{
  "schema": "5lc-selection-review/1",
  "sublayer": "utilities",
  "reviewedAt": "2026-10-21",
  "reviewer": "energy_research",
  "status": "recommended_representative_set_pending_independent_integration_review",
  "scope": "Regulated electricity networks and integrated electricity service. Territories are local infrastructure systems rather than a freely competing global market. Customer connections, delivered electricity and operating load are distinct measures.",
  "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": [
    "electricity distribution and customer interconnection",
    "transmission network ownership",
    "vertically integrated regulated electricity supply",
    "data-center service territories"
  ],
  "functionCoverageMatrix": {
    "electricity-delivery": [
      "state-grid",
      "china-southern-power-grid",
      "enel",
      "national-grid",
      "dominion",
      "aep",
      "duke",
      "southern",
      "entergy",
      "pge",
      "exelon",
      "firstenergy",
      "xcel-energy",
      "nextera",
      "kepco",
      "iberdrola",
      "edf"
    ],
    "transmission": [
      "state-grid",
      "china-southern-power-grid",
      "national-grid",
      "dominion",
      "aep",
      "duke",
      "southern",
      "entergy",
      "pge",
      "exelon",
      "firstenergy",
      "xcel-energy",
      "kepco"
    ],
    "integrated-regulated-supply": [
      "dominion",
      "aep",
      "duke",
      "southern",
      "entergy",
      "pge",
      "xcel-energy",
      "nextera",
      "kepco"
    ],
    "existing-data-center-service": [
      "dominion",
      "southern"
    ]
  },
  "universeRegister": "candidate-universe-preselection.json",
  "universeAmendments": "universe-amendments.json",
  "candidateUniverse": [
    {
      "name": "NextEra/FPL",
      "entityId": "nextera",
      "disposition": "eligible_comparator_not_selected",
      "functions": [
        "electricity-delivery",
        "integrated-regulated-supply"
      ],
      "reference": {
        "entityId": "nextera",
        "packet": "energy/packets/nextera.json",
        "packetSha256": "9cc5fcf2e757eb93080ffa0aa082c8cf3249eff4580962decd7395e56d93b85b",
        "review": "energy/reviews/nextera.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": "Southern Company",
      "entityId": "southern",
      "disposition": "selected",
      "functions": [
        "electricity-delivery",
        "transmission",
        "integrated-regulated-supply",
        "existing-data-center-service"
      ],
      "reference": {
        "entityId": "southern",
        "packet": "energy/packets/southern.json",
        "packetSha256": "a52d0ab07328115c9614bd3e791854c3c531638d304e99f3f5ae69ccfc85dc63",
        "review": "energy/reviews/southern.json"
      },
      "reason": "Adds integrated southeastern electricity service with a disclosed operating data-center load above 1.2 GW; proposed additions are kept separate."
    },
    {
      "name": "Duke Energy",
      "entityId": "duke",
      "disposition": "selected",
      "functions": [
        "electricity-delivery",
        "transmission",
        "integrated-regulated-supply"
      ],
      "reference": {
        "entityId": "duke",
        "packet": "energy/packets/duke.json",
        "packetSha256": "2ded5e7cea1036f2fa00755db9c148542d867c0c5425a6c494376922480af99b",
        "review": "energy/reviews/duke.json"
      },
      "reason": "Large regulated electricity delivery across several U.S. territories: 264.008 TWh FY2025 electric sales, excluding gas."
    },
    {
      "name": "American Electric Power",
      "entityId": "aep",
      "disposition": "selected",
      "functions": [
        "electricity-delivery",
        "transmission",
        "integrated-regulated-supply"
      ],
      "reference": {
        "entityId": "aep",
        "packet": "energy/packets/aep.json",
        "packetSha256": "7466861a61f7469c38d81456cede0aa0bd7ba366e4320eb2fe5730e5e3599c0d",
        "review": "energy/reviews/aep.json"
      },
      "reason": "Adds extensive multi-state regulated networks and transmission. Future 69 GW contracted load is context only."
    },
    {
      "name": "Dominion Energy",
      "entityId": "dominion",
      "disposition": "selected",
      "functions": [
        "electricity-delivery",
        "transmission",
        "integrated-regulated-supply",
        "existing-data-center-service"
      ],
      "reference": {
        "entityId": "dominion",
        "packet": "energy/packets/dominion.json",
        "packetSha256": "544dcb523834ac942254c32d4dd43317fb5176e8e57fff98504985bc62f12a42",
        "review": "energy/reviews/dominion.json"
      },
      "reason": "Adds the Virginia data-center service area with actual annual connections; its much larger contracted pipeline is not current load."
    },
    {
      "name": "Entergy",
      "entityId": "entergy",
      "disposition": "eligible_comparator_not_selected",
      "functions": [
        "electricity-delivery",
        "transmission",
        "integrated-regulated-supply"
      ],
      "reference": {
        "entityId": "entergy",
        "packet": "energy/packets/entergy.json",
        "packetSha256": "981be87b76bfd6e688bd12fa6b18b5d51842f2144ee5df5314ce7d150303f502",
        "review": "energy/reviews/entergy.json"
      },
      "reason": "Adds the Gulf-region industrial and data-center service system. October OCAPS commissioning is current; proposed Meta capacity is future."
    },
    {
      "name": "Exelon",
      "entityId": "exelon",
      "disposition": "eligible_comparator_not_selected",
      "functions": [
        "electricity-delivery",
        "transmission"
      ],
      "reference": {
        "entityId": "exelon",
        "packet": "energy/packets/exelon.json",
        "packetSha256": "b1db9e3282ca03c7f52a9f37b864e1d702c4e2370cc0e14bdcbd094c5801f3ec",
        "review": "energy/reviews/exelon.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": "Xcel Energy",
      "entityId": "xcel-energy",
      "disposition": "eligible_comparator_not_selected",
      "functions": [
        "electricity-delivery",
        "transmission",
        "integrated-regulated-supply"
      ],
      "reference": {
        "entityId": "xcel-energy",
        "packet": "energy/packets/xcel-energy.json",
        "packetSha256": "0555ebf8093581bfb4f250d4adde5ce24117769a7d267cc4df6dbb7b8b1dc387",
        "review": "energy/reviews/xcel-energy.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": "PG&E",
      "entityId": "pge",
      "disposition": "selected",
      "functions": [
        "electricity-delivery",
        "transmission",
        "integrated-regulated-supply"
      ],
      "reference": {
        "entityId": "pge",
        "packet": "energy/packets/pge.json",
        "packetSha256": "ffb08c437062b02bb818856b65cad3571454d9750b9a5222cf10ba2788f7d046",
        "review": "energy/reviews/pge.json"
      },
      "reason": "Adds California electricity delivery and western U.S. geographic coverage. CCA/direct-access electricity is included in network delivery, not claimed as company generation."
    },
    {
      "name": "FirstEnergy",
      "entityId": "firstenergy",
      "disposition": "eligible_comparator_not_selected",
      "functions": [
        "electricity-delivery",
        "transmission"
      ],
      "reference": {
        "entityId": "firstenergy",
        "packet": "energy/packets/firstenergy.json",
        "packetSha256": "4d02de38bfdf5ba128d0a77b7c0f05393227f578db53e2430e44358b368e7657",
        "review": "energy/reviews/firstenergy.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": "National Grid",
      "entityId": "national-grid",
      "disposition": "selected",
      "functions": [
        "electricity-delivery",
        "transmission"
      ],
      "reference": {
        "entityId": "national-grid",
        "packet": "energy/packets/national-grid.json",
        "packetSha256": "d78308806dab8fbe3f3be83da71036a42882b70194c9d05aefdc18190bed3f67",
        "review": "energy/reviews/national-grid.json"
      },
      "reason": "Adds regulated transmission and distribution in the United Kingdom and northeastern United States. U.S. gas revenue is not treated as electric-only activity."
    },
    {
      "name": "Oncor/Sempra",
      "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": "PPL",
      "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": "WEC 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": "Ameren",
      "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": "Alliant 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": "CenterPoint",
      "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": "Evergy",
      "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": "DTE 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": "NiSource",
      "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": "Enel grids",
      "entityId": "enel",
      "disposition": "selected",
      "functions": [
        "electricity-delivery"
      ],
      "reference": {
        "entityId": "enel",
        "packet": "energy/packets/enel.json",
        "packetSha256": "bc63dc96b498e8a1e0faa8dd1e06f506c11974bd40f78ad7a9686d05dd093853",
        "review": "energy/reviews/enel.json"
      },
      "reason": "Represents distribution networks across Europe and Latin America. FY2025 distributed electricity was 474.7 TWh, separate from generation."
    },
    {
      "name": "Iberdrola networks",
      "entityId": "iberdrola",
      "disposition": "eligible_cutoff_alternative",
      "functions": [
        "wind-and-solar",
        "hydro",
        "thermal",
        "electricity-delivery"
      ],
      "reason": "An operating global comparator with 129.043 TWh of FY2025 net production and 255.976 TWh distributed. An alternative to Enel or an international-generation position; it is not proved inferior. Geographic overlap and the ten-slot limit drive the base choice.",
      "observations": [
        {
          "measure": "Net electricity production",
          "period": "FY2025",
          "value": 129.043,
          "unit": "TWh",
          "evidence": "reported"
        },
        {
          "measure": "Distributed electricity",
          "period": "FY2025",
          "value": 255.976,
          "unit": "TWh",
          "evidence": "reported"
        },
        {
          "measure": "Installed capacity",
          "period": "FY2025",
          "value": 58.343,
          "unit": "GW",
          "evidence": "reported"
        }
      ],
      "sources": [
        {
          "url": "https://www.iberdrola.com/shareholders-investors/operational-financial-information/factbook",
          "title": "Factbook: 2025 operating data",
          "publishedDate": null,
          "accessedDate": "2026-10-21",
          "economicPeriod": "FY2025",
          "locator": "Operating figures; full captured document body, before subsequent timeout",
          "accessMode": "managed_search_full_document_body"
        }
      ],
      "calculation": null
    },
    {
      "name": "EDF/Enedis",
      "entityId": "edf",
      "disposition": "eligible_cutoff_alternative",
      "functions": [
        "electricity-delivery"
      ],
      "reason": "EDF’s Enedis network is commercially eligible; EDF is the controlling comparison unit. The 584,000 connection/activation operations include 65% remote Linky activations and must not be treated as 584,000 new customers. An alternative to a European network position.",
      "observations": [
        {
          "measure": "Connection and activation operations",
          "period": "FY2025",
          "value": 584000,
          "unit": "operations",
          "evidence": "company_stated",
          "boundary": "35% physical connections; 65% remote activations"
        }
      ],
      "sources": [
        {
          "url": "https://www.enedis.fr/presse/electrification-de-la-france-584-000-raccordements-et-mises-en-service-realises-par-enedis",
          "title": "Electrification: 584,000 connection and activation operations",
          "publishedDate": "2026-04-20",
          "accessedDate": "2026-10-21",
          "economicPeriod": "FY2025",
          "locator": "Full release, operation mix and renewable connections",
          "accessMode": "managed_web_source_read"
        }
      ],
      "calculation": null
    },
    {
      "name": "ENGIE/UK Power Networks",
      "entityId": "engie",
      "disposition": "eligible_comparator_not_selected",
      "functions": [],
      "reference": {
        "entityId": "engie",
        "packet": "energy/packets/engie.json",
        "packetSha256": "865eb77f21220be3eae712b773019cf32e9460679a79b84a0e112f510ebeb9da",
        "review": "energy/reviews/engie.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": "State Grid Corporation of China",
      "entityId": "state-grid",
      "disposition": "selected",
      "functions": [
        "electricity-delivery",
        "transmission"
      ],
      "reference": {
        "entityId": "state-grid",
        "packet": "energy/packets/state-grid.json",
        "packetSha256": "fbbe9e9c7f76373c06b90720cad992066b44196e69628a5af4ca5ffa35da66d2",
        "review": "energy/reviews/state-grid.json"
      },
      "reason": "Represents the electricity network across 26 Chinese provincial-level territories. Territory population is not treated as customer-account count."
    },
    {
      "name": "China Southern Power Grid",
      "entityId": "china-southern-power-grid",
      "disposition": "selected",
      "functions": [
        "electricity-delivery",
        "transmission"
      ],
      "reference": {
        "entityId": "china-southern-power-grid",
        "packet": "energy/packets/china-southern-power-grid.json",
        "packetSha256": "f806bd79d95aa7f1a5f06af2632596893b27924ea37a2193a8672d64220b5e58",
        "review": "energy/reviews/china-southern-power-grid.json"
      },
      "reason": "Represents a separate Chinese network with 1,535.4 TWh FY2025 company electricity sales, distinguished from territorial demand."
    },
    {
      "name": "KEPCO",
      "entityId": "kepco",
      "disposition": "selected",
      "functions": [
        "electricity-delivery",
        "transmission",
        "integrated-regulated-supply"
      ],
      "reference": {
        "entityId": "kepco",
        "packet": "energy/packets/kepco.json",
        "packetSha256": "7d37d184e1d23fc15fc8c64ca10c162a91003ed3ce26f77ab41518e15bdd9c63",
        "review": "energy/reviews/kepco.json"
      },
      "reason": "Adds a national electricity network outside China. FY2025 electricity sales of 549.417 TWh and 25.43 million customer accounts establish operating scale; generation subsidiaries and prospective semiconductor connections are not added."
    },
    {
      "name": "TEPCO Power Grid",
      "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": "Hydro-Québec",
      "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": "Hydro One",
      "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": "Singapore Power",
      "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": "Edison International / Southern California Edison",
      "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,
    "regionalSlots": {
      "China": 2,
      "European-headquartered multinational networks": 2,
      "U.S.-headquartered utility groups": 5,
      "South Korea": 1
    },
    "choice": "Five U.S. positions retain diverse regulated territories; KEPCO adds the Korean system after challenging the initial six-U.S.-group proposal. This 50% U.S. allocation is a coverage choice, not an exact allocation from the IEA 45% demand share. Japan, Canada and further continental European alternatives remain limitations."
  },
  "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": [
    "state-grid",
    "china-southern-power-grid",
    "enel",
    "national-grid",
    "dominion",
    "aep",
    "duke",
    "southern",
    "kepco",
    "pge"
  ],
  "selected": [
    {
      "entityId": "state-grid",
      "displayOrder": 1,
      "rank": null,
      "reason": "Represents the electricity network across 26 Chinese provincial-level territories. Territory population is not treated as customer-account count.",
      "reference": {
        "entityId": "state-grid",
        "packet": "energy/packets/state-grid.json",
        "packetSha256": "fbbe9e9c7f76373c06b90720cad992066b44196e69628a5af4ca5ffa35da66d2",
        "review": "energy/reviews/state-grid.json"
      }
    },
    {
      "entityId": "china-southern-power-grid",
      "displayOrder": 2,
      "rank": null,
      "reason": "Represents a separate Chinese network with 1,535.4 TWh FY2025 company electricity sales, distinguished from territorial demand.",
      "reference": {
        "entityId": "china-southern-power-grid",
        "packet": "energy/packets/china-southern-power-grid.json",
        "packetSha256": "f806bd79d95aa7f1a5f06af2632596893b27924ea37a2193a8672d64220b5e58",
        "review": "energy/reviews/china-southern-power-grid.json"
      }
    },
    {
      "entityId": "enel",
      "displayOrder": 3,
      "rank": null,
      "reason": "Represents distribution networks across Europe and Latin America. FY2025 distributed electricity was 474.7 TWh, separate from generation.",
      "reference": {
        "entityId": "enel",
        "packet": "energy/packets/enel.json",
        "packetSha256": "bc63dc96b498e8a1e0faa8dd1e06f506c11974bd40f78ad7a9686d05dd093853",
        "review": "energy/reviews/enel.json"
      }
    },
    {
      "entityId": "national-grid",
      "displayOrder": 4,
      "rank": null,
      "reason": "Adds regulated transmission and distribution in the United Kingdom and northeastern United States. U.S. gas revenue is not treated as electric-only activity.",
      "reference": {
        "entityId": "national-grid",
        "packet": "energy/packets/national-grid.json",
        "packetSha256": "d78308806dab8fbe3f3be83da71036a42882b70194c9d05aefdc18190bed3f67",
        "review": "energy/reviews/national-grid.json"
      }
    },
    {
      "entityId": "dominion",
      "displayOrder": 5,
      "rank": null,
      "reason": "Adds the Virginia data-center service area with actual annual connections; its much larger contracted pipeline is not current load.",
      "reference": {
        "entityId": "dominion",
        "packet": "energy/packets/dominion.json",
        "packetSha256": "544dcb523834ac942254c32d4dd43317fb5176e8e57fff98504985bc62f12a42",
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    },
    {
      "entityId": "aep",
      "displayOrder": 6,
      "rank": null,
      "reason": "Adds extensive multi-state regulated networks and transmission. Future 69 GW contracted load is context only.",
      "reference": {
        "entityId": "aep",
        "packet": "energy/packets/aep.json",
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    },
    {
      "entityId": "duke",
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      "rank": null,
      "reason": "Large regulated electricity delivery across several U.S. territories: 264.008 TWh FY2025 electric sales, excluding gas.",
      "reference": {
        "entityId": "duke",
        "packet": "energy/packets/duke.json",
        "packetSha256": "2ded5e7cea1036f2fa00755db9c148542d867c0c5425a6c494376922480af99b",
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    },
    {
      "entityId": "southern",
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      "rank": null,
      "reason": "Adds integrated southeastern electricity service with a disclosed operating data-center load above 1.2 GW; proposed additions are kept separate.",
      "reference": {
        "entityId": "southern",
        "packet": "energy/packets/southern.json",
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        "review": "energy/reviews/southern.json"
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    {
      "entityId": "kepco",
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      "rank": null,
      "reason": "Adds a national electricity network outside China. FY2025 electricity sales of 549.417 TWh and 25.43 million customer accounts establish operating scale; generation subsidiaries and prospective semiconductor connections are not added.",
      "reference": {
        "entityId": "kepco",
        "packet": "energy/packets/kepco.json",
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    },
    {
      "entityId": "pge",
      "displayOrder": 10,
      "rank": null,
      "reason": "Adds California electricity delivery and western U.S. geographic coverage. CCA/direct-access electricity is included in network delivery, not claimed as company generation.",
      "reference": {
        "entityId": "pge",
        "packet": "energy/packets/pge.json",
        "packetSha256": "ffb08c437062b02bb818856b65cad3571454d9750b9a5222cf10ba2788f7d046",
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  "functionalCoverage": {
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      "dominion",
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      "national-grid",
      "pge",
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      "southern",
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    "existing-data-center-service": [
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    {
      "name": "northeast_delivery",
      "assumption": "Replace western U.S. coverage with a large northeastern utility group. Combined electric-and-gas customer counts are not compared as electric-only accounts.",
      "selectedCompanyIds": [
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      "functionalCoverage": {
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        "integrated-regulated-supply": [
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        "existing-data-center-service": [
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      },
      "constraintCheck": {
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    },
    {
      "name": "mountain_and_midwest",
      "assumption": "Prefer mountain and midwestern service territories. The reported operating-or-construction data-center GW is not treated as fully energized.",
      "selectedCompanyIds": [
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        "dominion",
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        "duke",
        "southern",
        "kepco",
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      "stability": {
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        "entered": [
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          "dominion",
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          "national-grid",
          "southern",
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        "transmission": [
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          "state-grid",
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        "integrated-regulated-supply": [
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        "existing-data-center-service": [
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      "constraintCheck": {
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        "withinLimit": true,
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        "departuresFromBaseParameters": []
      }
    },
    {
      "name": "florida_coverage",
      "assumption": "Prefer FPL’s Florida territory over AEP’s multi-state network. Energy Resources generation is excluded from the utility comparison.",
      "selectedCompanyIds": [
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        "integrated-regulated-supply": [
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        "existing-data-center-service": [
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      "constraintCheck": {
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    },
    {
      "name": "six_US_territories",
      "assumption": "Restore the provisional six-U.S.-group allocation and Gulf-region service. This removes South Korean network coverage and is an explicit regional-parameter change.",
      "selectedCompanyIds": [
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        "existing-data-center-service": [
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    },
    {
      "name": "distribution_network_alternative",
      "assumption": "Prefer FirstEnergy’s regulated service territories; a missing inspected annual revenue value does not make it ineligible.",
      "selectedCompanyIds": [
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    },
    {
      "name": "European_network_alternative",
      "assumption": "Substitute Iberdrola’s 255.976 TWh distributed for Enel’s 474.7 TWh. The quantities are not AI-specific; regional network mix may justify either representative.",
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    },
    {
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      "assumption": "The final five U.S. positions equal 50%, versus IEA 45% of 2024 global data-center demand. KEPCO replaced the initial sixth U.S. representative after challenger research.",
      "conclusion": "The five-two-two-one allocation is a coverage choice, not a statistically optimal allocation. Iberdrola and Enedis are evidenced alternatives; Japanese and Canadian networks remain incompletely compared.",
      "openSlots": 0
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  "changesVersusPrior": {
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    "added": [
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    "removedFromTopTen": [
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  "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."
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  "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.",
  "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.",
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          "url": "https://static.cninfo.com.cn/finalpage/2026-07-17/1225430827.PDF",
          "title": "China Southern Power Grid 2026 rating: State Grid comparison",
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