ISO / RTO · MODELED TAPE
PJMDEM98.4GWFCST104.2GW+5.8LMP$49.36CONG$11.6●RES15.8%●TX8●MIXSrc: · · Upd Oct 10, 2026MISODEM76.5GWFCST84.9GW+8.4LMP$39.82CONG$18.7●RES17.4%●TX10●MIXSrc: · · Upd Oct 10, 2026ERCOTDEM58.9GWFCST66.1GW+7.2LMP$41.20CONG$9.8●RES7.6%●TX12●MIXSrc: · · Upd Oct 10, 2026SPPDEM31.7GWFCST36.2GW+4.5LMP$33.15CONG$6.4●RES21.6%●TX5●MIXSrc: · · Upd Oct 10, 2026CAISODEM27.2GWFCST33.5GW+6.3LMP$63.20CONG$13.9●RES11.4%●TX7●MIXSrc: · · Upd Oct 10, 2026NYISODEM16.1GWFCST19.0GW+2.9LMP$68.40CONG$10.3●RES14.1%●TX4●MIXSrc: · · Upd Oct 10, 2026ISO-NEDEM12.8GWFCST15.4GW+2.6LMP$57.10CONG$7.9●RES17.2%●TX3●MIXSrc: · · Upd Oct 10, 2026PJMDEM98.4GWFCST104.2GW+5.8LMP$49.36CONG$11.6●RES15.8%●TX8●MIXSrc: · · Upd Oct 10, 2026MISODEM76.5GWFCST84.9GW+8.4LMP$39.82CONG$18.7●RES17.4%●TX10●MIXSrc: · · Upd Oct 10, 2026ERCOTDEM58.9GWFCST66.1GW+7.2LMP$41.20CONG$9.8●RES7.6%●TX12●MIXSrc: · · Upd Oct 10, 2026SPPDEM31.7GWFCST36.2GW+4.5LMP$33.15CONG$6.4●RES21.6%●TX5●MIXSrc: · · Upd Oct 10, 2026CAISODEM27.2GWFCST33.5GW+6.3LMP$63.20CONG$13.9●RES11.4%●TX7●MIXSrc: · · Upd Oct 10, 2026NYISODEM16.1GWFCST19.0GW+2.9LMP$68.40CONG$10.3●RES14.1%●TX4●MIXSrc: · · Upd Oct 10, 2026ISO-NEDEM12.8GWFCST15.4GW+2.6LMP$57.10CONG$7.9●RES17.2%●TX3●MIXSrc: · · Upd Oct 10, 2026
SMStock & Milster

Risk Framework

The risk vocabulary institutional capital needs.

Eight risk classes we model, document, and report against — paired with mitigation pathways for each.

Risk Register

R/01

Interconnection Risk

Queue position, study cycle exposure, network upgrade allocation, withdrawal patterns, and time-to-energization realism vs. utility-stated timelines.

R/02

Curtailment Risk

Wind/solar curtailment patterns by zone, transmission constraint binding frequency, and battery hybridization economics to mitigate.

R/03

Basis Risk

Hub-to-node basis differentials, congestion-driven LMP divergence, and PPA settlement structure exposure.

R/04

Political & Community Risk

Local opposition signal mapping, county commission alignment, regulatory disposition, and precedent analysis on adjacent projects.

R/05

Permitting Risk

Realistic permitting velocity by jurisdiction, environmental review exposure, conditional use posture, and litigation precedent.

R/06

Tariff & Rate Risk

Forward rate trajectory, demand-charge architecture, fuel adjustment exposure, IRP signal, and pending rate case posture.

R/07

Capacity & Reserve Margin Risk

Forward capacity price exposure, PRA / BRA trajectory, capacity import constraints, and seasonal construct dynamics.

R/08

Counterparty & Credit Risk

PPA offtaker credit posture, utility creditworthiness, and large load financial security requirements.

Severity × Mitigability

The 4-quadrant risk posture.

Every risk class lands in one of four quadrants. The quadrant — not the headline — drives our recommendation. Mitigable-but-severe risks get a playbook; structural-and-severe risks get a re-think.

Severe / Mitigable

Action zone. Capital is deployable with disciplined mitigation. Most engagements live here.

Interconnection timing, basis exposure, permitting velocity.

Severe / Structural

Re-think zone. Mitigation is uneconomic; the deal architecture itself needs change.

Hostile community posture, statutory prohibitions, jurisdictional impossibility.

Manageable / Mitigable

Routine zone. Standard playbook applies; document and proceed.

Tariff filings, counterparty diligence, standard permitting.

Manageable / Structural

Monitor zone. No action required, but reportable through retainer cycle.

Long-horizon policy drift, slow-moving market structure debates.

Diligence Output

What lands in the IC pack.

  • — Risk register with severity, mitigability, and timing
  • — Confidence intervals (P50/P90) on key metrics
  • — Red-flag memo highlighting structural deal-breakers
  • — Mitigation playbook with cost and feasibility tagged
  • — Forward monitoring triggers for retained engagements
  • — Defensible source citation for IC review

Pressure-test a deal against the framework.

Request Diligence Support