{
  "schema": "5lc-selection-review/1",
  "sublayer": "fuel",
  "reviewedAt": "2026-10-21",
  "reviewer": "energy_research",
  "status": "recommended_representative_set_pending_independent_integration_review",
  "scope": "Commercial fuel extraction, conversion, enrichment, fabrication and gas transport feeding electricity systems. This is a global supply-chain representation, not a ranking of direct AI sales or securities available to a particular investor.",
  "eligibility": [
    "An operating business with a sold product, delivered service or producing asset relevant to a declared function.",
    "Public, private and state-owned suppliers use the same commercial-activity gate; financing and market value are not ranking substitutes.",
    "Parent and controlled operating businesses count once in the sublayer. Pending transactions remain separate.",
    "A new company may qualify without a disclosed revenue figure when actual commercial activity is evidenced. It retains unknown scale."
  ],
  "predefinedFunctions": [
    "coal extraction and commercial supply",
    "uranium mining",
    "uranium conversion",
    "uranium enrichment",
    "nuclear fuel fabrication",
    "natural gas production",
    "gas transport and delivery"
  ],
  "functionCoverageMatrix": {
    "coal": [
      "china-energy-investment",
      "coal-india"
    ],
    "gas-production": [
      "expand-energy",
      "eqt"
    ],
    "gas-transport": [
      "kinder-morgan",
      "williams",
      "energy-transfer"
    ],
    "uranium-mining": [
      "kazatomprom",
      "cameco",
      "orano",
      "cnnc",
      "rosatom"
    ],
    "conversion": [
      "cameco",
      "orano",
      "cnnc",
      "rosatom",
      "solstice-nuclear"
    ],
    "enrichment": [
      "urenco",
      "orano",
      "cnnc",
      "rosatom"
    ],
    "fuel-fabrication": [
      "cameco",
      "cnnc",
      "rosatom",
      "westinghouse",
      "edf"
    ]
  },
  "universeRegister": "candidate-universe-preselection.json",
  "universeAmendments": "universe-amendments.json",
  "candidateUniverse": [
    {
      "name": "Cameco",
      "entityId": "cameco",
      "disposition": "selected",
      "functions": [
        "uranium-mining",
        "conversion",
        "fuel-fabrication"
      ],
      "reference": {
        "entityId": "cameco",
        "packet": "energy/packets/cameco.json",
        "packetSha256": "e699590563fb4f782c40fbfd4b08129002d9010e5466abb02c9d244fffd677da",
        "review": "energy/reviews/cameco.json"
      },
      "reason": "Represents mining, commercial conversion and CANDU fuel manufacturing; its minority Westinghouse interest is not treated as full control."
    },
    {
      "name": "Kazatomprom",
      "entityId": "kazatomprom",
      "disposition": "selected",
      "functions": [
        "uranium-mining"
      ],
      "reference": {
        "entityId": "kazatomprom",
        "packet": "energy/packets/kazatomprom.json",
        "packetSha256": "d8e7a9aa45d55a5c04c8481042ce36dbc3cfa880acbca0e0d7a1b6e60fdc080b",
        "review": "energy/reviews/kazatomprom.json"
      },
      "reason": "Adds substantial attributable uranium mining: 13,519 tonnes U in FY2025. Gross mine output is not substituted for the attributable quantity."
    },
    {
      "name": "Orano",
      "entityId": "orano",
      "disposition": "selected",
      "functions": [
        "uranium-mining",
        "conversion",
        "enrichment"
      ],
      "reference": {
        "entityId": "orano",
        "packet": "energy/packets/orano.json",
        "packetSha256": "5d906eadce5fff7d5bc05a1e18a9a499c3ea69d961aa21e1e790a50b56e6be5e",
        "review": "energy/reviews/orano.json"
      },
      "reason": "Represents conversion and enrichment as well as mining; announced expansion is excluded from current enrichment capacity."
    },
    {
      "name": "Urenco",
      "entityId": "urenco",
      "disposition": "selected",
      "functions": [
        "enrichment"
      ],
      "reference": {
        "entityId": "urenco",
        "packet": "energy/packets/urenco.json",
        "packetSha256": "e3de11a59d743f755c7ccd9058a52a4edabf7e1256bd7e128917c111db73edcc",
        "review": "energy/reviews/urenco.json"
      },
      "reason": "Represents operating enrichment in Europe and the United States. Future expansion and demonstration material are separated from current capacity."
    },
    {
      "name": "Rosatom/TENEX",
      "entityId": "rosatom",
      "disposition": "selected",
      "functions": [
        "uranium-mining",
        "conversion",
        "enrichment",
        "fuel-fabrication"
      ],
      "reference": {
        "entityId": "rosatom",
        "packet": "energy/packets/rosatom.json",
        "packetSha256": "07e9b37232887e4dea41bbe5bd19e3825936520a9b35039682f708de06234ccc",
        "review": "energy/reviews/rosatom.json"
      },
      "reason": "Represents the Russian conversion and enrichment system through one parent, including TENEX. Omitting it would materially understate global commercial enrichment."
    },
    {
      "name": "CNNC",
      "entityId": "cnnc",
      "disposition": "selected",
      "functions": [
        "uranium-mining",
        "conversion",
        "enrichment",
        "fuel-fabrication"
      ],
      "reference": {
        "entityId": "cnnc",
        "packet": "energy/packets/cnnc.json",
        "packetSha256": "abb37c2366ef8c43e16f540301d8143f524781f7b9e252424763268bab2f5e7d",
        "review": "energy/reviews/cnnc.json"
      },
      "reason": "Represents China’s operating conversion and enrichment system. Industry estimates are retained as estimates and not converted into AI-specific market share."
    },
    {
      "name": "Solstice nuclear conversion",
      "entityId": "solstice-nuclear",
      "disposition": "selected",
      "functions": [
        "conversion"
      ],
      "reference": {
        "entityId": "solstice-nuclear",
        "packet": "energy/packets/solstice-nuclear.json",
        "packetSha256": "f05fb94dac0259bab8dbd4f32f2ab80f0eb8caa500ff4a63d003ca0762874d8d",
        "review": "energy/reviews/solstice-nuclear.json"
      },
      "reason": "Represents the operating U.S. conversion route. It is needed for the selected 95% coverage threshold in the dated global conversion-output table; that threshold is an editorial choice."
    },
    {
      "name": "Centrus",
      "entityId": "centrus",
      "disposition": "eligible_comparator_not_selected",
      "functions": [],
      "reference": {
        "entityId": "centrus",
        "packet": "energy/packets/centrus.json",
        "packetSha256": "1afb7d4beecc3d8232ea9e5780d995e346c0e28c0fb4e2013143d6b556839ad2",
        "review": "energy/reviews/centrus.json"
      },
      "reason": "Operating activity is documented in the packet. The ten-company limit and functional coverage choices exclude this comparator; no assertion of zero activity or universal inferiority is made."
    },
    {
      "name": "Westinghouse",
      "entityId": "westinghouse",
      "disposition": "eligible_comparator_not_selected",
      "functions": [
        "fuel-fabrication"
      ],
      "reference": {
        "entityId": "westinghouse",
        "packet": "energy/packets/westinghouse.json",
        "packetSha256": "63bfa2927cc8497037afa78f8f0cbd40820e1094a8043229cfd67c4a7f066d80",
        "review": "energy/reviews/westinghouse.json"
      },
      "reason": "Operating activity is documented in the packet. The ten-company limit and functional coverage choices exclude this comparator; no assertion of zero activity or universal inferiority is made."
    },
    {
      "name": "Framatome (EDF)",
      "entityId": "edf",
      "disposition": "consolidated_with_controlling_group",
      "functions": [
        "fuel-fabrication"
      ],
      "reference": {
        "entityId": "edf",
        "packet": "energy/packets/edf.json",
        "packetSha256": "69fe8a388e2b952a2c3284c307441d8179b66dbcb529bd6ac1df7dc65878819c",
        "review": "energy/reviews/edf.json"
      },
      "reason": "Operating activity is documented in the packet. The ten-company limit and functional coverage choices exclude this comparator; no assertion of zero activity or universal inferiority is made."
    },
    {
      "name": "EQT",
      "entityId": "eqt",
      "disposition": "eligible_comparator_not_selected",
      "functions": [
        "gas-production"
      ],
      "reference": {
        "entityId": "eqt",
        "packet": "energy/packets/eqt.json",
        "packetSha256": "3757bcfc71414027a1254762d4f4cf247744b4711f9326307b9b18131bf7b192",
        "review": "energy/reviews/eqt.json"
      },
      "reason": "Operating activity is documented in the packet. The ten-company limit and functional coverage choices exclude this comparator; no assertion of zero activity or universal inferiority is made."
    },
    {
      "name": "Expand Energy",
      "entityId": "expand-energy",
      "disposition": "selected",
      "functions": [
        "gas-production"
      ],
      "reference": {
        "entityId": "expand-energy",
        "packet": "energy/packets/expand-energy.json",
        "packetSha256": "648c81538555ec92b22ab013fab45bc7f7244b129e517980afd054b67889b81b",
        "review": "energy/reviews/expand-energy.json"
      },
      "reason": "Represents large operating gas production. FY2025 reconstructed dry-gas activity is approximately 6.61 Bcf/day; the marketed Twin Eagle portfolio is not added to production."
    },
    {
      "name": "ExxonMobil",
      "entityId": null,
      "disposition": "unresolved_global_comparator",
      "reason": "Discovered before selection, but an adequately comparable current operating-activity record was not completed. Absence of a score is not evidence of insignificance. This limits any claim that the selected set is the uniquely largest global ten.",
      "followUp": "Obtain current primary operating activity and ownership boundary before asserting numerical dominance or replacing a cutoff alternative."
    },
    {
      "name": "Shell",
      "entityId": null,
      "disposition": "unresolved_global_comparator",
      "reason": "Discovered before selection, but an adequately comparable current operating-activity record was not completed. Absence of a score is not evidence of insignificance. This limits any claim that the selected set is the uniquely largest global ten.",
      "followUp": "Obtain current primary operating activity and ownership boundary before asserting numerical dominance or replacing a cutoff alternative."
    },
    {
      "name": "QatarEnergy",
      "entityId": null,
      "disposition": "unresolved_global_comparator",
      "reason": "Discovered before selection, but an adequately comparable current operating-activity record was not completed. Absence of a score is not evidence of insignificance. This limits any claim that the selected set is the uniquely largest global ten.",
      "followUp": "Obtain current primary operating activity and ownership boundary before asserting numerical dominance or replacing a cutoff alternative."
    },
    {
      "name": "Gazprom",
      "entityId": null,
      "disposition": "unresolved_global_comparator",
      "reason": "Discovered before selection, but an adequately comparable current operating-activity record was not completed. Absence of a score is not evidence of insignificance. This limits any claim that the selected set is the uniquely largest global ten.",
      "followUp": "Obtain current primary operating activity and ownership boundary before asserting numerical dominance or replacing a cutoff alternative."
    },
    {
      "name": "PetroChina",
      "entityId": null,
      "disposition": "unresolved_global_comparator",
      "reason": "Discovered before selection, but an adequately comparable current operating-activity record was not completed. Absence of a score is not evidence of insignificance. This limits any claim that the selected set is the uniquely largest global ten.",
      "followUp": "Obtain current primary operating activity and ownership boundary before asserting numerical dominance or replacing a cutoff alternative."
    },
    {
      "name": "Williams",
      "entityId": "williams",
      "disposition": "eligible_comparator_not_selected",
      "functions": [
        "gas-transport"
      ],
      "reference": {
        "entityId": "williams",
        "packet": "energy/packets/williams.json",
        "packetSha256": "9ab953f151e04a9a32cc01bc5115565d60fbe443e13ab1b7bbdc5940d7335a26",
        "review": "energy/reviews/williams.json"
      },
      "reason": "Operating activity is documented in the packet. The ten-company limit and functional coverage choices exclude this comparator; no assertion of zero activity or universal inferiority is made."
    },
    {
      "name": "Kinder Morgan",
      "entityId": "kinder-morgan",
      "disposition": "selected",
      "functions": [
        "gas-transport"
      ],
      "reference": {
        "entityId": "kinder-morgan",
        "packet": "energy/packets/kinder-morgan.json",
        "packetSha256": "b5865c1e36d7aa5f8861694233edd5400ddb04d2e2c0891503a1f2216694e72f",
        "review": "energy/reviews/kinder-morgan.json"
      },
      "reason": "Represents pipeline transport through a large operating network. Reported throughput is not unique gas demand or a market-share denominator."
    },
    {
      "name": "Energy Transfer",
      "entityId": "energy-transfer",
      "disposition": "eligible_comparator_not_selected",
      "functions": [
        "gas-transport"
      ],
      "reference": {
        "entityId": "energy-transfer",
        "packet": "energy/packets/energy-transfer.json",
        "packetSha256": "d4a9db35b04e3dfbdd4bfb70bd9459c87c8bc5c8eb2f5810e0c147522f9c2b6f",
        "review": "energy/reviews/energy-transfer.json"
      },
      "reason": "Operating activity is documented in the packet. The ten-company limit and functional coverage choices exclude this comparator; no assertion of zero activity or universal inferiority is made."
    },
    {
      "name": "Enbridge",
      "entityId": null,
      "disposition": "unresolved_global_comparator",
      "reason": "Discovered before selection, but an adequately comparable current operating-activity record was not completed. Absence of a score is not evidence of insignificance. This limits any claim that the selected set is the uniquely largest global ten.",
      "followUp": "Obtain current primary operating activity and ownership boundary before asserting numerical dominance or replacing a cutoff alternative."
    },
    {
      "name": "TC Energy",
      "entityId": null,
      "disposition": "unresolved_global_comparator",
      "reason": "Discovered before selection, but an adequately comparable current operating-activity record was not completed. Absence of a score is not evidence of insignificance. This limits any claim that the selected set is the uniquely largest global ten.",
      "followUp": "Obtain current primary operating activity and ownership boundary before asserting numerical dominance or replacing a cutoff alternative."
    },
    {
      "name": "China Energy Investment",
      "entityId": "china-energy-investment",
      "disposition": "selected",
      "functions": [
        "coal"
      ],
      "reference": {
        "entityId": "china-energy-investment",
        "packet": "energy/packets/china-energy-investment.json",
        "packetSha256": "96e68c92f100b668ef1e59832f832d8fb9c73c4fd97f9784c47a237ea32f0952",
        "review": "energy/reviews/china-energy-investment.json"
      },
      "reason": "Adds commercially produced coal, an omitted current fuel. FY2025 coal production of 612 million tonnes is kept separate from purchased-coal sales and generation."
    },
    {
      "name": "Coal India",
      "entityId": "coal-india",
      "disposition": "eligible_cutoff_alternative",
      "functions": [
        "coal"
      ],
      "reason": "An eligible large coal producer, with 781.07 million tonnes in FY2024/25. China Energy is selected to cover the Chinese electricity system, not because Coal India is smaller. Its fiscal period differs; the later 875-million-tonne target is not actual production.",
      "observations": [
        {
          "measure": "Coal production, provisional actual",
          "period": "FY2024/25",
          "value": 781.07,
          "unit": "million tonnes",
          "evidence": "government_reported"
        }
      ],
      "sources": [
        {
          "url": "https://coal.gov.in/sites/default/files/2025-08/PIB2149193.pdf",
          "title": "Coal production and targets",
          "publishedDate": "2025-07-28",
          "accessedDate": "2026-10-21",
          "economicPeriod": "FY2024/25",
          "locator": "Government table of Coal India actual output and later target",
          "accessMode": "managed_search_document_body"
        }
      ],
      "calculation": null
    },
    {
      "name": "Shandong Energy",
      "entityId": null,
      "disposition": "unresolved_global_comparator",
      "reason": "Discovered before selection, but an adequately comparable current operating-activity record was not completed. Absence of a score is not evidence of insignificance. This limits any claim that the selected set is the uniquely largest global ten.",
      "followUp": "Obtain current primary operating activity and ownership boundary before asserting numerical dominance or replacing a cutoff alternative."
    },
    {
      "name": "Shaanxi Coal",
      "entityId": null,
      "disposition": "unresolved_global_comparator",
      "reason": "Discovered before selection, but an adequately comparable current operating-activity record was not completed. Absence of a score is not evidence of insignificance. This limits any claim that the selected set is the uniquely largest global ten.",
      "followUp": "Obtain current primary operating activity and ownership boundary before asserting numerical dominance or replacing a cutoff alternative."
    },
    {
      "name": "Shanxi Coking Coal",
      "entityId": null,
      "disposition": "unresolved_global_comparator",
      "reason": "Discovered before selection, but an adequately comparable current operating-activity record was not completed. Absence of a score is not evidence of insignificance. This limits any claim that the selected set is the uniquely largest global ten.",
      "followUp": "Obtain current primary operating activity and ownership boundary before asserting numerical dominance or replacing a cutoff alternative."
    }
  ],
  "selectionParameters": {
    "maximumEntities": 10,
    "minimumRoles": {
      "coal": 1,
      "gas-production": 1,
      "gas-transport": 1,
      "uranium-mining": 1,
      "conversion": 1,
      "enrichment": 1,
      "fuel-fabrication": 1
    },
    "conversionOutputCoverageTarget": 0.95,
    "enrichmentCapacityCoverageTarget": 0.95,
    "measuredDenominatorsOnly": true,
    "choice": "95% is a deliberate high-coverage convention for the two concentrated nuclear processing stages, not a statistically inferred threshold or a fuel-mix weight. It uses seven nuclear-process/mining positions and leaves one coal, one gas-production and one gas-transport position. An 85% conversion scenario frees one position for gas."
  },
  "calculationMethod": {
    "formula": "x_i ∈ {0,1}; sum_i x_i ≤ 10; for each required function j, sum_i x_i a_ij ≥ m_j. Here a_ij is 1 only for evidenced operating activity. For nuclear processing only: coverage_j = sum_i x_i q_ij / Q_j using every row of the external market table.",
    "normalization": "No cross-function revenue/capacity normalization, percentile score, market-cap fallback or funding score.",
    "weights": "No scalar importance weights. Functional minima, regional positions and the fuel coverage threshold are the explicit editorial weights in this constrained representative selection.",
    "tieRule": "More than one set can satisfy the constraints. The selected set is a documented editorial choice within that feasible family, supported by operating scale where comparable. It is not presented as the unique maximizer of a fabricated score.",
    "missingData": "Unknown quantities stay unknown. No zero imputation, median imputation or disclosure penalty. Unresolved outside candidates remain limitations, not proven losers."
  },
  "rawInputs": "raw-observations.json",
  "selectedCompanyIds": [
    "china-energy-investment",
    "expand-energy",
    "kinder-morgan",
    "kazatomprom",
    "cameco",
    "orano",
    "cnnc",
    "rosatom",
    "urenco",
    "solstice-nuclear"
  ],
  "selected": [
    {
      "entityId": "china-energy-investment",
      "displayOrder": 1,
      "rank": null,
      "reason": "Adds commercially produced coal, an omitted current fuel. FY2025 coal production of 612 million tonnes is kept separate from purchased-coal sales and generation.",
      "reference": {
        "entityId": "china-energy-investment",
        "packet": "energy/packets/china-energy-investment.json",
        "packetSha256": "96e68c92f100b668ef1e59832f832d8fb9c73c4fd97f9784c47a237ea32f0952",
        "review": "energy/reviews/china-energy-investment.json"
      }
    },
    {
      "entityId": "expand-energy",
      "displayOrder": 2,
      "rank": null,
      "reason": "Represents large operating gas production. FY2025 reconstructed dry-gas activity is approximately 6.61 Bcf/day; the marketed Twin Eagle portfolio is not added to production.",
      "reference": {
        "entityId": "expand-energy",
        "packet": "energy/packets/expand-energy.json",
        "packetSha256": "648c81538555ec92b22ab013fab45bc7f7244b129e517980afd054b67889b81b",
        "review": "energy/reviews/expand-energy.json"
      }
    },
    {
      "entityId": "kinder-morgan",
      "displayOrder": 3,
      "rank": null,
      "reason": "Represents pipeline transport through a large operating network. Reported throughput is not unique gas demand or a market-share denominator.",
      "reference": {
        "entityId": "kinder-morgan",
        "packet": "energy/packets/kinder-morgan.json",
        "packetSha256": "b5865c1e36d7aa5f8861694233edd5400ddb04d2e2c0891503a1f2216694e72f",
        "review": "energy/reviews/kinder-morgan.json"
      }
    },
    {
      "entityId": "kazatomprom",
      "displayOrder": 4,
      "rank": null,
      "reason": "Adds substantial attributable uranium mining: 13,519 tonnes U in FY2025. Gross mine output is not substituted for the attributable quantity.",
      "reference": {
        "entityId": "kazatomprom",
        "packet": "energy/packets/kazatomprom.json",
        "packetSha256": "d8e7a9aa45d55a5c04c8481042ce36dbc3cfa880acbca0e0d7a1b6e60fdc080b",
        "review": "energy/reviews/kazatomprom.json"
      }
    },
    {
      "entityId": "cameco",
      "displayOrder": 5,
      "rank": null,
      "reason": "Represents mining, commercial conversion and CANDU fuel manufacturing; its minority Westinghouse interest is not treated as full control.",
      "reference": {
        "entityId": "cameco",
        "packet": "energy/packets/cameco.json",
        "packetSha256": "e699590563fb4f782c40fbfd4b08129002d9010e5466abb02c9d244fffd677da",
        "review": "energy/reviews/cameco.json"
      }
    },
    {
      "entityId": "orano",
      "displayOrder": 6,
      "rank": null,
      "reason": "Represents conversion and enrichment as well as mining; announced expansion is excluded from current enrichment capacity.",
      "reference": {
        "entityId": "orano",
        "packet": "energy/packets/orano.json",
        "packetSha256": "5d906eadce5fff7d5bc05a1e18a9a499c3ea69d961aa21e1e790a50b56e6be5e",
        "review": "energy/reviews/orano.json"
      }
    },
    {
      "entityId": "cnnc",
      "displayOrder": 7,
      "rank": null,
      "reason": "Represents China’s operating conversion and enrichment system. Industry estimates are retained as estimates and not converted into AI-specific market share.",
      "reference": {
        "entityId": "cnnc",
        "packet": "energy/packets/cnnc.json",
        "packetSha256": "abb37c2366ef8c43e16f540301d8143f524781f7b9e252424763268bab2f5e7d",
        "review": "energy/reviews/cnnc.json"
      }
    },
    {
      "entityId": "rosatom",
      "displayOrder": 8,
      "rank": null,
      "reason": "Represents the Russian conversion and enrichment system through one parent, including TENEX. Omitting it would materially understate global commercial enrichment.",
      "reference": {
        "entityId": "rosatom",
        "packet": "energy/packets/rosatom.json",
        "packetSha256": "07e9b37232887e4dea41bbe5bd19e3825936520a9b35039682f708de06234ccc",
        "review": "energy/reviews/rosatom.json"
      }
    },
    {
      "entityId": "urenco",
      "displayOrder": 9,
      "rank": null,
      "reason": "Represents operating enrichment in Europe and the United States. Future expansion and demonstration material are separated from current capacity.",
      "reference": {
        "entityId": "urenco",
        "packet": "energy/packets/urenco.json",
        "packetSha256": "e3de11a59d743f755c7ccd9058a52a4edabf7e1256bd7e128917c111db73edcc",
        "review": "energy/reviews/urenco.json"
      }
    },
    {
      "entityId": "solstice-nuclear",
      "displayOrder": 10,
      "rank": null,
      "reason": "Represents the operating U.S. conversion route. It is needed for the selected 95% coverage threshold in the dated global conversion-output table; that threshold is an editorial choice.",
      "reference": {
        "entityId": "solstice-nuclear",
        "packet": "energy/packets/solstice-nuclear.json",
        "packetSha256": "f05fb94dac0259bab8dbd4f32f2ab80f0eb8caa500ff4a63d003ca0762874d8d",
        "review": "energy/reviews/solstice-nuclear.json"
      }
    }
  ],
  "functionalCoverage": {
    "coal": [
      "china-energy-investment"
    ],
    "gas-production": [
      "expand-energy"
    ],
    "gas-transport": [
      "kinder-morgan"
    ],
    "uranium-mining": [
      "cameco",
      "cnnc",
      "kazatomprom",
      "orano",
      "rosatom"
    ],
    "conversion": [
      "cameco",
      "cnnc",
      "orano",
      "rosatom",
      "solstice-nuclear"
    ],
    "enrichment": [
      "cnnc",
      "orano",
      "rosatom",
      "urenco"
    ],
    "fuel-fabrication": [
      "cameco",
      "cnnc",
      "rosatom"
    ]
  },
  "comparisons": [
    {
      "name": "conversion_85_percent",
      "assumption": "Lower the conversion-output coverage threshold from 95% to 85%, adding a second gas producer. This changes one position; coverage remains 88.68% on the fixed 2024 table.",
      "selectedCompanyIds": [
        "china-energy-investment",
        "expand-energy",
        "kinder-morgan",
        "kazatomprom",
        "cameco",
        "orano",
        "cnnc",
        "rosatom",
        "urenco",
        "eqt"
      ],
      "stability": {
        "retainedCount": 9,
        "entered": [
          "eqt"
        ],
        "left": [
          "solstice-nuclear"
        ],
        "jaccard": 0.8181818181818182
      },
      "functionalCoverage": {
        "coal": [
          "china-energy-investment"
        ],
        "gas-production": [
          "eqt",
          "expand-energy"
        ],
        "gas-transport": [
          "kinder-morgan"
        ],
        "uranium-mining": [
          "cameco",
          "cnnc",
          "kazatomprom",
          "orano",
          "rosatom"
        ],
        "conversion": [
          "cameco",
          "cnnc",
          "orano",
          "rosatom"
        ],
        "enrichment": [
          "cnnc",
          "orano",
          "rosatom",
          "urenco"
        ],
        "fuel-fabrication": [
          "cameco",
          "cnnc",
          "rosatom"
        ]
      },
      "constraintCheck": {
        "companyCount": 10,
        "withinLimit": true,
        "baseConstraintsSatisfied": false,
        "departuresFromBaseParameters": [
          {
            "function": "conversion",
            "requiredCoverage": 0.95,
            "observedCoverage": 0.8867736717680726
          }
        ]
      },
      "externalMarketCoverage": {
        "conversion": {
          "numerator": 49889,
          "denominator": 56259,
          "coverage": 0.8867736717680726,
          "period": "2024",
          "measure": "Estimated primary conversion UF6 production, tonnes uranium"
        },
        "enrichment": {
          "numerator": 67722,
          "denominator": 68077,
          "coverage": 0.9947853166267608,
          "period": "2025",
          "measure": "Commercial enrichment capacity, thousand SWU/year"
        }
      }
    },
    {
      "name": "gas_measure_boundary",
      "assumption": "Use EQT’s reported gas-sales quantity instead of Expand’s estimated production quantity. The different measure boundaries prevent a definitive superiority claim.",
      "selectedCompanyIds": [
        "china-energy-investment",
        "eqt",
        "kinder-morgan",
        "kazatomprom",
        "cameco",
        "orano",
        "cnnc",
        "rosatom",
        "urenco",
        "solstice-nuclear"
      ],
      "stability": {
        "retainedCount": 9,
        "entered": [
          "eqt"
        ],
        "left": [
          "expand-energy"
        ],
        "jaccard": 0.8181818181818182
      },
      "functionalCoverage": {
        "coal": [
          "china-energy-investment"
        ],
        "gas-production": [
          "eqt"
        ],
        "gas-transport": [
          "kinder-morgan"
        ],
        "uranium-mining": [
          "cameco",
          "cnnc",
          "kazatomprom",
          "orano",
          "rosatom"
        ],
        "conversion": [
          "cameco",
          "cnnc",
          "orano",
          "rosatom",
          "solstice-nuclear"
        ],
        "enrichment": [
          "cnnc",
          "orano",
          "rosatom",
          "urenco"
        ],
        "fuel-fabrication": [
          "cameco",
          "cnnc",
          "rosatom"
        ]
      },
      "constraintCheck": {
        "companyCount": 10,
        "withinLimit": true,
        "baseConstraintsSatisfied": true,
        "departuresFromBaseParameters": []
      },
      "externalMarketCoverage": {
        "conversion": {
          "numerator": 56259,
          "denominator": 56259,
          "coverage": 1.0,
          "period": "2024",
          "measure": "Estimated primary conversion UF6 production, tonnes uranium"
        },
        "enrichment": {
          "numerator": 67722,
          "denominator": 68077,
          "coverage": 0.9947853166267608,
          "period": "2025",
          "measure": "Commercial enrichment capacity, thousand SWU/year"
        }
      }
    },
    {
      "name": "transport_customer_specificity",
      "assumption": "Prefer a documented partly operating Oracle gas-supply relationship over broad network throughput. This is a different coverage preference, not a larger market share.",
      "selectedCompanyIds": [
        "china-energy-investment",
        "expand-energy",
        "energy-transfer",
        "kazatomprom",
        "cameco",
        "orano",
        "cnnc",
        "rosatom",
        "urenco",
        "solstice-nuclear"
      ],
      "stability": {
        "retainedCount": 9,
        "entered": [
          "energy-transfer"
        ],
        "left": [
          "kinder-morgan"
        ],
        "jaccard": 0.8181818181818182
      },
      "functionalCoverage": {
        "coal": [
          "china-energy-investment"
        ],
        "gas-production": [
          "expand-energy"
        ],
        "gas-transport": [
          "energy-transfer"
        ],
        "uranium-mining": [
          "cameco",
          "cnnc",
          "kazatomprom",
          "orano",
          "rosatom"
        ],
        "conversion": [
          "cameco",
          "cnnc",
          "orano",
          "rosatom",
          "solstice-nuclear"
        ],
        "enrichment": [
          "cnnc",
          "orano",
          "rosatom",
          "urenco"
        ],
        "fuel-fabrication": [
          "cameco",
          "cnnc",
          "rosatom"
        ]
      },
      "constraintCheck": {
        "companyCount": 10,
        "withinLimit": true,
        "baseConstraintsSatisfied": true,
        "departuresFromBaseParameters": []
      },
      "externalMarketCoverage": {
        "conversion": {
          "numerator": 56259,
          "denominator": 56259,
          "coverage": 1.0,
          "period": "2024",
          "measure": "Estimated primary conversion UF6 production, tonnes uranium"
        },
        "enrichment": {
          "numerator": 67722,
          "denominator": 68077,
          "coverage": 0.9947853166267608,
          "period": "2025",
          "measure": "Commercial enrichment capacity, thousand SWU/year"
        }
      }
    },
    {
      "name": "transport_alternative",
      "assumption": "Prefer the operating Transco system. Williams’ broader power-development portfolio contributes no current-output score.",
      "selectedCompanyIds": [
        "china-energy-investment",
        "expand-energy",
        "williams",
        "kazatomprom",
        "cameco",
        "orano",
        "cnnc",
        "rosatom",
        "urenco",
        "solstice-nuclear"
      ],
      "stability": {
        "retainedCount": 9,
        "entered": [
          "williams"
        ],
        "left": [
          "kinder-morgan"
        ],
        "jaccard": 0.8181818181818182
      },
      "functionalCoverage": {
        "coal": [
          "china-energy-investment"
        ],
        "gas-production": [
          "expand-energy"
        ],
        "gas-transport": [
          "williams"
        ],
        "uranium-mining": [
          "cameco",
          "cnnc",
          "kazatomprom",
          "orano",
          "rosatom"
        ],
        "conversion": [
          "cameco",
          "cnnc",
          "orano",
          "rosatom",
          "solstice-nuclear"
        ],
        "enrichment": [
          "cnnc",
          "orano",
          "rosatom",
          "urenco"
        ],
        "fuel-fabrication": [
          "cameco",
          "cnnc",
          "rosatom"
        ]
      },
      "constraintCheck": {
        "companyCount": 10,
        "withinLimit": true,
        "baseConstraintsSatisfied": true,
        "departuresFromBaseParameters": []
      },
      "externalMarketCoverage": {
        "conversion": {
          "numerator": 56259,
          "denominator": 56259,
          "coverage": 1.0,
          "period": "2024",
          "measure": "Estimated primary conversion UF6 production, tonnes uranium"
        },
        "enrichment": {
          "numerator": 67722,
          "denominator": 68077,
          "coverage": 0.9947853166267608,
          "period": "2025",
          "measure": "Commercial enrichment capacity, thousand SWU/year"
        }
      }
    },
    {
      "name": "regional_procurement_scope",
      "assumption": "Restrict the procurement frame by removing Russia; this ceases to represent the global enrichment universe. Report the lost coverage rather than silently changing the denominator.",
      "selectedCompanyIds": [
        "china-energy-investment",
        "expand-energy",
        "kinder-morgan",
        "kazatomprom",
        "cameco",
        "orano",
        "cnnc",
        "eqt",
        "urenco",
        "solstice-nuclear"
      ],
      "stability": {
        "retainedCount": 9,
        "entered": [
          "eqt"
        ],
        "left": [
          "rosatom"
        ],
        "jaccard": 0.8181818181818182
      },
      "functionalCoverage": {
        "coal": [
          "china-energy-investment"
        ],
        "gas-production": [
          "eqt",
          "expand-energy"
        ],
        "gas-transport": [
          "kinder-morgan"
        ],
        "uranium-mining": [
          "cameco",
          "cnnc",
          "kazatomprom",
          "orano"
        ],
        "conversion": [
          "cameco",
          "cnnc",
          "orano",
          "solstice-nuclear"
        ],
        "enrichment": [
          "cnnc",
          "orano",
          "urenco"
        ],
        "fuel-fabrication": [
          "cameco",
          "cnnc"
        ]
      },
      "constraintCheck": {
        "companyCount": 10,
        "withinLimit": true,
        "baseConstraintsSatisfied": false,
        "departuresFromBaseParameters": [
          {
            "function": "conversion",
            "requiredCoverage": 0.95,
            "observedCoverage": 0.7978101281572726
          },
          {
            "function": "enrichment",
            "requiredCoverage": 0.95,
            "observedCoverage": 0.5668434272955624
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        ]
      },
      "externalMarketCoverage": {
        "conversion": {
          "numerator": 44884,
          "denominator": 56259,
          "coverage": 0.7978101281572726,
          "period": "2024",
          "measure": "Estimated primary conversion UF6 production, tonnes uranium"
        },
        "enrichment": {
          "numerator": 38589,
          "denominator": 68077,
          "coverage": 0.5668434272955624,
          "period": "2025",
          "measure": "Commercial enrichment capacity, thousand SWU/year"
        }
      }
    },
    {
      "name": "Indian_coal_coverage",
      "assumption": "Prefer Indian coal production to Chinese electricity-system representation. Coal India has the larger stated historical quantity, with a different fiscal period; the choice is geographical.",
      "selectedCompanyIds": [
        "coal-india",
        "expand-energy",
        "kinder-morgan",
        "kazatomprom",
        "cameco",
        "orano",
        "cnnc",
        "rosatom",
        "urenco",
        "solstice-nuclear"
      ],
      "stability": {
        "retainedCount": 9,
        "entered": [
          "coal-india"
        ],
        "left": [
          "china-energy-investment"
        ],
        "jaccard": 0.8181818181818182
      },
      "functionalCoverage": {
        "coal": [
          "coal-india"
        ],
        "gas-production": [
          "expand-energy"
        ],
        "gas-transport": [
          "kinder-morgan"
        ],
        "uranium-mining": [
          "cameco",
          "cnnc",
          "kazatomprom",
          "orano",
          "rosatom"
        ],
        "conversion": [
          "cameco",
          "cnnc",
          "orano",
          "rosatom",
          "solstice-nuclear"
        ],
        "enrichment": [
          "cnnc",
          "orano",
          "rosatom",
          "urenco"
        ],
        "fuel-fabrication": [
          "cameco",
          "cnnc",
          "rosatom"
        ]
      },
      "constraintCheck": {
        "companyCount": 10,
        "withinLimit": true,
        "baseConstraintsSatisfied": true,
        "departuresFromBaseParameters": []
      },
      "externalMarketCoverage": {
        "conversion": {
          "numerator": 56259,
          "denominator": 56259,
          "coverage": 1.0,
          "period": "2024",
          "measure": "Estimated primary conversion UF6 production, tonnes uranium"
        },
        "enrichment": {
          "numerator": 67722,
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          "coverage": 0.9947853166267608,
          "period": "2025",
          "measure": "Commercial enrichment capacity, thousand SWU/year"
        }
      }
    },
    {
      "name": "CNNC_estimate_x_0.8",
      "assumption": "Change CNNC estimates by ±20%; recompute the external denominator, not just the selected numerator. This is a stress range, not a statistical confidence interval.",
      "selectedCompanyIds": [
        "china-energy-investment",
        "expand-energy",
        "kinder-morgan",
        "kazatomprom",
        "cameco",
        "orano",
        "cnnc",
        "rosatom",
        "urenco",
        "solstice-nuclear"
      ],
      "stability": {
        "retainedCount": 10,
        "entered": [],
        "left": [],
        "jaccard": 1.0
      },
      "externalMarketCoverage": {
        "conversion": {
          "numerator": 53561.2,
          "denominator": 53561.2,
          "coverage": 1.0,
          "period": "2024",
          "measure": "Estimated primary conversion UF6 production, tonnes uranium"
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        "enrichment": {
          "numerator": 64964.2,
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          "coverage": 0.9945651508285466,
          "period": "2025",
          "measure": "Commercial enrichment capacity, thousand SWU/year"
        }
      }
    },
    {
      "name": "CNNC_estimate_x_1.2",
      "assumption": "Change CNNC estimates by ±20%; recompute the external denominator, not just the selected numerator. This is a stress range, not a statistical confidence interval.",
      "selectedCompanyIds": [
        "china-energy-investment",
        "expand-energy",
        "kinder-morgan",
        "kazatomprom",
        "cameco",
        "orano",
        "cnnc",
        "rosatom",
        "urenco",
        "solstice-nuclear"
      ],
      "stability": {
        "retainedCount": 10,
        "entered": [],
        "left": [],
        "jaccard": 1.0
      },
      "externalMarketCoverage": {
        "conversion": {
          "numerator": 58956.8,
          "denominator": 58956.8,
          "coverage": 1.0,
          "period": "2024",
          "measure": "Estimated primary conversion UF6 production, tonnes uranium"
        },
        "enrichment": {
          "numerator": 70479.8,
          "denominator": 70834.8,
          "coverage": 0.9949883390649794,
          "period": "2025",
          "measure": "Commercial enrichment capacity, thousand SWU/year"
        }
      }
    },
    {
      "name": "Urenco_issuer_17_2m",
      "assumption": "Use issuer year-end 17.2 million SWU instead of WNA 17.3 million while preserving the other table rows.",
      "selectedCompanyIds": [
        "china-energy-investment",
        "expand-energy",
        "kinder-morgan",
        "kazatomprom",
        "cameco",
        "orano",
        "cnnc",
        "rosatom",
        "urenco",
        "solstice-nuclear"
      ],
      "stability": {
        "retainedCount": 10,
        "entered": [],
        "left": [],
        "jaccard": 1.0
      },
      "externalMarketCoverage": {
        "conversion": {
          "numerator": 56259,
          "denominator": 56259,
          "coverage": 1.0,
          "period": "2024",
          "measure": "Estimated primary conversion UF6 production, tonnes uranium"
        },
        "enrichment": {
          "numerator": 67622,
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          "coverage": 0.994777645380055,
          "period": "2025",
          "measure": "Commercial enrichment capacity, thousand SWU/year"
        }
      }
    }
  ],
  "changesVersusPrior": {
    "priorIds": [
      "kinder-morgan",
      "eqt",
      "energy-transfer",
      "orano",
      "williams",
      "kazatomprom",
      "cameco",
      "urenco",
      "centrus",
      "solstice-nuclear"
    ],
    "added": [
      "china-energy-investment",
      "cnnc",
      "expand-energy",
      "rosatom"
    ],
    "removedFromTopTen": [
      "centrus",
      "energy-transfer",
      "eqt",
      "williams"
    ]
  },
  "directoryDisposition": "Previously published companies remain in the researched directory. Removal from a selected ten is not a finding that a business has ceased or is unimportant.",
  "cutoffPolicy": "The tenth display position is not a statistically established rank. Listed alternatives can substitute when scope or coverage preferences change. Require two consecutive quarterly evidence observations for marginal scale-driven replacements; correct identity errors, closures and major completed acquisitions immediately.",
  "limitations": [
    "The global discovery universe is wider than the completed quantitative comparator set. Unresolved candidates prevent a claim of exhaustive global top-ten dominance.",
    "Several measures describe all electricity, fuels or equipment rather than an identifiable AI-only component. Do not multiply them by global AI or data-center shares.",
    "Reported, estimated and editorial inputs are separated; sensitivity scenarios are not probabilistic confidence intervals.",
    "Some historical filings remain supported by inspected retained extracts; their original access dates were not renewed.",
    "The list is a learning and coverage tool. It predicts neither equity returns nor emerging bottlenecks."
  ],
  "refresh": {
    "monitoring": "Daily at 12:00 America/New_York with one catch-up pass; record source checks and changed claims, not a blanket renewed verification date.",
    "reselection": "Quarterly, plus material corporate or operating events.",
    "entry": "Document commercial eligibility, canonical identity, current evidence and a measurable or functional contribution missing from the current set.",
    "exit": "Ceased qualifying activity, completed controlling merger/duplicate, scope correction, or a durable superior coverage alternative.",
    "approval": "Independent integration and rendered review remain pending. These files do not deploy or mark records verified."
  },
  "baseConstraintCheck": {
    "companyCount": 10,
    "withinLimit": true,
    "baseConstraintsSatisfied": true,
    "departuresFromBaseParameters": []
  },
  "sourceMapping": "Each nonzero function assignment is supported by the corresponding packet products, segments and cited source records, or the explicit challenger-observations entry. This is a categorical evidence classification; it is not a measured numerical score.",
  "scenarioInterpretation": "Scenarios flagged as departing from base parameters change scope, geography or coverage targets. They are not claimed to satisfy the unchanged base problem. Retention/Jaccard are deterministic overlap measures, not probabilities of correctness.",
  "externalMarketCoverage": {
    "conversion": {
      "numerator": 56259,
      "denominator": 56259,
      "coverage": 1.0,
      "period": "2024",
      "measure": "Estimated primary conversion UF6 production, tonnes uranium"
    },
    "enrichment": {
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      "denominator": 68077,
      "coverage": 0.9947853166267608,
      "period": "2025",
      "measure": "Commercial enrichment capacity, thousand SWU/year"
    }
  },
  "externalMarketInputs": "nuclear-market-inputs.json",
  "functionDefinitionReconciliation": {
    "recordedAt": "2026-10-21",
    "reason": "Align final function labels with the dated universe amendment and unchanged operating-activity matrix. Original preselection register and amendment remain preserved.",
    "amendment": "universe-amendments.json",
    "selectionChanged": false,
    "operatingCreditChanged": false
  },
  "layer": "energy",
  "publicationInterpretation": "This is an evidence-backed representative selection. Display order is not an overall importance rank; methodological choices and unresolved alternatives remain part of the result.",
  "companySourceRegister": {
    "china-energy-investment": {
      "name": "CHN Energy",
      "packetSha256": "96e68c92f100b668ef1e59832f832d8fb9c73c4fd97f9784c47a237ea32f0952",
      "compiledAt": "2026-10-21",
      "sources": [
        {
          "id": "chne-profile",
          "url": "https://www.chnenergy.com.cn/gjnyjtww/csindex/newcs2026.shtml",
          "title": "CHN Energy corporate profile",
          "publisher": "CHN Energy",
          "publishedDate": null,
          "accessedDate": "2026-10-21",
          "type": "company"
        },
        {
          "id": "chne-rating26",
          "url": "https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2026-07-24/244237_20260724_MYUZ.pdf",
          "title": "China Energy Investment Corporation: 2026 follow-up credit rating",
          "publisher": "Dagong Global Credit Rating",
          "publishedDate": "2026-07-24",
          "accessedDate": "2026-10-21",
          "type": "data_provider"
        },
        {
          "id": "chne-leadership",
          "url": "https://www.chnenergy.com.cn/gjnyjtww/newCE0102/newjtjs02.shtml",
          "title": "CHN Energy leadership",
          "publisher": "CHN Energy",
          "publishedDate": null,
          "accessedDate": "2026-10-21",
          "type": "company"
        },
        {
          "id": "chne-work26",
          "url": "https://www.chnenergy.com.cn/gjnyjtww/newCE0301/202601/9b30aa8e5d9e4e339a487cdd27621d5b.shtml",
          "title": "CHN Energy holds its 2026 work conference",
          "publisher": "CHN Energy",
          "publishedDate": "2026-01-17",
          "accessedDate": "2026-10-21",
          "type": "press_release"
        },
        {
          "id": "chne-h125",
          "url": "https://www.chnenergy.com.cn/gjnyjtwwEn/xwzx/202508/4003c91ae2b04b3fb0ad2a6dca9b210c.shtml",
          "title": "CHN Energy reports first-half 2025 operating performance",
          "publisher": "CHN Energy",
          "publishedDate": "2025-07-31",
          "accessedDate": "2026-10-21",
          "type": "press_release"
        },
        {
          "id": "iea-fuel-context",
          "url": "https://www.iea.org/reports/energy-and-ai/energy-supply-for-ai",
          "title": "Energy and AI: Energy supply for AI",
          "publisher": "International Energy Agency",
          "publishedDate": null,
          "accessedDate": "2026-10-21",
          "type": "government"
        }
      ]
    },
    "expand-energy": {
      "name": "Expand Energy",
      "packetSha256": "648c81538555ec92b22ab013fab45bc7f7244b129e517980afd054b67889b81b",
      "compiledAt": "2026-10-21",
      "sources": [
        {
          "id": "exe-fy25",
          "url": "https://investors.expandenergy.com/news-releases/news-release-details/expand-energy-corporation-reports-fourth-quarter-and-full-year-0",
          "title": "Expand Energy reports fourth-quarter and full-year 2025 results",
          "publisher": "Expand Energy",
          "publishedDate": "2026-02-17",
          "accessedDate": "2026-10-21",
          "type": "press_release"
        },
        {
          "id": "exe-q226",
          "url": "https://investors.expandenergy.com/news-releases/news-release-details/expand-energy-corporation-reports-second-quarter-2026-results",
          "title": "Expand Energy reports second-quarter 2026 results",
          "publisher": "Expand Energy",
          "publishedDate": "2026-07-28",
          "accessedDate": "2026-10-21",
          "type": "press_release"
        },
        {
          "id": "exe-management",
          "url": "https://www.expandenergy.com/about/management-team/",
          "title": "Management team",
          "publisher": "Expand Energy",
          "publishedDate": null,
          "accessedDate": "2026-10-21",
          "type": "company"
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