q2 2026 earnings presentations (slide 13 and slide 15) chart ComEd's in-service data-centre demand on an axis that ends at 700 MW ('historical on-peak hourly demand for in-service data centers in the ComEd service territory', about 25-27% a year growth), which implies a load below about 700 MW; at a load-to-capacity ratio of 0.45 that is below about 1,556 MW of capacity, above the 1,040 MW used here for Chicago (1,223 MW x 85%). No level for PECO, BGE, Pepco, Delmarva or Atlantic City Electric is given, so the 200 MW allowance for them is a 5LayerCake judgement. The territory fraction and the allowance remain judgements. Current data-centre customers: Exelon's Q3 2025 and Q2 2026 earnings presentations chart 'in-service data centers in the ComEd service territory' (Exelon, Exhibit 99.2, slide 13 and slide 15). Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 200 MW (of 1240 MW) become 128 MW and the share falls from 3.26% to 3.07%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.exeloncorp.com/company/about-exelon","title":"About Exelon - Corporate Information - Exelon","publisher":"Exelon","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Company description: six regulated transmission and distribution utilities (Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, Pepco), all in the US"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.exeloncorp.com/company/about-exelon","title":"About Exelon - Corporate Information - Exelon","publisher":"Exelon","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Company description: six regulated transmission and distribution utilities (Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, Pepco), all in the US"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d0870261a99bf3def6f6e0156d64c666aba5341fd28d6b55aed225c14f5c8fe5"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d0870261a99bf3def6f6e0156d64c666aba5341fd28d6b55aed225c14f5c8fe5"}}},"engie":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"engie","name":"ENGIE (UK Power Networks)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0,"central":0.01,"high":0.11,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because no ENGIE page showing its network territory outside the United Kingdom was opened (the ENGIE North America About page returned 'not found'); the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 38,000 MW region = 0.013%, which is an assumption and not a measurement. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":6.87,"central":6.87,"high":6.87,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 721: London 1,140 MW (end-2024) x 1.15 growth x 55% (UK Power Networks serves London, the East and South East of England). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Searched in this pass for a company disclosure of connected data-centre MW at UK Power Networks: none found (search results, not opened, cite about 760 MW of peak load across London's 99 data centres and a connection queue about ten times the local network's supply, not UKPN's connected MW). The 55% share of London is a 5LayerCake judgement."},"rest-of-world":{"low":0,"central":0.07,"high":0.43,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because no ENGIE page showing its network territory outside the United Kingdom was opened (the ENGIE North America About page returned 'not found'); the allowance stands for wires in Latin America (the H1 2026 results release records a tender for 400 km of transmission lines in Peru; ENGIE also reports Chile and Brazil). No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 10 MW (range 0-60 MW) of a 14,000 MW region = 0.071%, which is an assumption and not a measurement. Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"f820dd3e19eb676fd222fa80a1e49ced2f2026f23af152f4034e9953a4a83dc7"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"f820dd3e19eb676fd222fa80a1e49ced2f2026f23af152f4034e9953a4a83dc7"}}},"kepco":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"kepco","name":"KEPCO","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://cdn.prod.nntech.io/company-events/reports/a903dbb8-420e-3b56-9239-f929a4c145a4/report.pdf","title":"KEPCO 2025 Form 20-F (public filing copy)","publisher":"Korea Electric Power Corporation","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"pp.22-23: KEPCO is 'the dominant market player in electricity distribution in Korea' (its overseas holdings are generation)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://cdn.prod.nntech.io/company-events/reports/a903dbb8-420e-3b56-9239-f929a4c145a4/report.pdf","title":"KEPCO 2025 Form 20-F (public filing copy)","publisher":"Korea Electric Power Corporation","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"pp.22-23: KEPCO is 'the dominant market player in electricity distribution in Korea' (its overseas holdings are generation)"}},"rest-of-world":{"low":5,"central":6.47,"high":14,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 906: Seoul 496 MW (end-2024) x 1.12 growth x 100% (KEPCO owns Korea's wires); rest of Korea: 350 MW (Busan, Gyeonggi and others). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Conflicting observation (opened in this pass): the market-research firm Mordor Intelligence puts Korea's total data-centre IT load at 1,960 MW in 2025 (reported by Seoulz, 2026-06-08; T4), which would be 14.0% of the region against the 906 MW (6.5%) derived here from the C&W chart. The high end of the range spans it; the C&W-based value stays central because the same C&W chart supplies the other Asian markets. The low end 5.0% is 706 MW: Seoul 556 MW plus 150 MW for the rest of Korea instead of 350 MW. KEPCO owns Korea's network. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1b14ac89a5cc6883d2d65854990a317028ae534127537bebeb324350d6db06cf"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1b14ac89a5cc6883d2d65854990a317028ae534127537bebeb324350d6db06cf"}}},"tenaga-nasional":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"tenaga-nasional","name":"Tenaga Nasional","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.tnb.com.my/","title":"Tenaga Nasional Berhad","publisher":"Tenaga Nasional","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Malaysian national utility: Malaysian Grid Code, tariffs and supply-application pages (thin: no explicit territory sentence)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.tnb.com.my/","title":"Tenaga Nasional Berhad","publisher":"Tenaga Nasional","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Malaysian national utility: Malaysian Grid Code, tariffs and supply-application pages (thin: no explicit territory sentence)"}},"rest-of-world":{"low":3.9,"central":5.68,"high":10.7,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 795: Johor 404 MW (end-2024) x 1.35 growth x 100% (TNB serves Johor); Klang Valley: 250 MW (5LayerCake allowance). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Conflicting observation (opened in this pass): RHB Research says TNB has secured supply to 59 data-centre projects totalling 8.3 GW, of which 36 are completed with 'a maximum capacity of 4.5GW' and 68% of the capacity is in Johor (New Straits Times, 2026-07-10). That is supply capacity under take-or-pay terms, not IT load, and is not on the card's basis. If completed projects' IT load were a third of that supply capacity (an assumption), TNB would hold about 1,500 MW or 10.7% of the region; the high end of the range spans that. The 795 MW derived here from the C&W chart stays central; the low end 3.9% is Johor alone (404 MW x 1.35 = 545 MW). Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3030b815bca4e2cc9a0a7a6512ce3523deead05ff7334e112a9b4b7fa92b6113"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3030b815bca4e2cc9a0a7a6512ce3523deead05ff7334e112a9b4b7fa92b6113"}}},"grant-county-pud":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"grant-county-pud","name":"Grant County PUD","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":1.84,"central":1.84,"high":1.84,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 700: Pacific Northwest 4,120 MW x 17% (Grant PUD serves Quincy and the Columbia Basin data-centre cluster). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Cross-check opened in this pass: Grant PUD says its 8 data-centre operators used about 280 average MW in 2025, 37% of its average system load of about 757 MW (Grant PUD, Data Center FAQs, 2026-08-28; an average load, not connected capacity). At a peak-to-average ratio of 1.2 and a load-to-capacity ratio of 0.55 that is about 610 MW of capacity, against the 700 MW used here (4,120 MW x 17%). The territory fraction remains a judgement."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.grantpud.org/about-us","title":"Grant PUD: About Us","publisher":"Grant County PUD","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Serving customers throughout Grant County' (Washington)"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.grantpud.org/about-us","title":"Grant PUD: About Us","publisher":"Grant County PUD","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Serving customers throughout Grant County' (Washington)"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4f13bc92b30c8702774fb56de01ad46c308276d72183467759aa5630fb53e7a7"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4f13bc92b30c8702774fb56de01ad46c308276d72183467759aa5630fb53e7a7"}}},"inner-mongolia-power":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"inner-mongolia-power","name":"Inner Mongolia Power (Group)","kind":"private","commercialActivityVerified":true,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section: 'Inner Mongolia Power Group' business scope covers western Inner Mongolia"}},"china":{"low":2.9,"central":4,"high":6,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"CY2025 (derived from electricity use)","periodEnd":"2025-12-31","source":{"url":"https://www.news.cn/politics/20250530/e5da7c9099b04454a53b00502b5c6fca/c.html","title":"内蒙古扎实推进绿色算力大基地建设","publisher":"新华社 (Xinhua News Agency)","publishedDate":"2025-05-30","accessedDate":"2026-10-22","tier":"T5","locator":"'今年一季度，集群内数据中心用电12.2亿度' (Horinger data-centre cluster, Hohhot, Q1 2025)"},"note":"T5 derivation (5LayerCake), full-inputs pass. Electricity use is used as a proxy for connected MW (off basis). Inner Mongolia Power Group serves western Inner Mongolia (Hohhot, Baotou, Ulanqab), a national computing hub. Xinhua reports that the Horinger data-centre cluster in Hohhot used about 1.22 billion kWh in the first quarter of 2025 (2025-05-30); times 4 = 4.9 billion kWh a year, 2.9% of the 170 billion kWh that the National Energy Administration gives for China in 2025 (Cailianshe via Huxiu, 2026-05-30). That is the low end. The article says the cluster also includes the Ulanqab Jining big-data park, and other western Inner Mongolia sites (Baotou, Ordos) are not quantified; central 4.0% adds about 1.1 points for them (a 5LayerCake judgement) and high 6.0% adds about 3 points. The first-quarter level is not annualised for 2025 growth, which is another reason the low end is conservative. Current data-centre customers: the Horinger cluster's reported electricity use.","offBasis":true},"europe":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section: 'Inner Mongolia Power Group' business scope covers western Inner Mongolia"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section: 'Inner Mongolia Power Group' business scope covers western Inner Mongolia"}}},"screening":{"china":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9e8852e362aafe1e4bc6cd5b7bdb7b0da8a11c2ca19d938cefe5a1ef7cc537ee"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9e8852e362aafe1e4bc6cd5b7bdb7b0da8a11c2ca19d938cefe5a1ef7cc537ee"}}},"pinnacle-west":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"pinnacle-west","name":"Pinnacle West (Arizona Public Service)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":1.96,"central":1.96,"high":1.96,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 744: Phoenix 1,653 MW x 45% (Arizona Public Service serves Phoenix, Glendale and Goodyear; SRP serves Mesa, Chandler and Gilbert). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Searched in this pass for a company disclosure of connected data-centre MW at APS: none found. The Western Resource Advocates Arizona fact sheet gives APS's net summer peak (about 8,000 MW) and inquiries for up to 15,000 MW, not connected data-centre load. The 45% share of the Phoenix market is a 5LayerCake judgement (APS serves Phoenix, Glendale and Goodyear; SRP serves Mesa, Chandler and Gilbert)."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.aps.com/en/residential/home","title":"Arizona Public Service","publisher":"Arizona Public Service (Pinnacle West)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Arizona Public Service customer home page; no foreign operations listed (thin: no explicit territory sentence)"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.aps.com/en/residential/home","title":"Arizona Public Service","publisher":"Arizona Public Service (Pinnacle West)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Arizona Public Service customer home page; no foreign operations listed (thin: no explicit territory sentence)"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"2684257bbc7aadceb5e423738a09357f62b597cf12c03287a2680d9fb5ecf960"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"2684257bbc7aadceb5e423738a09357f62b597cf12c03287a2680d9fb5ecf960"}}},"portland-general":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"portland-general","name":"Portland General Electric","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":1.84,"central":1.84,"high":1.84,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 700: Pacific Northwest 4,120 MW x 17% (PGE serves Portland and Hillsboro). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Searched in this pass for a company disclosure of connected data-centre MW: none found (search results, not opened, mention only more than 80 MW to be added in 2026 and 400 MW by 2029, which is not connected load). The 17% share of the Pacific Northwest market is a 5LayerCake judgement."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://portlandgeneral.com/about/who-we-are","title":"Who We Are","publisher":"Portland General Electric","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'PGE powers nearly half of Oregon's population and two-thirds of the state's commercial and industrial activity'"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://portlandgeneral.com/about/who-we-are","title":"Who We Are","publisher":"Portland General Electric","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'PGE powers nearly half of Oregon's population and two-thirds of the state's commercial and industrial activity'"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"613e205a274e17a071032d5a9231af3cd91dcd59b0b2c62e684604b18caebaf4"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"613e205a274e17a071032d5a9231af3cd91dcd59b0b2c62e684604b18caebaf4"}}},"cps-energy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"cps-energy","name":"CPS Energy","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":1.79,"central":1.79,"high":1.79,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 680: Austin/San Antonio 1,700 MW x 40% (CPS Energy serves San Antonio). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Searched in this pass for a company disclosure of connected data-centre MW: none found. A search result (not opened, so not cited as a source) puts a dozen data centres in western Bexar County at about 324 MW. The 40% share of the Austin/San Antonio market is a 5LayerCake judgement."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.cpsenergy.com/en/about-us.html","title":"About Us","publisher":"CPS Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"electric and gas customers in San Antonio and portions of seven adjoining counties"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.cpsenergy.com/en/about-us.html","title":"About Us","publisher":"CPS Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"electric and gas customers in San Antonio and portions of seven adjoining counties"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d8e295efb4930ab4987ddf4e4b760516ee5551c11d0cfe5a323033c7bfc52988"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d8e295efb4930ab4987ddf4e4b760516ee5551c11d0cfe5a323033c7bfc52988"}}},"salt-river-project":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"salt-river-project","name":"Salt River Project","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":1.74,"central":1.74,"high":1.74,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 661: Phoenix 1,653 MW x 40% (SRP serves Mesa, Chandler and Gilbert). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Cross-check opened in this pass: SRP says data centres were 5.1% of its record summer 2025 peak (SRP data-centre facts page, as reported by mgrid.org on 2026-09-01); SRP's peak in MW is not stated (SRP's generation capacity is about 8,000 MW), so at a peak of roughly 8,000 MW the load would be about 410 MW, or about 745 MW of capacity at a load-to-capacity ratio of 0.55, consistent with the 661 MW used here. The territory fraction remains a judgement."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://westernresourceadvocates.org/wp-content/uploads/2025/08/2025_DataCenter_FactSheet_AZ.pdf","title":"Data Center Impacts in the West: Policy Solutions for Water and Energy Use (Arizona fact sheet)","publisher":"Western Resource Advocates","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T3","locator":"p.2, 'Salt River Project (SRP)': SRP's integrated system plan and load forecasts are Arizona-only; p.1 names SRP as one of Arizona's three largest utilities (thin: states the home state, not the absence of foreign assets)"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://westernresourceadvocates.org/wp-content/uploads/2025/08/2025_DataCenter_FactSheet_AZ.pdf","title":"Data Center Impacts in the West: Policy Solutions for Water and Energy Use (Arizona fact sheet)","publisher":"Western Resource Advocates","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T3","locator":"p.2, 'Salt River Project (SRP)': SRP's integrated system plan and load forecasts are Arizona-only; p.1 names SRP as one of Arizona's three largest utilities (thin: states the home state, not the absence of foreign assets)"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3013e6362de9621ea214ed6910139efd4b1631aea7283269ac5e41dac36df934"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3013e6362de9621ea214ed6910139efd4b1631aea7283269ac5e41dac36df934"}}},"mainova":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"mainova","name":"Mainova (NRM Netzdienste Rhein-Main)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.mainova.de/de/","title":"Mainova AG – Bundesweite Energieversorgung aus Frankfurt","publisher":"Mainova","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Frankfurt energy supplier ('Versorgungssicherheit in Frankfurt'); its network subsidiary NRM Netzdienste Rhein-Main serves 'die Region' (https://www.nrm-netzdienste.de/de/, also opened)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":4.6,"central":4.6,"high":4.6,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 483: Frankfurt 700 MW (end-2024) x 1.15 growth x 60% (NRM Netzdienste Rhein-Main serves Frankfurt city; Syna and Westnetz serve suburbs). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Searched in this pass for a company disclosure of connected data-centre MW: none found (search results, not opened, say that data centres are Frankfurt's largest power consumers and that its grid operator NRM reports connection requests exceeding upstream capacity; no connected MW is given). The 60% share of the Frankfurt market is a 5LayerCake judgement."},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.mainova.de/de/","title":"Mainova AG – Bundesweite Energieversorgung aus Frankfurt","publisher":"Mainova","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Frankfurt energy supplier ('Versorgungssicherheit in Frankfurt'); its network subsidiary NRM Netzdienste Rhein-Main serves 'die Region' (https://www.nrm-netzdienste.de/de/, also opened)"}}},"screening":{"europe":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"062d942f95661c95a2a149fdaa482e4c401d5d3a33fd861e61db5b1de3ad5f84"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"062d942f95661c95a2a149fdaa482e4c401d5d3a33fd861e61db5b1de3ad5f84"}}},"duke":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"duke","name":"Duke Energy","kind":"public","commercialActivityVerified":true,"shares":{"united-states":{"low":1.68,"central":1.68,"high":1.68,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 1,000: Carolinas, Indiana, Ohio, Kentucky, Florida (markets JLL does not list): 1,000 MW (the unlisted-market pool is about 4,100 MW (JLL 39 GW less listed markets); Duke assumed to hold about a quarter). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Searched in this pass for a company disclosure of connected data-centre MW: none found. The parts of Duke's Q4 2025 and Q2 2026 earnings releases (8-K exhibits) that could be read give no operating data-centre load, and search results (not opened) mention only signed agreements (about 7.6 GW) and a late-stage pipeline (15.4 GW), which are not connected load. The 1,000 MW item (a quarter of an unlisted-market pool that the screening pass put at about 4,100 MW; a closer count gives 3,744 MW) is a 5LayerCake judgement, so the T5 width applies in full. Current data-centre customers are named in the company's 2025 Form 10-K (local SEC copy). Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 1000 MW (of 1000 MW) become 640 MW and the share falls from 2.63% to 1.68%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1326160/000132616026000014/duk-20251231.htm","title":"Duke Energy, Form 10-K for fiscal year 2025","publisher":"Duke Energy","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: electric service territory of about 90,000 square miles across six states; read from the local SEC copy"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1326160/000132616026000014/duk-20251231.htm","title":"Duke Energy, Form 10-K for fiscal year 2025","publisher":"Duke Energy","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: electric service territory of about 90,000 square miles across six states; read from the local SEC copy"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"5285376b2102a7ee299a5db776295399acb329f226a50f55aec7abdedc0114b8"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"5285376b2102a7ee299a5db776295399acb329f226a50f55aec7abdedc0114b8"}},"baselineRevenueUsd":{"low":32237000000,"central":32237000000,"high":32237000000,"unit":"USD","basis":"Total operating revenues, calendar year, US dollars (consolidated group, not only data-centre wires)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1326160/000132616026000014/duk-20251231.htm","title":"Duke Energy, Form 10-K for fiscal year 2025","publisher":"Duke Energy","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T1","locator":"Consolidated statements of operations, total operating revenues $32,237 million for 2025 (Electric Utilities and Infrastructure $29,357 million); read from the local SEC copy"}}},"enel":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"enel","name":"Enel (e-distribuzione, e-distribución, Latin American networks)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.enel.com/content/dam/enel-common/press/en/2026-march/Enel%20results%20FY2025.pdf","title":"Enel 2025 annual results","publisher":"Enel","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"p.12: grid investment plan 'around 55% in Italy ... over 20% in Iberia ... nearly 25% in Latin America'; p.7: Enel Grids investment in Italy, Brazil and Spain"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":2.86,"central":2.86,"high":2.86,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 300: Italy (e-distribuzione, Milan and elsewhere): 180 MW (Milan is mostly Unareti; Enel serves the rest of Lombardy and other regions); Spain (e-distribución, Barcelona and Aragon): 120 MW (Endesa's network). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Searched in this pass for a company disclosure of connected data-centre MW at e-distribuzione, Endesa or the Latin American networks: none found (search results, not opened, show only Terna's connection requests for Italy, which are not connected load). The territory fractions remain 5LayerCake judgements. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"low":2.68,"central":2.68,"high":2.68,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 375: Latin America: Enel São Paulo, Bogotá, Santiago, Lima: 375 MW (Sao Paulo 371 MW end-2025 x about 45%, plus 100 MW Santiago and 100 MW Bogotá and Lima). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Searched in this pass for a company disclosure of connected data-centre MW at e-distribuzione, Endesa or the Latin American networks: none found (search results, not opened, show only Terna's connection requests for Italy, which are not connected load). The territory fractions remain 5LayerCake judgements."}},"screening":{"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9641c33f047bca810a1b03887dd54fee1f4f06ad63ca45c78457c46671af07e4"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9641c33f047bca810a1b03887dd54fee1f4f06ad63ca45c78457c46671af07e4"}}},"oppd":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"oppd","name":"Omaha Public Power District","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":1.45,"central":1.45,"high":1.45,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 551: Omaha 1,378 MW x 40% (OPPD serves Papillion and Sarpy County). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Searched in this pass for a company disclosure of connected data-centre MW: none found (search results, not opened, mention only data-centre service requests). The 40% share of the Omaha market is a 5LayerCake judgement."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.oppd.com/","title":"OPPD Homepage","publisher":"Omaha Public Power District","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Omaha Public Power District home page with a 'Doing Business In Nebraska' menu (thin: no explicit territory sentence)"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.oppd.com/","title":"OPPD Homepage","publisher":"Omaha Public Power District","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Omaha Public Power District home page with a 'Doing Business In Nebraska' menu (thin: no explicit territory sentence)"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9428de2001c8371bf9af0cabd5dee182bf518338bb51947ad004ba0148756e24"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9428de2001c8371bf9af0cabd5dee182bf518338bb51947ad004ba0148756e24"}}},"iberdrola":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"iberdrola","name":"Iberdrola (Avangrid, ScottishPower, Electricity North West, i-DE, Neoenergia)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.14,"central":0.14,"high":0.14,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 85: Avangrid: New York, Connecticut, Maine (markets JLL does not list): 85 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Searched in this pass for a company disclosure of connected data-centre MW at i-DE, Avangrid, ScottishPower networks or Neoenergia: none found (search results, not opened, mention a 700 MW secured grid access around Madrid for Iberdrola's Echelon joint venture, which is a project connection right and not connected load). The territory fractions and allowances remain 5LayerCake judgements. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 85 MW (of 85 MW) become 54 MW and the share falls from 0.22% to 0.14%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":3.69,"central":3.69,"high":3.69,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), corrected in the fix pass of 2026-10-23: the earlier Madrid figure of about 330 MW was above every opened report. Share = company MW / region MW. Company MW 387: Spain: i-DE (Madrid, Basque Country, Valencia): 157 MW; UK: Electricity North West (Manchester) and SP Energy Networks: 230 MW (5LayerCake allowance). Spain, Madrid: the Comunidad de Madrid's own report puts capacity in service in the Madrid region at 216 MW for 2024 (46 facilities, 35 operating; 54.8% of Spain's installed capacity; Consejería de Digitalización, reported 2025-09-10, https://www.comunidad.madrid/noticias/2025/09/10/comunidad-madrid-lidera-sector-centros-datos-espana-casi-55-capacidad-total-instalada, opened 2026-10-23), and Colliers puts Madrid's operational capacity at 175 MW IT growing to 212 MW IT between the Oct 2025-Mar 2026 and Apr-Sep 2026 snapshots (reported by Cadena de Suministro, 2026-10-14, https://www.cadenadesuministro.es/inmologistica/capacidad-centros-datos-aumenta-17-en-peninsula-iberica-con-450-mw-it-operativos_1518975_102.html, opened 2026-10-23; the Colliers page itself refused access and was not retried). The two measures differ in date and definition, so end-2025 Madrid is taken as the midpoint, 195 MW (range 175 to 216 MW). i-DE is taken to serve about 65% of it (a 5LayerCake judgement; Naturgy's UFD serves much of the south): 195 x 0.65 = 127 MW. Spain, outside Madrid: Colliers counts only 35 MW IT operational in all of Spain outside Madrid, Barcelona and Aragon at the same date (Cadena de Suministro), so i-DE's Basque Country and Valencia are taken as 30 MW (a 5LayerCake allowance below that ceiling): 127 + 30 = 157 MW. UK allowance unchanged at 230 MW. Total 157 + 230 = 387 MW; 387 / 10,500 = 3.69% (before the correction 495 MW = 4.71%). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Searched in this pass for a company disclosure of connected data-centre MW at i-DE, Avangrid, ScottishPower networks or Neoenergia: none found (search results, not opened, mention a 700 MW secured grid access around Madrid for Iberdrola's Echelon joint venture, which is a project connection right and not connected load). The territory fractions and allowances remain 5LayerCake judgements. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,500 MW after this correction (about 3,600 MW before it), against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"low":0.43,"central":0.43,"high":0.43,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 60: Brazil: Neoenergia: 60 MW (5LayerCake allowance). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Searched in this pass for a company disclosure of connected data-centre MW at i-DE, Avangrid, ScottishPower networks or Neoenergia: none found (search results, not opened, mention a 700 MW secured grid access around Madrid for Iberdrola's Echelon joint venture, which is a project connection right and not connected load). The territory fractions and allowances remain 5LayerCake judgements. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"939ca99f1edd9737461a24f2cecc904f679e3be4da5209a3e9964f2088abefb0"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"939ca99f1edd9737461a24f2cecc904f679e3be4da5209a3e9964f2088abefb0"}}},"taipower":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"taipower","name":"Taiwan Power Company","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":0,"central":0.01,"high":0.11,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because no territory page was opened for Taipower (taipower.com.tw refused access in the screening pass and was not retried); the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 38,000 MW region = 0.013%, which is an assumption and not a measurement. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":0,"central":0.05,"high":0.38,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because no territory page was opened for Taipower (taipower.com.tw refused access in the screening pass and was not retried); the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 10,500 MW region = 0.048%, which is an assumption and not a measurement. Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller."},"rest-of-world":{"low":3.21,"central":3.21,"high":3.21,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 450: Taiwan: 450 MW (no single Taiwanese market is in the C&W top-30 chart). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 450 MW / 14,000 MW = 3.21%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a78d92d5e428fbf3a420c60d5fe056c9fa22cfe2aa729a4951a1da44b1a16a96"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a78d92d5e428fbf3a420c60d5fe056c9fa22cfe2aa729a4951a1da44b1a16a96"}}},"eon":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"eon","name":"E.ON (Westnetz, Bayernwerk, Syna, E.ON Energidistribution)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0,"central":0.01,"high":0.11,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because eon.com refused access in the screening pass and was not retried; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 38,000 MW region = 0.013%, which is an assumption and not a measurement. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":3.46,"central":3.46,"high":3.46,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 363: Germany (Westnetz, Syna, Bayernwerk, Avacon, E.DIS): 233 MW (about 15% of Germany's roughly 1,550 MW (Frankfurt 805 MW end-2025 plus about 750 MW elsewhere)); Sweden, Czechia, Hungary, Romania: 130 MW (5LayerCake allowance). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Searched in this pass for a company disclosure of connected data-centre MW: none found (a search result, not opened, says only that connection requests around Frankfurt exceed upstream grid capacity). The 15% share of Germany and the allowance for Sweden, Czechia, Hungary and Romania remain 5LayerCake judgements. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"low":0,"central":0.29,"high":1.07,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because eon.com refused access in the screening pass and was not retried; the allowance stands for a share of Turkish distribution through the Enerjisa joint venture. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 40 MW (range 0-150 MW) of a 14,000 MW region = 0.286%, which is an assumption and not a measurement. Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1ab768600306f40fd0faf22118b9041363ebae5c6a5f9a029fefd1d98cbf37fa"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1ab768600306f40fd0faf22118b9041363ebae5c6a5f9a029fefd1d98cbf37fa"}}},"sse":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"sse","name":"SSE (SSEN)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.sse.com/about-us","title":"Get an overview and learn about SSE plc","publisher":"SSE","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'SSE is the UK and Ireland's clean energy champion'; networks business is SSEN in Great Britain"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":3.5,"central":3.5,"high":3.5,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 367: London 1,140 MW (end-2024) x 1.15 growth x 28% (SSEN Distribution serves Slough and the Thames Valley). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 367 MW / 10,500 MW = 3.50%."},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.sse.com/about-us","title":"Get an overview and learn about SSE plc","publisher":"SSE","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'SSE is the UK and Ireland's clean energy champion'; networks business is SSEN in Great Britain"}}},"screening":{"europe":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"87c926d1ca464ff4d8f898bf4b21bc77579c301edb5442ae58a58cc6f9e67e66"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"87c926d1ca464ff4d8f898bf4b21bc77579c301edb5442ae58a58cc6f9e67e66"}}},"clp-holdings":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"clp-holdings","name":"CLP Holdings (CLP Power Hong Kong)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0,"central":0.01,"high":0.11,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because clpgroup.com refused access (HTTP 403) in the screening pass and again in this pass, so no page showing CLP's territory could be opened; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 38,000 MW region = 0.013%, which is an assumption and not a measurement. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":0,"central":0.05,"high":0.38,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because clpgroup.com refused access (HTTP 403) in the screening pass and again in this pass, so no page showing CLP's territory could be opened; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 10,500 MW region = 0.048%, which is an assumption and not a measurement. Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller."},"rest-of-world":{"low":3.3,"central":3.3,"high":3.3,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 462: Hong Kong 570 MW (end-2024) x 1.08 growth x 75% (CLP Power serves Kowloon and the New Territories; HK Electric serves Hong Kong Island). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Searched in this pass for a company disclosure of connected data-centre MW: none opened (clpgroup.com refused access with HTTP 403). Search results (not opened, so not cited as sources) put Hong Kong's data-centre IT load at 581 MW at the end of 2025 (industry estimate), consistent with the 616 MW derived from the C&W chart, and say CLP's annual report records a 7.5% rise in data-centre electricity sales in 2025. The 75% share of Hong Kong is a 5LayerCake judgement (CLP Power serves Kowloon and the New Territories; HK Electric serves Hong Kong Island)."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8d769c840a13875662c9097384956c7076c7190cec1ea0aa7945ed4a237314c2"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8d769c840a13875662c9097384956c7076c7190cec1ea0aa7945ed4a237314c2"}}},"national-grid":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"national-grid","name":"National Grid","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.25,"central":0.25,"high":0.25,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 150: New York upstate and Massachusetts (partly JLL New York): 150 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Searched in this pass for a company disclosure of connected data-centre MW at National Grid Electricity Distribution or Transmission: none found (a search result, not opened, cites a UK government estimate of 154 MW of data-centre capacity in Wales in 2024 and 1,048 MW in London, which is compatible with a small South Wales and Midlands total). The 300 MW and 150 MW items remain 5LayerCake judgements. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 150 MW (of 150 MW) become 96 MW and the share falls from 0.39% to 0.25%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":2.86,"central":2.86,"high":2.86,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 300: UK: National Grid Electricity Distribution (Midlands, South West, South Wales) and transmission-connected sites: 300 MW (5LayerCake allowance). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Searched in this pass for a company disclosure of connected data-centre MW at National Grid Electricity Distribution or Transmission: none found (a search result, not opened, cites a UK government estimate of 154 MW of data-centre capacity in Wales in 2024 and 1,048 MW in London, which is compatible with a small South Wales and Midlands total). The 300 MW and 150 MW items remain 5LayerCake judgements. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.investegate.co.uk/announcement/rns/national-grid--ng./fy2026-full-year-results-statement/9567572","title":"FY2026 Full Year Results Statement","publisher":"National Grid plc (RNS via Investegate)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"'invest at least £70 billion over the next five years to modernize and expand its energy networks in the UK and US Northeast'"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d49eed80bfe004ebae0ea011cf644beda28d46691dca261954d31cf882cf0aa9"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d49eed80bfe004ebae0ea011cf644beda28d46691dca261954d31cf882cf0aa9"}}},"rosseti":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"rosseti","name":"Rosseti","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0,"central":0.01,"high":0.11,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because rosseti.ru returned a security-check page, so nothing about Rosseti's territory could be opened; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 38,000 MW region = 0.013%, which is an assumption and not a measurement. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":0,"central":0.05,"high":0.38,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because rosseti.ru returned a security-check page, so nothing about Rosseti's territory could be opened; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 10,500 MW region = 0.048%, which is an assumption and not a measurement. Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller."},"rest-of-world":{"low":2.14,"central":2.14,"high":2.14,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 300: Russia (Moscow), classed here as rest of world: 300 MW (5LayerCake allowance). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 300 MW / 14,000 MW = 2.14%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"cd90f4cb9a860d90e192fe9f0752bf2ff5ef14066c611540706c5ec796494723"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"cd90f4cb9a860d90e192fe9f0752bf2ff5ef14066c611540706c5ec796494723"}}},"pseg":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"pseg","name":"PSEG (PSE&G)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":1.1,"central":1.1,"high":1.1,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 418: New Jersey 597 MW x 70% (PSE&G serves north and central New Jersey). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 418 MW / 38,000 MW = 1.10%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://corporate.pseg.com/","title":"PSEG Corporate Home Page","publisher":"PSEG","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'I have service in New Jersey' / 'I have service in Long Island or The Rockaways, NY'"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://corporate.pseg.com/","title":"PSEG Corporate Home Page","publisher":"PSEG","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'I have service in New Jersey' / 'I have service in Long Island or The Rockaways, NY'"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"939d0dbedd39e8c52febc15484329eac511f71b5e9144ef4190aff2e01f994b5"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"939d0dbedd39e8c52febc15484329eac511f71b5e9144ef4190aff2e01f994b5"}}},"nisource":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"nisource","name":"NiSource (NIPSCO)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":1.07,"central":1.07,"high":1.07,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 407: N. Indiana 1,162 MW x 35% (NIPSCO serves northern Indiana including the New Carlisle area). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 407 MW / 38,000 MW = 1.07%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1111711/000111171126000027/nix-20251231.htm","title":"NiSource Inc., Form 10-K for fiscal year 2025","publisher":"NiSource Inc.","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T1","locator":"Item 1 Business: 'serving approximately 3.8 million customers in six states'; Columbia Operations distributes gas in Ohio, Pennsylvania, Virginia, Kentucky and Maryland and NIPSCO in northern Indiana (gas about 0.9 million customers, electric about 0.5 million); no operation outside the United States is described. Date: the cover page shows shares outstanding as of 4 February 2026, so the filing is from 2026 and year precision is used. Opened as a single sec.gov document on 2026-10-23."}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1111711/000111171126000027/nix-20251231.htm","title":"NiSource Inc., Form 10-K for fiscal year 2025","publisher":"NiSource Inc.","publishedDate":"2026","accessedDate":"2026-10-23","tier":"T1","locator":"Item 1 Business: 'serving approximately 3.8 million customers in six states'; Columbia Operations distributes gas in Ohio, Pennsylvania, Virginia, Kentucky and Maryland and NIPSCO in northern Indiana (gas about 0.9 million customers, electric about 0.5 million); no operation outside the United States is described. Date: the cover page shows shares outstanding as of 4 February 2026, so the filing is from 2026 and year precision is used. Opened as a single sec.gov document on 2026-10-23."}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4cffcafb4872155cd5d0912b491ae65090a2478a80917581ba3a0e00b1569024"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4cffcafb4872155cd5d0912b491ae65090a2478a80917581ba3a0e00b1569024"}}},"pge":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"pge","name":"PG&E","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":1.03,"central":1.03,"high":1.03,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 400: N. California 949 MW x 40% (PG&E serves San Jose outside Santa Clara, the Peninsula, the East Bay and San Francisco; Silicon Valley Power, SMUD and others the rest); other California (Central Valley): 20 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 400 MW / 38,000 MW = 1.05% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 20 MW (of 400 MW) become 13 MW and the share falls from 1.05% to 1.03%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.pge.com/en/about.html","title":"About | PG&E","publisher":"PG&E","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Explore how PG&E keeps California supplied with safe, clean energy'; California Public Utilities Commission rate-case references"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.pge.com/en/about.html","title":"About | PG&E","publisher":"PG&E","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Explore how PG&E keeps California supplied with safe, clean energy'; California Public Utilities Commission rate-case references"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"ae3b9877163149e7abf17d045a5945b01e53ca075bf62b72839aefcda76f0058"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"ae3b9877163149e7abf17d045a5945b01e53ca075bf62b72839aefcda76f0058"}}},"mlgw":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"mlgw","name":"Memphis Light, Gas and Water","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":0.4,"central":1,"high":1.28,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), full-inputs pass. Memphis Light, Gas and Water supplies xAI's Colossus 1 campus from the grid: a Fortune report of 2025-01-09 says MLGW had to schedule a new substation 'just to get the first 150 megawatts of power xAI has requested', with a second 150 MW request still in review (T3). JLL's Memphis figure of 573 MW existing capacity may include xAI capacity that is supplied behind the meter or from outside MLGW's wires, which the card credits to no company. Central: 150 MW for xAI plus 85% of the rest of the Memphis market, taking the xAI part of JLL's total as about 300 MW: 150 + (573 - 300) x 85% = 382 MW = 1.0% of 38,000 MW (an assumption on xAI's share of the JLL figure). Low 0.4%: xAI's 150 MW alone. High 1.28%: the screening derivation, Memphis 573 MW x 85% = 487 MW. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW less about 1 GW in Canada (JLL, p.5). MLGW's own load figures were not found in this pass."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.mlgw.com/about","title":"Memphis Light, Gas and Water - About","publisher":"Memphis Light, Gas and Water","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"municipal utility serving Memphis and Shelby County, about 431,000 electric customers"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.mlgw.com/about","title":"Memphis Light, Gas and Water - About","publisher":"Memphis Light, Gas and Water","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"municipal utility serving Memphis and Shelby County, about 431,000 electric customers"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"5c39234a1ee839c48d53d7f17102315afac135463f084ab5b1581a71cce12374"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"5c39234a1ee839c48d53d7f17102315afac135463f084ab5b1581a71cce12374"}}},"silicon-valley-power":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"silicon-valley-power","name":"Silicon Valley Power (City of Santa Clara)","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":1,"central":1,"high":1,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 380: N. California 949 MW x 40% (Santa Clara's municipal utility serves about 60 data centres). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 380 MW / 38,000 MW = 1.00%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.ncpa.com/about/","title":"About NCPA - Northern California Power Agency","publisher":"Northern California Power Agency","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T3","locator":"member list includes Silicon Valley Power (City of Santa Clara, California); the city's own site returned 403"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.ncpa.com/about/","title":"About NCPA - Northern California Power Agency","publisher":"Northern California Power Agency","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T3","locator":"member list includes Silicon Valley Power (City of Santa Clara, California); the city's own site returned 403"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1ec9b0213f94e9fa957fca1612d76d3f960025bfa075f8ad695459db472a1a46"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1ec9b0213f94e9fa957fca1612d76d3f960025bfa075f8ad695459db472a1a46"}}},"tennet":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"tennet","name":"TenneT","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.entsoe.eu/about/inside-entsoe/members/","title":"ENTSO-E members","publisher":"ENTSO-E","publishedDate":"undated","tier":"T3","accessedDate":"2026-10-22","locator":"Member list: Netherlands - TenneT TSO B.V.; Germany - TenneT TSO GmbH"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":2.57,"central":2.57,"high":2.57,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 270: Netherlands: sites connected directly to TenneT: 230 MW (about 20% of the Netherlands' roughly 1,150 MW); Germany: 40 MW (5LayerCake allowance). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 270 MW / 10,500 MW = 2.57%. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.entsoe.eu/about/inside-entsoe/members/","title":"ENTSO-E members","publisher":"ENTSO-E","publishedDate":"undated","tier":"T3","accessedDate":"2026-10-22","locator":"Member list: Netherlands - TenneT TSO B.V.; Germany - TenneT TSO GmbH"}}},"screening":{"europe":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"603327d2dcd7ca9953a05b4fc7f65f93608261fbfcdeecc234fded957ad7eba9"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"603327d2dcd7ca9953a05b4fc7f65f93608261fbfcdeecc234fded957ad7eba9"}}},"ausgrid":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"ausgrid","name":"Ausgrid","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.ausgrid.com.au/","title":"Ausgrid - Home","publisher":"Ausgrid","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'more than four million customers across Sydney, the Central Coast and Hunter regions'"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.ausgrid.com.au/","title":"Ausgrid - Home","publisher":"Ausgrid","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'more than four million customers across Sydney, the Central Coast and Hunter regions'"}},"rest-of-world":{"low":2.79,"central":2.79,"high":2.79,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 390: Sydney 754 MW (end-2024) x 1.15 growth x 45% (Ausgrid serves the CBD, Macquarie Park and the Central Coast). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 390 MW / 14,000 MW = 2.79%."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d2e9cbafe150cab2214475687461baa771d1550da29d63a77dc4e2d35c3bed82"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d2e9cbafe150cab2214475687461baa771d1550da29d63a77dc4e2d35c3bed82"}}},"endeavour-energy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"endeavour-energy","name":"Endeavour Energy","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.endeavourenergy.com.au/about-us","title":"About us | Endeavour Energy","publisher":"Endeavour Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'we power the lives of 2.8 million people throughout Sydney's Greater West, the Blue Mountains, the Southern Highlands, the Illawarra and the NSW South Coast'"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.endeavourenergy.com.au/about-us","title":"About us | Endeavour Energy","publisher":"Endeavour Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'we power the lives of 2.8 million people throughout Sydney's Greater West, the Blue Mountains, the Southern Highlands, the Illawarra and the NSW South Coast'"}},"rest-of-world":{"low":2.79,"central":2.79,"high":2.79,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 390: Sydney 754 MW (end-2024) x 1.15 growth x 45% (Endeavour serves Western Sydney). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 390 MW / 14,000 MW = 2.79%."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"37bce8ddbce29c1c0a1a357fee2f7a81167a56d1eae12285868142c00d1b1242"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"37bce8ddbce29c1c0a1a357fee2f7a81167a56d1eae12285868142c00d1b1242"}}},"saudi-electricity":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"saudi-electricity","name":"Saudi Electricity Company","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0,"central":0.01,"high":0.11,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because the Saudi Electricity Company About page returned an error page; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 38,000 MW region = 0.013%, which is an assumption and not a measurement. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":0,"central":0.05,"high":0.38,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because the Saudi Electricity Company About page returned an error page; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 10,500 MW region = 0.048%, which is an assumption and not a measurement. Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller."},"rest-of-world":{"low":2.71,"central":2.71,"high":2.71,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 380: Saudi Arabia: 380 MW (Riyadh, Jeddah and Dammam). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 380 MW / 14,000 MW = 2.71%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b8919469cf8abfd9646cc9ae7eaff30c880ef933bb52ae566c6059c97921c79f"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b8919469cf8abfd9646cc9ae7eaff30c880ef933bb52ae566c6059c97921c79f"}}},"hydro-quebec":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"hydro-quebec","name":"Hydro-Québec","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":0,"central":0.01,"high":0.11,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because the Hydro-Québec 'About' page was opened but does not state a service territory or mention US assets; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 38,000 MW region = 0.013%, which is an assumption and not a measurement. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.hydroquebec.com/about/","title":"About Hydro-Québec: Learn more about us","publisher":"Hydro-Québec","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Towards a decarbonized and prosperous Québec'; 'Electricity distribution' report (Québec)"}},"rest-of-world":{"low":2.86,"central":2.86,"high":2.86,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 400: Quebec: 400 MW (Montreal area and Beauharnois). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 400 MW / 14,000 MW = 2.86%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"e86e73ba39968f2366e91726f9e2dd97a57fcde7e681c090fb13c5c984a5b6a0"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"e86e73ba39968f2366e91726f9e2dd97a57fcde7e681c090fb13c5c984a5b6a0"}}},"pln":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"pln","name":"PLN (Perusahaan Listrik Negara)","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.pln.co.id/en","title":"Page Not Found - PT PLN (Persero)","publisher":"PLN","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"site error page lists head office Jalan Trunojoyo, Jakarta, Indonesia and Indonesian grid projects (Java-Bali 500 kV crossing; West Kalimantan grid) (thin)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.pln.co.id/en","title":"Page Not Found - PT PLN (Persero)","publisher":"PLN","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"site error page lists head office Jalan Trunojoyo, Jakarta, Indonesia and Indonesian grid projects (Java-Bali 500 kV crossing; West Kalimantan grid) (thin)"}},"rest-of-world":{"low":2.29,"central":2.29,"high":2.29,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 320: Jakarta and Batam: 320 MW (5LayerCake allowance; Jakarta under 330 MW). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 320 MW / 14,000 MW = 2.29%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b0ad6bbab562a7a4ccbde31b10d3b0ec2977f76cc3598620236057e33a8fa3b1"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b0ad6bbab562a7a4ccbde31b10d3b0ec2977f76cc3598620236057e33a8fa3b1"}}},"msedcl":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"msedcl","name":"Maharashtra State Electricity Distribution (MSEDCL)","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.mahadiscom.in/","title":"Maharashtra State Electricity Distribution Co. Ltd.","publisher":"MSEDCL","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"home page of Maharashtra State Electricity Distribution Co. Ltd. (thin: no explicit territory sentence)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.mahadiscom.in/","title":"Maharashtra State Electricity Distribution Co. Ltd.","publisher":"MSEDCL","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"home page of Maharashtra State Electricity Distribution Co. Ltd. (thin: no explicit territory sentence)"}},"rest-of-world":{"low":2.5,"central":2.5,"high":2.5,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 350: Navi Mumbai and Pune: 350 MW (Airoli, Mahape and Hinjewadi clusters). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 350 MW / 14,000 MW = 2.50%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a60931eef7c591cd0db15f15372247fa2a67056bd798a3183ead93fa7a1e51e4"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a60931eef7c591cd0db15f15372247fa2a67056bd798a3183ead93fa7a1e51e4"}}},"kansai-electric":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"kansai-electric","name":"Kansai Electric Power (Kansai Transmission and Distribution)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.cigre.org/userfiles/files/Community/NC/2018_National-power-system_Japan.pdf","title":"The Electric Power System: Japan","publisher":"CIGRE (Japanese national committee presentation)","publishedDate":"2018","accessedDate":"2026-10-22","tier":"T3","locator":"p.8, 'Ten Japanese T&DSOs': Kansai's network area is 27,300 km2 (127.5 TWh of annual area sales, 16% of Japan's load); p.2: ten operators in total (thin: shows the Japanese network role only; data FY2015-2016)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.cigre.org/userfiles/files/Community/NC/2018_National-power-system_Japan.pdf","title":"The Electric Power System: Japan","publisher":"CIGRE (Japanese national committee presentation)","publishedDate":"2018","accessedDate":"2026-10-22","tier":"T3","locator":"p.8, 'Ten Japanese T&DSOs': Kansai's network area is 27,300 km2 (127.5 TWh of annual area sales, 16% of Japan's load); p.2: ten operators in total (thin: shows the Japanese network role only; data FY2015-2016)"}},"rest-of-world":{"low":1.93,"central":1.93,"high":1.93,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 270: Osaka area: 270 MW (Osaka about 300 MW (not in the C&W top-30 chart, so under 330 MW at end-2024)). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 270 MW / 14,000 MW = 1.93%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9c922566399c6684d96760f080135364783186dd585d570e993a1d35a0fc398d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9c922566399c6684d96760f080135364783186dd585d570e993a1d35a0fc398d"}}},"dewa":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"dewa","name":"Dubai Electricity and Water Authority (DEWA)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://mediaoffice.ae/en/news/2026/february/10-02/dubai-electricity-and-water-authority-pjsc-announces-record-annual-revenue","title":"Dubai Electricity and Water Authority PJSC announces record annual revenue","publisher":"Dubai Media Office (DEWA results release)","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T2","locator":"DEWA is described as 'the emirate of Dubai's exclusive electricity and water services provider'; the release mentions no operations outside Dubai (thin: states the home territory, not the absence of foreign assets)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://mediaoffice.ae/en/news/2026/february/10-02/dubai-electricity-and-water-authority-pjsc-announces-record-annual-revenue","title":"Dubai Electricity and Water Authority PJSC announces record annual revenue","publisher":"Dubai Media Office (DEWA results release)","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T2","locator":"DEWA is described as 'the emirate of Dubai's exclusive electricity and water services provider'; the release mentions no operations outside Dubai (thin: states the home territory, not the absence of foreign assets)"}},"rest-of-world":{"low":2.14,"central":2.14,"high":2.14,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 300: Dubai: 300 MW (5LayerCake allowance). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 300 MW / 14,000 MW = 2.14%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8df9a5c295060e089f94ead4d5ffd386b162bf87ad0c413abc1c475541f6005b"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8df9a5c295060e089f94ead4d5ffd386b162bf87ad0c413abc1c475541f6005b"}}},"taqa":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"taqa","name":"TAQA (Abu Dhabi distribution and transmission)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0,"central":0.01,"high":0.11,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because taqa.com returned a human-verification challenge (not solved), so nothing about TAQA's networks could be opened; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 38,000 MW region = 0.013%, which is an assumption and not a measurement. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":0,"central":0.05,"high":0.38,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because taqa.com returned a human-verification challenge (not solved), so nothing about TAQA's networks could be opened; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 10,500 MW region = 0.048%, which is an assumption and not a measurement. Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller."},"rest-of-world":{"low":2,"central":2,"high":2,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 280: Abu Dhabi: 280 MW (5LayerCake allowance). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 280 MW / 14,000 MW = 2.00%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a5040633b8db96bd1179e012b99c55858ae7130aca51ee30852dc27f2e05f63d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a5040633b8db96bd1179e012b99c55858ae7130aca51ee30852dc27f2e05f63d"}}},"israel-electric":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"israel-electric","name":"Israel Electric Corporation","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.iec.co.il/en","title":"חברת החשמל לישראל - עמוד הבית (Israel Electric Corporation - home page)","publisher":"Israel Electric Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Hebrew home page of Israel Electric Corporation (thin)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.iec.co.il/en","title":"חברת החשמל לישראל - עמוד הבית (Israel Electric Corporation - home page)","publisher":"Israel Electric Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Hebrew home page of Israel Electric Corporation (thin)"}},"rest-of-world":{"low":1.43,"central":1.43,"high":1.43,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 200: Israel: 200 MW (5LayerCake allowance). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 200 MW / 14,000 MW = 1.43%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"aae28996498acf9b57230ba422f8cebc275f7f1056cb794f2652810ba4c484f2"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"aae28996498acf9b57230ba422f8cebc275f7f1056cb794f2652810ba4c484f2"}}},"cfe":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"cfe","name":"Comisión Federal de Electricidad (CFE)","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://gaceta.diputados.gob.mx/PDF/66/2025/ago/Cfe-20250811.pdf","title":"Informe Anual 2024 (CFE annual report 2024, version of 7 July 2025)","publisher":"Comisión Federal de Electricidad (document hosted by the Mexican Chamber of Deputies, gaceta.diputados.gob.mx)","publishedDate":"2025-07-07","accessedDate":"2026-10-23","tier":"T1","locator":"Printed pp.76 and 95 (PDF pp.79 and 98): CFE Transmisión runs the Red Nacional de Transmisión through 10 regional offices and 55 transmission zones 'a lo largo de toda la República Mexicana' (111,138 km of lines), and CFE Distribución serves 49.1 million users 'a lo largo y ancho del país' through 16 divisions and 150 zones; its United States activity (CFE International, printed pp.147-148, PDF pp.150-151) is buying and shipping natural gas and selling pipeline capacity in Texas, with no electricity network. Date: the version date printed on the cover (7 July 2025). Opened and read as text on 2026-10-23."}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://gaceta.diputados.gob.mx/PDF/66/2025/ago/Cfe-20250811.pdf","title":"Informe Anual 2024 (CFE annual report 2024, version of 7 July 2025)","publisher":"Comisión Federal de Electricidad (document hosted by the Mexican Chamber of Deputies, gaceta.diputados.gob.mx)","publishedDate":"2025-07-07","accessedDate":"2026-10-23","tier":"T1","locator":"Printed pp.76 and 95 (PDF pp.79 and 98): CFE Transmisión's network is organised in 10 regional offices and 55 transmission zones 'a lo largo de toda la República Mexicana' (111,138 km of lines) and CFE Distribución serves 49.1 million users 'a lo largo y ancho del país'; the report's business list (contents, PDF p.5) has no European network. Date: the version date printed on the cover (7 July 2025). Opened and read as text on 2026-10-23."}},"rest-of-world":{"low":1.43,"central":1.79,"high":2.14,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://noxtel.mx/queretaro-as-a-data-center-hub-in-2026-why-it-concentrates-50-of-national-capacity-and-what-it-means-for-you/","title":"Querétaro as a data center hub in 2026: why it concentrates 50% of national capacity and what it means for you","publisher":"Noxtel","publishedDate":"2026-10-12","accessedDate":"2026-10-23","tier":"T5","locator":"Text on national capacity: Mexico had 279 MW of installed data-centre capacity at the close of 2025 according to the Mexican Data Center Association (MEXDC); Querétaro about 72% of it"},"note":"T5 derivation (5LayerCake), corrected in the fix pass of 2026-10-23: the earlier 350 MW was above Mexico's whole national total. Mexico's national total: the Mexican Data Center Association (MEXDC) puts installed data-centre capacity at 279 MW at the close of 2025 (reported by Noxtel, 2026-10-12, T4 market-association figure; the article does not state whether it is IT load or total power). BloombergNEF counts 244.9 MW of live (operating) capacity nationwide, as cited in a June 2026 Institute of the Americas brief and reported by Hub American Industries on 2026-10-02 (https://hub.americanindustriesgroup.com/insights/data-centers-mexico-capacity-power-meet/, opened 2026-10-23). The same page gives CBRE's Querétaro inventory at 298.2 MW at Q1 2026, a market-inventory count that alone is above the 279 MW national figure, so the sources differ by definition. CFE has exclusive rights over transmission and distribution in Mexico (same Hub page), so grid-connected data centres are on its wires; the page also says developers increasingly fund their own substations or behind-the-meter supply. Central 250 MW = 279 MW x about 90% (an assumption of 5LayerCake that about a tenth is supplied without CFE's wires; BloombergNEF's 244.9 MW live count gives a similar figure); 250 / 14,000 = 1.79%. Low 200 MW (BloombergNEF live 244.9 MW x about 80%) = 1.43%. High 300 MW (about the size of CBRE's Querétaro-only inventory, taken as a ceiling for grid-connected load) = 2.14%. Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets (Cushman & Wakefield, 2025 Global Data Center Market Comparison, https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf, p.3 and p.12). The lower Mexico figure also lowers the rest-of-world allowance-type items (markets the C&W chart does not show) by 100 MW, from about 6,000 MW to about 5,900 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo) do not cover, so the allowances still fit inside the region."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"24605923bccf52318507fa3a5f97751161f80f2a84a8f6667c8ebfdeed9203f3"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"24605923bccf52318507fa3a5f97751161f80f2a84a8f6667c8ebfdeed9203f3"}}},"a2a":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"a2a","name":"A2A (Unareti)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.gruppoa2a.it/en/about-us","title":"About us: learn more about our Group | A2A","publisher":"A2A","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'We play a central role in the Italian market'; main offices in Brescia and Milan"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":2,"central":2,"high":2,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 210: Italy: Unareti serves Milan and Brescia: 210 MW (Milan about 350 MW; Unareti about 60%). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 210 MW / 10,500 MW = 2.00%. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.gruppoa2a.it/en/about-us","title":"About us: learn more about our Group | A2A","publisher":"A2A","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'We play a central role in the Italian market'; main offices in Brescia and Milan"}}},"screening":{"europe":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a21804025d86b492be98ec43f46ef07741188f72ff32ffbb88755503a08e26e9"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a21804025d86b492be98ec43f46ef07741188f72ff32ffbb88755503a08e26e9"}}},"enexis":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"enexis","name":"Enexis","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.enexis.nl/over-ons","title":"Over Enexis Netbeheer | Enexis Netbeheer","publisher":"Enexis","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Dutch-language page of the Dutch network operator Enexis Netbeheer; no foreign operations listed (thin)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":1.43,"central":1.43,"high":1.43,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 150: Netherlands: Groningen, Drenthe, Brabant, Limburg: 150 MW (5LayerCake allowance). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 150 MW / 10,500 MW = 1.43%. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.enexis.nl/over-ons","title":"Over Enexis Netbeheer | Enexis Netbeheer","publisher":"Enexis","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Dutch-language page of the Dutch network operator Enexis Netbeheer; no foreign operations listed (thin)"}}},"screening":{"europe":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"510e8cf023dc78e2fcf188ebe154a955e1babe18bd4560583e4efa61f5c64874"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"510e8cf023dc78e2fcf188ebe154a955e1babe18bd4560583e4efa61f5c64874"}}},"stedin":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"stedin","name":"Stedin","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://web.stedin.net/over-stedin","title":"Over Stedin | Stedin","publisher":"Stedin","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Dutch network operator; 'Sinds 1 januari 2022 is Stedin ook netbeheerder in de provincie Zeeland'; supply areas shown on the page"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":1.33,"central":1.33,"high":1.33,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 140: Netherlands: Rotterdam, The Hague, Utrecht: 140 MW (5LayerCake allowance). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 140 MW / 10,500 MW = 1.33%. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"participates":false,"evidence":{"url":"https://web.stedin.net/over-stedin","title":"Over Stedin | Stedin","publisher":"Stedin","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Dutch network operator; 'Sinds 1 januari 2022 is Stedin ook netbeheerder in de provincie Zeeland'; supply areas shown on the page"}}},"screening":{"europe":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"ef8d60b256c9bd0177c17f7943eb12ae3d2a26ed257d3107f663caf97e38fb49"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"ef8d60b256c9bd0177c17f7943eb12ae3d2a26ed257d3107f663caf97e38fb49"}}},"firstenergy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"firstenergy","name":"FirstEnergy","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.99,"central":0.99,"high":0.99,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 540: New Jersey 597 MW x 15% (JCP&L serves central and southern New Jersey); Ohio, Pennsylvania, Maryland, West Virginia (markets JLL does not list): 450 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Searched in this pass for a company disclosure of connected data-centre MW: none found; search results (not opened) show FirstEnergy reporting contracted demand (about 6.4 GW) and pipeline (about 25 GW) at Q2 2026, neither of which is connected load. The New Jersey fraction and the 450 MW allowance for Ohio, Pennsylvania, Maryland and West Virginia are 5LayerCake judgements. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 450 MW (of 540 MW) become 288 MW and the share falls from 1.42% to 0.99%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.firstenergycorp.com/about.html","title":"About Us","publisher":"FirstEnergy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'serving more than 6 million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York'"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.firstenergycorp.com/about.html","title":"About Us","publisher":"FirstEnergy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'serving more than 6 million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York'"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a3c267171fbbd013a547333cdb7380cad5df86450f672fa965a80356a02fd9c4"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a3c267171fbbd013a547333cdb7380cad5df86450f672fa965a80356a02fd9c4"}}},"black-hills":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"black-hills","name":"Black Hills Corporation","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.96,"central":0.96,"high":0.96,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 366: Cheyenne 482 MW x 75% (Cheyenne Light, Fuel & Power serves Cheyenne); South Dakota and other: 5 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 366 MW / 38,000 MW = 0.96% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 5 MW (of 366 MW) become 3 MW and the share falls from 0.96% to 0.96%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.blackhillsenergy.com/ourcompany","title":"Our company | Black Hills Energy","publisher":"Black Hills Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'serves 1.35 million customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming'"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.blackhillsenergy.com/ourcompany","title":"Our company | Black Hills Energy","publisher":"Black Hills Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'serves 1.35 million customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming'"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"e1bdfd2c595d1aec789268d5239aa6275aa7d931f0c5db8be12aefbb1a01a2de"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"e1bdfd2c595d1aec789268d5239aa6275aa7d931f0c5db8be12aefbb1a01a2de"}}},"ellevio":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"ellevio","name":"Ellevio","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.ellevio.se/om-oss/","title":"Ellevio | Om oss","publisher":"Ellevio","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Ellevio är ett av Sveriges största energibolag ... en miljon kunder' (one of Sweden's largest energy companies, one million customers)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":1.19,"central":1.19,"high":1.19,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 125: Sweden: Stockholm: 125 MW (Ellevio serves Stockholm city). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 125 MW / 10,500 MW = 1.19%. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.ellevio.se/om-oss/","title":"Ellevio | Om oss","publisher":"Ellevio","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Ellevio är ett av Sveriges största energibolag ... en miljon kunder' (one of Sweden's largest energy companies, one million customers)"}}},"screening":{"europe":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a9b1a9215763fd784c8d06adb3908cb168c8f89fa27691fe7152732b508dc66c"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a9b1a9215763fd784c8d06adb3908cb168c8f89fa27691fe7152732b508dc66c"}}},"austin-energy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"austin-energy","name":"Austin Energy","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":0.89,"central":0.89,"high":0.89,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 340: Austin/San Antonio 1,700 MW x 20% (Austin Energy serves the city of Austin). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 340 MW / 38,000 MW = 0.89%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://austinenergy.com/about/company-profile","title":"Who We Are","publisher":"Austin Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'a community-owned utility ... a not-for-profit enterprise of the City of Austin'"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://austinenergy.com/about/company-profile","title":"Who We Are","publisher":"Austin Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'a community-owned utility ... a not-for-profit enterprise of the City of Austin'"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"bf8e4ba17bc2ac41df6287b4dd179ea3354bfb87ad3c001d59daa22cff3d603d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"bf8e4ba17bc2ac41df6287b4dd179ea3354bfb87ad3c001d59daa22cff3d603d"}}},"novec":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"novec","name":"Northern Virginia Electric Cooperative (NOVEC)","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":0.83,"central":0.83,"high":0.83,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 316: N. Virginia 6,315 MW x 5% (NOVEC serves parts of Prince William and Loudoun). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 316 MW / 38,000 MW = 0.83%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.novec.com/","title":"NOVEC Home Page","publisher":"Northern Virginia Electric Cooperative","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"page header 'Northern Virginia Electric Cooperative (NOVEC)', Virginia members' billing and outage services (thin: no explicit territory sentence)"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.novec.com/","title":"NOVEC Home Page","publisher":"Northern Virginia Electric Cooperative","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"page header 'Northern Virginia Electric Cooperative (NOVEC)', Virginia members' billing and outage services (thin: no explicit territory sentence)"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9e4ed2e47727da26fcae8d67cbcca5522662a3d7d5e775b1712bd41156045d7a"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9e4ed2e47727da26fcae8d67cbcca5522662a3d7d5e775b1712bd41156045d7a"}}},"eskom":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"eskom","name":"Eskom","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.eskom.co.za/about-eskom/","title":"About Eskom","publisher":"Eskom","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"site structure: Generation, National Transmission Company South Africa, Distribution (South African utility; thin)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.eskom.co.za/about-eskom/","title":"About Eskom","publisher":"Eskom","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"site structure: Generation, National Transmission Company South Africa, Distribution (South African utility; thin)"}},"rest-of-world":{"low":1.07,"central":1.07,"high":1.07,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 150: South Africa: 150 MW (Johannesburg and Cape Town; about 35% served by Eskom). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 150 MW / 14,000 MW = 1.07%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a26517f58009a3da1194526a2e221ed2ab30d250d699df0abf7458d148b4b002"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a26517f58009a3da1194526a2e221ed2ab30d250d699df0abf7458d148b4b002"}}},"elvia":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"elvia","name":"Elvia","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.elvia.no/english","title":"How Elvia delivers electricity to your home","publisher":"Elvia","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'responsible for operating, maintaining and developing the electrical grid in Oslo, Innlandet, Akershus and Østfold'"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":0.35,"central":1,"high":3,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 105: Norway: Oslo and Akershus: 105 MW (Elvia serves Oslo, Innlandet, Akershus and Østfold). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Range set by hand to 0.35x-3x of the central value: the territory share is uncertain and the point value sits within about 1.3x of the keep line of the screen, so the company is not set aside on a guess. Arithmetic: 105 MW / 10,500 MW = 1.00%. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.elvia.no/english","title":"How Elvia delivers electricity to your home","publisher":"Elvia","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'responsible for operating, maintaining and developing the electrical grid in Oslo, Innlandet, Akershus and Østfold'"}}},"screening":{"europe":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"77fb9a96c3c3bf8004958dbbfa8c9f6aa88eb13beab6f71a426b9e7819db6fc7"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"77fb9a96c3c3bf8004958dbbfa8c9f6aa88eb13beab6f71a426b9e7819db6fc7"}}},"con-edison":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"con-edison","name":"Consolidated Edison","kind":"public","commercialActivityVerified":true,"shares":{"united-states":{"low":0.24,"central":0.29,"high":1.09,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"Mid-2026 load, used for end of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://wincountry.com/2026/06/23/consolidated-edison-ceo-says-grid-equipment-must-expand-for-longer-heat-waves/","title":"Consolidated Edison CEO says grid equipment must expand for longer heat waves","publisher":"Reuters (Laila Kearney and Pranav Mathur), republished by WIN 98.5","publishedDate":"2026-06-23","accessedDate":"2026-10-23","tier":"T5","locator":"Reuters Global Energy Forum, New York: Con Edison CEO Tim Cawley puts the company's current data-centre demand at around 60 megawatts, against the roughly 800 megawatts cited by some utilities (Reuters paraphrase, not a direct quote)"},"note":"T5 derivation (5LayerCake), corrected in the fix pass of 2026-10-23. Reuters reports (Laila Kearney and Pranav Mathur, 2026-06-23, from the Reuters Global Energy Forum in New York; the same remarks are reported by energynews.pro on 2026-06-24, https://energynews.pro/en/con-edison-ceo-calls-for-grid-equipment-upgrades-to-handle-longer-heat-waves) that Con Edison's chief executive, Tim Cawley, put current data-centre demand on the company's system at around 60 MW, against the roughly 800 MW scale cited by some other utilities. This is the company's own figure as paraphrased by Reuters (T2); it does not say whether 60 MW is peak or average load. Load is converted to capacity at an assumed load-to-capacity ratio of 0.55, an assumption of 5LayerCake with a range of 0.45 to 0.65 (anchor: Dominion says its data centres mature at a 63% utilisation of contract capacity, slide 5 of its PJM Load Analysis Subcommittee deck of 29 Sep 2026, https://www.pjm.com/-/media/DotCom/committees-groups/subcommittees/las/2026/20260929/20260929-item-5ai---dominion_energy.pdf): central 60 / (0.55 x 38,000) = 0.29% (109 MW); low 60 / (0.65 x 38,000) = 0.24%. The June 2026 figure is used for end-2025 without adjustment. Other observation (T5, the earlier screening and full-inputs value): JLL's New York market of 750 MW x 55% for Con Edison's territory = 413 MW = 1.09%, which is about four times the 109 MW converted from the CEO's figure (413 / 109 = 3.8). The two conflict beyond the T5 band, so the range spans both: the high end is 1.09%, and the CEO's statement is the central value because it is the company's own figure for its own wires, while the 55% territory fraction was a judgement. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW), https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf, p.5; JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.coned.com/en/","title":"Con Edison - Powering New York City and Westchester","publisher":"Consolidated Edison","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"page title: powering New York City and Westchester"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.coned.com/en/","title":"Con Edison - Powering New York City and Westchester","publisher":"Consolidated Edison","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"page title: powering New York City and Westchester"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"6dca48a18a14b99ecff83beb687661c3545d7328347a83958c9f128d0be72742"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"6dca48a18a14b99ecff83beb687661c3545d7328347a83958c9f128d0be72742"}}},"xcel-energy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"xcel-energy","name":"Xcel Energy","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.69,"central":0.69,"high":0.69,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 342: Denver 153 MW x 80% (Public Service Company of Colorado serves metro Denver); Minneapolis, Texas Panhandle, other (markets JLL does not list): 220 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 342 MW / 38,000 MW = 0.90% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 220 MW (of 342 MW) become 141 MW and the share falls from 0.9% to 0.69%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://s202.q4cdn.com/586283047/files/doc_financials/2025/sr/Xcel-Energy-2025-Annual-Report.pdf","title":"Xcel Energy 2025 Annual Report","publisher":"Xcel Energy","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"p.14: 'The Company serves customers in eight states, including portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin'"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://s202.q4cdn.com/586283047/files/doc_financials/2025/sr/Xcel-Energy-2025-Annual-Report.pdf","title":"Xcel Energy 2025 Annual Report","publisher":"Xcel Energy","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"p.14: 'The Company serves customers in eight states, including portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin'"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"70c6343b73e0c77e1a87a2075afde8c65d54992249f105a7fa004ff6a9aed416"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"70c6343b73e0c77e1a87a2075afde8c65d54992249f105a7fa004ff6a9aed416"}}},"adani-energy-solutions":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"adani-energy-solutions","name":"Adani Energy Solutions (Adani Electricity Mumbai)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.adanienergysolutions.com/about-us","title":"Adani Energy Solutions - About Us","publisher":"Adani Energy Solutions","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"transmission presence across 16 states of India; distribution to about 12 million consumers in Mumbai and Mundra SEZ"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.adanienergysolutions.com/about-us","title":"Adani Energy Solutions - About Us","publisher":"Adani Energy Solutions","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"transmission presence across 16 states of India; distribution to about 12 million consumers in Mumbai and Mundra SEZ"}},"rest-of-world":{"low":1.14,"central":1.14,"high":1.14,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 160: Mumbai (Adani Electricity, suburbs): 160 MW (Mumbai 533 MW end-2024 x 1.25 = 666; Adani about 20%, plus transmission). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 160 MW / 14,000 MW = 1.14%."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"59eb40f5463586b147d6fc85b1e96f391cf8273c8677e0a06c7ddf6fbc1a4216"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"59eb40f5463586b147d6fc85b1e96f391cf8273c8677e0a06c7ddf6fbc1a4216"}}},"tnpdcl":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"tnpdcl","name":"Tamil Nadu Power Distribution Corporation","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":0,"central":0.01,"high":0.11,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because the TNPDCL home page was opened but does not define a service territory or mention operations outside Tamil Nadu; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 38,000 MW region = 0.013%, which is an assumption and not a measurement. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":0,"central":0.05,"high":0.38,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because the TNPDCL home page was opened but does not define a service territory or mention operations outside Tamil Nadu; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 10,500 MW region = 0.048%, which is an assumption and not a measurement. Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller."},"rest-of-world":{"low":1.07,"central":1.07,"high":1.07,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 150: Chennai: 150 MW (5LayerCake allowance). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 150 MW / 14,000 MW = 1.07%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"10627097314cfaf8b99670aafe76b86abf3d1997d0bc9ec8c921d31c9e950baf"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"10627097314cfaf8b99670aafe76b86abf3d1997d0bc9ec8c921d31c9e950baf"}}},"edison-international":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"edison-international","name":"Edison International (Southern California Edison)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.56,"central":0.56,"high":0.56,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 225: S. California 355 MW x 55% (SCE serves the Los Angeles basin outside LADWP); Inland Empire and other SCE: 30 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 225 MW / 38,000 MW = 0.59% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 30 MW (of 225 MW) become 19 MW and the share falls from 0.59% to 0.56%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.edison.com/about-us","title":"About Us","publisher":"Edison International","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'SCE serves approximately 15 million people in a 50,000 square-mile area of Central, Coastal and Southern California'"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.edison.com/about-us","title":"About Us","publisher":"Edison International","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'SCE serves approximately 15 million people in a 50,000 square-mile area of Central, Coastal and Southern California'"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"fe291a2d5df3d779fbca0266f2f3b267733590f28e272309a511f265fbd7d0d5"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"fe291a2d5df3d779fbca0266f2f3b267733590f28e272309a511f265fbd7d0d5"}}},"evergy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"evergy","name":"Evergy","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.56,"central":0.56,"high":0.56,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 330: Kansas City and Topeka (markets JLL does not list): 330 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 330 MW / 38,000 MW = 0.87% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 330 MW (of 330 MW) become 211 MW and the share falls from 0.87% to 0.56%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.eei.org/-/media/Project/EEI/Documents/Issues%20and%20Policy/List%20of%20Large%20Customer%20Projects%20and%20Tariffs","title":"Large Load Projects and Tariffs (October 2026)","publisher":"Edison Electric Institute","publishedDate":"2026-10-09","tier":"T3","accessedDate":"2026-10-22","locator":"Lists Evergy projects in Kansas City, MO among EEI's US member companies (reputable profile; Evergy's own site returned a human-verification page)"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.eei.org/-/media/Project/EEI/Documents/Issues%20and%20Policy/List%20of%20Large%20Customer%20Projects%20and%20Tariffs","title":"Large Load Projects and Tariffs (October 2026)","publisher":"Edison Electric Institute","publishedDate":"2026-10-09","tier":"T3","accessedDate":"2026-10-22","locator":"Lists Evergy projects in Kansas City, MO among EEI's US member companies (reputable profile; Evergy's own site returned a human-verification page)"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1e0abb3584dfe550bcc0632ef79989af91f1eeccf7cd5fe2a78f831f7ecde190"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"1e0abb3584dfe550bcc0632ef79989af91f1eeccf7cd5fe2a78f831f7ecde190"}}},"entergy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"entergy","name":"Entergy","kind":"public","commercialActivityVerified":true,"shares":{"united-states":{"low":0.51,"central":0.51,"high":0.51,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 300: Arkansas, Louisiana, Mississippi, Texas (markets JLL does not list): 300 MW (operating sites only; the large announced campuses are under construction). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Current data-centre customers are named in the company's 2025 Form 10-K (local SEC copy). Arithmetic: 300 MW / 38,000 MW = 0.79% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 300 MW (of 300 MW) become 192 MW and the share falls from 0.79% to 0.51%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/65984/000006598426000174/etr-20251231.htm","title":"Entergy Corporation, Form 10-K for fiscal year 2025","publisher":"Entergy","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: utility operating companies in Arkansas, Louisiana, Mississippi, New Orleans and Texas; read from the local SEC copy"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/65984/000006598426000174/etr-20251231.htm","title":"Entergy Corporation, Form 10-K for fiscal year 2025","publisher":"Entergy","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: utility operating companies in Arkansas, Louisiana, Mississippi, New Orleans and Texas; read from the local SEC copy"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"131f86fb197821d21c03b87c4189b025b568cc1fdfd9e5593887a6ee027058e7"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"131f86fb197821d21c03b87c4189b025b568cc1fdfd9e5593887a6ee027058e7"}}},"edp":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"edp","name":"Energias de Portugal (E-Redes, EDP Brasil)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0,"central":0.01,"high":0.11,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because edp.com refused access (HTTP 403) to a second page in this pass; the one EDP document opened (the 16 July 2025 release on the Espírito Santo concession) shows only EDP's Brazilian distribution business; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 38,000 MW region = 0.013%, which is an assumption and not a measurement. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":0.95,"central":0.95,"high":0.95,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 100: Portugal and Spain: E-Redes, Lisbon area: 100 MW (5LayerCake allowance). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 100 MW / 10,500 MW = 0.95%. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"low":0.43,"central":0.43,"high":0.43,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 60: Brazil: EDP Espírito Santo and São Paulo: 60 MW (5LayerCake allowance). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 60 MW / 14,000 MW = 0.43%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"df4e76ba8a4aa613acb5f4b3cb7131570bd3f1724a1ed0e66d704ecfdf4e8ef2"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"df4e76ba8a4aa613acb5f4b3cb7131570bd3f1724a1ed0e66d704ecfdf4e8ef2"}}},"puget-sound-energy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"puget-sound-energy","name":"Puget Sound Energy","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.43,"central":0.43,"high":0.43,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 165: Pacific Northwest 4,120 MW x 4% = 164.8, rounded to 165 MW (PSE serves the Puget Sound suburbs; the 4% is a 5LayerCake judgement). Corrected in the fix pass of 2026-10-23 from 144 MW, which was not 4% of 4,120. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 165 MW / 38,000 MW = 0.43%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":0,"central":0.05,"high":0.38,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because pse.com returned a 'page not found' page for its About page, so no territory description was opened; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 10,500 MW region = 0.048%, which is an assumption and not a measurement. Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller."},"rest-of-world":{"low":0,"central":0.04,"high":0.29,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because pse.com returned a 'page not found' page for its About page, so no territory description was opened; the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 14,000 MW region = 0.036%, which is an assumption and not a measurement. Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"129a952d124e0d0be0a6e26f98cfe1815912fddbf06de78acf32b516262972f4"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"129a952d124e0d0be0a6e26f98cfe1815912fddbf06de78acf32b516262972f4"}}},"fortis":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"fortis","name":"Fortis (ITC, Tucson Electric Power, Central Hudson, FortisAlberta)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.25,"central":0.25,"high":0.25,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 150: ITC, Tucson Electric Power, Central Hudson (markets JLL does not list): 150 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 150 MW / 38,000 MW = 0.39% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 150 MW (of 150 MW) become 96 MW and the share falls from 0.39% to 0.25%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.fortisinc.com/company/about-fortis","title":"About Fortis","publisher":"Fortis","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'nine regulated electric and gas utilities in Canada, the U.S., and the Caribbean'"}},"rest-of-world":{"low":0.57,"central":0.57,"high":0.57,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 80: Canada and the Caribbean: FortisBC, FortisAlberta and others: 80 MW (5LayerCake allowance). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 80 MW / 14,000 MW = 0.57%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"dce98587f184135c19990d802c7cc6ac7d360ffad3969ec6b1a5b515937c1d24"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"dce98587f184135c19990d802c7cc6ac7d360ffad3969ec6b1a5b515937c1d24"}}},"aes":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"aes","name":"AES (AES Ohio, AES Indiana)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.4,"central":0.4,"high":0.4,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 240: Indianapolis and Dayton (markets JLL does not list): 240 MW (AES Indiana and AES Ohio). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 240 MW / 38,000 MW = 0.63% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 240 MW (of 240 MW) become 154 MW and the share falls from 0.63% to 0.4%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.aes.com/sites/vault/files/2026-03/AES-Corp-2025-Annual-Report-03-20-2026.pdf","title":"The AES Corporation 2025 Annual Report (includes Form 10-K for fiscal year 2025)","publisher":"AES Corporation","publishedDate":"2026-03","accessedDate":"2026-10-23","tier":"T1","locator":"Item 1 Business, 'Utilities' (PDF p.12 and p.26): 'Our utility businesses consist of AES Indiana and AES Ohio in the U.S., and four utilities in El Salvador' (CAESS, CLESA, DEUSEM, EEO, table on PDF p.26); Bulgaria appears only as a generation location, the 156 MW St. Nikola wind farm in the Renewables SBU (PDF p.24) and generation in the Energy Infrastructure SBU (PDF p.33), so AES owns no European network. Date: the PDF shows no publication date beyond the URL path (2026-03) and the auditor's report dated 2 March 2026; month precision used. Opened and read in full text on 2026-10-23."}},"rest-of-world":{"low":0.11,"central":0.11,"high":0.11,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 15: El Salvador distribution: 15 MW (5LayerCake allowance). AES's 2025 Annual Report (Item 1, 'Utilities', opened 2026-10-23, https://www.aes.com/sites/vault/files/2026-03/AES-Corp-2025-Annual-Report-03-20-2026.pdf) says its utility businesses outside the U.S. are four utilities in El Salvador (CAESS, CLESA, DEUSEM, EEO; about 1.67 million customers); its other businesses in Latin America are generation, which has no wires to credit. Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 15 MW / 14,000 MW = 0.11%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d889b2ffe50e5af73b7cb1502a3495c8bad446fbf86f28c91d16b55891628a76"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d889b2ffe50e5af73b7cb1502a3495c8bad446fbf86f28c91d16b55891628a76"}}},"ppl":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"ppl","name":"PPL (PPL Electric, LG&E and KU)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.42,"central":0.42,"high":0.42,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 250: Pennsylvania and Kentucky (markets JLL does not list): 250 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 250 MW / 38,000 MW = 0.66% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 250 MW (of 250 MW) become 160 MW and the share falls from 0.66% to 0.42%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.pplweb.com/","title":"PPL Home - PPL Corporation","publisher":"PPL Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"customer selector lists PPL Electric Utilities, Louisville Gas and Electric and Kentucky Utilities, and Rhode Island Energy (all US utilities)"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.pplweb.com/","title":"PPL Home - PPL Corporation","publisher":"PPL Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"customer selector lists PPL Electric Utilities, Louisville Gas and Electric and Kentucky Utilities, and Rhode Island Energy (all US utilities)"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4edf8039bba1fa78052d135c32bccd4fe941026dac38ce5dfd05abc0f0214ed2"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4edf8039bba1fa78052d135c32bccd4fe941026dac38ce5dfd05abc0f0214ed2"}}},"alliant-energy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"alliant-energy","name":"Alliant Energy","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.4,"central":0.4,"high":0.4,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 205: Des Moines 1,101 MW x 5% (Alliant serves parts of Iowa); Cedar Rapids and Wisconsin (markets JLL does not list): 150 MW (Google and QTS Cedar Rapids and others). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 205 MW / 38,000 MW = 0.54% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 150 MW (of 205 MW) become 96 MW and the share falls from 0.54% to 0.4%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.alliantenergy.com/who-we-are/about-alliant-energy","title":"Alliant Energy - About Alliant Energy","publisher":"Alliant Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"state selector offers Wisconsin and Iowa service areas"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.alliantenergy.com/who-we-are/about-alliant-energy","title":"Alliant Energy - About Alliant Energy","publisher":"Alliant Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"state selector offers Wisconsin and Iowa service areas"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"aabd7aa3e06c8bbd68e9cc3bd9e04b23c64c42c238f4850ac6d5a1aa3074dd12"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"aabd7aa3e06c8bbd68e9cc3bd9e04b23c64c42c238f4850ac6d5a1aa3074dd12"}}},"centerpoint":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"centerpoint","name":"CenterPoint Energy","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.4,"central":0.4,"high":0.4,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 159: Houston 164 MW x 85% (CenterPoint Houston Electric serves Houston); southwestern Indiana: 20 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 159 MW / 38,000 MW = 0.42% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 20 MW (of 159 MW) become 13 MW and the share falls from 0.42% to 0.4%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.centerpointenergy.com/en-us/about-us","title":"About CenterPoint Energy","publisher":"CenterPoint Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Where we serve': territory spans Indiana, Minnesota and Texas (Houston, Minneapolis, Evansville)"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.centerpointenergy.com/en-us/about-us","title":"About CenterPoint Energy","publisher":"CenterPoint Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Where we serve': territory spans Indiana, Minnesota and Texas (Houston, Minneapolis, Evansville)"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"158031bec78a80ad7173d94dde5d1992232b942a837ac0047474292b90fc5bf9"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"158031bec78a80ad7173d94dde5d1992232b942a837ac0047474292b90fc5bf9"}}},"ameren":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"ameren","name":"Ameren","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.37,"central":0.37,"high":0.37,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 220: St. Louis and Illinois (markets JLL does not list): 220 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 220 MW / 38,000 MW = 0.58% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 220 MW (of 220 MW) become 141 MW and the share falls from 0.58% to 0.37%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.ameren.com/about-ameren","title":"About Ameren","publisher":"Ameren","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"2.5 million electric customers across a 67,700-square-mile area; the site offers Missouri and Illinois service locations"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.ameren.com/about-ameren","title":"About Ameren","publisher":"Ameren","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"2.5 million electric customers across a 67,700-square-mile area; the site offers Missouri and Illinois service locations"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"eb87937a93e7142d32524a5b7079db2a512abb67c6dc3c151e2d90409252329b"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"eb87937a93e7142d32524a5b7079db2a512abb67c6dc3c151e2d90409252329b"}}},"wec-energy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"wec-energy","name":"WEC Energy Group","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.37,"central":0.37,"high":0.37,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 220: Wisconsin (markets JLL does not list): 220 MW (Microsoft Mount Pleasant first phase and Milwaukee sites). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 220 MW / 38,000 MW = 0.58% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 220 MW (of 220 MW) become 141 MW and the share falls from 0.58% to 0.37%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.we-energies.com/","title":"We Energies","publisher":"WEC Energy Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Delivering safe and reliable energy to Wisconsin and Upper Michigan'"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.we-energies.com/","title":"We Energies","publisher":"WEC Energy Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Delivering safe and reliable energy to Wisconsin and Upper Michigan'"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"f630e1f794976fb80d7e37a388c8b7969dba6ff850413afd6e5a2503e98f099b"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"f630e1f794976fb80d7e37a388c8b7969dba6ff850413afd6e5a2503e98f099b"}}},"mdu-resources":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"mdu-resources","name":"MDU Resources (Montana-Dakota Utilities)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.36,"central":0.36,"high":0.36,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 135: North Dakota 386 MW x 35% (Montana-Dakota Utilities serves parts of North Dakota). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 135 MW / 38,000 MW = 0.36%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.mdu.com/about-us","title":"About Us - MDU Resources Group Inc.","publisher":"MDU Resources","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'operations, customers and more than 2,000 employees across eight states in the Pacific Northwest and Midwest'"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.mdu.com/about-us","title":"About Us - MDU Resources Group Inc.","publisher":"MDU Resources","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'operations, customers and more than 2,000 employees across eight states in the Pacific Northwest and Midwest'"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c9ee8e5435551a4de4d09ee5d5124e99aa49a2e8e20f53e530908748c507e002"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c9ee8e5435551a4de4d09ee5d5124e99aa49a2e8e20f53e530908748c507e002"}}},"cms-energy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"cms-energy","name":"CMS Energy (Consumers Energy)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.34,"central":0.34,"high":0.34,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 200: Grand Rapids and other Michigan (markets JLL does not list): 200 MW (Switch Grand Rapids and others). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 200 MW / 38,000 MW = 0.53% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 200 MW (of 200 MW) become 128 MW and the share falls from 0.53% to 0.34%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.consumersenergy.com/residential","title":"Residential Home | Consumers Energy","publisher":"Consumers Energy (CMS Energy)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"customer home page: refers to Michigan's grid and a rate request to the Michigan Public Service Commission (thin: no explicit territory sentence)"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.consumersenergy.com/residential","title":"Residential Home | Consumers Energy","publisher":"Consumers Energy (CMS Energy)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"customer home page: refers to Michigan's grid and a rate request to the Michigan Public Service Commission (thin: no explicit territory sentence)"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b33fffd00bd14384159b865fb5f587f9e10f4758aec0f38c97d361883ab0b68f"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b33fffd00bd14384159b865fb5f587f9e10f4758aec0f38c97d361883ab0b68f"}}},"rappahannock-electric":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"rappahannock-electric","name":"Rappahannock Electric Cooperative","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":0.12,"central":0.33,"high":1,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 126: N. Virginia 6,315 MW x 2% (Rappahannock Electric serves Culpeper and Fauquier). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the market MW above come from the cited report (opened 2026-10-22). The territory fraction and any '5LayerCake allowance' item are 5LayerCake judgements from the company's published service area and are shown with their arithmetic. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Range set by hand to 0.35x-3x of the central value: the territory share is uncertain and the point value sits within about 1.3x of the keep line of the screen, so the company is not set aside on a guess. Arithmetic: 126 MW / 38,000 MW = 0.33%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.myrec.coop/about-us","title":"About Us | myrec","publisher":"Rappahannock Electric Cooperative","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"co-operative offices in Fredericksburg, Culpeper, Bowling Green and Front Royal, Virginia (thin: no explicit territory sentence)"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.myrec.coop/about-us","title":"About Us | myrec","publisher":"Rappahannock Electric Cooperative","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"co-operative offices in Fredericksburg, Culpeper, Bowling Green and Front Royal, Virginia (thin: no explicit territory sentence)"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d9e8b81f0c9efdffaac268e2da4b096479eb4c804c4a6ef8f9c0f48e112c00a5"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d9e8b81f0c9efdffaac268e2da4b096479eb4c804c4a6ef8f9c0f48e112c00a5"}}},"tata-power":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"tata-power","name":"Tata Power","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0,"central":0.01,"high":0.11,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because no territory page was opened for Tata Power (tatapower.com refused access in the screening pass and was not retried); the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 38,000 MW region = 0.013%, which is an assumption and not a measurement. Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":0,"central":0.05,"high":0.38,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 judgement (5LayerCake), full-inputs pass, not a zero. Non-participation in this region is not declared because no territory page was opened for Tata Power (tatapower.com refused access in the screening pass and was not retried); the allowance stands for a small stake or allowance. No source opened in this review shows data-centre capacity connected to this company's wires in this region, so the share is kept as an upper-bound allowance of 5 MW (range 0-40 MW) of a 10,500 MW region = 0.048%, which is an assumption and not a measurement. Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller."},"rest-of-world":{"low":0.3,"central":0.86,"high":2.57,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 120: Mumbai and Delhi (Tata Power-DDL): 120 MW (5LayerCake allowance). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Range set by hand to 0.35x-3x of the central value: the territory share is uncertain and the point value sits within about 1.3x of the keep line of the screen, so the company is not set aside on a guess. Arithmetic: 120 MW / 14,000 MW = 0.86%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"united-states":{"levelLow":4,"levelHigh":5},"europe":{"levelLow":4,"levelHigh":5},"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"88e0f0e8692cd576788cb7eeaf82db2515e04e4af0b24781cc94c54cc2f9ac40"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"88e0f0e8692cd576788cb7eeaf82db2515e04e4af0b24781cc94c54cc2f9ac40"}}},"tgspdcl":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"tgspdcl","name":"Telangana Southern Power Distribution Company","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://tgsouthernpower.org/","title":"TGSPDCL - Southern Power Distribution Company of Telangana Limited","publisher":"TGSPDCL","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"page title names the company and its state, Telangana (thin)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://tgsouthernpower.org/","title":"TGSPDCL - Southern Power Distribution Company of Telangana Limited","publisher":"TGSPDCL","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"page title names the company and its state, Telangana (thin)"}},"rest-of-world":{"low":0.3,"central":0.86,"high":2.57,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 120: Hyderabad: 120 MW (5LayerCake allowance). Region total 14,000 MW (5LayerCake estimate, range 11,000-18,000): C&W 2025 APAC operational capacity 12.2 GW less mainland-China tracked markets (about 4.8 GW), plus about 0.9 GW Middle East and Africa and about 2.0 GW Canada and Latin America, grown 20% to end-2025 and raised 10% for untracked markets. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Range set by hand to 0.35x-3x of the central value: the territory share is uncertain and the point value sits within about 1.3x of the keep line of the screen, so the company is not set aside on a guess. Arithmetic: 120 MW / 14,000 MW = 0.86%. Allowance-type items (markets the C&W chart does not show) of all companies in the rest of the world total about 6,000 MW, against about 8,075 MW of the 14,000 MW region that the eight charted markets (Tokyo, Singapore, Sydney, Hong Kong, Mumbai, Seoul, Johor, Sao Paulo; about 5,925 MW with growth) do not cover, so the allowances fit inside the region."}},"screening":{"rest-of-world":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4dc2aa74577808c62af8089ccf813f00278a58115efc309ce521f7568e682df8"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"4dc2aa74577808c62af8089ccf813f00278a58115efc309ce521f7568e682df8"}}},"vattenfall":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"vattenfall","name":"Vattenfall (Eldistribution)","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://group.vattenfall.com/about-us","title":"About us - Our company - Vattenfall","publisher":"Vattenfall","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Vattenfall's main markets are Sweden, Germany, the Netherlands, Denmark and the UK'"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":0.3,"central":0.86,"high":2.57,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 90: Sweden: Vattenfall Eldistribution (Uppsala, north Stockholm): 90 MW (5LayerCake allowance). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Range set by hand to 0.35x-3x of the central value: the territory share is uncertain and the point value sits within about 1.3x of the keep line of the screen, so the company is not set aside on a guess. Arithmetic: 90 MW / 10,500 MW = 0.86%. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"participates":false,"evidence":{"url":"https://group.vattenfall.com/about-us","title":"About us - Our company - Vattenfall","publisher":"Vattenfall","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Vattenfall's main markets are Sweden, Germany, the Netherlands, Denmark and the UK'"}}},"screening":{"europe":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"cbab9277711bbb87f2b126b49be94f8c961804e58a600638100ba07da18e2623"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"cbab9277711bbb87f2b126b49be94f8c961804e58a600638100ba07da18e2623"}}},"enbw":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"enbw","name":"EnBW (Netze BW, TransnetBW)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"participates":false,"evidence":{"url":"https://www.enbw.com/company/who-we-are/","title":"Who we are | EnBW","publisher":"EnBW","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'an energy group with international holdings and companies – in France and the UK as well as in Baden-Württemberg' (generation abroad; networks are Netze BW in Baden-Württemberg)"}},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"low":0.27,"central":0.76,"high":2.29,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://assets.cushmanwakefield.com/-/media/cw/apac/vietnam/insights/2025/2025-global-data-center-market-comparison---eng.pdf","title":"2025 Global Data Center Market Comparison","publisher":"Cushman & Wakefield","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"p.12, bar chart 'Top Markets by Operational IT Load' (end-2024; values read off the chart, about +/-50 MW) and p.3 regional totals"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 80: Baden-Württemberg (Netze BW): 80 MW (Stuttgart and Karlsruhe areas). Region total 10,500 MW = Cushman & Wakefield 2026 edition EMEA operational capacity 11.4 GW (https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison, opened 2026-10-22, release page only) less about 0.9 GW for the Middle East and Africa (5LayerCake estimate); C&W tracks selected markets only, so Europe may be a little larger and shares a little smaller. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Range set by hand to 0.35x-3x of the central value: the territory share is uncertain and the point value sits within about 1.3x of the keep line of the screen, so the company is not set aside on a guess. Arithmetic: 80 MW / 10,500 MW = 0.76%. Allowance-type items (markets the C&W chart does not show) of all companies in Europe total about 3,600 MW, against about 5,750 MW of the 10,500 MW region that the five charted markets (London, Dublin, Amsterdam, Frankfurt, Paris; about 4,750 MW with growth) do not cover, so the allowances fit inside the region."},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.enbw.com/company/who-we-are/","title":"Who we are | EnBW","publisher":"EnBW","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'an energy group with international holdings and companies – in France and the UK as well as in Baden-Württemberg' (generation abroad; networks are Netze BW in Baden-Württemberg)"}}},"screening":{"europe":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"42346cc4a1d0749295737cd5fb9cea3b095e769fa5ff3c091c50fc11ae66456a"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"42346cc4a1d0749295737cd5fb9cea3b095e769fa5ff3c091c50fc11ae66456a"}}},"nextera":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"nextera","name":"NextEra Energy (FPL)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.25,"central":0.25,"high":0.25,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 150: Florida (FPL): 150 MW (Miami, Jacksonville and Orlando facilities; not a JLL market). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 150 MW / 38,000 MW = 0.39% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 150 MW (of 150 MW) become 96 MW and the share falls from 0.39% to 0.25%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/753308/000075330826000015/nee-20251231.htm","title":"NextEra Energy and Florida Power & Light, Form 10-K for fiscal year 2025","publisher":"NextEra Energy","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: FPL serves Florida; read from the local SEC copy (NextEra Energy Resources generation is outside this sublayer); the page shows fiscal year 2025 only"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/753308/000075330826000015/nee-20251231.htm","title":"NextEra Energy and Florida Power & Light, Form 10-K for fiscal year 2025","publisher":"NextEra Energy","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 Business: FPL serves Florida; read from the local SEC copy (NextEra Energy Resources generation is outside this sublayer); the page shows fiscal year 2025 only"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c0b6ddac1b0ba564e4c7ddafb896c3a1052b450b891c7083bdff8fd2563353a8"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c0b6ddac1b0ba564e4c7ddafb896c3a1052b450b891c7083bdff8fd2563353a8"}}},"oge-energy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"oge-energy","name":"OGE Energy (OG&E)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.25,"central":0.25,"high":0.25,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 150: Oklahoma City area (market JLL does not list): 150 MW (Google Midwest City and others). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 150 MW / 38,000 MW = 0.39% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 150 MW (of 150 MW) become 96 MW and the share falls from 0.39% to 0.25%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.oge.com/web/portal/label_ord/who-we-are/our-culture/overview","title":"OG&E - Overview","publisher":"OG&E (OGE Energy)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'OG&E is Oklahoma's oldest and largest investor-owned electric utility'"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.oge.com/web/portal/label_ord/who-we-are/our-culture/overview","title":"OG&E - Overview","publisher":"OG&E (OGE Energy)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'OG&E is Oklahoma's oldest and largest investor-owned electric utility'"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"21f3fc061e9d80e0c514f92ef1bee35b950fe2bec4089128115149481947571c"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"21f3fc061e9d80e0c514f92ef1bee35b950fe2bec4089128115149481947571c"}}},"tva":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"tva","name":"Tennessee Valley Authority","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":0.25,"central":0.25,"high":0.25,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 150: TVA direct-served sites (sites served through local power companies are credited to them): 150 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 150 MW / 38,000 MW = 0.39% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 150 MW (of 150 MW) become 96 MW and the share falls from 0.39% to 0.25%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.eei.org/-/media/Project/EEI/Documents/Issues%20and%20Policy/List%20of%20Large%20Customer%20Projects%20and%20Tariffs","title":"Large Load Projects and Tariffs (October 2026)","publisher":"Edison Electric Institute","publishedDate":"2026-10-09","tier":"T3","accessedDate":"2026-10-22","locator":"Lists Tennessee Valley Authority projects in Tennessee (e.g. Stanton, TN) among EEI member companies (reputable profile; TVA's own site returned 403)"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.eei.org/-/media/Project/EEI/Documents/Issues%20and%20Policy/List%20of%20Large%20Customer%20Projects%20and%20Tariffs","title":"Large Load Projects and Tariffs (October 2026)","publisher":"Edison Electric Institute","publishedDate":"2026-10-09","tier":"T3","accessedDate":"2026-10-22","locator":"Lists Tennessee Valley Authority projects in Tennessee (e.g. Stanton, TN) among EEI member companies (reputable profile; TVA's own site returned 403)"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"86c1d62db67341f32aafc7c9d11dd3093ee406370d910a51e06f000cc37a4319"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"86c1d62db67341f32aafc7c9d11dd3093ee406370d910a51e06f000cc37a4319"}}},"txnm-energy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"txnm-energy","name":"TXNM Energy (PNM, TNMP)","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.25,"central":0.25,"high":0.25,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 150: New Mexico and Texas (markets JLL does not list): 150 MW (Meta Los Lunas (PNM) and others). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Arithmetic: 150 MW / 38,000 MW = 0.39% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 150 MW (of 150 MW) become 96 MW and the share falls from 0.39% to 0.25%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.txnmenergy.com/about-us","title":"About Us - TXNM Energy","publisher":"TXNM Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"serves about 800,000 homes and businesses in New Mexico and Texas"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.txnmenergy.com/about-us","title":"About Us - TXNM Energy","publisher":"TXNM Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"serves about 800,000 homes and businesses in New Mexico and Texas"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"f1c2d93d925acd03ab219e78f8d18a5d400eea0c706a17d446790c7fd7551ec6"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"f1c2d93d925acd03ab219e78f8d18a5d400eea0c706a17d446790c7fd7551ec6"}}},"dte-energy":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"dte-energy","name":"DTE Energy","kind":"public","commercialActivityVerified":false,"shares":{"united-states":{"low":0.06,"central":0.17,"high":0.51,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 100: Detroit area (market JLL does not list): 100 MW (5LayerCake allowance). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Range set by hand to 0.35x-3x of the central value: the territory share is uncertain and the point value sits within about 1.3x of the keep line of the screen, so the company is not set aside on a guess. Arithmetic: 100 MW / 38,000 MW = 0.26% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 100 MW (of 100 MW) become 64 MW and the share falls from 0.26% to 0.17%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.dteenergy.com/","title":"DTE Energy Home | DTE Energy","publisher":"DTE Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"customer home page: Michigan tax-exemption and Michigan programmes; no foreign operations listed (thin: no explicit territory sentence)"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.dteenergy.com/","title":"DTE Energy Home | DTE Energy","publisher":"DTE Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"customer home page: Michigan tax-exemption and Michigan programmes; no foreign operations listed (thin: no explicit territory sentence)"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"40316fe370e6b11141f1e9137bd460843395ace06833d2c064e6589bcb1e36f2"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"40316fe370e6b11141f1e9137bd460843395ace06833d2c064e6589bcb1e36f2"}}},"santee-cooper":{"schema":"5lc-index-inputs/1","key":"energy-utilities","entityId":"santee-cooper","name":"Santee Cooper","kind":"private","commercialActivityVerified":false,"shares":{"united-states":{"low":0.06,"central":0.17,"high":0.51,"unit":"percent","basis":"Share of the region's operating data-centre capacity connected to the company's wires at the end of 2025 (MW)","period":"End of 2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://images.hello.jll.com/Web/JLLAmericas/%7Be4ae4287-ec58-4d8f-90dd-b0481bc26715%7D_JLL_North_America_Data_Center_Report_YE_2025_Columbus.pdf","title":"North America Data Center Report, Year-end 2025","publisher":"JLL Research","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.5, map 'North America data center markets' (existing MW, leased + hyper-owned) and statistics box (total inventory 39 GW)"},"note":"T5 derivation (5LayerCake), kept from the screening pass after review in the full-inputs pass of 2026-10-22. Share = company MW / region MW. Company MW 100: South Carolina (market JLL does not list): 100 MW (Google Berkeley County and others). Region total 38,000 MW = JLL North America year-end 2025 total inventory 39 GW (19 GW leased + 20 GW hyperscale-owned) less about 1 GW in Canada (Toronto alone is 451 MW); JLL counts operating capacity (existing MW), which includes load supplied behind the meter, so it is on the card's regional-total basis. Anchor: the cited report has no figure for this company's territory, so the MW above is entirely a 5LayerCake allowance, a T5 judgement drawn from the part of the region that the report does not chart (the size of that pool and the total of all allowances are stated below); the arithmetic is shown. This light-tier review did not search for a company disclosure of connected data-centre MW, so the screening derivation is kept apart from any allowance scaling stated below. Range set by hand to 0.35x-3x of the central value: the territory share is uncertain and the point value sits within about 1.3x of the keep line of the screen, so the company is not set aside on a guess. Arithmetic: 100 MW / 38,000 MW = 0.26% before the allowance scaling. Allowance-type items in this sublayer's US shares (markets that the JLL report does not list) totalled 5,360 MW for the scored companies and 210 MW for screened-out ones, against a JLL unlisted-market pool of 3,744 MW (38,000 MW less the 34,256 MW of the 24 listed US markets), after about 100 MW of small allowances; they are therefore scaled by 0.64 in this pass. For this company the allowance items of 100 MW (of 100 MW) become 64 MW and the share falls from 0.26% to 0.17%."},"china":{"participates":false,"evidence":{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","title":"国家电网有限公司 2025年跟踪评级报告 (State Grid Corporation of China, 2025 follow-up credit rating report)","publisher":"Lianhe Ratings (联合资信评估股份有限公司)","publishedDate":"2025-06-27","accessedDate":"2026-10-22","tier":"T4","locator":"Industry-position section lists China's grid operators: State Grid (26 provinces, 88% of territory), China Southern Power Grid (5 provinces) and Inner Mongolia Power Group (western Inner Mongolia); no other company owns grid wires there"}},"europe":{"participates":false,"evidence":{"url":"https://www.santeecooper.com/about/","title":"South Carolina's Public Water and Power Utility - Santee Cooper","publisher":"Santee Cooper","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"South Carolina's public power and water utility"}},"rest-of-world":{"participates":false,"evidence":{"url":"https://www.santeecooper.com/about/","title":"South Carolina's Public Water and Power Utility - Santee Cooper","publisher":"Santee Cooper","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"South Carolina's public power and water utility"}}},"screening":{"united-states":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"39e49e9ddbd54e2c938732e1c3ac3f403a274123a43b3bf5aebea5fdbf4c46e0"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"39e49e9ddbd54e2c938732e1c3ac3f403a274123a43b3bf5aebea5fdbf4c46e0"}}}},"ratings":{"state-grid":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"state-grid","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"china":{"alternatives":{"level":5,"evidence":[{"url":"https://en.jiemian.com/article/7855287.html","date":"undated","support":"State Grid's business area covers 26 provinces, 88% of China's land and over 1.1 billion people; only two small grid companies remain. [page shows no date, so undated]"},{"url":"https://www.yicai.com/news/103206498.html","date":"2026-05-29","support":"Guangdong, the largest province of China Southern Power Grid, used 3.805 billion kWh for 307 monitored data centres in Jan-Apr 2026. [full date shown on page]"}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.huxiu.com/article/4863025.html","date":"2026-05-30","support":"China's computing centres used 170 billion kWh in 2025 (NEA); moving roughly four-fifths of that into the other two grids would take 4+ years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://www.yicai.com/news/103206498.html","date":"2026-05-29","support":"China Southern's largest province used 3.805 billion kWh in four months against 170 billion kWh nationally (Huxiu): no alternative at scale. [full date shown on page]"},{"url":"https://www.huxiu.com/article/4863025.html","date":"2026-05-30","support":"National computing-centre use 170 billion kWh in 2025, 1.6% of all electricity use. [full date shown on page]"}]}},"rest-of-world":{"alternatives":{"level":1,"evidence":[{"url":"https://www.transgrid.com.au/media-publications/news-articles/new-transmission-capacity-in-sydney-to-be-funded-by-data-centres/","date":"2026-08-26","support":"In Sydney (Jemena's market) about 1.5 GW of data-centre load is signed with other networks; with Brazil and Chile, many networks host comparable load (rater count). [full date shown on page]"},{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank: Tokyo 1,473 MW, Singapore 1,118 MW and Johor 1,110 MW lead APAC, with many smaller markets; six or more networks host load of this size (rater count). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://abes.org.br/en/expansao-dos-data-centers-redefine-prioridades-energeticas-no-pais/","date":"2026-04-06","support":"ONS says about 96% of recent Brazilian grid requests (about 7 GW) are data centres, allocated in seasonal rounds amid scarce margin. [full date shown on page]"},{"url":"https://www.transgrid.com.au/media-publications/news-articles/new-transmission-capacity-in-sydney-to-be-funded-by-data-centres/","date":"2026-08-26","support":"Sydney data-centre connections proceed only after user-paid network upgrades: about 1-2 years to re-home 300 MW (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank colocation vacancy: Bangkok 23.3%, Jakarta 20.5%, Singapore 4.9%; spare regional capacity leaves a small shortfall for a load of this size. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"state-grid","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"china":{"alternatives":{"level":5,"evidence":[{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","date":"2025-06-27","support":"Lianhe Ratings (27 Jun 2025): State Grid covers 26 provinces and 88% of China's territory; China Southern Power Grid covers five provinces and Inner Mongolia Power western Inner Mongolia: no other grid company exists to take its connected load."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://regional.chinadaily.com.cn/ningxia/2026-05/31/c_1187408.htm","date":"2026-05-31","support":"State Grid's local company built 110 kV substations in Zhongwei to support computing projects whose load doubled to 313,500 kW in a year (31 May 2026); a rival network cannot be built, and relocating load abroad is not practical for domestic services."},{"url":"https://www.yicaiglobal.com/news/guangdong-data-center-power-use-surges-211-in-first-half-as-ai-boom-drives-demand","date":"2026-07-22","support":"The China Electricity Council expects computing power use to rise by more than 100 billion kWh a year to 800 billion kWh in 2030 (22 Jul 2026), all on China's three grid companies."}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","date":"2025-06-27","support":"With about 83% of China's data-centre electricity use on State Grid wires and the other two operators serving 11% and 4% (shares from the inputs file), no alternative operates at scale (27 Jun 2025)."}]}},"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://cenarioenergia.com.br/2026/09/03/data-centers-262-gw-conexao-capacidade-rede-eletrica-brasileira/","date":"2026-09-03","support":"The metro areas of the capital, Campinas (CPFL) and Barueri are São Paulo's main data-centre hubs (3 Sep 2026); Santiago (CGE), Melbourne (Jemena) and other metros are several alternatives for roughly 300 MW across the three."},{"url":"https://www.emol.com/noticias/Economia/2026/02/12/1191254/data-centers-chile.html","date":"2026-02-12","support":"Chile's Coordinador expects data-centre demand from 325 MW (2025) to 1,207 MW (2030) (12 Feb 2026)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://cenarioenergia.com.br/2026/09/03/data-centers-262-gw-conexao-capacidade-rede-eletrica-brasileira/","date":"2026-09-03","support":"EPE says about R$1.6 billion of works would give São Paulo a connection margin of nearly 4 GW and delays follow if load arrives before reinforcements (3 Sep 2026): one to two years to re-home."},{"url":"https://www.emol.com/noticias/Economia/2026/02/12/1191254/data-centers-chile.html","date":"2026-02-12","support":"Santiago's data-centre concentration pressures the distribution network (12 Feb 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://cenarioenergia.com.br/2026/09/03/data-centers-262-gw-conexao-capacidade-rede-eletrica-brasileira/","date":"2026-09-03","support":"State Grid's roughly 300 MW across CPFL, CGE and Jemena is small against Brazil's 26.2 GW of connection processes (3 Sep 2026); no source on Jemena's Melbourne area was found, so the gap is judged small."}]}}}}},"dominion":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"dominion","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":5,"evidence":[{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia had 4,039.6 MW at end-2025, nearly 3.5x all secondary US markets combined; second-placed Atlanta had 1,459.2 MW. No network at parity. [full date shown on page]"}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.princewilliamtimes.com/localnews/the-big-bottleneck-power-crunch-keeps-data-centers-in-the-dark/article_3b45f243-defa-573c-8ed1-c8709f73ce94.html","date":"2026-07-15","support":"Dominion's delay for full power grew from four years in 2022 to seven in 2024; it approves about 10 applicants a year. [full date shown on page]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 5.0 years in the Americas; re-homing several GW needs 4+ years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"Northern Virginia vacancy 0.5%, only 21.5 MW available at year-end and 96% of 2026 supply committed; no other market can absorb this load. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"Primary North American markets total 9,432 MW at 1.4% vacancy, far below Dominion's multi-GW load. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"dominion","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":4,"evidence":[{"url":"https://www.oncor.com/content/oncorwww/wire/en/home/newsroom/oncor-reports-first-quarter-2026-results.html","date":"2026-05-07","support":"Oncor (Dallas-Fort Worth, in Texas, the other very large US market) reports 697 large-load requests, about 271 GW of them data centres, in its queue at end of Q1 2026; it is queue-bound and cannot substitute for Dominion's connected load quickly. Release text read on a syndicated copy; date 7 May 2026."},{"url":"https://www.atlantanewsfirst.com/2026/03/17/georgia-psc-chairman-defends-data-center-power-expansion-amid-criticism","date":"2026-03-17","support":"Georgia PSC staff put Georgia Power's large-load pipeline at about 69,000 MW (Dec 2025), 80% data centres: a second big hub that is mostly requests rather than connected load."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.datacenterknowledge.com/energy-power-supply/data-centers-face-seven-year-wait-for-power-hookups-in-virginia","date":"2024-08-30","support":"Dominion said large hookups could take 1-3 years more on top of the earlier 3-4 years, up to seven; its own customers face 4+ years, and a rival hub would need similar time to match its volume."},{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid wait in primary data-centre markets is more than four years, so no other primary market restores Dominion-scale load faster."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.pjm.com/-/media/DotCom/committees-groups/subcommittees/las/2026/20260929/20260929-item-5ai---dominion_energy.pdf","date":"2026-09-29","support":"Dominion told PJM on 29 Sep 2026 that it serves 55 data-centre companies and about 500 metered accounts, billing peak 4.8 GW in August 2026, with about 54 GW under contract; it calls itself the largest market in the world."},{"url":"https://spectrumnews1.com/oh/columbus/news/2025/09/05/data-center-tariff-ohio","date":"2025-09-10","support":"AEP Ohio, the next big PJM data-centre area, reported about 1,500 MW of Central Ohio data-centre load in July 2025, about a third of Dominion's 4.8 GW. Article dated 10 Sep 2025."}]}}}}},"berkshire-hathaway-energy":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"berkshire-hathaway-energy","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":3,"evidence":[{"url":"https://www.industrialinfo.com/news/article/berkshire-hathaway-energy-utilities-see-modest-gain-in-capex-spending--355213","date":"2026-03-23","support":"The company says data-centre peak load reached nearly 1,800 MW across its utilities in 2024; few other networks (Dominion, AEP) host comparable load. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"Only three US markets exceed 1 GW (Northern Virginia, Atlanta, Dallas-Fort Worth). [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.industrialinfo.com/news/article/berkshire-hathaway-energy-utilities-see-modest-gain-in-capex-spending--355213","date":"2026-03-23","support":"BHE expects data-centre peak load of 4,000-5,000 MW only by 2030 from contracted ramps: new large loads take years to ramp. [full date shown on page]"},{"url":"https://www.jll.com/en-hk/newsroom/global-data-center-sector-to-nearly-double-to-200gw-amid-ai-infrastructure-boom","date":"2026-01-06","support":"Average grid connection lead times exceed four years in primary markets; about 2-4 years to re-home BHE's load (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"Primary-market vacancy 1.4% (about 130 MW, rater arithmetic) against BHE's multi-GW load: a large shortfall at scale. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"berkshire-hathaway-energy","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): vacancy is 1% and over 66 GW is under construction, mostly in frontier markets. Only a few of those markets can host a 1-2 GW class of load like the one BHE's utilities (NV Energy, MidAmerican, PacifiCorp) carry, and none has that much connected spare capacity today."},{"url":"https://www.pjm.com/-/media/DotCom/about-pjm/newsroom/2026-releases/20260714-pjm-capacity-auction-procures-138318-mw-of-generation-resources.pdf","date":"2026-07-14","support":"PJM's 2028/29 auction is 6,831 MW short of the reliability requirement (14 Jul 2026); the big eastern alternative market has no spare supply, leaving few usable alternatives for a roughly 2 GW class of load."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. BHE's load is spread across Nevada, Iowa and the Pacific Northwest, so an equivalent replacement means several new connections of 100+ MW each, each taking years."},{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: over 66 GW is under construction and vacancy is 1%, so there is no ready spare space to move into."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: 77% of the 66+ GW under construction is in frontier markets; capacity of BHE's roughly 2 GW class exists in total but is spread across many sites, so the best single alternative falls materially short."},{"url":"https://www.kjzz.org/business/2026-09-02/aps-says-it-cant-commit-to-new-data-centers-because-of-electric-grid-constraints","date":"2026-09-02","support":"Phoenix's APS, a western alternative, has not committed to new data-centre customers since 1 Jan 2024 because of grid constraints (2 Sep 2026), showing western alternatives are limited."}]}}}}},"aep":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"aep","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: only Northern Virginia, Atlanta and Dallas-Fort Worth exceed 1 GW; with BHE's territories, only a few networks host multi-GW load like AEP's (rater count). [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.powermag.com/regulator-approves-aep-ohios-landmark-data-center-tariff/","date":"2025-07-10","support":"AEP Ohio paused new data-centre agreements in Central Ohio from March 2023 to study 30 GW of requests: large new service takes years. [full date shown on page]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Americas average grid wait for large new demand is 5.0 years; part of AEP's load could use capacity under construction, so about 2-4 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"Primary-market vacancy is a record-low 1.4% (about 130 MW of 9,432 MW, rater arithmetic) against AEP's roughly 3-4 GW: a large shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"aep","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":3,"evidence":[{"url":"https://spectrumnews1.com/oh/columbus/news/2025/09/05/data-center-tariff-ohio","date":"2025-09-10","support":"AEP Ohio had inquiries from 50+ operators at 90+ sites totalling over 30,000 MW before its tariff and paused new applications to build a queue: Central Ohio itself is full, and a GW-class replacement needs a market with headroom."},{"url":"https://www.pjm.com/-/media/DotCom/about-pjm/newsroom/2026-releases/20260714-pjm-capacity-auction-procures-138318-mw-of-generation-resources.pdf","date":"2026-07-14","support":"PJM's 2028/29 auction cleared 6,831 MW short of its reliability requirement (14 Jul 2026), so neighbouring PJM utilities have no spare supply either; few markets outside PJM have headroom."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. AEP's Central Ohio load grew from about 600 MW (Apr 2024) to 1,500 MW (Jul 2025) and AEP projects over 5,000 MW by 2030, so replacing a 1.5-2 GW class of load takes years, not months."},{"url":"https://www.pjm.com/-/media/DotCom/about-pjm/newsroom/2026-releases/20260714-pjm-capacity-auction-procures-138318-mw-of-generation-resources.pdf","date":"2026-07-14","support":"The PJM-wide shortfall means capacity for any relocated load in PJM would itself take years to add."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://spectrumnews1.com/oh/columbus/news/2025/09/05/data-center-tariff-ohio","date":"2025-09-10","support":"Central Ohio data-centre load was about 1,500 MW in July 2025, with AEP projecting over 5,000 MW by 2030; no other utility except Dominion has a comparable connected base, so the best alternatives fall materially short at this scale."},{"url":"https://www.oncor.com/content/oncorwww/wire/en/home/newsroom/oncor-reports-first-quarter-2026-results.html","date":"2026-05-07","support":"Oncor's Texas queue of about 271 GW of data-centre requests is requested, not connected, so it cannot absorb AEP's volume soon. Release text read on a syndicated copy; date 7 May 2026."}]}}}}},"esb":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"esb","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":3,"evidence":[{"url":"https://www.cru.ie/about-us/news/the-cru-publishes-its-decision-on-new-electricity-connection-policy-for-data-centres/","date":"2025-12-12","support":"Data centres used 22% of Irish electricity in 2024; ESB Networks carries one of Europe's largest clusters. [full date shown on page]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Citing CBRE, Europe's core clusters are the five FLAP-D metros; of these only Paris, Amsterdam and London host load near ESB's (rater count), all grid-constrained. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 5.2 years in EMEA (4.4 years globally). [full date shown on page]"},{"url":"https://www.les-energies-renouvelables.eu/article/actualites/energies/datacenters-ia-electrification-france-rte-856/","date":"2026-06-18","support":"France's fast-track sites can host 700 MW-1 GW within three to four years; Campus IA gets 240 MW by end-2027, 700 MW by 2029. [full date shown on page]"}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy 6.4%; Amsterdam waits about a decade and central Frankfurt and West London upgrades come in the 2030s: no alternative absorbs about 1.3 GW soon. [full date shown on page]"},{"url":"https://www.mhc.ie/latest/insights/cru-sets-out-new-rules-for-data-centre-connections","date":"2025-09-29","support":"EirGrid indicated in 2022 that new Dublin connections were unlikely before 2028, so Ireland itself offers no spare capacity. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"esb","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":3,"evidence":[{"url":"https://www.philiplee.ie/re-balancing-the-digital-bargain-irelands-new-cru-large-energy-user-connection-policy/","date":"2025-12-22","support":"CRU's December 2025 decision requires data centres of 10 MVA or more to bring on-site dispatchable generation or storage and 80% additional Irish renewables; Dublin remains constrained and critics call it a continuation of the Dublin moratorium. Page last modified 10 Jul 2026."},{"url":"https://www.ingenieur.de/technik/fachbereiche/kuenstliche-intelligenz/zu-wenig-strom-fur-ki-wie-deutschland-jetzt-anschlusse-fur-rechenzentren-verteilt/","date":"2026-10-08","support":"Frankfurt, the main continental alternative, expects connection restrictions until the mid-2030s (8 Oct 2026); Nordic and Iberian markets are the few options with headroom."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.philiplee.ie/re-balancing-the-digital-bargain-irelands-new-cru-large-energy-user-connection-policy/","date":"2025-12-22","support":"The CRU rules apply to new applications only, and need on-site generation sized to the full import capacity: replacing 1.3 GW of ESB-connected load elsewhere takes years of both grid and generation build (22 Dec 2025)."},{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says Ireland and Texas have 'bring your own power' mandates and average grid waits in primary markets exceed four years (5 Jan 2026)."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.ingenieur.de/technik/fachbereiche/kuenstliche-intelligenz/zu-wenig-strom-fur-ki-wie-deutschland-jetzt-anschlusse-fur-rechenzentren-verteilt/","date":"2026-10-08","support":"Frankfurt expects connection restrictions to the mid-2030s, and Mainova and TenneT plan only about 1,000 MW of extra capacity (8 Oct 2026): the planned growth of the next big continental hub is smaller than ESB's roughly 1.3 GW base."},{"url":"https://www.theregister.com/2025/02/10/london_has_400_gw_of/","date":"2025-02-10","support":"London, the largest European market at 1,141 MW operating (The Register, 10 Feb 2025), has a connection queue of about 400 GW, so no European alternative can absorb 1.3 GW quickly."}]}}}}},"china-southern-power-grid":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"china-southern-power-grid","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"china":{"alternatives":{"level":3,"evidence":[{"url":"https://en.jiemian.com/article/7855287.html","date":"undated","support":"State Grid covers 26 provinces; with Inner Mongolia Power, only two other grid companies could host displaced load. [page shows no date, so undated]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.gov.cn/lianbo/bumen/202408/content_6971147.htm","date":"2024-08-29","support":"The eight hub nodes had about 1.95 million racks at about 63% use; east-west latency basically meets the 20 ms target, so load can move west in about 1-2 years (rater judgement). [full date shown on page]"},{"url":"https://www.carbonbrief.org/explainer-how-china-is-managing-the-rising-energy-demand-from-data-centres/","date":"2025-04-16","support":"East Data West Computing moves non-real-time work west while time-sensitive services stay in the east. [full date shown on page]"}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.gov.cn/lianbo/bumen/202408/content_6971147.htm","date":"2024-08-29","support":"About 37% of 1.95 million hub racks were idle (rater arithmetic), short of China Southern's roughly 11% of national load. [full date shown on page]"},{"url":"https://www.yicai.com/news/103206498.html","date":"2026-05-29","support":"Guangdong's 307 monitored data centres used 3.805 billion kWh in Jan-Apr 2026, up 18.48%. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"china-southern-power-grid","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"china":{"alternatives":{"level":2,"evidence":[{"url":"https://regional.chinadaily.com.cn/ningxia/2026-05/31/c_1187408.htm","date":"2026-05-31","support":"State Grid's western hubs such as Zhongwei, Ningxia, are already taking computing load (load doubled to 313,500 kW in a year, 31 May 2026); the national 'East Data, West Computing' programme places such load in western hubs, so several alternatives exist for work that tolerates latency."},{"url":"https://www.yicaiglobal.com/news/guangdong-data-center-power-use-surges-211-in-first-half-as-ai-boom-drives-demand","date":"2026-07-22","support":"Guangdong's 309 data centres used 5.97 billion kWh in H1 2026, up 21.1% (22 Jul 2026), with the Shaoguan cluster growing fastest."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://regional.chinadaily.com.cn/ningxia/2026-05/31/c_1187408.htm","date":"2026-05-31","support":"State Grid planned substations early for Zhongwei computing projects (31 May 2026); China adds over 100 billion kWh a year of computing demand (Yicai, 22 Jul 2026), so a rehome of CSG's roughly 19 billion kWh is about one to two years of national build."},{"url":"https://www.yicaiglobal.com/news/guangdong-data-center-power-use-surges-211-in-first-half-as-ai-boom-drives-demand","date":"2026-07-22","support":"CSG's Shaoguan official says grid and computing capacity are planned together (22 Jul 2026), so rehoming needs coordinated builds."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.yicaiglobal.com/news/guangdong-data-center-power-use-surges-211-in-first-half-as-ai-boom-drives-demand","date":"2026-07-22","support":"Latency-sensitive and Greater Bay Area demand cannot all move to western hubs; Guangdong alone used 5.97 billion kWh in H1 2026 (22 Jul 2026), so the best alternative falls materially short for these workloads."}]}}}}},"sempra":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"sempra","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"Dallas-Fort Worth (1,067.3 MW) is one of three markets above 1 GW; about four other networks (Dominion, AEP, BHE, Georgia Power) host comparable load (rater count). [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-hk/newsroom/global-data-center-sector-to-nearly-double-to-200gw-amid-ai-infrastructure-boom","date":"2026-01-06","support":"Grid connection lead times exceed four years in primary markets; Texas has a de facto bring-your-own-power mandate. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"Record-low 1.4% vacancy means re-homing about 1.9 GW needs new powered capacity, about 2-4 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.ksat.com/news/local/2026/07/23/cps-energy-says-no-rate-hike-is-planned-as-texas-braces-for-massive-energy-demand-surge/","date":"2026-07-23","support":"In Texas, CPS Energy alone reports up to 17 GW of new large load in its pipeline: alternatives are oversubscribed. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"About 130 MW vacant in primary markets (rater arithmetic) against about 1.9 GW: a material shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"sempra","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":3,"evidence":[{"url":"https://www.oncor.com/content/oncorwww/wire/en/home/newsroom/oncor-reports-first-quarter-2026-results.html","date":"2026-05-07","support":"Oncor, 80.25%-owned by Sempra, reports 697 large-load requests with about 271 GW of data centres in its queue (Q1 2026), so Texas, the largest alternative region, cannot add comparable connected load quickly. Release text read on a syndicated copy; date 7 May 2026."},{"url":"https://www.ksat.com/news/local/2026/07/23/cps-energy-says-no-rate-hike-is-planned-as-texas-braces-for-massive-energy-demand-surge/","date":"2026-07-23","support":"CPS Energy (San Antonio) says it has up to 17 GW of new large load in its pipeline (23 Jul 2026): the other Texas wires owners are queued too, so only a few alternatives exist."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. Oncor's own queue is dominated by requests, so even Texas replacements take multi years."},{"url":"https://www.oncor.com/content/oncorwww/wire/en/home/newsroom/oncor-reports-first-quarter-2026-results.html","date":"2026-05-07","support":"Oncor said it is working with ERCOT stakeholders on a batch study process for large-load interconnections (Q1 2026), meaning connection sequencing is still being designed. Release text read on a syndicated copy."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): West Texas has gained most of the 66+ GW under construction in North America, but that capacity is not yet connected, so a 1.5-2 GW class of load cannot be rehoused immediately and the best alternative falls materially short."},{"url":"https://spectrumnews1.com/oh/columbus/news/2025/09/05/data-center-tariff-ohio","date":"2025-09-10","support":"AEP Ohio, another 1-2 GW market, has paused new applications and holds a 30,000 MW queue (Sep 2025)."}]}}}}},"southern":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"southern","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"Atlanta (1,459.2 MW) is the second-largest US market; about four other networks host comparable multi-GW or GW-scale load (rater count). [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.utilitydive.com/news/georgia-power-large-load-data-centers/806300/","date":"2025-11-24","support":"Georgia Power's near-term large-load pipeline is for winter 2028/2029: new GW-scale service lands two to three years out. [full date shown on page]"},{"url":"https://www.jll.com/en-hk/newsroom/global-data-center-sector-to-nearly-double-to-200gw-amid-ai-infrastructure-boom","date":"2026-01-06","support":"Average grid connection lead times exceed four years in primary markets. [full date shown on page]"}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"Primary-market vacancy 1.4% (about 130 MW, rater arithmetic) against Southern's roughly 1-2 GW: a material shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"southern","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":3,"evidence":[{"url":"https://www.atlantanewsfirst.com/2026/03/17/georgia-psc-chairman-defends-data-center-power-expansion-amid-criticism","date":"2026-03-17","support":"Georgia PSC staff: Georgia Power's large-load pipeline grew from about 16,000 MW in 2023 to about 69,000 MW in Dec 2025 (80% data centres), and the PSC approved about 10,000 MW of new capacity: the Atlanta market is being built out, but other markets carry the same queue problem."},{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): vacancy is 1% and over 66 GW is under construction, mostly in frontier markets. Only a few of those markets can host a 1-2 GW class of load like the one Georgia Power, Alabama Power and Mississippi Power carry, and none has that much connected spare capacity today."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A 1 GW-class replacement at another primary market would face that wait; frontier markets are quicker but still multi-year."},{"url":"https://www.atlantanewsfirst.com/2026/03/17/georgia-psc-chairman-defends-data-center-power-expansion-amid-criticism","date":"2026-03-17","support":"PSC staff say the new generation for the 69 GW pipeline is mostly not yet backed by executed contracts, so even Georgia's own growth is paced by years of build-out."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://spectrumnews1.com/oh/columbus/news/2025/09/05/data-center-tariff-ohio","date":"2025-09-10","support":"AEP Ohio, a comparable 1-2 GW market, paused new connection applications and queued over 30,000 MW of requests (Sep 2025): the nearest comparable alternative has no free capacity."},{"url":"https://www.oncor.com/content/oncorwww/wire/en/home/newsroom/oncor-reports-first-quarter-2026-results.html","date":"2026-05-07","support":"Oncor's queue of about 271 GW of data-centre requests (Q1 2026) is not connected load. Release text read on a syndicated copy; date 7 May 2026."}]}}}}},"tepco":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"tepco","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":3,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Tokyo (1,473 MW) is APAC's largest market; only Singapore (1,118 MW) and Johor (1,110 MW) are comparable. [full date shown on page]"},{"url":"https://shulman-advisory.com/?p=4823","date":"2025-07-11","support":"Kansai's grid arm will raise four substations' capacity about 30% only in 2027-2029: Osaka is a partial domestic alternative. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cbre.com/insights/reports/japan-special-report-smarter-cleaner-faster-the-case-for-data-center-co-generation-systems","date":"2026-10-01","support":"Waits of over five years are standard in Greater Tokyo for super-high-voltage supply. [full date shown on page]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"APAC's average grid wait for large new demand is 2.7 years; re-homing about 1.2 GW abroad or in Osaka takes about 2-4 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Johor vacancy is 0.7% and Singapore's 4.9%: comparable markets cannot absorb about 1.2 GW, a large shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"tepco","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":3,"evidence":[{"url":"https://www.freshfields.com/en/our-thinking/campaigns/japans-data-center-execution-test/japans-data-center-execution-test-full-article","date":"2026","support":"Freshfields (2026; year only): in Greater Tokyo large projects face multi-year lead times, some approaching a decade, and Hokkaido and Kyushu are emerging alternatives with Osaka and Kansai possibly offering more accessible power: a few partial alternatives."},{"url":"https://www.jll.com/en-hk/insights/market-dynamics/asia-pacific-data-centre","date":"2026-03-10","support":"JLL: APAC grid waits are about 24 months in emerging markets and over eight years in core markets (10 Mar 2026)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.freshfields.com/en/our-thinking/campaigns/japans-data-center-execution-test/japans-data-center-execution-test-full-article","date":"2026","support":"Tokyo lead times approach a decade for full allocation, and the best alternatives (Hokkaido, Kyushu, Osaka) are still emerging, so rehoming 1.2 GW takes two to four years or more (2026; year only)."},{"url":"https://www.jll.com/en-hk/insights/market-dynamics/asia-pacific-data-centre","date":"2026-03-10","support":"JLL: core APAC markets wait over eight years for a grid connection (10 Mar 2026)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.freshfields.com/en/our-thinking/campaigns/japans-data-center-execution-test/japans-data-center-execution-test-full-article","date":"2026","support":"The article says TEPCO Power Grid has struggled to keep up with hyperscale demand (2026; year only); about 1.2 GW is large next to any single alternative region."}]}}}}},"edf":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"edf","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":3,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Citing CBRE, Europe's core clusters are the five FLAP-D metros; of these only Dublin, Amsterdam and London host load near EDF's (rater count), all grid-constrained. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 5.2 years in EMEA (4.4 years globally). [full date shown on page]"},{"url":"https://www.les-energies-renouvelables.eu/article/actualites/energies/datacenters-ia-electrification-france-rte-856/","date":"2026-06-18","support":"France's fast-track sites can host 700 MW-1 GW within three to four years; Campus IA gets 240 MW by end-2027, 700 MW by 2029. [full date shown on page]"}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy 6.4%; Amsterdam waits about a decade, central Frankfurt and West London upgrades only in the 2030s; about 820 MW would use most vacant European space (rater judgement). [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"edf","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":3,"evidence":[{"url":"https://selectra.info/energie/actualites/marche/ia-data-centers-facture-electricite-francaise","date":"2026-09-03","support":"RTE had reserved about 18 GW for about 80 data-centre projects by May 2026, up from 5 GW at end-2024 (3 Sep 2026): France itself is a large queue, and Europe's other primary markets (Frankfurt, London, Amsterdam, Dublin) are constrained, leaving few alternatives."},{"url":"https://www.cash.ch/news/zu-wenig-strom-fur-weitere-rechenzentren-im-rhein-main-gebiet-919740","date":"2026-03-18","support":"Frankfurt's Mainova says large connections return only in the mid-2030s (18 Mar 2026)."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.slaughterandmay.com/services/practices/infrastructure-and-energy/power-and-place-a-regulatory-guide-to-data-centre-developments-in-europe/france/","date":"2026","support":"For standard RTE connections, sponsors should plan seven to ten years, and the 2025 fast-track cuts it to three to four years only for projects above 400 MW with a congestion contribution (2026; year only, page shows no date)."},{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL: primary-market waits exceed four years on average (5 Jan 2026)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://selectra.info/energie/actualites/marche/ia-data-centers-facture-electricite-francaise","date":"2026-09-03","support":"Sites connected for two to three years use only 20% of requested power (3 Sep 2026), so RTE's 18 GW of reservations overstate real load; EDF's roughly 820 MW operating base is mid-sized, with no European market holding free capacity of that scale."},{"url":"https://www.theregister.com/2025/02/10/london_has_400_gw_of/","date":"2025-02-10","support":"London has 1,141 MW operating but a roughly 400 GW queue (10 Feb 2025), so it cannot absorb a French shift."}]}}}}},"singapore-power":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"singapore-power","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":3,"evidence":[{"url":"https://www.thestar.com.my/business/business-news/2026/07/13/data-centre-demand-to-energise-tnb-growth","date":"2026-07-13","support":"About 72% of TNB's data-centre projects come from the United States and Singapore: Johor is a qualified alternative, with Tokyo and Seoul. [full date shown on page]"},{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Singapore 1,118 MW and Johor 1,110 MW live capacity; Tokyo 1,473 MW. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.thestar.com.my/business/business-news/2026/07/13/data-centre-demand-to-energise-tnb-growth","date":"2026-07-13","support":"TNB has 8.3 GW of data-centre agreements but only 36 projects (4.5 GW maximum) completed: new capacity arrives over years. [full date shown on page]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"APAC's average grid wait for large new demand is 2.7 years. [full date shown on page]"}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Johor has an 8,542 MW pipeline but 0.7% vacancy: a material shortfall against about 1.1 GW. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"singapore-power","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":4,"evidence":[{"url":"https://sustainablefutures.linklaters.com/post/102jb2x/singapore-announces-at-least-300-megawatts-increase-in-data-centre-capacity-with","date":"2024-06-25","support":"IMDA aims to add at least 300 MW near term after a 2019-2022 moratorium (Linklaters, 25 Jun 2024), so Singapore itself cannot soon replace about 1 GW; Johor is the one partial alternative."},{"url":"https://www.woodmac.com/press-releases/jb-data-center-expansion/","date":"2026-06-18","support":"Johor's data-centre maximum demand is about 3.8 GW and transmission and distribution access is the main constraint there (18 Jun 2026)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.woodmac.com/press-releases/jb-data-center-expansion/","date":"2026-06-18","support":"Wood Mackenzie says supply pressure in Johor eases from 2031 and substations are scarce (18 Jun 2026); rehoming Singapore load there takes years."},{"url":"https://www.jll.com/en-hk/insights/market-dynamics/asia-pacific-data-centre","date":"2026-03-10","support":"JLL: core APAC markets wait over eight years (10 Mar 2026)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://sustainablefutures.linklaters.com/post/102jb2x/singapore-announces-at-least-300-megawatts-increase-in-data-centre-capacity-with","date":"2024-06-25","support":"Singapore's planned near-term addition is about 300 MW (25 Jun 2024), and about 1,070 MW of load is large next to Johor's constrained headroom, so the best alternative falls materially short."}]}}}}},"alliander":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"alliander","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":3,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Citing CBRE, Europe's core clusters are the five FLAP-D metros; of these only Dublin, Paris and London host load near Alliander's (rater count), all grid-constrained. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 5.2 years in EMEA. [full date shown on page]"},{"url":"https://nltimes.nl/2026/07/07/construction-permit-granted-massive-data-center-amsterdam-zuidoost","date":"2026-07-07","support":"Amsterdam imposed a data-centre moratorium in 2025; TenneT substations for new capacity are expected in 2036. [full date shown on page]"}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy 6.4%; Amsterdam waits about a decade, central Frankfurt and West London upgrades only in the 2030s; about 780 MW would use most vacant European space (rater judgement). [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"alliander","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":3,"evidence":[{"url":"https://www.nltimes.nl/2026/04/29/judge-rules-electricity-grid-haarlemmermeer-full-data-centre-connection-delayed","date":"2026-04-29","support":"A Dutch court (29 Apr 2026) found the grid near Schiphol full; TenneT put a 70 MW developer request on hold, with constraints possibly lasting to about 2035: the Schiphol and Amsterdam region has no free capacity for new large loads."},{"url":"https://www.stibbe.com/publications-and-insights/parliamentary-letter-on-grid-congestion-eight-measures-for-better","date":"2026-02-11","support":"Dutch grid waiting lists are 212 transmission requests (38 GW) and 14,044 regional requests (over 9 GW) (11 Feb 2026), so nearby Dutch alternatives are also closed; the few European options are Nordic and Iberian sites."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.binnenlandsbestuur.nl/ruimte-en-milieu/duurzaamheid/amsterdams-stroomnet-jaren-op-slot","date":"2022-01-28","support":"Liander said building a substation takes four to seven years and that it declared congestion across much of Amsterdam (28 Jan 2022, an older source)."},{"url":"https://www.nltimes.nl/2026/04/29/judge-rules-electricity-grid-haarlemmermeer-full-data-centre-connection-delayed","date":"2026-04-29","support":"TenneT's letters point to constraints persisting until around 2035 near Schiphol (29 Apr 2026)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.ingenieur.de/technik/fachbereiche/kuenstliche-intelligenz/zu-wenig-strom-fur-ki-wie-deutschland-jetzt-anschlusse-fur-rechenzentren-verteilt/","date":"2026-10-08","support":"Frankfurt, the other major continental hub, says connection restrictions last until the mid-2030s (8 Oct 2026); Alliander's roughly 780 MW operating base is a mid-sized volume with no matched alternative hub free to take it."},{"url":"https://www.mondaq.com/uk/oil-gas-electricity/1817492/uk-grid-connections-reform-more-changes-ahead-for-data-centres-and-electricity-demand-connections","date":"2026-07-15","support":"UK demand applications rose from about 41 GW to 125 GW (Nov 2024 to Jun 2025) (15 Jul 2026), showing London is queued too."}]}}}}},"exelon":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"exelon","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"Three US markets exceed 1 GW and BHE and AEP host multi-GW territories: about four to five networks host load comparable to Exelon's ~1.2 GW (rater count). [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.tdworld.com/utility-business/news/55395407/exelon-weeds-out-data-center-pipeline","date":"2026-08-03","support":"Exelon connects large loads through cluster studies and transmission service agreements; about 4 GW is TSA-backed, years from service. [full date shown on page]"},{"url":"https://www.jll.com/en-hk/newsroom/global-data-center-sector-to-nearly-double-to-200gw-amid-ai-infrastructure-boom","date":"2026-01-06","support":"Average grid connection lead times exceed four years in primary markets. [full date shown on page]"}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"About 130 MW vacant in primary markets (1.4%, rater arithmetic) against about 1.2 GW: a material shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"exelon","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":3,"evidence":[{"url":"https://www.nprillinois.org/economy-business/2026-04-17/energy-demand-in-comed-territory-could-double-by-2040-in-part-driven-by-data-centers","date":"2026-04-17","support":"ComEd said requested demand in its pipeline would more than double its system peak, arriving gradually by 2040 to 2045 (17 Apr 2026): Chicago has a large queue, so spare headroom for relocated load is limited."},{"url":"https://www.pjm.com/-/media/DotCom/about-pjm/newsroom/2026-releases/20260714-pjm-capacity-auction-procures-138318-mw-of-generation-resources.pdf","date":"2026-07-14","support":"PJM's 2028/29 auction is 6,831 MW short of reliability needs (14 Jul 2026), so neighbouring PJM utilities are supply-short."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. ComEd says the queue will convert slowly, over decades, which suggests multi-year timing for any new connection."},{"url":"https://www.nprillinois.org/economy-business/2026-04-17/energy-demand-in-comed-territory-could-double-by-2040-in-part-driven-by-data-centers","date":"2026-04-17","support":"ComEd expects pipeline load to arrive gradually, by 2040 to 2045 (17 Apr 2026)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://spectrumnews1.com/oh/columbus/news/2025/09/05/data-center-tariff-ohio","date":"2025-09-10","support":"AEP Ohio, the nearest comparable PJM market at about 1,500 MW of connected load (Jul 2025), has a paused application queue of over 30,000 MW."},{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1% in North America; a 1.2 GW class replacement must be built new."}]}}}}},"engie":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"engie","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":3,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Citing CBRE, Europe's core clusters are the five FLAP-D metros; of these only Dublin, Paris and Amsterdam host load near UK Power Networks's (rater count), all grid-constrained. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.burges-salmon.com/our-thinking/from-grid-risk-to-green-light-structuring-data-centre-investments-in-2026/","date":"2026-05-18","support":"Citing JLL, a new 50 MW UK data centre waits seven years on average for a grid connection. [full date shown on page]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 5.2 years in EMEA (4.4 years globally). [full date shown on page]"},{"url":"https://www.les-energies-renouvelables.eu/article/actualites/energies/datacenters-ia-electrification-france-rte-856/","date":"2026-06-18","support":"France's fast-track sites can host 700 MW-1 GW within three to four years; Campus IA gets 240 MW by end-2027, 700 MW by 2029. [full date shown on page]"}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy 6.4%; Amsterdam waits about a decade, central Frankfurt and West London upgrades only in the 2030s; about 720 MW would use most vacant European space (rater judgement). [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"engie","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":3,"evidence":[{"url":"https://www.theregister.com/2025/02/10/london_has_400_gw_of/","date":"2025-02-10","support":"Around London, about 400 GW of connection requests are outstanding (Cushman and Wakefield, via The Register, 10 Feb 2025) and Ofgem expects 60-70% not to proceed; London's 1,141 MW is Europe's largest market and few markets can take its volume. The source does not name the network operators."},{"url":"https://www.cash.ch/news/zu-wenig-strom-fur-weitere-rechenzentren-im-rhein-main-gebiet-919740","date":"2026-03-18","support":"Frankfurt's alternative is restricted until the mid-2030s (18 Mar 2026)."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.slaughterandmay.com/services/practices/infrastructure-and-energy/power-and-place-a-regulatory-guide-to-data-centre-developments-in-europe/united-kingdom/","date":"2026","support":"Slaughter and May: grid access is the single greatest constraint on UK data-centre investment and the connection queue is long (2026; year only, page shows no date)."},{"url":"https://www.mondaq.com/uk/oil-gas-electricity/1817492/uk-grid-connections-reform-more-changes-ahead-for-data-centres-and-electricity-demand-connections","date":"2026-07-15","support":"GB demand applications rose from about 41 GW (Nov 2024) to about 125 GW (Jun 2025), with reforms still being consulted on in July 2026 (15 Jul 2026)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.theregister.com/2025/02/10/london_has_400_gw_of/","date":"2025-02-10","support":"London had 1,141 MW operating in H2 2024 with a 1.5 GW pipeline (10 Feb 2025); the roughly 720 MW served by UKPN has no like-for-like alternative nearby."},{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL: primary markets average more than four-year grid waits (5 Jan 2026); no listed UK or continental alternative has idle space."}]}}}}},"kepco":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"kepco","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":4,"evidence":[{"url":"https://www.cushmanwakefield.com/en/south-korea/insights/south-korea-data-center-industry","date":"2024-10-29","support":"KEPCO confirms power for Korean data centres and policy steers them to Korean regions; foreign sites are only partial alternatives (rater judgement). [full date shown on page]"},{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Nearby large markets (Tokyo, Singapore, Johor) are themselves near full. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cushmanwakefield.com/en/south-korea/insights/south-korea-data-center-industry","date":"2024-10-29","support":"KEPCO now takes about 12 months, not 2-3, to confirm power supply, and restricts new supply in the Seoul area. [full date shown on page]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"APAC's average grid wait for large new demand is 2.7 years. [full date shown on page]"}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Johor vacancy 0.7%, Singapore 4.9%: a material shortfall for about 0.9 GW. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"kepco","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":3,"evidence":[{"url":"https://www.cushmanwakefield.com/en/south-korea/insights/south-korea-data-center-industry","date":"2024-10-29","support":"Cushman and Wakefield (29 Oct 2024): KEPCO now takes about 12 months, not 2-3, to confirm power supply, and a new policy limits added supply in Seoul; the state steers data centres out of Greater Seoul to regional districts, so a few regional sites are partial alternatives."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cushmanwakefield.com/en/south-korea/insights/south-korea-data-center-industry","date":"2024-10-29","support":"KEPCO's 12-month supply confirmation (29 Oct 2024) plus build time puts replacement of about 900 MW at two to four years."},{"url":"https://www.jll.com/en-hk/insights/market-dynamics/asia-pacific-data-centre","date":"2026-03-10","support":"JLL: core APAC markets wait over eight years (10 Mar 2026)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.cushmanwakefield.com/en/south-korea/insights/south-korea-data-center-industry","date":"2024-10-29","support":"Latency and proximity to users keep Seoul-area sites important (29 Oct 2024), while regional districts are only starting, so the best alternative falls materially short for about 900 MW."}]}}}}},"tenaga-nasional":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"tenaga-nasional","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":3,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Johor (1,110 MW) is comparable only to Tokyo (1,473 MW) and Singapore (1,118 MW) in APAC. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.thestar.com.my/business/business-news/2026/07/13/data-centre-demand-to-energise-tnb-growth","date":"2026-07-13","support":"TNB holds 8.3 GW of data-centre agreements, 4.5 GW of it completed: replacing its load needs years of new builds elsewhere. [full date shown on page]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"APAC's average grid wait for large new demand is 2.7 years. [full date shown on page]"}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Singapore's vacancy is 4.9% on 1,118 MW and allocation is capped: a material shortfall against about 0.8 GW. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"tenaga-nasional","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":3,"evidence":[{"url":"https://www.thevibes.com/articles/news/128568/data-centres-to-need-8391mw-of-power-by-2030-johor-accounts-for-over-half","date":"2026-10-20","support":"Peninsular Malaysia has 45 data centres drawing 6,041 MW from TNB and expects 8,391 MW by 2030, Johor 4,428 MW (20 Oct 2026): Singapore adds only about 300 MW near term, so the other alternatives (Batam, Jakarta and others) are few."},{"url":"https://sustainablefutures.linklaters.com/post/102jb2x/singapore-announces-at-least-300-megawatts-increase-in-data-centre-capacity-with","date":"2024-06-25","support":"Singapore plans to add at least 300 MW near term (25 Jun 2024)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.woodmac.com/press-releases/jb-data-center-expansion/","date":"2026-06-18","support":"Wood Mackenzie: transmission and distribution access, notably 132 kV intake substations, is the primary constraint, easing only from 2031; TNB's Green Lane Pathway shortens connection for qualifying projects (18 Jun 2026)."},{"url":"https://www.jll.com/en-hk/insights/market-dynamics/asia-pacific-data-centre","date":"2026-03-10","support":"JLL: APAC waits range from about 24 months to over eight years (10 Mar 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.thevibes.com/articles/news/128568/data-centres-to-need-8391mw-of-power-by-2030-johor-accounts-for-over-half","date":"2026-10-20","support":"TNB's Johor plus Klang Valley base of roughly 800 MW is below Johor's 4,428 MW 2030 need (20 Oct 2026); neighbouring Indonesian sites can absorb part of it."}]}}}}},"grant-county-pud":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"grant-county-pud","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE tracks eight primary North American markets totalling 9,432 MW, each on different networks; rater count: six or more US networks host data-centre load of at least about 700 MW. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia, Atlanta and Dallas-Fort Worth each exceed 1 GW; many secondary markets also host hyperscale load. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-hk/newsroom/global-data-center-sector-to-nearly-double-to-200gw-amid-ai-infrastructure-boom","date":"2026-01-06","support":"JLL: average grid connection lead times exceed four years in primary markets; 77% of the construction pipeline is pre-committed. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy is a record-low 1.4%; re-homing about 700 MW needs new powered capacity, about 2-4 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy 1.4%, but capacity grew 36% in 2025 to 9,432 MW (about 2.5 GW added, rater arithmetic); about 700 MW is a small shortfall for the best alternatives. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"Hillsboro, the nearby Pacific Northwest hub, has 0.2% vacancy and transmission limits. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"grant-county-pud","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":3,"evidence":[{"url":"https://www.govtech.com/artificial-intelligence/grant-county-wash-utility-to-cap-data-center-electricity","date":"2025-04-01","support":"Grant PUD capped data-centre demand growth in April 2025 because transmission, not power supply, is short, and customers were expected to hit their caps in Q3-Q4 2025; the Quincy hydro cluster has few Pacific Northwest alternatives. JLL (11 Aug 2026) shows frontier markets elsewhere are building, so a few partial options exist."},{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1% in North America with 66+ GW under construction (11 Aug 2026); nothing equivalent is ready to take Quincy-sized load."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A replacement of this size must clear a new utility connection somewhere else."},{"url":"https://www.govtech.com/artificial-intelligence/grant-county-wash-utility-to-cap-data-center-electricity","date":"2025-04-01","support":"Grant PUD says a new Wanapum-to-Quincy high-capacity line is projected for 2029 and another project for 2027 (1 Apr 2025): upgrades take years to permit and build."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.govtech.com/artificial-intelligence/grant-county-wash-utility-to-cap-data-center-electricity","date":"2025-04-01","support":"Quincy's cheap hydro (Grant PUD holds 63% of two dams' output) is not easily matched at 700 MW class; alternatives in the Northwest face the same transmission limits, so the shortfall is material (1 Apr 2025)."}]}}}}},"inner-mongolia-power":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"inner-mongolia-power","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"china":{"alternatives":{"level":3,"evidence":[{"url":"https://en.jiemian.com/article/7855287.html","date":"undated","support":"State Grid covers 26 provinces, including other western hubs; with China Southern, two other grid companies host data-centre load. [page shows no date, so undated]"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.gov.cn/lianbo/bumen/202408/content_6971147.htm","date":"2024-08-29","support":"Hub nodes had about 1.95 million racks at about 63% use; idle racks at other hubs could take a load near 4% of national use within months (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.gov.cn/lianbo/bumen/202408/content_6971147.htm","date":"2024-08-29","support":"About 37% of hub racks were idle in mid-2024 (rater arithmetic): a small shortfall for Inner Mongolia Power's share. [full date shown on page]"},{"url":"https://www.carbonbrief.org/explainer-how-china-is-managing-the-rising-energy-demand-from-data-centres/","date":"2025-04-16","support":"Ningxia, Gansu and other western regions host data centres under East Data West Computing. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"inner-mongolia-power","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"china":{"alternatives":{"level":2,"evidence":[{"url":"https://regional.chinadaily.com.cn/ningxia/2026-05/31/c_1187408.htm","date":"2026-05-31","support":"Other national computing hubs such as Zhongwei in Ningxia are taking load now (load doubled to 313,500 kW, 31 May 2026), part of the national 'East Data, West Computing' programme."},{"url":"https://static.sse.com.cn/disclosure/bond/announcement/corporate/c/new/2025-06-27/122771_20250627_42S4.pdf","date":"2025-06-27","support":"Inner Mongolia Power serves only western Inner Mongolia (27 Jun 2025); State Grid covers the rest."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://regional.chinadaily.com.cn/ningxia/2026-05/31/c_1187408.htm","date":"2026-05-31","support":"Zhongwei's load doubled in a year and 110 kV substations were built ahead of demand (31 May 2026), showing a 1-2 year ramp for western hubs."},{"url":"https://www.yicaiglobal.com/news/guangdong-data-center-power-use-surges-211-in-first-half-as-ai-boom-drives-demand","date":"2026-07-22","support":"National computing load adds over 100 billion kWh a year (22 Jul 2026), so about 7 billion kWh is a small slice."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://regional.chinadaily.com.cn/ningxia/2026-05/31/c_1187408.htm","date":"2026-05-31","support":"Western hubs have similar cheap green power and are scaling (31 May 2026); Horinger-class load of about 5 billion kWh a year can be rehomed with a small shortfall."}]}}}}},"pinnacle-west":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"pinnacle-west","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE tracks eight primary North American markets totalling 9,432 MW, each on different networks; rater count: six or more US networks host data-centre load of at least about 744 MW. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia, Atlanta and Dallas-Fort Worth each exceed 1 GW; many secondary markets also host hyperscale load. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-hk/newsroom/global-data-center-sector-to-nearly-double-to-200gw-amid-ai-infrastructure-boom","date":"2026-01-06","support":"JLL: average grid connection lead times exceed four years in primary markets; 77% of the construction pipeline is pre-committed. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy is a record-low 1.4%; re-homing about 744 MW needs new powered capacity, about 2-4 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy 1.4%, but capacity grew 36% in 2025 to 9,432 MW (about 2.5 GW added, rater arithmetic); about 744 MW is a small shortfall for the best alternatives. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"pinnacle-west","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): North American vacancy is 1% for a third year, but over 66 GW is under construction, 77% of it in frontier markets (West Texas, Ohio, Louisiana, Indiana, Carolinas). Six or more other markets are adding capacity of the several-hundred-MW class that Arizona Public Service carries, so several alternatives exist as their power is connected."},{"url":"https://www.kjzz.org/business/2026-09-02/aps-says-it-cant-commit-to-new-data-centers-because-of-electric-grid-constraints","date":"2026-09-02","support":"APS has not committed to serve additional data-centre customers since 1 Jan 2024 because of grid constraints (2 Sep 2026); it is therefore not an option for load displaced from elsewhere, and Phoenix's other wires owner (SRP) is also building."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A replacement of this size must clear a new utility connection somewhere else."},{"url":"https://www.power-eng.com/gas/arizona-utilities-lock-in-fuel-supply-for-gas-plants-to-power-data-center-boom/","date":"2025-08-07","support":"APS has contracted 4.7 GW of large load over the next decade (about 3.1 GW data centres) with over 10 GW of data-centre requests pending (7 Aug 2025); new load on these wires takes years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.power-eng.com/gas/arizona-utilities-lock-in-fuel-supply-for-gas-plants-to-power-data-center-boom/","date":"2025-08-07","support":"APS has at least 10 GW of pending requests (7 Aug 2025): replacement of its roughly 750 MW connected base is possible in other metros, though not in Phoenix itself."}]}}}}},"portland-general":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"portland-general","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE tracks eight primary North American markets totalling 9,432 MW, each on different networks; rater count: six or more US networks host data-centre load of at least about 700 MW. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia, Atlanta and Dallas-Fort Worth each exceed 1 GW; many secondary markets also host hyperscale load. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-hk/newsroom/global-data-center-sector-to-nearly-double-to-200gw-amid-ai-infrastructure-boom","date":"2026-01-06","support":"JLL: average grid connection lead times exceed four years in primary markets; 77% of the construction pipeline is pre-committed. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy is a record-low 1.4%; re-homing about 700 MW needs new powered capacity, about 2-4 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy 1.4%, but capacity grew 36% in 2025 to 9,432 MW (about 2.5 GW added, rater arithmetic); about 700 MW is a small shortfall for the best alternatives. [full date shown on page]"},{"url":"https://www.grantpud.org/blog/data-center-faqs","date":"2026-08-28","support":"Grant PUD, the other Northwest cluster, says service cannot always be provided as quickly as customers prefer; ~800 MW queued. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"portland-general","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): North American vacancy is 1% for a third year, but over 66 GW is under construction, 77% of it in frontier markets (West Texas, Ohio, Louisiana, Indiana, Carolinas). Six or more other markets are adding capacity of the several-hundred-MW class that Portland General Electric carries, so several alternatives exist as their power is connected."},{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL's 2026 outlook calls energy infrastructure the critical bottleneck for data-centre expansion (5 Jan 2026). No PGE-specific source on its queue was available to me; the level rests on the national evidence."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A replacement of this size must clear a new utility connection somewhere else."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: 66+ GW under construction mostly in frontier markets (11 Aug 2026); PGE's roughly 700 MW Hillsboro-based volume is small enough for other regions to absorb."}]}}}}},"cps-energy":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"cps-energy","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE tracks eight primary North American markets totalling 9,432 MW, each on different networks; rater count: six or more US networks host data-centre load of at least about 680 MW. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia, Atlanta and Dallas-Fort Worth each exceed 1 GW; many secondary markets also host hyperscale load. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-hk/newsroom/global-data-center-sector-to-nearly-double-to-200gw-amid-ai-infrastructure-boom","date":"2026-01-06","support":"JLL: average grid connection lead times exceed four years in primary markets; 77% of the construction pipeline is pre-committed. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy is a record-low 1.4%; re-homing about 680 MW needs new powered capacity, about 2-4 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy 1.4%, but capacity grew 36% in 2025 to 9,432 MW (about 2.5 GW added, rater arithmetic); about 680 MW is a small shortfall for the best alternatives. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"cps-energy","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): North American vacancy is 1% for a third year, but over 66 GW is under construction, 77% of it in frontier markets (West Texas, Ohio, Louisiana, Indiana, Carolinas). Six or more other markets are adding capacity of the several-hundred-MW class that CPS Energy carries, so several alternatives exist as their power is connected."},{"url":"https://www.ksat.com/news/local/2026/07/23/cps-energy-says-no-rate-hike-is-planned-as-texas-braces-for-massive-energy-demand-surge/","date":"2026-07-23","support":"CPS Energy says it has up to 17 GW of new large load in its pipeline (23 Jul 2026): San Antonio is full of requests, while other Texas and frontier markets compete for similar builds."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A replacement of this size must clear a new utility connection somewhere else."},{"url":"https://www.ksat.com/news/local/2026/07/23/cps-energy-says-no-rate-hike-is-planned-as-texas-braces-for-massive-energy-demand-surge/","date":"2026-07-23","support":"CPS Energy's pipeline of up to 17 GW (23 Jul 2026) shows connections arrive over years; frontier markets elsewhere take similar time."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.ksat.com/news/local/2026/07/23/cps-energy-says-no-rate-hike-is-planned-as-texas-braces-for-massive-energy-demand-surge/","date":"2026-07-23","support":"CPS Energy's connected base is a fraction of its 17 GW pipeline (23 Jul 2026); roughly 680 MW is small enough for other markets to absorb."}]}}}}},"salt-river-project":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"salt-river-project","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE tracks eight primary North American markets totalling 9,432 MW, each on different networks; rater count: six or more US networks host data-centre load of at least about 661 MW. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia, Atlanta and Dallas-Fort Worth each exceed 1 GW; many secondary markets also host hyperscale load. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-hk/newsroom/global-data-center-sector-to-nearly-double-to-200gw-amid-ai-infrastructure-boom","date":"2026-01-06","support":"JLL: average grid connection lead times exceed four years in primary markets; 77% of the construction pipeline is pre-committed. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy is a record-low 1.4%; re-homing about 661 MW needs new powered capacity, about 2-4 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy 1.4%, but capacity grew 36% in 2025 to 9,432 MW (about 2.5 GW added, rater arithmetic); about 661 MW is a small shortfall for the best alternatives. [full date shown on page]"},{"url":"https://www.kjzz.org/business/2026-09-02/aps-says-it-cant-commit-to-new-data-centers-because-of-electric-grid-constraints","date":"2026-09-02","support":"APS, the other Phoenix utility, has made no new data-centre commitments since 1 January 2024, citing grid constraints. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"salt-river-project","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): North American vacancy is 1% for a third year, but over 66 GW is under construction, 77% of it in frontier markets (West Texas, Ohio, Louisiana, Indiana, Carolinas). Six or more other markets are adding capacity of the several-hundred-MW class that Salt River Project carries, so several alternatives exist as their power is connected."},{"url":"https://www.power-eng.com/gas/arizona-utilities-lock-in-fuel-supply-for-gas-plants-to-power-data-center-boom/","date":"2025-08-07","support":"SRP says it is working to at least double its generating resources in ten years and has pipeline capacity expected in service by Q4 2029 (7 Aug 2025): its growth is paced by new generation, so other markets compete on similar timelines."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A replacement of this size must clear a new utility connection somewhere else."},{"url":"https://www.power-eng.com/gas/arizona-utilities-lock-in-fuel-supply-for-gas-plants-to-power-data-center-boom/","date":"2025-08-07","support":"SRP's gas pipeline capacity is expected in service by Q4 2029 (7 Aug 2025), signalling a multi-year energy build behind new data-centre load on its wires."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): over 66 GW is under construction across frontier markets; SRP's connected base of several hundred MW is a modest slice that other metros can host, so the best alternative's shortfall is small."}]}}}}},"mainova":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"mainova","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Cushman & Wakefield names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading markets with better power; with the FLAP-D metros, about 4-5 networks host clusters of this size (rater count). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy is 6.4% and vacancy elsewhere in Europe is forecast at 19%; secondary markets are absorbing most new demand, so a few hundred MW could move within about 1-2 years. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Vacancy in FLAP-D is 6.4% and forecast at 19% elsewhere in Europe, so alternatives can absorb a load of this size with a small shortfall. [full date shown on page]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Central Frankfurt grid upgrades are not expected to be meaningful until the 2030s, so replacement must come from other markets. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"mainova","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.cash.ch/news/zu-wenig-strom-fur-weitere-rechenzentren-im-rhein-main-gebiet-919740","date":"2026-03-18","support":"Mainova (18 Mar 2026): 23 more data-centre sites are expected in the region outside Frankfurt by 2030, and an AI data centre in Rosbach goes online end-2027: several nearby sites are being built even if inner Frankfurt is closed."},{"url":"https://www.ingenieur.de/technik/fachbereiche/kuenstliche-intelligenz/zu-wenig-strom-fur-ki-wie-deutschland-jetzt-anschlusse-fur-rechenzentren-verteilt/","date":"2026-10-08","support":"In Mitnetz Strom's area requests total 16.8 GW but only nine projects (1.4 GW) are binding (8 Oct 2026): other German regions are queued but not closed."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cash.ch/news/zu-wenig-strom-fur-weitere-rechenzentren-im-rhein-main-gebiet-919740","date":"2026-03-18","support":"Mainova says high-power new connections are available again only from the mid-2030s, and one developer was told not before 2035 (18 Mar 2026); replacing Frankfurt load means building outside, taking years."},{"url":"https://www.ingenieur.de/technik/fachbereiche/kuenstliche-intelligenz/zu-wenig-strom-fur-ki-wie-deutschland-jetzt-anschlusse-fur-rechenzentren-verteilt/","date":"2026-10-08","support":"From April 2026 Germany's transmission operators prioritise large consumers by maturity, not queue order (8 Oct 2026)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.cash.ch/news/zu-wenig-strom-fur-weitere-rechenzentren-im-rhein-main-gebiet-919740","date":"2026-03-18","support":"Frankfurt hosts one of the world's largest internet hubs next to DE-CIX (18 Mar 2026); no other German or EU location offers the same interconnection density, so the best alternative falls materially short."},{"url":"https://www.ingenieur.de/technik/fachbereiche/kuenstliche-intelligenz/zu-wenig-strom-fur-ki-wie-deutschland-jetzt-anschlusse-fur-rechenzentren-verteilt/","date":"2026-10-08","support":"Mainova and TenneT plan about 1,000 MW of additional capacity (8 Oct 2026)."}]}}}}},"duke":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"duke","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE tracks eight primary North American markets totalling 9,432 MW, each on different networks; rater count: six or more US networks host data-centre load of at least about 640 MW. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia, Atlanta and Dallas-Fort Worth each exceed 1 GW; many secondary markets also host hyperscale load. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-hk/newsroom/global-data-center-sector-to-nearly-double-to-200gw-amid-ai-infrastructure-boom","date":"2026-01-06","support":"JLL: average grid connection lead times exceed four years in primary markets; 77% of the construction pipeline is pre-committed. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy is a record-low 1.4%; re-homing about 640 MW needs new powered capacity, about 2-4 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy 1.4%, but capacity grew 36% in 2025 to 9,432 MW (about 2.5 GW added, rater arithmetic); about 640 MW is a small shortfall for the best alternatives. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"duke","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): North American vacancy is 1% for a third year, but over 66 GW is under construction, 77% of it in frontier markets (West Texas, Ohio, Louisiana, Indiana, Carolinas). Six or more other markets are adding capacity of the few-hundred-MW class that Duke Energy carries, so several alternatives exist as their power is connected."},{"url":"https://www.utilitydive.com/news/duke-energy-earnings-anderson-gas-plant/819428/","date":"2026-05-06","support":"Duke has executed 7.6 GW of data-centre service agreements, nearly two-thirds already under construction, with a 15.4 GW pipeline (6 May 2026): other utilities hold equivalent contracted load, so many sites compete for the same supply chain."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A replacement of this size must clear a new utility connection somewhere else."},{"url":"https://www.utilitydive.com/news/duke-energy-earnings-anderson-gas-plant/819428/","date":"2026-05-06","support":"Duke says its 14 GW generation expansion adds capacity by 2031, so new data-centre load on its wires arrives over years (6 May 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: over 66 GW is under construction across frontier markets including the Carolinas; Duke's connected load of roughly 650 MW is a small slice that other markets can absorb, so the best alternative's shortfall is small."}]}}}}},"enel":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"enel","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Cushman & Wakefield names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading primary markets thanks to better power and land, besides FLAP-D. [full date shown on page]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"About 63% of Europe's new capacity in Q2 2026 went outside FLAP-D; Nordics drew 420 MW of neocloud signings in the quarter. [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy is 6.4% and vacancy elsewhere in Europe is forecast at 19%; secondary markets are absorbing most new demand, so a few hundred MW could move within about 1-2 years. [full date shown on page]"},{"url":"https://en.ilsole24ore.com/art/data-centre-boom-projects-in-italy-342-network-connection-requests-AHoTueJC","date":"2025-08-26","support":"Italy had 342 data-centre grid requests totalling 55 GW, 30.2 GW in Lombardy: new connections are queued. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Vacancy in FLAP-D is 6.4% and forecast at 19% elsewhere in Europe, so alternatives can absorb a load of this size with a small shortfall. [full date shown on page]"}]}},"rest-of-world":{"alternatives":{"level":1,"evidence":[{"url":"https://abes.org.br/en/expansao-dos-data-centers-redefine-prioridades-energeticas-no-pais/","date":"2026-04-06","support":"Brazil's data-centre grid requests (about 7 GW) span many projects and networks; with Chile, Colombia and Peru, many alternatives exist (rater count; thin evidence). [full date shown on page]"},{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank: Tokyo 1,473 MW, Singapore 1,118 MW and Johor 1,110 MW lead APAC, with many smaller markets; six or more networks host load of this size (rater count). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://abes.org.br/en/expansao-dos-data-centers-redefine-prioridades-energeticas-no-pais/","date":"2026-04-06","support":"ONS is moving to seasonal allocation because margin is scarce, especially in São Paulo. [full date shown on page]"},{"url":"https://agenciainfra.com/blog/?p=48651","date":"2026-10-08","support":"ONS judged some requested São Paulo data-centre access increases not viable in the 2026 access season. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank colocation vacancy: Bangkok 23.3%, Jakarta 20.5%, Singapore 4.9%; spare regional capacity leaves a small shortfall for a load of this size. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"enel","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.globaldatacenterhub.com/p/italys-50-gigawatt-grid-queue-is","date":"2026-05-28","support":"Terna had over 50 GW of data-centre connection requests (28 May 2026), with Lombardy and Piedmont described as virtually saturated; other EU markets (Iberia, Nordics) are several alternatives for Enel's roughly 300 MW across Italy and Spain."},{"url":"https://www.energias-renovables.com/panorama/la-capacidad-operativa-de-los-data-centers-20261008","date":"2026-10-08","support":"Iberian main markets added 65 MW IT in six months (8 Oct 2026)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.globaldatacenterhub.com/p/italys-50-gigawatt-grid-queue-is","date":"2026-05-28","support":"Developers in congested northern Italian zones secure grid allocations 18-24 months before ground-break (28 May 2026); with build time, replacement takes two to four years."},{"url":"https://www.ingenieur.de/technik/fachbereiche/kuenstliche-intelligenz/zu-wenig-strom-fur-ki-wie-deutschland-jetzt-anschlusse-fur-rechenzentren-verteilt/","date":"2026-10-08","support":"Roland Berger: connection can take up to seven years in Europe (8 Oct 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.globaldatacenterhub.com/p/italys-50-gigawatt-grid-queue-is","date":"2026-05-28","support":"Milan and Rome substations face a roughly 150 MW shortfall by 2028 (28 May 2026); Enel's roughly 300 MW is modest, so partial alternatives cover most of it."},{"url":"https://www.energias-renovables.com/panorama/la-capacidad-operativa-de-los-data-centers-20261008","date":"2026-10-08","support":"Madrid colocation availability is 19% and hyperscale 9% (8 Oct 2026)."}]}},"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://cenarioenergia.com.br/2026/09/03/data-centers-262-gw-conexao-capacidade-rede-eletrica-brasileira/","date":"2026-09-03","support":"Brazil's EPE counts 26.2 GW of data-centre projects in transmission connection processes at end-2025, São Paulo a main hub (3 Sep 2026); São Paulo, Santiago, Bogotá and Lima are several markets, none dominant."},{"url":"https://www.emol.com/noticias/Economia/2026/02/12/1191254/data-centers-chile.html","date":"2026-02-12","support":"Chile's Coordinador expects data-centre demand to rise from 325 MW (2025) to 1,207 MW (2030) (12 Feb 2026)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://cenarioenergia.com.br/2026/09/03/data-centers-262-gw-conexao-capacidade-rede-eletrica-brasileira/","date":"2026-09-03","support":"EPE says about R$1.6 billion of works would create a connection margin of nearly 4 GW in São Paulo state, and warns delays follow if load arrives before reinforcements (3 Sep 2026): one to two years or more to re-home about 375 MW."},{"url":"https://www.emol.com/noticias/Economia/2026/02/12/1191254/data-centers-chile.html","date":"2026-02-12","support":"Santiago's concentration adds pressure to the distribution network in Lampa and Huechuraba (12 Feb 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://cenarioenergia.com.br/2026/09/03/data-centers-262-gw-conexao-capacidade-rede-eletrica-brasileira/","date":"2026-09-03","support":"Enel's roughly 375 MW across four Latin American cities is small against Brazil's 26.2 GW of connection processes (3 Sep 2026); other wires owners can take it with a small shortfall."}]}}}}},"oppd":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"oppd","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE tracks eight primary North American markets totalling 9,432 MW, each on different networks; rater count: six or more US networks host data-centre load of at least about 551 MW. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia, Atlanta and Dallas-Fort Worth each exceed 1 GW; many secondary markets also host hyperscale load. [full date shown on page]"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-hk/newsroom/global-data-center-sector-to-nearly-double-to-200gw-amid-ai-infrastructure-boom","date":"2026-01-06","support":"JLL: average grid connection lead times exceed four years in primary markets; 77% of the construction pipeline is pre-committed. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy is a record-low 1.4%; re-homing about 551 MW needs new powered capacity, about 2-4 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy 1.4%, but capacity grew 36% in 2025 to 9,432 MW (about 2.5 GW added, rater arithmetic); about 551 MW is a small shortfall for the best alternatives. [full date shown on page]"},{"url":"https://www.industrialinfo.com/news/article/berkshire-hathaway-energy-utilities-see-modest-gain-in-capex-spending--355213","date":"2026-03-23","support":"Neighbouring MidAmerican (BHE) has contracted over 9,000 MW of data-centre load, so a nearby alternative is expanding. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"oppd","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): North American vacancy is 1% for a third year, but over 66 GW is under construction, 77% of it in frontier markets (West Texas, Ohio, Louisiana, Indiana, Carolinas). Six or more other markets are adding capacity of the several-hundred-MW class that Omaha Public Power District carries, so several alternatives exist as their power is connected."},{"url":"https://www.industrialinfo.com/news/article/nebraska-to-get-new-data-centers-power-capacity--323234","date":"2023-08-29","support":"OPPD added about 594 MW of peaking capacity (Turtle Creek 450 MW, Standing Bear 144 MW) for the Papillion data-centre cluster of Google and Meta (29 Aug 2023): similar Midwestern utilities are expanding in parallel. The 2023 source is dated and OPPD-specific evidence is thin."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A replacement of this size must clear a new utility connection somewhere else."},{"url":"https://www.industrialinfo.com/news/article/nebraska-to-get-new-data-centers-power-capacity--323234","date":"2023-08-29","support":"OPPD's data-centre related capacity additions started in 2022, with the first turbine delivered in Dec 2022 and operation in H1 2024 (29 Aug 2023): about two years from start to service for a ~450 MW plant."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.industrialinfo.com/news/article/nebraska-to-get-new-data-centers-power-capacity--323234","date":"2023-08-29","support":"OPPD's roughly 550 MW base is smaller than the 594 MW of peaking plants it added for the cluster (29 Aug 2023), and other Midwestern utilities can host such volume."}]}}}}},"iberdrola":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"iberdrola","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Cushman & Wakefield names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading markets with better power; with the FLAP-D metros, about 4-5 networks host clusters of this size (rater count). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy is 6.4% and vacancy elsewhere in Europe is forecast at 19%; secondary markets are absorbing most new demand, so a few hundred MW could move within about 1-2 years. [full date shown on page]"},{"url":"https://www.xataka.com/energia/madrid-se-juega-23-400-millones-centros-datos-riesgo-perderlos-esta-infraestructura-electrica/amp","date":"2025-09-11","support":"Madrid's grid is 82% saturated and distributors rejected six in ten access requests, so displaced load moves elsewhere. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Vacancy in FLAP-D is 6.4% and forecast at 19% elsewhere in Europe, so alternatives can absorb a load of this size with a small shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"iberdrola","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.energias-renovables.com/panorama/la-capacidad-operativa-de-los-data-centers-20261008","date":"2026-10-08","support":"Colliers (8 Oct 2026): Iberian main markets total about 450 MW IT, Madrid 212 MW IT, Aragon 108 MW IT operational with 3.8 GW IT estimated future capacity: Spain, Portugal, the Nordics and Italy are several other markets building capacity."},{"url":"https://www.globaldatacenterhub.com/p/italys-50-gigawatt-grid-queue-is","date":"2026-05-28","support":"Italy's Terna had over 50 GW of data-centre connection requests (28 May 2026), showing many markets exist even if most requests are not real."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.energias-renovables.com/panorama/la-capacidad-operativa-de-los-data-centers-20261008","date":"2026-10-08","support":"Colliers: realisation of future capacity depends on substations, connections and grid reinforcement; connection timelines are making developers revisit projects (8 Oct 2026)."},{"url":"https://www.ingenieur.de/technik/fachbereiche/kuenstliche-intelligenz/zu-wenig-strom-fur-ki-wie-deutschland-jetzt-anschlusse-fur-rechenzentren-verteilt/","date":"2026-10-08","support":"Roland Berger says connecting a new data centre in Europe can take up to seven years (8 Oct 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.energias-renovables.com/panorama/la-capacidad-operativa-de-los-data-centers-20261008","date":"2026-10-08","support":"Madrid colocation availability is 19% and hyperscale 9% (8 Oct 2026); about 500 MW of Iberdrola-served load is small compared with other European hubs and can be absorbed over time."},{"url":"https://www.globaldatacenterhub.com/p/italys-50-gigawatt-grid-queue-is","date":"2026-05-28","support":"Developers in congested northern Italian zones secure allocations 18-24 months before ground-break (28 May 2026)."}]}}}}},"taipower":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"taipower","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2026/07/16/2003860797","date":"2026-07-16","support":"Taipower is Taiwan's grid company; data centres are steered to central and southern sites near plants, so in-country alternatives are its own (rater judgement). [full date shown on page]"},{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank: Tokyo 1,473 MW, Singapore 1,118 MW and Johor 1,110 MW lead APAC, with many smaller markets; six or more networks host load of this size (rater count). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2026/07/16/2003860797","date":"2026-07-16","support":"Taipower suspended new data centres above 5 MW north of Taoyuan from September 2023; the minister is willing to relax the ban. [full date shown on page]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 2.7 years in APAC; part of a few-hundred-MW load can use existing vacancy, so about 1-2 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank colocation vacancy: Bangkok 23.3%, Jakarta 20.5%, Singapore 4.9%; spare regional capacity leaves a small shortfall for a load of this size. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"taipower","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":3,"evidence":[{"url":"https://datacenterknowledge.com/energy-power-supply/taiwan-says-power-issues-prevent-new-large-data-centers-in-north","date":"2024-08-12","support":"Taipower stopped approving data centres above 5 MW north of Taoyuan, steering large projects to central and southern Taiwan (Bloomberg via Data Center Knowledge, 12 Aug 2024): few alternatives remain inside Taiwan."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://datacenterknowledge.com/energy-power-supply/taiwan-says-power-issues-prevent-new-large-data-centers-in-north","date":"2024-08-12","support":"The north has a power bottleneck and needs new grid infrastructure and sources (12 Aug 2024), so moving 450 MW south or abroad takes two to four years."},{"url":"https://www.jll.com/en-hk/insights/market-dynamics/asia-pacific-data-centre","date":"2026-03-10","support":"JLL: core APAC markets wait over eight years (10 Mar 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://datacenterknowledge.com/energy-power-supply/taiwan-says-power-issues-prevent-new-large-data-centers-in-north","date":"2024-08-12","support":"Taiwan as a whole is not short of electricity, only the north (12 Aug 2024); central and southern sites can host about 450 MW with a small shortfall."}]}}}}},"eon":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"eon","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Cushman & Wakefield names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading primary markets thanks to better power and land, besides FLAP-D. [full date shown on page]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"About 63% of Europe's new capacity in Q2 2026 went outside FLAP-D; Nordics drew 420 MW of neocloud signings in the quarter. [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy is 6.4% and vacancy elsewhere in Europe is forecast at 19%; secondary markets are absorbing most new demand, so a few hundred MW could move within about 1-2 years. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Vacancy in FLAP-D is 6.4% and forecast at 19% elsewhere in Europe, so alternatives can absorb a load of this size with a small shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"eon","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.ellevio.se/globalassets/content/finansiell-information/2026/2025_year_end_report.pdf","date":"2026","support":"Ellevio signed connection agreements for two Akalla data centres (60 MW, up to 100 MW) and 246 MW in Borlänge (year-end report 2025; year only): Nordic sites are taking loads of E.ON's size class."},{"url":"https://www.energias-renovables.com/panorama/la-capacidad-operativa-de-los-data-centers-20261008","date":"2026-10-08","support":"Iberian main data-centre markets grew about 17% in the half-year to September 2026 (8 Oct 2026), another option."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://oenergetice.cz/en/electricity/german-data-centers-are-building-their-own-gas-fired-power-plants-due-to-long-waits-for-grid-connections","date":"2025-07-28","support":"Ember analysts put German data-centre grid waits at 7-10 years on average, up to 13 years in extremes; E.DIS received 170 applications (22 GW) and connected only two (100 MW) (28 Jul 2025)."},{"url":"https://www.ingenieur.de/technik/fachbereiche/kuenstliche-intelligenz/zu-wenig-strom-fur-ki-wie-deutschland-jetzt-anschlusse-fur-rechenzentren-verteilt/","date":"2026-10-08","support":"Roland Berger: up to seven years to connect a new data centre in Europe (8 Oct 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://oenergetice.cz/en/electricity/german-data-centers-are-building-their-own-gas-fired-power-plants-due-to-long-waits-for-grid-connections","date":"2025-07-28","support":"Ember says pairing a connection with on-site power could cut the wait to about one year (28 Jul 2025); E.ON's roughly 360 MW of connected volume is modest, so a partial alternative closes most of the gap."}]}}}}},"sse":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"sse","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Cushman & Wakefield names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading primary markets thanks to better power and land, besides FLAP-D. [full date shown on page]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"About 63% of Europe's new capacity in Q2 2026 went outside FLAP-D; Nordics drew 420 MW of neocloud signings in the quarter. [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy is 6.4% and vacancy elsewhere in Europe is forecast at 19%; secondary markets are absorbing most new demand, so a few hundred MW could move within about 1-2 years. [full date shown on page]"},{"url":"https://www.cibsejournal.com/news/grid-constraints-holding-up-developments-in-west-london/","date":"2022-09-01","support":"SSEN told West London developers capacity was insufficient and they may wait until 2035: local replacement is not possible. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Vacancy in FLAP-D is 6.4% and forecast at 19% elsewhere in Europe, so alternatives can absorb a load of this size with a small shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"sse","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.cibsejournal.com/news/grid-constraints-holding-up-developments-in-west-london/","date":"2022-09-01","support":"SSEN told West London developers capacity for new connections might not arrive until 2035, citing a sharp rise in data-centre requests along the M4 (1 Sep 2022, an older source): other UK and EU markets are the alternatives, with several in the Nordics and Iberia."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.cibsejournal.com/news/grid-constraints-holding-up-developments-in-west-london/","date":"2022-09-01","support":"SSEN's 2035 estimate for West London connections (1 Sep 2022) means replacement inside the constrained UK market takes years."},{"url":"https://www.mondaq.com/uk/oil-gas-electricity/1817492/uk-grid-connections-reform-more-changes-ahead-for-data-centres-and-electricity-demand-connections","date":"2026-07-15","support":"UK demand applications are about 125 GW (Jun 2025) with reforms still in consultation in July 2026 (15 Jul 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/02/10/london_has_400_gw_of/","date":"2025-02-10","support":"SSE's roughly 370 MW is under one third of London's 1,141 MW (10 Feb 2025); the Slough fibre cluster is hard to replicate, but the volume is modest and can be re-hosted over time."}]}}}}},"clp-holdings":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"clp-holdings","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":1,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank: Tokyo 1,473 MW, Singapore 1,118 MW and Johor 1,110 MW lead APAC, with many smaller markets; six or more networks host load of this size (rater count). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 2.7 years in APAC; part of a few-hundred-MW load can use existing vacancy, so about 1-2 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank colocation vacancy: Bangkok 23.3%, Jakarta 20.5%, Singapore 4.9%; spare regional capacity leaves a small shortfall for a load of this size. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"clp-holdings","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":3,"evidence":[{"url":"https://www.jll.com/en-hk/insights/market-dynamics/asia-pacific-data-centre","date":"2026-03-10","support":"No Hong Kong-specific source could be opened (several hosts refused); JLL's APAC report (10 Mar 2026) notes core markets wait over eight years for grid connection and power availability guides where capacity is built, so Hong Kong has few close alternatives in the region."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-hk/insights/market-dynamics/asia-pacific-data-centre","date":"2026-03-10","support":"JLL: grid waits are over eight years in core APAC markets and about 24 months in emerging ones (10 Mar 2026); CLP-specific timelines were not verified, so the national-region figure is used."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.jll.com/en-hk/insights/market-dynamics/asia-pacific-data-centre","date":"2026-03-10","support":"JLL (10 Mar 2026): operators are turning to behind-the-meter power in APAC; CLP's roughly 460 MW is modest next to regional hubs, so the shortfall of alternatives is small. CLP-specific evidence was thin."}]}}}}},"national-grid":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"national-grid","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Cushman & Wakefield names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading primary markets thanks to better power and land, besides FLAP-D. [full date shown on page]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"About 63% of Europe's new capacity in Q2 2026 went outside FLAP-D; Nordics drew 420 MW of neocloud signings in the quarter. [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy is 6.4% and vacancy elsewhere in Europe is forecast at 19%; secondary markets are absorbing most new demand, so a few hundred MW could move within about 1-2 years. [full date shown on page]"},{"url":"https://www.burges-salmon.com/our-thinking/from-grid-risk-to-green-light-structuring-data-centre-investments-in-2026/","date":"2026-05-18","support":"Citing JLL, new 50 MW UK data centres wait seven years for a grid connection, so replacement comes from existing space. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Vacancy in FLAP-D is 6.4% and forecast at 19% elsewhere in Europe, so alternatives can absorb a load of this size with a small shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"national-grid","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.mondaq.com/uk/oil-gas-electricity/1817492/uk-grid-connections-reform-more-changes-ahead-for-data-centres-and-electricity-demand-connections","date":"2026-07-15","support":"GB demand applications rose from about 41 GW to about 125 GW (Nov 2024 to Jun 2025), many expected to be non-viable (15 Jul 2026): UK sites are queued, so alternatives are mainly outside the UK."},{"url":"https://www.ellevio.se/globalassets/content/finansiell-information/2026/2025_year_end_report.pdf","date":"2026","support":"Nordic sites are taking new loads: Ellevio signed 246 MW in Borlänge and two Stockholm sites (year-end report 2025; year only)."},{"url":"https://www.energias-renovables.com/panorama/la-capacidad-operativa-de-los-data-centers-20261008","date":"2026-10-08","support":"Iberian markets are growing capacity (8 Oct 2026)."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.slaughterandmay.com/services/practices/infrastructure-and-energy/power-and-place-a-regulatory-guide-to-data-centre-developments-in-europe/united-kingdom/","date":"2026","support":"Slaughter and May: grid access is the single greatest constraint on UK data-centre investment and the queue is long (2026; year only)."},{"url":"https://www.mondaq.com/uk/oil-gas-electricity/1817492/uk-grid-connections-reform-more-changes-ahead-for-data-centres-and-electricity-demand-connections","date":"2026-07-15","support":"Distribution-connected demand is outside the reformed gated process and reforms are still in consultation (15 Jul 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.theregister.com/2025/02/10/london_has_400_gw_of/","date":"2025-02-10","support":"National Grid's roughly 300 MW is a small share of UK operating capacity (London alone 1,141 MW; 10 Feb 2025); no source gives National Grid's connected MW, so this is an allowance-type volume."}]}}}}},"rosseti":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"rosseti","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.themoscowtimes.com/2026/06/24/russia-puts-23bln-of-data-center-projects-on-hold-amid-high-borrowing-costs-and-energy-grid-limits-a93090","date":"2026-06-24","support":"Moscow hosts about 75% of Russia's commercial data-centre capacity; Rostelecom says spare power in the largest cities is nearly exhausted. [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.themoscowtimes.com/2026/06/24/russia-puts-23bln-of-data-center-projects-on-hold-amid-high-borrowing-costs-and-energy-grid-limits-a93090","date":"2026-06-24","support":"Connecting new facilities to the grid can take more than a year; new Moscow approvals are 'virtually impossible' for new investors. [full date shown on page]"}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.themoscowtimes.com/2026/06/24/russia-puts-23bln-of-data-center-projects-on-hold-amid-high-borrowing-costs-and-energy-grid-limits-a93090","date":"2026-06-24","support":"Moscow faces a 1.6 GW power deficit by 2030 and other large cities lack spare power: a material shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"rosseti","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":3,"evidence":[{"url":"https://ru.themoscowtimes.com/2026/02/05/vmoskve-zakonchilas-elektroenergiya-dlya-novih-data-tsentrov-a186463","date":"2026-02-05","support":"Moscow Times (5 Feb 2026): new Moscow data centres are no longer being connected; grid operators refuse or offer smaller capacity, and capacity is reserved until 2028; the few alternatives are regional sites such as Yekaterinburg and Kazan."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://ru.themoscowtimes.com/2026/02/05/vmoskve-zakonchilas-elektroenergiya-dlya-novih-data-tsentrov-a186463","date":"2026-02-05","support":"Kashira plant expansion is planned for 2027-2030 and new high-voltage lines for 2030-2032 (5 Feb 2026), so replacement capacity for 300 MW takes two to four years or more."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://ru.themoscowtimes.com/2026/02/05/vmoskve-zakonchilas-elektroenergiya-dlya-novih-data-tsentrov-a186463","date":"2026-02-05","support":"Moscow data centres are 95% full with no more than 1,400 free racks (5 Feb 2026); regional sites exist but lack the connectivity, so the best alternative falls materially short."}]}}}}},"pseg":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"pseg","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE tracks eight primary North American markets totalling 9,432 MW, each on different networks; rater count: six or more US networks host data-centre load of at least about 418 MW. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia, Atlanta and Dallas-Fort Worth each exceed 1 GW; many secondary markets also host hyperscale load. [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market capacity rose 36% in 2025 (about 2.5 GW added, rater arithmetic), so about 418 MW could be re-homed within roughly 1-2 years. [full date shown on page]"},{"url":"https://www.princewilliamtimes.com/localnews/the-big-bottleneck-power-crunch-keeps-data-centers-in-the-dark/article_3b45f243-defa-573c-8ed1-c8709f73ce94.html","date":"2026-07-15","support":"A Loudoun data centre built its own gas turbine plant to get fast power, a route around multi-year grid waits. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy 1.4%, but capacity grew 36% in 2025 to 9,432 MW (about 2.5 GW added, rater arithmetic); about 418 MW is a small shortfall for the best alternatives. [full date shown on page]"},{"url":"https://www.tdworld.com/utility-business/news/55395407/exelon-weeds-out-data-center-pipeline","date":"2026-08-03","support":"Exelon, in the same PJM region, has about 4 GW of TSA-backed data-centre load coming, an alternative with room at this scale. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"pseg","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): North American vacancy is 1% for a third year, but over 66 GW is under construction, 77% of it in frontier markets (West Texas, Ohio, Louisiana, Indiana, Carolinas). Six or more other markets are adding capacity of the few-hundred-MW class that PSE&G carries, so several alternatives exist as their power is connected."},{"url":"https://www.pjm.com/-/media/DotCom/committees-groups/subcommittees/las/2026/20260929/20260929-item-5l---pseg.pdf","date":"2026-09-21","support":"PSE&G told PJM (21 Sep 2026) it has 40 data-centre sites with a summer peak of 297 MW; modest connected volume that other markets can host."},{"url":"https://www.pjm.com/-/media/DotCom/about-pjm/newsroom/2026-releases/20260714-pjm-capacity-auction-procures-138318-mw-of-generation-resources.pdf","date":"2026-07-14","support":"PJM's 2028/29 auction is 6,831 MW short of the reliability requirement (14 Jul 2026), so nearby PJM utilities are not good substitutes; non-PJM markets are the alternatives."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A replacement of this size must clear a new utility connection somewhere else."},{"url":"https://www.pjm.com/-/media/DotCom/committees-groups/subcommittees/las/2026/20260929/20260929-item-5l---pseg.pdf","date":"2026-09-21","support":"PSE&G says energization dates were pushed out (21 Sep 2026), so even New Jersey's own new load arrives later than planned."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.pjm.com/-/media/DotCom/committees-groups/subcommittees/las/2026/20260929/20260929-item-5l---pseg.pdf","date":"2026-09-21","support":"PSE&G's connected data-centre peak is 297 MW across 40 sites (21 Sep 2026): a small volume for other markets to absorb."}]}}}}},"nisource":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"nisource","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE tracks eight primary North American markets totalling 9,432 MW, each on different networks; rater count: six or more US networks host data-centre load of at least about 407 MW. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia, Atlanta and Dallas-Fort Worth each exceed 1 GW; many secondary markets also host hyperscale load. [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market capacity rose 36% in 2025 (about 2.5 GW added, rater arithmetic), so about 407 MW could be re-homed within roughly 1-2 years. [full date shown on page]"},{"url":"https://www.princewilliamtimes.com/localnews/the-big-bottleneck-power-crunch-keeps-data-centers-in-the-dark/article_3b45f243-defa-573c-8ed1-c8709f73ce94.html","date":"2026-07-15","support":"A Loudoun data centre built its own gas turbine plant to get fast power, a route around multi-year grid waits. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy 1.4%, but capacity grew 36% in 2025 to 9,432 MW (about 2.5 GW added, rater arithmetic); about 407 MW is a small shortfall for the best alternatives. [full date shown on page]"},{"url":"https://www.tdworld.com/utility-business/news/55395407/exelon-weeds-out-data-center-pipeline","date":"2026-08-03","support":"ComEd (Exelon) in neighbouring northern Illinois has about 9 GW of likely data-centre additions. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"nisource","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): North American vacancy is 1% for a third year, but over 66 GW is under construction, 77% of it in frontier markets (West Texas, Ohio, Louisiana, Indiana, Carolinas). Six or more other markets are adding capacity of the few-hundred-MW class that NIPSCO carries, so several alternatives exist as their power is connected."},{"url":"https://www.utilitydive.com/news/nisource-nipsco-amazon-data-centers-indiana/806396/","date":"2025-11-25","support":"NIPSCO is building for Amazon's 2.4 GW campus program, with deliveries from 1 Jan 2027 to end 2032 (25 Nov 2025); other Indiana and Ohio utilities are competing for the same hyperscale builds, and frontier markets have room."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A replacement of this size must clear a new utility connection somewhere else."},{"url":"https://www.utilitydive.com/news/nisource-nipsco-amazon-data-centers-indiana/806396/","date":"2025-11-25","support":"Deliveries to Amazon ramp from 1 Jan 2027 through 2032 (25 Nov 2025), showing multi-year ramp for new large load on this network."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.utilitydive.com/news/nisource-nipsco-amazon-data-centers-indiana/806396/","date":"2025-11-25","support":"NIPSCO's partner GenCo is building two 1.3 GW gas plants plus a 400 MW battery for Amazon; a roughly 400 MW connected base today is small next to what other Midwestern utilities are building (25 Nov 2025)."}]}}}}},"pge":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"pge","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE tracks eight primary North American markets totalling 9,432 MW, each on different networks; rater count: six or more US networks host data-centre load of at least about 400 MW. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia, Atlanta and Dallas-Fort Worth each exceed 1 GW; many secondary markets also host hyperscale load. [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market capacity rose 36% in 2025 (about 2.5 GW added, rater arithmetic), so about 400 MW could be re-homed within roughly 1-2 years. [full date shown on page]"},{"url":"https://www.princewilliamtimes.com/localnews/the-big-bottleneck-power-crunch-keeps-data-centers-in-the-dark/article_3b45f243-defa-573c-8ed1-c8709f73ce94.html","date":"2026-07-15","support":"A Loudoun data centre built its own gas turbine plant to get fast power, a route around multi-year grid waits. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy 1.4%, but capacity grew 36% in 2025 to 9,432 MW (about 2.5 GW added, rater arithmetic); about 400 MW is a small shortfall for the best alternatives. [full date shown on page]"},{"url":"https://www.fortune.com/2025/11/10/nvidia-hometown-santa-clara-california-data-centers-empty-power-grid","date":"2025-11-10","support":"Neighbouring Silicon Valley Power is 'many years out' for new power, so alternatives lie outside the Bay Area. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"pge","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): North American vacancy is 1% for a third year, but over 66 GW is under construction, 77% of it in frontier markets (West Texas, Ohio, Louisiana, Indiana, Carolinas). Six or more other markets are adding capacity of the few-hundred-MW class that PG&E carries, so several alternatives exist as their power is connected."},{"url":"https://www.insurancejournal.com/news/west/2026/07/24/878798.htm","date":"2026-07-24","support":"PG&E's pipeline was 12.7 GW at end June 2026, but only 4 projects (490 MW) had interconnection construction agreements (24 Jul 2026): northern California supply is mostly requested, other markets build faster."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A replacement of this size must clear a new utility connection somewhere else."},{"url":"https://www.sec.gov/Archives/edgar/data/0001004980/000100498026000056/pge-q32026pressrelease.htm","date":"2026-10-22","support":"PG&E says it has energized 174 MW of new data-centre projects since 2024 (22 Oct 2026), about 2.8 years, showing slow connection even at modest scale."},{"url":"https://www.insurancejournal.com/news/west/2026/07/24/878798.htm","date":"2026-07-24","support":"Only 490 MW of 12.7 GW had signed construction agreements at end June 2026."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.fortune.com/2025/11/10/nvidia-hometown-santa-clara-california-data-centers-empty-power-grid","date":"2025-11-10","support":"Santa Clara reporting (10 Nov 2025) describes empty finished buildings waiting for power and 'many years' for new sites; Bay Area metro adjacency is hard to match, but the 400 MW volume itself is small enough that other markets can host it."}]}}}}},"mlgw":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"mlgw","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE tracks eight primary North American markets totalling 9,432 MW, each on different networks; rater count: six or more US networks host data-centre load of at least about 380 MW. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia, Atlanta and Dallas-Fort Worth each exceed 1 GW; many secondary markets also host hyperscale load. [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market capacity rose 36% in 2025 (about 2.5 GW added, rater arithmetic), so about 380 MW could be re-homed within roughly 1-2 years. [full date shown on page]"},{"url":"https://www.princewilliamtimes.com/localnews/the-big-bottleneck-power-crunch-keeps-data-centers-in-the-dark/article_3b45f243-defa-573c-8ed1-c8709f73ce94.html","date":"2026-07-15","support":"A Loudoun data centre built its own gas turbine plant to get fast power, a route around multi-year grid waits. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy 1.4%, but capacity grew 36% in 2025 to 9,432 MW (about 2.5 GW added, rater arithmetic); about 380 MW is a small shortfall for the best alternatives. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"mlgw","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): North American vacancy is 1% for a third year, but over 66 GW is under construction, 77% of it in frontier markets (West Texas, Ohio, Louisiana, Indiana, Carolinas). Six or more other markets are adding capacity of the few-hundred-MW class that Memphis Light, Gas and Water carries, so several alternatives exist as their power is connected."},{"url":"https://www.renewableenergyworld.com/energy-business/policy-and-regulation/tva-approves-elon-musks-controversial-data-center-plan-for-more-power","date":"2024-11-07","support":"TVA's board approved 150 MW for xAI through MLGW in Nov 2024; the site had 8 MW, upgraded to 50 MW over the summer of 2024: capacity at MLGW is expandable, and the same hyperscale builds can go to many other utilities."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A replacement of this size must clear a new utility connection somewhere else."},{"url":"https://www.renewableenergyworld.com/energy-business/policy-and-regulation/tva-approves-elon-musks-controversial-data-center-plan-for-more-power","date":"2024-11-07","support":"MLGW upgraded the xAI site from 8 MW to 50 MW within months in 2024 and TVA approved 150 MW on 7 Nov 2024: fast for one customer, but relocating the whole class of load would still need a new connection and build."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.renewableenergyworld.com/energy-business/policy-and-regulation/tva-approves-elon-musks-controversial-data-center-plan-for-more-power","date":"2024-11-07","support":"MLGW said the added 150 MW would fit its peak forecast (7 Nov 2024); MLGW's roughly 380 MW is small and absorbable by other markets."}]}}}}},"silicon-valley-power":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"silicon-valley-power","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE tracks eight primary North American markets totalling 9,432 MW, each on different networks; rater count: six or more US networks host data-centre load of at least about 380 MW. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia, Atlanta and Dallas-Fort Worth each exceed 1 GW; many secondary markets also host hyperscale load. [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market capacity rose 36% in 2025 (about 2.5 GW added, rater arithmetic), so about 380 MW could be re-homed within roughly 1-2 years. [full date shown on page]"},{"url":"https://www.princewilliamtimes.com/localnews/the-big-bottleneck-power-crunch-keeps-data-centers-in-the-dark/article_3b45f243-defa-573c-8ed1-c8709f73ce94.html","date":"2026-07-15","support":"A Loudoun data centre built its own gas turbine plant to get fast power, a route around multi-year grid waits. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy 1.4%, but capacity grew 36% in 2025 to 9,432 MW (about 2.5 GW added, rater arithmetic); about 380 MW is a small shortfall for the best alternatives. [full date shown on page]"},{"url":"https://www.fortune.com/2025/11/10/nvidia-hometown-santa-clara-california-data-centers-empty-power-grid","date":"2025-11-10","support":"Built Santa Clara data centres await power and SVP's upgrade runs to 2028, so replacement capacity must come from other regions. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"silicon-valley-power","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): North American vacancy is 1% for a third year, but over 66 GW is under construction, 77% of it in frontier markets (West Texas, Ohio, Louisiana, Indiana, Carolinas). Six or more other markets are adding capacity of the few-hundred-MW class that Silicon Valley Power carries, so several alternatives exist as their power is connected."},{"url":"https://www.fortune.com/2025/11/10/nvidia-hometown-santa-clara-california-data-centers-empty-power-grid","date":"2025-11-10","support":"Bloomberg via Fortune (10 Nov 2025): Santa Clara has 57 active or planned data centres, finished buildings still wait for power, and a Digital Realty spokesman said a new site would be 'many years out'; Bay Area adjacency is scarce but other metros can host the compute."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A replacement of this size must clear a new utility connection somewhere else."},{"url":"https://www.fortune.com/2025/11/10/nvidia-hometown-santa-clara-california-data-centers-empty-power-grid","date":"2025-11-10","support":"Silicon Valley Power's $450 million system upgrade is on schedule to complete in 2028 (10 Nov 2025); Digital Realty's Santa Clara project applied in 2019 is still awaiting full power."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.fortune.com/2025/11/10/nvidia-hometown-santa-clara-california-data-centers-empty-power-grid","date":"2025-11-10","support":"Santa Clara's 380 MW of connected capacity is small, but the Bloomberg report notes buildings sitting empty for years (10 Nov 2025), so the shortfall of alternatives in the same metro is real; nationally, other markets can host the compute."}]}}}}},"tennet":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"tennet","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Cushman & Wakefield names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading primary markets thanks to better power and land, besides FLAP-D. [full date shown on page]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"About 63% of Europe's new capacity in Q2 2026 went outside FLAP-D; Nordics drew 420 MW of neocloud signings in the quarter. [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy is 6.4% and vacancy elsewhere in Europe is forecast at 19%; secondary markets are absorbing most new demand, so a few hundred MW could move within about 1-2 years. [full date shown on page]"},{"url":"https://nltimes.nl/2026/07/07/construction-permit-granted-massive-data-center-amsterdam-zuidoost","date":"2026-07-07","support":"TenneT's new Amsterdam-area substations are expected only in 2036, so replacement must come from other markets. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Vacancy in FLAP-D is 6.4% and forecast at 19% elsewhere in Europe, so alternatives can absorb a load of this size with a small shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"tennet","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.stibbe.com/publications-and-insights/parliamentary-letter-on-grid-congestion-eight-measures-for-better","date":"2026-02-11","support":"TenneT's own waiting list has 212 requests totalling 38 GW (11 Feb 2026); the Netherlands is closed to new large loads, so alternatives are in other EU markets."},{"url":"https://www.ellevio.se/globalassets/content/finansiell-information/2026/2025_year_end_report.pdf","date":"2026","support":"Nordic sites are taking new loads: Ellevio signed 246 MW in Borlänge and two Stockholm sites (year-end report 2025; year only)."},{"url":"https://www.energias-renovables.com/panorama/la-capacidad-operativa-de-los-data-centers-20261008","date":"2026-10-08","support":"Iberia added about 65 MW IT in six months (8 Oct 2026)."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.nltimes.nl/2026/04/29/judge-rules-electricity-grid-haarlemmermeer-full-data-centre-connection-delayed","date":"2026-04-29","support":"Court (29 Apr 2026): grid in the Schiphol area is full and capacity constraints could persist until around 2035; waits for connections are therefore more than a decade for new transmission-level sites."},{"url":"https://www.stibbe.com/publications-and-insights/parliamentary-letter-on-grid-congestion-eight-measures-for-better","date":"2026-02-11","support":"National waiting list of 38 GW at TenneT (11 Feb 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.nltimes.nl/2026/04/29/judge-rules-electricity-grid-haarlemmermeer-full-data-centre-connection-delayed","date":"2026-04-29","support":"The Goodman request on hold is only 70 MW (29 Apr 2026); TenneT's roughly 270 MW directly connected sites are modest in size and can be re-hosted in other EU regions."}]}}}}},"ausgrid":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"ausgrid","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":1,"evidence":[{"url":"https://www.transgrid.com.au/media-publications/news-articles/new-transmission-capacity-in-sydney-to-be-funded-by-data-centres/","date":"2026-08-26","support":"About 1.5 GW of data-centre load is signed in Western Sydney on other networks; with other APAC markets, many alternatives exist. [full date shown on page]"},{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank: Tokyo 1,473 MW, Singapore 1,118 MW and Johor 1,110 MW lead APAC, with many smaller markets; six or more networks host load of this size (rater count). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.transgrid.com.au/media-publications/news-articles/new-transmission-capacity-in-sydney-to-be-funded-by-data-centres/","date":"2026-08-26","support":"Sydney basin data-centre connections can proceed only after user-paid upgrades; there is insufficient transmission capacity today. [full date shown on page]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 2.7 years in APAC; part of a few-hundred-MW load can use existing vacancy, so about 1-2 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank colocation vacancy: Bangkok 23.3%, Jakarta 20.5%, Singapore 4.9%; spare regional capacity leaves a small shortfall for a load of this size. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"ausgrid","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.transgrid.com.au/media-publications/news-articles/new-transmission-capacity-in-sydney-to-be-funded-by-data-centres/","date":"2026-08-26","support":"Transgrid (26 Aug 2026): 20 GW of enquiries for large loads, 'insufficient capacity' in Sydney's transmission network, about 1.5 GW signed in Western Sydney; other Australian capitals are several alternatives for the roughly 390 MW Ausgrid serves."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.transgrid.com.au/media-publications/news-articles/new-transmission-capacity-in-sydney-to-be-funded-by-data-centres/","date":"2026-08-26","support":"Data-centre connections in the Sydney basin proceed only after user-paid network upgrades are delivered, with up to 2 GW more unlocked by upgrades but demand still exceeding supply (26 Aug 2026), so replacement takes two to four years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.transgrid.com.au/media-publications/news-articles/new-transmission-capacity-in-sydney-to-be-funded-by-data-centres/","date":"2026-08-26","support":"The roughly 390 MW Ausgrid serves is about a quarter of the 1.5 GW signed in Western Sydney (26 Aug 2026); other Australian capitals can take it with a small shortfall."}]}}}}},"endeavour-energy":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"endeavour-energy","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":1,"evidence":[{"url":"https://www.transgrid.com.au/media-publications/news-articles/new-transmission-capacity-in-sydney-to-be-funded-by-data-centres/","date":"2026-08-26","support":"Sydney hosts data-centre load on several networks; with other APAC markets, many alternatives exist. [full date shown on page]"},{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank: Tokyo 1,473 MW, Singapore 1,118 MW and Johor 1,110 MW lead APAC, with many smaller markets; six or more networks host load of this size (rater count). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.transgrid.com.au/media-publications/news-articles/new-transmission-capacity-in-sydney-to-be-funded-by-data-centres/","date":"2026-08-26","support":"About 1.5 GW of signed Western Sydney data-centre agreements still await connection after user-paid upgrades. [full date shown on page]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 2.7 years in APAC; part of a few-hundred-MW load can use existing vacancy, so about 1-2 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank colocation vacancy: Bangkok 23.3%, Jakarta 20.5%, Singapore 4.9%; spare regional capacity leaves a small shortfall for a load of this size. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"endeavour-energy","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.transgrid.com.au/media-publications/news-articles/new-transmission-capacity-in-sydney-to-be-funded-by-data-centres/","date":"2026-08-26","support":"Transgrid (26 Aug 2026): 20 GW of enquiries for large loads, 'insufficient capacity' in Sydney's transmission network, about 1.5 GW signed in Western Sydney; other Australian capitals are several alternatives for the roughly 390 MW Endeavour Energy serves."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.transgrid.com.au/media-publications/news-articles/new-transmission-capacity-in-sydney-to-be-funded-by-data-centres/","date":"2026-08-26","support":"Data-centre connections in the Sydney basin proceed only after user-paid network upgrades are delivered, with up to 2 GW more unlocked by upgrades but demand still exceeding supply (26 Aug 2026), so replacement takes two to four years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.transgrid.com.au/media-publications/news-articles/new-transmission-capacity-in-sydney-to-be-funded-by-data-centres/","date":"2026-08-26","support":"The roughly 390 MW Endeavour Energy serves is about a quarter of the 1.5 GW signed in Western Sydney (26 Aug 2026); other Australian capitals can take it with a small shortfall."}]}}}}},"saudi-electricity":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"saudi-electricity","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.semafor.com/article/08/27/2025/pifs-ai-unit-has-already-sold-out-its-data-center-capacity","date":"2025-08-27","support":"HUMAIN says it has sold out capacity at all its existing and under-construction data centres; it negotiates with domestic power companies. [full date shown on page]"},{"url":"https://gulfnews.com/business/markets/stargate-uae-first-phase-of-200mw-to-complete-by-2026-1.500310364","date":"2025-10-16","support":"The UAE's Stargate cluster (first 200 MW in 2026) is a partial foreign alternative. [date is the page's last-updated date; no other date shown]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.semafor.com/article/08/27/2025/pifs-ai-unit-has-already-sold-out-its-data-center-capacity","date":"2025-08-27","support":"HUMAIN has secured power for a 100 MW data centre due for delivery the following year: about 1-2 years per phase. [full date shown on page]"},{"url":"https://gulfnews.com/business/markets/stargate-uae-first-phase-of-200mw-to-complete-by-2026-1.500310364","date":"2025-10-16","support":"G42 expects the first 200 MW of Stargate UAE to be completed by 2026. [date is the page's last-updated date; no other date shown]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://gulfnews.com/business/markets/stargate-uae-first-phase-of-200mw-to-complete-by-2026-1.500310364","date":"2025-10-16","support":"Abu Dhabi's 1 GW Stargate cluster, first 200 MW in 2026, gives regional capacity at this scale with a small shortfall. [date is the page's last-updated date; no other date shown]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"saudi-electricity","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.gtlaw.com/en/insights/2026/1/saudi-arabias-data-centre-expansion-regulatory-framework-and-strategic-considerations","date":"2026-01-05","support":"Greenberg Traurig (5 Jan 2026): Saudi Arabia targets about 1.5 GW of data-centre capacity by 2030, sponsors may use the grid or behind-the-meter gas and renewables, and SERA sets capacity allocation: several routes exist; no SEC-specific queue data was found."},{"url":"https://gulfnews.com/business/markets/stargate-uae-first-phase-of-200mw-to-complete-by-2026-1.500310364","date":"2025-10-16","support":"Abu Dhabi's Stargate UAE is building a 1 GW cluster inside a 5 GW campus, first 200 MW due 2026 (16 Oct 2025): the Gulf has other large sites."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.gtlaw.com/en/insights/2026/1/saudi-arabias-data-centre-expansion-regulatory-framework-and-strategic-considerations","date":"2026-01-05","support":"The advisory flags connection timelines, network reinforcement and long-lead transformers as schedule drivers without giving durations (5 Jan 2026); with build time I estimate one to two years. Evidence is thin."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.gtlaw.com/en/insights/2026/1/saudi-arabias-data-centre-expansion-regulatory-framework-and-strategic-considerations","date":"2026-01-05","support":"Saudi load of about 380 MW is below the 1.5 GW national target (5 Jan 2026); sites elsewhere in the Gulf can absorb it, so the shortfall is small."}]}}}}},"hydro-quebec":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"hydro-quebec","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":1,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank: Tokyo 1,473 MW, Singapore 1,118 MW and Johor 1,110 MW lead APAC, with many smaller markets; six or more networks host load of this size (rater count). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.blg.com/en/insights/2026/07/data-centre-regulation-in-quebec-from-honeyed-promise-to-iron-control","date":"2026-07-08","support":"Supplying any Quebec data centre of 5 MW or more needs ministerial approval; projects are compared, not first-come, first-served. [full date shown on page]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 2.7 years in APAC; part of a few-hundred-MW load can use existing vacancy, so about 1-2 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank colocation vacancy: Bangkok 23.3%, Jakarta 20.5%, Singapore 4.9%; spare regional capacity leaves a small shortfall for a load of this size. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"hydro-quebec","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.cp24.com/news/canada/2026/10/01/hydro-quebec-to-face-off-against-industry-actors-like-google-in-data-centre-hearing/","date":"2026-10-01","support":"Hydro-Québec says data centres under its proposed over-5 MW rate draw 190 MW at peak now, up to 1,000 MW by 2035 (1 Oct 2026); other Canadian and US provinces and states are several options."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cp24.com/news/canada/2026/10/01/hydro-quebec-to-face-off-against-industry-actors-like-google-in-data-centre-hearing/","date":"2026-10-01","support":"Hydro-Québec proposes to raise the data-centre price to 13 cents per kWh from 6.82, meaning supply is available but pricier (1 Oct 2026); relocating about 400 MW takes one to two years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cp24.com/news/canada/2026/10/01/hydro-quebec-to-face-off-against-industry-actors-like-google-in-data-centre-hearing/","date":"2026-10-01","support":"Quebec's cheap hydro is hard to match but the volume (190 MW at peak under the rate, 1 Oct 2026) is small, so the shortfall of alternatives is small."}]}}}}},"pln":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"pln","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank lists Johor and Singapore as the nearby large markets; PLN is Indonesia's state grid, so in-country alternatives are its own and foreign sites partial (rater judgement). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 2.7 years in APAC; part of a few-hundred-MW load can use existing vacancy, so about 1-2 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Johor vacancy 0.7% and Singapore 4.9%, but Bangkok 23.3%: regional spare capacity leaves a small shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"pln","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.thejakartapost.com/business/2026/09/03/indonesias-data-center-push-gains-ground-but-faces-execution-test","date":"2026-09-03","support":"Indonesia has about 45 large-scale data centres and capacity is tight, but PLN supplies 2x725 MW to Digital Edge in Cikarang (3 Sep 2026): several Indonesian and regional sites are available."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.thejakartapost.com/business/2026/09/03/indonesias-data-center-push-gains-ground-but-faces-execution-test","date":"2026-09-03","support":"Customers wait six months to a year for supply and new capacity is taken up immediately (3 Sep 2026); with build time, replacement takes about one to two years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.thejakartapost.com/business/2026/09/03/indonesias-data-center-push-gains-ground-but-faces-execution-test","date":"2026-09-03","support":"PLN's roughly 320 MW is small beside its 2x725 MW Cikarang supply (3 Sep 2026); the best alternative falls only slightly short."}]}}}}},"msedcl":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"msedcl","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":1,"evidence":[{"url":"https://tele.net.in/indias-data-centre-capacity-to-exceed-4500-mw-by-2030-says-colliers-report/","date":"2025-05-29","support":"Colliers: India's top-7 cities held 1,263 MW (April 2025): Mumbai 41%, Chennai 23%, Delhi-NCR 14%; these hubs sit on different networks (rater note). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://realestateasia.com/industrial/news/mumbai-total-data-centre-capacity-hit-800mw-year-end","date":"undated","support":"Mumbai had 337 MW under construction, 180 MW due within six months; re-homing about 350 MW takes about 1-2 years (rater judgement). [page shows no date, so undated]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://realestateasia.com/industrial/news/mumbai-total-data-centre-capacity-hit-800mw-year-end","date":"undated","support":"Mumbai vacancy rose to 6.6% in H1 2025; with new supply, a small shortfall. [page shows no date, so undated]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"msedcl","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://news.griinstitute.org/en/real-estate/india-data-centres-powering-the-9-gw-ambition-amid-grid-constraints","date":"2025-12-12","support":"Mumbai draws about 250 MW (about 5% of peak) with over 4 GW planned (12 Dec 2025); Chennai, Hyderabad and others are several alternatives."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://news.griinstitute.org/en/real-estate/india-data-centres-powering-the-9-gw-ambition-amid-grid-constraints","date":"2025-12-12","support":"Hyperscale sites over 100 MW need dedicated 400 kV substations and approvals add 6-12 months (12 Dec 2025), so rehoming takes one to two years."},{"url":"https://www.jll.com/en-hk/insights/market-dynamics/asia-pacific-data-centre","date":"2026-03-10","support":"JLL: emerging APAC markets wait about 24 months (10 Mar 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://news.griinstitute.org/en/real-estate/india-data-centres-powering-the-9-gw-ambition-amid-grid-constraints","date":"2025-12-12","support":"MSEDCL's Navi Mumbai and Pune clusters of about 350 MW are the main growth areas (12 Dec 2025); alternatives in Chennai (113 MW operating) are smaller, so the shortfall is small."}]}}}}},"kansai-electric":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"kansai-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":1,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank: Tokyo 1,473 MW, Singapore 1,118 MW and Johor 1,110 MW lead APAC, with many smaller markets; six or more networks host load of this size (rater count). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/insights/reports/japan-special-report-smarter-cleaner-faster-the-case-for-data-center-co-generation-systems","date":"2026-10-01","support":"Waits of over five years are standard in Greater Tokyo, so replacement for Osaka load comes abroad or from existing space. [full date shown on page]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 2.7 years in APAC; part of a few-hundred-MW load can use existing vacancy, so about 1-2 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank colocation vacancy: Bangkok 23.3%, Jakarta 20.5%, Singapore 4.9%; spare regional capacity leaves a small shortfall for a load of this size. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"kansai-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.freshfields.com/en/our-thinking/campaigns/japans-data-center-execution-test/japans-data-center-execution-test-full-article","date":"2026","support":"Freshfields (2026; year only): Osaka and Kansai may offer more accessible power than Tokyo, while Hokkaido and Kyushu emerge as alternatives: several partial options for about 270 MW."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.freshfields.com/en/our-thinking/campaigns/japans-data-center-execution-test/japans-data-center-execution-test-full-article","date":"2026","support":"The article says early commitment and phased delivery remain essential even in Kansai (2026; year only)."},{"url":"https://www.jll.com/en-hk/insights/market-dynamics/asia-pacific-data-centre","date":"2026-03-10","support":"JLL: APAC waits range from about 24 months to over eight years (10 Mar 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.freshfields.com/en/our-thinking/campaigns/japans-data-center-execution-test/japans-data-center-execution-test-full-article","date":"2026","support":"Kansai's roughly 270 MW is small against Tokyo's 1.2 GW; other Japanese regions can absorb it (2026; year only)."}]}}}}},"dewa":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"dewa","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":1,"evidence":[{"url":"https://gulfnews.com/business/markets/stargate-uae-first-phase-of-200mw-to-complete-by-2026-1.500310364","date":"2025-10-16","support":"Abu Dhabi is building the 1 GW Stargate UAE cluster within a 5 GW campus: a nearby alternative network. [date is the page's last-updated date; no other date shown]"},{"url":"https://www.semafor.com/article/08/27/2025/pifs-ai-unit-has-already-sold-out-its-data-center-capacity","date":"2025-08-27","support":"Saudi Arabia's HUMAIN plans 1.9 GW by 2030. [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://gulfnews.com/business/markets/stargate-uae-first-phase-of-200mw-to-complete-by-2026-1.500310364","date":"2025-10-16","support":"G42 expects the first 200 MW of Stargate UAE to be completed by 2026: about 1-2 years to re-home a load of this size. [date is the page's last-updated date; no other date shown]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://gulfnews.com/business/markets/stargate-uae-first-phase-of-200mw-to-complete-by-2026-1.500310364","date":"2025-10-16","support":"Stargate UAE's first 200 MW in 2026 approaches Dubai's load, a small shortfall (thin evidence). [date is the page's last-updated date; no other date shown]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"dewa","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://gulfnews.com/business/markets/stargate-uae-first-phase-of-200mw-to-complete-by-2026-1.500310364","date":"2025-10-16","support":"Stargate UAE: a 1 GW cluster within a 5 GW campus in Abu Dhabi, first 200 MW due 2026 (16 Oct 2025); Abu Dhabi and Saudi sites are several alternatives for about 300 MW. No DEWA-specific source on its queue was found."},{"url":"https://www.gtlaw.com/en/insights/2026/1/saudi-arabias-data-centre-expansion-regulatory-framework-and-strategic-considerations","date":"2026-01-05","support":"Saudi Arabia targets about 1.5 GW by 2030 (5 Jan 2026)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://gulfnews.com/business/markets/stargate-uae-first-phase-of-200mw-to-complete-by-2026-1.500310364","date":"2025-10-16","support":"Stargate UAE's first phase was under construction with a 2026 delivery target (16 Oct 2025), indicating one to two years to stand up a new Gulf site; DEWA-specific timelines were not found."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://gulfnews.com/business/markets/stargate-uae-first-phase-of-200mw-to-complete-by-2026-1.500310364","date":"2025-10-16","support":"A 5 GW Abu Dhabi campus dwarfs DEWA's roughly 300 MW base (16 Oct 2025), so alternatives in the Gulf fall short only slightly."}]}}}}},"taqa":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"taqa","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":1,"evidence":[{"url":"https://www.semafor.com/article/08/27/2025/pifs-ai-unit-has-already-sold-out-its-data-center-capacity","date":"2025-08-27","support":"Saudi Arabia's HUMAIN plans 1.9 GW by 2030, and Dubai hosts its own cluster: several Gulf alternatives (thin evidence). [full date shown on page]"},{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank: Tokyo 1,473 MW, Singapore 1,118 MW and Johor 1,110 MW lead APAC, with many smaller markets; six or more networks host load of this size (rater count). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 2.7 years in APAC; part of a few-hundred-MW load can use existing vacancy, so about 1-2 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.semafor.com/article/08/27/2025/pifs-ai-unit-has-already-sold-out-its-data-center-capacity","date":"2025-08-27","support":"HUMAIN's existing capacity is sold out, but new phases (100 MW next year) and other APAC vacancy leave a small shortfall. [full date shown on page]"},{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank colocation vacancy: Bangkok 23.3%, Jakarta 20.5%, Singapore 4.9%; spare regional capacity leaves a small shortfall for a load of this size. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"taqa","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://gulfnews.com/business/markets/stargate-uae-first-phase-of-200mw-to-complete-by-2026-1.500310364","date":"2025-10-16","support":"Stargate UAE, a 1 GW cluster in Abu Dhabi within a 5 GW campus, is due to deliver its first 200 MW in 2026 (16 Oct 2025); the article does not name the power supplier, so TAQA's role is not confirmed."},{"url":"https://www.gtlaw.com/en/insights/2026/1/saudi-arabias-data-centre-expansion-regulatory-framework-and-strategic-considerations","date":"2026-01-05","support":"Saudi Arabia targets about 1.5 GW by 2030 (5 Jan 2026)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://gulfnews.com/business/markets/stargate-uae-first-phase-of-200mw-to-complete-by-2026-1.500310364","date":"2025-10-16","support":"First 200 MW of Stargate UAE is to be completed in 2026 after a May 2025 announcement (16 Oct 2025), about one to two years to stand up a Gulf site. Evidence for TAQA itself is thin."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://gulfnews.com/business/markets/stargate-uae-first-phase-of-200mw-to-complete-by-2026-1.500310364","date":"2025-10-16","support":"TAQA's roughly 280 MW is small next to the 5 GW Abu Dhabi campus (16 Oct 2025); other Gulf sites can host it."}]}}}}},"israel-electric":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"israel-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.ynetnews.com/business/article/bjn8umhpze","date":"undated","support":"Noga, which manages Israel's single power system, handles about 100 data-centre grid requests; foreign sites are partial alternatives (rater judgement). [page shows no date, so undated]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.ynetnews.com/business/article/bjn8umhpze","date":"undated","support":"Of 100 data-centre requests, 22 were examined and 78 are in preparation: new Israeli capacity is slow to connect. [page shows no date, so undated]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 2.7 years in APAC; part of a few-hundred-MW load can use existing vacancy, so about 1-2 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank colocation vacancy: Bangkok 23.3%, Jakarta 20.5%, Singapore 4.9%; spare regional capacity leaves a small shortfall for a load of this size. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"israel-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":3,"evidence":[{"url":"https://en.globes.co.il/en/article-1001550108","date":"2026-07-22","support":"Globes (22 Jul 2026): the Electricity Authority froze new server-farm connection approvals for 140 days, applications reached about 27,000 MW, and Noga says capacity is used up until 2035; inside Israel no alternative exists, so only a few foreign sites are options."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://en.globes.co.il/en/article-1001550108","date":"2026-07-22","support":"The freeze and capacity used until 2035 (22 Jul 2026) mean a replacement site for about 200 MW takes two to four years inside Israel, or relocation abroad."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://en.globes.co.il/en/article-1001550108","date":"2026-07-22","support":"Mega Or's 1 GW Hadera site is uncertain because the existing connection supports only 40 MW (22 Jul 2026); IEC's roughly 200 MW is small against foreign options."}]}}}}},"cfe":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"cfe","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.xataka.com.mx/robotica-e-ia/hay-centros-datos-queretaro-que-llevan-dos-anos-esperando-algo-basico-poder-conectarse-a-red-electrica","date":"2026-09-09","support":"Mexico had 279 MW of data-centre capacity, 72% in Querétaro, all on CFE's grid; foreign sites are partial alternatives (rater judgement). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.xataka.com.mx/robotica-e-ia/hay-centros-datos-queretaro-que-llevan-dos-anos-esperando-algo-basico-poder-conectarse-a-red-electrica","date":"2026-09-09","support":"Some Querétaro data centres have waited up to two years to connect to the grid. [full date shown on page]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Average grid-connection wait for large new demand is 2.7 years in APAC; part of a few-hundred-MW load can use existing vacancy, so about 1-2 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.edgeprop.my/content/1916967/johor-leads-asia-pacific-data-centre-pipeline-klang-valley-sees-1h2026-investment-rebound-says-knight-frank","date":"2026-07-31","support":"Knight Frank colocation vacancy: Bangkok 23.3%, Jakarta 20.5%, Singapore 4.9%; spare regional capacity leaves a small shortfall for a load of this size. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"cfe","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.xataka.com.mx/robotica-e-ia/hay-centros-datos-queretaro-que-llevan-dos-anos-esperando-algo-basico-poder-conectarse-a-red-electrica","date":"2026-09-09","support":"Xataka (9 Sep 2026): Querétaro holds 72% of Mexico's 279 MW, CFE is energising two substations adding about 26.8 MW, and Tijuana and Nuevo León are developing: several other Mexican sites exist, though smaller."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.xataka.com.mx/robotica-e-ia/hay-centros-datos-queretaro-que-llevan-dos-anos-esperando-algo-basico-poder-conectarse-a-red-electrica","date":"2026-09-09","support":"Some Querétaro data centres have waited up to two years to connect to the CFE grid because lines and substations are short (9 Sep 2026), so replacement takes one to two years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.xataka.com.mx/robotica-e-ia/hay-centros-datos-queretaro-que-llevan-dos-anos-esperando-algo-basico-poder-conectarse-a-red-electrica","date":"2026-09-09","support":"CloudHQ plans a 900 MW Querétaro campus with its own substation (9 Sep 2026); CFE's roughly 350 MW base is smaller and replaceable in Mexico or the US, so the shortfall is small."}]}}}}},"a2a":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"a2a","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Cushman & Wakefield names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading primary markets thanks to better power and land, besides FLAP-D. [full date shown on page]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"About 63% of Europe's new capacity in Q2 2026 went outside FLAP-D; Nordics drew 420 MW of neocloud signings in the quarter. [full date shown on page]"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy 6.4%, elsewhere forecast 19% by year-end; a load of 100-200 MW could largely be re-homed in existing vacant space within months (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Vacancy in FLAP-D is 6.4% and forecast at 19% elsewhere in Europe, so alternatives can absorb a load of this size with a small shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"a2a","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.globaldatacenterhub.com/p/italys-50-gigawatt-grid-queue-is","date":"2026-05-28","support":"Terna had over 50 GW of connection requests (28 May 2026); most are virtual, and several EU markets (Iberia, Nordics, other Italian regions) build capacity."},{"url":"https://www.energias-renovables.com/panorama/la-capacidad-operativa-de-los-data-centers-20261008","date":"2026-10-08","support":"Iberian markets added 65 MW IT in six months (8 Oct 2026)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.globaldatacenterhub.com/p/italys-50-gigawatt-grid-queue-is","date":"2026-05-28","support":"Developers in congested northern zones secure grid allocations 18-24 months before ground-break (28 May 2026); with construction, relocating Milan load takes two to four years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.globaldatacenterhub.com/p/italys-50-gigawatt-grid-queue-is","date":"2026-05-28","support":"Milan and Rome substations face a 150 MW shortfall by 2028 (28 May 2026); A2A's roughly 210 MW is small enough for other regions to absorb."}]}}}}},"enexis":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"enexis","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Cushman & Wakefield names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading primary markets thanks to better power and land, besides FLAP-D. [full date shown on page]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"About 63% of Europe's new capacity in Q2 2026 went outside FLAP-D; Nordics drew 420 MW of neocloud signings in the quarter. [full date shown on page]"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy 6.4%, elsewhere forecast 19% by year-end; a load of 100-200 MW could largely be re-homed in existing vacant space within months (rater judgement). [full date shown on page]"},{"url":"https://publications.enexis.nl/annual-report/annual-report-2025/report/sustainability-statement/s4-consumers-and-end-users/access-to-the-grid","date":"undated","support":"Enexis says congestion affects almost its whole area and waiting lists will persist for years, so replacement comes from elsewhere. [page shows no date, so undated]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Vacancy in FLAP-D is 6.4% and forecast at 19% elsewhere in Europe, so alternatives can absorb a load of this size with a small shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"enexis","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.stibbe.com/publications-and-insights/parliamentary-letter-on-grid-congestion-eight-measures-for-better","date":"2026-02-11","support":"Dutch regional grid operators hold 14,044 requests (over 9 GW) on waiting lists (11 Feb 2026), so the Netherlands is not an alternative for the roughly 150 MW Enexis serves."},{"url":"https://www.ellevio.se/globalassets/content/finansiell-information/2026/2025_year_end_report.pdf","date":"2026","support":"Nordic sites are taking new loads: Ellevio signed 246 MW in Borlänge and two Stockholm sites (year-end report 2025; year only)."},{"url":"https://www.energias-renovables.com/panorama/la-capacidad-operativa-de-los-data-centers-20261008","date":"2026-10-08","support":"Iberia added about 65 MW IT in six months (8 Oct 2026)."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.nltimes.nl/2026/04/29/judge-rules-electricity-grid-haarlemmermeer-full-data-centre-connection-delayed","date":"2026-04-29","support":"TenneT letters (29 Apr 2026) point to constraints persisting until around 2035 in the Schiphol region; the wider Dutch waiting lists make Dutch replacement a decade-class issue, and relocation elsewhere in the EU takes years."},{"url":"https://www.stibbe.com/publications-and-insights/parliamentary-letter-on-grid-congestion-eight-measures-for-better","date":"2026-02-11","support":"National waiting list of 38 GW at TenneT and 9 GW at regional operators (11 Feb 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.ellevio.se/globalassets/content/finansiell-information/2026/2025_year_end_report.pdf","date":"2026","support":"A single Nordic project (Borlänge, 246 MW) is larger than the roughly 150 MW Enexis serves (year-end report 2025; year only), so other EU markets can host it with partial loss of Dutch connectivity."}]}}}},"reconciled":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"enexis","rater":"reconciled","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.stibbe.com/publications-and-insights/parliamentary-letter-on-grid-congestion-eight-measures-for-better","date":"2026-02-11","support":"Minister's letter: regional operators' offtake waiting lists held 14,044 requests, about 9 GW, so no Dutch network has room. [full date shown]"},{"url":"https://publications.enexis.nl/annual-report/annual-report-2025/report/sustainability-statement/s4-consumers-and-end-users/access-to-the-grid","date":"undated","support":"Enexis says grid congestion affects almost its entire service area. [page shows no publication date, so undated]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"\"Amsterdam is the extreme case at roughly a decade\"; Frankfurt's central grid not upgraded until the 2030s. [full date shown]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading markets on power availability and land. [full date shown]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://mktgdocs.cbre.com/2299/12439527-d1a2-46eb-b485-4fd377f0d618-223048296/European_Data_Centres_Figures_.pdf","date":"2026","support":"European colocation availability 494 MW in Q1 2026 (top 15 markets); 2026 take-up forecast to outpace new supply by 22%; Enexis's ~150 MW is ~30% of it. [PDF shows Q1 2026 and year only]"},{"url":"https://www.cbre.com/insights/books/european-real-estate-market-outlook-midyear-review-2026/data-centres","date":"2026","support":"Vacancy forecast revised to 6% by end-2026; new schemes \"not projected to materialise within the next two years\". [page shows year only]"},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"The advisory firm says relocations need 6-12 months' planning for mid-sized estates, 9-18 months for enterprise-scale ones. [full date shown]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Grid connections for large new demand average 5.2 years in EMEA, so load not absorbed by vacant space waits years. [full date shown]"},{"url":"https://publications.enexis.nl/annual-report/annual-report-2025/report/sustainability-statement/s4-consumers-and-end-users/access-to-the-grid","date":"undated","support":"Enexis says \"Waiting lists are expected to persist for years\", so the volume must move abroad. [page shows no publication date, so undated]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://mktgdocs.cbre.com/2299/12439527-d1a2-46eb-b485-4fd377f0d618-223048296/European_Data_Centres_Figures_.pdf","date":"2026","support":"494 MW available across Europe's top 15 markets in Q1 2026, over three times Enexis's ~150 MW; Milan and Stockholm took 36% of Q1 new supply. [PDF shows Q1 2026 and year only]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Nordic AI-provider signings reached 420 MW in Q2 2026; Nebius is building a 310 MW site at Lappeenranta. [full date shown]"}]}}}}},"stedin":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"stedin","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Cushman & Wakefield names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading primary markets thanks to better power and land, besides FLAP-D. [full date shown on page]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"About 63% of Europe's new capacity in Q2 2026 went outside FLAP-D; Nordics drew 420 MW of neocloud signings in the quarter. [full date shown on page]"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy 6.4%, elsewhere forecast 19% by year-end; a load of 100-200 MW could largely be re-homed in existing vacant space within months (rater judgement). [full date shown on page]"},{"url":"https://ioplus.nl/en/posts/rising-electricity-demand-puts-stedins-grid-under-strain","date":"2025-03-05","support":"South Holland congestion continues, with key expansions due 2034-2036, so replacement comes from other markets. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Vacancy in FLAP-D is 6.4% and forecast at 19% elsewhere in Europe, so alternatives can absorb a load of this size with a small shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"stedin","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.stibbe.com/publications-and-insights/parliamentary-letter-on-grid-congestion-eight-measures-for-better","date":"2026-02-11","support":"Dutch regional grid operators hold 14,044 requests (over 9 GW) on waiting lists (11 Feb 2026), so the Netherlands is not an alternative for the roughly 140 MW Stedin serves."},{"url":"https://www.ellevio.se/globalassets/content/finansiell-information/2026/2025_year_end_report.pdf","date":"2026","support":"Nordic sites are taking new loads: Ellevio signed 246 MW in Borlänge and two Stockholm sites (year-end report 2025; year only)."},{"url":"https://www.energias-renovables.com/panorama/la-capacidad-operativa-de-los-data-centers-20261008","date":"2026-10-08","support":"Iberia added about 65 MW IT in six months (8 Oct 2026)."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.nltimes.nl/2026/04/29/judge-rules-electricity-grid-haarlemmermeer-full-data-centre-connection-delayed","date":"2026-04-29","support":"TenneT letters (29 Apr 2026) point to constraints persisting until around 2035 in the Schiphol region; the wider Dutch waiting lists make Dutch replacement a decade-class issue, and relocation elsewhere in the EU takes years."},{"url":"https://www.stibbe.com/publications-and-insights/parliamentary-letter-on-grid-congestion-eight-measures-for-better","date":"2026-02-11","support":"National waiting list of 38 GW at TenneT and 9 GW at regional operators (11 Feb 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.ellevio.se/globalassets/content/finansiell-information/2026/2025_year_end_report.pdf","date":"2026","support":"A single Nordic project (Borlänge, 246 MW) is larger than the roughly 140 MW Stedin serves (year-end report 2025; year only), so other EU markets can host it with partial loss of Dutch connectivity."}]}}}},"reconciled":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"stedin","rater":"reconciled","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.stibbe.com/publications-and-insights/parliamentary-letter-on-grid-congestion-eight-measures-for-better","date":"2026-02-11","support":"Minister's letter: regional operators' offtake waiting lists held 14,044 requests, about 9 GW, so no Dutch network has room. [full date shown]"},{"url":"https://solarmagazine.nl/nieuws-zonne-energie/i42481/wachtlijst-utrecht-blijft-bestaan-stedin-ziet-geen-kansen-voor-congestiemanagement","date":"2025-12-17","support":"Stedin's Utrecht offtake waiting lists remain \"tot minimaal 2034\" (until at least 2034). [full date shown]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"\"Amsterdam is the extreme case at roughly a decade\"; Frankfurt's central grid not upgraded until the 2030s. [full date shown]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading markets on power availability and land. [full date shown]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://mktgdocs.cbre.com/2299/12439527-d1a2-46eb-b485-4fd377f0d618-223048296/European_Data_Centres_Figures_.pdf","date":"2026","support":"European colocation availability 494 MW in Q1 2026 (top 15 markets); 2026 take-up forecast to outpace new supply by 22%; Stedin's ~140 MW is ~28% of it. [PDF shows Q1 2026 and year only]"},{"url":"https://www.cbre.com/insights/books/european-real-estate-market-outlook-midyear-review-2026/data-centres","date":"2026","support":"Vacancy forecast revised to 6% by end-2026; new schemes \"not projected to materialise within the next two years\". [page shows year only]"},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"The advisory firm says relocations need 6-12 months' planning for mid-sized estates, 9-18 months for enterprise-scale ones. [full date shown]"},{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Grid connections for large new demand average 5.2 years in EMEA, so load not absorbed by vacant space waits years. [full date shown]"},{"url":"https://ioplus.nl/en/posts/rising-electricity-demand-puts-stedins-grid-under-strain","date":"2025-03-05","support":"South Holland congestion continues; The Hague grid expansions are due 2034-2036, so the volume must move abroad. [full date shown]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://mktgdocs.cbre.com/2299/12439527-d1a2-46eb-b485-4fd377f0d618-223048296/European_Data_Centres_Figures_.pdf","date":"2026","support":"494 MW available across Europe's top 15 markets in Q1 2026, over three times Stedin's ~140 MW; Milan and Stockholm took 36% of Q1 new supply. [PDF shows Q1 2026 and year only]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Nordic AI-provider signings reached 420 MW in Q2 2026; Nebius is building a 310 MW site at Lappeenranta. [full date shown]"}]}}}}},"firstenergy":{},"black-hills":{},"ellevio":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"ellevio","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Cushman & Wakefield names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading primary markets thanks to better power and land, besides FLAP-D. [full date shown on page]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"About 63% of Europe's new capacity in Q2 2026 went outside FLAP-D; Nordics drew 420 MW of neocloud signings in the quarter. [full date shown on page]"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy 6.4%, elsewhere forecast 19% by year-end; a load of 100-200 MW could largely be re-homed in existing vacant space within months (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Vacancy in FLAP-D is 6.4% and forecast at 19% elsewhere in Europe, so alternatives can absorb a load of this size with a small shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"ellevio","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.ellevio.se/globalassets/content/finansiell-information/2026/2025_year_end_report.pdf","date":"2026","support":"Ellevio signed connection agreements for two Akalla data centres (60 MW initial, up to 100 MW) in H1 2025 and also 246 MW in Borlänge for EcoDataCenter: several Nordic sites can host similar loads (year-end report 2025; year only)."},{"url":"https://www.energias-renovables.com/panorama/la-capacidad-operativa-de-los-data-centers-20261008","date":"2026-10-08","support":"Iberia is a further option (8 Oct 2026)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.ellevio.se/globalassets/content/finansiell-information/2026/2025_year_end_report.pdf","date":"2026","support":"The Akalla connection is under construction with commissioning planned for late 2027 or early 2028 after agreements signed in H1 2025: about two and a half years for a 60-100 MW site (year-end report 2025; year only)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.ellevio.se/globalassets/content/finansiell-information/2026/2025_year_end_report.pdf","date":"2026","support":"Ellevio's Stockholm base is about 125 MW and a Borlänge 246 MW project is under way: Nordic alternatives exist but metro adjacency and fibre are scarcer (year-end report 2025; year only)."}]}}}}},"austin-energy":{},"novec":{},"eskom":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"eskom","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://www.dailymaverick.co.za/article/2026-02-09-major-sa-data-centre-expansion-plans-emes-emerge-set-to-more-than-double-current.md","date":"2026-02-09","support":"South Africa has about 400 MW of data-centre capacity, much of it on municipal networks fed by Eskom's grid; foreign sites are partial alternatives (thin evidence). [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.dailymaverick.co.za/article/2026-02-09-major-sa-data-centre-expansion-plans-emes-emerge-set-to-more-than-double-current.md","date":"2026-02-09","support":"Operators gave no connection timelines and Eskom analysis points to constrained supply by 2029: about 1-2 years (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.dailymaverick.co.za/article/2026-02-09-major-sa-data-centre-expansion-plans-emes-emerge-set-to-more-than-double-current.md","date":"2026-02-09","support":"Planned projects could lift South African capacity to at least 1,200 MW: a small shortfall for about 150 MW. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"eskom","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://w.media/eskom-looks-to-hyperscalers-to-soak-up-south-africas-6-gw-power-surplus/","date":"2026-08-13","support":"w.media (13 Aug 2026): Eskom has 3-6 GW of spare capacity and is courting hyperscalers; other distributors serve the rest of the roughly 400 MW national base, so several alternatives exist."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://w.media/eskom-looks-to-hyperscalers-to-soak-up-south-africas-6-gw-power-surplus/","date":"2026-08-13","support":"South Africa's installed data-centre capacity is about 400 MW, forecast 1.5-2.2 GW by 2030 (13 Aug 2026); replacing about 150 MW means a new site built in one to two years."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://w.media/eskom-looks-to-hyperscalers-to-soak-up-south-africas-6-gw-power-surplus/","date":"2026-08-13","support":"Eskom has 3-6 GW of spare supply against a 400 MW national data-centre base (13 Aug 2026), so other suppliers or sites can absorb the roughly 150 MW with no meaningful gap."}]}}}}},"elvia":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"elvia","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/germany/news/2026/05/global-data-center-market-comparison","date":"2026-05-29","support":"Cushman & Wakefield names Helsinki, Oslo, Milan, Madrid, Stockholm and Zaragoza as leading primary markets thanks to better power and land, besides FLAP-D. [full date shown on page]"},{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"About 63% of Europe's new capacity in Q2 2026 went outside FLAP-D; Nordics drew 420 MW of neocloud signings in the quarter. [full date shown on page]"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"FLAP-D vacancy 6.4%, elsewhere forecast 19% by year-end; a load of 100-200 MW could largely be re-homed in existing vacant space within months (rater judgement). [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://thenextweb.com/news/europe-data-centres-leaving-flap-d-grid-queues-land","date":"2026-08-19","support":"Vacancy in FLAP-D is 6.4% and forecast at 19% elsewhere in Europe, so alternatives can absorb a load of this size with a small shortfall. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"elvia","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"europe":{"alternatives":{"level":2,"evidence":[{"url":"https://www.elvia.no/siteassets/dokumenter/proff/storkunde-2025/251117-storkundesamling_-intro-til-elvia-sitt-net-erlend.pdf","date":"2025-11","support":"Elvia's presentation (Nov 2025; month from the file name) calls its regional grid a deficit area and lists reinforcements to 2035 for new data centres."},{"url":"https://www.ellevio.se/globalassets/content/finansiell-information/2026/2025_year_end_report.pdf","date":"2026","support":"Swedish sites are taking comparable loads: Ellevio signed 246 MW in Borlänge and two Stockholm data centres (year-end report 2025; year only)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.elvia.no/siteassets/dokumenter/proff/storkunde-2025/251117-storkundesamling_-intro-til-elvia-sitt-net-erlend.pdf","date":"2025-11","support":"Elvia's 2025-2035 plans include a new 420/132 kV Liåsen station and several new stations for data centres (Ulven, Langen, Holtskogen); grid works of this kind take years (Nov 2025; month from the file name)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.elvia.no/siteassets/dokumenter/proff/storkunde-2025/251117-storkundesamling_-intro-til-elvia-sitt-net-erlend.pdf","date":"2025-11","support":"Elvia's roughly 105 MW of Oslo-area load is small; the planned data-centre stations show growth, but relocation to other Nordic sites is feasible (Nov 2025; month from the file name)."}]}}}}},"con-edison":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"con-edison","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE tracks eight primary North American markets totalling 9,432 MW, each on different networks; rater count: six or more US networks host data-centre load of at least about 413 MW. [full date shown on page]"},{"url":"https://www.cbre.com/press-releases/northern-virginia-extends-lead-as-largest-u-s-data-center-market-in-2025","date":"2026-03-18","support":"CBRE: Northern Virginia, Atlanta and Dallas-Fort Worth each exceed 1 GW; many secondary markets also host hyperscale load. [full date shown on page]"}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market capacity rose 36% in 2025 (about 2.5 GW added, rater arithmetic), so about 413 MW could be re-homed within roughly 1-2 years. [full date shown on page]"},{"url":"https://www.princewilliamtimes.com/localnews/the-big-bottleneck-power-crunch-keeps-data-centers-in-the-dark/article_3b45f243-defa-573c-8ed1-c8709f73ce94.html","date":"2026-07-15","support":"A Loudoun data centre built its own gas turbine plant to get fast power, a route around multi-year grid waits. [full date shown on page]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/press-releases/hillsboro-data-center-market-sees-strong-demand-in-2025-amid-record-national-growth","date":"2026-03-13","support":"CBRE: primary-market vacancy 1.4%, but capacity grew 36% in 2025 to 9,432 MW (about 2.5 GW added, rater arithmetic); about 413 MW is a small shortfall for the best alternatives. [full date shown on page]"},{"url":"https://www.tdworld.com/utility-business/news/55395407/exelon-weeds-out-data-center-pipeline","date":"2026-08-03","support":"Exelon, in neighbouring PJM, has about 4 GW of TSA-backed data-centre load coming, enough for a load of this size. [full date shown on page]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"con-edison","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"united-states":{"alternatives":{"level":2,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL (11 Aug 2026): North American vacancy is 1% for a third year, but over 66 GW is under construction, 77% of it in frontier markets (West Texas, Ohio, Louisiana, Indiana, Carolinas). Six or more other markets are adding capacity of the few-hundred-MW class that Con Edison carries, so several alternatives exist as their power is connected."},{"url":"https://www.utilitydive.com/news/coned-plans-28-new-substations-by-2035/827700/","date":"2026-08-12","support":"Utility Dive (12 Aug 2026) reports Con Edison's load growth is driven by new buildings, a stadium and airport works, and an analyst says it is not courting large-scale data-centre customers: New York City is not a growth market for data centres, so alternative capacity is elsewhere."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-outlook/data-center-outlook","date":"2026-01-05","support":"JLL says the average grid-connection wait in primary data-centre markets is more than four years. A replacement of this size must clear a new utility connection somewhere else."},{"url":"https://www.utilitydive.com/news/coned-plans-28-new-substations-by-2035/827700/","date":"2026-08-12","support":"Con Edison plans 28 new substations by 2035, up from 22 earlier in 2026 (12 Aug 2026): grid reinforcement in its area is a decade-long programme."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.utilitydive.com/news/coned-plans-28-new-substations-by-2035/827700/","date":"2026-08-12","support":"Con Edison's data-centre load is a small part of its growth story (12 Aug 2026); existing load of roughly 400 MW can be absorbed by other metros."}]}}}}},"xcel-energy":{},"adani-energy-solutions":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"adani-energy-solutions","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":1,"evidence":[{"url":"https://realestateasia.com/industrial/news/mumbai-total-data-centre-capacity-hit-800mw-year-end","date":"undated","support":"The Thane-Belapur cluster holds nearly 70% of Mumbai capacity on another network; India has several large hubs. [page shows no date, so undated]"},{"url":"https://tele.net.in/indias-data-centre-capacity-to-exceed-4500-mw-by-2030-says-colliers-report/","date":"2025-05-29","support":"Mumbai 41%, Chennai 23%, Delhi-NCR 14% of India's 1,263 MW. [full date shown on page]"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://realestateasia.com/industrial/news/mumbai-total-data-centre-capacity-hit-800mw-year-end","date":"undated","support":"About 180 MW of Mumbai capacity was due within six months and vacancy was 6.6%: about 160 MW could move within months. [page shows no date, so undated]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://realestateasia.com/industrial/news/mumbai-total-data-centre-capacity-hit-800mw-year-end","date":"undated","support":"Mumbai vacancy 6.6% (H1 2025) with 337 MW under construction: a small shortfall. [page shows no date, so undated]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"adani-energy-solutions","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://news.griinstitute.org/en/real-estate/india-data-centres-powering-the-9-gw-ambition-amid-grid-constraints","date":"2025-12-12","support":"GRI Hub News (12 Dec 2025): Mumbai holds about 536 MW of colocation and Chennai about 113 MW; Indian clusters in Mumbai, Chennai, Hyderabad and Bengaluru are several alternatives."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://news.griinstitute.org/en/real-estate/india-data-centres-powering-the-9-gw-ambition-amid-grid-constraints","date":"2025-12-12","support":"Permitting and approvals for new power infrastructure add 6-12 months, and hyperscale sites above 100 MW need dedicated 400 kV substations (12 Dec 2025): replacement takes one to two years."},{"url":"https://www.jll.com/en-hk/insights/market-dynamics/asia-pacific-data-centre","date":"2026-03-10","support":"JLL: emerging APAC markets wait about 24 months (10 Mar 2026)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://news.griinstitute.org/en/real-estate/india-data-centres-powering-the-9-gw-ambition-amid-grid-constraints","date":"2025-12-12","support":"Adani's roughly 160 MW slice is small beside Mumbai's 250 MW draw and Navi Mumbai's growth (12 Dec 2025); other Mumbai-area wires owners and Indian metros can take it."}]}}}}},"tnpdcl":{"a":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"tnpdcl","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":1,"evidence":[{"url":"https://tele.net.in/indias-data-centre-capacity-to-exceed-4500-mw-by-2030-says-colliers-report/","date":"2025-05-29","support":"Colliers: Mumbai (41%) and Delhi-NCR (14%) are large alternatives to Chennai (23%) among India's 1,263 MW. [full date shown on page]"}]},"switchingTime":{"level":2,"evidence":[{"url":"https://realestateasia.com/industrial/news/mumbai-total-data-centre-capacity-hit-800mw-year-end","date":"undated","support":"Mumbai had 337 MW under construction, 180 MW due within six months: about 150 MW could move within months. [page shows no date, so undated]"}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://realestateasia.com/industrial/news/mumbai-total-data-centre-capacity-hit-800mw-year-end","date":"undated","support":"Mumbai vacancy 6.6% in H1 2025: a small shortfall for about 150 MW. [page shows no date, so undated]"}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-utilities","entityId":"tnpdcl","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"rest-of-world":{"alternatives":{"level":2,"evidence":[{"url":"https://news.griinstitute.org/en/real-estate/india-data-centres-powering-the-9-gw-ambition-amid-grid-constraints","date":"2025-12-12","support":"Chennai has about 113 MW operating, India's second-largest market (12 Dec 2025); Mumbai, Hyderabad and Bengaluru are several other options."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://news.griinstitute.org/en/real-estate/india-data-centres-powering-the-9-gw-ambition-amid-grid-constraints","date":"2025-12-12","support":"TANGEDCO supplies at 11 to 220 kV and approvals for new power infrastructure add 6-12 months (12 Dec 2025); replacement of about 150 MW takes one to two years."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://news.griinstitute.org/en/real-estate/india-data-centres-powering-the-9-gw-ambition-amid-grid-constraints","date":"2025-12-12","support":"TNPDCL's roughly 150 MW is below Mumbai's 250 MW and easily replaced across Indian metros (12 Dec 2025)."}]}}}}},"edison-international":{},"evergy":{},"entergy":{},"edp":{},"puget-sound-energy":{},"fortis":{},"aes":{},"ppl":{},"alliant-energy":{},"centerpoint":{},"ameren":{},"wec-energy":{},"mdu-resources":{},"cms-energy":{},"rappahannock-electric":{},"tata-power":{},"tgspdcl":{},"vattenfall":{},"enbw":{},"nextera":{},"oge-energy":{},"tva":{},"txnm-energy":{},"dte-energy":{},"santee-cooper":{}},"validation":[{"id":"energy-utilities-dominion-loudoun-connection-pause-2022","key":"energy-utilities","entityId":"dominion","description":"In July 2022, Dominion Energy told large customers that transmission constraints in eastern Loudoun County (Northern Virginia, the largest data-centre market) would hold up new data-centre connections. It briefly paused, then rationed, new service, and some projects faced delays of up to four years, with reduced power allocations through January 2026.","sources":[{"url":"https://www.datacenterfrontier.com/energy/article/11427193/ashburn-power-crunch-may-cause-delays-in-data-center-construction","title":"Ashburn Power Crunch May Cause Delays in Data Center Construction","publisher":"Data Center Frontier","publishedDate":"2022-07-29","accessedDate":"2026-10-22","tier":"T3","locator":"Dominion statement: growth 'is resulting in transmission constraints in a pocket of eastern Loudoun County that will impact new connections for large customers'; Digital Realty CFO: delays 'until 2026'."},{"url":"https://datacenterdynamics.com/en/news/dominion-to-resume-connecting-new-loudoun-data-centers-but-capacity-still-limited","title":"Dominion to resume connecting new Loudoun data centers, but capacity still limited","publisher":"DatacenterDynamics (citing Dominion spokesperson and a Loudoun County committee report)","publishedDate":"2022-09-28","accessedDate":"2026-10-22","tier":"T3","locator":"Dominion: 'we've been able to lift the temporary pause and resume new data center service connections on an incremental basis'; 'some planned projects will be held up for as much as four years'; Loudoun report: projects 'will receive a significantly reduced allocation of the anticipated power through January of 2026'."}]}]}