Utility Risk & Capacity Assessment

Initial Conditions

The platform held option positions across multiple counties in ERCOT and SPP. Internal underwriting had used a standardized cost-of-power assumption that did not vary by substation, utility, or rate jurisdiction. Several positions were approaching decision dates.

Infrastructure Review

Inventoried each position at the substation level. Pulled ISO transmission planning materials, utility IRPs, generation interconnection studies, and the active rate-case docket for every regulator with jurisdiction over the relevant utilities. Layered on congestion telemetry and historical LMP behavior at the nearest hubs.

Grid Findings

Four of the positions sat behind transmission elements with material congestion exposure on a forward basis. Two were inside utility footprints with rate-case orders expected to reprice large-load service. The remaining positions cleared the diligence with constructive utility posture and headroom that supported the underwriting assumptions.

Strategic Options

Presented the allocator with three structures: hold the full portfolio with revised underwriting and explicit rate-case reserves; divest the two most-exposed positions to recycle capital; or pursue a partial divestment paired with a defensive utility engagement strategy on the remaining exposure.

Executive Summary

Provided a portfolio-wide infrastructure risk register, utility-by-utility posture map, and a recommended divestment sequence with timing tied to the rate-case calendar. The platform used the analysis to defend the next capital deployment cycle in front of LPs and re-base the underwriting assumptions for the remaining portfolio.