November 14, 2025
What Happened? Yesterday, due mainly to a few unexpected storage project sales, CSIQ reported Q3 rev/non-GAAP EPS of $1.5bn/-$0.58 vs. GLJe $1.5bn/-$0.41 (Cons. $1.4bn/-$0.53), and e-STORAGE sales of 2.7GWh (above its guidance of 2.1-2.3GWh). Yet,…
November 14, 2025
FirstEnergy proposes a 1.2 GW CCGT & 70 MW of utility-scale solar in West Virginia. Blackstone commits $1.2bn to develop 600 MW greenfield CCGT in West Virginia. Schneider Electric brings new Energy Management capacity online…
November 13, 2025
LME Metal Prices Mostly Higher vs. Yesterday’s Close. Copper +0.22% to $4.91/lb; aluminum +0.44% to $1.38/lb; nickel -0.57% to $7.71/lb; zinc -0.18% to $1.44/lb; lead +0.48% to $1.12/lb; gold +1.66% to $4,195/oz; silver +3.96% to $53.25/oz;…
November 13, 2025
PRIM posted a 0.7x trailing 12 months book-to-bill to overshadow a safe-harbor driven beat-and-raise quarter. On the call, management cited policy uncertainty. Clients we speak with seem to be moving to the sidelines, but we…
November 12, 2025
Are Investors Positioned the Wrong Way Ahead of CSIQ’s 3Q25 Results? CSIQ has more than doubled (+114%) in the past month, compared to just +4.5% for the S&P 500 – an astonishing move considering that…
November 10, 2025
What’s Up? All investors seem to care about when it comes to RUN is its whacky “cash generation” results/guidance – i.e., RUN’s definition of cash flow, which includes debt issued and, for the first time…
November 10, 2025
Argan’s Gemma Power Systems announced full notice to proceed on an 860MW gas-fired power plant will enter into F3Q26 backlog. Conversations with Gemma’s largest competitors lead us to believe this project is Vistra’s Monahans, Texas…
November 7, 2025
Meta signed 3 solar PPAs totaling 1GW. Major utility signs a landmark MSA with Quanta to pursue $72bn capital plan heavy on HVDC transmission. PRIM ($126.58, BUY) – Meta inks 1GW solar PPAs (link +…
November 6, 2025
We review Vertiv’s announcement of a deal for PurgeRite, a services provider specializing in liquid cooling, but our heads are turned more by the strategic implications of Eaton’s (ETN, not rated) agreement to acquire Boyd…
November 6, 2025
LME Metal Prices Mostly Higher vs. Yesterday’s Close. Copper +0.24% to $4.84/lb; aluminum +0.89% to $1.37/lb; nickel flat at $7.68/lb; zinc +0.14% to $1.44/lb; lead -0.49% to $1.11/lb; gold +0.22% to $3,988/oz; silver +0.56% to…
November 4, 2025
WHAT’S UP? Last Thursday, FSLR reported 3Q25 results that – by any rational measure – were underwhelming. Revs came in at $1.595bn with GAAP EPS of $4.24 vs. GLJe $1.589bn/$4.26 (Cons. $1.608bn/$4.31) – a miss….
October 31, 2025
GE Vernova published a positive 3Q update and announced plans to acquire the remaining 50% stake in its North America transformer business, a 50/50 joint venture with Xignux, targeting a mid-2026 close. At 13.2x guided…
October 31, 2025
We review the implications of two recent CCGT project awards as Argan announces a major CCGT award while another goes to a consortium formed by generation new entrant Quanta and a revived Argan competitor. Overall,…
October 30, 2025
GE Vernova secured another 1.2GW of CCGT demand in Indiana. A key customer for Primoris cancels a $300mm BESS facility, possibly over NIMBY opposition. GEV ($575.14, BUY) – GEV inks 1.2GW CCGT in Indiana (link)GE…
October 29, 2025
WHAT’S UP? ENPH just did something unusual for a solar company – it told investors the truth. The company reported Q3 revenue and non-GAAP EPS of $410.4mn/$0.90, handily above Consensus at $365mn/$0.65 (GLJe $362mn/$0.58). The…